Company’s marketplace platform launches world’s first public sale of Carbon Forwards tokens; enabling transparent investments in tokenized carbon credits from verified climate projects

BERLIN and CAPE TOWN, South Africa, Jan. 26, 2023 — Senken, the world’s largest climate finance trading platform of on-chain carbon credits, today announced that it has raised USD $7.5 million in new funding, the most significant capital raise in its industry, led by Obvious Ventures and the launch of the world’s first public sale of tokenized Carbon Forwards. Participating investors included Offline Ventures, Inflection, Kraken Ventures and Climate Capital. The funds will be used to power a transparent and liquid marketplace for the purchase, sale, and retirement of carbon credits which were previously transacted on an opaque and fragmented market.

Founded in 2021, Senken’s corresponding project credits can be bought, traded, and used to offset carbon emissions by companies looking to make impactful contributions to the climate crisis. By using blockchain technology, Senken provides its customers with additional security and transparency at the data level to ensure the quality and integrity of the offset projects. Globally, there has been strong consensus that eliminating carbon emissions is key to combating climate change. However, the path to getting there has been challenging and unstable. 

The launch of Carbon Forwards on the Senken marketplace enables transparent investments in tokenized carbon credits from verified climate projects. Carbon Forwards, a new financial instrument, allows pre-funding of climate projects that are still in development for a reduced price. These Forwards allow organizations to hedge their carbon emissions and manage their exposure to carbon prices. Senken has initiated a pilot with Vlinder who will provide 500tCO2 of forward carbon credits. These Carbon Forward credits will enable funding to reforest mangroves in Kenya. The Vlinder Kenya Blue Carbon project is a high impact restoration effort with an emission removal capacity of 731,165 tons that aims to revitalize 1,500 hectares of severely degraded mangroves in Kenya. As the world continues to focus on reducing carbon emissions and combating climate change, Carbon Forwards can help businesses focused on lessening their environmental impact by controlling financial risks and planning towards net zero. 

Despite current hyped-up demand, the carbon market is still nascent, but has enormous potential as it is expected to be worth USD $100B by 2030. A record number of investors and companies determined to transform their businesses are embracing net-zero ambitions. Therefore, there is a need for a marketplace that is transparent, reliable, and robust to combat manipulation and exploitation. In order to ensure longevity, stability, and make meaningful change towards climate solutions, Senken’s unique and progressive marketplace can educate and build the trust that is needed to be truly sustainable.

“Senken is looking to mobilize USD $10 billion in capital towards climate projects by 2030,” said Adrian Wons, co-founder and CEO of Senken. “We have developed a platform that reduces friction in the market with lowered transaction costs which in turn redirects climate funding into projects that will transparently and effectively remove carbon from our atmosphere or demonstrably avoid carbon emissions. We are excited to launch the world’s first public sale of Carbon Forward tokens, which will facilitate the pre-funding of climate projects that are still in development. This is key to helping organizations hedge their carbon emissions and manage exposure to carbon prices. It is especially rewarding to our organization that the launch of our first Carbon Forwards aims to contribute to the high impact restoration effort of severely degraded mangroves in Kenya.”

“In order to drive a future global economy that is more efficient and carbon-free, we need new frameworks and solutions to help finance the massive changes that are required,” said Andrew Beebe, managing director, Obvious Ventures. “Adrian and the team have created a powerful new model for carbon investment in a short period of time and we are proud to lead this investment round.” 

The Senken marketplace offers users access to more than 20 million tokenized carbon credits from verified climate projects. Project information, ratings, trade, pricing, and sensor technology is presented in a clear way, which makes it easy to compare, invest, and retire credits on-chain. Senken’s smart order routing mechanism can unlock silos of carbon credits, therefore, customers are charged only 1/10 of the competitors fees through offerings that are 10x the amount with the highest transparency. This makes Senken’s marketplace very compelling and interesting not only for corporates but also for institutional investors seeking exposure to this rapidly growing asset class.

“Senken aims to solve the known problems of fragmentation, bad user experience, high costs and lack of transparency. We are looking to make climate finance accessible for everyone, encouraging millions of businesses to invest in real solutions to combat and make a serious impact towards climate change,” added Wons.

Recently, Senken has been accepted to the Estainium Association (estainium.eco), a German Association of major corporates, which educates and advises users and companies on how to effectively reduce and compensate for climate-negative impacts with members like Siemens, Merck, NTT Data, Faber & Castell, and TUV Sud.

To read more about Senken’s Carbon Forwards tokens, check out its blog post here.

About Senken

Founded in 2021, Senken is climate-oriented and action-driven. The company is made up of engineers and entrepreneurs, designers and academics, innovation practitioners and investment professionals, ecosystem shapers and creative voices, united in the belief that something needs to be done in the face of climate change. For more information on Senken, please https://www.senken.io/

About Obvious Ventures

Obvious Ventures is a venture capital firm investing in startups and entrepreneurs reimagining trillion-dollar industries through a world-positive lens. Since launching in 2014, Obvious has backed over 90 companies using technology to create a smarter, healthier, more sustainable world. The fund has led investments in breakthrough companies such as Beyond Meat, Olly, Virta Health, and Recursion. Obvious was co-founded by Ev Williams, James Joaquin, and Vishal Vasishth. More information is available at obvious.com.

SOURCE Senken

Premier Syndicate of Life Science Industry Investors led by Pfizer Ventures and Earlybird Venture Capital and including Canaan, Andera Partners, Oxford Science Enterprises and British Patient Capital

Proceeds to Support Advancement of Lead Candidate, ERAP1 Inhibitor GRWD5769, into the Clinic in 1H 2023; Continued R&D for Follow-On ERAP Inhibition Strategies

OXFORD, United Kingdom, Jan. 24, 2023 — Grey Wolf Therapeutics, a biotechnology company focused on generating entirely novel anti-tumour immune responses through targeted cancer neoantigen creation, today announced the closing of an oversubscribed $49 million Series B financing. The financing was co-led by Pfizer Ventures and Earlybird Venture Capital, and also included investment from new investors Oxford Science Enterprises and British Patient Capital and existing investors Canaan and Andera Partners. Proceeds will support the continued development of the company’s first-of-its-kind immuno-oncology approaches designed to overcome key resistance mechanisms through the creation of novel cancer antigens. This includes the anticipated advancement of the company’s lead asset, GRWD5769, into a Phase 1/2 clinical trial in the first half of 2023.

Grey Wolf Therapeutics’ unique therapeutic strategy is centered on generating entirely novel immune responses against tumours thereby overcoming key resistance mechanisms to current immuno-oncology therapy such as poor tumour recognition by T cells and T cell exhaustion. This is achieved through targeted inhibition of the endoplasmic reticulum aminopeptidases (ERAP1 or ERAP2), which drives the generation and presentation of novel and potent cancer antigens to the surface of tumour cells, in turn eliciting a de novo T cell response against tumours.

The ground-breaking research and development activities conducted by the Grey Wolf team have generated a pipeline of novel ERAP inhibition programs, led by GRWD5769, a potentially first-in-class ERAP1 inhibitor. During the first half of 2023, the company intends to initiate an adaptive Phase 1/2 clinical trial evaluating the safety, tolerability, and efficacy of GRWD5769, including a planned combination with the PD-1 inhibitor Libtayo^® (cemiplimab), in a range of solid tumour types. Additionally, the company will direct a portion of the Series B proceeds to follow-on programs including efforts focused on ERAP2 inhibition and the identification of entirely novel cancer antigens that can be targeted with MHC Class I directed therapies, such as soluble T cell receptor (TCR) and TCR mimic bispecifics.

“This syndicate of leading life science industry investors brings a wealth of relevant expertise and resources to Grey Wolf at a critical time in our evolution as we prepare to enter the clinic,” said Peter Joyce, Ph.D., chief executive officer of Grey Wolf Therapeutics. “The funding these groups have committed to Grey Wolf will not only support our efforts to demonstrate clinical proof-of-concept for ERAP inhibition with our lead program, but it will also drive our continued scientific exploration in this area as we aim to further advance and broaden our pipeline of first-of-their-kind therapeutics.”

“The scientific ground being pursued by the Grey Wolf team is fertile with potential solutions for overcoming two of the most significant resistance mechanisms limiting current immune-oncology therapies – poor tumour visibility and T cell exhaustion,” said Marie-Claire Peakman, Ph.D., principal with Pfizer Ventures. “We look forward to supporting the company as it enters the clinical setting and works to develop an actionable and completely novel therapeutic approach.”

“We believe Grey Wolf is establishing the next essential pillar in oncology treatment, with the potential to overcome treatment resistance and change the game for attacking cancer,” said Rabab Nasrallah, Ph.D., principal, Earlybird Venture Capital. “Importantly, preclinical research suggests that the company’s elegant treatment approach holds great promise as a monotherapy, as well as the potential to synergistically improve outcomes when used in rational combination with other anti-cancer agents including immune checkpoint inhibitors. This flexibility further amplifies the potential breadth of impact these investigational therapeutics may have in treating patients.”

In conjunction with the financing, Grey Wolf Therapeutics has announced several new appointees to its board of directors including:

• Sally Dewhurst, senior associate, Oxford Science Enterprises
• Emma Johnson, investment manager, British Patient Capital
• Rabab Nasrallah, principal, Earlybird Venture Capital
• Marie-Claire Peakman, principal, Pfizer Ventures

About Grey Wolf Therapeutics

Grey Wolf Therapeutics is a UK- and Australian-based drug discovery and development biotechnology company spearheading a new therapeutic approach in immuno-oncology. The company’s first-of-its-kind immuno-oncology approach is centered on inhibiting the endoplasmic reticulum aminopeptidases (ERAP1 or ERAP2), which play a key role in the antigen presentation pathway. Inhibiting ERAP1 or ERAP2 generates novel cancer antigens and upregulates certain other neoantigens, resulting in the mobilisation of an entirely novel T cell response against the tumour that increases tumour visibility where current therapies are ineffective, and bypasses the challenge faced by current immunotherapy when once anti-tumourigenic T cells become irreversibly exhausted and hence ineffective. Based on this approach, the company is developing a portfolio of potentially first-in-class small molecules that inhibit ERAP1 or ERAP2. The company’s lead development candidate, GRWD5769, is a potent and selective ERAP1 inhibitor that elicits a powerful and differentiated immune response against the tumour and is entering the clinic in the first half of 2023. A second program, focused on ERAP2 inhibition, is advancing through the discovery process. The company is leveraging its leadership in neoantigen creation to unlock entirely novel cancer antigens that can be targeted with MHC Class I directed therapies, such as soluble T cell receptor (TCR) and TCR mimic bispecifics.

For more information, please visit: www.gwt.bio

Contacts:
Grey Wolf Therapeutics
Peter Joyce
Chief Executive Officer
+44 (0) 01865 292 038
[email protected]

Vida Strategic Partners (on behalf of Grey Wolf Therapeutics)
Tim Brons (Media)
415-675-7402
[email protected]

SOURCE Grey Wolf Therapeutics

NEW YORK CITY, Jan. 26, 2023 — Pearl Health, a leading technology company focused on physician enablement and risk bearing in value-based care, today announced that it has raised $75 million in its oversubscribed Series B funding round, led by Andreessen Horowitz’s Growth Fund and Viking Global Investors, with participation by AlleyCorp, SV Angel’s Growth Fund, and other leading investors. The round is comprised of $55 million in equity capital and an anticipated $20 million in a line of credit, and brings Pearl’s total funding to date to more than $100M.

“We are grateful to have the support of such esteemed investors as we continue to build technology that enables physicians to provide better care for their patients and helps our healthcare system transition from volume to value,” said Pearl Health Co-Founder and CEO Michael Kopko. “This latest round of funding, combined with our previous investments, will allow us to expand our network and accelerate the development of innovative solutions that place providers at the center of healthcare delivery and cost management.”

Pearl Health’s technology uses data science to help primary care providers focus their attention on the patients who are most likely to need it, enabling physicians and clinical staff to move toward a more proactive care model that allows them to invest in preventative care and provide more holistic, personalized treatment.

“Pearl Health arms providers with data insights and superpowers to help them manage the health of an entire patient panel,” said Vineeta Agarwala, Andreessen Horowitz General Partner, Bio + Health, and Board Director for Pearl Health. “We believe this technology should enable providers across the country to be at the forefront of our healthcare industry’s transformation towards value, achieving improved outcomes and lower total cost of care.”

Over the past year, more than 800 primary care providers across the country partnered with Pearl, resulting in more than 10x year-over-year growth and expanding the company’s reach from 10 to 29 states. This growth reflects a powerful trend in healthcare toward physician enablement technology and programs that help providers perform in new value-based care payment models.

“Pearl Health has done a great job of developing software to help providers achieve their goals around value-based care,” said Scott Kupor, Managing Partner at Andreessen Horowitz, who recently joined Pearl Health’s Board of Directors. “This new round of funding will help them significantly expand their market presence and bring their solution to a much wider audience.”

With this new round of funding, Pearl Health is well positioned to continue to expand its reach within primary care, develop new partnerships, broaden the offerings it makes available to its provider partners, and invest more in research & development to accelerate innovation.

“Patients deserve medicine aligned with their true needs,” said Pearl Co-Founder and Executive Chairman Jeffrey De Flavio, MD. “Pearl’s physicians have the tools to deliver more effective and compassionate care.”

“We are proud to support companies like Pearl Health that have the potential to drive positive change and disruption in their industries,” said AlleyCorp Founder and CEO Kevin Ryan. “We are excited to see the impact that Pearl Health will have on patient outcomes and are proud to be a part of their growth since day one.”

Read more about Pearl Health’s Series B in this blog post: 
www.pearlhealth.com/blog/news/series-b 

About Pearl Health
Pearl Health is democratizing access to value in healthcare. Led by provider enablement, risk-bearing, and technology experts, Pearl offers software and services that help providers reimagine how they visualize, understand, and care for their patients. Pearl supports primary care organizations and providers in their transition to value-based care and surfaces data and insights that help them deliver better, more proactive care, decrease total cost of care across patient panels, and optimize performance in risk-bearing models like Medicare’s ACO REACH. Since its founding in 2020, Pearl has raised more than $100M in funding from investors such as Andreessen Horowitz, Viking Global Investors, AlleyCorp, SV Angel, and Silicon Valley Bank, and has grown to serve customers in 29 states and Washington, DC. Learn more at www.pearlhealth.com 

About Andreessen Horowitz
Founded in Silicon Valley in 2009 by Marc Andreessen and Ben Horowitz, Andreessen Horowitz (known as “a16z”) is a venture capital firm that backs bold entrepreneurs building the future through technology. a16z is stage agnostic, investing in seed to venture to late-stage technology companies, across industries including bio + healthcare, consumer, crypto, enterprise, fintech, and gaming. a16z has $35B in assets under management across multiple funds. www.a16z.com 

About Viking Global Investors
Founded in 1999, Viking is a global management firm that manages over $37 billion of capital for its investors. It has offices in Greenwich, New York, Hong Kong, London, and San Francisco and is registered as an investment adviser with the U.S. Securities and Exchange Commission. For more information, please visit www.vikingglobal.com

About AlleyCorp
Founded by serial entrepreneur Kevin Ryan, AlleyCorp founds and invests in transformative companies globally. As one of the most active early-stage investors in New York, we invest primarily in pre-seed and seed rounds and make select Series A investments. We share the founder’s mindset because we’re founders too: a seasoned team of startup operators, we launch new companies every year at our New York headquarters. Companies we’ve incubated include MongoDB (NASDAQ: MDB), Business Insider, Gilt Groupe, Zola, and Nomad Health. We invest and incubate out of dedicated funds for General Technology and Healthcare, with a focus on enterprise software, marketplaces, nano & materials science, and digital health. We also operate an Impact fund. For more information visit www.alleycorp.com 

About SV Angel
SV Angel is a San Francisco-based venture fund. Over the last 30 years of helping portfolio companies like Google, Facebook, Twitter, Github, Airbnb, Stripe and many others, our core values of trust, loyalty, and integrity along with our founder-first approach has driven our strategy. We are a service organization, investing in founders who share these values. We support entrepreneurs in building lasting companies by assisting at key inflection points and leveraging our network to help them propel their businesses forward. www.svangel.com

Madison Klein
Pearl Health
(562) 310-6219
[email protected]

SOURCE Pearl Health