NEW YORK, March 13, 2023 — Hedonova, a Paris-based hedge fund, has announced its equity investment of $16 million in Carbonomy’s Series A funding round at a valuation of $130 million. Carbonomy is a firm that helps farms become sustainable and increase their revenues by earning carbon credits.
This investment aligns with Hedonova’s commitment to invest in innovative and socially responsible projects that deliver long-term value to their clients. Hedonova recognizes that sustainability and environmental responsibility are critical for the success of any business, and they are proud to support Carbonomy’s efforts in promoting sustainable agriculture practices.
Carbonomy’s platform enables farms to earn carbon credits by adopting sustainable practices such as reducing the use of fertilisers and pesticides, improving soil health, and implementing renewable energy solutions. Carbonomy helps farmers reach certain standards which allow them to earn carbon credits. These credits can then be sold to companies and organisations that want to offset their carbon footprint and achieve their sustainability goals.
“We are excited to support Carbonomy’s mission to help farms become more sustainable and increase their revenue. This investment will be part of our agricultural portfolio and will be used to service our current and new agri investments by helping them earn carbon credits,” says Alexander Cavendish, CEO of Hedonova. “Their innovative approach to promoting sustainable agriculture practices aligns with our commitment to investing in socially responsible projects that deliver long-term value for our clients.”
Carbonomy’s platform has the potential to revolutionize the agricultural industry by promoting sustainable practices and creating new revenue streams for farmers. By supporting Carbonomy’s growth, Hedonova aims to contribute to the development of a sustainable and socially responsible business model that delivers long-term value for all stakeholders.
“We are thrilled to have the support of Hedonova in our mission to promote sustainable agriculture practices,” says Mark David Frank, CEO of Carbonomy. “This investment will enable us to expand our platform and reach more farmers, helping them to earn more revenue while adopting environmentally responsible practices.”
Hedonova’s investment in Carbonomy is part of their broader strategy to support its agricultural investment portfolio. Their commitment to promoting sustainable development and improving the economic well-being of local communities is a testament to their dedication to creating positive impact through investment while generating superior returns for their clients.
WESTBOROUGH, Mass., March 13, 2023 — KPM Analytics (www.kpmanalytics.com), a Union Park Capital portfolio company, announced today it has acquired Smart Vision Works (https://www.smartvisionworks.com), a specialized artificial intelligence (AI) technology company providing computer vision systems for agriculture and food industries.
Smart Vision Works specializes in computer vision systems developed with advanced AI technology.
With over a decade of industry experience, Smart Vision Works has proven that its proprietary machine learning algorithms can overcome challenging machine vision problems and deliver high quality solutions for customers. Specializing in sorting and foreign material detection, the AI technology can be leveraged by food companies to streamline efficiency and enhance quality.
The acquisition demonstrates KPM Analytics’ deep commitment to the food and agriculture industries. KPM continues to invest in vision technologies to help its customers protect their brand and produce the highest product quality possible. “With this acquisition, KPM Analytics has significantly enhanced our vision inspection portfolio with new AI technologies,” stated Brian Mitchell, KPM Analytics CEO. “The addition of Smart Vision Works to our existing Sightline Process Controls and Eye Pro System machine vision businesses allows us to provide additional data and technologies for our customers to leverage in their production processes. We strongly believe that the advanced AI capabilities within Smart Vision Works will advance our offerings across all of the end markets we serve.”
Smart Vision Works systems quickly and automatically sort products by size and defect, allowing the defective items to be removed from the line. Using artificial intelligence, the foreign material detector is engineered specifically for finding things that simply don’t belong. Once trained, the system can detect virtually any foreign material whether it’s plastic, cardboard, indigenous materials, metal, and even hair. This is essential for food companies to ensure they are protecting their customers and reducing the risk of recalls.
“Since 2012, we have worked to fulfill our mission of creating artificial intelligence powered vision control systems that improve quality and production for our customers,” added Chris Bryant, President of Smart Vision Works. “We are excited to join KPM Analytics. KPM’s commitment to advance the entire food production process from seed to table through technology, aligns perfectly with our own vision and mission. The global resources and reach of KPM will allow us the opportunity to bring Smart Vision Works technologies to customers all over the world and to leverage our solutions in new and innovative ways.”
Smart Vision Works is well known for its AI and edge computing technologies, used to sort products and detect foreign materials in the food production processes. They provide high accuracy and reliable results for vegetables, fruit, meat, seafood and other food products. By adding Smart Vision Works technology to its portfolio, KPM offers more options for food quality analysis solutions. KPM intends to integrate the Smart Vision Works products into the company’s existing portfolio of vision inspection systems serving the bakery, dairy and protein markets and expand sales throughout the global market using KPM’s extensive sales and service network.
About KPM Analytics KPM Analytics is a global leader in scientific instrumentation, focused primarily on analyzing critical parameters within the food, feed, agriculture, and environmental sectors. We provide a comprehensive range of products and services to uniquely solve our customers’ problems. Our product brands are AMS Alliance, Bruins Instruments, CHOPIN Technologies, EyePro System, Process Sensors, Sensortech, Sightline Process Control, Smart Vision Works, and Unity Scientific. Each has a long history of delivering advanced and reliable analysis solutions to ensure product quality and optimize process efficiency, with customer service at the center of everything we do. Visit www.kpmanalytics.com to learn more.
About Smart Vision Works Smart Vision Works specializes in computer vision systems developed with advanced artificial intelligence technology for a wide range of customers – from startups to Fortune 500 companies. The company provides hi-tech solutions for inspection, sorting and foreign material detection applications across many food production industries. Visit www.smartvisionworks.com to learn more.
About Union Park Capital Union Park Capital is a private equity firm solely focused on lower middle-market industrial technology companies. Union Park takes a long-term perspective to help stakeholders build value over time and drives value creation through profitably growing a business, not financial engineering. Union Park Capital is based in Boston, MA, and has extensive investments and expertise in the analytical instrumentation sector. For more information, visit www.union-park.com.
With annual revenue surpassing $250m this year, the entrepreneurial duo behind Beach House Group are expanding their business empire with a new, non-traditional venture vehicle
LOS ANGELES, March 10, 2023 — Today, accomplished entrepreneurs Shaun Neff and PJ Brice announced the launch of Beach House Ventures. Founder friendly, with a best-in-class shared service platform, the venture vehicle will offer an incomparable experience for nascent brands in the beauty and lifestyle spaces. Far from a traditional venture capital or private equity establishment where their real value generally stops after the check, Beach House Ventures brings a proven track record as serial entrepreneurs, and with that, a singular comprehensive understanding of the entrepreneurial experience and success in exiting companies.
Shaun Neff (Left) and PJ Brice (Right) |
Photo Credit: Ryan Murray
Hoping to alleviate the overall fundraising decline that is continuing into 2023, Beach House Ventures represents a new and exciting funding mechanism for founders. They offer emerging brands all the financial benefits of a private equity firm, and in addition to an industry leading shared service platform, brand building expertise, and vital global retail relationships already in place at Beach House Group, their wildly successful incubator and launchpad for funding, optimizing, and scaling brands. At this stage BHV is already in conversations with a number of brands in the categories of clinical skincare, unique cosmetics & sunless tanning.
Founded in 2018 by Neff and Brice, Beach House Group is the creator of well-known brands including PATTERN with Tracee Ellis Ross, BÉIS with Shay Mitchell, MOON Oral Beauty with Kendall Jenner & Odell Beckham Jr. and FLORENCE BY MILLS with Millie Bobby Brown. Although Beach House Group has incubated brands with world-renowned talent, Shaun and PJ recognize that incredible brand founders can play an essential role to success. The duo is currently working on a fragrance with no ties to any celebrity names. Through their strong partnerships with global retail giants Ulta Beauty, Sephora, and specialty retailers, Beach House Group is set to surpass $250 million in annual revenue. Current brands on their roster have garnered multiple awards from WWD, ALLURE, ESSENCE, WOMEN’S HEALTH, GLAMOUR, and COSMOPOLITAN, to name a select few. The launch of Beach House Ventures will expand on Beach House Group’s meteoric success and take beauty and lifestyle funding and brand building to a new frontier.
“Like me, Beach House Ventures is not your traditional venture group,” said Co-founder Shaun Neff. “We know what it’s like to be entrepreneurs, we understand the hustle and the struggles. We are in the rare position to give visionary founders a once in a lifetime opportunity to scale a global business. With our experience and our solid network, from retailers to talent we are super excited to be the rocket fuel behind the founder.”
“We’ve harnessed our individual and shared experience to start Beach House Ventures, and now we’re ready to find and work with the next generation of entrepreneurs to take their business to the next level,” said Co-Founder PJ Brice.
As far as what Neff and Brice look for in potential brands, the parameters are simple but clear: Beach House Ventures seeks the best of the best. From visionary founders with brands that have that “wow” factor, up and coming companies with a proven track record of success in garnering engaged communities, innovative products that show promise and exhibit market differentiators, to unique founders with a story to tell, Neff and Brice are constantly on the lookout for products that have a clear and obvious reason for being. Those brands on the verge are the ones Beach House Ventures will welcome into their ecosystem and shepherd to scale and exit.
And that distinctive ecosystem is what makes Beach House Ventures truly special. Neff and Brice’s extensive experience and overwhelming success offers brands unparalleled expertise, whether it’s anticipating the pain points and overcoming them, or identifying the game-changing opportunities and seizing them, Beach House Ventures is in the unique position of being not only a source for funding, but a source for invaluable navigation and comprehensive support at every possible level. From building, scaling, to eventual exit, Beach House Ventures is poised to be the one-stop shop future of the brand building world.
How to connect: Potential brands should reach out directly via the inquiry form at Beach House Ventures’ website https://www.beachhousegrp.com/ventures. Each inquiry will be thoughtfully vetted and analyzed by the team set in place at BHV and turned over to Shaun and PJ to engage properly.
About Beach House Ventures: Beach House Ventures is here to revolutionize the way emerging beauty brands obtain funding, succeed on a global level, and ultimately exit. Worlds away from a traditional private equity or venture fund, Beach House Ventures is founder-friendly, with an in-house, best-in-class shared service platform and operating team to support brands at every phase of development up to launch and beyond.
Global Leader in Holographic Head-Up Display Technology Receives over $50M in Funding and $500M Post-Money Valuation.
Long-term investors Hyundai Mobis, GM Ventures, and Tarsadia Investments are joined by Jaguar Land Rover’s InMotion Ventures and Stellantis Ventures as new strategic shareholders.
Envisics, headquartered in the UK, is a deep technology company and global leader in dynamic holographic technology delivering advanced product solutions to the world’s automakers.
New investment will accelerate the pace of product development and delivery.
MILTON KEYNES, England, March 10, 2023 — Envisics, pioneer and global leader in dynamic holographic technology has today announced receiving over $50m as part of its Series C strategic funding round. The round was led by Hyundai Mobis – a strategic investor from the Series B round in 2020 – with additional investments from new strategic shareholders InMotion Ventures, the investment arm of Jaguar Land Rover, and Stellantis.
Holographic Head-Up Display Technology
Envisics’ holographic technology enables market leading Augmented Reality Head-Up Displays (AR HUD), an advanced display technology that is fast becoming a must-have feature for auto makers and consumers alike.
“Since our Series B funding round, we have focused on growing Envisics into a key enabler for next generation mobility experiences,” said Envisics’ CEO and founder, Dr. Jamieson Christmas. “The caliber of our investors demonstrates the significance attached by global automakers to the transformation of vehicle interfaces and interior architectures. Our solutions are an exceptional fit for OEM requirements and provide platforms that enable the creation of unique brand experiences. Envisics stands apart as the only company that has created and delivered dynamic holographic technology as a viable product at scale.”
Mitchell Caplan, President of Tarsadia Investments and Chairman of Envisics Inc., commented: “As early investors in Envisics, we have seen both an acceleration of their technology and a shift in the market towards AR HUD solutions. This latest funding round gives Envisics the runway needed to realize the commercial potential of dynamic holography in the auto industry and beyond.”
Hyundai Mobis is a leading global automotive Tier-1 supplier that is enabling the transformation of the in-car experience through the development and fusion of new technologies.
“Hyundai Mobis is very pleased to continue our strategic partnership with Envisics to jointly develop AR-HUDs and to improve the in-car experience,” said Younghoon Han, Vice President and Head of Electronic Control and Convenience, Hyundai Mobis. “Hyundai Mobis expects to provide next-generation AR-HUDs with cutting-edge holographic technology, and to deliver an intuitive, safe, and convenient HMI to global automakers by strengthening our partnership with Envisics.”
General Motors will be the first company to deploy the Envisics 2nd Generation AR-HUD technology, debuting in the 2024 Cadillac LYRIQ.
“Our collaboration with Envisics is moving into production this year, as we add AR-HUD technology to the all-electric 2024 Cadillac LYRIQ,” said Sandy Lipscomb, Senior Manager, Ultifi Design at General Motors. “This innovation will further elevate the driving experience in the LYRIQ, adding a second plane of graphics that gives drivers more immersive information integrated within their natural field of vision.”
In 2010, Jaguar Land Rover were the first automaker to realize the potential of Envisics Holographic technology for HUD applications and was the first OEM customer of this technology.
“Partnering with leaders in their fields is at the heart of our Reimagine strategy. InMotion Venture’s investment in Envisics is exciting news. It strengthens our partnership as we develop next generation augmented reality technologies for future Head Up Displays in Jaguar Land Rover’s modern luxury cars. Together, we can create a world leading user interface for our customers,” commented Thomas Müller, Director, Product Engineering at Jaguar Land Rover.
In 2022, Stellantis recognized Envisics in its prestigious Stellantis Startup Awards, winning the Automotive Tech category for the company’s pioneering work in AR-HUD.
“Envisics has been a great partner to work with. We share the same determination to create new, innovative products that can make a real difference for our customers,” said Adam Bazih, Managing Director and Head of Stellantis Ventures. “We are proud to see how startups companies like Envisics, which are developing cutting-edge technology, will accelerate Stellantis’ efforts in shaping a more sustainable and exciting mobility experience.”
Envisics Ltd. is a private company registered and headquartered in the U.K. Envisics Ltd. is owned by Envisics Inc., a Delaware corporation. Following the Series C financing round, the ownership structure includes strategic investors Tarsadia Investments, GM Ventures, Hyundai Mobis, Stellantis Ventures, SAIC Motors and Van Tuyl Companies.
The AR HUD market is entering a growth phase fueled by the introduction of new technologies, such as those being developed by Envisics. Based upon global market research, the addressable AR HUD market is forecast to deliver a compound annual growth rate of 28%, growing from 1.6 million units in 2022 to 19.1 million in 2032. Headquartered in Milton Keynes, UK, Envisics has built a center of excellence where it is pioneering the deployment of holographic technologies for automotive and mobility applications.
Citi served as financial advisor and Orrick served as legal counsel to Envisics.
Envisics is a globally renowned dynamic holography pioneer, focused on developing holographic technologies for augmented reality head-up displays (AR-HUDs) and automotive sensor systems. ENVISICS branded technology harnesses the power of holography and laser-based light sources to provide the highest possible image quality. The advancement of ENVISICS branded technology has the opportunity to transform automotive displays and revolutionize the in-car experience. In partnership with the world’s leading automakers and tier-one suppliers, Envisics is making the future of holographic technology a reality for smarter and safer vehicles. Envisics Ltd is the proprietor of registered trademark rights worldwide in respect of the ENVISICS® mark and logo. For more information: www.envisics.com
About Tarsadia Investments
Tarsadia Investments is a multi-billion-dollar family office investment firm based in Newport Beach, California. Tarsadia is a supportive and value-enhancing partner and has a history of seeking out and working with exceptional management teams. Its current portfolio includes investments by its family clients in majority and minority stakes in privately held companies, public equity and debt instruments and early-stage venture-backed businesses. Tarsadia has a demonstrable track record of both turning around distressed businesses and investing growth equity behind new and established management teams, providing them with the necessary capital and support to achieve success. For more information: www.tarsadia.com
About Hyundai Mobis
Hyundai Mobis is the 6th largest global automotive supplier. Founded in 1977 and headquartered in Seoul, Korea, Hyundai Mobis is to become a lifelong technology partner for vehicles and people. With its excellence in integrated hardware and software design capabilities, Hyundai Mobis provides advanced automotive solutions for autonomous and electrified vehicles. Its innovative technologies include display and digital cockpit in in-vehicle infotainment system, sensors and sensor fusion in controllers, and software design in safety control. Its products also include various electrification components, brakes, suspension, steering, airbags, lights, and automotive electronics. Hyundai Mobis currently has more than 30,000 employees and has been manufacturing in more than 30 regions in 10 countries. In addition to its R&D headquarters in Korea, Mobis has 4 technology centers in Germany, China, India and the United States. For more information: www.mobis.co.kr
About GM
General Motors (NYSE:GM) is a global company focused on advancing an all-electric future that is inclusive and accessible to all. At the heart of this strategy is the Ultium battery platform, which will power everything from mass-market to high-performance vehicles. General Motors, its subsidiaries and its joint venture entities sell vehicles under the Chevrolet, Buick, GMC, Cadillac, Baojun and Wuling brands. More information on the company and its subsidiaries, including OnStar, a global leader in vehicle safety and security services, can be found at https://www.gm.com.
About Jaguar Land Rover
Jaguar Land Rover’s Reimagine strategy is delivering a sustainability-rich vision of modern luxury by design. We are transforming our business to become carbon net zero across our supply chain, products, and operations by 2039. We have set a roadmap to reduce emissions across our own operations and value chains by 2030 through approved, science-based targets. Electrification is central to this strategy and before the end of the decade our Range Rover, Discovery, Defender collections will each have a pure electric model, while Jaguar will be entirely electric. At heart we are a British company, with two design and engineering sites, three vehicle manufacturing facilities, an engine manufacturing centre, and a battery assembly centre in the UK. We also have vehicle plants in China (a joint venture), Slovakia, Austria (contract manufacturing with Magna Steyr), India (contract manufacturing with Tata Motors Ltd) and Brazil, as well as seven technology hubs across the globe. Jaguar Land Rover is a wholly owned subsidiary of Tata Motors Limited, part of Tata Sons. For more information: www.jaguarlandrover.com
About Stellantis
Stellantis N.V. (NYSE / MTA / Euronext Paris: STLA) is one of the world’s leading automakers and a mobility provider. Its storied and iconic brands embody the passion of their visionary founders and today’s customers in their innovative products and services, including Abarth, Alfa Romeo, Chrysler, Citroën, Dodge, DS Automobiles, Fiat, Jeep®, Lancia, Maserati, Opel, Peugeot, Ram, Vauxhall, Free2move and Leasys. Powered by our diversity, we lead the way the world moves – aspiring to become the greatest sustainable mobility tech company, not the biggest, while creating added value for all stakeholders as well as the communities in which it operates. For more information: www.stellantis.com
Joining Humane’s Series C round as a strategic investor – secures 2.6% of ownership
Investors including Sam Altman, Microsoft, Volvo, LG and others are also participating in the round
Humane is expected to be the next era of computing device leveraging OpenAI technology
SEOUL, South Korea, March 10, 2023 — As interest in artificial intelligence (AI) is rapidly mounting, innovative companies around the world are expanding investment and partnership in the AI field. Under current circumstances, SK Networks’ decision to invest in an AI-powered device and software platform has drawn major attention from the market, especially with the company’s active move to transform itself into a business-oriented investment company by driving up investment into promising tech startups since 2018.
The signing ceremony was held in Las Vegas, U.S.A. last January and was attended by Samuel Kim, managing director of SK networks’ Hico Capital, Sunghwan Choi, President & COO of SK networks, and Bethany Bongiorno and Imran Chaudhri, co-founders of Humane(from left to right).
SK Networks announced on the 9th of March that the company has made an investment of 22 million dollars directly and indirectly through SK networks’ U.S. investment arm Hico Capital, securing 2.6% of ownership in total. 100 million dollars were raised for this round in order to bring Humane’s product to the market and further develop technology.
The investment decision was made late last year and the details were officially disclosed to stakeholders as Human’s investment round was closed recently.
The round was led by Kindred Ventures and saw participation from existing investors like Sam Altman who is the founder of OpenAI, Tiger Global, and Valia Ventures, along with new investors including SK Networks, Microsoft, Volvo, and LG Technology Ventures.
Humane is a company that uses AI to develop first-of-its kind of next generation device after mobile phone. The company was co-founded by two prominent ex-Apple talents, Bethany Bongiorno and Imran Chaudhri, who have both played a crucial role in cradling industry-leading IT hardware and software including iPhone and iPad. Humane is making AI-based innovative device software platform through which it will fulfill its mission to deliver the next era of personal mobile computing, driven by AI.
SK Networks decided to make an investment after seeing huge growth potential of the startup. It also paid attention to the facts that the company was started by top talents who led the IT device innovation in Apple and that the startup is partnering with global IT giants including Microsoft, Qualcomm, and OpenAI.
Imran Chaudhri, co-founder of Humane, commented on SK Networks’ investment, “It was very clear from the early conversations we had with SK Networks that we shared similar value and vision for the future,” and added, “We are full of expectations as to how our partnership will allow Humane’s innovation to expand to many countries around the world including Korea.”
SK Networks expects to leverage the investment to capture top-tier global network and investment prowess for AI domain. At the same time, the company will cooperate with Humane to expand their presence into global market going forward.
“Following an investment in Standard Cognition in 2021, which offers autonomous checkout solution for unmanned stores, the investment in Humane will enable SK Networks to lay the groundwork for collaborative framework with B2C and B2B businesses that utilize AI computing solutions” said Samuel Kim, managing director of Hico Capital. “We will strategically ramp up investment in Silicon Valley-based tech firms to bolster up our corporate value and share it with stakeholders.”
During its Global Annual General Meeting in February, SK Networks has presented to potential investors the current status and performance of its early stage investments with a focus on U.S. Transitioning toward a business-oriented investment company, SK Networks has declared that it will continuously enhance its investment capabilities and thereby boost up the synergy between business and investment.
BOSTON, March 9, 2023 — Allorion Therapeutics (“Allorion”), a biotech company focusing on next-generation precision medicine for oncology and autoimmune diseases, announces the completion of a $50 million Series B financing round, co-led by INCE Capital and Qiming Venture Partners, with participation from TF Capital, Long River Investment (LRI), 3SBio, Octagon Capital, and Elikon Venture. Since its establishment in July 2020, Allorion has raised over $100 million from reputable institutional biotech investors.
The funds raised in this round will primarily support upcoming Phase I/II clinical trials in both China and the U.S. and the identification of clinical candidates for additional programs. Allorion will also continue to advance its established and validated early discovery platform technologies, including an allosteric inhibitor screening platform and a platform for discovery of synthetic lethality targets and molecules. The funds will also enable Allorion to further build world leading clinical development and business development teams.
As the Series B financing round concludes, Dr. Gregory Berk has officially joined Allorion as the Chief Medical Officer (CMO). Dr. Berk is a clinical research expert with over 30 years of experience in novel drug development. He will be responsible for building clinical teams in the U.S. and China, as well as designing and overseeing the Phase I/II clinical trials in both countries. Before joining Allorion, Dr. Berk held senior management positions as SVP or CMO at several renowned biotech/biopharma companies in the U.S., including Abraxis BioScience, Intellikine, BIND BioSciences, Sideris Pharmaceuticals, and GT Biopharma. His extensive clinical trial experience and industry network will help Allorion transition from preclinical research to the clinical development stage, developing new drugs to address significant unmet medical needs while creating value for the company.
Regarding the successful Series B financing, Peter Ding, Allorion’s co-founder and CEO commented, “We sincerely appreciate the recognition of and support from both new and existing investors who participated in this round of financing. Since its launch in July 2020, Allorion has established wet labs in both Boston and Guangzhou, and currently has a strong R&D team of more than 50 full-time employees. In just two and a half years, the company has advanced two small molecules to IND stage in both China and the U.S. Our highly innovative technology platforms have generated first-in-class small molecule programs with immense clinical and commercial value, some of which have progressed to the clinical candidate selection stage. Allorion is also actively pursuing collaboration and co-development opportunities with several global pharma companies, who have shown great interest in our programs at this year’s JPM conference, demonstrating a global recognition of our innovation. Upholding a science- and data-driven R&D strategy, we will continue to fully leverage our team’s capabilities, platforms, and funds to advance clinical development and address unmet medical needs for patients.”
JP Gan, the founding partner of INCE Capital, said, “With outstanding industry experience and excellent execution, Allorion has built and validated several world-leading early discovery platforms for next-generation precision medicines, including an allosteric inhibitor screening platform, a synthetic lethality target and molecule discovery platform, and an AI-enabled drug design platform. The team has also successfully advanced two molecules discovered by these platforms to the IND stage. We look forward to the clinical data of its leading assets and believe that the company’s platforms will continue to generate highly innovative pre-clinical candidates to address significant unmet medical needs and serve patients around the world.”
Kan Chen, Partner at Qiming Venture Partners commented, “Allorion team consists of industry veterans from well-known biopharmaceutical companies such as Novartis, Merck, and Eli Lilly, who boast rich experience in small molecule drug discovery. The team has advanced two molecules to the clinical stage and verified the company’s allosteric inhibitor and synthetic lethality screening platforms, demonstrating its strong execution capability. We are very much looking forward to the clinical data, additional high-quality drug candidates generated by the company’s technology platforms, and its collaboration with international and Chinese pharma, driving more innovations valuable to human health.”
Wei Cheng, Managing Director of TF Capital, commented, “It’s very impressive that Allorion built a strong team with global competitiveness in just two and a half years. TF Capital is proud to support Allorion from angel round all the way through the B financing round and is happy to witness the company deliver exciting results one after another. Successfully entering the clinical stage is a critical milestone. We look forward to Allorion’s continued progress in early drug discovery, clinical studies, and business collaboration, ultimately benefiting patients all around the world.”
About Allorion Therapeutics
Allorion Therapeutics is a clinical-stage biotech company focusing on next-generation precision medicine for oncology and autoimmune diseases. With highly innovative discovery platforms and a strong R&D team, the company is developing globally competitive drugs to address unmet needs of patients. Allorion has a total of 53 full-time employees in China and the U.S., including 15 executive team members with an average of 15 years of experience in top pharmaceutical and/or biotech companies. The Scientific Advisory Board (SAB) is composed of professors and clinical KOLs that are internationally renowned in the fields of kinase allosteric inhibitors, chemical biology, and clinical oncology. Allorion has advanced two small molecules to the IND stage. ARTS-011, whose IND has been filed in China in recently, is an allosteric inhibitor targeting the TYK2 pseudokinase domain used to treat autoimmune diseases such as psoriasis and lupus. ARTS-021, with its IND to be filed in the U.S. and China shortly, is a highly potent CDK2 isoform selective inhibitor for treatment of solid tumors such as ovarian, endometrial, and breast cancer. There are three additional projects nearing the preclinical candidate stage, including an isoform selective inhibitor, an allosteric inhibitor, and a first-in-class molecule targeting a novel synthetic lethal partner of an undruggable mutation. Pre-clinical development of these drug candidates will begin in 2023, and IND will be submitted in China and the U.S. in 2024. Allorion has established and validated a mass spectrometry-based allosteric inhibitor screening platform and a synthetic lethality target/molecule discovery platform based on phenotypic, chemical, and CRISPR screening. Allorion owns a proprietary library of nearly 200,000 high-quality small molecule compounds, enabling thorough and efficient screening. The company has identified confirmed hits for multiple projects and advanced them to hit-to-lead and lead optimization stages. Meanwhile, the company leverages its AI-enabled discovery platform, featuring chemoinformatics- and bioinformatics-based data mining, to increase its discovery efficiency and tackle “undruggable” targets.
About INCE Capital
Founded in 2019, INCE Capital is a venture capital firm with an investment focus on early to expansion stage companies that spearhead innovation in technology, Internet, and consumer industries. The letters “IN” embody the firm’s commitment to make intelligent innovative investment decision, or “CE” in Chinese. INCE’s mission is to “empower the future greats”.
INCE now has more than US $1 billion in commitments under management across its managed funds. The investor base consists of the world’s leading university endowments, foundations, family offices, and funds of funds. INCE currently has offices in Shanghai, Beijing and Hong Kong, China.
About Qiming Venture Partners
Founded in 2006, Qiming Venture Partners is a leading China venture capital firm with offices in Shanghai, Beijing, Suzhou, Hong Kong, Seattle, Boston and the San Francisco Bay Area.
Currently, Qiming Venture Partners manages eleven US Dollar funds and seven RMB funds with $9.4 billion in capital raised. Since our establishment, we have invested in outstanding companies in the Technology and Consumer (T&C) and Healthcare industries at the early and growth stages.
Since our debut, we have backed over 480 fast-growing and innovative companies. Over 180 of our portfolio companies have achieved exits through IPOs at the NYSE, NASDAQ, HKEX, Shanghai Stock Exchange or Shenzhen Stock Exchange, or through M&A or by other means. There are also over 70 portfolio companies that have achieved unicorn status.
About TF Capital
TF Capital focuses on investment in the life sciences industry, primarily investing in early-stage companies with high potential. Through strategic investments in various key areas and the right partnerships, TF Capital hopes to capture opportunities in the rapidly expanding Chinese life sciences market. Its investment team boasts years of experience and resources in the field and hopes to grow together with the portfolio companies.
FOREST CITY, Iowa, March 9, 2023 — Rural Development Partners allocated $12.5 million in New Markets Tax Credits to close the funding gap for Food Bank of Central and Eastern North Carolina to expand their Wilmington Branch. The investment enabled the Food Bank to complete construction without delay while directing more capital toward operations. The new facility triples the size of Wilmington’s old location, allowing them to expand their service region and partner agencies, create jobs to support the broader distribution, and efficiently fight food insecurity.
Photo is rendering of Food Bank of Central and Eastern NC’s New Wilmington Branch.
“Rural Development Partners is proud to play a small part in helping fight food insecurity, and we know that the Wilmington Food Bank will now be better equipped to meet the needs of those in both the non-metro and metro counties that they serve.” – Dan Helgeson, CEO of Rural Development Partners
Wilmington’s new branch will be located on a five-acre tract of land located at the former site of Village Plaza Shopping Center, destroyed by fire in 2018, and home to the areas only grocery store. The new hub will accommodate substantially more dry food, and the 4,500 SF cooler and freezer space will allow for significantly more distribution of fresh healthy foods. A 2,500 SF commercial teaching and production kitchen will provide for increased nutritional opportunities; overall the facility will be in a good position to support workforce development, health education, a learning farm, and provide food access for nearby residents.
“We know we can’t solve hunger in the Cape Fear region alone and we’re so thankful for partnerships like this one with Rural Development Partners,” said Ashley C. McCumber, President & CEO of the Food Bank. “Their support through the New Markets Tax Credits ensures that we can continue to nourish people and address hunger at its root causes for years to come.”
Rural Development Partners
Rural Development Partners (RDP) utilizes the New Markets Tax Credit (NMTC) program to help organizations relocate, renovate, or expand their operations in distressed rural communities. RDP is one of the nation’s few rural Community Development Entities with a national service territory. In addition to business/industry expansion, RDP has been instrumental in working with non-profit food bank distribution centers that have significant impact in highly distressed rural food deserts, bringing both high-quality jobs and fresh/healthy food to low-income communities. From 2004 through 2022, RDP has won eleven NMTC awards from the U.S. Treasury totaling $701.7 million. To learn more about RDP or the NMTC program, visit our website or social media platforms: Facebook, LinkedIn, or YouTube. See how RDP and New Markets Tax Credits are revitalizing communities nationwide!
Wand is a Creative Tool That Gives Artists Hands-On Control and Personalization
GREENWICH, Conn., March 9, 2023 — O’Shaughnessy Ventures LLC (“OSV“), a creative investment firm, announced today that it led a seed financing round in Wand Technologies, Inc. to empower artists to bring their ideas to life.
Wand is a collaborative, AI-powered creative tool that gives artists the hands-on control and personalization they need to bring their ideas to life. Unlike most AI tools, which emphasize text prompting, Wand emphasizes visual illustration to guide models like Stable Diffusion (as shown in this demo).
Logo for Wand Technologies
The other key ingredient in Wand’s UX is personalization: artists can upload a handful of images from their portfolio to create a custom, fine-tuned AI that understands their style, and add it to their growing private collection (as demonstrated here).
Wand’s core focus is to aid artists and creative professionals with the ideation and exploration phase of their creative processes – making the process less tedious and helping spark novel ideas. Artists can jam together on freeform mood boards and even collaborate on training custom models for their projects.
Grant Davis founded Wand at the start of 2022; he also founded Muze, a freeform messenger offering a more expressive and playful way to chat. Grant has been exploring the cutting edge of generative AI and how it can apply to building next-generation creative tools since 2016, inspired by early breakthroughs like Deep Dream, Neural Style Transfer, and pix2pix.
OSV’s founder, Jim O’Shaughnessy, commented: “At OSV, we are excited to find new ways to leverage the incredible power of AI to empower creators to fulfill their potential. We believe that the level of control and personalization that Wand provides artists will enable them to bring their ideas to life more easily and productively than ever before.”
Grant Davis, the founder of Wand, commented: “I can’t imagine a better possible partner for what we are building than OSV.”
About O’Shaughnessy Ventures:
OSV is a creative investment firm that empowers and inspires creators to bring their ideas to life. Founded by Jim O’Shaughnessy, a pioneer in quantitative investing, founder of O’Shaughnessy Asset Management, and author of four books on investing, OSV aims to provide financial support and be a partner in building and growing the next life-changing creative idea.
OSV combines Jim’s deeply rooted interest in all things art, science, investing and tech with his long-held desire to establish positive-sum scenarios designed to help promising creators and their inspiring ideas succeed, regardless of age, location, job history or level of education. For more information, visit https://www.osv.llc/.
Media Contact: Ena Gong O’Shaughnessy Ventures, LLC (917) 355-7420 [email protected]
Study Shows New Hardware and Audio Analysis Methods Provide Accurate Screening for Carotid Stenosis
NEW ORLEANS, March 9, 2023 — Bongiovi Medical & Health Technologies’ (BMHT) medical team, led by lead investigator Dr. Thomas Haffey and CTO Joseph Butera III, presented the findings of the groundbreaking study at The American College of Cardiology/World Heart Foundation annual meeting March 4-8 in New Orleans.
PHOTO Credit Bongiovi Medical. Dr. Tom Haffey administers a non-invasive carotid artery screening test using the Aria System Auscultation platform..JPG
Carotid atherosclerosis is ubiquitous and carries with it numerous pathological conditions. Every 40 seconds, someone in the US has a stroke, and every 3.5 seconds, someone dies of a stroke. High blood pressure, high cholesterol, smoking, obesity, and diabetes are leading causes of stroke, and one in three US adults has at least one of these conditions or habits. Early detection of significant carotid stenosis (SCS) and intervention are an essential component of managing the disease.
The study was conducted in late 2022 and directed by Dr. Haffey, lead investigator, and BMHT CMO Dr. Daniel Weiss.
“This bedside screening tool provides an essential component of any comprehensive stroke risk management system” said Dr Thomas Haffey, lead investigator. “As a low-cost electronic stethoscope design, this technology is well suited for underserved patient demographics and telemedicine applications and has obvious integration potential with AI methods.”
About the study: Combining an investigational, custom-designed carotid stethoscope (Aria) and smart phone app developed by Bongiovi Acoustic Labs, all patients had recordings made of right and left sides, in a matter of a few minutes. The recordings were processed digitally using Bongiovi’s FDA-certified MDPS software, and then spectrographically analyzed to derive two novel parameters: percent bruit onset time and bruit spectrographic shape. Patients then underwent carotid ultrasound imaging to determine the degree of carotid stenosis. The ultrasound results were compared with the Aria auscultation results to determine performance metrics.
The study results are impressive, with a negative predictive value of significant carotid stenosis at 99%-that is 99% accurate that you don’t have SCS. For those patients who have a bruit, combining the two novel acoustic metrics yielded 100% specificity and 90% sensitivity for the presence of SCS.
“This is a great example of turning extremely advanced technology into a simple, highly accurate bedside tool for the fight against a lethal, ubiquitous disease” said Dr. Daniel Weiss, BMHT CMO.
About BMHT BMHT (bal-medical.com): BMHT is a subsidiary of Bongiovi Media & Technology, a privately held company whose patented technology was originally conceived in the recording studio. Now BMT’s vast patent portfolio provides audio-related solutions that improve consumer electronics, aviation, automotive, healthcare, broadcast, communications, and machine diagnostics.
