NEW YORK, May 11, 2023 — AvantGuard, a fast-growing company in the antimicrobial industry, announced today the successful completion of its seed funding round, raising $2.85 million. The funds will be used to accelerate the development and expansion of its innovative antimicrobial chemistries, as well as to hire additional scientists to further develop the product and expand the company’s global reach.
The round included new investments from Blue Ledge Capital, as well as follow-on investments from SOSV, LaunchNY, and Red Bear Angels, a consortium of prominent investors with a proven track record.
AvantGuard’s innovative chemistries offer unique solutions that manage surfaces and provide long-term protection against viruses, bacteria, fungi, and mold. Its cutting-edge technology has already gained the company recognition in the industry, and with the completion of their seed funding round, they are poised for a bright future in the space, furthering the advancement of long-lasting pathogen-fighting solutions worldwide.
“Supporting AvantGuard’s mission and innovative solutions for managing surfaces and providing long-term protection against dangerous pathogens in areas such as hospitals, food production, cruise ships, and lodging was a no brainer,” said Andy Roche, Founder of Blue Ledge Capital. “AvantGuard’s unique approach to antimicrobial chemistries has already gained them recognition, and we’re confident in their potential to revolutionize the industry. We look forward to partnering with the AvantGuard team as they continue to develop their technology and expand their global reach.”
Following this new fundraise, AvantGuard is planning to expand research and development, hire more scientists, and further develop products to accelerate the company’s mission of revolutionizing the antimicrobial industry. Using these funds and over $7.5 million in grants funding, AvantGuard aims to offer innovative solutions that ensure continuous protection against dangerous pathogens, promoting a healthier and safer world.
“We’re thrilled to have secured such a significant investment that enables us to bring our innovative chemistries to market and scale at a more rapid pace,” said Ted Eveleth, CEO. “Our team consists of world-class scientists who are dedicated to solving some of the biggest challenges in the antimicrobial industry. We’re excited to have the support of our investors who share our vision and have vested their trust in our expertise.”
ABOUT AVANTGUARD: AvantGuard is a chemistry-based technology and product company creating innovative solutions that provide long-term protection against viruses, bacteria, and fungi/mold, in a wide variety of applications. The company’s unique proprietary combinations of specialty molecules and polymers are customized to provide prolonged antimicrobial efficacy to a wide range of surfaces and materials. AvantGuard’s unique solutions can not only protect against pathogens for weeks or months, but also make surfaces easier to clean, resist adhesion, prevent fouling, and inhibit the formation of biofilms.
Seed Round was Led by 186 Ventures with Participation From Founder Collective, Connexa Capital, Four Acres Ventures, and Commercial Real Estate Leaders from JLL, Newmark, Atlantic Management, and The Fallon Company
NEW YORK, May 11, 2023 — Integrated Projects, the world’s leading provider of digitization services for building owners and design professionals, announced today it has closed $3 million in seed funding. The funds will be used to expand the current digitization capacity of its Integrated Projects Exchange (IPX) platform from six to 60 buildings a day. Integrated Projects’ seed round is led by 186 Ventures with participation from Founder Collective, Connexa Capital, and Four Acres Capital, along with investments from leading real estate executives and institutional landlords including The Fallon Company, Atlantic Management, JLL, and Newmark.
IPX Platform
IPX Platform
Global adoption of IPX comes amidst increasing macro economic hardship and new climate-focused regulations throughout the commercial real estate industry requiring owners to accurately report building footprints and spatial characteristics.
“Before building owners can proactively design and renovate what should be, we need to first understand what is,” says Jose Cruz Jr, Founder and CEO, Integrated Projects. “By combining 3D scanning and 3D modeling technology, IPX helps owners bring their buildings online with unprecedented accuracy—down to the inch. This makes it possible for owners to take control of their real estate assets by profoundly improving how they view, verify, quantify, and share building characteristics—such as architectural, mechanical, and furniture information.”
In 2022, the IPX platform digitized more than 1,700 buildings for individual landlords, architects, and Fortune 500 companies with multi-location real estate portfolios—from homes, skyscrapers, schools, hospitals, industrial warehouses, and retail centers—a staggering 725 percent year-over-year building volume increase. Channel partnerships with leading 3D scanning companies like Matterport and Sitescape FARO have expanded IPX’s reach across North America, Europe, and Australia.
“Digitization of real estate, the largest asset class in the world, needs to happen at lightning speed. The technology and tools required to help all real estate stakeholders quickly and cost-effectively identify any data point related to their entire portfolio is finally here,” said Giuseppe Stuto, Co-founder and Managing Partner, 186 Ventures, who will be joining the Integrated Projects board of directors with this financing. “Jose and the rest of the IPX team are undoubtedly the best equipped to help the real estate industry automate key parts of existing, slow moving, costly workflows in a way that helps everyone win.”
IPX is a digitization platform that helps owners bring their buildings online. With just a few clicks, owners can onboard their buildings via IPX’s two digitization services: SCANIT and BIMIT. IPX’s SCANIT service mobilizes a LiDAR scan technician to any property across North America to create a construction-grade 3D scan. IPX’s BIMIT service processes any 3D scan into an IPX-verified model. Once an IPX-verified model of their property is uploaded, real estate owners can use it to quickly create 2D and 3D plans of their space, view virtual tours and photos, and quantify any onsite material or equipment.
“IPX’s platform is a game changer for real estate asset management,” said investor Michael Fallon, CEO of The Fallon Company. “Its proprietary 3D technology addresses an acute industry need by providing all key stakeholders with real-time access to critical information.”
ABOUT INTEGRATED PROJECTS Integrated Projects is a worldwide leader in digitization services for owner-operators and design professionals. The Integrated Projects Exchange (IPX) platform helps customers scan, verify, view, and quantify building materials and equipment, enabling building owners to make building and equipment upgrades cost-effectively and meet regulatory demands efficiently. Integrated Projects is a minority-owned business, headquartered in New York. For more details visit www.integrated-projects.com.
Investment will catalyze the world’s first deployment of self-propelled, battery-electric railcars for commercial use in a freight rail operation
ST. LOUIS, May 11, 2023 — Intramotev, a pioneering technology company focused on developing autonomous, zero-emission rail solutions, has been awarded a $200,000 grant from Michigan’sOffice of Future Mobility and Electrification to support the deployment of three of its TugVolt self-propelled railcars at a mining site in the Upper Peninsula of Michigan in late 2023.
The TugVolt self-propelled battery-electric railcar prototype undergoing testing in Intramotev’s St. Louis headquarters.
Intramotev has developed advanced platforms for remote dispatched TugVolt control, as well as automated railcar components for safer operations during loading and unloading procedures.
This civic investment will catalyze the first deployment anywhere in the world of self-propelled, battery-electric railcars for commercial use in a freight rail operation. It will also begin to fulfill the company’s goal that initial applications of its technology will include captive routes between mines and processing facilities, as well as intra-plant and ports.
In every moment, freight trucks navigate long, choked highways across the nation, producing an estimated 433 million tons of carbon emissions annually, while close to a million freight railcars sit idle every day in switching yards. Intramotev is developing and deploying a suite of products to address the primary element behind the lack of growth in the rail industry, shipment certainty, while further building upon rail’s strengths in safety and sustainability. They include TugVolt, a proprietary kit that can retrofit/upfit existing railcars to become battery-electric, move independently like a truck, and decouple to service first- and last-mile legs; ReVolt, capturing waste energy in traditional trains via regenerative braking; and automated safety systems including gates and hatches.
Intramotev is poised to help meet the Federal Railroad Administration’s Climate Challenge, a commitment to partner with owners and operators in the U.S. rail network, and manufacturers of rail equipment, to reach net-zero greenhouse gas emissions by 2050. While reducing railway diesel emissions as well as relieving congested and polluted roadways, Intramotev’s technology offers reduced operational costs and the highest level of safety, with stopping distances at a fraction of traditional heavier trains, among other benefits.
“The U.S.’s rail lines represent one the country’s original foundations of mobility and prosperity, and now we have an opportunity to future-proof these lines, starting in Michigan,” said Kathryn Snorrason, Interim Chief Mobility Officer for the State of Michigan. “We look forward to supporting Intramotev’s deployment of its innovative railcars, which will not only serve to further expand Michigan’s growing EV ecosystem, but will help revolutionize our supply chains and create a more sustainable mobility future.”
“We are excited to partner with Michigan’s Office of Future Mobility and Electrification to usher in a new era of industrial revitalization,” said Intramotev CEO Timothy Luchini, PhD. “Utilizing the most advanced battery-electric technology and other proprietary tools, we look to apply the packetization of the internet model to freight logistics initially on short captive routes and remove the actual distance then rapidly expanding to the full network of 140,000 miles of existing U.S. track without additional infrastructure. We envision a future where freight can move itself without waiting for a locomotive, making the system more efficient and environmentally friendly.”
About Michigan Economic Development Corporation (MEDC)
The Michigan Economic Development Corporation is the state’s marketing arm and lead advocate for business development, job awareness and community development with the focus on growing Michigan’s economy. For more information on the MEDC and our initiatives, visit www.MichiganBusiness.org. For Pure Michigan® tourism information, your trip begins at www.michigan.org. Join the conversation on: Facebook, Instagram, LinkedIn, and Twitter.
About Intramotev
Intramotev is a high-technology company focused on transforming modern freight movement by developing autonomous, zero-emission rail solutions that decrease costs, increase usage and safety, and promote environmental responsibility. Founded in 2020 in Saint Louis, Missouri, the company’s products include TugVolt, ReVolt, and automated safety systems including gates and hatches. Intramotev: Rail, Reborn & Ready To Roll. Visit www.intramotev.com.
Media Contact David Parmet Firecracker PR 1-888-317-4687 [email protected]
The new fully programmable mobile enterprise data security platform SnippetExchange™ is driving unprecedented client demand.
SILICON VALLEY, Calif. and LONDON, May 11, 2023 — SnippetSentry™ announces the closing of an extended Series A to meet strong client and market demand.
Earlier this year, SnippetSentry’s innovative concept and roadmap to a fully customizable, scalable, mobile data security enterprise platform was released to select existing clients and partners, turning into immediate requests for licenses and prompting the company’s leadership to extend the Series A to accommodate an expedited market release cycle. The round was led by Carolina Financial Group a second time.
“We’re thrilled to be using SnippetSentry because it will give us more comprehensive control over the ever-expanding range of digital communication,” Bruce Roberts, CEO of Carolina Financial Group, states. “It vastly extends the reach of our business in a way that increases our customer contact in a seamless and compliant manner.”
Purpose-built with automation, and global scalability in mind, SnippetExchange™ is designed for seamless deployment, with minimum I.T. involvement and no changes to user behavior.
“The positive feedback from our initial pilot clients was immediate product-market fit validation. It was natural for us to align our market vision to more effectively address today’s challenges of capturing and securely dispatching messages,” says Edward Green, CEO of SnippetSentry “With SnippetExchange™, we are addressing one of the most significant gaps in today’s enterprise security posture – mobile data transmissions – in a way unlike any company currently in the market.”
SnippetSentry will showcase the SnippetExchange™ at leading industry events this May in Washington, D.C., and San Francisco, CA.
About SnippetSentry: SnippetSentry, based in Silicon Valley/California, empowers companies to tackle a significant challenge in today’s enterprise security posture – unmonitored mobile communications data. Their customizable platform, SnippetExchange™, proactively addresses this challenge by securely capturing and safeguarding mobile communications data. Strengthen your company’s security posture; capture iMessage, Android SMS, WhatsApp, WeChat, and more, for a complete enterprise record – Every Message. Every Time. www.SnippetSentry.com
For more information: Sabine Zimmerhansl, COO [email protected] P 650.988.5885
NEW YORK, May 11, 2023 — Bregal Sagemount (“Sagemount”) and FTV Capital (“FTV”), two leading growth-focused private equity firms, today announced a strategic growth investment in Neptune Flood Incorporated (“Neptune” or the “Company”), a leading digital insurtech platform and private flood insurance provider. Sagemount and FTV will acquire a substantial minority stake in the Company, with Neptune CEO and management maintaining majority ownership. Financial terms of the transaction were not disclosed.
Launched in 2018 and based in St. Petersburg, Florida, Neptune provides affordable and value-added flood insurance policies to over 150,000 homeowners, renters, and businesses in 48 states and Washington, D.C. Founded with the goal of changing the way consumers and businesses think about and buy insurance, the Company has disrupted the traditional flood insurance market, offering a digital platform that enables insurance agents and customers to obtain coverage in mere minutes. Neptune’s proprietary AI platform, Triton, instantly assesses flood risk on a property-by-property basis, allowing the Company to provide an accurate assessment of risk, personalize pricing for customers, and offer competitive premiums.
“We are thrilled to be partnering with Sagemount and FTV as we continue to build our business and achieve our mission of making flood insurance more accessible, helping customers better protect their homes and businesses from the devastating effects of flooding,” said Trevor Burgess, President & CEO of Neptune. “Both Sagemount and FTV have established track records of insurtech growth investments and expertise in scaling technology-enabled businesses, something that set them apart from other investors we saw in the market and made them the ideal partners for our next phase of growth.”
“Sagemount has been investing in and following the insurance and MGA markets for several years and we are incredibly impressed by the innovative technology that Neptune has built,” added Blair Greenberg, Partner at Sagemount. “The Company has truly disrupted the traditional flood insurance market and we are excited to support them as they continue to bring their insurtech solution to more customers.”
Mike Vostrizansky, Partner at FTV, added, “We are excited to support Neptune as they continue to transform the way that homeowners and businesses purchase flood insurance – increasing consumer awareness and adoption. Neptune’s visionary management team has built a differentiated technology platform that we believe has positioned the company for expansive growth in the years ahead, and we welcome the opportunity to leverage our domain expertise and strategic relationships in our Global Partner Network® to contribute to the company’s growth journey.”
Sagemount and FTV’s investment in Neptune will help enable the Company to accelerate its growth plans and expand its customer base while continuing to enhance its technology platform and develop new products to meet the evolving needs of homeowners and businesses.
With this growth investment, Greenberg and Vostrizansky will join Neptune’s board of directors.
Morgan Stanley & Co. LLC served as exclusive financial advisor to Neptune. Howden Tiger Capital Markets & Advisory acted as financial advisor to Bregal Sagemount and FTV.
About Neptune Flood
Neptune Flood is an AI-driven insurance company specializing in providing flood insurance solutions for residential and commercial properties. By leveraging advanced technology, data analytics, and user-friendly online tools, Neptune Flood offers consumers and businesses a fast and efficient way to obtain flood insurance policies tailored to their needs. The company aims to simplify the insurance-buying process while offering competitive rates and comprehensive coverage options. Neptune Flood is backed by top-rated insurance carriers, ensuring that their customers receive reliable financial protection in the event of a flood. Their dedication to superior agent and customer service, along with their cutting-edge approach to flood insurance, makes Neptune Flood a trusted and pioneering force in the industry. For more information, visit the Neptune website: www.neptuneflood.com and follow the firm on LinkedIn.
About Bregal Sagemount
Bregal Sagemount is a leading growth-focused private capital firm with more than $6.5 billion of capital raised. The firm provides flexible capital and strategic assistance to market-leading companies in high-growth sectors across a wide variety of transaction situations. Bregal Sagemount has invested in over 70 companies in a variety of sectors, including software, information / data services, financial services, digital infrastructure, healthcare IT, and business & consumer services. The firm has offices in New York, Palo Alto, and Dallas. For more information, visit the Sagemount website: www.sagemount.com and follow the firm on LinkedIn.
About FTV Capital
FTV Capital is a sector-focused growth equity investment firm that has raised $6.2 billion to invest in high-growth companies offering a range of innovative solutions in three sectors: enterprise technology and services, financial services, and payments and transaction processing. FTV’s experienced team leverages its domain expertise and proven track record in each of these sectors to help motivated management teams accelerate growth. FTV also provides companies with access to its Global Partner Network®, a group of the world’s leading enterprises and executives who have helped FTV portfolio companies for two decades. Founded in 1998, FTV Capital has invested in 137 portfolio companies, including Docupace, EBANX, Embroker, LoanPro, LogicSource, ManyPets, Patra, PlateIQ and Solid, and successfully exited/partially exited companies including Enfusion (NYSE: ENFN), Globant (NYSE: GLOB), InvestCloud (recapitalized), RapidRatings (recapitalized), Strata Fund Solutions (acquired by Alter Domus), VPay (acquired by Optum) and WorldFirst (acquired by Ant Financial). FTV has offices in San Francisco, New York, and Connecticut. For more information, please visit www.ftvcapital.com and follow the firm on LinkedIn.
Edouard Cukierman, Managing Partner at Catalyst Funds: “Catalyst will play a crucial role in supporting the next generation of entrepreneurs and innovators in Israel“
The new Fund was announced at the International Investments Conference, GoforIsrael, which hosted over 1000 participants, including hundreds of investors from Europe, the US, Mexico, Asia and Israel
TEL AVIV, Israel, May 11, 2023 — Catalyst Funds announced the closing of its fourth Fund – Catalyst IV, that will manage assets of $150 million. Catalyst Funds have a total of $450 million in managed assets. The new fund, which has already invested in 3 companies – Curalife, Addionics and Nexar – will invest in growth companies in various sectors including: Cybersecurity, Life Sciences, DeepTech, Mobility, Climatech, Foodtech and Renewable Energy.
The partners in Catalyst are Edouard Cukierman, Yair Shamir, Boaz Harel and Lisya Bahar-Manoah, Luc Muller.
GoforIsrael Team at GoforIsrael 30th Edition 2023 (Photo Credit: Shai Shviro)
“We are proud that 50 percent of our portfolio companies from our last Catalyst Fund went public in the US”, said Edouard Cukierman, Managing Partner at Catalyst and Chairman of Cukierman Investment House. “The fund had five exits out of 8 investments, while four of them were IPOs and one was an M&A transaction”, he added. Among the IPOs are Tufin, Taboola, and Arbe Robotics.
Catalyst IV was announced at GoforIsrael, the International Investments Conference, organized by Catalyst Fund and Cukierman Investment House, which marked this year its 30th anniversary. The Conference hosted over 1000 participants, including hundreds of investors from Europe, the US, Latin America, and Asia.
“As we look to the future, we recognize that the challenges and opportunities before us are greater than ever before”, said Cukierman. “We saw in our last 30 years of investment activities so many crises, and how the Start-Up Nation managed to overcome all obstacles. We believe that we are well-positioned to meet these challenges head-on. Catalyst will play a crucial role in supporting the next generation of entrepreneurs and innovators in Israel.”
In addition to the new fund, Catalyst also announced the launch of Catalyst Investors’ Club (CIC), a global technology startup in the Fintech market. CIC is aninvestment platform that enables accredited investors to invest alongside VCs or lead investors. It aims to democratize access to unique investment opportunities, available only to the VC community, reduce risk and personalize the investment process by using AI to make informed decisions.
The platform provides a VOD interface designed to serve as a gateway for startups seeking exposure within the accredited investors community. The simple onboarding process allows companies to showcase their technology through engaging videos.
CIC works closely with Catalyst Investments as well as Cukierman & Co., the leading Israeli investment house, with more than 30 years of experience and proven success.
About Catalyst Funds:
Catalyst is a prominent multi-fund firm based in Israel with over 24 years of experience in investing in mature, disruptive technology companies that have an Israel nexus. Established in 1999, it is currently the only fund still operating with the same managing partners. Catalyst recently announced the closing of Catalyst IV. Catalyst III resulted in five exits out of eight investments, with four going public in America and one through M&A.
For Further Information please visit our websites:
Facility Includes Potential Expansion of Notes up to $80 million
Provides Multiple Years of Funding to Enhance Asset Platform
MCLEAN, Va., May 10, 2023 — NextNav Inc. (Nasdaq: NN), a leader in next generation GPS, today announced the closing of a private offering (the “Offering”) of $50 million aggregate principal amount of 10.00% Senior Secured First Lien Notes (the “Notes”) due December 2026 to a group of lenders (the “Lenders”), including Whitebox Advisors LLC, Susquehanna International Group, and Clutterbuck Capital Management, on May 9, 2023. The Lenders will also have the exclusive option to purchase an additional $20 million of Notes on the same terms for 30 days following the close. The facility provides the ability to issue up to a maximum $80 million aggregate principal amount of Notes.
“Our ability to secure multiple years of financing with modest equity dilution is a testament to the value of our asset base and resilient PNT capabilities,” said Ganesh Pattabiraman, NextNav Co-founder and CEO. “We are very pleased to have a strong syndicate of blue-chip lenders who are aligned with our vision for NextNav. This new funding provides significant runway to actualize our strategic priorities, and efficiently maximize the full value of our asset-rich platform for shareholders and customers.”
The Notes will mature on December 1, 2026, and pay interest semi-annually at a rate of 10.0% per annum, with the first payment being due on December 1, 2023. A minimum of 50% of each interest payment due on the Notes must be paid in cash, with the rest payable in cash or stock at the company’s discretion. The Notes are guaranteed on a first lien senior secured basis by NextNav’s domestic subsidiaries and secured by substantially all of the assets of the company and its domestic subsidiaries. In addition, the noteholders will receive fair market value warrants to purchase common stock for cash at an aggregate exercise price of $40 million and represent approximately 12.5% ownership on a fully diluted basis. The Warrants are partially callable beginning in 2025 depending on the prevailing stock price.
B. Riley Securities acted as the exclusive financial advisor to NextNav on the financing. NextNav was represented by Hogan Lovells; Calfee, Halter & Griswold represented the Lenders.
This press release does not constitute an offer to sell or a solicitation of an offer to buy the Notes or Warrants described in this press release, nor shall there be any sale of the Notes in any state or jurisdiction in which such an offer, sale or solicitation would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
About NextNav Inc.
NextNav Inc. (Nasdaq: NN) is a leader in next generation GPS, built on a robust asset platform, including 8MHz of wireless spectrum in the 900MHz band with near-nationwide coverage, intellectual property and deployed network systems. The company’s Pinnacle network delivers highly accurate vertical positioning to transform location services, reflecting the 3D world around us and supporting innovative, new capabilities. NextNav’s TerraPoiNT network delivers accurate, reliable, and resilient 3D positioning, navigation and timing (PNT) services to support critical infrastructure and other GPS-reliant systems in the absence or failure of GPS.
This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “forecast,” “intend,” “seek,” “target,” “anticipate,” “believe,” “expect,” “estimate,” “plan,” “outlook,” and “project” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These statements, which involve risks and uncertainties, relate to analyses and other information that are based on forecasts of future results and estimates of amounts not yet determinable and may also relate to NextNav’s future prospects, developments and business strategies. In particular, such forward-looking statements include statements about NextNav’s position to drive growth in its 3D geolocation business and expansion of its next generation GPS platform, the business plans, objectives, expectations and intentions of NextNav, NextNav’s partnerships and the potential success thereof and NextNav’s estimated and future business strategies, competitive position, industry environment and potential growth opportunities. These statements are based on NextNav’s management’s current expectations and beliefs, as well as a number of assumptions concerning future events.
Such forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside NextNav’s control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. These risks, uncertainties, assumptions and other important factors include, but are not limited to: (1) the ability of NextNav to continue to gain traction in key markets and with notable platforms and partners, both within the U.S. and internationally; (2) the ability of NextNav to grow and manage growth profitably, maintain relationships with partners, customers and suppliers, including with respect to NextNav’s Pinnacle 911 solution and its TerraPoiNT network, and the ability to retain its management and key employees; (3) the ability of NextNav to maintain balance sheet flexibility and generate and effectively deploy capital in line with its business strategies; (4) the possibility that NextNav may be adversely affected by other economic, business and/or competitive factors (including the impacts of the ongoing COVID-19 coronavirus pandemic); and (5) other risks and uncertainties indicated from time to time in other documents filed with the Securities and Exchange Commission by NextNav. New risks and uncertainties arise from time to time, and it is impossible for us to predict these events or how they may affect us. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made, and NextNav undertakes no commitment to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.
Microsoft and Google commit $5 million in continued funding for Alpha-Omega
VANCOUVER, BC, May 10, 2023 — The Open Source Security Foundation (OpenSSF), a cross-industry organization hosted at the Linux Foundation that brings together the world’s most important software supply chain security initiatives, welcomes four new members from leading technology firms. New OpenSSF general members include Hitachi, Lockheed Martin, Salesforce, and SAP. Technical communities continue to prioritize investment in open source security and recognize the role of supporting and sustaining open source communities in maintaining a healthy, vibrant, and secure open source ecosystem.
The OpenSSF also welcomes new General Manager, Omkhar Arasaratnam, veteran cybersecurity and technical risk management executive. Omkhar has more than 25 years of experience leading global organizations. “It’s an honor to help the Open Source community to build software that’s secure by construction,” said Omkhar Arasaratnam. “The OpenSSF has accomplished great things over the last couple of years under Brian’s leadership. In my new role as General Manager of the OpenSSF, I look forward to continuing our mission for a more secure future for everyone, in partnership with our OpenSSF members.”
Omkhar began his career as a strong supporter of Open Source Software (OSS) as a PPC64 maintainer for Gentoo and contributor to the Linux kernel, and that enthusiasm for OSS continues today. Prior to joining the OpenSSF, he led security organizations at financial and technology institutions, such as Google, JPMorgan Chase, Credit Suisse, Deutsche Bank, TD Bank Group, and IBM. As a seasoned technology leader, he has revolutionized the effectiveness of secure software engineering, compliance, and cybersecurity controls. He is also an accomplished author and has led contributions to many international standards. Omkhar is also a member of the NYU Cyber Fellow Advisory Council and a Senior Fellow with the NYU Center for Cybersecurity.
Brian Behlendorf has been named as the new OpenSSF Chief Technical Officer (CTO). “I am thrilled to welcome Omkhar to the OpenSSF and to be passing the baton of GM to him. Assuming the role of CTO, I am looking forward to focusing more than I could before, and every day, on the deeper technical, community, and related policy challenges facing us in securing the software supply chain,” he said.
OpenSSF’s Alpha-Omega Project recently received a commitment of $5 million in continued funding, with a USD $2.5 million contribution from Microsoft and another USD $2.5 million from Google. The Alpha-Omega mission is to protect society by improving the security of open source software through direct maintainer engagement and expert analysis, trying to build a world where critical open source projects are secure and that security vulnerabilities are found and fixed quickly.
Today, the OpenSSF hosts OpenSSF Day North America at the Open Source Summit North America in Vancouver. OpenSSF Day is an exciting opportunity to learn more about ongoing efforts to secure the open source software ecosystem. Highlights on the agenda include a number of sessions around the state of open source software security, including a keynote fireside chat about how government and the open source community can work together. Panels will explore what’s new in the world of Software Bills of Materials (SBOMs), Alpha-Omega, and DEI for creative, inclusive and sustainable cybersecurity. Other sessions feature talks on DevOps, Sigstore, SLSA, security audits, fuzzing, and more. Both in-person and virtual registration is available.
The OpenSSF is also conducting a survey to understand how the community perceives OpenSSF initiatives like Sigstore, Alpha-Omega, Best Practices Badge, Scorecard, and SLSA. Responses will be used to help evaluate awareness and perception of the OpenSSF, its projects, and identify areas for improvement. Take the OpenSSF Software Security Awareness Survey today.
General Member Quotes
Hitachi
“We think the importance of OSS security is increasing because a lot of our customers leverage OSS for mission-critical systems that support social infrastructure like financial systems or government systems. We are happy to enhance OSS security through the OpenSSF ecosystem, and we would like to help achieve OSS security that meets the mission-critical requirements. Furthermore, we would like to collaborate, not only with the OSS community, but also with the security community to have an active discussion on OSS security in Japan.”
– Yuichi Nakamura, Director, Hitachi, Ltd.
Lockheed Martin
“Today’s missions operate on timelines of days and weeks, not months and years. The threats our customers face require us to deliver innovation at scale, and with greater agility than ever before, to address their toughest challenges. Lockheed Martin’s contribution to open-source projects and open-source communities is essential to our ability to produce more secure software solutions to our customers. Our collaboration with the Open Source Security Foundation (OpenSSF) is a testament to our commitment to ensure the security of our customers’ systems as we deliver software at the speed of relevance and engineer a better tomorrow.”
– Alan Hohn, Director of External Outreach and Software Strategy, Lockheed Martin Corporate Engineering
SAP
“SAP is among the top 10 commercial contributors to open source communities as listed on the Open Source Contributor Index. Secure consumption of open source software is naturally essential to SAP’s position as a responsible vendor of enterprise software solutions. We look forward to being an active member of OpenSSF and helping the enterprise software community including our customers benefit from secure and trustworthy open source components.”
About the OpenSSF The Open Source Security Foundation (OpenSSF) is a cross-industry organization hosted by the Linux Foundation that brings together the industry’s most important open source security initiatives and the individuals and companies that support them. The OpenSSF is committed to collaboration and working both upstream and with existing communities to advance open source security for all. For more information, please visit us at openssf.org.
About the Linux Foundation The Linux Foundation is the world’s leading home for collaboration on open source software, hardware, standards, and data. Linux Foundation projects are critical to the world’s infrastructure including Linux, Kubernetes, Node.js, ONAP, PyTorch, RISC-V, SPDX, OpenChain, and more. The Linux Foundation focuses on leveraging best practices and addressing the needs of contributors, users, and solution providers to create sustainable models for open collaboration. For more information, please visit us at linuxfoundation.org.
Platform handles complex infrastructure, compliance, and payments processing required to power real stakes competitions
SAN FRANCISCO, May 10, 2023 — Triumph, a plug-and-play solution that helps game developers monetize through skill-based real money tournaments, today announces $14.1 million in total funding, with a $10.2 million Series A led by General Catalyst with participation from Heroic Ventures, Hanover Technology Investment Management, SteelPerlot, RavenOne, Box Group, Great Oaks, NOMO, Strike, and Valhalla Ventures, with the prior seed led by Ari Stiegler at Flux Capital. Triumph’s platform multiplies revenue potential for game developers by offering a suite of experience creation tools leveraging real money tournaments and prizes.
Triumph architecture
Triumph manages all aspects of real money tournaments and prize infrastructure on behalf of developers. “Our mission is to empower development teams of all sizes to build unique experiences around real money competition,” said Jacob Brooks, co-founder and co-CEO of Triumph. Triumph-powered games generate significant revenue growth for game developers and increase player engagement and lifetime: players who play real prize games play 3.6x more per month on average, generating $54 in average monthly revenue per user.
The significant costs and legal complexities around real stakes have historically barred access to all but the largest game studios who could invest millions to bring a real money system online. “Creating a compliant and adaptive real money system requires navigating a patchwork regulatory landscape at the state and federal level. Our game-agnostic infrastructure streamlines gaming law, high-risk payment processing, KYC, and anti-fraud with ease,” said Jared Geller, co-founder and co-CEO of Triumph.
With their Series A funding, Triumph plans to expand to additional platforms beyond mobile and will offer novel real money experiences. Currently operating in 37 states and Washington D.C., Triumph will continue expanding to serve players in more jurisdictions as the legal landscape evolves. To support scaled operations, Triumph has made key hires including Jamin Horn as General Counsel; Bennie Huang as Head of Engineering; and Bruce Yang as Head of Product.
“We believe Triumph is turbocharging player engagement and monetization in a growing gaming category with their SDK that gives gaming studios and developers what they need to build exciting, skill-based games in an ever-changing regulatory landscape,” said Niko Bonatsos managing director at General Catalyst. “The leadership team is able to attract strong talent to their growing team, positioning Triumph to expand their reach across platforms, the US and beyond.”
Game developers looking to integrate real money tournaments into their mobile games can sign up at triumpharcade.com. Games can be up and running on Triumph in one day, and is a free to integrate service.
About Triumph Triumph is a seamless, plug-and-play payments and compliance engine that makes skill-based real money tournaments a viable way for developers to monetize their games. Triumph is democratizing access to a robust compliance and payments stack that handles KYC, payments processing, gaming law and privacy compliance, anti-fraud, accounting, and player skill matchmaking, ensuring full legal compliance while shielding developers from exposure to the complexities surrounding real money offerings. Triumph-powered games generate significant revenue growth for game developers and increase player engagement and lifetime: players who play real prize games play 3.6x more per month on average, generating $54 in average monthly revenue per user.
About General Catalyst General Catalyst is a venture capital firm that invests in powerful, positive change that endures — for our entrepreneurs, our investors, our people, and society. We support founders with a long-term view who challenge the status quo, partnering with them from seed to growth stage and beyond to build companies that withstand the test of time. With offices in San Francisco, Palo Alto, New York City, London, and Boston, the firm has helped support the growth of businesses such as: Airbnb, Deliveroo, Guild, Gusto, Hubspot, Illumio, Lemonade, Livongo, Oscar, Samsara, Snap, Stripe, and Warby Parker.
