Leading non-custodial wallet-as-a-service (WaaS) provider and web3 onboarding solution to expand its enterprise-ready product suite to support growing customer base

SAN FRANCISCO, May 31, 2023 — Magic, the leading wallet-as-a-service (WaaS) provider, today announced it has raised $52 million in a strategic funding round led by PayPal Ventures, with participation from Cherubic, Synchrony, KX, Northzone, and Volt Capital. The new round brings the total raised to more than $80M.

Magic is enabling web3 mass adoption by serving as the de facto WaaS provider for companies that are searching for safe and easy ways to bring their customers over to web3. Magic provides a seamless enterprise grade, low-effort solution to web3 migration that is opening up lucrative new avenues from customer loyalty programs and digital collectibles to employee recognition, ticketing, memberships, and more.  Magic’s customers are some of the most trusted brands across retail, music, fashion and gaming including Mattel, Macy’s, Xsolla, Immutable, and more. 

“Since launching in 2018, we have witnessed a steady increase in web3 use-cases among large enterprises across a wide variety of verticals. Global brands have realized the potential of blockchain beyond crypto and are utilizing it to engage with their customers and monetize the experience in new ways. Magic is working closely with Fortune 500 companies to bring their web3 use cases to everyday users,” said Sean Li, Magic’s co-founder and CEO. “Our vision is to ignite new economic opportunities by enabling authentic digital ownership for everyone – starting with building the necessary infrastructure to onboard the next billion users to web3. With this new funding, we’re focused on expanding functionality and enabling growing use cases to continue delivering more value to our customers. We are also looking forward to making a deeper integration within the EU and APAC.”

“Mass adoption of web3 is a hot topic, and Magic is facilitating this with a safe and simple solution,” said Alan Du, Partner at PayPal Ventures. “Magic’s wallet creation service allows companies to reach millions of users on their apps and onboard customers who are new to web3. We’re proud to be investing in Magic and believe the company will help drive the growing number of web3 use-cases amongst global brands.”

Magic provides secure, seamless, and near-instant non-custodial wallet creation. Once Magic’s SDK is implemented in a vendor’s code base, wallets can be instantaneously user-created through existing email, social, SMS, or federated logins.  Magic’s patented technology allows for unparalleled scalability and provides users with complete control over their assets. This, coupled with its enterprise-ready features and SOC2 Type 2, CCPA, GDPR, HIPAA, and ISO compliance, sets Magic apart from other WaaS providers. While other WaaS providers require login via mobile,  Magic is accessible from any user device – phone, desktop, or tablet – making it truly available to all people regardless of the ways in which they connect to the web. 

To date, Magic has generated more than 20 million unique wallets and its SDK is used by over 130,000 developers. Magic’s proven industry-leading scalability produces upwards of 2,000 wallets per second [wps] versus the fastest alternatives at  80-100 wps.

About Magic

Magic is a wallet-as-a-service provider that helps businesses onboard users into web3 with instant non-custodial wallet creation. It uses email or social logins, while removing the need for seed phrases and browser extensions – making it indistinguishable from standard web2 experiences that everyday users are accustomed to. Magic offers features for end-to-end web3 onboarding including authentication, fiat onramps, NFT Minting and NFT Checkout. Its solutions are trusted by top brands in web2 and web3, including Mattel, Macy’s, Xsolla, Immutable, and more. To date, Magic has created  20M+ wallets and is used by 130K+ developers.

SOURCE Magic

HANGZHOU, China, May 31, 2023 — Lynk Pharmaceuticals Co., Ltd. (hereinafter referred to as ‘Lynk Pharmaceuticals’), an innovative clinical stage company, today announced the successful completion of a RMB 200 million Series C1 financing round. There was joint participation by China Grand Prosperity Investment, Tailong Capital and Liando Investment. The proceeds from this round of financing will be primarily used to accelerate the clinical development of Lynk Pharmaceuticals’ core products.

Founded in 2018 and headquartered in Hangzhou, China, Lynk Pharmaceuticals is a global innovative leader in the pharmaceutical industry dedicated to the development of small molecule FIC and BIC drugs for oncology and autoimmune diseases. The company’s core team has deep knowledge in medicinal chemistry, biology, clinical and commercial development, with an average of more than 20 years of experience in new drug research and development or related disciplines in the pharmaceutical industry. The company emphasizes innovation and differentiation in its pipeline, with a focus on the development of highly selective second-generation and tissue-restricted third-generation JAK inhibitors while exploring drug development with novel targets. Currently, the company has 4 Phase II clinical trials for four indications with promising clinical data. Among these, a few programs are expected to enter Phase III clinical trials in the near future. Additional pipeline candidates have shown promising clinical and preclinical data and have the potentials to become BIC/FIC drugs for several indications. Recognizing the significant medical needs in the market of autoimmune diseases and oncology, the company sees great potential for commercialization of its products.

Autoimmune diseases are emerging as the second largest therapeutic area after oncology. There are huge unmet needs for autoimmune related diseases which has led to the creation of a few “blockbuster” drugs. JAK inhibitors are gradually becoming the preferred choice for clinicians and patients around the world due to their validated therapeutic effects and convenience of use. In addition to multiple intrinsic advantages associated with small molecules over biologics, the JAK inhibitors are well known for favorable efficacy and fast onset. According to Frost & Sullivan, the total market size of JAK1 inhibitors alone will reach $30.5 billion by 2030.

Dr. Zhao-Kui (ZK) Wan, Chairman and CEO of Lynk Pharmaceuticals, said, “We are grateful for the trust and support from China Grand Prosperity Investment, Tailong Capital and Liando Investment. Lynk Pharmaceuticals is committed to developing globally competitive and differentiated FIC/BIC innovative drugs for autoimmune and oncology diseases. In this period of rapid growth, we will take this opportunity to further strengthen our research and development in autoimmune and oncology diseases and to increase the investment in our R&D team as well as our technology platform. Lynk will continue to look for opportunities to accelerate the development and launch of innovative drugs in the hope of providing more effective and safer treatment options for patients worldwide. HaoYue Capital acted as the exclusive financial advisor for this financing. We are sincerely thankful for their professionalism and support.”

About Lynk Pharmaceuticals:

Lynk Pharmaceuticals, a clinical stage company, was founded in 2018 by senior drug R&D experts and executives from Pfizer, Merck, and Johnson & Johnson. Lynk Pharmaceuticals is dedicated to the discovery and development of innovative drugs for the treatment of cancer, as well as autoimmune and inflammatory diseases. Driven by a higher goal, Lynk Pharmaceuticals aims to be a market leader to address unmet medical demands by the development of innovative therapies. To date, Lynk Pharmaceuticals has independently developed several innovative new drugs and successfully and completed a number of clinical studies. For more information about Lynk Pharmaceuticals, please visit: https://www.lynkpharma.com.

About China Grand Prosperity Investment

Founded in Beijing in 2010, China Grand Prosperity Investment (Prosperity Investment ) plays an important role as a pioneer, leader and advocator of China’s FOFs. Based on the advantages of national layout resources and professional asset management capabilities, Prosperity Investment has developed diversified business models such as FOF, secondary fund, direct investment fund, case fund, M&A and PIPE. Prosperity Investment is committed to growing into a local private equity asset management institution which has a better understanding of management and exit strategies in China. Adhering to market-oriented, professional and industrialized approach, Prosperity Investment has a core focus on strategic emerging industries such as semiconductor, new generation of information technology, healthcare, advanced manufacturing, new energy, and new materials. Their investments cover all stages ranging from angel, VC, PE, to M&A, and aim to promote industrial transformation and upgrading through innovation, empower the high-quality development of better economy. Over the years, Prosperity Investment has always adhered to the ESG investment philosophy, aiming to achieve win-win economic, environmental and social benefits, including building long-term competitive advantages and work alongside our partners for a sustainable future.

Shaoxing Binhai New Area Management Committee established the Shaoxing Binhai New Area Biopharmaceutical Industry Equity Investment Fund in August 2020. Prosperity Investment acted as the executive affairs partner. The fund operates and manages according to the principles of “guidance from government, market operation, scientific decision-making, and risk prevention”, fully implementing the economic development strategy of Shaoxing and Binhai New Area. The total size of the fund is 10 billion yuan. It mainly uses the “sub-fund + direct investment” model for investment and invests in the construction of Shaoxing’s new industrial platform of “10,000 acres of land, 100 billion yuan” in the biopharmaceutical industry, to support the development and growth of emerging industries led by the biopharmaceutical industry at the municipal and district levels.

About Tailong Capital

Founded in 2021, Tailong Capital is a professional equity investment management institution focusing on the biopharmaceutical industry, medical devices and healthcare. It manages funds of RMB 20 billion. With a professional and experienced investment team, Tailong Capital is dedicated to biopharmaceuticals, innovative medical devices, CXO core services, innovative businesses and outstanding investment institutions focusing on the biopharmaceutical industry. Tailong Capital is committed to building a scientific and cross-cycle value investment platform for the biomedical industry.

About Liando Investment

Liando was founded in 1991, focusing on industrial services and park operations, and has developed into an industrial conglomerate with nationwide influence. Its core enterprise, Liando U Valley, currently invests and operates 432 industrial parks in 83 cities across the country, attracting and serving over 16,000 emerging manufacturing and technical companies. Liando strategically invests its own funds in key emerging industries through direct investment and venture capital funds, such as life and health sciences, intelligent manufacturing, and digital technology.

About HaoYue Capital

HaoYue China Healthcare Fund is a private equity investment fund specializing in China healthcare. With the help of HaoYue Capital’s investment banking business, HaoYue China Healthcare Fund invests in healthcare companies with extraordinary growth potential. They empower the success of their portfolio companies and serve investors with returns above market average. They invest in leading companies in key areas across biopharma, medical devices, healthcare services & digital health, and IVD & precision medicine. HaoYue China Healthcare Fund is a private equity investment fund, specializing in China healthcare.

SOURCE Lynk Pharmaceuticals

 Intel Capital Leads the Financing to Accelerate AI-Powered Virtual Guard Security 

PLEASANTON, Calif., May 31, 2023 — Deep Sentinel, the security provider with 24/7 live video monitoring by remote guards aided by their proprietary artificial intelligence technology, today announced a $15 million funding round led by Intel Capital with participation from Shasta Ventures, Slow Ventures, UP2398, and Jason Calacanis’ The Syndicate. 

Deep Sentinel’s smart home security systems provide comprehensive protection against potential intruders with the use of high-definition cameras, AI and human intervention. Its technology is designed to identify potential threats in real-time and alert the company’s trained security guards to communicate directly with the home or business owner, and law enforcement if necessary. Deep Sentinel’s ability to provide 24/7 monitoring and instant response has created a proactive and effective security solution for home and small and medium-sized business owners in the U.S. 

“With this funding, we’re able to increase the affordability, availability, and reliability of our security solutions,” said Dave Selinger, CEO and co-founder of Deep Sentinel. “This investment advances our best-of-breed offering combining hardware, software and 24/7 monitoring service and enables us to direct our resources towards our core value: AI-powered security that actually stops crimes.”

“Our AI-enabled security systems are the best solution to the growing threats to businesses and homes in the U.S. We can further serve our mission of making the world’s best security product available to all customers,” Selinger said.

“Since installing Deep Sentinel’s technology on our business properties, its lightning-fast connectivity and reliability has been astounding,” Jack Azbill, Owner of Varitec Systems. “Being a commercial integrator, it is important for systems to be simple for the end user, but yet robust in features. Deep Sentinel meets those needs.”

About Deep Sentinel

Deep Sentinel is the only security technology that delivers the experience of a personal guard for every customer’s home and business. Deep Sentinel’s guards review and respond to alerts from cameras positioned around the perimeter of a customer’s property. This ensures that any suspicious activity is identified within seconds and that crime can be stopped before a potential burglar even starts to enter the home.

The product uses deep learning with security cameras (wireless or PoE) to enable live guards to intervene within seconds of a perimeter breach and before the criminal enters the home—all at a price that is accessible to anyone considering a traditional alarm system. For more information, visit www.DeepSentinel.com.

Media Contact

Ryan Gerding

[email protected]

SOURCE Deep Sentinel

Funding from Panoramic Ventures positions the company to help more clinical providers save costs and improve patient outcomes

LOS ANGELES, May 31, 2023 — Dropstat, an AI-powered workforce automation platform helping healthcare organizations combat clinical staffing shortages, has successfully closed a $5.5M seed funding round. Panoramic Ventures, an Atlanta-based firm that invests in category-leading technology companies, led the investment. Already using its breakthrough technology to address clinical staffing shortages, Dropstat will use the funding to expand its services across the US, helping more healthcare facilities better manage staffing needs.

Before the COVID-19 pandemic, healthcare organizations were already struggling to keep up with rising staffing requirements generated by the aging population. The pandemic exacerbated this issue for already overworked staff. The nursing industry has already lost 500,000 nurses due to COVID fatigue, and one million more plan to retire from bedside care in the coming years.

“The growing labor shortage negatively impacts patient outcomes and increases wait times and the cost of care, all of which threatens to create a public health crisis,” states Sara Well, CEO of Dropstat. “Healthcare facilities need to be empowered to build stronger teams and decrease their reliance on high-priced outsourced labor.”

Dropstat offers scalable solutions that enable healthcare organizations to reclaim workforce independence. Traditional systems require staffing managers to identify shift gaps and contact staff to fill them manually. Often, the result is unfilled shifts and an increased workload on nurses. The company’s mobile and cloud-based systems are designed to predict staffing needs months in advance, autonomously fill shift gaps using shared staff across departments and facilities, and streamline processes — providing more control and optimizing costs.

“Dropstat helps healthcare facilities solve nurse shortages. The secret is that the software gives nurses more control over their schedule, which makes them happier to work more shifts,” said Paul Iaffaldano, General Partner of Panoramic Ventures. “It also helps a facility understand much earlier in the process when they will need outside help. That awareness drives down the cost of labor and makes staff more satisfied with their work environment.”

With the $5.5M seed funding, Dropstat will continue to rapidly expand its services to healthcare clients across more than 50 markets in the US.

About Dropstat

Dropstat is an AI-powered workforce automation platform that helps healthcare organizations combat clinical staffing shortages. With its technology, healthcare organizations can predict staffing needs, visualize and access staff across multiple systems, fill shift gaps with cost and safety optimization, and build internal float teams and agencies. Open APIs integrate with existing travel and shift marketplaces, while cost management technology ensures in-house resources are exhausted before utilizing higher-cost labor. Dropstat’s upgraded business intelligence dashboards, churn prediction technology, and proprietary staffing feedback loops help healthcare organizations build stronger teams, fill more shifts, and spend less. For more information, visit https://dropstat.com/.

Media Contact:
Laura Seitz, Press Liaison
[email protected] 

SOURCE Dropstat

Dublin headquartered NomuPay raises substantial Series A investment from Finch Capital and Outpost Ventures

DUBLIN, May 31, 2023 – NomuPay, a modern end-to-end payment platform purpose built for expansion into regions of high cross-border and ecommerce growth, has raised $53.6m. The round was led by Finch Capital, and includes participation from Outpost Ventures, a Neuberger Berman fund, with participation from individuals.

Peter Burridge, CEO of NomuPay, says “Every growing international enterprise knows the problem of ‘multiples’, when it comes to payments. There are multiple countries, multiple payment types, different payment use cases in each nation, a variety of channels, and an endless list of changing regulations. As a result, expansion slows down. Companies have to maintain countless technical integrations and vendor relationships, while reconciling global payments. At NomuPay, we remove the burden of ‘multiples’, by unifying fragmented payment networks. In the face of continued technological, market, method and data fragmentation, we provide companies with an ‘all access pass’ to global payments’, enabling enterprise to continue to expand globally, and to future-proof payment strategies.”

NomuPay’s Unified Payments (uP) Platform provides omnichannel payments acceptance and payout disbursements through a single API integration. Engineered to simplify fragmented payment infrastructure throughout Southeast Asia, Europe and Turkey; the uP Platform provides scalable payment solutions and robust data management and reporting capabilities. An ‘all-access pass’ to payments, NomuPay’s uP Platform is gateway agnostic and capable of augmenting existing payment infrastructure with ease. 

Radboud Vlaar, Managing Partner of Finch Capital, says “Under the Leadership of Peter Burridge, NomuPay has made a series of licence acquisitions, and top level hires that has helped to take the company to the next level. On top of this, the company has built a Unified Payments Platform that unlocks local payment acceptance and payout disbursements in geographies that have long lacked a unified system, through a simple and single integration. We are very excited to see how NomuPay address the burning need of clients in these core markets.”

David Dubick, Partner of Outpost Ventures says, “We’re thrilled to partner with the deeply experienced team at NomuPay and be a partner with them in this next phase of growth. Throughout our conversations with NomuPay we’ve been continually impressed by the technological implementation of the uP Platform, its ability to solve a wide range of issues faced by enterprises and marketplaces in global payments, as well as their approach to distribution and the initial partners who are using the platform at scale.”

NomuPay has successfully started to onboard new clients as of Q4 2022, and are now actively scaling the business in their core markets. The team continues to add new markets to the uP Platform, as well as continuing to invest in product development.

About NomuPay 

The modern end-to-end payment solution, NomuPay’s Unified Payment (uP) Platform makes it easy to accept payments and send payouts in Europe and across the expansion markets of Southeast Asia and Turkey through a single integration. Purpose-built to support your international growth efforts, the uP Platform’s secure API unlocks a wide range of payment acceptance methods, including card, buy-now-pay-later solutions, instalment payment plans, and local alternative payment methods in Thailand, Malaysia, Hong Kong, the Philippines and Turkey. Architected to enable payouts based on your organisation’s unique payment workflows, NomuPay’s uP Platform provides payment providers, large enterprises, and sophisticated marketplaces with end-to-end payment visibility and traceability.  

Founded in 2021, NomuPay is Institutional funded and has a presence in Dublin, Hong Kong, Kuala Lumpur, Manila, Istanbul and Bangkok. The executive team is comprised of industry veterans with previous experience at Hyperwallet (a PayPal Service), US Bank, Barclays, Ingenico, Evo Payments, and American Express.  

For more information about NomuPay, visit: https://nomupay.com/  
Follow us on Linkedin at https://linkedin.com/company/nomupay 

SOURCE NomuPay

The Swedish-born Sana scaleup becomes one of Europe’s most highly funded AI companies with $62M in total Series B funding

STOCKHOLM, May 31, 2023 — Sana, the leading AI-powered learning and knowledge platform, announced today it’s landed another $28M in an opportunistic investment round led by NEA. Workday Ventures also joined the round. With a combined total of $62M in Series B funding, the Swedish-born scaleup is now one of the most highly funded AI companies.

Sana’s mission is to augment human intelligence through artificial intelligence. To that end, the company has built a category-defining product that blends the best of enterprise search, a learning management system, meeting tools, and a knowledge management system into one single platform.

Underpinning this suite of tools is Sana AI, the company’s latest release. Sana AI is an omnipresent assistant that can do everything from search across all your company’s apps and take actions in response to natural language commands to generating real-time summaries of live meetings and creating entire learning courses from scratch and writing SQL to query your data. In other words, it’s like ChatGPT for your company’s knowledge.

By augmenting an organization’s ability to capture, organize, and access knowledge at every step through AI, Sana enables any team to move faster and be more productive—from sales and customer support teams to product specialists and software engineers.

“At Sana, we believe every organization’s mission depends on the collective intelligence of its employees. That intelligence depends on knowledge, yet most institutional knowledge today is scattered across multiple tools, trapped in people’s minds, and lost in verbal conversations. AI is the key to solving this problem at scale. By unlocking knowledge for every employee across any organization, we unlock global progress,” said Joel Hellermark, Founder and CEO of Sana.
“We’re thrilled to have the support from NEA and strategic investors like Workday Ventures on this mission.”

Sana wasn’t looking for funding when NEA made its proactive offer. The scaleup had a healthy runway having closed a $34M Series B round led by Menlo Ventures last December. One of the reasons for the additional investor interest is commercial performance: Sana has grown its business 3x year over year.

NEA will be represented on Sana’s board by CEO Scott Sandell and Managing Director Philip Chopin. Since joining NEA in 1996, Sandell has played a critical role in many industry-transforming businesses, including Robinhood, Salesforce, Tableau Software, and Workday.

“Sana’s past track record and current trajectory are exceptional. Thanks to top talent, bold vision, and rare organizational alignment, we believe they’ve already built a world-class learning and knowledge platform. But what excites us most is where Sana is going next: indexing every form of an organization’s functional data through LLMs to become the de-facto AI platform for the enterprise. The use cases for this type of product are endless,” said Scott Sandell, CEO at NEA.

In addition to Sana’s commercial growth and ambitious team, NEA was impressed by the level of customer advocacy. The platform is used by an impressive client roster of market-leading companies like Merck, Kry/Livi, and Svea Solar—all of whom praise Sana’s superior user experience and product velocity.

“Since day one, we’ve been amazed at Sana’s pace of innovation and commitment to addressing customer feedback. The platform is more than a tool—it’s become Svea Solar’s home for learning and knowledge. We see the latest iteration of Sana AI as a productivity game-changer,” said Hanna Manberg, CHRO at Svea Solar.

With the additional funding, Sana will continue expanding its product development and commercial teams across Stockholm, London, and New York offices. Sana’s headquarters will remain in Stockholm, where founder and CEO Joel Hellermark founded the company aged 19, six years after teaching himself to code in C.

“Joel is an exceptional founder. This Series B extension is a testament to his technical and commercial prowess and visionary leadership. As we enter the new age of artificial intelligence, we believe the Sana team is well positioned to become one of the world’s most successful and impactful AI companies,” said Philip Chopin, Managing Director at NEA UK.

About Sana
Sana is an AI-powered learning platform that empowers organizations to find, share, and harness the knowledge they need to achieve their missions. Backed by some of the world’s leading investors, operators, and founders, Sana has raised more than $85M to date. The company’s headquarters are in Stockholm, Sweden, with offices in London and New York. For more information, head to www.sanalabs.com.

Sana Contact
Jon Lexa
[email protected]

About NEA
New Enterprise Associates, Inc. (NEA) is a global venture capital firm focused on helping entrepreneurs build transformational businesses across multiple stages, sectors and geographies. Founded in 1977, NEA has over $25 billion in assets under management, as of March 31, 2023, and invests in technology and healthcare companies at all stages in a company’s lifecycle, from seed stage through IPO. The firm’s long track record of investing includes more than 270 portfolio company IPOs and more than 450 mergers and acquisitions. For more information, please visit www.nea.com.

SOURCE NEA

MENLO PARK, Calif. and NEW YORK, May 31, 2023 — Red Iron Group, a Menlo Park-based private investment firm, today announced a significant growth investment in Graphite Financial Group, LLC (“Graphite” or “the Company”). In connection with this announcement, Red Iron and Graphite also announced its acquisition of CPM Advisory Group, LLC (“CPM”), with CPM’s business to be combined with Graphite. The three firms came together around a unified vision for driving Graphite’s continued rapid expansion with enhanced investment in services, technology solutions and capabilities for its national client base.

Graphite is a leading provider of fractional finance and accounting services focused on supporting early-stage and growth-stage businesses. The Company’s acquisition of CPM will further expand its service portfolio with market-leading financial reporting, planning and analytics capabilities.

Going forward, the combined business will continue to be led by Paul Bianco, Founder and CEO of Graphite, and both the Graphite and CPM teams will remain shareholders alongside Red Iron Group. As part of these transactions, Chris Mossa, Founder and CEO of CPM, has made a significant investment in the combined business and has joined Graphite’s executive team.

Significant Investment Builds on Market Leadership

“The significant investment we received from Red Iron Group, along with the combination of CPM with Graphite, serves as a major inflection point in our company’s ongoing development as a leading provider of fractional finance and accounting services for early-stage and growth-stage companies,” said Paul Bianco.

Mr. Bianco continued, “Red Iron is an ideal long-term equity partner for Graphite. With the financial backing, strategic relationships and growth planning expertise our partnership with Red Iron Group provides us, we are positioned to reinforce our founding vision: Being a trusted partner to entrepreneurs by providing deep insights and perspective gained from our best-in-class finance and accounting capabilities. We take great pride in being the partner of choice for entrepreneurs by providing them hands-on, thoughtful service and financial information, so they can fully focus on innovation and expansion. We are thrilled to partner with Red Iron and the CPM team to elevate Graphite’s business and achieve our full potential.”

Founded in 2017 and headquartered in New York, NY, Graphite’s core services include cost-effective bookkeeping, accounting, strategic finance and CFO-level advisory services to high-growth companies across sectors including SaaS, eCommerce, Web3, Fintech, Healthcare, Education, CPG, and Manufacturing.

Unique Service Model Enables Company Founders to Focus on Growth

Utilizing a fractional yet fully integrated engagement model, Graphite’s team brings deep accounting, CFO and industry experience to its clients, enabling founders to focus on their people, products and customers. Leveraging best-in-class technology and domain expertise, Graphite enables clients to scale rapidly and make more informed, data-driven and timely financial decisions.

“This represents an exciting new chapter for CPM, our clients and our employees,” said Mr. Mossa. “This combination will allow us to leverage Graphite’s world-class capabilities and resources, positioning us to build deeper partnerships with our clients across a broader service portfolio. We also feel strong cultural alignment with our commitment to supporting entrepreneurs in building great businesses and accelerating our founding vision of liberating founders from non-core, yet mission-critical functions.” 

“We are delighted to support Graphite in reaching the next stage of its growth trajectory,” said Ben Bisconti, Co-CEO of Red Iron Group. “We are committed to a thesis we share with Paul and the Graphite team around building a world-class business focused on delivering essential services to entrepreneurs as they themselves build great businesses. The opportunity to drive further success for the Company with the addition of Chris’ world-class team and customer relationships is a great first step in our partnership with Graphite.”

The investment in Graphite is consistent with Red Iron Group’s strategic focus on partnering with founders and operators building market-leading businesses with a focus on investing in service differentiation, technology enablement and selectively pursuing inorganic growth opportunities. 

About Graphite Financial

Graphite Financial is a leading outsourced strategic finance and accounting partner for early-stage and growth-stage businesses. The team is composed of CFOs, accountants, investors and entrepreneurs who have helped hundreds of startups scale from seed through exit. Graphite goes far beyond bookkeeping, providing full accounting, financial modeling and FP&A capabilities, as well as tax and compliance services, to their clients. The Company offers a full finance department as a service at a fraction of the cost of hiring a team in-house. By leveraging top finance talent alongside a best-in-class scalable technology stack, Graphite delivers real-time reporting and actionable analytics to founders and operators focused on managing growth and scale. Graphite has been purpose-built to serve entrepreneurs and deliver excellence in finance and accounting to its partners.

Learn more at www.graphitefinancial.com.

About CPM Advisory Group

CPM Advisory Group is a complete finance solution for early-stage and venture-backed startups. CPM’s fractional finance department delivers high-caliber accounting and finance support to entrepreneurs and management teams building scalable, high-growth companies. The company’s services support its clients in managing fundraising, capital allocation, reporting and financial and operational performance. CPM’s comprehensive solution allows founders to focus on what matters most: their product, talent and customers.

Learn more at www.cpmadvisory.com.

About Red Iron Group

Red Iron Group is a private investment firm that partners with business owners and managers who are passionate about building market-leading businesses. The firm helps businesses achieve increased scale and business value through investments in organic growth initiatives, strategic acquisitions and deeper customer relationships. Toward this end, Red Iron Group leverages its extensive Silicon Valley and helps its portfolio companies invest in and implement technology enablement and adoption strategies that deliver greater organic growth and operating efficiencies. Red Iron Group has established a uniquely long-term capital base with a strategy of focusing on profitably growing lower-middle-market companies across a wide range of sectors. Learn more at www.redirongroup.com.  

Media Contacts
Joseph Kuo / Donald Cutler
Haven Tower Group
424 317 4851 or 424 317 4864
[email protected] or [email protected]

SOURCE Red Iron Group

SHENZHEN, China, May 31, 2023 — Cloudsky Technologies is pleased to announce that it has recently secured a Series C+ round funding of no less than ten million dollars. The primary investors include a leading XR company, Sichuan Guohe International Cooperation Fund, and Orinno Capital, among others.

Cloudsky Technologies is dedicated to becoming the next-generation computing infrastructure and services provider to empower the digital economy. The company possesses a globally innovative GPU server computing architecture. Through customized optimization of the full technology stack, it has achieved groundbreaking compatibility between PC and mobile content ecosystems based on the X86 architecture. This enables it to meet the on-demand computing power requirements of various applications such as image rendering, AIGC, and autonomous driving. The company provides customers with cost-effective, highly compatible, and reliable end-to-end computing solutions.

Additionally, the company focuses on building computing centers through a “cloud-edge-end” integration solution, driving the continuous expansion of computing network nodes and addressing the last-mile latency issue in computing transmission for application implementation.

With its robust computing network and strong technical capabilities, Cloudsky Technologies has established a leading position in commercial-scale applications such as cloud rendering, cloud gaming, metaverse, cloud workstations, and cloud VR/AR. The company is also actively exploring areas such as AIGC and autonomous driving, promoting the synergistic development of its “GaaS+AIaaS” dual business.

Currently, the company has formed significant partnerships with numerous telecommunications operators, cloud providers, leading internet companies, and game developers, among others, enabling the construction of the infrastructure for a future digital world where computing power is ubiquitous and intelligence knows no bounds.

Mei Su, CEO of Asia-America Group and the manager of Sichuan Guohe International Cooperation Fund, stated, “In the digital era, high-end computing power has extensive potential applications and represents a vast incremental market. Cloudsky Technologies has already achieved a leading position in GPU cloud computing domestically and is actively expanding its overseas market. Asia-America Group will leverage its profound international resources to accelerate the development of the company’s overseas business. In the future, with continuous investments and deep insights into the high-end computing industry chain, Sichuan Development Holding Co., Orinno Capital, Asia-America Group, and Cloudsky Technologies will stimulate more innovation together and create value for society.”

Earnest Partners, an early-stage investor in Cloudsky Technologies, also expressed their support, saying, “We have maintained close contact with Cloudsky Technologies over the past few years and provided the support they needed during their development. We are delighted to see their current achievements, and we will continue to assist them in technology research and development, as well as the internationalization of their business, as we move forward together.”

Cloud gaming, cloud esports, metaverse, smart cities, virtual reality, AIGC, and autonomous driving are experiencing rapid growth in real-time decision-making and quick response digital scenarios. The demand for advanced computing power, with graphics computing and AI at its core, is growing exponentially. It is projected to reach a compound annual growth rate of 52.3% over the next five years, with the entire computing scale reaching 1271.4 EFLOPS by 2026.

With its strong technical capabilities, robust computing network, and extensive deployment experience in the computing field, Cloudsky Technologies is well-positioned to lead the global computing industry. Following this funding round, the company will leverage its strengths to drive industry development, enabling computing power to serve users as efficiently as “water and electricity” and continuing its pursuit of global leadership in the computing industry.

Media Contact: [email protected]

SOURCE Cloudsky

NEW YORK, May 30, 2023 — LatAmGrowth SPAC (Nasdaq: LATG) (the “Company”) announced today that on May 24, 2023, it received a letter from the Listing Qualifications Department of the Nasdaq Stock Market (“Nasdaq”) stating that it was not in compliance with Nasdaq Listing Rule 5250(c)(1) as a result of it not having timely filed its Quarterly Report on Form 10-Q for the quarter ended March 31, 2023 (the “2023 Q1 10-Q”) with the Securities and Exchange Commission (“SEC”).

The Nasdaq notification letter provides the Company with 60 calendar days, or until July 24, 2023, to submit to Nasdaq a plan to regain compliance in accordance with Nasdaq’s listing requirements. If the Company’s plan is accepted, Nasdaq may grant the Company up to 180 days, or until November 20, 2023, for the Company to regain compliance. If Nasdaq does not accept the Company’s plan, the Company will have the opportunity to appeal that decision to a Nasdaq Hearings Pane under Nasdaq Listing Rule 5815(a). The Nasdaq notification letter has no immediate effect on the listing of the Company’s common stock on the NASDAQ Capital Market.

The Company does not currently expect submission of a compliance plan will be necessary as it anticipates filing its 2023 Q1 10-Q prior to the expiration of the 60 day period. The Company anticipates that it will fully regain compliance with the NASDAQ continued listing requirements upon such filing of its 2023 Q1 10-Q.

About LatAmGrowth SPAC

LatAmGrowth SPAC is a blank check company formed as a Cayman Islands exempted company for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or assets.

Forward Looking Statements

This press release includes forward looking statements that involve risks and uncertainties. Certain of the statements made in this press release are “forward-looking statements” within the meaning and protections of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. Forward-looking statements include statements with respect to our beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates, intentions, and future performance, and involve known and unknown risks, uncertainties and other factors, which may be beyond our control, and which may cause the actual results, performance, capital, ownership or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. All statements other than statements of historical fact are statements that could be forward-looking statements. You can identify these forward-looking statements through our use of words such as “may,” “will,” “anticipate,” “assume,” “should,” “indicate,” “would,” “believe,” “contemplate,” “expect,” “estimate,” “continue,” “plan,” “point to,” “project,” “could,” “intend,” “target” and other similar words and expressions of the future.

All written or oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary notice, including, without limitation, those risks and uncertainties described in our annual report on Form 10-K for the year ended December 31, 2021 and our other reports and filings with SEC. Such reports are available upon request from the Company, or from the Securities and Exchange Commission, including through the SEC’s Internet website at http://www.sec.gov. We have no obligation and do not undertake to update, revise or correct any of the forward-looking statements after the date hereof, or after the respective dates on which any such statements otherwise are made.

SOURCE LatAmGrowth SPAC