Series A financing co-led by Westlake Village BioPartners and Versant Ventures

Company advancing systemically delivered, skeletal and cardiac muscle targeted, liver de-targeted capsid and cargo technology platforms

Initial pipeline addressing myotonic dystrophy type 1 and facioscapulohumeral muscular dystrophy

Company grants Astellas Pharma Inc. exclusive license to KT430 to treat X-linked myotubular myopathy

SAN DIEGO, June 8, 2023 — Kate Therapeutics Inc. (“KateTx”), a next-generation gene therapy company, today emerged from stealth mode with a $51 million Series A financing co-led by founding investor Westlake Village BioPartners and Versant Ventures, with participation from Osage University Partners and UF Innovate | Ventures. In addition, the company has granted Astellas Pharma Inc. an exclusive, worldwide license to develop, manufacture and commercialize KT430 to treat X-linked myotubular myopathy (XLMTM), the details of which are described in a separate press release issued today.

There are a large number of genetically defined and complex muscle and heart diseases that cannot currently be addressed due to a lack of specific and effective delivery to these tissues. Adeno-associated virus (AAV)-based capsids have shown promise to deliver therapeutic cargoes in other organs, but have been hampered for use in muscle and heart by limited potency, lack of tissue selectivity and minimal regulation of cargoes.

“We are excited to announce KateTx’s launch and what this means for patients suffering from muscle and heart diseases,” said Kevin Forrest, Ph.D., president, CEO and a director of KateTx. “KateTx is applying novel capsid and cargo technology platforms to enable skeletal and cardiac muscle targeting and liver de-targeting. We believe our technologies can provide safer and more effective medicines for patients.”

Proceeds from the financing and license agreement will support the advancement of KateTx’s initial internal portfolio of muscle and heart disease programs, including myotonic dystrophy type 1 (DM1) and facioscapulohumeral muscular dystrophy (FSHD), which are two of the leading causes of adult-onset muscular dystrophy.

A differentiated approach to delivery
For capsids, KateTx’s DELIVER platform leverages directed evolution, stringent RNA-based selection of functional capsid variants and machine learning in various in vivo models. The platform already has yielded the MyoAAV class of capsids, which were developed by KateTx scientific co-founder and Chief Scientific Officer Sharif Tabebordbar, Ph.D., and colleagues at the Broad Institute of MIT and Harvard while he was a supervisor, research scientist in the lab of Pardis Sabeti, M.D., Ph.D. Results were first published in Cell in 2021.

Technologies related to Dr. Tabebordbar’s work are licensed to KateTx. Internally, the company is also developing next-generation MyoAAV capsids with further targeting enhancements.

MyoAAV capsids target skeletal and cardiac muscle with dramatically higher efficiency across species compared with naturally occurring adeno-associated virus (AAV) capsids including AAV8, AAV9 and AAVrh74. These breakthroughs have the potential to improve efficacy and safety of gene therapy and enable the pursuit of a broader set of targets that are otherwise difficult to treat with current technologies.

“My father lives with FSHD, so I saw firsthand the consequences of this devastating disease on patients and families. It is the reason I entered this field in the first place,” said Dr. Tabebordbar. “I am beyond excited that KateTx’s unique technologies are being used to develop first- and best-in-class gene therapies for patients living with serious muscle and heart diseases.”

KateTx’s cargo platform includes both internally generated proprietary capabilities and technologies licensed from the University of Florida that were developed in the laboratory of KateTx scientific co-founder Eric Wang, Ph.D. The overarching goal of the cargo platform is to ensure the company’s therapies are produced only in tissues of interest and not elsewhere in the body.

Near-term focus on progressing to the clinic
Beyond capsid and cargo platform efforts, KateTx has built a team with gene therapy discovery, development, manufacturing and disease area expertise. KateTx’s current focus is identifying and advancing clinical candidates for DM1 and FSHD, as well as for other genetic muscle and heart diseases.

“KateTx is leading the way to develop capsid and cargo combinations to address muscle and heart diseases in ways that have not been previously possible,” said Beth Seidenberg, M.D., co-founding managing director at Westlake and chair of KateTx’s board. “With Kevin at the helm and a world-class team, we look forward to the exciting future for the company and the medicines it will advance for patients.”

“KateTx’s platform has the potential to bring life-changing new therapies to patients suffering from muscle and heart disease who have limited or no treatment options,” said Clare Ozawa, Ph.D., managing director at Versant and a KateTx board member. “With this Series A financing and licensing agreement, KateTx will be able to progress its deep pipeline of internal programs.”

About Myotonic Dystrophy Type 1 (DM1)
Myotonic dystrophy type 1 (DM1) is a progressive multisystem disorder affecting approximately 40,000 individuals in the United States. Common symptoms include weakness and myotonia (inability to relax muscles) of the lower legs, hands, neck and face, causing upper extremity disability and difficulty walking, and extramuscular symptoms including cognitive problems, daytime sleepiness and sleep disturbance, and arrhythmias. Adult-onset forms are the most common; child-onset and congenital forms are more severe and sometimes life-threatening. There are no approved medicines for DM1.

About Facioscapulohumeral Muscular Dystrophy (FSHD)
Facioscapulohumeral muscular dystrophy (FSHD) is a heritable muscle disorder affecting approximately 40,000 people in the United States. FSHD onset is typically 15-30 years of age. Weakness usually progresses in a descending pattern, affecting the face, shoulders and upper arms, lower legs and hips. Upper extremity weakness is often most pronounced, but many patients will have significant difficulty walking, and about 20% eventually require a wheelchair. There are no approved medicines for FSHD.

About Kate Therapeutics
Kate Therapeutics (KateTx) is a patient-focused biotechnology company developing adeno-associated virus (AAV)-based gene therapies to treat genetically defined muscle and heart diseases. The company is applying novel technology platforms that directly address the key limitations of current gene therapies, including tissue-specific delivery and gene regulation. These breakthroughs have the potential to improve the efficacy and safety of gene therapies and enable the pursuit of a broader set of targets that are otherwise difficult to drug with current technologies. For more information, please visit KateTx’s website at https://www.katetherapeutics.com/.

SOURCE Kate Therapeutics

BUDAPEST, Hungary, June 8, 2023 — Greenstic Europe Ltd. (Greenstic) has received a significant investment of approximately EUR 1.4 million from Hiventures, Hungary’s most prevalent VC. The funding will help Greenstic, a distributor and contract manufacturer of disposable, eco-friendly restaurant packaging materials, containers, and cutlery, to expand its regional activities and promote environmentally responsible practices in the catering sector.

The market for eco-friendly utensils has experienced significant growth in recent years worldwide. Greenstic also has shown dynamic business performance, quadrupling its revenue since its establishment in 2019. Greenstic enjoys a market leader position in the Hungarian market and last year expanded internationally by establishing a subsidiary in Romania and entering a franchise partnership in Slovakia.

Considering the favorable regulatory environment and consumer trends indicating further demand growth, Greenstic plans to allocate the fund from Hiventures to expand its manufacturing and logistics capacities and broaden its product range and customer base in Hungary, Slovakia, and Romania.

As part of its comprehensive service, Greenstic performs the biological composting of its customer-used serving utensils, thus promoting the adoption of circular economic model in the HoReCa sector.

Hiventures is one of the most active venture capital investors in Europe. Decisions are made carefully, based on several criteria: “In addition to clear market opportunities and environmentally conscious goals, the experienced management team at Greenstic played a crucial role in our investment decision, owing to their cohesive and successful track record,” said Dénes Szluha, the Head of Hiventures’ startup division.

About Hiventures

Hiventures, part of the Hungarian MFB Group, is one of the largest venture capital firms of Central and Eastern Europe. It supports the entire Hungarian entrepreneurial eco-system with its capital and professional competencies, including innovative start-ups with large growth potential, traditional SMEs and major corporations. Hiventures is committed to a sustainable and competitive entrepreneurial eco-system in the CEE region. For further details, visit the company website.

About Greenstic

Greenstic, a fully Hungarian-owned company, is a key player in the market of disposable containers and cutlery. Following their acquisition of a competitor at the end of 2021, Greenstic became market leader in the premium segment. In 2022, they embarked on international expansion by establishing a subsidiary in Romania and a franchise partnership in Slovakia, under the new brand identity of Greenstic Europe. The company aims to become the leading eco-conscious packaging supplier in Central Europe. www.greenstic.hu

SOURCE Hiventures Venture Capital Fund management PLC.

SAN DIEGO, June 7, 2023 — EvoNexus, California’s leading non-profit technology incubator, is proud to announce the 2023 EvoNexus Demo Day, sponsored by Qualcomm & Qualcomm Ventures! EvoNexus is also supported by global technology corporate partners that include Qualcomm, Viasat, muRata, pSemi, Becton Dickinson, AMD, HP, LG, Abbott, Royal Bank of Canada, Franklin Templeton, InterDigital, Perma Pure, Intuit, Bio-Rad, BAE Systems, Cirrus Logic, City National Bank, ResMed, EMD Electronics, Dexcom, and more!

This year’s Demo Day will be held in San Diego at the Qualcomm Irwin M. Jacobs Hall (Building N) on Monday, June 26^th, 2023, from 3:30-7PM. For those who do not know what a Demo Day event entails, please view the short video linked HERE about the 2018 Demo Day, which was also held in the Qualcomm Jacobs Auditorium.

See the agenda for this year’s event below:

• 3-3:30PM – Registration and Check-in
• RSVP in advance to secure your seat.
• 3:30-5PM – Reception with heavy hors d’oeuvres and drink, Networking, & Demonstrations from the EvoNexus Portfolio
• 5:20-7PM – Presentations from 13 EvoNexus startups, followed by a vote from the audience to determine the winner of the 2023 Demo Day!

RSVP HERE to enjoy the night of startup presentations and demonstrations.

ABOUT EVONEXUS
EvoNexus is California’s leading non-profit technology startup incubator located in San Diego. EvoNexus has successfully launched over 250 technology startups. EvoNexus portfolio companies have secured over $3.5B in venture funding and outcomes, with $10B in pre-exit valuations and 50 acquisitions. 

Unique benefits of EvoNexus Incubation: 

 For more information, please visit evonexus.org. 

ABOUT QUALCOMM 
Qualcomm is the world’s leading wireless technology innovator and the driving force behind the development, launch and expansion of 5G. When we connected the phone to the internet, the mobile revolution was born. Today, our foundational technologies enable the mobile ecosystem and are found in every 3G, 4G and 5G smartphone. We bring the benefits of mobile to new industries including automotive, internet of things and computing, and we are leading the way to a world where everything and everyone can communicate and interact seamlessly. 

Qualcomm Incorporated includes our licensing business, QTL and the vast majority of our patent portfolio. Qualcomm Technologies, Inc., a subsidiary of Qualcomm Incorporated, operates, together with its subsidiaries, covering all of our engineering, research and development functions, and all of our products and services businesses, as well as including our QCT semiconductor business. For more information, please visit qualcomm.com.

Media Contact:
Ashlyn Haines
[email protected]

SOURCE EvoNexus

Onfly provides companies with an end-to-end corporate travel and expense management software platform and will utilize the funds to scale sales and marketing efforts, build new products, and engage in opportunistic M&A activity

SÃO PAULO, June 7, 2023 — Onfly, a Brazilian travel technology company that provides an end-to-end corporate travel and expense management software platform, closed a $16 million Series A round led by Left Lane Capital and Cloud9 Capital. By combining key industry partnerships with a custom-built travel search engine, the company supports all clients’ travel needs on a single platform – including booking flights and hotels to employee expense reimbursement and corporate cards. Onfly currently has 200 employees and plans to continue building technology to further facilitate and digitize corporate travel in Brazil and across Latin America.

Founded in September 2018 by Marcelo Linhares, Elvimar Soares and Elvis Soares, Onfly was born from the founders’ personal frustrations with booking and managing corporate travel. They worked together previously and experienced several key problems related to corporate travel – such as employee fraud, delays in reimbursements, and friction with traditional travel agencies that resulted in a poor manager and employee experience.

This painful journey led them to create Onfly’s technology-driven travel and expense management platform. Onfly initially focused on simply the booking process and workflow approvals within companies, but has expanded its product offering to automate the entire process of expense reporting for travel, including advances, receipt scanning, reimbursements, and comprehensive reports and analytics. Additionally, Onfly offers a prepaid corporate card to employees, eliminating the need for issuing advances and requesting reimbursements altogether. Today, the Company offers a complete travel and expense management platform that allows clients’ employees to book travel and accommodations in just a few minutes with the industry’s most competitive rates.

“When our clients use Onfly, they’re offered complete visibility with assurance that travel resources are being allocated in the best manner. Our product offers full compliance and traceability of all expenses and several back-office controls. For employees, we deliver the best experience, enabling them to make reservations with a quick and streamlined booking process. For financial managers, we provide real-time visibility of all these expenses, eliminating spreadsheets, endless email exchanges, and phone calls with travel agencies,” says Marcelo Linhares, co-founder and CEO of Onfly.

The company currently has almost 1,000 customers of various sizes, ranging from small businesses with 50 employees to enterprise clients with 10,000+ employees. While the company declines to quote specific booking volume and revenue figures, it grew by nearly 400% in 2022 while maintaining profitability, and continues to demonstrate strong growth in 2023.

“Left Lane is excited to support Onfly in building the largest corporate travel and expense management software business in Latin America. Brazil represents one of the top ten largest corporate travel markets globally, however this industry has been historically dominated by legacy travel agencies that don’t leverage technology solutions,” says Matthew Miller, Principal at Left Lane Capital. “Onfly has demonstrated tremendous growth post-COVID as corporate travel demand has surged, and the Company will have further resources to continue investing in additional products/features and hiring across all key departments.”

The New York-based venture capital and growth equity firm is now making its second investment in Brazil, following its investment in Rei do Pitaco – a Sao Paulo-based real-money gaming platform. 

The funds from the round will be used to further scale the sales, marketing, and technology departments. Part of the investment will also be directed towards launching new products and exploring acquisitions. Both Left Lane and Cloud9 will join the company’s Board of Directors.

“We have been following Onfly’s journey since early 2022, and it’s been impressive to see how much the company has innovated in the sector, delivering an end-to-end product while growing significantly. The foundation is already set, and the funds will allow the company to accelerate and scale this incredible work by the Founders,” says Rafael Serson, Partner at Cloud9 Capital. “Onfly is following the steps of key global companies by transforming the legacy Brazilian travel industry, which has strong tailwinds towards digitization.”

About Left Lane Capital
Founded in 2019, Left Lane Capital is a New York-based global venture capital and growth equity firm investing in internet and technology companies with a consumer orientation. Left Lane’s mission is to partner with extraordinary entrepreneurs who create category-defining companies across growth sectors of the economy, including software, healthcare, e-commerce, consumer, fintech, edtech, and other industries. Select investments include GoStudent, M1 Finance, Wayflyer, Bilt, Masterworks, Blank Street, Talkiatry, Tovala, and more. For more information, please visit www.leftlanecap.com.

About Cloud9 Capital
Led by Felipe Affonso, Noah Stern and Rafael Serson, Cloud9 Capital is a Brazilian growth equity firm founded in mid-2021. Cloud9’s mission is to support Brazilian tech companies with proven product-market-fit and scalable business models in their growth stage. For more information, please visit www.cloud9capital.com.br.

SOURCE Onfly

SAN FRANCISCO and WASHINGTON, June 7, 2023 — Martis Capital Management, LLC (Martis Capital), a healthcare-focused private equity firm, has closed its fourth fund, Martis Partners IV, LP (Fund IV), with $779 million in capital commitments, exceeding its target of $700 million.

Fund IV’s commitments come from a diverse group of existing and new individual and institutional investors globally. With the new fund, Martis Capital has raised more than $2.1 billion in capital to date.

“We are grateful for the ongoing and enthusiastic support from our existing and new investors,” said Barry Uphoff, founder and managing partner at Martis Capital.

Martis Capital invests in buyout and growth equity opportunities in middle-market companies providing innovative and cost-effective products and services within the services and outsourcing, information technology, and consumer and wellness subsectors of the North American healthcare industry.

“Our team continues to execute on our consistent strategy, and we are well positioned to deploy capital within our growth targets,” said Mario Moreno, managing partner.

The firm has made three investments from Fund IV in companies specializing in clinical research trials, value-based primary care, and comprehensive dental care.

“Fund IV, our largest to date, is off to a great start. Our three initial investments are performing well, a testament to the quality of our partner companies and the research and due diligence of the Martis Capital team,” said Owen Davis, managing partner.

Martis Capital is the only dedicated healthcare PE firm to receive both Grady Campbell’s Top 50 PE Firms Award and Inc. Magazine’s Founder-Friendly Investors Award in 2022 and 2021. The firm is also among GrowthCap’s Top 25 Healthcare Investors of 2023.

About Martis Capital

Based in San Francisco and Washington, DC, Martis Capital is a founder-friendly capital partner for growth-oriented healthcare companies. Since 2011, Martis Capital has raised more than $2.1 billion from a global base of institutional clients to invest in the middle-market North American healthcare sector. For more information, visit www.martiscapital.com.

Contact: [email protected]

SOURCE Martis Capital

Funding Supports the Launch of the Only Value-based Cardiac Care Enablement Model in Partnership with up to 100 Cardiology Providers

ALBUQUERQUE, N.M., June 7, 2023 — Karoo Health, the only provider of cardiac value-based care enablement, announced today the closing of an oversubscribed Seed round of $3.4 million, with First Trust Capital Partners, LLC as lead investor. The investment supports Karoo’s launch this summer and the expansion of its distinctive, value-based cardiac care model.

Karoo combines dedicated on-site and virtual care teams with value-based technology to help cardiology networks, health plans, and health systems transition to and succeed in outcomes-driven initiatives and contracts, efforts that are sorely needed for improving patient health and lowering overall cost of care in cardiology.

“Value-based care is rapidly gaining momentum as a way to simultaneously lower costs of care and significantly improve patient outcomes,” said Ian Koons, CEO and Co-founder of Karoo Health. “Our mission is to help cardiology networks, health plans, and health systems transition to, and succeed in, value-based care. While recent months have seen a significant uptick in press around VBC in cardiovascular disease, the leading cause of death in the United States, few, if any, entities besides Karoo are launching and caring for cardiac patients using value-based principles and practices.”

“Our approach augments cardiovascular care through the use of technology and the integration of wraparound support for the patient, including the deployment of dedicated care teams,” said Ben Selzer, Karoo CFO and Co-founder. “The Seed investment will fund our patient go-live this summer and help accelerate the provision of value-based initiatives that are so desperately needed in the cardiac vertical.”

Karoo’s initial contractual partnerships represent up to 100 providers of cardiac care throughout the Southwest United States. The company is led by a team of accomplished healthcare industry veterans, including Chentelle Lane as COO. A proven leader in value-based care operations, Lane was most recently COO of Care Services at Cityblock Health and has also held executive-level positions at Somatus and naviHealth. Other members of the Karoo leadership team include former executives from Main Street Health, naviHealth, and Contessa Health.

“Karoo’s innovative and comprehensive approach to cardiology value-based care has positioned the company to lead the market from volume-based care to outcome-based care,” said Jon Phillips, Managing Director and Head of Venture Capital and Private Equity at First Trust Capital Partners. “Guided by a world-class leadership team, Karoo offers the solutions to be a pioneer in a major paradigm shift for cardiac healthcare delivery networks.”

Additional investors in Karoo’s Seed funding include new investors GoGlobal and Inflect Health, returning investors Panoramic Ventures and FirstMile Ventures, and a group of notable industry angel investors.

About Karoo Health
Using a proprietary combination of dedicated care teams and value-based technology, Karoo empowers cardiology networks, health plans, and health systems’ transition to, and success in, the outcomes-driven initiatives and contracts that are so desperately needed in the cardiac vertical. For more information, visit the company at www.karoohealth.com or connect with them on LinkedIn.

SOURCE Karoo Health

— Financing Provides for the Advancement of Clinical Trials –

GROSSE POINTE FARMS, Mich., June 7, 2023 — SciTech Development today announced it has closed a $2.73M funding round, led by several prominent life science investors to advance clinical trials for Non-Hodgkin Lymphoma and Small Cell Lung Cancer. 

SciTech’s capital investment is led by life science investors Storm Lake Capital (SLC), HRN Family Office, The National Foundation for Cancer Research (NFCR), along with Pointe Angels and other accredited investors. This funding round will accelerate SciTech’s first clinical trials of ST-001 nanoFenretinide for the treatment of T-Cell Non-Hodgkin Lymphoma. In addition, SciTech is commencing a second $3M Convertible Note Round (CNR), and a $14M Series A raise as the Company approaches the dosing of the first set of patients in the upcoming clinical trials.

“HRN family office focuses on investing in the Biotech and MedTech sectors, with a focus on the oncology and therapeutics space. We believe SciTech’s dedication to developing cancer treatments for patients, combined with their utilization of advanced nanotechnology, make them an attractive partner for companies seeking to expand their oncology pipelines,” said Salvatore M. Buscemi, CEO, and Co-Founding Partner at HRN, LLC. “SciTech has a remarkable team, and their journey has been incredible. We’re proud to have supported them from day one. With this new group of institutional investors and their strong track record in life sciences, we believe there’s no limit to what SciTech can accomplish.”

ST-001 is SciTech’s patented, nanoparticle-formulated lead drug candidate, which has achieved a breakthrough in solving the bioavailability issues of the drug fenretinide without system-related toxicities. Drug shipment of ST-001 is expected in Q3 2023, with initial trials set to begin shortly thereafter. (ClinicalTrials.gov Identifier: NCT04234048). A Phase 1 clinical trial for Small Cell Lung Cancer will follow immediately after the T-Cell Non-Hodgkin Lymphoma trial.

“We’ve been overwhelmed by the interest from the investor community and are glad to welcome some incredible investors to join us as we take the next major leap. Our investors clearly understand the magnitude of our Phase 1a/b trials and the speed at which we’re moving to get ST-001 to patients with cancer. Every minute counts,” said Earle Holsapple, President of SciTech Development. “We are confident that our relationships with current and future investors will grow as we move forward, not only with ST-001 but with other drugs in our pipeline.”

About SciTech Development
SciTech Development LLC is a specialty pharmaceutical company that has developed a patented nanoparticle drug delivery platform (SDP) that maximizes the bioavailability of water-insoluble therapeutics. SciTech’s lead drug candidate, ST-001 nanoFenretinide, combines the delivery system with fenretinide as a broadly applicable cancer-fighting drug. ST-001 has FDA Investigational New Drug (IND) approval and Orphan Drug designation. More information about SciTech can be found at www.SciTechSDP.com

SOURCE SciTech Development

The new funding round fuels Mosaic’s expansion centered around delivering predictive AI solutions that elevate the strategic role of finance for customers like Emerge, Sourcegraph, and Drata, as well as SMB and mid-market prospects

SAN DIEGO, June 7, 2023 — Mosaic, the first Strategic Finance Platform for real-time data analysis and collaborative financial planning, today announced a $26 million Series C funding round led by OMERS Ventures, with participation from existing investors, Founders Fund, General Catalyst, and Friends and Family Capital.

“Mosaic’s impressive 300% growth amid the current macroeconomic downturn is a testament to the innovation gap in the market as companies recognize the need for the next generation of strategic finance software,” said Adam Landefeld, head of product at Mosaic. “AI is rapidly revolutionizing every industry, and the finance space is poised to reap enormous benefits. That’s why we’re investing heavily in making AI core to what Mosaic offers. From leveraging advanced AI language models to employing intuitive AI automation capabilities, Mosaic is committed to reducing workflow friction and simplifying financial decision-making for our customers.”

Mosaic’s core mission is to help companies meet the challenges of balancing high growth with capital efficiency. This latest round of funding will expand Mosaic’s investment in AI, empowering high-growth SMB and mid-market finance leaders with the power to strengthen their roles as strategic partners in their businesses.

“As Mosaic continues to rethink the CFO software stack, our strategic investment in AI serves to address the critical need for finance teams to provide faster, more strategic insights to their business partners across the organization,” said Mahesh Guruswamy, the product engineering veteran Mosaic brought on as vice president of engineering to spearhead its development and AI strategies. “For example, our platform roadmap includes a myriad of AI-driven enhancements such as automated forecasts versus actuals breakdowns, model roll-forward and metric analysis.”

Tedious manual tasks and the historically complex implementations of legacy FP&A solutions have prevented finance teams from focusing on more strategic tasks in the business. With AI-powered features and an open API, Mosaic is building a platform that transforms finance leaders into data masters and strategic partners — not just Excel wizards.

“One reason Bijan Moallemi, Brian Campbell, and I started Mosaic in 2019 was because of our shared experience of implementing an incumbent FP&A software while working in finance at Palantir,” said Joe Garafalo, co-founder and COO of Mosaic. “It took us over six months to put that platform in place, and ongoing maintenance was a nightmare. Right now, we can already get Mosaic customers up and running in four weeks. By bringing AI to our data workflows, we’ll significantly shorten that timeline and help users avoid the garbage in, garbage out problem that kills value in this space.”

“In 2023, we’re on pace to see the lowest volume of Series C venture capital deals in years,” said Eugene Lee, partner at OMERS Ventures. “Companies that can raise a Series C in this environment need to showcase massive potential, which we saw in Mosaic. The company’s 3x top-line growth in 2022 was uncommon, not just in the finance software space but in SaaS at large. Now, we’re excited to see how Mosaic continues to innovate and bring its Strategic Finance Platform to finance leaders.”

By delivering the market’s fastest time-to-value through real-time analytics and dynamic planning features designed to remove data complexities, Mosaic makes any data instantly actionable to drive organizational success.

“Mosaic builds powerful and intuitive software products that can help unlock value for every finance team, CFO and CEO,” said Colin Anderson, former CFO at Palantir and founding partner at Friends and Family Capital. “As the former longtime CFO of Palantir, I worked side by side with the Mosaic founders to solve our most critical strategic finance workflows with powerful software. This capital raise builds on Mosaic’s position of strength in the market and enables them to continue to develop great products for the tens of thousands of finance teams out there looking for a better way to win.”

“New features like Metric Builder, our easy-to-use engine for creating, analyzing and planning custom metrics, have helped us drive significant growth in the last 12 months,” said Bijan Moallemi, co-founder and CEO at Mosaic. “We’ll use this latest investment to continue bringing unparalleled, enterprise-grade functionality and consumer-grade ease of use to SMB and mid-market companies while expanding into new verticals and serving more up-market customers.”

Since its founding in 2019, Mosaic’s ability to deliver on this mission led GGV Capital, Crunchbase, and Nasdaq to name Mosaic to the 2023 SMBTech 50 list.

About Mosaic

Mosaic is the maker of the world’s first Strategic Finance platform. The company provides finance and business leaders with a real-time analytics and planning platform that helps teams get from data to decision, faster. High-growth companies like Emerge, Sourcegraph, and Drata rely on Mosaic to manage the financial health and outlook of their businesses with automated insights and flexible business modeling. Mosaic is a private company backed by leading venture capital firms such as OMERS Ventures, General Catalyst, Founders Fund, and XYZ. Learn more at mosaic.tech.

About OMERS and OMERS Ventures

Founded in 1962, OMERS is one of Canada’s largest defined benefit pension plans, with CAD$124 billion in net assets as of December 31st, 2021. OMERS is a jointly-sponsored pension plan, with 1,000 participating employers ranging from large cities to local agencies, and over half a million active, deferred and retired members. OMERS members include union and non-union employees of municipalities, school boards, local boards, transit systems, electrical utilities, emergency services and children’s aid societies across Ontario. Contributions to the Plan are funded equally by members and employers. OMERS teams work in Toronto, London, New York, Amsterdam, Luxembourg, Singapore, Sydney and other major cities across North America and Europe – serving members and employers and originating and managing a diversified portfolio of high-quality investments in public markets, private equity, infrastructure and real estate.

OMERS Ventures currently manages CAD$2 billion and has made more than 50 investments in disruptive technology companies across North America and Europe. www.omersventures.com.

Contact:
Matt Maurel
[email protected]
512-387-3440

SOURCE Mosaic.tech

ALISO VIEJO, Calif., June 7, 2023 — Vertos Medical Inc., a leader in the development of innovative, minimally invasive treatments for lumbar spinal stenosis (LSS), announced today that it has raised $26 million in an oversubscribed Series C equity funding round. The financing was led by new investor Norwest Venture Partners with participation from existing investors including Pitango Venture Capital.

“We are thrilled to have Norwest join our investor group,” said Eric Wichems, President and CEO of Vertos Medical. “Their proven track record of driving success in commercial-stage companies makes them an invaluable asset to our team. With their support, we are confident in our ability to accelerate our commercial expansion and achieve our goal of making the mild^® Procedure accessible to every patient suffering from LSS in the United States.”

In addition to expanding patient access to the mild^® Procedure, the funding will support research and development efforts aimed at advancing care for patients with chronic low back pain. By investing in these critical areas, Vertos is poised to make a meaningful impact in the lives of patients suffering from LSS and chronic low back pain.

Vertos is experiencing a significant increase in demand for its groundbreaking procedure and more than 70,000 patients have been treated in the United States. The company’s rapid revenue growth of 348% between 2018 and 2021 led Deloitte to rank the company #384 on its prestigious Deloitte Technology Fast 500^™ list in November 2022. 

Dr. Zack Scott, General Partner at Norwest Venture Partners, will join Vertos’ Board of Directors. Dr. Scott has extensive experience helping successful medical technology companies scale such as Cianna Medical, Coherex Medical, Evidation Health, Providence Medical Technology, Respicardia, Spiration, and Syapse.

“Lumbar spinal stenosis impacts one in five Americans over the age of 60 and Vertos’ procedure can help restore mobility and greatly improve the quality of life for these patients,” said Dr. Scott, General Partner at Norwest Venture Partners. “Vertos directly aligns with our goal of partnering with companies that are focused on making a meaningful impact on patient outcomes and improving the healthcare system for all stakeholders. We look forward to working with the Vertos team as they continue their mission to help patients suffering from chronic low back pain reclaim their quality of life.”

About Vertos Medical Inc. and the mild^® Procedure

Vertos Medical is an interventional pain company committed to developing innovative, minimally invasive treatments for lumbar spinal stenosis (LSS). mild^®, its proprietary technology, is an image-guided outpatient procedure that removes a major root cause of lumbar spinal stenosis (LSS) through an incision smaller than the size of baby aspirin and doesn’t require implants, general anesthesia, or stitches. The mild^® Procedure has been clinically demonstrated to have safety outcomes similar to injections with durability out to 5 years, and patients typically return to activities of daily living within 24 hours with no restrictions. mild^® is nationally covered by Medicare.

In November 2022, Vertos Medical joined an elite group by ranking 384 on the Deloitte Technology Fast 500^™, a ranking of the most innovative, fastest-growing public and private companies from North America. This recognition highlights Vertos Medical’s exceptional growth and relentless pursuit of improving the quality of patients’ lives. Vertos Medical headquarters is located in Aliso Viejo, CA.
To learn more and view clinical data, visit www.Vertosmed.com.

About Norwest Venture Partners

Norwest is a leading venture and growth equity investment firm managing more than $12.5 billion in capital. Since its inception, Norwest has invested in more than 650 companies and currently partners with more than 200 companies in its venture and growth equity portfolio. The firm invests in early- to late-stage businesses across a wide range of sectors with a focus on consumer, enterprise, and healthcare. The Norwest team offers a deep network of connections, operating experience, and a wide range of impactful services to help CEOs and founders scale their businesses. Norwest has offices in Menlo Park and San Francisco, with subsidiaries in India and Israel. For more information, please visit www.nvp.com. Follow Norwest on Twitter @NorwestVP. 

SOURCE Vertos Medical Inc.