VEIR also raises $24.9 million in series A-2 funding
WOBURN, Mass., July 27, 2023 — VEIR, a clean technology company, today announced it has completed and energized a 100-foot overhead superconductor power line with a novel cooling approach that will help meet the global need for new power transmission. This technical milestone coincides with the company securing an additional $24.9 million in series A-2 funding from investors including Breakthrough Energy Ventures, The Engine Fund, Congruent Ventures, Fine Structure Ventures, Galvanize Climate Solutions, and VXI Capital.
A significant expansion of energy transmission is critical to addressing the urgent and worsening global climate crisis. In fact, major studies indicate that the United States must double or triple the transmission capacity needed to connect more renewable energy to the electric grid and combat climate change.
VEIR’s technology provides a solution to help modernize the electric power grid, a critical need in meeting global clean energy goals. As new transmission lines become necessary, VEIR’s new superconductors will increase transmission of 5-10x more energy than the current grid, using existing rights of way and easing siting and permitting reviews for developers.
“As we work to rapidly accelerate transmission capacity and curb global greenhouse gas emissions, this outdoor demonstration validates our technology’s ability to deliver more energy in a more efficient manner,” said Tim Heidel, CEO of VEIR. “The fresh capital we’ve raised will help us to continue to move our technology to market at a time when it’s more important than ever in meeting the world’s pressing energy demands.”
VEIR’s end-to-end, low voltage, single phase outdoor demonstration follows its indoor demonstration last year that carried 4,000 Amperes of electrical current, a first ever for an overhead superconducting power line.
Other applications of superconductor technology use underground closed loop systems with mechanical refrigeration stations, an approach that hampers broadscale, long-distance grid deployment. VEIR’s innovation in how superconducting materials are cooled will allow superconductors to be installed overhead for the first time, thus making the technology commercially viable in broad market applications.
VEIR’s outdoor demonstration uses its proprietary technology to cool the superconducting line with liquid nitrogen, transmitting electricity with negligible losses that enable the lines to operate at levels of electrical current that are much higher than conventional lines. Because of that, VEIR lines can add much-needed capacity to the grid without triggering as many or as onerous and time-consuming siting and permitting requirements as conventional lines.
VEIR closed Series A funding of $10 million in March 2021 with investors Breakthrough Energy Ventures, The Engine, and Congruent Ventures. To date, VEIR has raised $36.7 million in private capital to bring its technology to the commercial market. VEIR’s series A-2 fundraise enables VEIR to rapidly develop full product specifications for each of the subsystems of the VEIR solution. Such activities will culminate in an AC overhead VEIR solution that meets all the many standards required by the electric utility industry.
“Transmission constraints represent the single largest barrier to the US’s ability to meet its electrification goals,” said Michael Kearney, Partner at The Engine Fund. “VEIR offers a far more cost-effective solution for developers and utilities, while ultimately reducing costs for consumers. Its overhead superconducting power line technology will modernize the existing electric grid by enabling capacity expansion within existing rights of way. With this capital, the team can launch full speed toward scaling product development toward commercialization.”
“Galvanize and VEIR share a mission to rapidly accelerate solutions to mitigate and adapt to global climate change,” said Veery Maxwell, Partner and Co-Head, Innovation & Expansion at Galvanize Climate Solutions. “Galvanize is excited to partner with VEIR to quickly add the transmission capacity necessary for the clean energy transition by redefining what high-capacity transmission looks like.”
In October 2022, VEIR and National Grid, an electricity, natural gas, and clean energy delivery company with operations in the US and the UK, announced a five-year collaboration agreement to advance VEIR’s superconductor transmission solution. National Grid will help VEIR develop the solution at a utility scale, with testing expected at National Grid’s facilities in Millbury, Mass. and the UK.
ABOUT VEIR VEIR is an early stage energy technology company working to develop the next generation of efficient, reliable electric transmission of renewable energy. Backed by Breakthrough Energy Ventures and other leading investors, the company’s technology is designed to help meet our planet’s clean energy goals and satisfy growing energy demands by efficiently delivering up to 10 times the amount of electricity from renewable sources as traditional transmission.
20 projects will receive funding for the creation or expansion of Makerspaces throughout Maryland
COLUMBIA, Md., July 27, 2023 — TEDCO, Maryland’s economic engine for technology companies, announced the awardees for the first round of the new Maryland Makerspace Initiative Program (“Makerspace Program“). Funding will be awarded to 20 projects spanning 11 counties and Baltimore City.
Makerspace image
“TEDCO is always working to support and grow businesses in Maryland. This includes creating and supporting opportunities for entrepreneurs to learn, grow, create and innovate,” said Terry Rauh, TEDCO’s chief finance and operations officer. “That is why we are excited to announce the 2023 Maryland Makerspace Initiative Program financial assistance grants—these spaces are designed to provide entrepreneurs with resources to help grow their businesses, such as technologies to support prototyping and product creation as well as training and educational opportunities.”
What is the Makerspace Program? Created through legislation passed by the Maryland General Assembly, the Makerspace Program provides grants up to $100,000 and technical assistance for qualified entities looking to establish a new Makerspace, expand an existing Makerspace, or develop Makerspace programming. The goal is to grow a state-wide community of Makerspaces that provides entrepreneurs with access to tools, technologies and knowledge to support their growth and development as well as expand workforce training.
The 20 awardees of the 2023 Makerspace Program include:
Allegany College of Maryland
Baltimore Jewelry Center
Baltimore Underground Science Space
Carroll County Public Library
Chesapeake Arts Center
College of Southern Maryland Foundation
DMV Petri Dish
Fashion Heritage Needle Trades Foundation
Frederick County Office of Economic Development
Howard County Library System
Makerspace of Annapolis
Melwood Horticultural Training Center, Inc.
Mid-Atlantic Gigabit Innovation Collaboratory
Morgan State University
PaxSpace, Inc. (won twice for different Makerspace projects)
Rockville Science Center
Salisbury University
Station North Tool Library, Inc.
Washington College
For more information about the Maryland Makerspace Initiative project visit https://www.tedcomd.com/makerspace. Qualified entities may apply or reapply for financial assistance when the application process reopens in Spring 2024.
About TEDCO TEDCO, the Maryland Technology Development Corporation, enhances economic empowerment growth through the fostering of an inclusive entrepreneurial innovation ecosystem. TEDCO identifies, invests in, and helps grow technology and life science-based companies in Maryland. Learn more at www.tedcomd.com.
The long-term partnership powers the expansion of Canyon Ranch to new markets for both its Wellness Club and Destination Resort Offerings
NEW YORK, July 27, 2023 –Canyon Ranch, a pioneer in destination wellness, today announced the Canyon Ranch–VICI Growth Partnership with VICI Properties (NYSE: VICI) (“VICI Properties”), an experiential focused real estate investment trust, aiming to expand the reach of Canyon Ranch’s integrative wellness offerings across North America and beyond. The announcement comes as Canyon Ranch sets its sights on Texas as the first location to debut both a destination resort and Canyon Ranch Wellness Clubs within one market. The inaugural Wellness Club opens this fall in Fort Worth, with a Houston location in the summer of 2024, and the Canyon Ranch Austin resort opens in 2025.
The fundamental purpose of the partnership is to add additional destination resort locations and wellness clubs in major urban markets and expand Canyon Ranch’s digital capabilities. This “ecosystem” reflects the brand’s core value of guiding people towards a well way of life.
The Canyon Ranch Ecosystem creates a reinforcing network of resorts, clubs, and digital experiences where guests can continue to deepen their engagement in a well way of life. The Canyon Ranch Austin development will be located on a beautiful hill country ranch on the shores of Lake Travis and is designed by Lake / Flato Architects. Additionally, the two Canyon Ranch Wellness Clubs in development in Fort Worth and Houston will be membership-based only. They will include state-of-the-art fitness, luxurious spa facilities, lounges and coworking spaces, lectures, and events, all with a community of like-minded peers.
“Over the last forty years, Canyon Ranch has been meeting people where they are in their pursuit of wellness. That may mean a relaxing, fun-filled weekend or a deep dive into something impactful and life-changing. With VICI’s support, we can broaden and deepen Canyon Ranch’s geographical and digital offerings and support more people than ever before,” notes Jeff Kuster, CEO of Canyon Ranch.
CEO of VICI Properties, Edward Pitoniak, said, “At VICI we seek to invest in experiential real estate centered on experiences benefitting from longer-term secular tailwinds. We believe wellness is one of the most powerful trends of our time, and Canyon Ranch is the global brand best positioned for capitalizing on the growing demand for wellness and life enhancement around the world.”
John Goff, Chairman of Canyon Ranch, added, “We are thrilled to partner with the expertise and capital resources of VICI. This partnership offers Canyon Ranch the potential to accelerate our growth in an “asset light” manner, growing our reach and expertise. VICI shares our vision for growth and our confidence that the current environment is a compelling time to invest.”
VICI’s first investment in Canyon Ranch occurred in October 2022 when it announced its commitment to providing development financing for the Canyon Ranch Austin resort, which has begun construction and is scheduled to open in 2025.
About Canyon Ranch Canyon Ranch is a pioneer in wellness guidance with over four decades of experience inspiring guests to pursue a lifetime of well-being. A visit to a Canyon Ranch Resort is unique for each guest and can be different every time they come by accessing a selection of over 1,500 services drawing from ancient wisdom and modern technology. Guided by world-class experts who integrate services across a broad range of disciplines – including nutrition, sports & performance, spa, mental health, spirituality, and more – our guests gain personal insight, skills, and motivation that leads to true transformation long after their stay. The value of visiting Canyon Ranch goes well beyond our warm hospitality, luxurious spas, nutritious cuisine, and awe-inspiring destinations located in Tucson, Arizona; Lenox, Massachusetts; Woodside, California and Las Vegas, Nevada. For more information, visit www.canyonranch.com.
About VICI Properties VICI Properties Inc. is an S&P 500® experiential real estate investment trust that owns one of the largest portfolios of market-leading gaming, hospitality, and entertainment destinations, including Caesars Palace Las Vegas, MGM Grand and the Venetian Resort Las Vegas, three of the most iconic entertainment facilities on the Las Vegas Strip. VICI Properties’ national, geographically diverse portfolio consists of 43 gaming facilities comprising over 122 million square feet and features approximately 58,700 hotel rooms and more than 450 restaurants, bars, nightclubs, and sportsbooks. Its properties are leased to industry-leading gaming and hospitality operators, including Caesars Entertainment, Inc., Century Casinos, Inc., the Eastern Band of Cherokee Indians, Hard Rock International Inc., JACK Entertainment LLC, MGM Resorts International, Penn Entertainment, Inc., and The Venetian Las Vegas. The Company has a growing array of investing and financing partnerships with leading non-gaming experiential operators, including Great Wolf Resorts, Cabot, Canyon Ranch, and Chelsea Piers. VICI Properties also owns four championship golf courses and 34 acres of undeveloped and underdeveloped land adjacent to the Las Vegas Strip. VICI Properties’ strategy is to create the nation’s highest quality and most productive experiential real estate portfolio. For additional information, please visit www.viciproperties.com.
The raise will support product development and go-to-market activities for Finicast’s collaborative Financial Planning and Analysis platform
SAN MATEO, Calif., July 27, 2023 — Finicast, a modern SaaS enterprise collaborative planning platform that enables teams to work together as they model, plan, forecast, and track performance, announced today that it has raised $12.8M in seed funding, led by Celesta Capital. This will be instrumental in furthering the company’s collaborative planning platform and go-to-market strategy.
Finicast empowers organizations of all sizes and industries to unlock the true potential of their business planning. With businesses experiencing unparalleled financial pressure, it is more important than ever that efficient tools empower individuals to adapt to dynamic business needs and drive rapid results. By enabling companies to adopt multi-dimensional collaborative planning through the platform, Finicast seamlessly combines the power of traditional planning platforms with the flexibility of modern SaaS tools.
“At Finicast, we recognize the limitations of conventional planning solutions in today’s dynamic business landscape,” said Daniel Reif, CEO at Finicast. “Our aim is to equip teams with the tools they need to create and update flexible models, collaborate seamlessly across departments, and scale effortlessly to handle large-scale data sets. Through this funding, we will be able to unlock new pathways to achieve accurate forecasting and planning in a bespoke fashion.”
“Today’s dynamic business environment demands more flexible, collaborative, and easy-to-use solutions that can support companies in their strategic planning and analysis,” said Michael Marks, Founding Managing Partner at Celesta Capital. “Finicast is delivering on the clear need to bring more simplicity to this complex process. We are thrilled to support their next phase of growth.”
“We needed to move beyond spreadsheets to meet the velocity of our business, but couldn’t afford to put Hinge on pause for a long implementation,” said Peter Tatrai, Director of Strategic Planning at Hinge Health. “Finicast let us get started on the platform quickly and keep building to bring more models and departments online. I like that we can connect the different systems such as BI, legacy cost, and accounting – all coming together and merging in Finicast.”
The platform provides the fastest time-to-value with a lower price entry point, requires fewer onboarding resources, and offers a more flexible workspace compared to other solutions. Finicast allows individuals to collaborate via task management to input data directly into models based on permissions and to co-build models with advanced version control. Leveraging its proprietary PivotFrame data engine technology and intuitive user experience, Finicast delivers a centralized planning platform that empowers businesses to make precise decisions and drive organizational efficiency.
About Finicast Finicast provides a modern SaaS enterprise planning platform to model, plan, forecast, and track performance across organizations of all sizes. Using a proprietary data engine combined with an intuitive user experience, Finicast provides a centralized planning platform for companies that have reached the limits of traditional planning solutions due to their business scale, operational complexity, and market dynamics. Based in San Mateo, CA, Finicast serves customers across many industries and sizes. To learn more, visit www.finicast.com.
About Celesta Capital Celesta Capital is a leading deep technology venture capital firm that leverages synergies between leading centers of innovation in the US, India, and Israel to create globally impactful enterprises. The Celesta team, with deep operating experience, has built multi-billion-dollar businesses at companies such as Intel, Cisco, and Flex. The firm has funded over 90 technology companies globally and actively invests in the following verticals: software, semiconductors, intelligent systems, bioconvergence, and industry transformers. Learn more at http://celesta.vc.
Funds raised through private sale of its PASG token will go towards the continuous development of the Passage world building platform, built with Cosmos and integrated with Sortium’s artificial intelligence (AI) technology.
ROAD TOWN, British Virgin Islands, July 27, 2023 — Passage, a platform for creating and connecting 3D virtual worlds and experiences, today announced the completion of a $6 million private sale led by Akash Network.
Additional support for the raise came from Druid Ventures, Vitwit, Cosmostation, Hyperchain Capital, Chorus One, and Cogitent Ventures, as well as additional leading Cosmos ecosystem participants, individuals, and DAOs.
Passage will use the funding to further develop its world-building tools, which allow creators to produce and optimize high-quality virtual experiences. This is possible thanks to Unreal Engine 5 and AI partner Sortium, which will give users unlimited ability to customize their worlds and assets via seamless AI integration. Funds will also be used to build out the platform’s social dashboard, enterprise solution, and tooling for open-source contributions, as well as implement technology partnerships like Sortium.
Lex Avellino, founder and Chief Creative Officer of Passage, said: “Passage is a totally new way to connect online. It’s the only virtual platform that feels human and personal. We were able to validate this early on in 2020 when we built experiences for large brands and retail audiences. Back then, producing a 3D experience was a long, expensive process that we managed personally. Now, anyone will be able to create an immersive world using simple drag-and-drop tools in their browser. Through our partnership with Sortium AI, this is even easier, making it possible for everyone to generate beautiful 3D assets and experiences.”
PASG, the native token of the Passage ecosystem, was designed to facilitate governance and decentralized 3D assets in Passage worlds. It also incentivizes open-source development and creator contributions on the platform. The token is backed by a SaaS-style revenue model, with up to 50% of profits going directly to supporting network security through incentivizing staking.
Greg Osuri, CEO of Overclock Labs, creators of Akash Network, added: “We share a real synergy with the Passage team and are thrilled to have led the private sale. The Passage platform is going to be an incredible place to leverage decentralized cloud and AI tools for creators. Creatives and brands need more high-quality options, and Passage stands out as one of the leaders in innovating this space.”
Passage is led by a team of veterans in Web3, e-commerce, and virtual production who have produced experiences for leading brands, including Capitol Records, Amazon, Warner Brothers, and Disney.
This announcement follows the company’s recent partnership with Platinum-selling, Grammy-nominated rapper and creator Royce 5’9″, who is building the Heaven Experience on Passage. Created to engage, educate, and mentor the hip-hop community, the new world will launch in beta in Q4 of 2023.
Passage will host a public sale of the PASG token beginning on Tuesday, 29 August 2023, on StreamSwap. Details for the sale will be announced in a livestream at 4:00pm Eastern Time on Thursday, 27 July.
Users interested in joining the sale can sign-up to be notified on passage.io.
About Passage
Passage is a platform designed to revolutionize the 3D web by transforming static pages into immersive, interactive places. Built with Cosmos and leveraging cutting-edge technology like Unreal Engine 5, Passage is blockchain-agnostic and supports in-browser streaming, cross-world commerce for fungible tokens and NFTs, decentralized social functionality, and 3D communication infrastructure. The platform empowers creators to produce and optimize high-quality experiences faster with world-building tools and AI assistance. The Passage ecosystem is fueled by PASG, the native utility token used in Passage worlds. For more information, visit passage.io.
Funding Through Newly Established Credit Facility Sets the Stage for Acceleration of Fintech’s Growth
CHARLESTON, S.C., July 27, 2023 — Breakout Capital, a leading fintech company simplifying access to capital for small businesses, announced today the completion of a $45 million credit facility in which Synovus Bank will provide the senior credit facility and an Austin, Texas-based credit fund, will provide the subordinate credit facility. Under the terms of the agreement, Breakout may now obtain funding through Synovus by accessing $35 million of committed capacity with an additional $10 million uncommitted.
“We are incredibly excited to have Synovus, a highly respected banking partner, on board to support our mission to fuel the growth of small business,” said McLean Wilson, CEO & President of Breakout Capital. This substantial facility will enable Breakout to meet the growing demand from small businesses seeking affordable and flexible capital. As the small business lending landscape continues to evolve, Breakout’s commitment to product diversity, from working capital term loans to invoice factoring, reflects the company’s dedication to catering to a wider range of clients, including those with unique financial needs, while also empowering its strategic partner network with a more reliable funding outlet. This approach not only strengthens Breakout’s position as a leader in the industry but also nurtures expansion and growth across the entire small business lending community.
“This transaction expands our on-balance sheet funding capacity and provides valuable runway for future loan growth,” said Wilson. “More importantly, it enhances our flexibility in providing best-in-class terms, prioritizing the needs of our clients. We could not be more pleased with their ability to think creatively to structure a transaction that supports our business model and look forward to building a lasting partnership together.”
Steven Safirstein, Director of Asset-Based Lending at Synovus Bank, Specialty Finance Division, said, “We are thrilled to partner with the Breakout team in their efforts to empower American entrepreneurship by providing access to capital. This transaction provides flexible capital that will help Breakout execute on its strategic growth plans.”
About Breakout Capital, LLC
Breakout Capital, headquartered in Charleston, SC, with offices in McLean, VA, is one of the fastest growing fintech companies in the nation, offering transparent and innovative small business lending solutions. As a strong advocate for small business growth, Breakout is dedicated to increased transparency and the adoption of best practices within the alternative capital industry.
Since 2015, Breakout has provided nearly $500 million in funding to small businesses in every corner of the U.S. They are a proud member of the International Factoring Association (IFA), the world’s largest association for Factors, Asset Based Lenders, PO Finance and commercial finance companies which provides education and training to the small business lending community. To learn more, visit breakoutfinance.com, or its social media pages on LinkedIn, Facebook, Instagram and Twitter.
About Synovus Bank
Synovus Bank, a Georgia-chartered, FDIC-insured bank, provides commercial and consumer banking in addition to a full suite of specialized products and services, including private banking, treasury management, wealth management, mortgage services, premium finance, asset-based lending, structured lending, capital markets and international banking. Synovus has branches in Georgia, Alabama, South Carolina, Florida and Tennessee. Synovus is a Great Place to Work-Certified Company and is on the web at synovus.com, and on Twitter, Facebook, LinkedIn and Instagram.
ev.energy will expand its reach in North America and Europe, create a pathway to connect millions of vehicles, chargers and drivers to their Virtual Power Plant (VPP) and enable Vehicle-to-Grid (V2G) services
The funding round was led by National Grid Partners with support from Aviva Ventures, WEX Venture Capital, InMotion Ventures, the investment arm of Jaguar Land Rover (JLR), as well as existing investors Energy Impact Partners, Future Energy Ventures and ArcTern Ventures
LONDON and PALO ALTO, Calif., July 27, 2023 — ev.energy, the leading electric vehicle (EV) managed charging software platform, today announced its $33M Series B raise, bringing total funded capital to $46M. The funding round was led by National Grid Partners (NGP) with support from Aviva Ventures, WEX Venture Capital and InMotion Ventures, the investment arm of Jaguar Land Rover (JLR). The round also saw continued support from existing investors Energy Impact Partners (EIP), Future Energy Ventures (FEV) and ArcTern Ventures. ev.energy seamlessly connects electric vehicles to grid networks to make charging simpler, greener and cheaper for drivers. Their end-to-end platform intelligently manages charging for more than 120,000 EVs daily by charging vehicles at grid-friendly times.
Leveraging its Series B funding, ev.energy will continue to scale across North America and Europe to supercharge global vehicle-grid integration efforts.
The company’s software platform has become the cornerstone of vehicle-grid integration globally, with a growing partner list that includes industry leaders such as National Grid, Volkswagen Group, Maxeon and Siemens. This latest funding round provides a pathway for ev.energy to access an additional 400 million energy customers by utilizing their shareholders’ energy retail, fleet, vehicle and insurance networks.
Nick Woolley, the CEO of ev.energy, remarked, “In the next few years, total EV demand in most developed countries will surpass the energy output of even the largest power plants – for example, the behemoth Palo Verde Generating Station in the US. As more EVs come online, optimized charging and load maintenance will remain critical tools for ensuring grid stability. By being able to shape and control EV load, ev.energy can both benefit the grid and help drivers to charge using the greenest and cheapest energy.”
Since 2018, ev.energy has been on a mission to develop smart, cloud-based platforms that optimize EV charging, providing drivers with a greener, cheaper and simpler charge. Today, more than 120,000 EV drivers across North America and the UK are part of ev.energy’s Virtual Power Plant (VPP). In 2021, ev.energy launched its commercial trading demand response platform to help fortify grid resilience, while slashing carbon emissions at scale. 2023 has been a year of growth and innovation for ev.energy, which extended its VPP to include Vehicle-to-Grid (V2G) solutions, introduced its fleet management platform ‘Pando’ and evolved into the solar market with a solar home charging function, ev.energy SOLAR.
This funding round will enable ev.energy to expand its global operations while building on its rapid and sustained growth across North America and the UK. Since 2018, ev.energy has won over 30 national, regional and municipal utility contracts while forging partnerships with charging brands and auto original equipment manufacturers (OEMs) like the Volkswagen Group. ev.energy’s central position of moving, storing and discharging energy provides megawatts of flexible capacity and has helped utilities around North America and Europe tackle extreme weather conditions – from summer heat waves to winter cold snaps – with seasonal demand-response programs.
Bobby Kandaswamy, Senior Director of Pathfinding & Incubation Investments at National Grid Partners, commented, “ev.energy has benefited from years of sustainable growth, product innovation and steady leadership. This has enabled it to close a significant funding round despite a turbulent economic climate. ev.energy’s approach to providing a convenient, compelling experience for drivers to charge at home and on the road during grid-friendly times is essential for grid operators. Combined with its V2G services, ev.energy positions utilities like National Grid as an accelerant to the clean energy transition.” As part of NGP’s investment, Kandaswamy has joined the ev.energy board of directors.
Matthias Dill, CEO and Managing Partner of Energy Impact Partners, commented, “Partnering with energy utilities isn’t easy, but ev.energy has a compelling value proposition that can be quickly deployed. ev.energy is one of the most successful startup companies we’ve ever invested in when it comes to partnering with energy utilities and has enabled numerous partners to roll-out smart-charging programs.”
Alongside access to energy companies, investment from Aviva Ventures, WEX Venture Capital and InMotion Ventures has the potential to connect the ev.energy platform directly to millions of vehicles.
Mike Smeed, Managing Director at InMotion Ventures commented, “ev.energy is an exciting team at the forefront of the clean energy transition. Their market-leading technology, impressive list of partners, and ambitious roadmap are key reasons we participated in this latest round. We look forward to seeing the opportunities that will arise from ev.energy scaling up their operations.”
ev.energy will use these relationships to co-create services that leverage vehicle data, deliver smart charging and in the future realize the full potential of bi-directional charging. WEX Venture Capital’s investment will support the expansion of ev.energy’s solution to bring managed charging to fleet vehicles.
“This announcement is a significant milestone in ev.energy’s mission to support the electrification and decarbonization of transport and energy,” Nick Woolley commented. “Every person at ev.energy wakes up each day wanting to play our part, and we’re delighted to get this vote of confidence to help expand our mission.”
Beyond its work to enable a cleaner, more resilient grid, ev.energy’s B Corp certification has demonstrated its commitment to delivering broader social and environmental change. ev.energy has been a carbon-negative business for the past two years – with an estimated saving of 762 tons of carbon in 2022 alone.
For more information about ev.energy’s EV smart charging capabilities visit https://www.ev.energy/
Media contacts Mission Control Communications (North America) [email protected]
ev.energy is a Certified B Corporation® with a mission to make EV charging greener, cheaper, and smarter for utilities and their customers. Its end-to-end software platform wirelessly connects to a range of electric vehicles and chargers to intelligently manage EV charging while working with utilities to put cash back in customers’ wallets for charging at grid-friendly times. With a global base of utility, vehicle OEM and EVSE partners, ev.energy manages more than 120,000 EVs on its platform each day. Learn more at https://ev.energy/business.
About National Grid Partners
National Grid Partners (NGP) is the venture investment and innovation arm of National Grid plc, one of the largest investor-owned energy companies in the world. NGP invests for strategic and financial impact and leads companywide disruptive innovation efforts. The organization provides a multi-functional approach to building startups, including innovation (new business creation), pathfinding and incubation, corporate venture capital, business development and venture acceleration. We also convene the NextGrid Alliance (www.ngalliance.energy), a network of senior executives from more than 100 worldwide utility companies. NGP is headquartered in Silicon Valley and has offices in Boston, London, and New York. Visit ngpartners.com or follow us at www.twitter.com/@ngpartners_ and www.linkedin.com/showcase/national-grid-partners.
About InMotion Ventures
InMotion Ventures is the investment arm of JLR, and a core component of the business’ Open Innovation strategy. The fund invests in startups from Seed to Series B across electrification, connectivity, sustainability, industry 4.0 and digital services. Notable past investments include Lyft (exited in 2019), Ascend Elements, Circulor, Envisics, and Bumper. To find out more about InMotion Ventures: https://www.inmotionventures.com/
About WEX Venture Capital
WEX Venture Capital is the venture capital arm of WEX (NYSE: WEX) with an authorization of $100 million in capital focused on identifying and helping advance next-generation technology and companies focused on the energy transition. Investment areas of focus include fleet electrification, the electric vehicle (EV) charging ecosystem, energy management and optimization, and adjacent technology. WEX Venture Capital offers portfolio companies the potential to benefit from the breadth of WEX’s global fleet business and expertise, while guiding WEX fleet customers as they navigate the expected global EV transition. For more information, please visit https://vc.wexinc.com.
About ArcTern Ventures
ArcTern Ventures is a venture capital firm obsessed with helping solve the climate crisis and rethinking sustainability. ArcTern, based in Toronto with offices in Oslo and San Francisco, invests globally in breakthrough technology companies solving climate change and sustainability – we call it #earthtech. The fund was founded on the premise that accelerating the transition to a carbon-neutral economy will disrupt all industries and present an unprecedented opportunity for outsized financial returns. Solving our planet’s biggest problems will lead to big rewards—for companies, their investors, and of course, Mother Earth. https://www.arcternventures.com/
About Energy Impact Partners
Energy Impact Partners LP (EIP) is a global investment firm leading the transition to a sustainable future. EIP brings together entrepreneurs and the world’s most forward-looking energy and industrial companies to advance innovation. With over $3 billion in assets under management, EIP invests globally across venture, growth, credit, and infrastructure – and has a team of over 80 professionals based in its offices in New York, San Francisco, Washington D.C., Atlanta, Palm Beach, London, Cologne, and Oslo. For more information on EIP, please visit www.energyimpactpartners.com.
About Future Energy Ventures
Future Energy Ventures is a leading global venture capital firm investing in the energy transition. Set up in 2016, it invests in digital and digitally-enabled technologies and business models that have the potential to shape the future energy landscape with a strong focus on decarbonization. Typically focusing on digital, scalable and asset-light companies raising Series A and B funding, Future Energy Ventures seeks to transform the traditional energy value chain towards net zero while capitalizing on the investment opportunities presented by the transition to a fully renewable energy future. For more information, visit www.fev.vc
About Aviva Ventures
Aviva Ventures was set up in 2016 with an initial £100m investment, as part of Aviva’s commitment to innovation. The fund focuses on investments where Aviva can develop a strategic relationship. Investment themes include customer wellbeing, mobility, sustainability, and the opportunities created by new technology developments like Artificial Intelligence: www.aviva.com
SINGAPUR, 26 de julio de 2023 — Sunrate, una plataforma global inteligente de gestión de pagos y tesorería, anunció hoy que recaudó una cantidad adicional de capital en una ronda de financiamiento de Serie D-2 (extensión de la ronda original de Serie D) de Sequoia Capital Southeast Asia (ahora conocida como Peak XV Partners). Prosperity7 Ventures y Softbank Ventures Asia también contribuyeron en la ronda.
A través de este financiamiento, Sunrate acelerará sus planes de expansión global al impulsar el desarrollo innovador de sus tecnologías, profundizar en los productos y servicios de vanguardia, contratar a los mejores talentos de la industria y también ofrecer la flexibilidad para explorar oportunidades estratégicas adicionales.
Sunrate ofrece productos y servicios de pago globales para empresas de todo el mundo, como pagos internacionales, cobranza global, emisión de tarjetas comerciales y gestión de tesorería. Las empresas pueden realizar pagos a más de 150 países y realizar transacciones en más de 100 monedas diferentes. También disfrutan de servicios de cobranza global disponibles en más de 30 monedas, cobran en más de 10 de las principales monedas a nivel global (como si fueran pagos locales) y liquidan gastos con tarjeta en más de 15 monedas. Como parte de su visión global, que es la de impulsar la digitalización B2B, Sunrate también ofrece herramientas eficaces de gestión de tesorería como TreasuryOS y RiskOS, para permitir a las empresas gestionar y supervisar sus activos, pasivos y liquidez financiera.
Paul Meng, cofundador de Sunrate, expresó: «Iniciamos Sunrate con el modesto objetivo de mejorar la experiencia de pagos de las pequeñas y medianas empresas (“PYME”). A lo largo de los años, hemos sido testigos directos de cómo nuestros productos y servicios han beneficiado a las empresas al ofrecerles transacciones rápidas seguras y un servicio al cliente personalizado, así como costos más bajos y transparentes. Que inversionistas prestigiosos como Peak XV Partners se unan a nosotros en este viaje es testimonio de nuestro esfuerzo y desempeño, y nos consolida como la plataforma de pagos B2B transfronterizos líder a nivel mundial en los mercados emergentes. Al eliminar la fricción de los pagos comerciales y ayudar a las empresas a digitalizarse, Sunrate empodera a las empresas, permitiéndoles expandirse y crecer en diferentes países y regiones de manera eficaz y sin contratiempos».
Durante el último año, las operaciones de SUNRATE se han expandido significativamente y han adquirido un gran impulso en los mercados emergentes. SUNRATE tiene la intención de utilizar fondos de esta ronda para acelerar el crecimiento en los mercados emergentes, como el Sudeste Asiático e India, y seguir captando nuevos clientes a nivel mundial. La empresa seguirá atrayendo a los mejores talentos para estar a la altura de su trayectoria de crecimiento global general.
Abheek Anand, director general de Peak XV, expresó: “Los pagos comerciales transfronterizos sirven como base vital para el mercado mundial de comercio valuado en billones de dólares. Sunrate creó una red global de pagos propia y una diversa cartera de productos para ofrecer capacidades de pago rápidas, conformes y de bajo costo a clientes de varios mercados de Asia. Nos entusiasma asociarnos con el equipo a medida que continúan expandiéndose de manera rápida y sostenible como el líder del mercado emergente en esta enorme categoría”.
La afluencia de inversiones resulta oportuna ya que las oportunidades de mercado emergentes para Sunrate en los pagos internacionales B2B y de tarjetas siguen expandiéndose a un ritmo acelerado. Según FXC Intelligence, se espera que el mercado global de pagos transfronterizos B2B alcance un volumen total de USD 56.1 billones en 2030.
Acerca de SUNRATE
SUNRATE es una plataforma inteligente de gestión global de pagos y tesorería para empresas de todo el mundo. Desde su creación en 2016, Sunrate, reconocido como un proveedor de soluciones líder, ha permitido a las empresas operar y escalar tanto a nivel local como global en más de 150 países y regiones con su plataforma propietaria de vanguardia, su extensa red global y sus sólidas API. Con sede mundial en Singapur y oficinas en Hong Kong, Yakarta, Londres y Shanghái, SUNRATE colabora con las principales entidades financieras del mundo, como Citibank, Standard Chartered y Barclays, y es miembro principal de Mastercard y Visa. Para obtener más información sobre Sunrate, visite https://www.sunrate.com/
Acerca de Peak XV Partners (anteriormente Sequoia Capital India & SEA)
Peak XV Partners (anteriormente Sequoia Capital India & SEA) es una firma líder en inversiones de capital de riesgo y crecimiento que invierte en India, el Sudeste Asiático y más allá. Peak XV (pronunciado Peak Fifteen) era el nombre que se usaba para el Monte Everest antes de que se le llamara así. Encarna todo lo que creemos acerca de crear empresas duraderas que se mantengan firmes e inspiren la grandeza.
Durante los últimos 17 años de nuestras operaciones en la región, Peak XV ha crecido al punto de que actualmente gestiona más de USD 9,000 millones en capital en 13 fondos e invierte en más de 400 empresas. Para obtener más información, visite peakxv.com.
Nota importante: Este comunicado de prensa no es una oferta de venta ni una solicitud de una oferta de compra, si se llevará acabo ninguna venta de valores de Sunrate en ninguna jurisdicción en la que dicha oferta, promoción o venta de estos valores sea ilegal antes del registro o la calificación conforme a las leyes de valores de dicha jurisdicción.
SINGAPORE, July 27, 2023 — SUNRATE, an intelligent global payment and treasury management platform announced today that it has raised an extended Series D (Series D-2) funding round from Sequoia Capital Southeast Asia (now known as Peak XV Partners). Prosperity7 Ventures and Softbank Ventures Asia also contributed to the round.
The funding will enable SUNRATE to accelerate its global expansion plans by driving innovative development of its technologies, deepen cutting-edge products and services, hire top industry talent and also provide the flexibility to explore additional strategic opportunities.
SUNRATE provides global payment products and services for businesses worldwide, including international payments, global collection, commercial card issuance and treasury management. Businesses can make payments to more than 150 countries and transact in more than 100+ currencies. They also enjoy global collection services available in over 30 currencies, collect funds in over 10 major global currencies (as if they were local payments), and settle card spends in more than 15 currencies. As part of SUNRATE’s global vision to drive B2B digitalisation, it also offers effective treasury management tools such as TreasuryOS and RiskOS, to enable businesses to manage and oversee their financial assets, liabilities, and liquidity.
Paul Meng, Co-Founder at SUNRATE said, “We started SUNRATE with the modest goal of bettering the payments experience of small to medium-sized businesses (“SMBs”). Through the years, we have witnessed first-hand how our products and services have benefited businesses; by providing fast secure transactions, high-touch customer service as well as lower and transparent costs. Having prestigious investors like Peak XV Partners come onboard this journey with us is testament to our efforts and performance – in cementing ourselves as the go-to leading global cross-border B2B payment platform in emerging markets. By removing business payments friction and helping businesses to digitalise, SUNRATE empowers businesses — helping them to scale across borders seamlessly and effectively.”
In the last year, SUNRATE’s business has significantly scaled and achieved great momentum across emerging markets. SUNRATE intends to use funds from this round to accelerate growth in the emerging markets, such as Southeast Asia and India, and continue to onboard new customers globally. The company will continue to bring in top talents to match its overall global growth trajectory.
Abheek Anand, Managing Director at Peak XV said, “Cross-border business payments serve as a vital foundation for the multi-trillion dollar global trade market. SUNRATE has built a proprietary global payment network and a diverse product portfolio to provide fast, compliant, and low cost payment capabilities to customers across multiple markets in Asia. We’re excited to partner with the team as they continue to expand rapidly and sustainably as the emerging market leader in this massive category.”
The influx of investment is timely when the emerging market opportunities for SUNRATE in global cross-border B2B and card payments are still expanding at a rapid pace. According to FXC Intelligence, the global B2B cross-border payments market is expected to total US$56.1 trillion in volume by 2030.
About SUNRATE
SUNRATE is an intelligent global payment and treasury management platform for businesses worldwide. Since its inception in 2016, SUNRATE is recognised as a leading solution provider and has enabled companies to operate and scale both locally and globally in 150+ countries and regions with its cutting-edge proprietary platform, extensive global network, and robust APIs. With its global headquarters in Singapore and offices in Hong Kong, Jakarta, London and Shanghai, SUNRATE partners with the top global financial institutions, such as Citibank, Standard Chartered, Barclays and is the principal member of both Mastercard and Visa. To learn more about SUNRATE, visit https://www.sunrate.com/
About Peak XV Partners (Formerly Sequoia Capital India & SEA)
Peak XV Partners (formerly Sequoia Capital India & SEA) is a leading venture capital and growth investing firm investing across India, Southeast Asia and beyond. Peak XV (pronounced Peak Fifteen) was the name used for Mount Everest before it was called that. It embodies everything we believe about building long-lasting businesses that stand tall and inspire greatness.
Over the last 17 years of our operations in the region, Peak XV has grown to manage over USD 9 billion in capital across 13 funds and invested in over 400 companies. To know more, check out peakxv.com.
Important note: This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of securities of SUNRATE in any jurisdiction in which such offer, solicitation or sale of these securities would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
