Backed by General Mills, MassMutual, and Bank of America, the firm invests in early-stage food technology companies

LOS ANGELES, July 24, 2023 — Supply Change Capital, a venture capital firm that invests in the future of food, today announced the close of its inaugural $40M Fund. One of the largest Latina-led funds, the firm has deployed over $13 million across 15 early-stage food and agriculture technology companies since June 2021. Investments include deep tech food, agriculture and ingredient companies, supply chain technology, and enterprise software. Latinx, Black, and/or Female Founder/CEOs comprise 80% of the portfolio.

“Supply Change Capital represents the future of food and the venture industry,” said Johnny Tran, managing director, 301 INC, the venture capital arm of General Mills. “As a leading investment firm in early stage food and agriculture technology companies, Supply Change Capital has a pulse on the cultural, demographic, and sustainability shifts needed to usher in the next wave of groundbreaking innovations for our industry.”

Limited Partners in Supply Change Capital include 301 INC, MassMutual through its First Fund Initiative, the Office of the Illinois Treasurer through the Illinois Growth and Innovation Fund, Bank of America, Illumen Capital’s Catalyst Fund, and J.P. Morgan Asset Management. Supply Change Capital is female and Latina-owned, a rarity in the world of venture capital. According to Pitchbook just 16.1% of venture capital decision-makers are female;¹ LatinxVC reports that only 2% of venture capitalists are Latina/Latino.²

“From our intersectional set of investors to our robust portfolio, we’ve seated a venture firm platform that can endure and thrive. Ultimately, each LP, founder, and stakeholder in our community understands the same thing we do: we are on the precipice of a transformative change at the intersection of food, culture, and technology,” said Noramay Cadena, Founder and Managing Partner of Supply Change Capital. “With 40 years of combined operating and investing experience, we’ll be the team leading investments through this evolution to a more inclusive and sustainable food system.”

Supply Change Capital is led by Noramay Cadena and Shayna Harris, two industry veterans who met in business school at MIT Sloan in 2009. With four degrees from MIT and a Fulbright Scholarship between them, the partners have made more than 100 investments to date. Cadena is a mechanical engineer who spent over a decade bringing complex space programs to market at Boeing and then pivoted to venture capital in 2015, investing across sectors and stages. Harris is a sought-after food industry expert, with C-Suite executive leadership and strategy experience in fast-growth food and software startups, and a tenure as a global lead for sourcing and impact at Mars.

Cadena and Harris evaluated the market and uncovered the overlooked and underinvested-in trends that were impacting the $10 trillion global food industry.³

“Supply Change Capital invests in the technologies that underpin a more resilient food system. We invest through the lens of climate and culture, table stakes given the current existential crisis that our planet and society faces,” said Shayna Harris, Founder and Managing Partner of Supply Change Capital. “The food industry is responsible for a third of climate emissions. Multicultural citizens account for nearly all of US population growth; by 2050 there will no longer be a ‘minority’ in the US. However, according to Pitchbook, 98%⁴ of venture capital dollars go to male founders while Diversity VC estimates that 70% of venture-backed founders are white⁵, leaving the remaining population nearly untapped for early stage funding and creating a significant opportunity loss for further innovation.”

The Supply Change portfolio illustrates the pivotal opportunity to invest with a sustainability, health, and diversity lens in the food and agriculture industry.

• 100% of the portfolio companies have positive impacts on environmental, health, and/or diversity outcomes.
• 73% are focused on positive environmental outcomes related to the atmosphere, soil health, biodiversity and/or water.
• 60% of the portfolio offers products and services to improve health.

“As an early investor, Supply Change Capital has been an instrumental partner since our pre-seed round,” said Michelle Ruiz of Hyfé, a biotechnology company repurposing food processing wastewater to alternative feedstocks for biomanufacturing. “Noramay and Shayna bring valuable investing, operator, and industry expertise to the cap table. We have recommended other founders to Supply Change and they are one of our strongest investment partners.”

About Supply Change Capital:

Supply Change Capital invests in the future of food. With a lens for culture and climate, investments focus on early stage technology companies that are responding to the seismic shift that is occurring in the $10 trillion global food industry. The firm is women and Latina-owned. Backed by 301 INC (the venture capital arm of General Mills), MassMutual through its First Fund Initiative, the Office of the Illinois Treasurer through the Illinois Growth and Innovation Fund, Bank of America, Illumen Capital’s Catalyst Fund, and J.P. Morgan Asset Management, they have invested in 15 companies to date out of their debut fund; Latinx, Black, and/or Female Founder/CEOs comprise 80% of the portfolio.

The firm is led by two GPs who combine food domain expertise with tech and investing experience. Noramay Cadena is an aerospace engineer turned investor. She’s been investing for the last 8 years, including as the GP of a micro VC firm that invested in over 20 manufacturing and supply chain companies. Shayna Harris’ career spans two decades as a pioneering operator and visionary builder. As Chief Operating Officer, she built venture-backed Farmer’s Fridge to tens of millions in revenue. As an intrapreneur, she developed the sustainable commodities program at Mars. The duo met in business school in 2009 and share 4 degrees from MIT and +100 investments between them, including 15 in the Supply Change portfolio. The firm is headquartered in Los Angeles and Chicago.

Learn more at www.supplychange.fund

¹https://files.pitchbook.com/website/files/pdf/2022_All_In_Female_Founders_in_the_US_VC_Ecosystem.pdf
²https://uploads-ssl.webflow.com/613a3a58a5faf7d03f5df48f/6157581069a40d7be7375a2d_LatinxVCs_state.pdf
³ https://www.statista.com/outlook/cmo/food/worldwide
⁴ https://files.pitchbook.com/website/files/pdf/Q4_2022_PitchBook-NVCA_Venture_Monitor.pdf
⁵https://venturebeat.com/games/diversity-vc-reports-1-87-of-venture-capital-allocated-to-women-and-minority-owned-startups/ 

SOURCE Supply Change Capital

SINGAPORE, July 24, 2023 — Singapore-based Motion G, Inc. has closed a new round of funding led by Episteme, Inc., securing an additional US$16 million. By leveraging advancements in machine learning, AIGC, data science and digital twin technologies, the firm aims to revolutionize the engineering process to significantly drive productivity.

Through its AI-powered generative engineering platform, Motion G delivers groundbreaking integrated solutions for industry applications including motion control and flexible transport, raising the bar for productivity by accelerating projects from concepts to reality with unparalleled speed and accuracy. The solutions have been applied rapidly in multiple industries.

In its pursuit of transforming traditional testing practices, Motion G is also creating an intelligent testing system which will enable engineers to seamlessly combine generative virtual trials with real-time field testing, dramatically increasing overall efficiency.

Through these exemplary innovations, Motion G is dedicated to pushing the boundaries of what is possible and engineering a productivity revolution across industries.

SOURCE Motion G, Inc.

The web3 venture capital firm led this $6 million seed round

LOS ANGELES, July 21, 2023 — Shima Capital today announces its seed round investment in Artela Network, a blockchain infrastructure startup founded by a team of industry veterans. Other contributors in the round include A&T Capital, Big Brain Holdings, SevenX, Dispersion, Amino, and others.

The Artela team is pioneering a unique solution designed to answer the rising need for large-scale, decentralized apps by creating a base-layer blockchain network. The unique architecture of Artela encourages developers to create custom extensions in a modular style directly on the blockchain’s base layer. This facilitates improved programmability within the blockchain and equips developers to create custom functions in a nimble and dynamic fashion, speeding up the pace of innovation and widening the scope of possibilities.

“Artela formally brings to web3 the web2 paradigm of aspect-oriented programming by introducing an extensible blockchain network that allows builders to construct modules and extend modular services to achieve chain-native customization within a single public blockchain network,” said Yida Gao, Founder and Managing General Partner at Shima Capital.

Shima is excited for what the future holds at Artela. The company is also introducing an extension layer called Aspect which will allow the inclusion of a user-defined native extension. Aspect amplifies programmability and ensures seamless integration with existing smart contract models. The company has said it plans to release the Aspect whitepaper and kick off the first testnet later in 2023.

For more on Shima Capital, visit www.shima.capital. For more on Artela, visit www.artela.network.

About Shima Capital

Shima Capital is a leading early stage VC firm, founded by Yida Gao in 2021, investing in disruptive blockchain companies. The fund is deeply focused on taking a hands-on approach and working closely with its portfolio companies to provide the most sweat equity per dollar invested. As teams in Web3 push the frontier of innovation, Shima helps hire talent, build community, amplify narratives, and foster the acceleration of technical research and development. Shima is composed of seasoned investors, accomplished operators, and former founders who align on a mission to support all-star teams with building and scaling generational companies. For more information visit https://shima.capital/.

Contact:
***@shima.capital

Photo(s):
https://www.prlog.org/12975147

Press release distributed by PRLog

SOURCE Shima Capital

LOS ANGELES, July 21, 2023 — Leveraging its revolutionary platform to link tech startups with the GenZ demographic, Ubique Network is making tremendous strides and exceeding expectations. By implementing a multi-channel strategy approach to startups’ growth, the company provides college students with valuable experiences and career opportunities, forging a path to success for its clients eager to market their product, and elevate their brand.

Focusing heavily on optimizing clients’ messages and key performance indicators while ensuring a high conversion rate and low acquisition costs, Ubique Networks is quickly developing a niche in college marketing that resonates with the GenZ audience. Through collaboration with several respective colleges, the company secures talented and passionate individuals that possess various marketing, creativity, integration, and other results-driven skills to establish mutually beneficial relationships with startups. These are Ubique Network’s college-ambassadors.

“Ubique Networks is building, growing, and empowering a community of high-motivated young entrepreneurs by relying on ambassadors to accelerate the success of early-stage tech startups in the marketplace,” explained Corrado Summartia, founder and chief executive officer. “As a startup growth accelerator, we specialize in helping these companies reach their growth marketing goals. We also enhance their organic growth potential by assisting them with their messages, websites, and in-app developments through focus groups and pilot programs.”

An indispensable asset to the company, the ambassadors representing Ubique Network work closely with these brands to promote their products and services on campus, and within their circle of friends, and communities. More specifically, these vital participants utilize multichannel marketing processes to accurately and effectively convey each message – connecting the brand with the community.

Startups We’ve Worked With

Ubique Network has established business relationships with various startups, including the sustainable second hand thrift shopping app Teleport, the AI powered fashion startup Statement, the social media app Katchup, and the dating app Doubble. Instrumental in their success, Ubique has supported their growth initiatives and activations in college marketing operations, consulting, and strategy planning.

What does the future of Ubique Network look like?

Ubique Network plans to forge future partnerships with other startups with mutual interests in working with college students to market their mobile apps to the GenZ audience. The company also aims to empower these students to follow their passion and interest in their respective industries. Ubique Network is planning to assist three more startups in the dating, health and fitness, and social networking industry in the 2023 Fall college semester. Moreover, Ubique envisions continued growth by providing integrated college marketing solutions that build momentum and guarantee high efficiency in a fast-paced environment.

About Ubique Network

Initially launched in October 2022 as a one-man operation, Ubique Network’s digital presence began to take shape the following January. Today, Summaria leads a team of highly trained experts in their field and several contractors. Based in Los Angeles with an office in a co-working space in Beverly Grove at the startup company Spaces, Ubique is focused on connecting early-stage startups with the GenZ audience to attain better conversion rates for startups, and career opportunities for college students. Ubique also partners and supports nonprofit organizations through its extensive college network, and other relative partnerships with student-led organizations in developing targeted growth marketing strategies for user acquisition and brand awareness.

Media Contact:

Corrado Summaria, Founder & CEO
Ubique Network
+13108909230
[email protected]
https://www.ubiquenetwork.org
Personal LinkedIn: https://www.linkedin.com/in/corradosummaria
Ubique Network LinkedIn: https://www.linkedin.com/company/ubique-network/

SOURCE Ubique Network

LISLE, Ill., July 21, 2023 — Hubly Surgical, a leader in neurosurgical innovation, has successfully closed its Series Seed funding round at an oversubscribed $3 million. The investment comes on the heels of the company’s recent FDA Clearance for the Hubly Drill, a groundbreaking and patented device poised to revolutionize bedside neurosurgery. The funds will be instrumental in bringing the Hubly Drill to market and driving further advancements in the surgical field.

With FDA Clearance in hand, Hubly Surgical has achieved a significant milestone in its mission to redefine neurosurgical care. The rigorous regulatory approval process ensures the safety and efficacy of the Hubly Drill, giving investors confidence in the company’s trajectory toward financial growth and positive patient impact.

The oversubscribed $3 million Seed round comprises several key investors: the vast majority of the raise came from the Hubly Surgical commission-only distributor sales force, existing Hubly investors, and from neurosurgeons and physician-centric funds. Each group validates a core pillar of the company’s performance metrics and strengthens strategic partnerships. 

The secured $3 million funding will drive Hubly Surgical’s growth objectives. The company will expand its commercial launch to three additional regions in the United States, increasing access to the flagship cranial drill product. Further, Hubly Surgical plans to invest in post-market clinical data collection and new product development efforts in partnership with Ontogen Medtech to address additional patient indications.

“FDA Clearance is our most significant milestone to date, but it wouldn’t be as powerful without the resources to commercialize. I am honored and thrilled to have solicited such strong support from our sales force, existing investors, and the neurosurgeon users, all of whom share our vision for transforming neurosurgical procedures,” said Founder/CEO of Hubly, Casey Qadir (m. Grage). “With this investment, we are well-positioned to provide innovative solutions that improve surgical outcomes in all settings.”

About Hubly Surgical
Founded in 2019, Hubly Surgical is a medical device company with a mission to improve patient outcomes and quality of care for surgical procedures, inclusively, across standard and underserved settings, starting with bedside cranial surgery. The Company has developed and launched the Hubly Drill with a vision to become the standard of care for bedside cranial access, making its lethal complications a “never event.” The Company is located in Lisle, IL.

For media inquiries, please contact:
Casey Qadir (m. Grage) 
[email protected]
1-(844)-HUBLY-42

SOURCE Hubly Surgical

Venture firm discusses investment opportunities and challenges in cutting-edge fields

HONG KONG, July 21, 2023 — BlueRun Ventures China (BRV China), a leading early-stage technology-focused venture firm, held Explorer Day in Hong Kong on July 19 to share views on opportunities and challenges from various sectors under the theme of “Artificial Intelligence Skyrocketed: Capturing the Next Trillion-dollar Opportunity”.

The event was organized in partnership with InvestHK, the Greater Bay Area Homeland Investments Limited, Hong Kong Cyberport Management Company, and with support from HKAI Lab.

The event was the third in a series, following similar events in Silicon Valley and Singapore. It gathered entrepreneurs, business leaders, government associations, and academics to explore the entrepreneurial ecosystem during a time of unprecedented global change. With over 100 guests in attendance, BRV China Managing Partners Jui Tan and Terry Zhu, along with founders from portfolio companies, discussed and shared insights on the revolutionary changes brought about by artificial intelligence and the opportunities this could present for Hong Kong.

In his opening speech, Jui Tan said that Hong Kong, as an international financial center and business hub, holds a unique strategic position. The integration strategy of the Greater Bay Area has further empowered Hong Kong to embark on a new chapter as a global hub of scientific innovation. As the market enters a new trillion-dollar innovation cycle, BRV China hopes to play a part in integrating Hong Kong’s existing industrial advantages with the accelerated development of AI.

Terry Zhu said AI is undoubtedly the dominant theme of technology venture capital this year, but conversations about AI cannot be limited to AI alone. Given its powerful capabilities, AI must be organically integrated with vertical industries to generate change. BRV China will adhere to its consistent investment logic, with a close focus on large-scale multimodal models, while also paying attention to the myriad of possibilities across various vertical industries.

The current era is one of increasing uncertainties. That said, it is also an age where a new cycle of scientific innovation is flourishing. Going forward, BRV China remains fully committed to collaborating with global entrepreneurs to fully immerse in this historic wave of technological innovation.

About BRV China

BlueRun Ventures China (BRV China) is a leading early-stage venture firm in China with offices in Beijing and Shanghai. Having its heritage in Silicon Valley since 1998 and entered China in 2005, BRV China has managed over $2 billion through multiple USD and RMB funds, with over $1 billion cash distributions. BRV China focuses on investing in entrepreneurs who create a sustainable impact through technological innovations across enterprise services, transportation and smart machine, digital healthcare, and consumer technology sectors in China. The firm has invested in more than 150 portfolio companies, including Li Auto (NASDAQ: LI), QingCloud (688316.SH), WaterDrop (NYSE: WDH), Energy Monster (NASDAQ: EM), Mogujie/Meilishuo (NYSE: MOGU), Qudian (NYSE: QD), Ganji/58.com, PPTV, Guazi, Meishubao, Nanyan, Shanzhen, Gaussian Robotics, Yi Auto, Pinecone, etc. The firm has been recognized as the “No.1 Early-Stage Investment Firm” in China by Zero2IPO and ChinaVenture, and “Consistent Performing Venture Capital Fund Manager” by Preqin. For further information, please visit https://www.brv.com.cn/en/.

SOURCE BRV China

Talented, diverse, and experienced leaders tapped to support Maryland’s economic engine for technology companies

COLUMBIA, Md., July 20, 2023 — TEDCO, Maryland’s economic engine for technology companies, held its annual election for the board of directors’ executive officers, reaffirming another term for Chair Omar Muhammad of Morgan State University (MSU).

TEDCO’s full slate of executive officers are:

“I’m excited to continue serving on the board of directors. Our work has focused on supporting TEDCO’s mission of creating an enhanced, diverse and inclusive ecosystem throughout the state, and we look forward to continuing this mission through the various resources and programs TEDCO has to offer,” said Omar Muhammad, chair of the board. “In particular, I am excited to move forward with the Cultivate Maryland initiative, a major project that will support the growth of a diverse innovation economy thereby increasing Maryland’s competitiveness as an innovation economy and supporting larger retention and attraction of trained workers.”

“Our board continues to bring invaluable experience and perspectives to TEDCO,” said Troy LeMaile-Stovall, TEDCO CEO. “We thank last year’s executive officers for the service and dedication they offered. To returning members, we cannot wait to continue working with you—together, I know we can achieve a more diverse and sustainable innovation ecosystem in Maryland.”

TEDCO is managed by a 19-member Board of Directors, 14 of whom are appointed by the Governor, two appointed by the President of the Maryland Senate; and two appointed by the Speaker of the Maryland House of Delegates – each to staggered 4-year terms. The 19th member is the Maryland Secretary of Commerce, who serves ex officio.  Each member appointed by the Governor is confirmed by the Senate.

TEDCO’s full board of directors are: Chair, Omar S. Muhammad, MSU; Vice Chair, Ellen Flowers-Fields, College of Southern Maryland; Secretary, Kathie Callahan Brady, FITCI; Treasurer, Jeffrey Rhoda; Assistant Treasurer, Eben Smith, Three|E Consulting Group; Rondall Allen, University of Maryland Eastern Shore; John Bohanan, Cornerstone Government Affairs; Clifford Coppersmith, Chesapeake College; Kevin Anderson, Maryland Department of Commerce; Matthew Lee, FASTech; Myra Norton, Arena Analytics; Amita Shukla, Vitamita; Chung Hei Sing, Applied Derivative Research; David Tohn, BTS Software Solutions; Robert Wells, Baker Donelson; and Thomas Bundy III, Lawrence & Bundy.

Omar S. Muhammad serves as the director and EN-TRE-PRE-NEUR for the EDAC at Morgan State University (MSU) and has been actively involved in entrepreneurship since the age of 12, served as a vice president for a non-profit organization where he operated a $4 million small business loan fund within Baltimore’s Empowerment Zone, provided small business counseling and entrepreneurial training for women and other budding and existing entrepreneurs.

Ellen Flowers-Fields has more than 25 years of experience in workforce development and human capital management and is currently serves as associate vice president for Continuing Education and Workforce Development at the College of Southern Maryland. In this position, she is responsible for overseeing all areas of the non-credit economic and community development programming including the Center for Trades and Energy Training, Maryland Center for Environmental Training, the Workforce Center, the SBDC, the Non-Profit Institute, the Transportation Center and adult basic education.

Kathie Callahan Brady has been president and CEO of Frederick Innovative Technology Center, Inc. (FITCI) since 2016. Prior to this position, Callahan Brady founded four successful companies in various industries and has over 30 years’ executive-level experience in IT, real estate and business development, which she draws upon to help others achieve success.

Jeffrey Rhoda has spent more than 40 years in the technology industry with IBM in areas including sales, marketing, channels, and ibm.com. Prior to retiring in June 2019, Rhoda was the general manager, of the Greater China Group located in Beijing and responsible for IBM’s business in China. He has extensive global experience having lived in Shanghai, Singapore, Sydney, Seoul and Beijing in addition to his native country, the United States of America.

Eben Smith is president of Three E Consulting Group with two decades of business management experience in both the public and private sector with key emphasis in supplier diversity, strategic sourcing, economic development, community engagement and contracting and procurement. Over the last 20 years he has worked closely with other regional, state and local leaders to create jobs, grow the economy and create capacity in the minority business community.

Rondall Allen, Ph.D, is the chief academic policymaker at the University of Maryland Eastern Shore (UMES). Allen has over 30 years of experience in the profession of pharmacy and has practiced in a variety of settings to include community pharmacy, acute care, ambulatory care, and the pharmaceutical industry. As a clinician, he developed and implemented two outpatient anticoagulation clinics in which he managed patients with deep vein thrombosis, pulmonary emboli, atrial fibrillation and other clotting disorders.

Commerce Secretary Kevin Anderson is Founder & CEO of Cardinal Atlantic Holdings (CAH), an economic and community development firm targeting scaled social impact and investment in urban centers. With specializations in real estate and education technology, CAH advises funds, corporations and governments on economic and community development strategies and projects.

Former Delegate John L. Bohanan, Jr. joined Cornerstone Government Affairs in October 2015. He served on the staff of U.S. House Majority Leader Steny Hoyer for 22 years and as a member of the Maryland House of Delegates for St. Mary’s County from 1999 until 2015. For 21 years, John was principally responsible for interfacing with the Congressional District’s two largest military installations – Patuxent River Naval Air Station and Indian Head Naval Surface Warfare Center. 

Thomas Bundy III is TEDCO’s newest Board member. A partner at Lawrence & Bundy, he regularly represents Fortune 500 companies across the country in numerous trials, arbitrations and alternative forms of dispute resolution. While his practice is commercial in nature, Bundy focuses on traditional employment issues such as: civil rights litigation, including discrimination and harassment; wage and hour disputes; whistleblower claims; trade secret protections; Employee Retirement Income Security Act (ERISA) litigation; Worker Adjustment and Retraining Notification (WARN) Act, Fair Labor Standards Act (FLSA), Dodd-Frank compliance; and employment due diligence and audits.

Clifford Coppersmith, a military veteran and former intelligence officer with the Central Intelligence Agency, is now in his fifth year as the president of Chesapeake College where he focuses on the mission to provide liberal arts transfer and workforce training programs for the region.

Chung Hei Sing is the CEO of Applied Derivative Research, an impact-oriented research platform leveraging technology to preserve and grow wealth in a way that positively impacts society. Passionate about impact, he is an advisor to AARP, an aging-focused nonprofit, and board member to Corporate Esports Association, an esports for charity and HR-solutions focused organization.

Matthew Lee founded FASTech Inc. a business offering a wide range of services including custom application and database design, network engineering and desktop support, web technologies, digital audiovisual technologies, and cybersecurity. Prior to this, Lee served as an electronics engineer at the Army Research Laboratory where he managed custom hybrid products.

Myra Norton is the president & CEO of Arena, a technology company that helps organizations vitalize, stabilize, and diversify their workforces to improve organizational performance and impact. She serves as Immediate Past Chair on the Executive Committee of TEDCO.

Amita Shukla is the founder and CEO of Vitamita, which focuses on developing transformative ideas for human well-being, and the author of Enduring Edge: Transforming How We Think, Create and Change. Prior to Vitamita, she spent close to nine years at the venture capital firm New Enterprise Associates (NEA) where she evaluated and invested in healthcare innovations. Before NEA, she helped found and lead several startups. Shukla was first appointed to the TEDCO board in 2010 and is currently its longest-serving member.

David Tohn is a retired Army Colonel with over 24 years’ leadership experience in tactical and strategic intelligence, command, operations, strategic planning and, as a plank-holder in Army full-spectrum cyber operations, policy, planning, and capabilities development; currently, Tohn serves as the CEO of BTS Software Solutions.

Robert Wells is a shareholder in Baker Donelson’s Baltimore office where he represents clients in health care regulatory and corporate matters. He handles complex legal and operational matters, such as the development and implementation of corporate compliance programs that involve the integration of corporate governance, business operations, risk management, and compliance; and the challenging regulatory issues governing pharmaceutical and medical device companies.

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.

Media Contact
Tammi Thomas, Chief Development & Marketing Officer, TEDCO, [email protected]

SOURCE TEDCO

The company’s patented technology helps to drastically reduce CO2 emissions from Earth’s atmosphere.

MIAMISBURG, Ohio, July 20, 2023 — An innovative solution to the problem of carbon emissions is about to get a lot more funding. Aeroseal, a climate-tech startup with a system to reduce energy leaks to almost zero in some buildings, is receiving a $67 million Series B funding round led by Breakthrough Energy Ventures and Climate Investment.

“Buildings are a critical, yet hard to decarbonize, sector, and Aeroseal’s technology is quickly making an immediate impact on emissions,” says Carmichael Roberts, Breakthrough Energy Ventures. “The company’s solution will make it easier to electrify both new and existing buildings by significantly reducing HVAC demand and mitigating wasted energy from conventional heating and cooling systems.”

With support from several top U.S. home builders and a network of specialized HVAC dealers in the U.S. and Canada, Aeroseal has sealed 260,000 buildings (residential and commercial) since its inception. Company CEO Amit Gupta says that with the new funding, Aeroseal hopes to secure that many buildings annually within three years.

“We expect our momentum to continue with the world’s increased demand for healthier energy-efficient spaces, tighter regulations, and greater incentives tied to adopting newer codes,” Gupta says. “This is just the beginning.”

Buildings contribute approximately 40% of the world’s carbon emissions, according to the World Green Building Council.  Furthermore, almost half of the energy used to heat or cool a building gets wasted due to leaks in its air duct system.  

Aeroseal’s technology delivers sticky polymers into a building’s air ducts and envelopes to create seals where manual sealing methods can’t. Studies show homeowners can save thousands of dollars on energy bills in a short period with an Aeroseal-treated house.

“Aeroseal’s approach to reducing energy consumption in buildings by addressing air leakage is truly innovative and industry-leading,” says Marc Van Den Berg, Global Managing Director for Ventures at Climate Investment. “Its products have been proven to reduce energy consumption by an average of 30%, significantly impacting the environment and building operations. We are proud to have Aeroseal as a valued member of our Climate Investment portfolio.”

Learn more about Aeroseal and this funding round by reading the company’s full news release here. 

About Aeroseal, LLC
Aeroseal is changing the definition of what makes a healthy, energy-efficient building. Its one-of-a-kind carbon dioxide removal technology produces a gum that seals air ducts and building envelopes more efficiently than any other method. The application requires no lifestyle change for building tenants, no building renovation, and can be done in a single afternoon. Aeroseal’s patented methods are one of the best ways to reduce energy loss from buildings and improve HVAC system performance. The company is dedicated to removing one gigaton of carbon dioxide from the earth’s atmosphere annually. That’s enough to fully load 10,000 U.S. aircraft carriers or equal the mass of all non-human land mammals worldwide. Aeroseal has over 200 employees in Dayton, Ohio, who serve contractors, builders, and building owners by sealing ducts and walls in their homes and properties. Visit www.aeroseal.com for more information.

SOURCE Aeroseal, LLC

CAMBRIDGE, Mass. and SAN JOSE, Calif., July 20, 2023 — Converge, led by Nilanjana Bhowmik and Maia Heymann — two of the region’s most highly-regarded venture capitalists — today announced the addition of Anshu Agarwal as a General Partner to launch the firm’s Silicon Valley presence.

In the premier technology market of the world, known for its hyper-competitiveness and winner-take-all attitude, Agarwal built four successful B2B startups as a founding member or early executive, successfully exiting each to a publicly traded company, and leveraged that expertise and network to found her own startup as a CEO, successfully selling it in under three years to a public company.

Ahead of a seismic shift in cloud computing, Agarwal co-founded Nimbella, leading the company as CEO from ideation to exit.  Nimbella, a Converge portfolio company, pioneered serverless computing, and was acquired in 2021 by DigitalOcean. Post-acquisition, Agarwal served as the VP and GM of DigitalOcean’s Serverless & Kubernetes business unit, driving the product adoption to DigitalOcean’s more than 600,000 customers.

From 2000 to 2018, Agarwal was an executive or founding member of four successful Silicon Valley B2B startups: Speedera Networks, a content-delivery-network pioneer acquired in 2005 by Akamai, Ankeena, a high performance media delivery solution acquired in 2010 by Juniper Networks, ConteXtream, a software-defined-networking and network-function-virtualization pioneer acquired in 2015 by HP, and Cedexis, a cloud infrastructure provider acquired in 2018 by Citrix Systems. At each company, Agarwal oversaw product strategy and product marketing, critical functions that shape new tech markets, and helped drive each company to a successful acquisition by a large public company.

Prior to embarking on her entrepreneurial journey, Agarwal was a leading AI researcher in speech at Motorola Research Labs and her graduate thesis was in neural networks for speech and image recognition.

Startup Experience and VC Know-How Capitalize on Pivotal Industry Shifts

Agarwal’s depth of operational expertise is complemented by Bhowmik and Heymann’s considerable investment prowess. Investing at the earliest stages of B2B company formation in Pre Seed, Seed and Series A rounds, the Converge portfolio includes Chainalysis, a blockchain data platform that raised a Series F round led by GIC valuing the company at $8.6B; BlueConic, a customer data platform majority acquired by Vista Equity Partners; and several other fast growth B2B tech companies including TrustCloud, RevenueBase and Amper.

“When you have the opportunity to work with an A+ player and bring them to your team, you grab it,” said Heymann, Converge General Partner. “Anshu’s rare five times successful startup-to-exit experience makes her a unique partner to the founders we back.”

“As a founder, I had the opportunity to work with Nilanjana and Maia when I started Nimbella. They were a unique firm: they gave me their invaluable support, connections and advice when I needed them – both during the challenging times of Covid, as well as the acquisition opportunities that came our way, while respecting my role as the CEO,” said Agarwal. “Now, as an investor, I am excited to fund companies with them that are disrupting markets and to support founders in their journey through my experience while adding our Valley boots on the ground.”   

About Converge
Led by seasoned venture capital veterans and experienced company builders, Converge invests principally in the bi-coastal tech centers of Boston, New York and Silicon Valley, and in select technology markets including Toronto and Israel in early stage B2B technologies, including Artificial Intelligence (AI), cloud and blockchain infrastructure and edge computing, and Robotics.

Learn more at www.converge.vc 

Media Contact:  
Sarah Fraser
[email protected]
650-743-0660

SOURCE Converge