The report by the UCLA Luskin School of Public Affairs reinforces the importance of PledgeLA’s recent goal to help double the diversity in Los Angeles’ venture capital portfolios within five years.

LOS ANGELES, Aug. 15, 2023 — A new report from the UCLA Luskin School of Public Affairs that tracks investments made by LA-based venture firms connected to the Annenberg Foundation’s PledgeLA initiative found slight increases in funding to women and Black founders when compared with the previous year. However, there are still many gaps remaining, especially when it comes to check size and venture firms’ comparative assets under management.

From an analysis of 2022 investments made by 75 LA-based venture firms in 884 tech startups led by 1,663 founders and co-founders, the following insights emerged:

• In 2022, 30% of companies receiving investment were led by women, Black, and/or Latinx founders.
• However, these founders only received 4.6% ($6.4 billion) of the $139 billion invested in 2022.
• VC firms led by underrepresented minorities and those with a diversity thesis were almost twice as likely to back Latinx and women founders, and four times more likely to invest in Black founders.
• Traditional VCs had an average of $335M of assets under management (AUM), far exceeding VC firms led by underrepresented minorities ($53M), VC firms with a diversity thesis ($33M), or VC firms led by women ($17M).

“To meet the complex challenges of the 21st century, we must ensure access to capital isn’t a barrier to innovation,” said Noramay Cadena, PledgeLA Advisory Committee Member and Managing Partner of Supply Change Capital, who just closed a $40M debut fund. “It’s time to shift the paradigm around backing companies (and funds) led by women and people of color – not as a charitable activity, but as filling long-standing innovation gaps and creating new opportunities that are great for business.”

To help focus the LA venture ecosystem on closing these gaps, PledgeLA announced a new regional goal called “50 in 5” during LA #TechWeek in June. The goal seeks to drive 50% of all venture investments to companies led by women, Black, and Latinx founders by 2028 (up from the current level of 30%). While this will require nearly doubling the current number of such companies receiving funding, Los Angeles has long been a national leader in portfolio diversity. The peak year, 2020, showed 39% of all venture investments going to these founder segments.

“We’ve seen study after study highlight how women founders and founders of color are more efficient and impactful in returning more of that capital to investors,” said Annenberg Foundation Executive Director Cinny Kennard. “In an industry so driven by data, we look forward to seeing the future findings align with investment practices.”¹²

The 2023 report, completed by a research team led by Dr. Jasmine Hill at the UCLA Luskin School of Public Affairs, is the fourth in a series of reports on access to capital within PledgeLA venture firms. It remains the largest, most robust analysis of portfolio diversity in the Los Angeles tech ecosystem. Read the report here.

Beyond reports and regional goals, PledgeLA is deploying a new set of programs that focus squarely on access to capital. These include a new event series designed to connect LPs with underrepresented fund managers, plans for a new regional equity-based fund-of-funds, and an updated version of the initiative’s successful VC Internship Program that will help increase awareness of venture capital and startup investing at LA-area universities. The PledgeLA team has also collaborated with leaders in other tech hubs, and is currently working to support the launch of a New York City-based effort this fall.

PledgeLA is a coalition of more than 215 LA venture capital firms and tech companies working to increase equity, community engagement, and accountability among LA companies.

¹ Forbes, https://www.forbes.com/sites/forbesbusinesscouncil/2022/12/01/the-road-to-redemption-lets-get-more-women-funded/?sh=2745b1b01a25

² Bloomberg (Kauffman), https://www.bloomberg.com/news/articles/2020-02-05/diverse-startups-raise-more-cash-and-return-more-to-investors

SOURCE PledgeLA

HOUSTON, Aug. 15, 2023 — Atlas Credit Partners (“ACP”), an asset management firm specializing in investing and partnering with businesses on a direct basis, today announced a $100 million strategic financing to AST SpaceMobile, Inc. (“AST”) (NASDAQ: ASTS), with approximately $50 million funded at closing. 

The ACP credit facility will provide AST with additional resources to continue building a globally connected satellite-based cellular broadband network directly accessible by standard mobile phones. Capital from the ACP facility will allow AST to reach its next commercial milestones, including satellite implementation and integration.

“We are thrilled to partner with Atlas Credit Partners as we continue to pursue our mission to eliminate the connectivity gaps faced by billions of people around the world,” said Sean Wallace, Chief Financial Officer of AST SpaceMobile. “Atlas Credit Partners’ financial commitment to us is an important part of our comprehensive financing plan.”

ACP’s investment builds upon AST’s existing capital base of approximately $800 million invested to date.  This investment, along with AST’s robust suite of proprietary technology, best-in-class manufacturing facilities, and existing partnerships with telecom industry leaders such as AT&T, Vodafone, and American Tower, will allow the Midland, TX-based company to further its goal of building a global satellite-based telecommunications network.

“The partnership recently announced with AST demonstrates ACP’s commitment to structuring flexible capital solutions for best-in-class companies. It’s a privilege to invest alongside so many global industry leaders and further position AST for long-term success,” said Drew Mallozzi, Chief Investment Officer and Managing Partner at Atlas Credit Partners.

To learn more, visit https://www.atlascreditpartners.com or https://www.ast-science.com. 

About Atlas Credit Partners
Atlas Credit Partners is a Houston, TX based asset management firm specializing in value-oriented investing and partnering directly with management teams, and other businesses in transition. The company has invested more than $850 million on behalf of its partners and stakeholders and is currently investing through multiple private credit vehicles. To learn more, visit https://www.atlascreditpartners.com, or follow the company on LinkedIn. 

About AST SpaceMobile
AST SpaceMobile is building the first and only global cellular broadband network in space to operate directly with standard, unmodified mobile devices based on our extensive IP and patent portfolio. Our engineers and space scientists are on a mission to eliminate the connectivity gaps faced by today’s five billion mobile subscribers and finally bring broadband to the billions who remain unconnected. For more information, follow AST SpaceMobile on YouTube, Twitter, LinkedIn and Facebook. Watch this video for an overview of the SpaceMobile mission.

Press Inquiries: 
Erika Siemasko
JMG Public Relations
212-206-1645
[email protected]

SOURCE Atlas Credit Partners

With Three-Year Revenue Growth of 415%, DataDome Ranks 1407 Overall Among America’s Fastest-Growing Private Companies

NEW YORK, Aug. 15, 2023 — DataDome, a leading provider of AI-powered online fraud and bot management, is proud to announce that for the second year in a row, it has made the Inc. 5000–the most prestigious ranking of the fastest-growing private companies in America–ranking 1407 overall.

“This achievement – for the second consecutive year – demonstrates the mission-critical value our solution delivers to businesses in the face of an ever-expanding online fraud landscape. In 2022 alone, we blocked more than 250 billion attacks,” says Benjamin Fabre, CEO of DataDome. “In a world where the increased sophistication of bots makes every company a potential target, DataDome is committed to debilitating fraudsters. We owe our success to each and every customer who trusts in the work we do to free the web of fraudulent traffic.” 

Today’s announcement comes on the heels of DataDome’s channel partner program expansion, as well as closing $42M in Series C funding to advance the fight against bad bot developers and online fraud. DataDome has received widespread recognition in the past year for its market-leading detection and mitigation capabilities. It is Great Place to Work certified, is a G2 leader in Bot Detection & Mitigation, and has won numerous industry awards.

“Running a business has only gotten harder since the end of the pandemic,” says Inc. editor-in-chief Scott Omelianuk. “To make the Inc. 5000—with the fast growth that requires—is truly an accomplishment. Inc. is thrilled to honor the companies that are building our future.”

DataDome’s solution assesses the intent of a visit in real time, every time, to detect and mitigate attacks on mobile apps, websites, and APIs with unparalleled accuracy and zero compromise. Such performance is made possible by the solution’s ability to adapt machine learning algorithms in real time, at the edge. DataDome protects 300+ enterprises from account takeover, scraping, payment fraud, DDoS, credential stuffing, and more.

Follow DataDome on YouTube and LinkedIn for regular updates on threat research, customer case studies, and to ensure your bot protection is ready to tackle the most sophisticated attacks.

Methodology 

Companies on the 2023 Inc. 5000 are ranked according to percentage revenue growth from 2019 to 2022. To qualify, companies must have been founded and generating revenue by March 31, 2019. They must be U.S.-based, privately held, for-profit, and independent—not subsidiaries or divisions of other companies—as of December 31, 2022. (Since then, some on the list may have gone public or been acquired.) The minimum revenue required for 2019 is $100,000; the minimum for 2022 is $2 million. As always, Inc. reserves the right to decline applicants for subjective reasons. Growth rates used to determine company rankings were calculated to four decimal places.

About DataDome

DataDome’s bot and online fraud protection detects and mitigates attacks with unparalleled accuracy and zero compromise. Our machine learning solution analyzes 3 trillion data points per day to adapt to new threats in real time. Our 24/7 SOC experts protect hundreds of high-profile brands worldwide, including Rakuten and AngelList. A force multiplier for IT security teams, DataDome is fully transparent, easy to deploy, and frictionless for consumers. In 2022, DataDome was named a Strong Performer in the Forrester Wave: Bot Management and ranked the top G2 Leader in Bot Detection & Mitigation for Fall 2022, Winter 2023 and Spring 2023.

About Inc.

Inc. Business Media is the leading multimedia brand for entrepreneurs. Through its journalism, Inc. aims to inform, educate, and elevate the profile of our community: the risk-takers, the innovators, and the ultra-driven go-getters who are creating our future. Inc.’s award-winning work reaches more than 50 million people across a variety of channels, including events, print, digital, video, podcasts, newsletters, and social media. Its proprietary Inc. 5000 list, produced every year since 1982, analyzes company data to rank the fastest-growing privately held businesses in the United States. The recognition that comes with inclusion on this and other prestigious Inc. lists, such as Female Founders and Power Partners, gives the founders of top businesses the opportunity to engage with an exclusive community of their peers, and credibility that helps them drive sales and recruit talent. For more information, visit www.inc.com.

For more information on the Inc. 5000 Conference & Gala, slated for October 31 – November 2 in San Antonio, visit http://conference.inc.com/. 

SOURCE DataDome

PHOENIX, Aug. 15, 2023 — Trinity Capital Inc. (NASDAQ: TRIN) (“Trinity” or the “Company”), a leading provider of diversified financial solutions to growth-stage companies, today announced the commitment of $20 million in growth capital to MacroFab, the comprehensive manufacturing platform for building electronics from prototype to high-scale production.

MacroFab oversees an impressive network of more than 100 factories throughout North America. This infusion of capital follows their recent equity raise earlier this year of $42 million, led by Foundry and joined by BMW i Ventures, Edison Partners and ATX Venture Partners, bringing the total capital raised by the company to $102 million.

“We recognize the immense potential of MacroFab’s innovative platform to completely transform the electronics manufacturing landscape,” said Ryan Thompson, Managing Director, Tech Lending at Trinity. “We look forward to partnering with their industry-leading team to drive this next generation of technology forward.”

The company’s technology platform advances electronics manufacturing by streamlining operations, improving efficiency and offering unparalleled visibility into production. This investment will enable the company to further advance its platform, expand operations and accelerate revenue growth.

“This new financial partnership with Trinity signifies a bright and promising future for MacroFab,” said Phil Patman, Jr., Chief Financial Officer of MacroFab. “With support from Trinity Capital, we will continue to strengthen our position in the market and enhance our capacity to deliver cutting-edge solutions to electronics manufacturers of all sizes. Together, we are well-equipped to drive transformative change within the electronics manufacturing industry.”

About Trinity Capital Inc.
Trinity Capital Inc. (Nasdaq: TRIN), an internally managed business development company, is a leading provider of diversified financial solutions to growth-stage companies with institutional equity investors. Trinity Capital’s investment objective is to generate current income and, to a lesser extent, capital appreciation through investments, including term loans and equipment financings and equity-related investments. Trinity Capital believes it is one of only a select group of specialty lenders that has the depth of knowledge, experience and track record in lending to growth stage companies. For more information, please visit the Company’s website at www.trinitycap.com.

About MacroFab 
MacroFab operates the largest technology platform for electronics manufacturing, offering prototypes, high-volume production, and extended services through a network of over 100 factories across North America. Serving as a trailblazer in EMS manufacturing and digital supply chain solutions, MacroFab’s robust platform and marketplace foster efficient and expedient electronics production, bringing manufacturing closer to the end user. By leveraging AI-enabled sourcing opportunities, expert internal teams, and a user-friendly platform, MacroFab delivers unmatched efficiency and accessibility to the hardware tech community.

SOURCE Trinity Capital Inc.

One of the world’s largest chocolatiers achieved a 1.5X cold chain compliance boost with Roambee’s AI-Powered Supply Chain Intelligence Platform within 12 months

SANTA CLARA, Calif., Aug. 15, 2023 — Roambee, the global real-time supply chain visibility and intelligence provider, is at the forefront of the food industry revolution with its Supply Chain Intelligence Platform. Built on highly accurate sensor data analytics and paired with AI-powered prediction and decision support, Roambee’s technology enables companies to predict quality compliance of shipments many days before arrival at distribution centers or at stores, ensuring transparency & efficiency from farm to fork.

Roambee’s AI-Powered Supply Chain Intelligence Platform for food cold chains enabled a remarkable transformation for one of the world’s largest chocolatiers. Within just 12 months, their cold chain compliance skyrocketed 1.5 times, from 59% to more than 85%. This achievement was made possible by analyzing real-time conditions both inside and outside reefer containers across various lanes throughout the year. Among 93 lanes, Roambee’s AI utilized sensor input, including location, temperature, humidity, and more, to identify the top 20 lanes responsible for over 60% of temperature and humidity breaches. By prioritizing investment on premium transport models for these 20 lanes instead of all, the company saved millions of dollars.

Despite global supply chain disruptions in recent years, this chocolatier experienced its highest revenue growth in its 100-year history. The company identified new ways to create a more resilient supply chain that ensure availability of top-quality product on shelf. Using first-hand sensor driven signals the company was able to enhance its ability to deliver 26 million pounds of candy every year without compromising the quality of each delectable treat, detect anomalies in its supply chain operations and better forecast cold chain compliance by lane, by transport partner and season.

“Roambee’s cutting-edge technology recognizes the importance of maintaining optimal conditions during the transportation of food and beverages. Beyond the time-sensitive nature of these shipments, the susceptibility to contamination and the need for uncompromised quality are paramount. By providing real-time visibility and intelligent insights into the location and condition of food, Roambee not only enhances quality of delivery in the food industry, but also facilitates traceability, ensuring the origin of the product can be easily determined. Moreover, it fortifies food safety measures, promotes sustainability, and, most importantly, elevates the overall quality of food products,” said Sanjay Sharma, CEO of Roambee.

With the increasing complexity and unpredictability of global supply chains, more food producers and suppliers are harnessing AI data to move to an intelligent supply chain to predict fluctuations in supply and demand, and make more effective real-time decisions. Roambee is at the center of this paradigm shift with its AI-powered platform, built on invaluable first-hand information sourced from IoT sensors. Leveraging this wealth of data, Roambee’s platform can make KPI predictions that are 100 times more accurate than existing AI solutions in supply chain.  

About Roambee

Roambee is a supply chain visibility & intelligence provider enabling on-time, in-full, in-condition delivery of shipments and assets anywhere in the world. 300+ enterprises are improving customer experience, service levels, product quality, order-to-cash cycles, business efficiencies, sustainability, and automating logistics with Roambee’s real-time insights & foresights. More than 50 of them are the top 100 global companies in the Pharma, Food, Electronics, Chemicals, Automotive, Packaging & Containers, and Logistics sectors. Roambee’s innovative AI-powered platform, and end-to-end monitoring solutions, deliver reliable business signals built on item-level, firsthand IoT sensor data and non-sensor inputs. The outcome is 70% better multimodal ETAs, OTIF deliveries, 80%+ cold chain compliance, and more, including 4X+ ROI on supply chain asset performance.

Media Contact 

Susana Leiser
Warner Communications
[email protected]
+1 (786) 403-8393

SOURCE Roambee

Alef Aeronautics receives 2,500 pre-orders for its first in history flying car.

• Alef reports 2,100 deposits from individuals and 400 vehicle pre-orders in B2B agreements
• Pre-orders include 1st in history agreement to sell modern aircraft through a car dealership

SANTA MATEO, Calif., Aug. 15, 2023 — Alef Aeronautics, a sustainable mobility company that is designing and developing a flying car, announced today that it reached 2,500 pre-orders representing $750,000,000 in revenue upon delivery. This includes 2,100 deposits from individuals, and B2B agreements with businesses for sale of 400 cars, including an agreement with a California car dealership.

These deposits signify a proof of market demand from both individuals and corporations for the new mode of transportation, and gives the company valuable insights into future market demographics and breakdown of the initial customer base for flying cars.

On October 19, 2022 Alef emerged from stealth mode and unveiled the first flying car with functionality and look of a traditional car and vertical takeoff and landing capabilities. Pre-orders were opened on the same day on company’s website https://alef.aero/preorder.html 

On June 12, 2023 Alef became the first traditional electric car to receive a limited Special Airworthiness Certificate from the Federal Aviation Authority (FAA).

Alef’s flying car is 100% electric, drivable on public roads and has vertical takeoff and landing capabilities. The car will carry one or two occupants.

“We’re excited to see such strong initial demand for the Alef flying car. We’re are thankful for the notes of gratitude and inspiration we received with some of the pre-orders. We still have a road to go before starting deliveries, but where we’re going, we don’t need roads,” said Jim Dukhovny, CEO of Alef.

“The progress the Alef team has made during a challenging year for startups, has been nothing short of amazing! Jim and the Alef team have achieved impressive milestones in this nascent industry, including the recent special FAA certification,” said Eric Ball, Founding General Partner at Impact Venture Capital. 

About Alef: Alef, based in San Mateo, CA, is a sustainable electric transportation company designing and developing a road-legal passenger car capable of achieving vertical takeoff and forward flight. Alef was founded in 2015 by Jim Dukhovny, Konstantin Kisly, Pavel Markin, Oleg Petrov in Palo Alto, California. Alef’s investors include Draper Associates, Impact VC, Draper B1, Bronco Ventures, Strong VC, Louis Scola, Jim Boettcher, Jim Hurd, Jason Gorrie, Chinney, Knollwood Advisory and others. Alef recently announced the opening of a new fundraising round. More information can be found at https://alef.aero.

About Impact Venture Capital: impactvc.com

Impact Venture Capital is a Silicon Valley-based early-stage venture capital firm that invests alongside corporate venture groups and top-tier investors in early-stage technology startups with a focus on artificial intelligence applied to security, finance, digital health, and other fast-growing industry sectors.

Media Contact:

Impact Venture Capital:

Patrick Bumpus

9166063711

[email protected]

SOURCE Impact Venture Capital

Experienced scientists deliver efficient, sustainable, innovative product development and consulting services for biological and chemical crop protection companies.

INDIANAPOLIS, Aug. 15, 2023 — If you have a novel bio-based or chemical active ingredient, AgXelerators (AgX), is here to turn it into a stable, effective product. Founded by highly accomplished scientists and innovators, AgX partners with crop protection companies from around the world to accelerate the development of their new active ingredients into sustainable, commercially viable products that express their full performance potential. 

Proprietary formulations. From active chemical ingredients to organisms such as bacteria, fungi, algae and microbes, AgX creates proprietary products that are designed to meet clients’ needs and deliver reliable performance, convenience of use and yield enhancement. From initial concept to rapid prototype formulation development, field demonstration, product registration and market introduction, AgX delivers end-to-end support and partnership to its clients.

“We are extremely excited to launch this company to support ag innovators in transforming the landscape of crop protection, plant health and production,” said Mark Zettler, AgXelerators President & Co-Founder. “Many startups, and even seasoned companies, face a common challenge: they can see efficacy of an active agent in the lab or greenhouse but it doesn’t seem to translate to the field or they struggle to build a stable, commercially viable product to take to market, especially with biologicals. We are uniquely positioned to fill this gap and are passionate about doing so.”

Regulatory compliance expertise. The regulatory process ensures that products are safe, have no adverse effects on crops and the environment and that they meet the standards of the countries in which registration is desired. With an intricate knowledge of regulatory requirements, AgX delivers formulations that can confidently be submitted for registration and provides consulting on the regulatory process to ease the path to market introduction.

AgX Co-Founder and Chief Scientific Advisor, Lei Liu states, “Agricultural formulation and regulatory compliance are ever evolving and require continuous creativity to meet grower, market and environmental demands. We use a comprehensive Product Design Analysis involving biology, chemistry, formulation, regulatory, and commercial experts to zero in on successful product development strategies and are adept at identifying and addressing the root causes for potential product failures.”

Best In Class experience. AgX founders, advisors and key stakeholders are comprised of award-winning industry leaders with combined more than100 years of experience in agricultural product development, hundreds of patents, and are responsible for the design of over 200 formulated AgriTech products sold around the world, valued at over $2 billion in annual sales. Self-proclaimed “formulation lifers,” their ingenuity and discoveries have helped innovate various technologies including anti-drift formulations, microencapsulation, and controlled release.

“A good formulation can make the difference between a concept that successfully advances through the development process or not,” said Holger Tank, AgX Senior Director.  “It makes the difference between a product that is well accepted by growers and one that fails.”

About AgXelerators Inc.
AgXelerators (aka AgX) enables innovators of new biological and chemical crop protection, biostimulant, biofertilizer and soil regeneration products to rapidly prototype, test, develop and register their new products for production agriculture. AgX is uniquely qualified to accelerate the development of new, innovative discovery research candidates from around the world into sustainable, commercially viable formulated products. Additionally, AgX leverages their extensive global network of industry connections to foster partnerships that help them succeed.

To learn more or inquire about investment opportunities, please visit agxelerators.com.

Media contact:
Jacquie Maggio
Think3 Marketing
973.462.7008
363711@email4pr.com

SOURCE AgXelerators Inc.

How Raydiant’s Unwavering Commitment Secured a Coveted Spot Among America’s Fastest-Growing Companies

SAN FRANCISCO, Aug. 15, 2023 — Raydiant, the market leader in in-location experience platforms, today proudly announces its ranking on the prestigious Inc. 5000 list of the fastest-growing private companies in America for the second year in a row.

Claiming the 460th position, this recognition attests to Raydiant’s enduring commitment to innovation, excellence, and robust growth.

The Inc. 5000 is an annual ranking that celebrates the remarkable journeys of the fastest-growing companies in the nation. It’s a hallmark of entrepreneurial success, with past honorees including titans like Microsoft, Oracle, and Zappos.com. Raydiant’s repeated recognition is not just an acknowledgment of its exceptional growth rate but also of its capacity to sustain and build upon that momentum.

“We’re humbled and elated to make the Inc. 5000 list for the second consecutive year,” expressed Bobby Marhamat, CEO of Raydiant. “This accolade mirrors the relentless passion, innovation, and dedication of our entire team. This journey has been collaborative, with our partners and clients at the heart of our success. As we look to the future, we’re geared up to push boundaries further and reach new horizons.”

Raydiant’s continued ascent is not just limited to growth metrics. The company has been at the forefront of disrupting the retail landscape, offering a synergy of physical and digital experiences that modern-day consumers crave.

Raydiant’s platform helps restaurants, retailers, banks, hotels, and more effectively manage and scale their physical locations. With Raydiant, franchise operators and executives can reduce technology headaches, seamlessly create personalized in-store experiences, and drive increased sales and engagement.

The company has grown rapidly in recent years, now working with nearly 5,500 brands ranging from SMBs to large enterprises like Dickey’s BBQ, Wahlburgers, Purina, and Chick-fil-A.

Complete results of the Inc. 5000, including company profiles and an interactive database that can be sorted by industry, region, and other criteria, can be found at www.inc.com/inc5000.

About Raydiant
Raydiant is the top-tier in-location experience platform preferred by the world’s premier brands across diverse sectors such as restaurants, retail, hospitality, and banking. Established in April 2017 and headquartered in San Francisco, California, Raydiant has made its mark by enabling brands to offer captivating and personalized in-store experiences, leveraging the latest technology. Collaborating with approximately 4,500 brands, Raydiant continues to pave the way in defining the future of brick-and-mortar experiences. More information is available at www.raydiant.com.

Contact:
Ryan Helmstetler
650-720-8566
[email protected]

SOURCE Raydiant, Inc.

CAMBRIDGE, Mass., Aug. 15, 2023 — basys.ai, a healthcare technology company co-founded by Harvard alumni Amber Nigam and Jie Sun in 2022 at Harvard University, is excited to announce the successful completion of its latest funding round, securing a total of $2.4 million in investments. This funding will enable basys.ai to further its mission of empowering payers to streamline processes like prior authorization and utilization management.

The funding round was led by Nina Capital, a specialized venture capital firm with deep expertise at the intersection of healthcare and technology. Notable investors who also participated in the round include Eli Lilly & Co., Mayo Clinic, Two Lanterns Venture Fund, Asset Management Ventures, and Chaac Ventures.

basys.ai’s platform engine, trained on over 10 million patient records and claims, automates payer policy encoding through generative AI, which allows basys.ai to achieve target savings with partners up to nine months faster than its competitors. The engine personalizes care approvals to automate up to 90% of prior authorization requests and expedite care delivery. This drives savings on both administrative and medical expenditures for health plans, flattening the cost curve for members. Additionally, to facilitate transparency and explainability, the platform automates answering member and provider queries with its generative AI chat feature.

“Streamlining prior authorization is fundamental to achieving optimal care delivery,” said Mr. Nigam. “basys.ai is assisting health plans in reducing administrative burden and expenditures while improving transparency for members and providers. Our solution’s dual focus on efficiency and transparency ensures health plan compliance with pending CMS, Congress, and State legislation regulating prior authorization. This funding round positions us to facilitate positive change for health plans nationwide.”

By implementing objective, data-driven approvals, basys.ai aligns the incentives of key stakeholders in the prior authorization process to prioritize member interest. basys.ai plans to leverage its funding to expand strategic partnerships with health plans.

About basys.ai:

basys.ai is a healthcare platform that leverages generative AI to streamline prior authorization and utilization management. Through its platform, basys.ai enables greater transparency and fosters collaboration among healthcare insurers, providers, and other key stakeholders, with the ultimate aim of driving positive change, reducing administrative and medical costs, and improving healthcare outcomes. For more information, please visit our website and watch our TEDx Talk.

SOURCE basys.ai