Seed round is led by First Bight Ventures and Circulate Capital

HOUSTON, Oct. 26, 2023 — Leading plant-based material science company Algenesis Corporation has raised US$5M in a funding round led by First Bight Ventures, with Circulate Capital and others. A pioneer in developing bio-based plastics that are competitive with petroleum-based in both cost and functionality, Algenesis’ patented Soleic™ technology is the world’s first renewable, high performance, fully biodegradable and backyard compostable bioPolyurethane (bioPU) made from plants and algae.

Today, 25 million tons of Polyurethane (PU) are manufactured annually¹ (6% of total plastics) for extensive use across footwear, medical, and textile industries. Due to the material’s composition, PU is hard to recycle and primarily ends up in landfills or as microplastics in the environment². Unlike petroleum-based PU, Algenesis’ Soleic™ bioPU can biodegrade in compost within a matter of months and does not contain harmful PFAS chemical additives found in other plastics. Its production process further leads to up to 50% lower GHG emissions compared to petroleum PU³.

“We are excited to take this next step in our growth journey, and this funding will support us to scale production and meet the growing demand for Soleic^® PU systems,” said Steve Mayfield, Founder and CEO of Algenesis.

Algenesis’ unique Soleic^® PU is currently available in soft foam applications, such as midsoles and insoles for footwear. The new funds will be used to expand Soleic^® product lines into breathable waterproof textiles, and injection molded products such as phone cases. The company also plans to expand and strengthen its supply chain by bringing more of its processes in-house, to scale production and commercialization of these materials that are increasingly in demand by a variety of consumer-facing brands, further cementing their position as a leader in eco-innovation.

First Bight Ventures and Circulate Capital led the seed round; MIH Capital, Diamond Sports Group and RhinoShield also participated. The investment follows a US$5M grant from the U.S. Department of Energy to scale up the production of biobased isocyanates from algae oils using a safe and green-flow chemistry process, as the company continues to work towards evolving their product to be 100% biobased.

“We invest in Industrial BioManufacturing and Algenesis is an excellent representation of new companies creating a highly demanded product, such as bioPU, that come from Biology versus Petroleum. This is a win for the industry, sustainability, and the world,” said First Bight Ventures Founder Veronica Wu. “To save our planet and ourselves, we must move away from petroleum-based plastics and toward bio-based alternatives. Algenesis is clearly at the forefront of making this possible.”

Rob Kaplan, Founder and CEO of Circulate Capital, said: “We are thrilled to add Algenesis to Circulate Capital’s Disrupt portfolio, which targets breakthrough innovations advancing circularity. As global brands commit to driving circularity in their products, we see huge potential for Algenesis to meet this market opportunity with their innovative new materials.”

About First Bight Ventures
Based in Houston, TX, First Bight Ventures is an early-stage fund dedicated to advancing and accelerating synthetic biology companies. Leveraging its industry partners, First Bight aims to bring innovation in synthetic biology to industries and accelerate the Bioeconomy, with the goal of delivering a more sustainable future.

About Circulate Capital
Circulate Capital is a leading environmental impact investor advancing the circular economy for plastics in high-growth markets – with activities and teams in 10+ countries. Partnering with global brands and financial institutions, we transform supply chains at scale by delivering economic, social, and environmental value. Launched in 2018 by supply chain experts and leading corporations – including PepsiCo, Procter & Gamble, Dow, Danone, Chanel, Unilever, The Coca-Cola Company, Chevron Phillips Chemical Company LLC, and Mondelēz International, the firm is scaling solutions across the recycling and innovative materials value chains. Founded in and originally focused on South and Southeast Asia, the firm now targets untapped opportunities in high-growth markets to spark further development in the emerging circular economy.

Nothing contained in this Press Release is intended to project, predict, guarantee or forecast the future performance of any investment. This Press Release is for information purposes only and is not investment advice or an offer to buy or sell any securities or to invest in any funds or other investment vehicles managed by Circulate Capital.

¹ Market volume of polyurethane worldwide from 2015 to 2022, with a forecast for 2023 to 2030. Statista. 2023 Jul 11. https://www.statista.com/statistics/720341/global-polyurethane-market-size-forecast/.
² Kemona A, Piotrowska M. Polyurethane Recycling and Disposal: Methods and Prospects. Polymers (Basel). 2020 Aug 5; 12(8):1752. doi: 10.3390/polym12081752. PMID: 32764494; PMCID: PMC7464512.
³ Based on life cycle assessment carried out by Algenesis.

SOURCE First Bight Ventures

• San Francisco-based driverless-vehicle technology developer Faction reimagines urban transportation and micro-logistics
• TDK Ventures leads next funding, targeted at customer expansion
• Joining in the funding are: Ducera Partners, Trucks Venture Capital, and Fifty Years

SAN JOSE, Calif., Oct. 26, 2023 — TDK Corporation (TSE: 6762) announced today that subsidiary TDK Ventures is leading the latest round of financing in driverless-technology developer Faction. Currently joining them as co-investors are Ducera Partners, Trucks Venture Capital, and Fifty Years. This latest round will be used to target customer expansion over the last quarter of 2023 and throughout 2024. Details are forthcoming. Faction has assembled an experienced team previously responsible for the launch of driverless vehicles ranging from light EVs to full-size semi-trucks. Its team is comprised of engineers experienced in AI, vehicle systems, vehicle safety, big data, sensors, hardware, V2V communication, logistics, and more.

Fully autonomous passenger vehicles may capture the imagination, but practical solutions, will deliver the next generation of profitable, impactful business models. Faction is leading the charge to commercialize supervised autonomous vehicles leveraging teleoperation technologies. Its driverless vehicles incorporate the affordability and maneuverability of motorcycles with the speed and performance of cars to create small-scale delivery vehicles that will clear the way for smarter cities and a more sustainable tomorrow.

Faction’s technology architecture is built to make driverless systems work seamlessly. It has created innovative approaches to fleet management, remote vehicle assistance, accurate positioning, and safety.  By designing for the majority of short urban trips of less than 5 miles, Faction is deploying right-sized vehicles for their customers’ use cases in mobility and last mile logistics. TDK and other investors agree with Faction that the traditional practice of using legacy vehicles for these short trips isn’t sustainable.

“The support that TDK, along with our co-investors, has provided to Faction has allowed us to grow our technology and we are excited about the next phase of our journey,” stated Ain McKendrick, Faction Founder and CEO. “It was evident to us from the beginning that the use of large legacy vehicles was not sustainable from an emissions, gridlock, and energy-use perspective for what we envisioned. Our right-sized, driverless vehicles are smart for city use and an affordable solution for the planet. Companies such as TDK Ventures, Ducera Partners, Trucks Venture Capital, and Fifty Years are a big part in helping us fulfill our dreams.”

“TDK Ventures sees its partnership with Faction as an ideal match in both vision and technology” commented Nicolas Sauvage, President of TDK Ventures. “The Faction mission dovetails perfectly with our desire to scale technologies that further the world’s digital, energy, and environmental transformations. Faction addresses all three components by applying a digital approach to a problem plaguing both the energy and sustainability spaces.”

Along with financial backing, TDK Ventures views its investments in technologies as a medium for leveraging many of the other advances upon which the company focuses and as an opportunity to contribute to the greater good of humanity. Its mobility investments in general, and its stake in Faction in particular, promise to achieve objectives including: reducing the world’s dependence on fossil fuels and reducing the pollution associated with heavy traffic and internal-combustion engines. Concentrating on electrifying delivery and other fleets rather than passenger vehicles leverages decarbonization efforts and alleviates many of the demand-driven, charging-capacity challenges other sectors of the industry may face.

To learn more about TDK Ventures, interested startups or investment partners should visit www.tdk-ventures.com or reach out at [email protected].

About TDK Corporation

TDK Corporation is a world leader in electronic solutions for the smart society based in Tokyo, Japan. Built on a foundation of material sciences mastery, TDK welcomes societal transformation by resolutely remaining at the forefront of technological evolution and deliberately “Attracting Tomorrow.” It was established in 1935 to commercialize ferrite, a key material in electronic and magnetic products. TDK’s comprehensive, innovation-driven portfolio features passive components such as ceramic, aluminum electrolytic and film capacitors, as well as magnetics, high-frequency, and piezo and protection devices. The product spectrum also includes sensors and sensor systems such as temperature and pressure, magnetic, and MEMS sensors. In addition, TDK provides power supplies and energy devices, magnetic heads and more. These products are marketed under the product brands TDK, EPCOS, InvenSense, Micronas, Tronics and TDK-Lambda. TDK focuses on demanding markets in automotive, industrial and consumer electronics, and information and communication technology. The company has a network of design and manufacturing locations and sales offices in Asia, Europe, and in North and South America. In fiscal 2023, TDK posted total sales of USD 16.1 billion and employed about 103,000 people worldwide.

About TDK Ventures

TDK Ventures Inc. invests in startups to bolster innovation in materials science, energy/power and related areas typically underrepresented in venture capital portfolios. Established in 2019 as a wholly-owned subsidiary of TDK Corporation, the corporate venture company’s vision is to propel the digital and energy transformations of segments such as health and wellness, next-generation transportation, robotics and industrial, mixed reality and the wider IoT/IIoT markets. TDK Ventures will co-invest and support promising portfolio companies by providing technical expertise and access to global markets where TDK operates. Interested startups or investment partners may contact TDK Ventures: www.tdk-ventures.com or [email protected].

About Faction

Faction Technology, Inc. is a Silicon Valley startup that develops driverless solutions based on light electric vehicles. Founded in February 2020, Faction is on a mission to revolutionize micro-logistics and vehicle-on-demand.  The company believes the future of sustainable transportation is to develop driverless vehicles that are safe, cost-effective, and right-sized to serve a range of use cases for both business and passenger transportation needs. For more information visit www.faction.us.

About Ducera Partners

Ducera Partners is an independent investment banking advisory firm with expertise in strategic advisory, mergers & acquisitions, restructuring, liability management, capital markets, and wealth management. The firm also deploys growth capital to early-stage companies through its Ducera Investments platform.  Since its founding in 2015, Ducera Partners has advised on over $750 billion in transactions across various industries. The firm has offices in New York, Los Angeles, San Francisco, and Stamford, CT. For more information about Ducera Partners, please visit www.ducerapartners.com.

About Trucks Venture Capital

Known as the No.1 early-stage fund focused on transportation technology and praised as ‘the best at picking tomorrow’s transportation startups,’ Trucks funds the entrepreneurs building the future of transportation. The firm is based in San Francisco, California.  For more information about Trucks Venture Capital, please visit www.trucks.vc.

About Fifty Years

Fifty Years is a San Francisco based seed fund that backs entrepreneurs solving the world’s biggest problems with technology. They’re a leading pre-seed and seed investor in deep tech. They’ve seeded many startups shaping the world for the better — companies like Memphis Meats, Solugen, Athelas, Astranis, and Opentrons. For more information, visit www.fiftyyears.com.

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Contacts for regional media

SOURCE TDK Ventures

AgentSync doubles down on building the most modern and connected producer management and compliance solutions to provide flexibility in distribution channels for carriers, agencies, and MGAs 

DENVER, Oct. 26, 2023 — AgentSync, the leader in modern insurance infrastructure, today announced an additional $50 million fundraise, bringing the company’s total funding to date to $161 million. The round was co-led by existing investors Craft Ventures and Valor Ventures. Since raising the Series B in Q4 2022, AgentSync has seen 3x ARR growth and more than 2x customer growth. AgentSync works with more than 200 insurance companies spanning carriers, MGAs, and agencies, covering all lines of insurance.

AgentSync has always stood out from competitors thanks to its flexible cloud-native solutions, ability to solve complex, entrenched issues, and strong customer success. This round of capital allows AgentSync to double down delivering best-in-class products for the nation’s largest and most respected carriers.

“AgentSync has become core infrastructure for hundreds of insurance companies, helping them scale distribution and reduce costs,” said Brian Murray, Partner at Craft Ventures. “We are excited to deepen our partnership with the AgentSync team as they continue to upgrade the resilience and efficiency of the insurance industry.”

AgentSync’s infrastructure solves a vital problem in the insurance industry: effective and efficient distribution. By establishing flexible, scalable connections between insurance distributors and underwriters, AgentSync powers and streamlines the delivery of insurance products. The company continues to aggressively build and innovate with a focus on SaaS and API solutions that create data visibility and efficiencies for insurers, and exceptional experiences for agents and brokers.

“Given the current headwinds sectors of the insurance industry are facing, investing in modern, scalable infrastructure to manage distribution has never been more important. With AgentSync, customers have the flexibility to quickly and intelligently ramp distribution channels up or down as needed. This drives massive distribution channel-related cost savings when efficiently executed through software,” said co-founder and CEO Niji Sabharwal. “Helping our customers adapt quickly and manage risk and expenses during tough market conditions is extremely rewarding – especially knowing that they’re building bulletproof distribution infrastructure for when the markets improve.”

“AgentSync solves a critical, ubiquitous and long neglected problem in the insurance Industry. This infusion of capital ensures they have the platform and support needed to move up market to larger and more complex carrier requirements and continue to charge ahead solving the extremely complex problems plaguing the insurance industry today,” said Mike Rosenbaum, AgentSync board member and CEO of leading insurance software, Guidewire.

About AgentSync
AgentSync builds modern insurance infrastructure that connects carriers, agencies, MGAs, and producers. With customer-centric design, seamless APIs, automation, and unparalleled service, AgentSync’s solutions provide data intelligence and streamlined onboarding and compliance management processes that reduce costs, increase efficiency, and get producers ready to sell in hours instead of weeks. Founded in 2018 by Niranjan “Niji” Sabharwal and Jenn Knight, and headquartered in Denver, CO, AgentSync has been recognized as one of Denver’s Best Places to Work, a Forbes Magazine Cloud 100 Rising Star, and as an Insurtech Insights Future 50 winner, and was ranked 65 in Forbes – America’s Best Startup Employers 2023. To learn more, visit www.agentsync.io.

SOURCE AgentSync

MIAMI, Oct. 26, 2023 — sbe, leading lifestyle hospitality company that develops, manages and operates world-class restaurants, lounges and nightclubs, has partnered with Feenix Venture Partners on a $25MM credit facility to expand its footprint of iconic restaurants and lounges. sbe was advised by leading independent middle market investment bank and M&A advisory firm Meridian Capital.

sbe is rapidly growing its footprint throughout Los Angeles with a series of upcoming flagship openings. Two of the world’s biggest entertainment platforms, sbe and Resorts World’s Zouk Group, are coming together to disrupt Los Angeles nightlife forever with the opening of Zouk LA in early 2024. Additionally, sbe is bringing Casa Dani & Katsuya’s Mediterranean and Japanese cuisines to a flagship culinary epicenter in Los Angeles at Westfield Century City, with more exciting announcements and brand launches to follow soon. 

As part of Sam Nazarian’s plan for company’s expansion and continued growth, two industry veterans recently joined sbe and subsidiary company, Disruptive Restaurant Group: Justin Fowler, COO of Disruptive Restaurant Group, formerly with Starr Restaurants, and Anthony Meidenbauer, VP of Development, formerly with Tao Group Hospitality.

Michael Siegel, Managing Director at Feenix Venture Partners, stated, “sbe and Sam Nazarian have been at the forefront of lifestyle hospitality for twenty years and have developed many marquee restaurants. Feenix is excited to partner with sbe to support their numerous growth initiatives and cannot wait to experience their new concepts and upcoming locations. The whole Meridian team was a pleasure to work with and assisted in making this transaction as smooth as possible.”

Sam Nazarian, Founder & CEO, sbe, stated, “We are thrilled to launch this next chapter in sbe’s storied history with a partner like Feenix by our side. They, along with our partners at Meridian, have demonstrated excitement and eagerness to help us expand our portfolio with a clear alignment on our vision for both rapid and strategic growth.”

Patrick Ringland, Principal and Managing Director at Meridian, stated “Sam and his team have built an outstanding platform and we were honored to represent them in this transaction as they enter a new stage of growth. It was a pleasure to work with Michael and Feenix, and we are excited to watch what they and the sbe team are able to accomplish together.” 

About sbe

Established in 2002 by Founder and CEO Sam Nazarian, sbe is a privately-held, leading lifestyle hospitality company that develops, manages and operates world-class restaurants, lounges and nightclubs. Through exclusive partnerships with cultural visionaries, sbe is devoted to creating extraordinary experiences throughout its proprietary brands with a commitment to authenticity, sophistication, mastery and innovation. Over the last decade, sbe has mastered the art of creating desirable destinations; the lifestyle platform included over 100 hotels and 150 restaurants and lounges. In

2020, Sam Nazarian shifted his focus to the culinary and nightlife world by launching Disruptive Restaurant Group (DRG.) DRG incubates and operates globally renowned culinary brands including critically-acclaimed restaurants, lounges and nightclubs. By partnering with an impressive roster of internationally renowned culinary talent, DRG concepts are committed to innovation and setting new industry standards. Restaurants and lounges include: Casa Dani, by three Michelin-starred Chef Dani Garcia; Citizens; Katsuya, by Chef Katsuya Uechi; Kumi; Doheny Room; HYDE; LiFE; and S Bar. Sam

Nazarian has consistently demonstrated his ability to anticipate and shape the future of hospitality and gastronomy. With his unwavering passion, entrepreneurial prowess, and a portfolio of iconic brands, Sam has cemented his position as a trailblazer in both the hospitality and culinary world for generations to come. To learn more, visit sbe.com

Contact Information
Nina Kempner 
[email protected] 

About Feenix Venture Partners

Feenix Venture Partners (“Feenix”) is an alternative investment firm established in 2017 and headquartered in New York City. Feenix provides growth capital through debt and equity to small and medium-sized businesses, primarily in the consumer sector. Feenix is an active investor in food & beverage, hospitality, direct-to-consumer e-commerce, SaaS, and other service businesses.

Contact Information
Michael Siegel
[email protected] 

About Meridian Capital

Meridian Capital LLC (www.meridianllc.com), a Western-U.S.-based M&A advisory firm, has served as a trusted advisor to business owners on complex corporate finance, M&A, and strategic challenges for over 28 years. The firm differentiates itself through its deep industry insights, highly customized service approach, and end-to-end commitment to execution. With a unique combination of financial, transactional, and operational professionals on your side, Meridian offers the depth and breadth of experience required to serve leading middle market companies in multiple sectors including aerospace & defense, agribusiness, business services, consumer, diversified industrials, engineering & construction, building products, food and beverage, technology, and telecommunications. Meridian also offers clients unparalleled cross-border capabilities through its Global M&A Partners network.

Contact Information

Patrick Ringland
Principal and Managing Director [email protected] 

SOURCE sbe

PALO ALTO, Calif., Oct. 26, 2023 — As privacy concerns and weakening marketing performance erode traditional online advertising, Web3 Pro, a leading MarTech SaaS company built around targeted opt-in marketing, closed a substantial round of fresh funding from P101, one of the largest European venture investors, bringing the total raised to date to almost $10MM, with a post money valuation of $57MM.

Marketers are moving quickly to retool their efforts now that Google is planning to eliminate third-party tracking cookies in its dominant Chrome browser in 2024. The decreasing advertising effectiveness of social media has further increased urgency.

“There is a seismic shift towards engaging, 1-1 marketing experiences that consumers enjoy and brands find extremely effective,” says Christian Ferri, Web3 Pro’s founder and CEO. “We’re delighted that our enterprise-grade platform has found such success with marketers and now has the strategic support of P101 and its vast network of European enterprise brands.”

After years of building bespoke marketing campaigns for companies including Lamborghini, Juventus, RM Sotheby’s, Showtime Sports and Ducati, and others, Web3 Pro recently launched the Hub, a platform that gives companies self-serve access to some of the most powerful marketing tools available anywhere, all for a low monthly SaaS fee.  

“As the leading investor in Web3 Pro’s venture round, we are delighted to support their revolutionary marketing SaaS solution designed for enterprises”, said Andrea Di Camillo, founder and managing partner of P101. “In a rapidly evolving digital landscape, harnessing the power of web3 technology is paramount. Web3 Pro has showcased a remarkable ability to merge innovation with practicality, offering a transformative solution that aligns seamlessly with the future needs of businesses. We commit to support Christian Ferri and the Web3 Pro team to develop the European market and those industries that are well established here.”

P101 currently manages over $400 million in assets across 4 funds, and has backed companies including Fatmap (acquired by Strava) and Musixmatch, which completed a successful exit in 2022. P101 is one of the largest investor groups in southern Europe.

Existing investors of Web3 Pro include Sumitomo Corporation’s CVC arm, Presidio Ventures, Seventy-Six Capital, River Capital Group, Ripple, and VU Ventures. Among its notable advisory board are Young Sohn, former President of Samsung Electronics and Gaetano Sciuto, former CEO of Giorgio Armani.

Based in Palo Alto, Calif., Web3 Pro provides a white-label SaaS MarTech solution that helps companies drive higher engagement, retention, and conversion, outperforming today’s sub-par ads and loyalty programs by 3 to 5 times.

Proceeds from the new investment will be used to grow the sales and marketing division, including the expansion into Europe, MENA and APAC, which are centers of growing demand for new marketing engagement models.

About Web3 Pro

Web3 Pro Inc. is the leading white-label SaaS marketing solution for enterprises. The company’s proprietary technology makes it easy for companies and brands to leverage cutting-edge marketing solutions that improve outcomes and ensure brand alignment for every initiative. Web3 Pro’s latest initiative, the Hub, provides a central, secure platform for building brand communities that supercharge customer experience by converging dispersed social communities and offering increased value. The platform also enables loyalty and rewards programs that feature two-way interactions between brand and consumer, resulting in much higher engagement, conversion, and retention. The company was founded in 2018 and is based in Palo Alto, Calif. Learn more at https://www.web3pro.com.

Media Inquiries
Jeff Milligan – Web3 Pro’s Vice President, Growth and Partnerships
[email protected]
610-291-9961

SOURCE Web3 Pro

Markd leads round with participation from Greenlight Re Innovations

SEATTLE, Oct. 26, 2023 — Assureful, the first insurance provider built exclusively for Amazon and eCommerce sellers, today announced it has closed a $1.5 million pre-seed funding round led by Markd. The round also included participation from Greenlight Re Innovations.

Assureful is the first insurance provider to integrate with major eCommerce marketplaces like Amazon, Walmart and Ebay as well as platforms such as Shopify, BigCommerce and WooCommerce to provide customized embedded usage-based and monthly billed insurance premiums based on sellers’ actual sales volume and product categories.

It uses Generative AI and Machine Learning to rate, price and underwrite mandatory insurance coverage for eCommerce businesses of all sizes. With categorization across 33,000 different product types, Assureful can deliver more accurate coverage and competitive pricing to its customers. The company is licensed nationwide in the US and as a Coverholder at Lloyd’s of London, it has delegated underwriting authority.

“We’re thrilled to close this initial funding round and have the support of investors who believe in our vision to reinvent insurance for eCommerce sellers,” said Rohit Nair, Founder & CEO of Assureful. “Marketplaces such as Amazon and Walmart make carrying appropriate insurance mandatory. This capital will help us continue enhancing our proprietary technology and product offerings as we scale up to serve this fast-growing customer base. We’re proud to be the first in the industry taking this modern approach.”

Parker Beauchamp, Managing Partner of Markd added: “The Assureful team has deep expertise in insurance and eCommerce having scaled and exited a number of their own eCommerce companies. We believe this makes them well-positioned to be a wonderful partner to eCommerce sellers. We look forward to seeing them expand access and availability of comprehensive, fairly priced policies for what we believe is an underserved customer segment.”

The new capital will be used to accelerate Assureful’s product roadmap and customer acquisition efforts. The company officially launched in 2023 and is currently available to eCommerce sellers across the United States.

About Assureful
Assureful is a nationally licensed Coverholder at Lloyd’s of London. Assureful’s proprietary ‘Pay-as-you-Sell’ Commercial General Liability Insurance policies have been designed specifically for eCommerce sellers. It uses Generative AI and Machine Learning to rate, price and underwrite mandatory insurance.

About Markd
Markd is a venture capital company focused on funding and partnering with transformative insurtechs. It pays homage to the insurance industry’s legacy while helping design its future. Markd’s mission is to power substantial work and continually inspire more ideas to prevent hurt and loss.

For more information and to get a quote, visit www.assureful.com

SOURCE Assureful

Investment Led by Telstra Ventures with Participation from KPMG LLP and SYN Ventures

SHORT HILLS, N.J., Oct. 26, 2023 — Cranium, the leading enterprise AI security and trust software firm, today announced that the company has raised $25 million in Series A funding. Telstra Ventures led the round with participation from KPMG LLP and SYN Ventures. Both participating investors previously provided seed funding when Cranium emerged from stealth six months ago and spun out of KPMG with additional investment from SYN Ventures.

The new round brings Cranium’s total funding to $32 million. The funds will be used for innovation, research and development (R&D), and business expansion. Cranium’s newest round will build company growth, strengthen customer momentum, and accelerate Cranium Enterprise software platform innovation through product development; scale go-to-market strategies, including sales and marketing efforts; allow investment in R&D to further visibility into the security of AI systems; enhance security, regulation, and compliance in AI/ML environments against adversarial threats; and reinforce its teams and customers with additional support.

“AI is being embedded into every business process and function at an unprecedented speed. Prioritizing responsible AI now, at the beginning of the AI revolution, will allow enterprises to scale more effectively and not run into major roadblocks and compliance issues later,” said Jonathan Dambrot, CEO and Co-Founder of Cranium. “We’re honored and deeply grateful for the support from our customers and investors whose dedication to Cranium only fuels our commitment to provide unparalleled visibility, trust, and a new level of security when it comes to the entire AI ecosystem of any organization.”

Cranium helps organizations gain confidence in the AI-enabled products in services they are both creating and using. Cranium’s software is custom-built to address the gap between data science, compliance, and cybersecurity teams by providing a single source of truth for AI security risks, which is done in a way that avoids requiring teams to change their processes, tools, or workflows; its value is ensuring AI systems are secure, trustworthy, and compliant, properly handling vital resources such as health, financial, and consumer data to meet compliance regulations.

“The rapid rate of innovation fueled by the emergence of GenAI capabilities has generated fresh challenges for cybersecurity teams, raising new questions over compliance, trustworthiness, and security of their AI/ML environments,” said Marcus Bartram, General Partner at Telstra Ventures. “Cranium stands at the forefront of AI security and trust software, empowering organizations to navigate the crowded cybersecurity industry with its groundbreaking product and pioneering innovations addressing enterprises’ urgent needs grappling with AI regulation, compliance, and security frameworks. We’re thrilled to invest in the team at Cranium and are confident in the tremendous impact they’re poised to make.”

Since its inception, Cranium’s dedication to making AI security attainable by working with global leaders in health sciences, financial services, consumer packaged goods, and retail showcases its versatility and holistic view of the AI industry. As the first-ever technology spinout out of KPMG’s startup incubator, Cranium’s mission is to secure the AI revolution, enabling organizations to secure their AI technologies. Cranium’s unique design and features, grounded in years of industry experience and high-level partnerships, lend it a distinct edge in the increasingly crowded cybersecurity market.

About Cranium
Cranium is the leading enterprise AI security and trust software firm, enabling organizations to gain visibility, security, and compliance across their AI and GenAI systems. Organizations can map, monitor, and manage their AI/ML environments against adversarial threats without interrupting how teams train, test, and deploy their AI models through its Cranium Enterprise software platform. The Cranium platform also allows organizations to quickly gather and share information about the trustworthiness and compliance of their AI models with their third parties, clients, and regulators. Incubated and funded in stealth inside of KPMG Studio, Cranium helps cybersecurity and data science teams understand that AI impacts their systems, data, or services everywhere. Secure your AI at Cranium.AI.

About Telstra Ventures
Telstra Ventures Accelerates the Extraordinary – we fuel the growth of standout disruptors. In our first eleven years, 96 investments have generated 38 liquidity events including Auth0, BigCommerce, Box, CrowdStrike, DocuSign, Rancher, Skillz, Snap, and Whispir. To date, our Revenue Acceleration Platform has driven > US$500 million in revenue for our portfolio companies, extending their reach across Australia, Asia, UK and the US. In 2022, we announced the close of our third fund, bringing Funds Under Management to US$1 Billion. To see our full portfolio and learn more, visit www.telstraventures.com.

Media Contact:
Michelle Yusupov
Hi-Touch PR
[email protected]
443-857-9468

SOURCE Cranium

–Series A proceeds fund advancement of the company’s lead program through clinical proof-of-concept study in atopic dermatitis and progression of broader precision I&I pipeline–

–Pipeline strategy to prosecute genetically validated targets linked to monogenic diseases with functional antibodies for precision populations across multiple indications–

WALTHAM, Mass., Oct. 26, 2023 — Triveni Bio Inc., a biotech company pioneering a genetics-informed precision medicine approach to develop functional antibodies for the treatment of I&I disorders, today announced a $92 million series A financing co-led by Atlas Venture and Cormorant Asset Management, with participation from OrbiMed, the private equity business of Viking Global Investors, Invus, Polaris Partners, Alexandria Venture Investments, and other investors.

Triveni Bio’s lead antibody program (TRIV-509) targets kallikreins 5 and 7 (KLK5/7), promising targets for the treatment of atopic dermatitis, asthma, and other I&I indications. “TRIV-509 works via a unique mechanism that directly impacts barrier dysfunction, inflammation, and itch. Novel therapeutic approaches for I&I diseases are much needed, especially for atopic dermatitis patients who generally have an inadequate response to Th2-targeted therapies,” said Jennifer Dovey, Ph.D., Chief Scientific Officer of Triveni Bio. 

The financing will support the advancement of TRIV-509 from preclinical development to a Phase 2a clinical trial and fuel a pipeline of novel antibodies with two additional development candidate nominations expected in 2024.

“We are grateful for the support of our investors who understand the upfront benefit of leveraging human genetics – especially learnings from rare Mendelian forms of disease – to expose novel drug targets relevant across multiple common diseases with shared traits,” said industry veteran Vishal Patel, Ph.D., who joined Triveni Bio as Chief Executive Officer. “Triveni Bio is at a key inflection point as we transition into a clinical stage company with a compelling therapeutic pipeline and talented team.”

Triveni Bio is the result of a merger between Amagma Therapeutics, which was founded by Tillman Gerngross, Ph.D. and Leonard Zon, M.D. with funding from Polaris; and Modify Therapeutics, which was founded and seeded by Atlas.

“The teams saw an opportunity to bridge highly complementary talent, technologies, and approaches to create a data-driven precision medicine company,” said Jean-François Formela, M.D., partner at Atlas Venture and Board Chair of Triveni Bio.

“We are excited to co-lead this round alongside Atlas and other committed investors. We look forward to working with the Triveni team to bring novel and highly promising biological therapies to patients suffering from inflammatory disorders,” said Raymond Kelleher, M.D., Ph.D., Managing Director at Cormorant.

Triveni Bio’s data platform leverages both public and private datasets to identify novel genetically validated disease nodes, predict and stratify patient subpopulations, and provide novel insights into disease mechanisms – achieved in part through a collaboration with Nashville Biosciences.

About Triveni Bio
Triveni Bio is a biotech company pioneering a genetics-informed precision medicine approach to develop functional antibodies for the treatment of I&I disorders. The company’s approach establishes proof-of-concept at the earliest stages of drug development. Through a strong understanding of genetics and mechanistic biology, our pipeline is powered for indication expansion where we know we can have the most impact. To learn more, visit www.triveni.bio.

SOURCE Triveni Bio

PHILADELPHIA, Oct. 26, 2023 — Virion Therapeutics, LLC, a clinical-stage biotechnology company developing novel T cell-based immunotherapies, and its Joint Venture partner, Ocean Biomedical, Inc. (NASDAQ: OCEA), today announced that the first patients have been dosed in the Phase 1b clinical trial of its investigational VRON-0200 immunotherapy, which is being evaluated as a functional cure for patients with chronic Hepatitis B virus (HBV) infection.  VRON-0200, a first-in-class treatment, using one of Virion’s proprietary checkpoint modifiers, was specifically designed to enhance and broaden a patient’s own immune response. This novel mechanism of action may help overcome one of the key problems faced in treating chronic HBV – immune exhaustion. The international, first-in-human VRON-0200 Phase 1b study is currently enrolling patients in Hong Kong and New Zealand, with additional sites planned in the United States. Initial clinical data from this study are expected in early 2024.

“The initiation and dosing of patients in this VRON-0200 study is a critical first step in evaluating its impact on chronically HBV-infected patient’s immune responses to the virus, with the ultimate goal of finding a cure for this insidious disease. The mechanism by which VRON-0200 works is a totally new approach to anything previously investigated or currently in development by others – we are looking forward to evaluating the first clinical data from this program, early next year,” said Dr. Sue Currie, COO of Virion. 

About Chronic Hepatitis B

Despite a preventative vaccine, cases of chronic hepatitis B (HBV) continue to rise, with an estimated 296 million persons infected worldwide and 820,000 deaths per year from HBV-related liver complications. This includes almost 100 million persons in China who are affected by this disease. Chronic HBV remains a global health issue with a high unmet medical need as there is no cure available.  The current standard of care requires lifelong antiviral therapy to keep the virus in check.

Grace Wong, MD, Professor of Medicine at the Chinese University at Hong Kong (CUHK), and a principal investigator in the VRON-0200 study, commented, “Novel treatments that can control or potentially cure chronic HBV infection, that are easy to administer, and are well tolerated, alone, or in combination with other treatments, are in high need.”  Wong added, “VRON-0200, with its potential to expand a patient’s own immune response to control the infection, coupled with how it is given – as a single (prime), or double (prime and boost) injection into the arm muscle, has the potential to be an innovative therapy to address this high global unmet medical need for patients with chronic HBV.”

“The dosing of these first patients, in our lead VRON-0200 chronic HBV Phase 1b study, represents a major milestone in Virion’s mission of bringing innovative immunotherapies to patients with cancer and chronic infectious diseases,” said Virion’s CEO, Dr. Andrew Luber. “Targeting T cell activation, via checkpoint modification, is unique to Virion. This first study, using our first checkpoint modifier, gD, not only benefits patients with chronic hepatitis B, but also, provides useful information for our proprietary platform technologies and pipeline, including VRON-0300, which is in development for patients with advanced solid tumors,” Luber added. 

Ocean Biomedical co-founder and Executive Chairman Dr. Chirinjeev Kathuria, commented: “This is another major clinical and business value inflection point for our company. Treatments for chronic HBV are in high demand and could capture an estimated global market of $6.5+ billion by 2032. Companies at a similar stage as our JV’s VRON-0200 study, have seen large steps up in value. For example, VIR Biotechnology’s value increased by over $3.6 billion dollars after they reported their initial 8 patient Phase 1 data. Ocean is pleased to partner with Virion in bringing this high-need, high-value treatment – aiming for a functional cure – to patients with chronic HBV around the world.”

About VRON-0200

VRON-0200 is a therapeutic immunotherapy, administered by intramuscular injection, designed with the goal of providing a functional cure for chronic HBV infection. While the virus itself stimulates HBV-specific CD8⁺ T cells, for those patients that can’t clear the initial infection, their T cells soon become exhausted, placing limits on their ability to proliferate and control the virus. Preclinical data support the hypothesis that VRON-0200, through checkpoint modification, can amplify, broaden, and enhance T cell responses to include T cells that are not normally activated during a chronic HBV infection, which results in improved viral control. 

About Virion Therapeutics (Virion)

Virion Therapeutics, LLC is a clinical-stage company developing novel T cell-based immunotherapies to cure cancer and chronic infectious diseases that utilize proprietary genetically encoded checkpoint modifiers (CPMs) to enhance and broaden CD8⁺ T cell responses to a tumor or chronic infection.  Founded in early 2018, Virion has since developed a robust pipeline, including its lead VRON-0200 clinical program, and several additional IND-enabling programs, including VRON-0300 oncology program for advanced solid tumors, leveraging its proprietary platform technologies. In early Fall 2023, Virion and Ocean Biomedical entered into a joint venture to accelerate and expand Virion’s pipeline of novel immunotherapies. 

To learn more, visit www.VirionTx.com

About Ocean Biomedical

Ocean Biomedical, Inc. is a Providence, Rhode Island-based biopharma company with an innovative business model that accelerates the development and commercialization of scientifically compelling assets from research universities and medical centers. Ocean Biomedical deploys the funding and expertise to move new therapeutic candidates efficiently from the laboratory to the clinic to the world. Ocean Biomedical is currently developing five promising discoveries that have the potential to achieve life-changing outcomes in lung cancer, brain cancer, pulmonary fibrosis, and the prevention and treatment of malaria. The Ocean Biomedical team is working on solving some of the world’s toughest problems, for the people who need it most.

To learn more, visit www.oceanbiomedical.com.

Forward-Looking Statements

The information included herein and in any oral statements made on behalf of Ocean Biomedical, Inc. (the “Company”) or otherwise in connection herewith include “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target,” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements contain such identifying words. These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of financial and performance metrics and expectations; the expected timing and success of IND filings for our initial product candidates; statements regarding the expected timing of our IND-enabling studies; the frequency and timing of filing additional INDs; expectations regarding the availability and addition of future assets to our pipeline; the advantages of any of our pipeline assets and platforms; the potential benefits of our product candidates; potential commercial opportunities; the timing of key milestones for our programs; the future financial condition, results of operations, business strategy and plans, and objectives of management for future strategy and operations; and statements about industry trends and other companies in the industry. These forward-looking statements are based on various assumptions, whether or not identified herein, and on the current expectations of the Company’s management, and they are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as and must not be relied on by any investor as, a guarantee, an assurance, a prediction, or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions.

Any discoveries announced by the Company are based solely on laboratory and animal studies. The Company has not conducted any studies that show similar efficacy or safety in humans. There can be no assurances that any treatment tested by the Company will prove safe or effective in humans, and that any clinical benefits of any such treatment is subject to clinical trials and ultimate approval of its use in patients by the FDA. Such approval, if granted, could be years away.

Forward-looking statements are predictions, projections, and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. These forward-looking statements are not guarantees of future performance, conditions, or results, and involve a number of known and unknown risks, uncertainties, assumptions, and other important factors, many of which are outside the control of the Company that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. You should carefully consider the foregoing factors and the other risks and uncertainties that are described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 and in the Company’s subsequent Quarterly Reports on Form 10-Q and other documents filed by the Company from time to time with the SEC and which are and are available at www.sec.gov. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. We do not undertake any obligation to update any forward-looking statements made by us. These forward-looking statements should not be relied upon as representing the Company’s assessments as of any date subsequent to the date of this filing. Accordingly, undue reliance should not be placed upon the forward-looking statements.

Contacts:
Virion Therapeutics, LLC 
Dr. Sue Currie 
Chief Operating Officer
[email protected] 

Ocean Biomedical Investor Relations
[email protected]
Kevin Kertscher
Communications Director

SOURCE Virion Therapeutics, LLC