Fueling Expansion: Funding to Boost Wearable Robotics Company’s Drive to Minimize Industrial Workplace Injuries and Enhance Productivity

CAMBRIDGE, Mass., Dec. 13, 2023 — Pioneering the future of industrial safety, Verve Motion, a Harvard University spinout, today announced it has reached a significant milestone by securing $20 million in Series B funding. This achievement, raising the company’s total funding to over $40 million, marks a crucial step in the company’s rapid expansion and the widespread adoption of its innovative industrial-use connected wearable technology, SafeLift™ exosuit.

The Series B funding round, which will play a pivotal role in supporting the company’s goals of market expansion and scaling manufacturing to meet demand, was led by Safar Partners, with new investments from Cybernetix Ventures as well as follow-on investments from existing investors, including Construct Capital, Pillar VC and OUP. The round also included participation from individual investors including Frederic Kerrest, Vice-Chairman and Co-Founder of Okta, and John McEleney, Co-founder of Onshape, and formerly CEO of SolidWorks.

Mitigating back injuries is a major workplace safety challenge that plagues a multitude of industries. Occupational back pain ranks as the most frequent injury, with more than one million workers suffering back injuries annually. According to the Occupational Safety and Health Administration, the average cost of back injury claims, including medical bills, wage loss benefits, and other expenses, can range from $40,000 to $80,000 per injury.

“The era of transformation in workplace safety and productivity is here,” said Ignacio Galiana, the CEO and Co-founder of Verve Motion. “Our mission is to power the human workplace by spearheading the next generation of wearable technology for industrial workers. Our SafeLift solution significantly diminishes the risk of back injury and fatigue, while enhancing facility productivity, and fostering employee retention. We’re creating a safer and more efficient future for industrial workers globally. This additional funding will drive the expansion of our solution and enable us to scale operations to meet the growing demand for our technology, ensuring it is accessible to the workers who need it most.”

“As a lead investor in the Series B funding, we are excited to fuel the growth and innovation of Verve Motion, a trailblazing force in wearable robotics,” said Arunas Chesonis, co-founder of Safar Partners. “The company’s focus on commercializing high-performance wearable technology for the workplace aligns with our vision for transformative advancements in world-changing disruptive technology. We believe this substantial investment will not only accelerate Verve Motion’s market presence but also contribute to reshaping the landscape of workplace safety and productivity.”

“At Albertsons Companies, we are committed to pursuing innovative technologies that will safeguard our associates, particularly those on the frontline in our distribution centers,” said Mustafa Harcar, VP of Automation at Albertsons Companies. “The integration of the SafeLift solution into our warehouse operations is proving to be a game-changer, helping mitigate physical strain, reducing injuries, and cultivating a safer work environment. We are enthusiastic about what we’ve observed and look forward to furthering our partnership with Verve Motion as we continue to prioritize the health, safety, and well-being of our employees.”

Powering the Human Workplace through People-centric Robotics

The SafeLift exosuit is the world’s first soft exosuit offering tailored, adaptive assistance that is customized for each worker and task. Invented by a team of scientists, engineers, and athletic apparel designers, it is a lightweight wearable solution that combines real-time motion sensing with robotic assistance. Its comfortable form factor, which wears like a backpack, is designed to power and protect industrial workers. The solution alleviates about 40 percent of the strain on a worker’s back during a typical workday by providing assistance in parallel with their underlying muscles. SafeLift exosuit includes a cloud platform with motion-based sensors for automatic detection of risky movements like excessive bending and twisting. The software not only improves injury prevention through coaching but also promotes ergonomic enhancements in the workplace.

Verve Motion’s technology evolved from work in the Biodesign Lab at Harvard’s John A. Paulson School of Engineering and Applied Sciences. Researchers there developed a soft exosuit with the goal of mitigating fatigue and injury risks for military personnel, work that paved the way for the next generation of wearable robots. The work was supported by DARPA (the advanced research and development agency of the U.S. Department of Defense), the National Science Foundation, and the National Institutes of Health.

Since the company’s inception in 2020, Verve Motion’s soft exosuits have helped American workers lift more than 300 million pounds, eliminating up to 85 percent of lower back and hip injuries at sites using SafeLift, and increase productivity by 3-7 percent, while creating a positive effect on worker retention and recruiting.

Verve Motion’s soft exosuits are deployed in a wide range of industries, including grocery, package distribution, third party logistics, retail, supply chain distribution, and manufacturing. For more information, visit www.vervemotion.com.

About Verve Motion

Verve Motion is a wearable robotics technology, committed to improving the lives of workers across various industries. With a passion for innovation and a focus on ergonomics, safety, and productivity, the company is developing cutting-edge soft exosuits that redefine the way people work. Spun out from Harvard University’s Biodesign Laboratory at the Wyss Institute, Verve Motion is based on a decade of research funded by DARPA, the National Science Foundation, and the National Institutes of Health. Since its inception in 2020, Verve Motion has raised more than $40 million in financing from a diverse group of investors. For more information, visit www.vervemotion.com.

Supporting Resources

SOURCE Verve Motion

Oversubscribed Third Private Equity Fund Closed at $2.8 Billion Hard Cap, Alongside Dedicated LP Co-Investment Vehicles

Fund Focuses on Buyout and Growth Investments in Industrial Decarbonization Sector

HOUSTON and BOSTON and DUBLIN, Dec. 13, 2023 — Ara Partners (“Ara” or the “Firm”), a leading private equity and infrastructure investment firm specializing in industrial decarbonization, today announced that it has closed over $3 billion of new capital commitments. The Firm has concluded a successful fundraising for Ara Fund III (“Fund III” or the “Fund”), closing on $2.8 billion of limited partner commitments, alongside dedicated limited partner co-investment vehicles.

The Fund was significantly oversubscribed at an increased hard cap, exceeding its $2 billion initial target, and received the support of Ara’s existing investor base and a diverse set of new institutional investors comprised of pension funds, insurance companies, sovereign wealth funds, endowments, and foundations from North America, Europe, and the Asia-Pacific region.

Fund III will continue Ara’s strategy of investing in the decarbonization of the industrial economy, the greatest source of carbon emissions globally. Leveraging significant technical and operations expertise, the Fund will pursue both buyout and growth investments in industrial companies primarily headquartered in the United States, Canada and Europe that have the potential to achieve reductions in carbon emissions across sectors, including industrial and manufacturing, chemicals and materials, energy efficiency and green fuels, and food and agriculture.  Ara’s predecessor fund, Ara Fund II, closed in September 2021 at approximately $1.1 billion, above its $650 million target.  Ara has total assets under management of approximately $5.6 billion.

“We are grateful for the extraordinary interest in Fund III demonstrated by Ara’s increasingly global, blue-chip investor base,” said Charles Cherington, Managing Partner of Ara. “The strong support from new and existing investors, is a testament to their confidence in our talented team, our investment strategy, and the compelling opportunities in the industrial decarbonization sector. We look forward to collaborating with our world-class portfolio company management teams to generate strong returns for our investors in the coming years.”

Fund III has already completed four investments: Vacuumschmelze, a leading global producer of advanced magnetic materials and the largest producer of rare earth permanent magnets in the Western Hemisphere; Genera, a sustainable pulp and packaging producer; CFP Energy, which provides market-facing solutions in environmental and green energy products to industrial customers across Europe; and CycleØ, a fully integrated developer of distributed biomethane facilities.

“The growing, global presence of Ara’s platform and portfolio directly reflects the industrial economy’s continued demand for the technological innovation and infrastructure needed to decarbonize,” said Troy Thacker, Managing Partner of Ara. “The support we have received for Fund III will enable the Ara team to continue investing in high-growth companies globally that are positioned to build value while achieving positive environmental impacts.”

Mr. Cherington and Mr. Thacker founded Ara in 2017. Ara’s experienced investment team also includes Partners Chris Picotte, Cory Steffek, and Tuan Tran, as well as Teresa O’Flynn and Churchill George Yong, Co-Heads of the Firm’s infrastructure strategy. The investment team operates from offices in Houston, Boston, and Dublin, and is supported by a deep bench of operating professionals with experience across industries.

Rede Partners acted as placement agent, and Debevoise & Plimpton LLP served as legal counsel in the formation of Fund III.

About Ara Partners
Ara Partners is a private equity and infrastructure firm focused on industrial decarbonization investments. Ara Partners invests in the industrial and manufacturing, chemicals and materials, energy efficiency and green fuels, infrastructure, and food and agriculture sectors, seeking to create companies with significant decarbonization impact. It operates from offices in Houston, Boston and Dublin, Ireland. As of September 30, 2023, Ara Partners had approximately $5.6 billion of assets under management. For more information about Ara Partners, please visit www.arapartners.com.

Contacts
Mark Semer / Alex Jeffrey                                                    
Gasthalter & Co.                                                                   
[email protected]                                                 
(212) 257-4170

SOURCE Ara Partners

WOBURN, Mass., Dec. 13, 2023 — Molecular Loop Biosciences, Inc., an innovator at the forefront of targeted sequencing technologies, is pleased to announce that it has received a $1.8 million grant from the Bill & Melinda Gates Foundation to further its groundbreaking work in the field of multi-pathogen genomics. The grant will support a project to expand access to next-generation sequencing (NGS) for the surveillance of infectious disease pathogens in low- and middle-income countries (LMICs).

“This grant from the foundation will support our commitment to expanding access to NGS with LoopCap™ technology. LoopCap addresses challenges in sample turn-around time and dropouts due to rapid mutation – both common issues with pathogen sequencing methods today,” said Greg Porreca, PhD, CEO of Molecular Loop. “We are excited to continue our mission of democratizing access to NGS technologies for all laboratories, particularly in resource-limited settings.”

Globally, there currently is a disparity in laboratories’ ability to participate in comprehensive pathogen surveillance. Limited access to advanced genomic technologies poses a significant obstacle, particularly in LMICs. Molecular Loop will utilize this grant to develop and evaluate a multiplex NGS assay for the genomic analysis of the causative agents of respiratory infections. Through strategic partnerships and innovative technology, Molecular Loop aims to overcome technical barriers of existing methodologies and empower laboratories in LMICs to actively participate in global viral surveillance efforts.

Molecular Loop Biosciences, Inc. looks forward to the positive impact this project will have on global health and anticipates sharing progress updates with esteemed stakeholders, including the US CDC, AfricaCDC, WHO, and others.

About Molecular Loop

Molecular Loop tailors customized targeted next-generation sequencing solutions using its unique technology that delivers industry-leading workflow simplicity without sacrificing data quality. The company leverages its technology and deep genomic expertise to accelerate innovations in life sciences and make advancements in personalized healthcare. The team is passionate about making it easier than ever for labs to harness the power of genomic technology and make genetic testing broadly accessible.

Contacts
[email protected]

SOURCE Molecular Loop Biosciences, Inc.

The funding, which comes less than a year after the company’s launch from stealth, will enable Guardz to expand its holistic platform for MSPs to seamlessly manage small business cybersecurity

TEL AVIV, Israel, Dec. 13, 2023 — Guardz, the cybersecurity company securing and insuring small businesses, today announced that it has raised an $18M Series A round led by Glilot+, the early growth fund of Glilot Capital Partners. Guardz’s existing investors Hanaco Ventures, iAngels, and GKFF Ventures participated in the oversubscribed round and were joined by new investors ClearSky. The investment comes less than a year after Guardz launched with $10M in seed funding, bringing its total funding to date to $28M.

Since emerging from stealth, Guardz has achieved product-market fit, optimizing its holistic cybersecurity offering for the Managed Service Providers (MSPs) who serve small businesses. In less than a year, Guardz has experienced rapid growth, partnering with hundreds of MSPs and securing thousands of the businesses they manage in the US and Europe. The new funds raised will be used to fuel the company’s commercial growth and accelerate product development to increase cybersecurity coverage, as well as to expand sales, marketing, and customer success operations globally.

Small businesses, which serve as the backbone of the US economy, are increasingly targeted by cybersecurity attacks. Recent years have seen them suffer 43% of data breaches with nearly $7 billion in reported losses, and yet only 14% of small businesses are prepared to defend themselves. With most cybersecurity solutions too cumbersome for small companies to deploy, too complicated for them to understand and maintain, and too costly, small businesses regularly turn to their MSPs to handle their cybersecurity needs. MSPs, in turn, face challenges in managing multiple companies’ cybersecurity setups across a multitude of disparate platforms, sourcing attractive cyber insurance coverage for their customers, and successfully outshining competitors for new clients.

The Guardz cybersecurity platform empowers MSPs to seamlessly manage their numerous small business customers’ cyber posture, subscription plans, and remediation from a single, multi-tenant platform with a simple and cost-effective approach. The holistic solution provides automated threat detection and remediation across all attack vectors, including business data, employee identities, cloud directories, web browsing, emails, and devices, with real-time risk prevention and actionable alerts. The AI-powered solution automatically monitors a company’s external and internal digital footprint to continuously analyze cybersecurity risks and remediate threats. Additionally, Guardz’s comprehensive cybersecurity protection enables MSPs to offer their clients cyber insurance, which was previously inaccessible due to a lack of cybersecurity controls, generating an additional MSP revenue stream and further protecting their customers’ business interests.

“MSPs are at the forefront of protecting small businesses, which underpin the US economy, and we are on a mission to empower them to do so better and more efficiently,” said Dor Eisner, CEO and Co-Founder of Guardz. “We are proud to enable our MSP partners to ensure not only small businesses’ cybersecurity posture, but also the longevity of their businesses. The time is now to double down on our successful go-to-market machine and equip even more MSPs to do so.”

“When we met the exceptional team at Guardz, which combines cybersecurity leaders with small business go-to-market experts, it became evident that they had built the ultimate solution for small business cybersecurity – a longstanding and rapidly growing market need we’ve been monitoring at Glilot for a while,” stated Lior Litwak, Managing Partner and Head of Glilot+. “Guardz has developed an impressive, holistic, and user-friendly cybersecurity and cyber insurance risk-assessment platform that is cleverly tailored to MSPs, who serve the often-overlooked long-tail small business market. We are excited to lead this funding round and join the Guardz team on their journey to secure the digital world for those who today need it most.”

“Guardz continues to demonstrate top-decile growth, in exceptionally challenging market environments. The trend for MSPs’ customers being drawn to securing and insuring their businesses in a holistic, hassle-free manner is a significant tailwind. We’re exceptionally proud to continue to support Dor and Alon as we have done from the very beginning of their journey,” said Alon Lifshitz, Founding Partner at Hanaco Ventures.

“The speed at which Guardz has brought a product to market, and then instantly created adoption and usage is profound,” said Shelly Hod Moyal, iAngels Founding Partner. “It is rare to see a company multiply sales quarter-over-quarter at this stage, and it speaks volumes to Dor and Alon’s vision and execution.”

To learn more about the new funding, please visit here.

About Guardz

Guardz is a holistic cybersecurity solution built to empower MSPs to secure and insure SMEs against ever-evolving threats such as phishing, ransomware attacks, data loss, and user risks by leveraging AI and a multilayered approach. The solution streamlines cybersecurity with its automated detection and response capabilities across users, emails, devices, data, and cloud apps, all from a single pane of glass. By combining robust cybersecurity technology and deep insurance expertise, Guardz ensures that businesses’ security is consistently monitored, managed, and optimized to prevent the next attack and mitigate the risk. Guardz was founded in 2022 by Dor Eisner and Alon Lavi along with a team of cyber and insurance experts who combine innovation, experience, and creativity to create a safer digital world for small businesses.

About Glilot Capital Partners

Glilot Capital Partners is a multi-stage venture fund that invests in Israel’s most extraordinary entrepreneurs. Glilot backs teams that develop advanced technology in areas of Cybersecurity, Cloud Computing, AI/ML DevOps, DevTools, and more. The fund creates an environment that makes it possible to generate real lasting value for both sides of the investment equation, supporting founders from inception to acquisition with long term relationships and methodologies built in over a decade. Glilot was founded in 2011 and currently manages over $700M+ across its funds. This round is led by Glilot+, the early growth fund of Glilot Capital Partners, which focuses on leading Series A and B rounds in the firm’s focus sectors.

Media contact:
Allison Grey
Headline Media
[email protected]
US: +1 323 283 8176
UK: +44 203 807 4482
IL: +972 53 820 2606 

SOURCE Guardz

SAN FRANCISCO, Dec. 13, 2023 — Juniper Square, the leading provider of partnership enablement to the private funds industry, today announced the hire of Kathie Jones as Chief Financial Officer (CFO). As CFO, Kathie will bolster and manage financial planning, financial systems, and controls to support Juniper Square’s rapid growth. She will be responsible for ensuring activities across the organization are in compliance with GAAP, Sarbanes-Oxley, and other statutory guidelines while establishing new standards for internal policies and procedures to meet evolving regulatory requirements.

“Our track record of innovation and customer success in private markets has resulted in rapid growth and increased scale for our organization. As we continue on this path, we need to ensure our financial reporting and compliance efforts meet the same standards of publicly traded companies,” said Alex Robinson, CEO and co-founder of Juniper Square. “We are thrilled to have a finance leader with Kathie’s experience in both the public and private markets to guide Juniper Square through our next phase of growth.”

With 30+ years of experience, Kathie has led globally distributed financial, legal, and operational organizations across public and privately held companies. Prior to Juniper Square, Kathie held executive positions at Khoros, a leading customer engagement platform, and Boundless Life Sciences, a media agency focused on the healthcare space.

“Juniper Square is transforming the very nature of private markets, increasing efficiency and transparency for investors and GPs alike,” said Kathie. “This opportunity sits at the intersection of two professional passions—working with a scaling organization and doing it in an innovative area of finance. I look forward to partnering with senior leadership to help the company grow and to further its mission of creating greater opportunity for participation in private markets.”

About Juniper Square

Juniper Square is the leader in partnership enablement for the private funds industry, providing GPs and their LPs the ability to seamlessly connect and communicate across every stage of the investment lifecycle: from fundraising and onboarding to investor management to fund administration. Juniper Square empowers investment managers to accelerate fundraising, scale operations efficiently, and improve investor satisfaction. More than 1,800 GPs rely on Juniper Square to manage more than 34,000 investment entities that span over 500,000 LPs and $1 trillion in investor equity. Learn more at https://www.junipersquare.com/.

SOURCE Juniper Square

RIYADH, Saudi Arabia, Dec. 12, 2023 — Lendo, a Saudi Arabia-based shariah-compliant debt crowdfunding marketplace, has raised SAR 105 million ($28 million) in Series B funding led by Sanabil Investments, a wholly-owned company by the Public Investment Fund (“PIF”). The round saw participation from Shorooq Partners, AB Ventures and other investors.

Lendo is a shariah-compliant, debt crowdfunding marketplace that helps pre-finance outstanding invoices for businesses in Saudi Arabia. The platform is a community of creditworthy borrowers and sophisticated investors looking for alternative investments. The platform is licensed by the Saudi Central Bank (SAMA). Lendo will use the funds to support its fast-growing customer base in Saudi Arabia which has grown 3X year-on-year, introduce more innovative financing products, and accelerate market expansion plans.

“With this funding round, we are going to expand into new markets, support new and current customers and launch new Shariah-compliant products, all the while continuing to innovate the marketplace for digital lending. We are going to make financial services more accessible, affordable, and inclusive for everyone. I am excited to see what the future holds for our company,” said Osama Alraee, CEO, and co-founder of Lendo, who also disclosed its plans for an IPO within the next few years.

Alraee has also expressed his gratitude to SAMA (Saudi Central Bank), Fintech Saudi, MCIT, Misk, and Monshaat for their unwavering support, emphasizing the pivotal role they have played in advancing financial inclusivity and fostering innovation in partnership with Lendo to reshape the financial landscape. Their dedicated efforts in advancing financial inclusivity and fostering innovation have been invaluable to us. We greatly appreciate their partnership in our mission to transform the financial landscape.

“The growing demand for alternative, agile, and accessible lending solutions presents a significant opportunity. At Lendo, we are well-positioned to lead the charge in promoting financial inclusion not only in Saudi Arabia but also beyond. By fueling SME growth, we aim to contribute to the realization of Saudi Arabia’s Vision 2030 economic goals and to create a ripple effect of opportunity throughout the MENA region,” said Mohamed Jawabri, COO, and co-Founder of Lendo.

For the full press release, please visit Lendo News page

SOURCE Lendo

SAN FRANCISCO, Dec. 12, 2023 — Extropic, a pioneering force in the realm of physics-based artificial intelligence (AI), proudly announces the successful completion of its $14.1 million Seed round. Led by Steve Jang and Kindred Ventures, renowned for their contributions to Uber, Coinbase, and Humane, the funding round features prominent participants such as Buckley Ventures, HOF Capital, Julian Capital, Marque VC, OSS Capital, Valor Equity Partners, Weekend Fund, and a host of distinguished angel investors.

Redefining the Landscape of Computation
Extropic is at the forefront of a groundbreaking initiative to redefine computation through a novel full-stack paradigm of physics-based computing. In a world where the demand for scalable, cost-effective, and efficient computing is skyrocketing with the rise of generative AI, Extropic envisions a future where computers leverage the natural entropy of the world as an asset, program themselves to learn representations of the world, and operate with unprecedented efficiency.

Harnessing the Power of Thermodynamics
Extropic’s computing paradigm is built on the principles of out-of-equilibrium thermodynamics, aiming to seamlessly merge generative AI with the fundamental physics of the world. The goal is to achieve the ultimate embedding of generative AI into physical processes, pushing the limits of efficiency defined by the laws of physics in terms of space, time, and energy.

Meet the Visionaries Behind Extropic
Extropic was founded in 2022 by Guillaume Verdon, Extropic CEO, a pioneer in quantum deep learning and former quantum tech lead within the Physics & AI team at Alphabet’s X. The team also includes Trevor McCourt, Extropic CTO, and Christopher Chamberland, Extropic Principal Architect, both recognized for their significant contributions to the field of quantum computing.

Interdisciplinary Team with Extensive Experience
Extropic’s team comprises scientists and engineers with backgrounds primarily in Physics and AI, bringing together expertise from AWS, Meta, IBM, Nvidia, Xanadu, and leading academic institutions. This interdisciplinary team is uniquely positioned to pioneer the unified approach to Physics and AI pursued at Extropic.

A Stellar Lineup of Backers
Extropic is thrilled to announce the successful closure of its Series Seed round, raising $14.1 million. Leading the investment is Steve Jang and Kindred Ventures, with participation from Buckley Ventures, HOF Capital, Julian Capital, Marque VC, OSS Capital, Valor Equity Partners, Weekend Fund, and numerous other backers. The list of angel investors includes prominent figures such as Aidan Gomez, Amjad Masad, Arash Ferdowsi, Balaji Srinivasan, Naval Ravikant, and many more.

Extropic expresses gratitude to its broad base of investors for their commitment to advancing the frontiers of computing. The company looks forward to utilizing the Seed capital to accelerate the advent of its revolutionary computational paradigm.

For media inquiries, please contact:
Guillaume Verdon
[email protected]
+1 (737) 377-2770

SOURCE Extropic Corp.

Stem Cell Implants’ Pre-Osseointegrated Implants provide the ultimate solution for tooth loss. Unlike current implant procedures that often require donor sites or synthetic materials, our stem cell-based products are custom-made from a single hair follicle. A private round of pre-seed investment was completed in November 2023 and a seed round is announced.

SAN DIEGO, Dec. 12, 2023 — Stem Cell Implants Inc. today announced the completion of a private round of pre-seed investment and the initiation of its seed round. The startup raised funds to kickstart its mission to advance the field of dentistry with stem cell biotechnology.

“I am excited to bring the new frontier of regenerative medicine to the dental industry,” said Dr. Allan Dovigi DDS MS, CEO and Co-Founder of Stem Cell Implants. 

The company’s patented Pre-Osseointegrated Implant is poised to transform the industry through several key features:

1. Unlimited amounts of bone and soft tissue can be custom-made and formed in vitro for grafting.
2. No risk of immune rejection or disease transmission.
3. Quicker, more predicate stem cell-based healing.

The startup is building its team and roadmapping regulatory approval. 

About Stem Cell Implants Stem Cell Implants Inc. aims to harness the power of stem cell biotechnology to revolutionize dental implants. Founded in 2023 and based in San Diego, it envisions a new frontier of regenerative medicine in dentistry.

Visit stemcell-implants.com to learn more.

CONTACT: Marcus Dovigi, [email protected], 858-999-1197

SOURCE Stem Cell Implants, Inc.

Xeol’s technology secures an organization’s end-of-life software

NEW YORK, Dec. 12, 2023 — Xeol, the New York City-based cybersecurity company, announced today that it raised $3.2 million in Seed funding led by Shield Capital with Y Combinator and 468 Capital also participating.

Cyber attacks against private enterprises’ software supply chains multiplied sevenfold over the past 3 years. Software supply chains must be secured just as industrial supply chains are secured from components to assembly to delivery. This is becoming even more pressing as open source software use and attack surfaces widen. 

“Now is the right time to come out of stealth mode to tackle the software supply chain problem with foundational standards like Software Bill of Materials (SBOM) and Supply-chain Levels for Software Artifacts (SLSA) gaining traction,” stated Xeol CEO, ShiHan Wan. “These standards allow us to go much deeper and be much more accurate with supply chain risks like outdated software”

Xeol’s focus is to secure software throughout its lifecycle beginning at the code repository all the way through delivery to customers. The team starts by managing enterprises’ end-of-life software whose publishers no longer provide security patches. Attackers typically gain access to vulnerable systems by phishing, then exploiting unpatched software. PCI 4.0, a security standard for handling payment card data, will mandate that companies have a program to manage end-of-life software, highlighting the growing threat surface.

Since launching the company four months ago, Xeol has already signed its first Fortune 500 customer. For this customer, the team was able to identify more than 2,000 end-of-life software components and reduce the company’s exposure by 60%.

“Xeol is building the next generation of protection for the software we rely on every day to run our businesses. This software makes up a part of our national critical infrastructure and must be protected,” said Mike Brown, SHIELD partner and former Symantec CEO.

Founders

ShiHan is the co-founder and CEO of Xeol. He helped build 2 startups (Ada and Electric) from early stages to unicorn. ShiHan was previously Director of Platform Engineering at Electric responsible for application security, infrastructure security, SRE, and frontend and backend platforms. Before that ShiHan was the founding engineer at Ada building out the messaging and bot platform that handled 100M of messages a day.

Benji is the co-founder and CTO of Xeol. Benji was the first infrastructure and security engineer at AI unicorn Ada responsible for all things security, compliance, and infrastructure. Afterwards, he helped develop SRE best practices at Datadog and develop their service catalog product. His open-source tools are used by engineers at Google, Apache, and Red Hat every day.

Learn more at https://www.xeol.io/

SOURCE Xeol