BANGALORE, India and LONDON, Dec. 22, 2023 — Kitchens@, a leading powerhouse in the dynamic cloud kitchen industry, is thrilled to announce the successful acquisition of $65 million in funding from Finnest, an emerging growth investment firm headquartered in London. Significantly, Swiggy played a pivotal role as a major investor in Kitchens@ during the Series B funding round. Notably, Finnest (A BNP Company), founded by two visionary Indian-origin investors and entrepreneurs, Dr. Biswanath Patnaik and Mr. Arun Kar (Ex Military) Finnest has previously made strategic investments across diverse sectors, including renewable energy, EV- Hydrogen automotives, sports & entertainment, smart cities, aerospace technologies, hotels and hospitality . The COO of Finnest, Mr.Arun Suraj has been the Lead Partner in this round of investment and the catalyst in their debut foray into the ever-evolving Food and Beverage industry.  

Dr. Biswanath Patnaik expressed his confidence in Kitchens@, stating, ” Kitchens@ has played a pivotal role in shaping the landscape of the cloud kitchen segment in India, emerging as a key player in the Food and Supply Aggregator sector. Our confidence in the future of this venture is unwavering, thanks to the astute leadership of our Founder and CEO, Mr. Junaiz Kizhakkayil. Anticipating a substantial business turnaround in the coming years, especially with strategic partnerships in place with major entities like Swiggy and Beenext.”

Junaiz Kizhakkayil (JK), the Founder & CEO of Kitchens@, reflected on the company’s journey, saying, “Our path over the past few years has been nothing short of remarkable. We’ve encountered numerous challenges but have steadfastly upheld our vision and goals. It is immensely gratifying to have earned the trust of prominent investors like Finnest. I extend my heartfelt gratitude to Dr. Biswanath Patnaik , Mr. Arun kar and Mr. Arun Suraj for believing in our growth strategy.”

JK elaborated on their restaurant roll-up plan, emphasizing the wealth of brand equity present within the Indian market. He stated, “The establishment of these brands has been a laborious journey, with dedicated individuals investing their hard-earned resources, time, and unwavering commitment. Today, we witness several such brands with the potential not only to dominate the Indian market but also to make a significant impact on the global stage.”

Drawing from his three decades of experience in the industry, JK stressed the importance of founder DNA and belief in the product for a brand’s success. He added, “Our restaurant roll-up plan is founded on these principles, and I am proud to say that we have established strong alignments with nearly all major brands. This presents a substantial opportunity for us and our investors to create something truly extraordinary.”

He went on to highlight the allocation of the raised funds for expanding their hybrid model, Dinerium. JK described Dinerium as a transformative dining experience that seamlessly combines offline and online elements, offering a diverse selection of premier brands right at patrons’ tables. He emphasized how corporate meetings and meaningful connections would now be fostered over exquisite meals, marking a departure from conventional norms.

In an impressive development earlier this year, Kitchens@ acquired Swiggy Access Kitchen, expanded its footprint to six major cities and 45 locations, boasting a network of 700 kitchens.

The future is indeed promising for Kitchens@ as they embark on their exciting journey with Finnest’s support.

About Finnest:

Finnest ( A BNP Group Company) is a UK-based growth investment firm that specializes in early-stage investments, supporting technology startups in areas such as banking, healthcare, consumer products, fintech, renewables, and enterprises committed to a brighter future. Finnest is led by a team of seasoned partners with deep domain expertise and global networks. Finnest prioritizes selectivity, becoming strategic partners who provide value beyond just financial capital.

Finnest specializes in early-stage investments, supporting technology startups in areas such as banking, healthcare, consumer products, fintech, renewables, and enterprises committed to a brighter future. They prioritize selectivity, becoming strategic partners who provide value beyond just financial backing. Their key focus areas include renewable energy, smart cities, EVs, healthcare, deep tech, fintech, and consumer marketplaces. Finnest is dedicated to driving innovation and progress in the entrepreneurial landscape.Top of Form

Photo – https://mma.prnewswire.com/media/2306540/Two_visionaries_future_of_dining_investment.jpg
Logo – https://mma.prnewswire.com/media/2014639/3911459/Kitchens_Logo.jpg

SOURCE Kitchens@

NEW YORK, Dec. 21, 2023 — Backcast Partners (“Backcast”), a provider of debt and equity capital for both middle-market private equity and non-private equity owned companies, is pleased to announce its recent follow-on investment in Guardian Fleet Services, Inc. (“Guardian”) used to fund the strategic acquisition of Euless Wrecker Service, Inc. (“Euless“).  Euless, which has served the community of Euless, Texas and surrounding areas since 1954, represents Guardian’s entry into the state. This acquisition is a significant step in Guardian’s broader expansion plans into key markets outside of Florida and further solidifies the company’s position as a nationwide industry leader.

Headquartered in West Palm Beach, Florida, Guardian is a leading provider of commercial towing, recovery, and specialized transportation services in the United States. Guardian, which was formed in 2017 by Geoff Russell and Scotty Crockett via the merger of their two long-standing businesses, has served as the primary consolidator in this fragmented marketplace. Backcast originally invested both senior secured debt and preferred equity in Guardian earlier this year to support Chartwell Investments Entrepreneur & Founder Capital’s (“CHIEF Capital”) growth investment in Guardian. Euless represents the third tuck-in acquisition made by Guardian this year, in continuation of the roll-up strategy started by Mr. Russell and Mr. Cockett in 2017, and in furtherance of CHIEF Capital’s broader strategic vision.

Michael Shein, CHIEF Capital’s Managing Partner said “Backcast continues to serve as a reliable and value-added partner as we continue to execute our strategic growth plan.  Euless is the second of what are expected to be many acquisitions of local market leading companies in our targeted geographies across the United States.”  

Ed Cerny, Managing Partner at Backcast, added “Guardian’s best-in-class management team is highly regarded across their industry, and we look forward to supporting them and CHIEF Capital as they identify and acquire many more attractive acquisitions like Euless.”

About Backcast Partners

Backcast Partners, formed in 2016, manages value-additive, credit-focused private investment funds providing capital to both private equity and non-private equity owned companies.  With over $1 billion of assets under management, the Backcast team has been supporting traditional middle market companies ($7.5 million to $50 million of EBITDA) for decades.  Backcast’s managed funds have a very flexible capital mandate and seek to invest from $10 million to over $100 million per transaction via bespoke capital solutions throughout the capital structure.  Backcast Partners operates out of offices in New York City, Millburn, NJ and Los Angeles, CA. 

About Chartwell Investments Entrepreneur & Founder Capital (CHIEF Capital)

CHIEF Capital provides flexible private equity for entrepreneurs, family-owned businesses, and corporate carveouts.  The firm partners with management owners to help realize their visions and provide long-term capital, resources and expertise to accelerate growth and provide generational liquidity. CHIEF Capital customizes each investment to meet the objectives of its entrepreneur and family partners.  With 45+ years of experience, over $750 million of recent transaction value, 6 current platform investments and 16 recent add-on acquisitions, CHIEF Capital focuses on niche lower middle market companies with an emphasis on healthcare, healthcare services, business services, transportation and logistics, and niche manufacturing segments.  Please visit Chiefcap.com for more information.

For more information, please contact:

Mark Gudis, Managing Partner 
[email protected] 
973-512-7487

www.backcastpartners.com

SOURCE Backcast Partners

BETHESDA, Dec. 21, 2023 — Hull Street Energy has closed a $160 million financing for its 855 MW Milepost Power Texas portfolio known as Mesquite Generation. The plants in the Mesquite portfolio are located in Bastrop and Paris, Texas, and provide critical power generation and reliability services to the Texas grid. Proceeds will be used to fund reserves, expenses and distributions to investors.

“This financing demonstrates the underlying operational strength of the portfolio, and our increasing ability to execute capital market transactions to drive capital cost down and enhance investor returns,” said Sarah Wright, Founder and Managing Partner of Hull Street Energy. “We thank our lenders and legal teams for their excellent service, seamless execution, and shared goal of driving the ongoing energy transition to a successful outcome through the intelligent allocation of capital.”

Investec Bank plc led the financing and acted as Initial Coordinating Lead Arranger and Sole Bookrunner. Notably, other lenders in the financing included ING Capital LLC as Coordinating Lead Arranger, Starwood Infrastructure Finance and Sequoia Economic Infrastructure Income Fund as additional lenders.

Troutman Pepper acted as legal counsel to Hull Street Energy. Kirkland & Ellis acted as legal counsel to lenders.

About Hull Street Energy, LLC
Hull Street Energy is a private equity firm that specializes in deploying capital into the power sector as it decarbonizes. Headquartered in Bethesda, Maryland, the team leverages its decades of experience and unique knowledge of North American electricity infrastructure, fundamentals, and grid operations, including fuel inputs, commodity contract structuring, renewable and fossil powered generation assets, energy storage, transmission and distribution systems, and electricity demand-side businesses to build value for stakeholders. For further information about Hull Street Energy please see www.hullstreetenergy.com.

About Milepost Power
Milepost Power owns and manages flexible, dependable and clean natural gas and dual-fuel electric generating plants in North America, providing electricity and critical reliability service to the grid. Its power plants and analytically driven risk management protocols position the company to play an increasingly important role as the industry transitions to include more renewable generation resources. Milepost Power is an affiliate of Hull Street Energy. For further information please see www.milepostpower.com.

Media Contact
[email protected]

SOURCE Hull Street Energy

Fantasy Festival is over at Key West, but DOOZEE Bar is one place serving up your fantasy daily with a custom-made ice cream bar experience that’s Scrumdiddlyumptious!

KEY WEST, Fla., Dec. 21, 2023 — The World-Famous Fantasy Festival in Key West, FL, is over, but don’t despair, DOOZEE Bespoke Ice Cream Bars in Key West is NOW OPEN FOR BUSINESS, and they are ready to make your wildest ice cream fantasy turn into reality. They at your direction crafting the most unique ice cream bars – literally in the world. This Willy Wonka like, ice cream experience should be on everyone’s bucket list.

DOOZEE on Duval is the ultimate customizable ice cream indulgence store, with a sophisticated, music-popping, social media-friendly environment, and a topping bar counter reminiscent of an ice sculpture.

Jim Epstein, owner says, noting that DOOZEE Bespoke Ice Cream Bar Shop differs from the more well-known boring scoop ice cream stores in that. “You can have made by a Bar’ista, over 5 million combinations. It’s hard to have the same thing twice.”

When asked, Epstein with all these combinations, does he have a go-to favorite DOOZEE Bar?

“I do like the White Chocolate with Flaming Hot Cheetos, and a White Chocolate drizzle, but I like to mix it up,” he says. It’s also a fun experience to design a tasty custom made ice cream bar that nobody has ever made.”

You start with a sizeable 5-ounce vanilla bar dipped into a selection of rich Milk Chocolate, White Chocolate or Caramel – each made with the very best ingredients. From there, guests choose three toppings from a selection of 24, including Flaming Hot Cheetos, Cotton Candy, Captain Crunch, Red Velvet Cookie Dough, Skulls and Bones Sprinkles, Toasted Coconut, etc. For those feeling particularly “bushy,” 12 unexpected ingredients are available for an extra cost, including Mr. Beast Chocolate Almonds, Organic Rose Petals, 24k Gold Flakes, Dom Perignon Gummy Bears, Grand Marnier Chocolate Pecans, Key Lime Pecan Pie Crumbs, Atocha Gold Treasure Coin made from Chocolate. The final step is the Pizzazz It! with a gourmet drizzle of Bourbon, Lemon, Raspberry, Key West Killer Bee Honey and some eye-popping diamond sparkle-dust – creating a one-of-a-kind masterpiece.

As you immerse yourself into this Willy-Wonka-style experience, don’t forget to purchase their T-shirt that says “I Licked the Stick in Key West” at Doozee Bar.

To learn more about DOOZEE Bespoke Ice Cream Bar Shop, please visit doozeebar.com.

About DOOZEE Bespoke Ice Cream Bar Shop

DOOZEE Bespoke Ice Cream Bar Shop is Key West, Florida’s. Founded in 2023, DOOZEE is committed to creating an immersive, bespoke experience for ice cream lovers across the Key West area. Located at 123 Duval Street, Key West, FL 33044, DOOZEE’s unique approach to making handcrafted luxury ice cream bars is making waves to reimagine the modern ice cream shop experience.

Website: doozeebar.com
Facebook: www.facebook.com/doozeebarkw/
Instagram: www.instagram.com/doozeebarkw/
Twitter: https://twitter.com/doozeebar

For more information or press inquiries, please contact John Smith at [email protected], (214)-797-8733

SOURCE DOOZEE Bespoke Ice Cream Bar Shop

PHOENIX, Dec. 21, 2023 — Trinity Capital Inc. (NASDAQ: TRIN) (“Trinity”), a leading provider of diversified financial solutions to growth-stage companies, today announced the commitment of $30 million in growth capital to Cart.com, a provider of unified commerce and logistics solutions that enable merchants to sell and fulfill anywhere.

Cart.com provides physical and digital infrastructure to unify operations across channels and empowers more than 6,000 multichannel merchants to sell and fulfill anywhere their customers are. The company offers a complete suite of digitally driven logistics capabilities, enterprise-grade channels and order management software and expert services to simplify commerce for middle-market and enterprise companies. Cart.com supports over $8 billion in gross merchandise value and operates 14 omnichannel facilities nationwide, totaling over 8 million square feet of space.

“We’re excited to add to our portfolio an innovative company that’s proving itself to be an indispensable commerce and logistics partner to a wide range of B2B, B2C and direct-to-consumer merchants,” said Ryan Thompson, Managing Director, Tech Lending at Trinity. “We look forward to playing an important role in supporting Cart.com’s growth.”

In June, Cart.com announced it had raised a $60 million Series C equity funding round at a valuation of $1.2 billion. The round included participation from B. Riley Venture Capital, Kingfisher Investment Advisors, Snowflake Ventures, Prosperity7 Ventures, Legacy Knight and other strategic corporate and financial investors.

This investment is part of a larger $100 million debt refinancing that included Trinity and Silicon Valley Bank, a division of First Citizens Bank. The capital will further strengthen Cart.com’s balance sheet while allowing the company to remain strategically positioned as it continues to scale operations.

“With Trinity’s financing, Cart.com will double down on investments that support the growing demand for innovative logistics and commerce infrastructure solutions that help our customers unlock more efficient growth,” said Cart.com Founder and CEO Omair Tariq. “In 2023, Cart.com successfully reached unicorn status while growing revenue 50% and achieving profitability. We’re excited to partner with Trinity, a proven and trusted provider of capital to growth-stage companies, to fuel our next chapter of profitable growth in the years to come.”

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 Cart.com
Cart.com is the leading provider of unified commerce and logistics solutions that enable B2C and B2B companies to sell and fulfill anywhere their customers are. The company’s enterprise-grade software, services and logistics infrastructure, including its own network of fulfillment and distribution centers, are used by some of the world’s most beloved brands and most complex companies to unify commerce operations across channels and drive more efficient growth.

For more information, please visit Cart.com and LinkedIn.

SOURCE Trinity Capital Inc.

• Hadean Capital II closes at EUR 144m, substantially over target of EUR 125m, bringing the total committed capital of Hadean Ventures’ two funds to approx. EUR 230m
• Strong support from existing investors as well as a number of new investors including EIF, KfW Capital and Tesi
• Launched in September 2021, Hadean Capital II has so far invested in six companies
• First portfolio company exit was achieved in 2023, exceeding expectations

OSLO, Norway, Dec. 21, 2023 — Hadean Ventures announced today the final close of Hadean Capital II at EUR 144m, substantially above target of EUR 125m. The fund will invest in life science start-up companies across Europe with an emphasis on the Nordics and German-speaking countries. The strategy includes pharma, biotech, medtech, diagnostics and digital health. Hadean Capital II was launched in September 2021 and has so far invested in six companies including Alex Therapeutics, Arthex Biotech, Complement Therapeutics, Emergence Therapeutics, Ribbon Biolabs and TargED. The first exit was already successfully achieved with the acquisition of Emergence Therapeutics by Eli Lilly.

Ingrid Teigland Akay, Managing Partner commented, “We are extremely pleased to announce this very successful fundraising in a challenging environment, substantially exceeding our fundraising target. We would like to thank existing and new investors for their trust in our team and strategy, and we look forward to working with start-ups developing break-through medical solutions for tomorrow and beyond.”

Walter Stockinger, Managing Partner, added, “With the new fund we are in an excellent position to leverage on the huge potential that we see in the European life science ecosystem. We are building on our successful strategy for Hadean Capital I, investing in start-up companies in different stages of development and across modalities and indications.”

Key investors in Hadean Capital II shared their comments:

“Saminvest is very excited to be one of the founding investors of Hadean Ventures. We firmly believe that the experienced Hadean Ventures team is well positioned to take advantage of the investment opportunities in companies that solve tomorrow’s health challenges. It enables the access to venture capital and ownership experience for companies in early stages and strengthens the vibrant life science ecosystem in the Nordics,” said Magnus Skåninger CEO at Saminvest.

“Hadean Ventures has exceeded our expectations as our first investment under Investinor’s new fund in funds mandate. We are thrilled to be part of the closing of Hadean Capital II, contributing to the growth of the Norwegian and European life science ecosystem. The oversubscription of the fund demonstrates the confidence in Hadean Ventures’ investment strategy and their ability to nurture promising start-ups. Together, we aim to drive groundbreaking medical advancements and make a lasting impact in life sciences. We look forward to collaborating with Hadean Ventures and fellow investors to support innovative solutions shaping the future of healthcare,” said Johan Bøe Bjørkevoll, Investment Director -Investinor.

“We are pleased to be a new investor in Hadean Capital II. With Finland as part of Hadean’ core geographical focus, the Finnish life science operators now have a chance to tap into Hadean Ventures’ international expertise,” elaborated Tapio Passinen on the reasons for Tesi’s investment commitment.

About Hadean Ventures

Hadean Ventures is a leading European life science fund manager with approx. EUR 230m assets under management. The funds are backed by leading private and institutional European and US-based investors. Hadean Ventures invests in life science companies developing breakthrough innovative solutions for unmet medical need. Hadean Ventures has offices in Oslo and Stockholm and collaborates with world-class academic institutions and start-up hubs across the region.

Contact
Ingrid Beyer, Head of IR and Business Development
[email protected]
+47 905 94 882

The following files are available for download:

ISTANBUL, Dec. 21, 2023 — Erkan Kork, Chairman of the Board of BankPozitif, commented on the achievements of 2023 and the expectations for 2024. Kork stated that 2023 was a dynamic year for Turkey, and despite negative developments both domestically and globally, the Turkish banking sector continued to support the real sector, financing production and exports.

“The Turkish banking sector has a solid structure”

Emphasizing the new era entered after the earthquake disaster at the beginning of the year and the prolonged election process, Erkan Kork said, “While the start of the Turkey Century is marked post-election, the Turkish banking sector has become an important pillar of stability for the Turkish economy with its solid and trustworthy structure. We are talking about a sector in very good condition in terms of asset quality, capital structure, and liquidity sufficiency. I believe we will clearly see the impact of the steps taken in 2024. In the new period, with the slowing down of inflation rate, increased demand for TL assets, and significant improvements in leading indicators, I expect confidence in the economy to increase further and the recent capital inflows to accelerate.”

“There could be significant capital flows from Europe“

Kork anticipates increased European capital inflows into Turkey by 2024, following President Erdoğan’s Middle East visits. He predicts European investments in Turkey will grow, especially through mergers and acquisitions.

“Ongoing Support for the Real Sector in 2024”

Erkan Kork highlights the Turkish banking sector’s growth, with assets reaching 21.8 trillion TL. BankPozitif, outperforming in the sector, plans to continue its strong support for the real sector, contributing significantly to Turkey’s economic growth in 2024.

“We will continue to enhance our services with innovative technologies”

Highlighting that the majority of banking transactions are now conducted through digital channels, Erkan Kork, Chairman of the Board of BankPozitif, said, “Banks, which once competed to open branches, are now calculating how to reduce them. Since our establishment, we have preferred to be a new generation bank that minimizes traditional channels, sparing our customers the hassle of visiting a bank branch amidst their busy lives. In 2024, we will continue to develop our services with innovative technologies, elevating the customer experience to the highest level with smart and exclusive content.”

About Bankpozitif

Operating in the field of digital banking, Bankpozitif is a Turkey-based financial institution that enables individuals and businesses to carry out their financial transactions quickly and efficiently through a single digital platform. The bank offers digital investment banking with personalized financial solutions and innovative technologies for its customers!

Photo: https://mma.prnewswire.com/media/2305506/Erkan_Kork.jpg

SOURCE Bankpozitif

The two Israeli Companies Continue their Strategic Partnership to Monitor the Country’s Power Transmission System Utilizing PrismaPower™

TEL AVIV, Israel, Dec. 20, 2023 — The Israel Electric Corporation (IEC), the Israeli electric utility, will join Prisma Photonics’ Series C funding round. This comes after a previous investment in April of 2022. The two companies have been in partnership since early 2021. Prisma Photonics currently employs its optical fiber sensing technology to monitor over 1,000 km (more than 620 miles) of IEC’s transmission network, detecting electrical faults, damage to power towers and transmission lines and weather conditions across 20% of Israel’s national grid.

“IEC remains a valued customer and strategic investor, as evidenced by their participation in our latest funding round,” says Dr. Eran Inbar, CEO of Prisma Photonics. “While our technical partnership spans over several years, this second investment underscores their dedication to driving innovation in Israel’s power supply industry as they delve deeper into grid resilience to bolster their renewable energy projects.”

“Prisma Photonics’ transformative paradigm in critical infrastructure monitoring aligns with our innovation goals – IEC is committed to becoming a global leader in advanced power operations through continuous adoption of cutting-edge technologies. Our second investment signifies our dedication to safety, grid integrity, and environmental responsibility. This continued collaboration will better optimize our network for renewable energy integration, using advanced technologies to ultimately achieve net-zero emissions,” adds Amir Livne, Senior VP of Strategy and Innovation at Israel Electric Corporation.

PrismaPower™ offers a groundbreaking solution for monitoring electrical overhead power lines, utilizing fiber optics technology to convert existing infrastructure into responsive sensors. This innovation facilitates real-time detection and location tracking of potential issues, eliminating the requirement for extra sensors. Prisma Photonics’ optical fiber sensing technology extends across various infrastructure sectors, such as power, oil and gas pipelines, and other extended utilities. The technology enhances the safety, efficiency, and cost-effectiveness of infrastructure operations while actively assisting utility operators in reaching their net-zero goals.

About Prisma Photonics
Prisma Photonics revolutionizes infrastructure monitoring by using optical fibers to monitor critical large-scale infrastructure like power grids and oil & gas pipelines for thousands of kilometers, eliminating the need for sensors.

Combining Hyper-Scan Fiber-Sensing™ technology with machine learning allows utility operators to reach environmental and renewable energy goals while keeping operational excellence in their journey to net-zero emissions.

Founded in 2017 by an expert team with a proven track record of building and scaling companies in the deep-tech domain.

Media Contact:
Emily Torrans
[email protected]
Mahoney Communications Group
214-500-9670

SOURCE Prisma Photonics

More Accurate Test expected to become Indispensable Tool for Clinical Practice

PALO ALTO, Calif., Dec. 20, 2023 — WRQ Sciences and Superfluid Dx, Inc., announced today the completion of an oversubscribed Series A financing led by WRQ Sciences. With this transaction, WRQ Sciences has acquired majority ownership in the Alzheimer’s Disease (AD) diagnostics company, Molecular Stethoscope, Inc., which is now renamed Superfluid Diagnostics, Inc. The Alzheimer’s Drug Discovery Foundation’s (ADDF) Diagnostics Accelerator (DxA) participated in the Series A financing.

Molecular Stethoscope was founded in 2014 based on pioneering research at the Scripps Institute and Stephen Quake’s lab at Stanford University and has developed a test for early diagnosis of Alzheimer’s Disease. Preliminary results show the approach yields greater accuracy than existing AD diagnostic tests. 

“One million Americans per year develop Alzheimer’s Disease and the need for a fast and accurate diagnostic test is acute and expanding,” said Gajus Worthington, Superfluid Diagnostics’ CEO and Managing Director of WRQ Sciences. “Existing tests for Alzheimer’s Disease and related dementias can miss up to 30% of patients developing the disease and misdiagnose another third. The breakthrough work at Superfluid Diagnostics will transform the Alzheimer’s Disease diagnostic landscape.”

Most existing AD diagnostic tests target amyloid beta/tau and APOE markers. However current research shows AD has multiple pathological mechanisms, and many patients who are positive for amyloid beta and tau never develop AD. Superfluid Diagnostics’ liquid biopsy test addresses this challenge by measuring RNA released from brain cells, providing a direct measure of pathology. The test also surveys indirect pathological mechanisms in circulating cells which provides for a more precise diagnosis. 

Superfluid’s goal is to build the most accurate diagnostic for neuro-degenerative diseases by harnessing the power of cell-free mRNA. Superfluid’s proprietary science and data analysis platform enables the diagnostic accessibility of cf-mRNA which is a fundamental signal for all cellular activity.

“This is a pivotal moment for Alzheimer’s Disease diagnostics,” continued Worthington. “The field of Alzheimer’s Disease research and drug development has blossomed over the past decade with more detailed understanding of the disease and the emergence of new potential treatments. There are currently over 140 therapeutic agents for Alzheimer’s in later stage clinical trials addressing a variety of disease mechanisms. Accurate diagnostics that provide early insight into disease development are a critical component to robust trials and effective patient treatment.”

In July of 2023, the FDA gave its first traditional approval to LEQEMBI, an AD disease-modifying treatment that slows progression of the disease for some patients. Importantly, Medicare agreed to reimburse the new drug following FDA approval. And an FDA decision on donanemab is expected by early 2024.

“We finally have emerging treatment options for early stage AD,” said Regis Kelly, Byers Family Distinguished Professor Emeritus, Biochemistry and Biophysics, UCSF. “As a result, early detection tools that help to get the right therapies to the right patients at the right time are critical. In both treatment and drug trials, having fast and reliable diagnostic tests remain essential.”

“WRQ Sciences is excited to invest in Superfluid and apply our scientific investment method to build and grow the company”, said Kartik Raghavan, Managing Director of WRQ Sciences. WRQ Sciences investors are leaders from the life science, technology, and investment fields and include Brook Byers, Reid Hoffman, and Premji Invest.

Superfluid is currently engaging with therapeutics developers for clinical trials and research. For more information: http://superfluiddx.com/contact

About:

Superfluid Dx is revolutionizing diagnosis for Alzheimer’s Disease. Superfluid is building a translational science and data analysis platform to harness the power of cell-free mRNA to diagnose neruo-degenerative and other diseases. Superfluid is based in South San Francisco and is led and funded by leaders from the life science, technology and investment fields. http://superfluiddx.com

WRQ Sciences is an investment firm committed to scientific methodology in its investments and constructive engagement with its portfolio companies across asset classes in life sciences. WRQ Sciences was founded by Kartik Raghavan and Gajus Worthington. http://wrqsciences.com

The Diagnostics Accelerator (DxA), created in July 2018, is a $100 million global research initiative from partners including ADDF Co-Founder Leonard A. Lauder, Bill Gates, Jeff Bezos, MacKenzie Scott, the Dolby family, the Charles and Helen Schwab Foundation, The Association for Frontotemporal Degeneration, among others, to develop novel biomarkers for the early detection of Alzheimer’s disease and related dementias.

This research initiative is dedicated to accelerating the development of affordable and accessible biomarkers to diagnose Alzheimer’s disease and related dementias and advance the clinical development of more targeted treatments. Through translational research awards and access to consulting support from industry experts, this program will challenge, assist and fund the research community in both academia and industry to develop novel peripheral and digital biomarkers.

Contact:
Gajus Worthington
CEO
Superfluid DX
Email:  info@superfluiddx.com

SOURCE Superfluid DX