COPENHAGEN, Denmark, Jan. 30, 2024 — VenomAid Diagnostics (Abbr.: VenomAid), the Danish company developing snakebite diagnostics, announced today that it has successfully extended its seed round to $1.8 million with continued support from a select group of private Business Angels and the philanthropic venture fund Good Ventures LLC. The announcement comes on the annual World NTD day, which serves as a catalyst to translate awareness into action and secure increased resources for neglected tropical diseases (NTDs).

Founded in 2018 with a mission of reducing the global burden of snakebite, VenomAid has developed an affordable, easy-to-use, in vitro diagnostic test for management of snakebite. The simple, portable device uses a small amount of blood from the patient to quickly identify the type of venom in the patient’s bloodstream. This enables healthcare workers to quickly and accurately diagnose the type of snakebite and administer the appropriate treatment, increasing the chances of survival and reducing the risk of permanent disability.

Snakebite envenoming is a neglected tropical disease that kills >100,000 people and maims >400,000 people every year. According to the World Health Organisation, there are approximately 5.4 million snakebites each year, with up to 2.7 million resulting in severe envenoming. One of the main challenges in treating snakebites is the difficulty in identifying the type of snake that bit the victim. This is important because different types of snakes have different venom, and the appropriate treatment varies depending on the type of venom. Despite this global health burden, there are currently no widely available rapid diagnostic tests for snakebite envenoming. VenomAid aims to fill this critical need by providing affordable and rapid diagnostic tests that empowers more clinical personnel to correctly diagnose snakebites.

VenomAid’s lead asset, the Bothrops kit, has shown ability to detect snake venoms from the Bothrops genus in clinically relevant concentrations, despite the challenge of venom variations. The test can be used even in resource-limited settings, enabling a larger fraction of the healthcare system to offer management of snakebites and thereby stock the life-saving treatment. Currently, snakes from the Bothrops genus account for 70-80% of snakebites in South America, resulting in death and disabilities among those inflicted, leading to even larger socio-economic consequences.

‍Jonas Arnold Jürgensen, CEO of VenomAid said: “We are thrilled to announce the continued support from our group of investors on World NTD Day. This funding will allow us to execute our vision of bringing affordable diagnostics to snakebite victims around the world. More specifically, we are now gearing up for clinical pilots in Brazil and plan to initiate manufacturing of our rapid tests, bringing us closer to market. We believe that VenomAid’s technology has the potential to transform snakebite management by reducing time from bite to treatment, and thus save lives, prevent disabilities, and drive economic growth in some of the world’s poorest and most marginalised communities.”

For more information and/or media enquires please contact:

VenomAid Diagnostics ApS
‍Jonas Arnold Jürgensen, CEO & Co-founder
+45 3048 2747
[email protected] 

About VenomAid Diagnostics (www.venomaid.com)

VenomAid Diagnostics is a Nordic medtech startup innovating toxin-diagnostics, mainly within animal envenomations. VenomAid has recently established state-of-the-art facilities in Denmark and built know-how within Lateral Flow Assay development targeting toxins. VenomAid’s current flagship project is the Bothrops kit – a diagnostic device for the Brazilian and Latin American market that can detect envenomings from Lancehead snakes and thereby guide selection of antivenom.

About Good Ventures LLC (https://www.goodventures.org/)

Good Ventures LLC invests in for-profits related to human health and well-being, and donates its net earnings to the Good Ventures Foundation. 

The following files are available for download:

Investment was made using PayPal USD, PayPal’s U.S. dollar denominated stablecoin

SAN FRANCISCO, Jan. 29, 2024 — Mesh, the modern embedded finance solution that makes digital asset transfers and account aggregation seamless, today announced an investment from PayPal Ventures. This investment helps to reinforce Mesh’s position as a leading player in embedded finance and highlights PayPal’s commitment to fostering innovation in the digital payments landscape.

PayPal Ventures’ investment was made almost entirely in PayPal USD (PYUSD), an Ethereum-based stablecoin that is 100% backed by U.S. dollars, short-term U.S. treasuries and similar cash equivalents. This marks the first time that PYUSD has been used as the funding instrument for a PayPal Ventures investment since it was launched by PayPal in August 2023. The PYUSD funds were transferred on chain using Mesh’s Application Programming Interfaces (APIs).

The investment comes on the heels of Mesh’s $22 million Series A funding round, backed by new investors including Money Forward, Inc., Galaxy, and Samsung Next.

Mesh empowers businesses to integrate seamless and secure crypto transfers and payments directly into their existing platforms, eliminating the need for users to switch between platforms. Mesh was established in 2020 as an account aggregation platform and now has over 300 integrations with different exchanges, wallets and brokerages.

“We’re thrilled to have the backing of PayPal Ventures as we execute against our vision of becoming the connection layer for a critical mass of crypto platforms and financial service providers,” said Bam Azizi, Co-Founder and CEO of Mesh. “PayPal has an incredible track record of moving the payments industry forward, so it’s no surprise they are at the forefront of stablecoin innovation and share our vision for the future of the industry.”

“As the world of financial services undergoes rapid transformation, we believe that user ownership and portability of assets will become a critical building block of product innovation, with crypto serving as the first beachhead where this is possible,” said Amman Bhasin, Partner at PayPal Ventures. “Mesh’s commitment to these principles, coupled with its innovative technology, makes them a clear leader in this dynamic landscape. We are confident that this investment will fuel Mesh’s growth and contribute significantly to the advancement of embedded finance and native stablecoins.”

About Mesh

Founded in 2020, Mesh’s mission is to build an open, connected, and secure financial ecosystem. Mesh is a modern financial connection layer that provides enterprise clients with the ability to enable digital asset transfers, crypto payments, account aggregation, and trading, all within their platform. With integrations to over 300+ platforms, Mesh is creating an embedded financial ecosystem that is more open, connected, and secure for businesses and users alike.

To learn more, visit https://www.meshconnect.com/.

About PayPal Ventures

PayPal Ventures is the global corporate venture arm of PayPal. We invest for financial return in companies at the forefront of innovation in fintech, commerce enablement, digital infrastructure, and crypto/blockchain technologies. Through the expertise, experience, and vast network of PayPal Ventures – and the companies we invest in – we are helping to bring transformative solutions to market faster. For more information, please visit: www.paypal.vc 

Media contact: [email protected]

SOURCE Mesh

Reinventing nuclear energy production for a future of scalable baseload carbon-free energy without long-lived radiotoxic waste

GENEVA, Jan. 29, 2024 — Transmutex SA, a nuclear engineering company based in Geneva, Switzerland, announces a new round of financing to further develop its solution for a safer, lower-cost, proliferation-resistant nuclear energy technology. The Series A2 round is co-led by Union Square Ventures and Steel Atlas.

Founded on 29 July 2019, Transmutex is reinventing nuclear energy with the design of a safer, non-self-sustaining reaction technology that will usher in a new era of lower-cost and proliferation-resistant, carbon-free baseload energy. Coupling a particle accelerator to a non-self-sustaining (subcritical) fuel assembly has several key benefits over self-sustaining nuclear energy solutions:

1)  The reaction can be stopped in 2 milliseconds for safer operation

2)  The system can use different fuel material and enrichment levels, thereby unlocking vast resources, including thorium, a metal that has long been overlooked for nuclear energy

3)  Subcriticality offers a much wider safety margin, allowing the system to burn the existing stockpile of long-lived nuclear waste more efficiently

4)  When thorium is used as fuel, it will not produce plutonium and other long-lived waste

5)  When combined with innovative spent-fuel recycling technology, the system can be made sustainable for energy production over centuries

The technology’s key promises are inherent safety, resistance to proliferation, and the transmutation of long-lived nuclear waste produced by uranium-based nuclear. Transmutex is collaborating with top tier governmental institutions worldwide to explore the possibility of forming of an international coalition to accelerate the development and the construction of a first-of-kind facility.

The United Nations recognizes that up to five times more nuclear power will be needed by 2050 to meet the clean energy demand (link), which is not sustainable, since the current uranium-based nuclear will soon face resource shortage and produces long-lived waste that is difficult to manage. This was further emphasized during COP28, where 22 countries vowed to triple their production of nuclear power (link).

Transmutex selected Union Square Ventures and Steel Atlas, based in New York, to co-lead its Series A2 financing on the basis of their exceptional track-record and demonstrated commitment to investing in impactful deep technology solutions.

They are joined by a syndicate of both new and existing investors including At One Ventures (USA), HCVC (France/USA) and AlleyCorp (USA), with the participation of House Of Ventures (USA), Presight Capital (USA), Verve Ventures (Switzerland), FONGIT (Switzerland) and Tiny Supercomputer Investment Co. (UK), as well as private investors.

Link to full press release and high-definition images

Logo – https://mma.prnewswire.com/media/2327821/4515588/Transmutex_Logo.jpg

SOURCE Transmutex SA

• Founded in 2021, Berlin-based akirolabs empowers procurement organisations to unlock 4-5x higher sustainable business value beyond traditional cost savings.
• The funding round was led by HTGF, OTB Ventures and D11Z. Ventures and strengthened by angel investments from industry leaders Fredrick Spalcke, Heiko Schwarz, Markus Ehrle, and Detlef Schultz.
• The funds will be used to evolve akirolabs SaaS product and enhance its AI capabilities, as well as to further scale customer growth and business operations.

BERLIN, Jan. 29, 2024 — akirolabs, a Berlin-based ProcureTech startup, enabling enterprises worldwide to augment strategic procurement processes, announced that it has raised $5M in its recent seed funding round.

Investors in this round included HTGF, OTB Ventures, D11Z. Ventures, and Switzerland’s Serpentine Ventures, alongside angel investments from industry leaders such as Fredrick Spalcke (ex-CPO of Phillips & Huawei), Heiko Schwarz (CEO of riskmethods), Markus Ehrle (VP and General Manager EMEA at ServiceNow), and Detlef Schultz (former CEO of the Vodafone Procurement Company).

Notably, akirolabs has also appointed Jens Rassloff as the Chairman of the Advisory Board. Jens holds similar roles at Coparion, Parloa, and d.velop and brings a wealth of knowledge and experience in the tech industry, specifically in the areas of growth, innovation, and investment strategies.

akirolabs’ large corporate customers across the globe and across various industries, as well as internationally leading analysts, appreciate and recognize akirolabs’ innovation power and uniqueness. The startup’s recognitions include Gartner “Cool Vendor”, Gartner’s “Hype Cycle Sample Vendor”, “IDC Innovator 2023”, Spend Matters “Future 5”, and ProcureTech’s “Top 100 Pioneers”.

akirolabs highlights that while digitalization in procurement in the past was primarily focused on operational and tactical solutions for efficiency and savings, industry benchmarks indicate a much higher value potential in strategic procurement. This potential is often untapped due to capability gaps. Also, the current macroeconomic challenges and recent black swan events have amplified and accelerated the need for more strategic procurement. To address this challenge, akirolabs offers an AI-powered strategic procurement SaaS solution, enabling its customers to unlock and achieve 4-5 times higher value from procurement, – beyond savings.

“We’re very grateful for the trust placed into akirolabs in this funding round. It emphasizes the imperative of advanced strategic procurement software in today’s economic environment. In these challenging times, akirolabs does not just facilitate savings on price.”, says Michael Pleuger, CEO of akirolabs. “Much more, our solution delivers tangible improvements in total cost and supply chain resilience, sustainability and agility, strengthening the competitiveness of our customers.”                                  

“…What you have created is significant… there is no doubt in my mind that this is a breakthrough innovation. akirolabs is on a trajectory to eliminate much of the category management function as we know it. today.”, says Elouise Epstein, KEARNEY Partner & best-selling author on Digital Procurement.

Christian Arndt, Senior Investment Manager at HTGF, added“We are convinced that akirolabs builds an international category leader in strategic procurement and we are looking forward supporting the team on its path.”

“With the advent of LLMs, there is an opportunity to transform the strategic aspects of procurement decision-making. Founding teams that combine a deep domain expertise with technical prowess will thrive in this environment.”, says Mateusz Lukasik, Investment Director at OTB Ventures. “akirolabs fits the bill and we are excited to support them.”

“Adding value beyond cost savings, akirolabs will set new standards in strategic procurement management.”, says Thomas R. Villinger, Managing Director at D11Z. Ventures.

About akirolabs:

akirolabs, founded in 2021 by Michael Pleuger, Detlef Schultz, Christoph Flöthmann, and Tim Ergenzinger, develops and provides an AI powered SaaS platform for collaborative strategic procurement. akirolabs is based upon a world-class and industry proven strategic procurement process, methodology and toolkit, embedded into an intuitive cross-functional collaboration workflow and enriched with all relevant internal and external business insight. akirolabs’ unique approach delivers “Procurement Strategies with Value & Purpose” and a significantly broader and 4-5 times higher value contribution than traditional souring solutions.

Press Contact:

akirolabs GmbH
Greifswalder Str. 208
10405 Berlin
Tim Ergenzinger 
[email protected]
Tel:+49 30 754 384 66

Photo – https://mma.prnewswire.com/media/2326941/akirolabs_CoFounders.jpg
Logo – https://mma.prnewswire.com/media/2326942/akirolabs_Logo.jpg

• Das 2021 gegründete Unternehmen akirolabs mit Sitz in Berlin versetzt Einkaufsorganisationen in die Lage, über die traditionellen Kosteneinsparungen hinaus einen vier- bis fünfmal höheren nachhaltigen Wertbeitrag zu erzielen.
• Die Finanzierungsrunde wurde geführt von HTGF, OTB Ventures und D11Z.Ventures. Namhafte Angel-Investitionen verstärkten die Runde: Fredrick Spalcke, Heiko Schwarz, Markus Ehrle und Detlef Schultz.
• Die Mittel sollen verwendet werden, um das SaaS-Produkt von akirolabs weiterzuentwickeln und seine KI-Fähigkeiten zu verbessern. Außerdem sollen das Kunden- und Unternehmenswachstum unterstützt werden.

BERLIN, 29. Januar 2024 — akirolabs, ein in Berlin ansässiges ProcureTech-Startup, das es Unternehmen weltweit ermöglicht, ihre strategischen Einkaufsprozesse zu verbessern, gab bekannt, dass es in seiner jüngsten Seed-Finanzierungsrunde 5 Mio. US-Dollar beschafft hat.

Zu den Investoren dieser Runde gehörten HTGF, OTB Ventures, D11Z. Ventures und Serpentine Ventures aus der Schweiz sowie Angel-Investitionen von Branchen-Leadern wie Fredrick Spalcke (Ex-CPO von Phillips und Huawei), Heiko Schwarz (CEO von riskmethods), Markus Ehrle (VP und General Manager EMEA bei ServiceNow) und Detlef Schultz (ehemaliger CEO der Vodafone Procurement Company).

Darüber hinaus hat akirolabs Jens Rassloff zum Aufsichtsratsvorsitzenden ernannt. Jens Rassloff ist in ähnlichen Funktionen bei Coparion, Parloa und d.velop aktiv und verfügt über umfangreiche Kenntnisse und Erfahrungen in der Technologiebranche, insbesondere in den Bereichen Wachstum, Innovation und Investitionsstrategien.

Die international tätigen und branchenübergreifend tätigen Firmenkunden von akirolabs sowie international führende Analysten schätzen die Innovationskraft und Einzigartigkeit von akirolabs. Das Startup wurde unter anderem von Gartner als „Cool Vendor”, „Hype Cycle Sample Vendor” und von IDC als „Innovator 2023″ ausgezeichnet. Spend Matters nannte akirolabs ein „Future 5″ ProcureTech-Anbieter und das Unternehmen schaffte es unter die „Top 100 Pioneers” von ProcureTech.

akirolabs verweist darauf, dass sich die Digitalisierung im Einkauf in der Vergangenheit vor allem auf operative und taktische Lösungen für mehr Effizienz und höhere Einsparungen konzentrierte. Benchmarks zeigen ein sehr viel höheres Wertschöpfungspotenzial im strategischen Einkauf auf. Dieses Potenzial bleibt oft ungenutzt, weil die erforderlichen Kompetenzen und Fähigkeiten fehlen. Auch die aktuellen makroökonomischen Herausforderungen und die jüngste Poly-Krise verdeutlichen die Notwendigkeit und Dringlichkeit eines sehr viel strategischeren Einkaufs. Um die damit einhergehenden Herausforderungen zu meistern, bietet akirolabs eine KI-gestützte SaaS-Lösung für den strategischen Einkauf an, die es seinen Kunden ermöglicht, einen vier- bis fünfmal höheren Wertbeitrag aus dem Einkauf zu generieren – über traditionelle Einsparungen hinaus.

„Wir sind dankbar für das Vertrauen, das akirolabs in dieser Finanzierungsrunde entgegengebracht wurde. Es unterstreicht die Notwendigkeit einer fortschrittlichen Software für den strategischen Einkauf im heutigen wirtschaftlichen Umfeld. In diesen schwierigen Zeiten ermöglicht akirolabs nicht nur Einsparungen beim Preis”, sagt Michael Pleuger, CEO von akirolabs. „Unsere Lösung bietet darüber hinaus spürbare Verbesserungen bei den Gesamtkosten und der Resilienz, Nachhaltigkeit und Agilität der Lieferkette und stärkt damit die Wettbewerbsfähigkeit unserer Kunden.”     

„…Was ihr geschaffen habt, ist bedeutend… Ich habe keinen Zweifel daran, dass es sich dabei um eine bahnbrechende Innovation handelt. akirolabs ist auf dem besten Weg, einen Großteil des Warengruppenmanagement, wie wir es heute kennen, zu eliminieren”, sagt Elouise Epstein, KEARNEY Partner und Bestsellerautorin im Bereich Digital Procurement.

Christian Arndt, Senior Investment Manager bei HTGF, ergänzte: „Wir sind überzeugt, dass akirolabs dabei ist, sich als ein internationalen Marktführer im strategischen Einkauf zu positionieren, und wir freuen uns darauf, das Team auf seinem Weg zu unterstützen.”

„Mit der Einführung von LLMs besteht die Möglichkeit, strategische Einkaufsentscheidung zu revolutionieren. Gründerteams, die fundiertes Fachwissen mit technischer Expertise verbinden, werden in diesem Umfeld herausstechen und erfolgreich sein”, sagt Mateusz Lukasik, Investment Director bei OTB Ventures. „akirolabs bringt genau das mit, und wir freuen uns, das Unternehmen dabei zu unterstützen.”

„akirolabs setzt neue Maßstäbe bei der Digitalisierung des strategischen Einkaufsmanagements und bietet mehr als nur Kosteneinsparungen“, sagt Thomas R. Villinger, Managing Director bei D11Z. Ventures.

Informationen zu akirolabs:

akirolabs wurde 2021 von Michael Pleuger, Detlef Schultz, Christoph Flöthmann und Tim Ergenzinger gegründet und entwickelt eine KI-gestützte SaaS-Plattform für kollaborativen strategischen Einkauf. akirolabs basiert auf einem erstklassigen und praxiserprobten strategischen Einkaufsprozess, einer Methodik und einem Toolkit, eingebettet in einen intuitiven, funktionsübergreifenden Kollaborations-Workflow und angereichert mit allen relevanten internen und externen Informationen. akirolabs’ einzigartiger Ansatz liefert „Procurement Strategies with Value & Purpose” und einen deutlich breiteren und vier- bis fünfmal höheren Wertbeitrag als traditionelle operative und taktische Einkaufslösungen.

Pressekontakt:

akirolabs GmbH 
Greifswalder Str. 208
10405 Berlin
Tim Ergenzinger
[email protected]
Tel: +49 30 754 384 66

Foto – https://mma.prnewswire.com/media/2326941/akirolabs_CoFounders.jpg
Logo – https://mma.prnewswire.com/media/2326942/akirolabs_Logo.jpg

BOSTON, Jan. 26, 2024 — DYNE Maritime, a $100M Series A focused, dual-use venture fund announced today that the former Australian Prime Minister, the Honorable Scott J. Morrison has joined their strategic advisory board. Mr. Morrison, the founding principal in the conceptualization and formation of AUKUS, will be an invaluable asset to DYNE as the fund looks to catalyze innovation and national security know-how to partner with the next generation of defense and commercial technology companies.

On the international stage, Prime Minister Morrison was the architect of the landmark AUKUS trilateral defense agreement between Australia, the United Kingdom and the United States that secured coveted access to US nuclear submarine technology and was a founding member of the Quad Leaders Dialogue. During Morrison’s term as Prime Minister, Australian defense spending increased to more than 2% of GDP and he updated Australia’s defense strategy and security posture to address an increasingly assertive China. Mr. Morrison also established the first ever reciprocal access defense agreement with Japan and the first ever Comprehensive Strategic Partnership between ASEAN and any other country.

Prior to becoming Prime Minister, Mr. Morrison held three Cabinet portfolios in the Australian Government from 2013-2018 serving as Federal Treasurer, Minister for Social Social Services and Minister for Immigration and Border Protection. Mr. Morrison first entered the Australian Parliament as the Federal Member for Cook in 2007.

DYNE founder Tom Hennessey, a Navy Intelligence Officer and surface warfare expert who spent six years on active duty (veteran of Operation Iraqi Freedom) and also spent time conducting technology evaluation and support to USSOCOM, said: “Having the actual architect of the agreement is a huge show of strength for the alliance; this is bigger than any one country or any one firm. AUKUS’ Pillar II is about leveraging the strengths of each participant and utilizing the best of private markets to catalyze advanced capabilities in the Indo-Pacific for the public good. We’re honored to have Mr. Morrison aboard so we can fully capitalize on innovation across geographies and do our part to bring critical technologies to market.”

Mr. Morrison’s acceptance to join DYNE’s advisory board helps cement DYNE’s footing as the first maritime-focused dual-use fund investing in early-stage technology companies. We are excited for a strong 2024, one which will enable growth by uniting technology, policy, and markets to give the free world the greatest advantages possible.

SOURCE DYNE Ventures

First Ascent Ventures, Spring Mountain Capital, BDC Capital and Espresso Capital lead Thentia’s latest $38M Series B extension round, supporting the company’s continued growth.

OKLAHOMA CITY, Okla., Jan. 26, 2024 – Thentia, a leading innovator in regulatory technology, announced today that it has closed a US$38 million Series B extension round. The fundraise, led by existing investors including First Ascent Ventures, Spring Mountain Capital, BDC Capital, and Espresso Capital, reflects a continued commitment to Thentia’s vision. The funds will be strategically utilized to scale operations, propel accelerated growth, invest in artificial intelligence, and enhance Thentia’s ability to meet the evolving needs of its rapidly expanding global client base.

“We are thrilled to continue our support for Thentia with this latest investment. The remarkable strides they’ve made, coupled with their unwavering dedication to innovation in the government technology space, solidify our confidence in their inevitable global prominence,” says Richard Black, Co-Founder and Managing Partner, First Ascent Ventures. “As existing investors, we remain excited about the impressive momentum they have gained, and we look forward to witnessing their continued success in shaping the future of government technology and regulation,” Black adds.

“Thentia’s cutting-edge platform stands as a cornerstone for government agencies embarking on the journey of digital transformation. By seamlessly transitioning processes into the 21st century, Thentia empowers organizations to elevate user experiences for citizens while delivering indispensable data crucial for informed decision-making. These strides signify a pivotal shift in advancing government capabilities,” says Jamie Weston, Managing Director, Spring Mountain Capital.

“We’re pleased to continue our ongoing partnership with Thentia as it enters a new phase of rapid expansion and growth. The company’s cutting-edge platform delivers tremendous value to customers across North America and Europe by bringing innovation and efficiency to the regulatory industry,” says Will Hutchins, Managing Director, Espresso Capital.

“Thentia has brought together an exceptional group of leaders and subject matter experts who grasp the unique challenges facing regulators” says Mark Smith, Partner of BDC Capital’s Industrial, Clean and Energy Technology (ICE) Venture Fund, which has been an investor in the business since 2020. “Their differentiated expertise is what truly sets them apart and has enabled them to develop a platform that addresses key regulatory functions, and positions Thentia as a leader in the regulatory licensing category.”

Designed for regulators, by regulators, Thentia’s end-to-end SaaS ERP platform, Thentia Cloud, adeptly digitizes, streamlines, and consolidates all essential regulatory functions within a single and secure cloud-based environment. Empowering regulators with a comprehensive 360-degree view of all licensee activities, the platform facilitates a shift from suboptimal and inefficient processes to a modern, streamlined approach, elevating their ability to fulfill their paramount duty of safeguarding the public. Customers of the platform have demonstrated manifold improvements in their ability to regulate effectively and efficiently.

Trusted by millions of licensed professionals, businesses, and entities globally, Thentia has gained recognition from regulators worldwide for its unmatched blend of technological innovation and regulatory proficiency.

“We’re grateful for the steadfast support of our investors who have played a pivotal role in our journey. Together, we have not only built the regulatory platform of the future, but have also achieved remarkable success, becoming a leading force in enabling regulators to stay a step ahead with the rapidly evolving technology landscape,” says Julian Cardarelli, CEO, Thentia.

“Looking ahead in 2024, we are poised to unveil an array of innovations that promise to redefine the industry landscape. These transformative capabilities are not just enhancements; they are industry-altering advancements that will set a new standard for what is possible, forever changing the way we operate and leading us into a new era of excellence and innovation.”

As Thentia charts its course for continued growth, the company stands resolute in its dedication to excellence and the ongoing innovation of its platform that is committed to supporting regulators in their mission of public protection. Moving forward, Thentia will strategically allocate the recently secured funds to drive geographical expansion, unveil new cutting-edge features, and attract top-tier talent. This comprehensive strategy aims to elevate every aspect of its team, ultimately ensuring a world-class experience for its valued customers.

About Thentia

Thoughtfully built for regulators, by regulators, Thentia is driving regulatory transformation for hundreds of regulators and regulatory agencies worldwide with a platform that handles all key department functions including licensing, investigations, enforcement, fitness to practise, quality assurance, scope of practise, continuing education, board management, data analysis, and more. Thentia Cloud empowers regulators to transcend the constraints of legacy processes, custom-built solutions, and a web of disparate applications with a single unified 360-degree platform, setting new standards in efficiency and effectiveness.

Thentia Cloud is available on all major cloud providers, including Google Cloud, Amazon Web Services (AWS), IBM Cloud, and Microsoft Azure. For more information, visit thentia.com.

About First Ascent Ventures

Founded in 2015 by Richard Black and Tony van Marken, First Ascent Ventures invests in early-stage, emerging, and growth-oriented enterprise software companies in the information technology sector. The First Ascent Ventures team bring deep bench strength as operating executives and investors having built and invested in significant, global enterprise software companies.

About Spring Mountain Capital

Spring Mountain Capital is a New York-based investment management firm with $1.7 billion of assets under management that focuses on alternative asset investing. The SMC Growth equity team focuses on providing expansion capital to companies capitalizing on breakthrough innovations, paradigm shifts, or fundamental market or behavioral changes. SMC invests in two sectors of the U.S. economy undergoing the most change and with the highest growth potential: enterprise technology and healthcare companies. For more information, visit: smcgrowthcapital.com.

About BDC Capital

BDC Capital is the investment arm of BDC, Canada’s bank for entrepreneurs. With over $6 billion under management, BDC Capital serves as a strategic partner to the country’s most innovative firms. It offers businesses a full spectrum of capital, from seed investments to growth equity as well as ownership transition solutions, supporting Canadian entrepreneurs who have the ambition to stand out on the world stage. Visit bdc.ca/capital.

About Espresso Capital

Espresso Capital has been empowering fast-growing technology companies with innovative venture debt solutions since 2009. During this period, we’ve funded over 330 companies in the U.S., Canada, and the U.K., helping to accelerate growth, extend runway, and increase strategic flexibility with non-dilutive capital. Espresso is headquartered in Toronto, with offices in San Francisco, Chicago, and London. To learn more about how you can use venture debt to grow your business, visit espressocapital.com.

For media inquiries, please contact:

Kerri-Lynn Kilbey
Communications Manager
T: (437) 703-9412
E: [email protected]

SOURCE Thentia Corporation

COPENHAGEN, Denmark, Jan. 26, 2024 — Core Sustainability Capital (“CS Capital”), backed by the Danish pension fund Velliv, has closed on an investment in the Norne Carbon Storage Hub (“Norne”) with its founder Fidelis New Energy (“Fidelis”).  Norne will provide environmentally friendly CO2 transportation and permanent storage to help decarbonize Denmark while providing new high-quality jobs, new tax revenue for Denmark, and new private investment directed to fight the causes of climate change.  Norne is a large-scale infrastructure project focused on Carbon Capture and Storage (“CCS”) that commenced engineering, investment, and development efforts in mid-2021 to safely store CO2 by mid-2027. These efforts were driven by Norne’s storage customers and Danish policy aiming to meet a 2027-2028 operations date.

The Norne project has been designated a Project of Common Interest by the European Union (“EU”), recognizing its role as a priority infrastructure project with significant EU impact.  Norne is aiming to store over 30 million tons per year of CO2 by 2030.  Norne is engaged with several preeminent CO2 customers in Denmark and Europe that plan to start operating their CO2 capture projects by 2028 to meet internal and EU deadlines.    

The investment in Norne is aligned with CS Capital’s investment strategy focused on climate impact companies and projects that support the green transition. Furthermore, the investment builds on the objective of supporting the decarbonization of hard-to-abate industries such as chemicals, district heating plants, and cement production. This aligns with CS Capital’s ambitions and Danish and international strategies to promote and enable the green transition in industries where reducing carbon footprints is the most challenging.

By partnering with Fidelis and investing in and supporting the construction of Norne, CS Capital will address a major climate challenge. The EU estimates that CCS in Europe will grow to 50 million tons of CO2 stored annually in 2030 and 550 million tons of CO2 stored annually in 2050. The EU has concluded that the 2050 CO2 storage target is essential for the EU to reach its net zero target. To support the development of CCS, the EU has implemented an EU-wide legally binding target to capture 50 million tons of CO2 annually in 2030. The legally binding commitment is underpinned by significant subsidies across the EU for CCS.

“We are proud to invest in Norne and to enter into this partnership with Fidelis. Norne plays a vital role for the green transition and is critical for the Danish and European decarbonization goals. Once fully constructed, Norne will be able to capture CO2 amounts corresponding to over half of the yearly total CO2 emissions of Denmark. Through the impact investment in Norne, we look forward to supporting the decarbonization of hard-to-abate industries, one of the investment goals of CS Capital,” says Per Frederiksen, Managing Partner in CS Capital.

Velliv’s CIO, Anders Stensbøl Chistiansen, said, “Velliv has a strategy to invest in companies that, through innovative solutions, contribute to achieving the goals of the Paris Agreement while ensuring attractive returns for our customers. The investment in Norne through Core Sustainability Fund I is a testament to this strategy, and we look forward to collaborating with Core Sustainability Capital and Fidelis on this attractive investment.”

“We are excited to have Core Sustainability Capital together with Velliv as a key partner in the Norne Carbon Storage Hub. Norne is a strategic Danish project enabling safe and effective carbon reduction of Danish and European economies while maintaining global competitiveness”, says Daniel J. Shapiro, Fidelis CEO.  “We look forward to continuing our partnership with Per and Carsten at Core Sustainability Capital as we work to help Denmark become a leader in carbon storage,” says Bengt Jarlsjo, Fidelis President and COO. Ulrik Weuder, Managing Director of Fidelis New Energy Europe, added, “Core Sustainability Capital together with Velliv are perfect partners for Norne as they share core values with Fidelis. Norne is supported by strong Danish institutional investors supporting the decarbonization of Denmark at lower costs than what would be possible without the scale and scope of Norne.”

Santander Corporate & Investment Bank acted as sole financial advisor to Norne. Kromann Reumert served as the legal counsel for Norne.  Accura acted as advisor to Core Sustainability Capital

About Core Sustainability Capital

Core Sustainability Capital (“CS Capital”) is a private capital investment manager, investing in Nordic companies with strong sustainable and impact purposes. CS Capital manages DKK 5 billion in its Core Sustainability Fund I, which is backed by the Danish pension fund Velliv. CS Capital is an active investor with a focus on equity minorities and credit investments to support impact companies and projects with their sustainable growth ambitions towards the green transition.

About Velliv

Velliv is one of Denmark’s largest pension companies, with more than 360,000 customers. It has been awarded Best Commercial Pension Fund of the Year in Denmark by FinansWatch and EY in 2018, 2020, 2021, 2022, and 2023. 

About Fidelis New Energy

Fidelis New Energy, LLC is an energy transition company driving decarbonization through investments in renewable fuels, low or negative carbon intensity products, and carbon capture and storage in Europe and the United States of America. Fidelis focuses carbon emission reductions by utilizing proven technologies to provide safe innovative solutions with low costs and environmental impacts.

Fidelis New Energy is headquartered in Houston with a European office in Copenhagen, Denmark. Fidelis has a portfolio of patent pending technologies providing climate benefits through the innovative integration of proven technologies. To learn more about Fidelis and its energy transition technologies, including FidelisH2®, H2PowerCool™, and CO2PowerGrow™ please visit www.fidelisnewenergy.com

About the Norne Carbon Storage Hub

The Norne Carbon Storage Hub consists of CO2 reception facilities, pipelines and storage facilities designed to store CO2 safely and permanently. Norne will receive and store CO2 from Danish and European customers.  For additional information regarding the Norne Carbon Storage Hub, please visit www.norneccs.com

Demand for debt remains strong, interest in non-bank specialty lenders is on the rise, and lender reputation has become increasingly important following the collapse of Silicon Valley Bank.

MENLO PARK, Calif., Jan. 25, 2024 — Runway Growth Capital LLC (“Runway”), a leading provider of growth loans to both venture and non-venture-backed companies seeking an alternative to raising equity, today announced the findings from its third Venture Debt Review. Produced in partnership with Sage Outcomes, the survey gauges the current market perceptions of venture debt financing, and explores how the collapse of Silicon Valley Bank (“SVB”) in March 2023 has shaped the views of both capital seekers and capital providers.

Key findings from the survey include the following:

• 88% of Venture Capital (“VC”) respondents reported their portfolio companies plan to pursue venture debt in the next 12-18 months;
• A third (33%) of entrepreneurs stated that in their opinion, venture banks have become less trustworthy since the collapse of SVB;
• 23% of VCs felt that venture banks have become less trustworthy following the collapse of SVB;
• 67% of entrepreneurs stated that they were willing to raise venture debt with a non-bank or specialty finance lender.

Though misperceptions about venture debt persist (as they have historically), the collapse of Silicon Valley Bank seemingly did not affect demand for venture debt or its outlook in the months ahead. Yet, lender reputation has become increasingly important and participants indicated a heightened interest in non-bank specialty lenders.

“Despite facing unprecedented disruptions like the collapse of Silicon Valley Bank – a shockwave that many thought might dampen enthusiasm for our industry – the demand for venture debt remains strong,” said David Spreng, Founder, Chairman, and Chief Executive Officer of Runway. “More so, it’s evident that, in the current climate, lender reputation holds significant weight. As non-bank specialty lenders rise in prominence, we are reminded that educating our community about the nuances of venture debt is paramount.”

Venture debt was at the forefront of conversation during the nation’s banking issues last year, which brought to light several misconceptions surrounding the difference between early-stage and late-stage lending.

“Venture debt comes in many forms,” Spreng added. “Early-stage venture debt is very different from late-stage growth lending. Early-stage is much more dependent on the financial backing of the company and its equity partners’ willingness to continue providing funding. Late-stage, however, looks more closely at the company’s fundamentals – including its financials and path to profitability. Success in venture debt also depends closely on the types of businesses using it, the industries they are in, as well as their ability to repay the loan.”

Methodology
An online survey was conducted in partnership with Sage Outcomes, between April 10th and June 6th, 2023 to understand the current market perceptions of venture debt financing, and how the collapse of Silicon Valley Bank in March 2023 has shaped the views of both capital seekers and capital providers. The study was conducted among entrepreneurs seed series and beyond (within technology, life sciences, and consumer sectors) and venture providers. Respondents were recruited from PitchBook and Runway Growth Capital’s online network. 

118 complete responses were collected from the entrepreneur and venture capitalist audiences. Following the survey, 5 subject matter experts within the Runway Growth Capital network were invited to participate in an online in-depth interview to provide a more qualitative perspective to the findings.

About Runway Growth Capital LLC
Runway Growth Capital LLC is the investment advisor to investment funds, including Runway Growth Finance Corp. (Nasdaq: RWAY), a business development company, and other private funds, which are lenders of growth capital to companies seeking an alternative to raising equity. Led by industry veteran David Spreng, these funds provide senior term loans of $10 million to $100 million to fast-growing companies based in the United States and Canada. For more information on Runway Growth Capital LLC and its platform, please visit our website at www.runwaygrowth.com.

Forward-Looking Statements
Statements included herein may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance, condition, or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in Runway Growth’s filings with the Securities and Exchange Commission. Runway Growth undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.

SOURCE Runway Growth Capital LLC