M&A, Venture Capital, Private Investment & IPO Funding for MoCo Companies

ROCKVILLE, Md., Jan. 24, 2024 — Montgomery County, Maryland, companies had a strong year of investment in 2023, with more than $2.2 billion generated through more than 100 deals. Companies in a wide range of industries, from life sciences and technology to manufacturing and real estate, brought in substantial investments showcasing a positive economic direction going into 2024.

Life sciences companies in Montgomery County continue to be a powerful driver of investment, with more than $500 million dollars generated in 2023. Montgomery County anchors the thriving Biohealth Capital Region, which rose from #4 to #3 in the top 10 of U.S. biopharma clusters.

Recent highlights for Montgomery County’s ongoing life sciences success include:

• Deka Biosciences closed $60 million to continue developing drugs for patients suffering from cancer and autoimmune diseases;
• Welcoming Amgen to Montgomery County through a $28 billion acquisition of Horizon Therapeutics, now building its North American technical center in Rockville;
• The impact of two life science leaders and soon to be neighboring companies: MilliporeSigma and Horizon Therapeutics, together represent more than $500 million invested in new facilities;
• Selecta Biosciences merging with Cartesian Therapeutics, which included a $60.25 million private financing deal for Cartesian.

“Deka Biosciences has grown exponentially as part of Montgomery County’s Business Innovation Network,” said Deka President & CEO John Mumm. “We wouldn’t be where we are without them. They have completely enabled us to grow faster than I’ve ever grown a company before,” he explained about the incubator facility.

Nine companies in the manufacturing sector received funding in 2023, including MasPanadas, a home-grown success story. With a recent influx of investment, MasPanadas is in the process of building a space that will triple its square footage to 18,000, while adding another 70 employees.

“Our company continues to thrive here with exceptional growth in annual sales and our client base including having our products in national grocery chains,” said Margarita Womack, founder of MasPanadas. “Montgomery County has been a great partner providing connections to programs, tax credit assistance and funding. We are excited about our growth and expansion plans.”

Another highlight in the manufacturing arena is Eat the Change, which received a $14 million venture capital investment. Co-owner Seth Goldman, who is also co-founder of PLNT Burger and Honest Tea, said: “Downtown Bethesda may not be Silicon Valley or Route 128, but with its active startup community and experienced workforce, it has served us well as the perfect location to launch and scale a mission-driven tea brand…twice! Our success with Honest Tea helped us launch Just Ice Tea in 90 days, and then close our Series A $14 million financing in just 60 days. Just Ice Tea, a product of mission-based Eat the Change, is now the nation’s top-selling organic tea brand and we look forward to continued expansion into mainstream channels.”

Technology leaders continue to thrive in Montgomery County, with close to 50 companies receiving funding. Companies include Quantum Xchange, GivHero, and Aledade. Rockville-based N5 Sensors received $2.5 million in funding for its proprietary cloud-connected ecosystem of smart sensors to keep people safe from environmental hazards. N5 Sensors’ CEO Abhishek Motayed says the company has grown from seven people to over 25 in their three years in Montgomery County. “We plan to open a second facility, a high-tech semiconductor manufacturing center, to support advanced R&D and product delivery for different critical markets from defense to environmental detection.”

Montgomery County is a welcoming home to businesses with a diverse economy, top talent pools, access to funding and anchored by major federal agencies including the National Institutes of Health (NIH), the Food and Drug Administration (FDA) and the National Institute of Standards and Technology (NIST).

“By many measures, 2023 was a very good year for the Montgomery County economy and I applaud the successful efforts of the Montgomery County Economic Development Corporation,” said County Executive Marc Elrich. “We are expanding our economy by building on our strengths as well as opening our doors to new opportunities. We are better equipped to address challenging issues, and we are making progress. This was reinforced during our economic development trips to Taiwan, India, and Vietnam last year. People, around this nation and throughout this world, know Montgomery County, Md., as a welcoming and diverse place with a wealth of talent and plenty of possibilities. I am looking forward to more economic success in 2024.”

“The robust investment in Montgomery County companies is a testament to our pioneering spirit, diversity, and exceptional climate for business growth,” said Bill Tompkins, president and CEO of Montgomery County Economic Development Corporation. “While the country as a whole has experienced a downturn in funding, investments in Montgomery County businesses, especially in life sciences, continues to be strong.”

To learn more about doing business in Montgomery County, Maryland, go to thinkmoco.com or the Montgomery County Business Center.  See the full list of 2023 investments in Montgomery County companies here.

Source: PitchBook, Accessed January 23, 2024

About Montgomery County Economic Development Corporation (MCEDC) 

Montgomery County Economic Development Corporation (MCEDC) is the official public-private economic development organization representing Montgomery County, Maryland. Created in 2016, MCEDC is led by a Board of Directors of business executives. Its mission is to help businesses start, grow and relocate in Montgomery County by helping them gain access to top talent, business and market intelligence and prime locations. For more information, visit our website. Follow us on Twitter, Facebook, and LinkedIn.

Contact:
Michael Mitchell
MCEDC,
Vice President, Marketing & Communications
240-641-6725
[email protected]

SOURCE Montgomery County Economic Development Corporation

ALTSTAETTEN, Switzerland and EAST HARTFORD, Conn., Jan. 24, 2024 — icotec ag, the leading company in the field of innovative spinal tumor implants is pleased to announce a significant milestone in its growth journey by establishing a strategic partnership with MVM Partners (“MVM”), a global healthcare venture capital firm. icotec is commercializing groundbreaking BlackArmor® Carbon/PEEK products that may offer significant clinical advantages over traditional metal implants in the context of spine oncology, making the full potential of the treatment possibilities available for patients along their journey.

Since receiving FDA clearance in 2019, many designated US cancer centers have adopted icotec’s BlackArmor® products. This investment will enable icotec to continue its impressive growth and strengthen its research and development capabilities to expand the portfolio into the underserved indications of spinal infection and osteoporosis.

“We are thrilled to partner with MVM, whose deep understanding of the healthcare landscape aligns seamlessly with our vision for the future,” said Roger Stadler, Group CEO of icotec ag. “This partnership marks a pivotal moment for icotec, supporting us to advance our mission of improving patient outcomes by offering a convincing alternative to the 100-year-old material technology of metal implants.”

MVM has a strong track record of supporting and partnering with innovative healthcare companies and recognizes the potential of icotec’s technology to transform patient care. The partnership represents a vote of confidence in icotec’s leadership, products, and the overall trajectory of the company.

“We are excited to support icotec in its mission to revolutionize the spinal implant industry,” commented Thomas Casdagli, Partner at MVM. “icotec’s BlackArmor® Carbon/PEEK implants represent a huge step forward in the treatment of complex spine disease. For the first time clinicians have the choice to be able to accurately visualize and treat patients after surgery without the artifacts and limitations of traditional metal implants. We see this as a big step forward for patient care. We look forward to working closely with the icotec team to drive continued success and growth.”

WISTAMA Finanz- und Beteiligungs AG, the family office of the Stadler family that founded icotec, remains fully invested as majority shareholder and committed to the long-term development of icotec.

For media inquiries or further information, please contact:

Remo Keller, Group CFO, [email protected], +41 71 757 00 96

About icotec ag

icotec is the leading company for the treatment of spinal tumors with a new generation of high-tech implants. With its BlackArmor® Carbon/PEEK implants, icotec combines cutting-edge technologies and industry expertise to deliver innovative and reliable solutions for spine surgeons and their patients and is dedicated to advancing the field of spinal implantation. With a track record of clinical success and a commitment to continuous innovation, icotec is poised to shape the future of spinal surgery. The comprehensive product portfolio has received FDA approval and is supported by numerous Key Opinion Leaders and Cancer Therapy Centers worldwide. More information can be found at www.icotec-medical.com.

About MVM Partners

MVM has invested in high-growth healthcare businesses since 1997. With teams in Boston and London, MVM has a broad, global investment outlook spanning medical technology, pharmaceuticals, diagnostics, contract research and manufacturing, digital health, and other sectors of healthcare. More information can be found at www.mvm.com.

SOURCE icotec ag

Investment positions Wilde Wealth for continued growth and accelerates long-term strategic initiatives for award-winning firm

Cetera continues investing in advisor practices, complementing its suite of succession, buyout, and practice-pairing options

SAN DIEGO, Jan. 24, 2024 — Cetera Financial Group, the premier financial advisor Wealth Hub, announced today that it has completed a strategic, minority investment in Wilde Wealth Management, an independent wealth management firm that is one of the largest businesses within the Cetera Advisors community. Based in Scottsdale, AZ, Wilde Wealth manages more than $2.8 billion in assets under administration (AUA) for clients and serves as an OSJ overseeing more than 42 advisors with nine locations across the Southwest. Co-founder, CEO and managing principal Trevor Wilde,* AIF^®, leads the dynamic team, which serves clients through a holistic, full-service experience that incorporates legacy planning, tax planning and investment management services. Advisors with Wilde Wealth have been affiliated with Cetera Advisors since 2007.

“As a core pillar of our Wealth Hub model and offerings, we are constantly identifying opportunities to strategically partner with advisor practices to best support their business success through all stages,” said Jeffrey Buchheister, chief financial officer at Cetera. “Under Trevor’s leadership and vision, the Wilde Wealth team is poised for an exceedingly bright future of growth and expansion serving clients in new and innovative ways. Through this partnership, we look forward to even closer collaboration with Wilde Wealth in achieving shared goals and growing together to benefit the Wilde Wealth team, advisors and their clients.”

“I am thrilled about the transformative impact our enhanced partnership with Cetera will bring, propelling our growing platform to become the preferred destination for top-tier advisors and high-net-worth clients alike,” said Trevor Wilde, MBA, AIF^®, founder and CEO of Wilde Wealth Management Group. “We look forward to serving clients and strategically growing our business together with Cetera for years to come.”

Cetera is partnering with advisors to provide a full suite of succession solutions, including advisor-to-advisor support, business continuity, and full or partial sale options tailored to advisors’ preferences for ongoing affiliation and involvement in practice growth. Cetera has completed more than 12 such transactions in the past year, bringing agile, proprietary growth and technology solutions to grow each practice. 

Visit www.cetera.com for more information.

About Cetera

Cetera Financial Group, which is owned by Cetera Holdings (collectively, Cetera), is the premier financial advisor Wealth Hub where financial advisors and institutions optimize their control and value creation. Breaking away from a commoditized and homogenous IBD model, Cetera offers financial professionals and institutions the latest solutions, support, and services to grow, scale, or transition with a merger, sale, investment, or succession plan. Cetera proudly serves independent financial advisors, tax professionals, licensed administrators, large enterprises, as well as institutions, such as banks and credit unions, providing an established and repeatable blueprint for scalable growth.

Home to more than 12,000 financial professionals and their teams, Cetera oversees more than $475 billion in assets under administration and $190 billion in assets under management, as of December 20, 2023. In a recent advisor satisfaction survey of more than 32,000 reviews, Cetera’s Voice of Customer (VoC) program vigorously measures advisor experience and satisfaction 24/7. Currently, it’s ranked 4.8 out of 5 stars.

Visit www.cetera.com, and follow Cetera on LinkedIn, YouTube, Twitter and Facebook.

“Cetera Financial Group” refers to the network of independent retail firms encompassing, among others, Cetera Advisors LLC, Cetera Advisor Networks LLC, Cetera Investment Services LLC (marketed as Cetera Financial Institutions or Cetera Investors), and Cetera Financial Specialists LLC. All firms are FINRA/SIPC members. Located at: 655 W. Broadway, 11th Floor, San Diego, CA 92101.

*Financial Advisor offering securities and advisory services through Cetera Advisors LLC, member FINRA/SIPC, a broker/dealer and registered investment adviser. Cetera is under separate ownership from any other named entity.

SOURCE Cetera Financial Group

The platform offers comprehensive, tailored threat intelligence and risk assessment, empowering hospitals and health systems to protect patient data with precision

MENLO PARK, Calif., Jan. 24, 2024 — Health2047, a Silicon Valley-based venture studio founded by the American Medical Association (AMA), today announced its investment in and launch from stealth of portfolio company HEAL Security, a cognitive cybersecurity intelligence platform custom-designed for the healthcare sector. To date, Health2047 has invested $2.3 million in HEAL Security, with additional co-investor funding bringing its total pre-seed investment to $4.6 million.

In the first quarter of 2023, hospitals and health systems were the number one target of cybersecurity threats due to the large amount of valuable patient information their electronic health records (EHRs) possess. Not only is patient information at risk, but breaches have a ripple-down effect and can cause systems to shut down completely. As healthcare becomes more digitized and data is further dispersed between different stakeholders, hospitals, health systems and EHRs, the industry is at a heightened risk of attack and requires more secure solutions. HEAL Security’s platform is the healthcare industry’s shield, offering real-time, tailored cyber threat intelligence that empowers health systems to proactively safeguard business-critical data, systems and personnel.

By providing real-time, actionable insights, HEAL Security equips healthcare providers with the tools necessary to navigate the complexities of the digital age, ensuring the safety and confidentiality of patient data against a backdrop of ever-evolving cyber threats. The company was founded in 2021 in response to the growing number of cyber attacks on the healthcare industry and stands out as the sole cyber intelligence entity exclusively devoted to healthcare. It launches out of stealth with its flagship solution, HEAL Security Desktop, a cohesive platform that consolidates the latest data, insights, and assessments of the global healthcare cybersecurity landscape into a dashboard, enabling customers to evaluate and take action against cyber threats and risks.

“Cybersecurity data sprawl has historically left hospital leaders navigating a labyrinth to assess and gather a true understanding of their risk of breach,” said Charles Aunger, founder and CEO of HEAL Security. “Our platform synthesizes, aggregates and contextualizes this data, offering clarity and actionable strategies. Health2047’s investment empowers us to provide the healthcare sector with the requisite arsenal to safeguard patient data and continuity of care.”

“The economic toll of data breaches on healthcare in recent years is nothing short of astronomical,” says Lawrence K. Cohen, CEO of Health2047. “The sector has experienced nearly $7.8 billion in losses due to breaches since 2016. The threat is so pervasive that some institutions are having to revert to paper records, setting back healthcare’s digital evolution and making it harder for physicians to perform their duties. Our investment in HEAL Security underscores Health2047’s commitment to building solutions that tackle these issues at the system level for the good of physicians and patients.”

HEAL Security Desktop invites early access users and is expanding its waitlist for prospective  customers. To learn more or join the waitlist, please visit https://healsecurity.com/join-our-waitlist/.

The addition of HEAL Security to Health2047’s investment portfolio aligns with its mission to nurture transformative healthcare startups. Other notable ventures include Evidium, HOPPR, Medcurio, Phenomix Sciences, ScholarRx, SiteBridge Research and Zing Health. Explore Health2047’s portfolio by visiting https://health2047.com/.

About Health2047
Health2047 is a Silicon Valley venture studio powered by the American Medical Association. Health2047 is transforming healthcare at the system level, seeking powerful ideas, industry partners and entrepreneurs to address systemic transformation in the areas of data, chronic disease and productivity. Health2047’s deep relationships with both the AMA and its network of strategic partners create a unique force multiplier that helps drive informed, large-scale change in healthcare. For more information, please visit www.health2047.com.

About HEAL Security 
HEAL Security is transforming the landscape of healthcare cybersecurity worldwide. The company’s powered platform provides critical information to healthcare leaders and cybersecurity professionals, helping them protect vital data, infrastructure, and staff. With a central dashboard that offers real-time, actionable insights from a vast array of data points, HEAL Security grants a comprehensive perspective, enabling prompt and knowledgeable decision-making and allowing healthcare providers to concentrate on their fundamental goal of delivering patient care. To learn more, please visit www.healsecurity.com.

Media Contact
BAM for Health2047
[email protected] 

SOURCE Health2047 Inc.

ALBUQUERQUE, N.M., Jan. 24, 2024 — Circular Genomics, the global leader in advancing circular RNA biomarkers for precision psychiatry and neurology, today announced the closing of an $8.3 Million Series A investment round. Led by Mountain Group Partners, this round also welcomes new investor UNM Rainforest Innovations in addition to initial investors, including Cottonwood Technology Fund, Tramway Venture Partners, and other undisclosed individuals.

The new funding will enable Circular Genomics to build and scale commercial operations in preparation for the launch of the world’s first circular RNA-based clinical assay. This groundbreaking test is poised to improve the standard of care in depression treatment by informing clinicians of a patient’s likelihood to respond to antidepressant medications. It addresses a critical need in the healthcare system, streamlining patient care and bringing renewed hope to the millions of patients grappling with high failure rates of first-line treatments and lengthy periods of trial-and-error to find the right therapy.

“Precision psychiatry, driven by circular RNA biomarkers, equips physicians with a biomarker-based approach towards personalized care for patients fighting major depression,” said Dr. Paul Sargeant, CEO, Circular Genomics. “We plan to launch our first test in 2024, which will predict response to SSRI antidepressants, addressing the issue of high therapy failure rates, and low clinical outcomes. Furthermore, the launch of this first assay paves the way for a set of tests covering the complete patient care continuum in major depression, and using the same circular RNA platform, in other neurological diseases too.”

“We are excited to support Circular Genomics in advancing the development of the circular RNA biomarker platform,” said Joe Cook, III, Managing Partner of Mountain Group Partners. “The expansion of this platform holds the potential to dramatically improve patient outcomes and broaden our understanding of psychiatric and neurological conditions.”

Circular Genomics is at the forefront of introducing precision medicine into mental health care, promising a future where treatments are tailored to individual patients, improving outcomes, and providing deeper understanding of these complex conditions.

Discover more about Circular Genomics and its pioneering technology at https://circulargenomics.com.

About Circular Genomics
Circular Genomics is the world-leading developer of circular RNA-based precision medicine tools, data and diagnostics for psychiatry and neurology. Leveraging exclusive licenses and pioneering technologies in circular RNA, we are reshaping the standard of care for major depressive disorder and other neurological diseases. Initial products include assays to assess and tailor optimal treatment protocols for individual patients, validating treatment effectiveness within days to weeks rather than months. For additional details, please visit www.circulargenomics.com.

About Mountain Group Partners

Mountain Group Partners is a Nashville-based venture capital firm that invests in early-stage companies, predominantly in the life science and disruptive technology sectors. The firm brings over 70 years of combined operational experience and has made investments in more than 75 companies. Mountain Group takes a hands-on approach to investing based on its deep operational experience and currently has over $300 million in assets under management. For more information on Mountain Group Partners, visit www.mtngp.com.

CONTACT: Paul Sargeant, press@circulargenomics.com

SOURCE Circular Genomics

Company receives $15 million in cash from Cargill as part of amended credit facility

New facilities begin to ramp  ̶  Washington seeded and Texas expected to commence seeding by end of January 2024  ̶  provides capacity for new product introductions to support long-term revenue diversification and expansion

HAMILTON, Mont., Jan. 24, 2024 — Local Bounti Corporation (NYSE: LOCL) (“Local Bounti” or the “Company”), a breakthrough U.S. indoor agriculture company, today announced that it has secured additional cash to fund working capital as part of its amended credit facility with Cargill Financial Services International, Inc. (“Cargill”).

Craig Hurlbert, Chief Executive Officer of Local Bounti commented, “As we transition into 2024, our team is energized and has its sights set on becoming the most efficient CEA produce company in the industry. We have made incredible progress with the development of our Stack & Flow Technology^®, now on full display at our Georgia facility where it has enabled us to double run-rate production. This integration has been instrumental in improving our crop quality and turns at the facility resulting in a step change in shipment volume.

“Stack & Flow is also the centerpiece of our upcoming openings at new greenfield facilities in Washington and Texas by the end of January. With these facilities in place, we will have a national network of growing facilities that can efficiently serve our customers with added capacity to meet customer demand for other leafy green varieties and value-added SKUs. We have high expectations for these facilities and our new product innovation initiatives and look forward to demonstrating our focus on execution in the year ahead.”

The expansion of Local Bounti’s cutting-edge facilities, coupled with its proprietary Stack & Flow technology, has helped exceed customer expectations. By harnessing innovation, the Company has been able to expand distribution of its market-leading Grab & Go Salad Kits and is set to expand its baby leaf portfolio by introducing several high-velocity offerings including Spinach, Arugula, 50/50 Blend and Power Greens by the end of the third quarter of 2024. This commitment to delivering compelling new products is designed to drive category growth for retail partners and position Local Bounti at the forefront of delivering fresh and exciting choices to consumers.

Kathleen Valiasek, Chief Financial Officer of Local Bounti, added, “We are pleased with the ongoing support of our lender and their flexibility in structuring a credit facility that allows us to continue scaling the business in a fashion that will allow us to achieve our goals. We continue to focus on operational efficiency across our organization and have made important strides in controlling costs. With an optimized organization, capital resources, and a strong innovation pipeline in place, we believe Local Bounti is poised for a breakout year in 2024.”

Amended Credit Facility

Under the terms of its amended credit facility with Cargill, Cargill has agreed to provide Local Bounti with $15 million of working capital, the aggregate amount of which includes $5 million more than the Company’s previously stated expectation. The Company continues to pursue opportunities to lower its cost of capital and evaluate opportunities for construction financing to supplement or replace existing debt. 

About Local Bounti

Local Bounti is redefining indoor farming with an innovative method – its Stack & Flow Technology^® – that significantly improves crop turns, increases output and improves unit economics. Local Bounti operates advanced indoor growing facilities across the United States, servicing approximately 13,000 retail doors with its two brands: Local Bounti^® and Pete’s^®. Local Bounti grows healthy food utilizing a hybrid approach that integrates the best attributes of controlled environment agriculture with natural elements. Local Bounti’s sustainable growing methods are better for the planet, using 90% less land and 90% less water than conventional farming methods. With a mission to ‘bring our farm to your kitchen in the fewest food miles possible,’ Local Bounti’s food is fresher, more nutritious, and lasts longer than traditional agriculture. To find out more, visit localbounti.com or follow Local Bounti on LinkedIn for the latest news and developments. 

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. In some cases, you can identify these forward-looking statements by the use of terms such as “expect,” “will,” “continue,” “believe,” expect,” “estimate,” “project,” “intend,” “should,” “is to be,” or similar expressions, and variations or negatives of these words, but the absence of these words does not mean that a statement is not forward-looking. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including, but not limited to statements regarding commencement of operations and seeding at the Texas and Washington facilities; lowering cost of capital; evaluation of lower cost or replacement debt; and sufficiency of capital. These statements are subject to known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ materially from results expressed or implied in this press release. The following factors, among others, could cause actual results to differ materially from those described in these forward-looking statements: the risk that Local Bounti will fail to obtain additional necessary capital when needed on acceptable terms, or at all; Local Bounti’s ability to effectively integrate the acquired operations of any CEA or similar operations which it acquires into its existing operations; the ability of Local Bounti to retain and hire key personnel; the Company’s ability to meet the continued listing requirements of the New York Stock Exchange; the uncertainty of projected financial information; if and when the Company will repurchase the stock authorized by its Board of Directors and the impact of the share repurchase program to the Company and its stockholders; Local Bounti’s increased leverage as a result of additional indebtedness incurred in connection with the acquisition of Pete’s or as the result of the incurrence of additional future indebtedness; restrictions contained in Local Bounti’s debt facility agreements with Cargill; Local Bounti’s ability to repay, refinance, restructure and/or extend its indebtedness as it comes due; Local Bounti’s ability to generate revenue; the risk that Local Bounti may never achieve or sustain profitability; the risk that Local Bounti could fail to effectively manage its future growth; Local Bounti’s ability to build out additional facilities; reliance on third parties for construction, delays relating to material delivery and supply chains, and fluctuating material prices; Local Bounti’s ability to decrease its cost of goods sold over time; potential for damage to or problems with Local Bounti’s CEA facilities; Local Bounti’s ability to attract and retain qualified employees, including management; Local Bounti’s ability to develop and maintain its brand or brands it may acquire; Local Bounti’s ability to maintain its company culture or focus on its vision as it grows; Local Bounti’s ability to execute on its growth strategy; the risks of diseases and pests destroying crops; Local Bounti’s ability to compete successfully in the highly competitive natural food market; Local Bounti’s ability to defend itself against intellectual property infringement claims; changes in consumer preferences, perception and spending habits in the food industry; seasonality; Local Bounti’s ability to achieve its sustainability goals; and other risks and uncertainties indicated from time to time, including those under “Risk Factors” and “Forward-Looking Statements” in Local Bounti’s Annual Report on Form 10-K for the year ended December 31, 2022, filed with the SEC on March 31, 2023, as supplemented by other reports and documents Local Bounti files from time to time with the SEC. Local Bounti cautions that the foregoing list of factors is not exclusive and cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date hereof. Local Bounti does not undertake or accept any obligation or undertaking to update or revise any forward-looking statements to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based.

SOURCE Local Bounti

Co-Led by DCVC Bio and Novo Holdings, Elo has raised a total of $45 million to date. New funding to expand Elo’s pipeline of healthy, sustainable ingredients, and efforts to protect bananas and other staple crops from disease and climate change

DURHAM, N.C., Jan. 24, 2024 — Elo Life Systems, the next-generation ingredient company reimagining the future of food, today announced its oversubscribed Series A2 financing round, raising $20.5 million.

The round was jointly led by DCVC Bio and Novo Holdings. They are joined by Hanwha Next Generation Opportunity Fund, AccelR8, and Alexandria Venture Investments. Elo has raised a total of $45 million to date. This latest round of funding will help the company further scale and commercialize its sweetener product; increase its molecular-farming pipeline of healthy and sustainable ingredients; and expand its crop protection and productivity efforts, including work to save the banana from extinction.

“At Elo, we’re on a mission to unlock nature’s abilities to make consumers’ favorite foods more delicious, healthy and planet friendly,” said Elo CEO Todd Rands. “With strong support from our investors, we’re well positioned to scale up our production and stay on track to launch our first product in 2026.”

Through its molecular farming platform, Elo produces sought-after ingredients that are difficult to harvest from natural sources and cannot be synthesized through artificial or other techniques. The company uses easy-to-grow crops as biofactories for these ingredients, enabling local, commercial-scale production while reducing their cost and environmental footprint.

“Molecular farming will allow our food system to meet the needs of the world’s growing population while reducing the resources needed to produce nutritious food,” said Stephen Van Helden, principal in the Bioindustrial Investments group at Novo Holdings US. “Elo’s approach – together with cutting edge science and an experienced management team – is aligned with Novo Holdings’ purpose to deliver scaled solutions for better societal and planetary outcomes.”

Elo’s first molecular-farming product is the “holy grail” of sweeteners – a natural, monk-fruit derived sweetener that is 300 times sweeter than sugar without calories. Launching in 2026, it can be used in thousands of food and beverage products to reduce sugar and artificial sweeteners while enhancing nutrition. The company is also exploring the production of other ingredients, including novel proteins, natural preservatives, and high-value flavors and bio-actives.

“Elo’s sweetener will be a major catalyst in the effort to lower sugar in our diets, improving human health and reducing the societal burden associated with chronic diseases,” said Kiersten Stead, managing partner, DCVC Bio. “Meanwhile, their efforts to protect and improve the productivity of staple crops like the banana will have a meaningful impact on the food billions of people rely upon every day.”

In addition to molecular farming, Elo is working with major companies and NGOs to protect staple crops around the globe from the effects of disease and climate change. This includes a partnership with Dole in the creation of a fungal-resistant Cavendish banana to save the popular fruit from extinction. Elo’s banana proved successful in greenhouse testing and is currently undergoing field trials in Latin America.

About Elo Life Systems
Elo is reimagining the future of food – focusing on ingredients that empower consumers to feel good about the food they eat every day. From unique plant-based sweeteners to saving crops like the banana from extinction, Elo harnesses the untapped potential of nature to make food tastier, healthier and resilient while requiring less from the planet. To learn more, please visit www.elolife.com.

About DCVC Bio
DCVC Bio, based in San Francisco, backs companies building computationally advantaged or biologically transformative platforms with the potential to dramatically accelerate life science product development. DCVC Bio supports teams and science that treat diseases, provide nutrition to the planet, or produce sustainable alternatives to commonly used materials. Visit us at dcvc.com/bio, or follow us on LinkedIn or Twitter @DCVCBio.

About Novo Holdings
Novo Holdings is a holding and investment company that is responsible for managing the assets and the wealth of the Novo Nordisk Foundation. The purpose of Novo Holdings is to improve people’s health and the sustainability of society and the planet by generating attractive long-term returns on the assets of the Novo Nordisk Foundation.

Wholly owned by the Novo Nordisk Foundation, Novo Holdings is the controlling shareholder of Novo Nordisk A/S and Novozymes A/S and manages an investment portfolio, with a long-term return perspective. Novo Holdings is a world-leading life sciences investor. Through its Seeds, Venture, Growth, and Principal Investments teams, Novo Holdings invests in life science companies at all stages of development. www.novoholdings.dk

Media Contact:
Sofia Spieler
[email protected] 

SOURCE Elo Life Systems

New funding will accelerate innovation, product development and go-to-market expansion for the leading enterprise revenue lifecycle management platform

DENVER, Jan. 24, 2024 — BillingPlatform, the enterprise revenue lifecycle management platform for today’s innovative business models, today announced a $90 million growth equity investment from FTV Capital, a sector-focused growth equity investor with more than 25 years of experience in enterprise technology and services, financial services, and payments and transaction processing. The investment will fuel BillingPlatform’s continued expansion in a $10 billion market that is growing more than 10% per year as enterprises increasingly turn to the company’s comprehensive portfolio of solutions for the Office of the CFO that enable new revenue streams and go-to-market strategies, reduce revenue leakage and improve customer satisfaction.

FTV Capital’s investment comes as BillingPlatform recorded significant growth, customer wins, and industry analyst and award recognition last year. BillingPlatform announced new deals with J.P. Morgan, CooperSurgical, Juniper Square and Class that join its roster of major enterprise customers, such as Carrier, CCC Intelligent Solutions, Cloudera, Panera, DIRECTV, GoCardless and Vantage Towers. With a three-year revenue growth rate of 296%, BillingPlatform was also recognized for the fourth consecutive year as a fast-growing company on Deloitte’s Technology Fast 500™ and was also rated the No. 1 vendor in influential billing and subscription management reports from Forrester Research, MGI Research and Ventana Research.

FTV Capital brings a flexible funding approach and makes equity investments that align with the objectives of company management teams to accelerate growth and expansion. Since its founding in 1998, the firm has raised $6.2 billion and invested over $5.2 billion in 140 portfolio companies. With this funding, FTV Capital joins Columbia Capital as institutional investors with minority investments in BillingPlatform. Kyle Griswold and Richard Liu, partners at FTV Capital, will join BillingPlatform’s board of directors.

“Given our years of focus and expertise in the financial technology sector and in subsectors like the Office of the CFO, BillingPlatform has been on our radar for a long time, and we’ve continued to be impressed by the company’s consistent growth and best-of-breed product offering,” said Griswold. “Enterprises are hungry for cloud-based solutions, but historically automated billing software has been difficult to adopt and lacked flexibility. As the industry demands greater product leadership, BillingPlatform is well poised to accelerate growth in both new and core verticals and drive market leadership.”

“In our conversations with customers and industry participants, the feedback on BillingPlatform has been outstanding and reinforces the company’s strong position,” added Liu. “BillingPlatform delivers a modern, highly configurable and automated approach that helps customers not only drive significant operational efficiency, but also create new revenue streams – comprehensive of recurring, usage-based, subscription and other hybrid business models – that have become mission critical for businesses.”

“In addition to FTV’s financial investment, the firm adds tremendous value through its deep domain expertise and understanding of sector trends as well as its extensive Global Partner Network of more than 500 executives at 150 of the world’s leading enterprises,” said Dennis Wall, CEO of BillingPlatform. “With this new partnership, we have the financial and strategic resources to continue supporting our customers, drive our ambitious growth goals and extend our leadership as the leading enterprise revenue lifecycle management platform.”  

With global customers serving multiple industries, including technology, financial services, media and entertainment, logistics, and communications, BillingPlatform is the only billing and revenue management solution on the market that enables enterprises to monetize any type of product offering, from simple subscriptions to sophisticated usage-based pricing models and everything in between. BillingPlatform provides full lifecycle support of the monetization process – from product setup, quoting, billing and invoicing, and revenue recognition, through to payment and collections – all on a secure, next-generation cloud platform. The unparalleled flexibility of the platform puts enterprises in control of how they differentiate in the market, maximize profitability, reduce operational costs and improve the customer experience.

“Columbia’s conviction in BillingPlatform’s market opportunity has only continued to grow since our initial investment. The company’s clear vision, blue-chip customer base and world-class management team have proven to be a winning formula. We’re excited to embark on the next chapter of this journey in partnership with BillingPlatform and FTV,” added Jason Booma, partner at Columbia Capital.

In connection with the transaction, Stifel acted as the exclusive financial advisor to BillingPlatform, and DLA Piper and Kirkland & Ellis served as the parties’ legal advisors. William Blair acted as the exclusive financial advisor to FTV Capital.

About FTV Capital 
FTV Capital is a sector-focused growth equity investment firm that has raised $6.2 billion to invest in high-growth companies offering a range of innovative solutions in three sectors: enterprise technology and services, financial services, and payments and transaction processing. FTV’s experienced team leverages its domain expertise and proven track record in each of these sectors to help motivated management teams accelerate growth. FTV also provides companies with access to its Global Partner Network®, a group of the world’s leading enterprises and executives who have helped FTV portfolio companies for two decades. Founded in 1998, FTV Capital has invested in 140 portfolio companies, including Agiloft, Docupace, EBANX, Lean Solutions Group, LoanPro, LogicSource, Neptune Flood Insurance, Patra, PlateIQ and Vagaro, and successfully exited/partially exited companies including Enfusion (NYSE: ENFN), Globant (NYSE: GLOB), InvestCloud (recapitalized), RapidRatings (recapitalized), Strata Fund Solutions (acquired by Alter Domus), Vpay (acquired by Optum) and WorldFirst (acquired by Ant Financial). FTV has offices in San Francisco, New York, Connecticut and London. For more information, please visit www.ftvcapital.com and follow the firm on LinkedIn.

About BillingPlatform, Corp.
BillingPlatform empowers businesses with innovative software solutions to optimize revenue generation through every stage of the customer lifecycle, powering growth through operational agility along with a frictionless customer experience. Our industry-leading, cloud-based platform is leveraged by global enterprises to optimize the customer journey from idea to revenue. With global customers across multiple industries, including software, finance, media, transportation, and communications, BillingPlatform processes billions of transactions and dollars every year, enabling enterprises to grow revenue, reduce costs, and improve overall customer experience. To learn more, visit billingplatform.com.

Press Contact:
Abigail Rappoport
BillingPlatform 
[email protected]

Prosek Partners on behalf of FTV Capital
Josh Hess
[email protected]
646-818-9291

SOURCE BillingPlatform

Investment to Expand Market Leadership and Accelerate AI-Powered IT Procurement Technology Development

CHARLOTTE, N.C. and ATLANTA, Jan. 24, 2024 — NPI, an industry leading provider of data-driven IT procurement solutions for large enterprises today announced a significant growth investment from Falfurrias Growth Partners (Falfurrias), a Charlotte-based private equity fund focused on growth-oriented, middle-market businesses. This transaction will propel NPI’s continued growth by enabling further investments in new AI-powered technology, enhanced products, and sales and marketing while also bolstering the ongoing innovation of NPI’s proprietary artificial intelligence and machine learning technology platforms.

IT is one of the largest and most complex cost centers for businesses today, and spend continues to grow as sectors digitize operations and the customer experience. Worldwide IT spending in 2024 is estimated to be $5 trillion, an increase of almost 7% over 2023. Managing this dynamic spend category, which is characterized by price volatility, inconsistency, and opacity, is a persistent challenge for large enterprises.

Founded in 2003, NPI has distinguished itself as a premier provider of data driven intelligence and tech-enabled services designed specifically to assist large enterprises with IT procurement cost optimization. The Atlanta-based company, whose more than 500 customers include 120 of the Fortune 500, analyzed over $75 billion in IT spend in the past five years alone and identified over $9 billion in associated savings opportunity. NPI’s flagship subscription service provides transaction-level price benchmark analysis and negotiation intel that spans more than 1,500 IT vendors across all subcategories – SaaS, legacy on-premise software, cloud, hardware, data center, contingent labor, and telecom. The company has a dedicated center of excellence for Microsoft licensing and cost optimization and also offers software license audit and telecom carrier agreement optimization services. NPI’s solution portfolio is grounded in measurable ROI and superior customer service.

Founder and CEO, Jon Winsett, will continue to lead the company. “Today, we proudly support some of the world’s most recognized brands in their pursuit of IT cost governance and procurement excellence,” said Winsett. “In partnership with Falfurrias, our ongoing mission is not just to scale up but to be pioneers in enterprise IT procurement. This year, we’re poised to launch groundbreaking AI-powered technology that is purpose-built for IT procurement practitioners to streamline the IT purchase negotiation process and secure world-class deal outcomes with unparalleled ease, speed, and confidence.”

“We are excited about partnering with Jon and the NPI team in this next phase of growth. We believe the company’s large and proprietary datasets allow it to deliver unique insights. NPI continues to lead the sector with innovation, including new solutions that leverage generative AI in a way that is truly meaningful for IT procurement practitioners,” said Michael Clifton and Amy Brandt, Partners at Falfurrias. Kevin Hesselbirg, an Industry First executive with Falfurrias, will serve as NPI’s Chairman, bringing 25+ years of experience leading and growing software and services businesses.

Equity for this investment comes from Falfurrias Growth Partners I, a growth buyout fund strategy launched by Falfurrias Management Partners in 2023, and builds on the firm’s experience in the information services and tech-enabled services sectors.

BrightTower LLC served as financial advisor to NPI on the transaction, with Morris, Manning & Martin, LLP providing legal counsel. McGuireWoods LLP served as legal advisors to Falfurrias.

About NPI
NPI has distinguished itself as a premier provider of data driven intelligence and tech-enabled services designed specifically to assist large enterprises with IT procurement cost optimization. NPI delivers transaction-level price benchmark analysis, license and service optimization analysis, and vendor-specific negotiation intel that enables IT buying teams to drive material savings and measurable ROI. NPI analyzes billions of dollars in spend each year for clients spanning all industries that invest heavily in IT. NPI’s team includes over 300 subject matter experts that help clients get the best deal on every material IT purchase and renewal with coverage spanning more than 1,500 vendors. For more information, visit www.npifinancial.com.

About Falfurrias Growth Partners
Falfurrias Growth Partners is an operationally focused middle-market private equity fund focused on investing in high-growth companies in the software and business services sectors. The team is comprised of investors and proven operators, as well as in-house resources across strategy & market insights, finance / integration, and technology. The new fund strategy was launched in January 2023 and is led by Cam Dyer, Partner and Chairman of Falfurrias Growth Partners I’s investment committee. The fund is managed by Falfurrias Management Partners, a Charlotte-based private equity firm founded in 2006 by Hugh McColl Jr., former chairman and CEO of Bank of America; Marc Oken, former CFO of Bank of America; and Managing Partner Ed McMahan. The firm has raised $2.2 billion across six funds and invests in growing, middle-market businesses in sectors where the firm’s operational resources, relationships, and sector expertise can be employed to complement portfolio company executive teams in support of growth objectives. For more information, visit www.falfurriascapital.com.

SOURCE Falfurrias Capital Partners