BIRMINGHAM, Ala., May 7, 2024 — Acclinate, a trailblazer in mobilizing diverse communities for enhanced health equity, today announced its $7 million Series A financing round. Led by Cencora Ventures, with notable contributions from Labcorp and Latimer Ventures, the funding will enable Acclinate to scale its impact in the clinical trial diversity and health equity landscapes.

“This investment marks a significant milestone for Acclinate and underscores our commitment to revolutionizing health equity and clinical trial diversity at a larger scale,” expressed Del Smith, CEO and Co-Founder of Acclinate. “With the backing of prominent healthcare organizations like Cencora and Labcorp, we are poised to accelerate tangible change in the healthcare industry and empower diverse communities to proactively manage their health.”

Acclinate is focused on driving diversity in clinical trials with a unique community engagement platform trusted by top pharmaceutical clients to help make existing trials more inclusive and plan more diverse studies moving forward. Cencora Ventures, formerly known as AB Health Ventures, is the corporate venture fund originally started by AmerisourceBergen prior to becoming Cencora, a leader in global healthcare solutions. The fund both invests and provides commercial support to emerging healthcare startup companies and brings unparalleled expertise and resources to this strategic partnership. This funding will help fuel Acclinate’ s expansion and enhance its already powerful Enhanced Diversity in Clinical Trials (e-DICT) platform.

As Acclinate continues to pioneer initiatives aimed at inclusivity and equity in healthcare, this infusion of capital propels its mission forward, bringing us one step closer to a future where healthcare is truly accessible to all.

About Acclinate
Acclinate is a digital health company that leverages a unique combination of sustained community engagement and predictive analytics to improve health equity. Acclinate’s community platform helps pharmaceutical companies increase diversity in their clinical trials and other healthcare organizations support inclusivity in their initiatives. For more information on Acclinate, visit www.acclinate.com.

About Cencora
Cencora is a leading global pharmaceutical solutions organization centered on improving the lives of people and animals around the world. We partner with pharmaceutical innovators across the value chain to facilitate and optimize market access to therapies. Care providers depend on us for the secure, reliable delivery of pharmaceuticals, healthcare products, and solutions. Our 46,000+ worldwide team members contribute to positive health outcomes through the power of our purpose: We are united in our responsibility to create healthier futures. Cencora is ranked #11 on the Fortune 500 and #24 on the Global Fortune 500 with more than $250 billion in annual revenue. Learn more at www.cencora.com.

For media inquiries or additional information, please contact:
Tiffany Whitlow
Cofounder/Chief Development Officer
[email protected]
256-435-2800-office
256-322-2387-cell

SOURCE Acclinate

The funding positions the company to increase access to and enhance its innovative app and teletherapy services for children and adolescents struggling with mental health challenges

ELKRIDGE, Md., May 7, 2024 — Backpack Healthcare (formerly Youme Healthcare), an online pediatric mental healthcare provider, announced today that it has raised a $14 million Series A funding round led by PACE Healthcare Capital with participation from ECMC, Techstars, Collab Capital, Bridge Builders Collaborative, Portland Seed Fund, Hopelab, Rethink Education, Genius Guild, and Unlikely Collaborators, along with notable angel investors including Maya Ghosn Bichara and Jeffrey Walker. The pioneering health technology company, led by Founder & CEO Hafeezah Muhammad, is utilizing cutting-edge AI to transform pediatric mental health care and address the escalating youth mental health crisis, with a particular focus on medicaid-enrolled youth.

Over 40 million children in the U.S. rely on Medicaid or CHIP for healthcare coverage, yet only 14% of mental health clinicians accept Medicaid as insurance, highlighting the urgent need for accessible solutions. In response to this pressing issue, Backpack Healthcare is developing innovative and inclusive solutions with its AI-powered app and teletherapy services to provide indispensable support to all young individuals navigating mental health challenges. The company strategically works with insurance providers that accept Medicaid, bridging the gap between the limited number of Medicaid-accepting providers and those in need.

“The funding we have raised underscores the U.S. healthcare system’s need for more inclusive, tech-enabled solutions to tackle the growing pediatric mental health crisis,” said Hafeezah Muhammad, Founder & CEO of Backpack Healthcare. “This milestone will help us deliver on our commitment to breaking down barriers and ensuring equitable access to mental health support for all children, regardless of their socioeconomic status.”

Backpack Healthcare’s AI-powered app uses advanced algorithms to monitor user emotions to match them with specialized therapists for tailored treatment plans. The app provides an engaging experience through interactive tools and activities that make therapy enjoyable, encouraging active participation.  Additionally, Backpack Healthcare provides individual pediatric and family therapy and medication management through telemedicine, and also provides live parent training sessions on topics such as cyberbullying and substance abuse.

The capital raised in this round will be used to enhance Backpack Healthcare’s technology platform, expand its reach to more communities, and further develop its teletherapy services. With current operations in Maryland and Virginia, and plans for expansion to additional states on the horizon, Backpack Healthcare is committed to making its innovative solutions accessible to a wider audience. Additionally, the company aims to continue its research and development efforts to ensure that its solutions remain at the cutting edge of AI innovation, while forging partnerships with healthcare companies, government agencies, and schools to deliver high-quality care to those in need.

“Investing in pediatric mental health is a truly unique opportunity: it is not just about driving returns, it is about nurturing brighter futures for millions of underserved children and investing in the resilience of our society tomorrow. We could not be more thrilled to lead Backpack Healthcare’s Series A,” said Julia Monfrini Peev, Managing Partner, PACE Healthcare Capital. “We have so much conviction in Hafeezah Muhammad as a CEO; and no team is better suited to deliver quality, accessible, culturally competent mental health services for children like Backpack Healthcare”.

In addition to this funding round, Robert Johnson, ESQ, Chief Equity Officer at Bezos Academy, is joining Backpack Healthcare’s Board of advisors, bringing a wealth of experience as the former Chief Economic Inclusion Officer and General Counsel for YWCA Metropolitan Chicago, alongside corporate experience at McDonald’s Corporation. His leadership will be instrumental in guiding Backpack Healthcare’s initiatives towards greater inclusivity and equity.

About Backpack Healthcare

Backpack Healthcare is a pioneering technology company dedicated to revolutionizing pediatric mental health care. Formerly known as Youme Healthcare, the company offers an innovative app and teletherapy services designed to provide accessible, inclusive, and comprehensive mental health support for young individuals. Led by Founder & CEO Hafeezah Muhammad, Backpack Healthcare is committed to making a positive impact on the lives of children and adolescents struggling with mental health challenges. To learn more about Backpack Healthcare and its innovative solutions for pediatric mental health care, visit www.hellobackpack.com.

About PACE Healthcare Capital

Founded in 2020 and based in Chicago, IL, PACE Healthcare Capital is an early-stage venture capital firm focused on investing in companies that have developed high-impact solutions to critical healthcare challenges. With decades of combined experience and $1B+ of capital raised and deployed in healthcare, PACE applies institutional-grade investment processes to identify the best entrepreneurs and deploy financial and human capital to help them grow their business. PACE is a 100% women and/or diverse-owned investment firm.

Media Contact for Backpack Healthcare: 
Sylvia Mugo
[email protected]
443-776-1203

SOURCE Backpack Healthcare ( Formerly Youme Healthcare)

SAN FRANCISCO, May 7, 2024 — Numeric, an AI-powered accounting automation company, has raised $10 million in a Seed round from Founders Fund, Menlo Ventures, 8VC, Long Journey, Friends & Family Capital, and more to fuel product development and hiring.

Numeric has quickly become a leader in accounting automation. Hundreds of private and public companies – including Brex, Plaid, and Wealthfront – leverage Numeric to perform technical accounting research, proactively flag data discrepancies, draft variance explanations, and automate recurring month-end close processes.

“AI has created an opportunity to rethink accounting workflows and to build a new generation of truly intelligent software”, states Parker Gilbert, CEO and Co-Founder of Numeric. “With this funding, we’re building towards a future where accountants will be able to automate their most recurring work and focus instead on empowering their business to make the best decisions. Increasingly, accounting teams’ primary role will be of editor, interpreter, and architect of the financial operations system.”

Today accountants invest years in CPA certification and ongoing education, only to spend much of their time buried in spreadsheets and data entry. And with a growing nationwide accountant shortage, more than ever teams are understaffed and overworked.

“Numeric has transformed how we close our books each month by helping to cut down on manual work and avoid digging into spreadsheets— unlocking time back to focus on strategic work. It provides me great visibility into my team’s workload and the progress of our month-end close. We’re excited to see what’s in store in the upcoming months” shared current customer Jane Rudneva, Senior Director of Accounting and Deputy CFO at Wealthfront.

The additional funding will fuel R&D hiring as the company continues new product development, building towards a future where every accountant will have an AI-assistant, enabling them to focus on the strategic, advisory, and analytical aspects of their work.

“We believe Numeric is setting a new standard for what technology can achieve in accounting. With an aggressive pace of progress integrating AI and rapid growth with new customers, Numeric is quickly becoming an indispensable tool for the modern accounting team. We are thrilled to be a part of their journey” states Lee Jacobs, General Partner at Long Journey.

Numeric was founded in 2020 after CEO, Parker Gilbert, was leading a finance and accounting team and felt buried under the manual work involved in the month-end close. Recognizing the potential of AI to transform accounting, Gilbert and co-founders Anthony Alvernaz and Andrew Bihl, set out to build the platform Gilbert had longed for in previous finance roles. Today, Numeric brings together engineers and accountants from some of the most innovative and fast-growing businesses.

About Numeric

Numeric is an AI accounting automation platform, built to take manual work off accountants’ plates so they can focus on what’s impactful. Founded in 2020 by co-founders Anthony Alvernaz, Parker Gilbert, and Andrew Bihl, Numeric is headquartered in San Francisco and New York.

For more information, visit https://www.numeric.io/

SOURCE Numeric

SAN FRANCISCO, May 7, 2024 — HM Venture Partners (HMVP), a global healthcare venture capital firm, is thrilled to announce that Harry Hoffman and David Herbert have joined as Venture Partners. In their roles, Harry and David will enrich team structure, broaden proprietary deal sourcing capability, and enhance growth opportunities for portfolio companies.

“We are extremely excited to welcome Harry and David to our firm.  I had the honor of working with them at the Mayo Clinic for many years,” said Robert Luo, Founding and Managing Partner of HMVP. “Their profound insights and knowledge of the medical market, rich investment experience, excellent management capabilities, and deep healthcare market relationships will greatly add to our team’s broad global vision and strong execution capabilities.”

Harry Hoffman previously served as Chief Investment Officer at Mayo Clinic, where he designed and implemented a global multi-asset investment strategy and helped Mayo achieve top tier long term performance. Harry also served as Treasurer for Mayo where he oversaw issuance of debt, banking, insurance, and risk management relationships.

David Herbert previously served as Chief Administrative Officer of Mayo Clinic Laboratories, one of the largest specialty medical reference laboratories in the world, serving clients in over 100 countries.  In addition, he led the New Ventures and Technology Commercialization divisions at Mayo Clinic Ventures and later served as Chair of Mayo Clinic Global Business Solutions, which is charged with extending Mayo products and services globally.  

In 2021, Harry and David formed Southeast Minnesota Capital Partners (SMCP), a seed and early-stage venture capital firm that manages Southeast Minnesota Capital Funds I and II, which back high potential Minnesota med tech and life sciences start ups, including many with Mayo Clinic roots.  The Funds’ investors include many Mayo Clinic physicians and business leaders as well as high net worth individuals and investment professionals from across the U.S.

“David and I are delighted to join the HMVP team and leverage our long-term healthcare industry experience to continue to seek and grow innovative and significant growth-oriented opportunities,” said Harry Hoffman.

About HM Venture Partners

HM Venture Partners (HMVP) is a healthcare venture capital firm that works with high growth medical and healthcare companies at all stages to address unmet needs in huge markets and deliver consistently strong results to investors. Established in 2019, HMVP manages 3 funds with 60 portfolio companies and has approximately $600 million in assets under management. The team with over 25 professionals is based in San Francisco, Rochester (MN), Beijing, and Shanghai. For more information, please visit hmventurepartners.com.

Contact
Jane Lindner, VP
Phone: (415) 740-2929
Email:  [email protected]

SOURCE HM Venture Partners

Think Bioscience welcomes new investor YK Bioventures and drug discovery veteran Wendy Young to the board

BOULDER, Colo., May 7, 2024 — Think Bioscience (“Think”), a Boulder-based synthetic biology company focused on developing small-molecule therapeutics that target “undruggable” proteins, has announced a $6M Seed Expansion. Existing investors are joined by YK Bioventures, bringing total funding to $26M. The additional raise will accelerate the company’s pipeline and expand their unique approach for finding new functional pockets on challenging targets.

Ultimately, the biochemical properties of any small-molecule drug are constrained by its binding site, a pocket on its protein target. Despite advances in computational chemistry and structural biology, new functional pockets remain challenging to find. Think’s pocket-finding process programs microbes to build small molecules that bind to functional pockets, and they use these pockets to find hits in drug-like space. They have extended their platform technology to a striking variety of targets such as protein tyrosine phosphatases (PTPs), kinases (PTKs), proteases, and GTPases.

“Nature has endowed living systems with an extraordinary ability to build potent bioactive compounds, usually to fulfill important ecological functions, such as defense,” said Dr. Jerome Fox, co-founder and CEO of Think Bioscience. “We are using a similar selection process to discover new functional pockets on challenging drug targets. New pockets are gold.”

Gary Yeung, a managing partner at YK Bioventures, added, “We invested in Think Bioscience because of its transformational platform for new discoveries. Think Bio has already identified multiple novel pockets and generated strong pre-clinical data for its lead programs. We are eager to support Think Bio’s science-driven leadership team to advance these programs and to fund its growth.”

Dr. Wendy Young will join the Board of Directors, which includes fellow veteran drug developer Nick Saccomano. Dr. Young has held leadership positions in biopharma for over 30 years and most recently spent 15 years at Genentech where she served as Senior Vice President of Small Molecule Drug Discovery and co-led research. She currently serves as a SAB member to Think, as well as several other biotech companies, and is an advisor at Google Ventures. “We look forward to working even more closely with Wendy,” said Dr. Jerome Fox, co-founder and CEO at Think Bioscience. “Wendy and Nick bring a wealth of drug development expertise. Their guidance will be invaluable as we expand our platform to new classes of important targets and push pipeline programs toward the clinic.”

About Think Bioscience
Think Bioscience is reimagining synthetic biology by using living systems to guide the design and assembly of better medicines. The company programs microbes to build small molecules that bind to functional pockets, and they use these pockets to find hits in drug-like space. The platform technology has been expanded to protein tyrosine phosphatases (PTPs), kinases (PTKs), proteases, and GTPases. Learn more about us at www.thinkbioscience.com.

SOURCE Think Bioscience

NEW YORK, May 7, 2024 — Dental Innovation Alliance VC Fund I, LP (DIA) announces a strategic investment in Pearl, a leading innovator in artificial intelligence (AI) solutions for dentistry. DIA has closely monitored the AI sector, particularly for pathology detection and the evolving standard of care for dental practices worldwide. After a careful market evaluation, Pearl stood above the competition, and DIA believes Pearl is positioned to become the global leader for dental diagnostic AI.

Pearl’s AI represents a significant advancement in dentistry, providing a seamless and less invasive approach to dental diagnostics. The company’s FDA-cleared AI software helps improve the efficiency, consistency, and accuracy of x-ray evaluations and streamlines practice operations with actionable clinical performance and patient health insights. With Pearl, dentists can offer a higher standard of care with increased transparency and objectivity by applying AI and computer vision to read patient x-rays with expert skill and enhanced speed.

“DIA has been closely tracking the evolution of AI in dentistry, and our investment in Pearl underscores our commitment to supporting the most promising technologies that are redefining the future of dental care,” says Thomas Sharpe, DIA Co-Founder and Managing Partner. “We were particularly impressed by Pearl’s direct integration to a growing number of leading equipment and software providers globally. This integration will further streamline operations for dental professionals while enhancing patient care and practice management.”

“We’re thrilled to partner with DIA as we continue to advance dentistry with pioneering AI capabilities for seamless clinical adoption in dental practices around the world,” says Ophir Tanz, CEO of Pearl. “DIA’s investment, guidance, and network, will help us accelerate our growth trajectory and further expand our reach to dental practices globally. Together, we are poised to revolutionize the dental industry, driving advancements in patient care and clinical outcomes.”

In supporting Pearl’s pioneering AI solutions, DIA reaffirms its commitment to driving transformative advancements within the dental and health technology sectors.

Learn more by visiting dentalinnovationalliance.com and hellopearl.com.

SOURCE Dental Innovation Alliance (DIA)

Forgepoint Capital joins Ballistic Ventures in backing leading provider of modern SaaS security and governance.

SAN FRANCISCO, May 7, 2024 — RSA Conference – Nudge Security, the leading provider of modern SaaS security and governance, today announced new funding from Forgepoint Capital, which joins Ballistic Ventures in bringing the fast-growing startup’s seed funding to $16.5 million. Forgepoint Co-Founder and Managing Director Alberto Yépez will join the Nudge Security board.

“With its patented, turnkey approach to SaaS discovery and observability, Nudge Security offers complete visibility and governance over every SaaS and cloud asset ever used organization-wide – a critical need especially with the explosive adoption of GenAI and increased digital supply chain risks,” said Yépez. “We are thrilled to partner again with Co-Founders Russell Spitler and Jaime Blasco as they bring to market Nudge’s intuitive, groundbreaking solution, following our remarkable journey together at AlienVault with then CEO Barmak Meftah and CTO Roger Thornton.”

Since coming out of stealth, Nudge Security has experienced exponential growth, averaging 115% Q/Q revenue growth and acquiring more than 100 customers in just 18 months. Nudge Security has discovered over 38,000 unique SaaS applications in customer environments to date, highlighting the breadth of SaaS sprawl in most organizations. Customers include leading cloud-native organizations and forward-thinking IT and security teams from industries spanning financial services, healthcare, biotechnology, entertainment, and more.

“The enthusiasm from customers has been phenomenal. We are clearly addressing an acute source of pain for modern security teams in a way that is scalable and enables them to help drive the business forward rather than slowing things down with arcane IT governance processes.”
– Russell Spitler, Co-Founder & CEO of Nudge Security

Nudge Security has shipped 43 feature releases in the last 12 months and plans to use the new investment to continue this rapid pace of product innovation and scale their go-to-market engine.

“Nudge’s exceptional team and relentless innovation are propelling a groundbreaking approach to SaaS security and governance that actually empowers the modern workforce. We’re delighted to welcome Forgepoint and look forward to their investment and expertise accelerating the company’s existing momentum.”
– Roger Thornton, Co-Founder and General Partner at Ballistic Ventures

Nudge Security brings AI risks out of the shadows

Shadow AI has emerged as a problematic issue for security teams as they strive to balance the need for business innovation with the need to mitigate risks. Illustrating the explosive nature of this problem, Nudge Security has discovered over 500 unique generative AI applications in customer environments to date, up from 300 in November of 2023 and 150 in July of 2023. Given this pace of adoption and the rapid introduction of new AI tools, IT and security teams can’t possibly identify and mitigate AI risks without an automated, continuous method for discovering new AI tools as soon as they are introduced.

Nudge Security’s patented method of SaaS discovery is perfectly suited for this challenge with the ability to discover virtually any new SaaS application as soon as it is introduced and without the need for any prior knowledge of the tool’s existence. To date, Nudge Security has created security profiles for over 700 unique generative AI tools, putting relevant security information at the fingertips of IT and security teams so they can quickly vet newly introduced applications. Nudge Security can also automate “nudges” to end users to share acceptable use guidance or suggest already approved AI alternatives as soon as new AI accounts are detected.

Additionally, Nudge Security is the only SaaS security solution that provides visibility into the AI supply chain, showing which AI applications are used in the digital supply chains of each SaaS provider. With this visibility, customers can readily understand where AI dependencies could introduce risks.

Nudge Security leads SaaS security innovation

In addition to addressing the security challenges presented by generative AI, Nudge Security is leading the market with other compelling SaaS security capabilities:

• Patented SaaS discovery: Immediate and complete visibility into all SaaS usage with the ability to discover and categorize virtually any SaaS app via an advanced machine learning engine.
• Third-party risk management: Availability of over 14,000 security profiles for SaaS and AI providers, visibility into vendor breach histories, and real-time alerts when security incidents impact SaaS providers.
• SaaS identity management: Visibility into all SaaS identities, including OAuth grants, with the ability to revoke access directly from the Nudge Security user interface and generate audit-ready reports for user access reviews and employee offboarding.
• SaaS governance: Dashboards enable customers to visualize and share progress in adoption of SaaS security best practices like SSO coverage, removal of unused accounts, reduction in usage of unsanctioned apps, and more.

Nudge Security offers a fully-functional free 14-day trial which delivers a complete inventory of all SaaS apps within minutes of starting the trial.

Follow Nudge Security on LinkedIn and X, and visit www.nudgesecurity.com to learn more.

About Nudge Security

Nudge Security helps modern organizations manage SaaS security and governance at scale by working with employees, not against them. With an innovative, patented approach to SaaS discovery, Nudge Security empowers IT and security teams to regain control of their security posture and minimize time spent on tedious, manual administration tasks. Nudge Security was founded in 2021 by Russell Spitler and Jaime Blasco and is backed by Ballistic Ventures and Forgepoint Capital.

About Forgepoint Capital

Forgepoint is an early-stage venture capital firm that partners with transformative cybersecurity and infrastructure software companies. With the largest sector-focused investment team, over $1 billion in AUM, and an active portfolio of nearly 40 companies, the firm brings over 100 years of collective company-building expertise and an Advisory Council of nearly 100 industry leaders to support exceptional entrepreneurs. Founded in 2015 and headquartered in the San Francisco Bay Area, Forgepoint is proud to cultivate a diverse, global community dedicated to backing builders of the digital future. Learn more at https://www.forgepointcap.com and https://www.linkedin.com/company/forgepoint-capital/.

SOURCE Nudge Security

Latest investment follows a watershed year for PAXAFE; company boasts recurring revenue, growing 330% year over year

INDIANAPOLIS, May 7, 2024 — PAXAFE, the company delivering AI-powered decision support for cold chain logistics, has announced a $9M Series A funding round led by Framework Venture Partners, with new participation from M12 (Microsoft’s Venture Fund), Rosecliff Ventures, Elevate Ventures, AngelList Quant Fund, Gaingels, Mana Ventures and existing participants Ubiquity Ventures and Venture53. This new round brings the total funding raised to date to $14M; the capital will be used to meet increasing customer demand, fuel product innovation and expand global operations and key partner ecosystems.

Global cold chain, one of the fastest growing sectors in supply chain, was valued at over $281B in 2022 and is expected to reach $327B by 2029. The critical need for constant refrigeration from source to final destination has created significant cost and time-related challenges for cold chain logistics. PAXAFE is transforming workflow automation and the management of temperature-sensitive products in transit and storage across industries such as pharmaceuticals and produce.

“We are on a mission to quantify strategic and operational cold chain risk through AI-powered automation,” said Ilya Preston, co-founder and CEO, PAXAFE. “For the past decade, we’ve witnessed the industry adopt IoT sensors as a means for addressing mission-critical issues such as on-time, in-full (OTIF) product deliveries. Yet, real-time sensor data is limited without contextual analysis and prescriptive, recommended action. On behalf of the entire PAXAFE team, we’d like to thank our investors for their continued support as we expand our footprint, enhance our platform and build partnerships that reshape the industry.”

PAXAFE transforms quality, transportation, and logistics operations for high-profile pharmaceutical and produce manufacturers, and cold chain service providers like Carrier, Transposafe and Hive-Zox. The company’s SaaS platform, CONTXT, quantifies strategic & operational risk, proactively predicts adverse events and recommends requisite actions to ensure perishable goods are delivered on time and in expected conditions. CONTXT helps end-users make complex, data-driven decisions in minutes, without requiring a significant financial investment in consultative support.

“In an industry saturated with companies claiming GPT capabilities, PAXAFE is the one true AI-powered risk provider in cold chain logistics,” said Peter Misek, Managing Partner, Framework Venture Partners. “Knowing exact arrival times and being able to act before disaster strikes are key for supply chain resiliency. PAXAFE enables real-time visibility, a must-have for any enterprise moving goods that require climate and oscillation control.”

“As an investor at M12, I’m delighted to be part of PAXAFE’s Series A funding round. The team at PAXAFE has shown remarkable innovation in visibility and risk management, and their platform is poised to transform the industry via applied uses of AI that deliver measurable ROI for customers,” said Peter Berg, Managing Partner, M12. “This investment is not just about financial opportunity, but about being a partner to PAXAFE on a journey that could reshape the way we understand and manage supply chain risks.”

About PAXAFE
PAXAFE delivers autonomous AI-enabled decision support for quality, transportation, and logistics leaders, helping them extract maximum value and resiliency from their existing visibility solutions. Its SaaS platform, CONTXT, harnesses the power of ATHENA LLM to translate network information into proactive recommendations that reduce product loss and optimize operations. PAXAFE empowers customers to automate, optimize, and confidently ensure the best outcomes in cold chain logistics. Read more at www.paxafe.com

Media Contact
Nina Korfias
fama PR for PAXAFE
[email protected]

SOURCE PAXAFE, Inc.

DAYTON, Ohio, May 7, 2024 — Niobium today announced the completion of a $5.5 million seed fundraising round, marking a substantial step towards its future growth and development. This achievement is accompanied by the expansion of its Board of Directors, further strengthening the company’s leadership and strategic capabilities.

Niobium, a leading custom silicon provider, is revolutionizing the field of Zero Trust Computing with its innovative cryptography hardware. A fully homomorphic encryption (FHE) hardware accelerator is at the forefront of its product portfolio. This cutting-edge technology allows for computing on encrypted data, providing a mathematical guarantee of data privacy. Niobium’s purpose-built hardware acceleration for FHE is performance-led for the fastest FHE acceleration, unlocking new possibilities for the data economy.

Niobium is a spin-out from Galois, a consultant group leading advanced cryptography and privacy research and development. The Niobium founders built a dedicated team of the world’s most advanced cryptography experts and world-class chip designers to bring its FHE accelerator chip to market.  Over the past two years, Niobium has received significant non-dilutive capital through federal programs focused on the development of the first dedicated hardware capable of advancing FHE into commercial applications.

Niobium’s fully integrated custom silicon for FHE is a PCIe card based on Niobium’s FHE System on a Chip (SoC) that can be inserted into any existing cloud server to accelerate the performance of FHE software solutions by up to four orders of magnitude while keeping data completely private and confidential and eliminating the possibility that encrypted data could be stolen at the moment of processing. The company will demonstrate the solution for customers and begin pilots starting in Q4 2024.

Niobium will leverage this new funding to develop commercial applications for FHE acceleration, including healthcare and pharmaceutical research, financial fraud detection, blockchain public ledgers, digital advertising, and other use cases where sharing and analyzing data while maintaining complete privacy is paramount. Niobium also plans to grow its software engineering team, expand existing IP protection, and continue to optimize its FHE hardware products.

Niobium will open its Early Access Program (NEAP) in late Q2 2024 to interested companies. The program will have limited availability. If your company is interested in an invitation to join, please visit https://niobiummicro.com/ to learn more.

“Securing this financing validates the groundbreaking work we’re doing at Niobium and propels us into the next critical phase of bringing our FHE accelerator chip to market. Our vision of redefining data privacy and security through advanced cryptography is now closer to reality. This investment enables us to fast-track the exploration of applications that require absolute data privacy, opening new possibilities for confidential computing across various industries. We are thankful to our investors for sharing our vision of a more secure and private digital future,” said Kevin Yoder, president and CEO of Niobium.

The funding was led by Fusion Fund, a venture capital firm known for backing technology companies that leverage data advantages. As part of this funding, Niobium welcomed new board member Shane Wall, Fusion Fund partner and president of CXO Network, former CTO of Hewlett Packard, and Global Head of HP Labs. Notable investors including Morgan Creek Capital, Rev1 Ventures, Ohio Innovation Fund and Hale Capital, also contributed.

“I am thrilled to join the board of Niobium, a company that stands at the forefront of privacy technology with the world’s first FHE accelerator chip. The potential of computing encrypted data without compromising an individual’s privacy is immense, and Niobium is leading the charge in making this a practical reality for businesses worldwide. Fusion Fund is proud to support Niobium’s journey towards commercializing their technology, which we believe will play a crucial role in shaping the future of secure computing,” said Shane Wall, Niobium’s Chairman and Fusion Fund partner.

About Niobium:
Niobium is blazing a new path for the data economy by developing custom hardware solutions for Zero Trust Computing. Niobium is pioneering the first dedicated hardware capable of advancing fully homomorphic encryption (FHE) into commercial applications. This technology keeps data encrypted even during computing, enabling a new class of multi-party machine learning and statistical analysis applications with mathematically guaranteed privacy. Niobium is headquartered in Dayton, Ohio, and has offices in Columbus, Ohio, Portland, Oregon, and San Francisco, California. More information is available at niobiummicro.com.

Contact: Caster Communications, Inc. at 401.792.708 or [email protected] 

SOURCE Niobium