Series C financing led by Adams Street Partners and Khosla Ventures underscores breakout year marked by 200 percent growth in new bookings

SAN JOSE, Calif., June 11, 2024 — Cyberhaven, the leader in data detection and response (DDR), today announced it has raised $88 million in Series C funding led by Adams Street Partners, LLC (“Adams Street”) and Khosla Ventures, with significant participation from existing investors Redpoint Ventures, Costanoa Ventures, Vertex Ventures, Crane Venture Partners, and Wing Venture Capital. Prominent security leaders including Amol Kulkarni, former CPO at CrowdStrike, Gerhard Eschelbeck, former CISO at Google, Ash Devata, former GM of Duo at Cisco, and others also participated. The round underscores a breakout year for the company, marked by 200 percent growth in new bookings. As part of this financing, Fred Wang, Partner at Adams Street, will join Cyberhaven’s board of directors.

Data is every organization’s most valuable asset, yet it remains the most vulnerable. Cyberhaven protects the intellectual property that traditional data loss prevention (DLP), insider risk, and data security posture management (DSPM) tools fail to identify and secure—data like source code, product designs, and customer records. With its pioneering data lineage technology and foundational AI model that understands not only content but also context, Cyberhaven is uniquely able to classify any sensitive information, understand when it is at risk, and take action to protect it.

“Cyberhaven is addressing some of the most pressing challenges in data security today, particularly protecting IP from insider threats,” said Fred Wang of Adams Street. “Their innovative approach to tracking data lineage and applying AI to understand data and risk is transformative. We believe Cyberhaven is setting a new standard in the industry and are excited to support their continued growth and innovation.”

The Cyberhaven platform protects data as it moves between clouds, devices, web, email, messaging, and generative AI tools. Cyberhaven Labs recently reported a 485 percent increase in corporate data flowing to AI systems over the past year, much of it going to risky “shadow AI” apps. Organizations recognize that in the AI economy their data is the key to winning their markets and unlocking immense value. But to fully realize that potential, they must understand their data like never before, including its origins and how it is used over time.

Ethan Choi, Partner at Khosla Ventures added, “AI introduces new data security risks, from the dangers of ‘shadow AI’ where employees input confidential data into prompts for AI services, to the generation of malicious or inaccurate AI content used in business-critical areas. Cyberhaven’s technology addresses these new threat vectors with their unique approach to data lineage, making it an essential solution for CISOs of the most innovative companies in the world.”

“We are thrilled to welcome Adams Street and Khosla Ventures to our mission of protecting the world’s top innovators, who are increasingly dependent on AI and data,” said Howard Ting, CEO of Cyberhaven. “Our groundbreaking data lineage technology has elevated the efficacy of our customers’ DLP and insider risk programs but we’re just getting started. This funding will enable us to rapidly expand our platform and grow the DDR category.”

With this new investment, Cyberhaven plans to expand its product offerings, increase its market reach, and continue its mission to protect the world’s most sensitive data.

Earlier this year, Cyberhaven accelerated its market-leading platform with the launch of Linea AI and a new foundational Large Lineage Model (LLiM). Cyberhaven was also recognized by Fortune for its “Fortune Cyber 60” list of top security companies.

About Cyberhaven
Cyberhaven is the AI-powered data security company revolutionizing how companies detect and stop the most critical insider threats to their most important data. Until now, data security products were limited to scanning data content and looking for specific user actions. Our AI technology analyzes billions of workflows to understand every piece of data within an organization, when it’s at risk, and takes action to protect it. It’s like nothing that’s come before and protects data like nothing else. For more information, visit https://www.cyberhaven.com/.

SOURCE Cyberhaven

PHOENIX, June 11, 2024 — Mindset Medical, Inc., a software as a medical device company, has announced the closing of a Series A financing. Grayhawk Capital and Questa Capital led the financing round, with participation from AZ Venture Development Corporation, Amgen Ventures and Nova Prime.  The proceeds will be used to further develop Mindset Medical’s proprietary non-contact physiological measurements application, Informed Vital Core, and, to conduct clinical studies to support the use of the software as a medical device. 

Mindset Medical, Inc., (mindsetmedical.com) headquartered in Phoenix, AZ, has developed a virtual health solution that combines the safety and convenience of a virtual health visit with the data that comes with traditional in-person care. Using secure and encrypted links delivered by SMS text messaging, the healthcare provider can collect up-to-the-minute patient data and remotely monitor patient outcomes and recovery. All communication and data collection are conducted via the patient’s smartphone or mobile device; no external hardware or specialized devices are required. By introducing medically necessary and objectively measured physiological vital signals to remote health interactions, Mindset Medical seeks to advance the feasibility and quality of virtual health applications.      

About Grayhawk Capital

Grayhawk Capital invests primarily in B2B disruptive SaaS solutions across a variety of verticals, including Healthcare IT, Cybersecurity, FinTech and Business Productivity.  Grayhawk seeks early-growth stage companies with $2MM-$6MM in recurring revenue with capital efficient models in $1B+ global markets.  We look for management teams with outstanding founders who are leaders, ambitious and coach-able.

Learn more at https://www.grayhawk.vc/

About Questa Capital

Questa Capital is a venture growth equity firm focusing on investments in expansion-stage healthcare companies. Questa seeks out disruptive, technology-enabled business models that help improve patient lives, streamline market inefficiencies, and provide better quality care. The firm partners with superior management teams to help build innovative market leaders in the healthcare technology, services and medical devices sectors. Questa is led by industry veterans in healthcare investment and operations who have invested in and advised more than 60 growth-stage companies. More information is available at www.questacapital.com.

About AZ Venture Development Corporation

At Arizona Venture Capital, we invest in early-stage technology startups and funds across enterprise, software, consumer, climate-tech, and bio/health tech – all while helping catalyze access to equity capital for underserved founders and communities in Arizona.

Learn more at https://azventurecap.com/

About Amgen Ventures

Established in 2004 as Amgen’s corporate venture capital fund, Amgen Ventures identifies and invests in emerging companies and technologies to advance promising new medicines and solutions to healthcare’s biggest challenges.

Globally, Amgen Ventures has strategically invested in human therapeutics and drug discovery efforts that go beyond-the-molecule, such as digital technology platforms, data analytics, and value-based approaches.

Learn more at https://www.amgenbd.com/

About ClearImpact Ventures

ClearImpact Ventures, and its NOVA Prime Fund I, invests in mission-driven early-stage technology companies focused on sustainable energy, digital health, and industries of the future. NOVA Prime Fund I seeks to accelerate its companies in collaboration with LG NOVA, LG Electronics North America Center of Innovation.

Learn more at https://clearimpact.vc/

Contact:
Mitch Foster  
480.390.0354
[email protected]

SOURCE Mindset Medical, Inc.

New 53,000-Square-Foot Facility Boosts Company’s In Vitro Preclinical and Cell and Gene Therapy Capabilities, Enhancing Services to the Northeastern U.S. Biotech Hub

MALDEN, Mass. and HUNTSVILLE, Ala., June 11, 2024 — Discovery Life Sciences (Discovery), a global provider of biospecimen solutions and laboratory services, announces the opening of its new office and laboratory facility at 200 Exchange St. in Malden, Massachusetts. This state-of-the-art facility, covering over 53,000 square feet, marks a significant milestone as Discovery’s seventh facility in the United States and its third in the Greater Boston area, joining existing sites in Woburn and Quincy.

The Malden facility is designed to serve the region’s dynamic pharma and biotech industry. It will house Discovery’s Gentest products and services, which focus on in vitro preclinical studies for drug metabolism and predictive toxicology, alongside a clean room and cell processing laboratory to enhance its AllCells offerings, which provide high-quality cell and gene therapy cryo-preserved GMP products on the East Coast.

“Our new Malden facility underscores our mission to enable the discovery and development of therapeutic solutions that improve patient outcomes,” said Discovery CEO Greg Herrema. “By expanding our footprint in the Greater Boston area in response to growing customer demand, we enhance our capacity to deliver same-day, cutting-edge cell and gene therapy solutions to biopharma customers based in the New England region.”

“The Greater Boston area is a global hub for biotech and pharmaceutical research, and our continued investment in this region demonstrates our dedication to being the most trusted partner in life sciences research and clinical development,” said Marshall Schreeder, president of Discovery’s preclinical division. “The new Malden facility will play a crucial role in supporting the continued growth of our Gentest business, offering enhanced capabilities for drug metabolism studies and predictive toxicology, which are essential for drug discovery and development.”

Discovery operates globally, with laboratories and offices in the United States and Europe. This network allows the company to provide comprehensive support to the life sciences industry globally.

For more information about Discovery’s products and services, visit www.dls.com.

About Discovery Life Sciences

Discovery Life Sciences is a global provider of biospecimen solutions and laboratory services, offering an extensive range of products and services to support drug discovery and development. With a network of laboratories and offices across the United States and Europe, Discovery is committed to advancing scientific research and improving health care outcomes by providing high-quality biospecimens, in vitro preclinical products for drug metabolism and toxicology studies, and cell and gene therapy starting materials, coupled with specialty lab services to accelerate the discovery and development of new therapies and diagnostics.

SOURCE Discovery Life Sciences

Investment by Energy Impact Partners (EIP), Will Fund Acceleration of New Product Developments and Key Market Expansions

ANNAPOLIS, Md., June 11, 2024 — XONA, developer of the industry’s leading zero-trust user access platform for industrial operations, announced today the close of an $18M strategic funding round led by established cyber investor Energy Impact Partners (EIP), bringing the company’s total funding to $32M. The funding will allow the company to enhance its OT enterprise zero-trust user access platform, enabling customers to meet the ever evolving regulatory environment and stave off increasing cyber-attacks on critical infrastructure.

XONA enables frictionless user access that’s purpose-built for operational technology (OT) and other critical infrastructure environments. Technology agnostic and configured in minutes, XONA’s proprietary protocol isolation and zero-trust architecture immediately eliminates common attack vectors, while giving authorized users seamless and secure control of operational technology from any location or device.

“We’re quickly expanding our team to support our energy, oil and gas, manufacturing, and government partners as they respond to the cybersecurity challenges associated with remote operations capacity,” said Bill Moore, founder and CEO of XONA. “With new funding and strategic support from EIP, we are positioned for hypergrowth over the next few years.”

The funding round for XONA’s innovative solution occurs as industrial enterprises are experiencing a significant transition from on-site control room operations to hybrid remote and mobile models. While remote work empowers companies to respond to shifting employee preferences and operational realities, it introduces new cybersecurity vulnerabilities that risk people, property, and profits.

In addition to further strengthening the XONA team, the newly secured funding will accelerate product development, including growing strategic OEM and technology alliances, and providing richer user access analytics.

“We are thrilled to partner with XONA in this next phase of growth. Remote access for operational technology (OT) is one of the fastest-growing product categories, and XONA’s product stands out for its unique time-to-value, ease of use, and robust security features designed specifically for OT environments. We see significant opportunities for solutions like XONA, especially in light of the major wave of VPN replacement and digital transformation initiatives. This partnership aligns perfectly with our commitment to supporting innovative technologies that help accelerate digital transformation and support the energy transition,” said Tansel Ismail, Vice President at Energy Impact Partners.

In the last few years, operational asset owners have recognized the often urgent need to provide users, such as third-party vendors, partners, contractors, technicians, and other external IT staff, remote operations access to support the unique requirements of process control environments in critical infrastructure industries. But traditional remote access solutions, such as virtual private networks, open the door to cyber-attacks and breaches like ransomware attacks. With the market now taking off, especially since the COVID pandemic exposed the need, XONA is the only vendor focused strictly on serving the secure remote access needs of industrial operations.

XONA’s secure and intuitive platform combines strong multi-factor authentication (MFA), asset and protocol isolation, role and time-based access controls, moderated access and file transfer, as well as user session logging and recording. To learn more about XONA’s zero-trust user access platform for Industrial Operations, visit https://www.xonasystems.com/.

About XONA

XONA provides the industry’s leading zero-trust user access platform for Industrial Operations. XONA’s mission is to enable your organization’s workforce of employees, contractors, consultants, vendors and part-time workers to be more productive and more secure while reducing your operational costs. XONA seamlessly and securely enables secure adaptive access to your most critical systems and applications while also reducing operational and cyber risks and increasing operational efficiency. Learn more by visiting https://www.xonasystems.com/.

About Energy Impact Partners 

 Energy Impact Partners LP (EIP) is a global investment firm leading the transition to a sustainable future. EIP brings together entrepreneurs and some of the world’s most forward-looking energy and industrial companies to advance innovation. With over $4 billion in assets under management, EIP invests globally across venture, growth and credit – and has a team of over 90 professionals based in its offices in New York, San Francisco, Washington D.C., Atlanta, Palm Beach, London, Cologne, Oslo and Singapore. For more information on EIP, please visit www.energyimpactpartners.com.

Media Contact:
Danielle Ostrovsky
Hi-Touch PR
410-302-9459
[email protected]

SOURCE XONA

Investors include McLaren Healthcare Corporation, Cone Health, Wisconsin Alumni Research Foundation, Macmillan Cancer Support and Aviko Radiopharmaceuticals, a private company funded by affiliates of Deerfield Management

MIDDLETON, Wis., June 11, 2024 — Leo Cancer Care is delighted to announce that it has secured funding to advance the company to the next stage of its global ambitions for upright radiation therapy.

This investment highlights increasing confidence investors have in the team and the product, which is offering a “more human” way to administer radiation therapy to patients with a range of cancers.

The unique upright patient positioning and CT imaging system, named Marie® after Nobel laureate and radioactivity research pioneer Marie Curie, utilizes a fixed radiation beam with patients rotated slowly and smoothly to different beam angles as treatment is administered.

The solution allows patients to remain in an upright position during treatment. Growing evidence indicates that this position reduces internal organ movement in patients receiving upright therapy. This simple shift not only enhances patient comfort but also has the potential to improve treatment accuracy.

Marie® removes the need for a gantry while still providing 360 degrees of beam angles. This gantry-less approach enables a significant reduction in spatial footprint and cost, particularly for proton therapy and carbon ion therapy.

Investment will aid expansion into Asia

Stephen Towe, CEO of Leo Cancer Care, said: “This funding marks an important milestone, as it will enable the growth of our business and allow us to build the necessary infrastructure to support our system once it is installed at various sites. The investment will also help us to build a global footprint.”

The funds will enable Leo Cancer Care to expand into the Asian markets, particularly in Singapore, Japan, and South Korea, where the company has begun building teams and establishing a commercial presence.

“This funding will help put Leo Cancer Care and our systems for upright radiation therapy firmly on the global stage,” he added.

Strategic Investors committed to advancing healthcare

The latest investment from both strategic investors and VCs (venture capitals) reflects the confidence in the innovative Leo Cancer Care system and welcomes a list of partners aligned with the company’s goals.

The first is a Leo Cancer Care partner, McLaren Health Care Corporation. McLaren’s decision to invest comes after the installation of the first of two Marie solutions for testing purposes in Flint, Michigan.

McClaren Health Care Corporation’s investment in Leo Cancer Care has been augmented with McLaren’s Chief Administrative Officer, Gregory Lane, taking a seat on the Leo Cancer Care Board of Directors.

Another healthcare provider investing in Leo Cancer Care is Cone Health, a comprehensive health network with over 150 locations across the U.S. dedicated to providing accessible care. Their brand promise, “We’re right here with you,” which emphasizes personalized care, aligns with Leo Cancer Care’s goal to deliver radiation therapy in a more human way.

An investor close to home is WARF (Wisconsin Alumni Research Foundation), which is connected closely with UW Health based in Madison, Wisconsin, another early adopter of the technology and based in the same city where Leo Cancer Care has its office in the United States.

The UK’s leading cancer care charity Macmillan Cancer Support has joined the list of investors. Macmillan created an impact investment portfolio in 2023, dedicated to supporting startups that are aligned with the Charity’s goals. This new partnership will help Leo Cancer Care to keep those living with cancer at the heart of their mission to be the more human way to deliver radiation therapy.

Aviko Radiopharmaceuticals, a private biotechnology company funded by affiliates of Deerfield Management, also joins investors in this financing. In 2023, Aviko joined Leo Cancer Care and Neutron Therapeutics in a multi-year partnership to advance upright patient positioning for boron neutron capture therapy (BNCT). 

EDBI, the strategic investment arm of the Singapore Economic Development Board (EDB), another supporter of Leo Cancer Care’s global expansion plan, has joined the round. Leo Cancer Care plans to establish Singapore as a base for its APAC activity and growth in the coming years.

Towe added: “Financing the business is the ‘fuel’ to keep it going but it is the partnerships we have created along the way that will drive us over the finish line, taking this innovation to those who need it most.”

Please note: Leo Cancer Care’s upright patient positioning system recently gained 510(k) regulatory clearance in the United States for clinical use, with a similar process underway in Europe. Marie, including our upright CT scanner, is not yet clinically available.

Logo: https://mma.prnewswire.com/media/2391246/4657890/Leo_Cancer_Care_Logo.jpg

SOURCE Leo Cancer Care

DUBAI, UAE, June 11, 2024 — Augnito, a leading provider of Medical Voice AI solutions, has formed an alliance with Dharmendra Ghai, a prominent digital health evangelist based out of Qatar. Ghai’s investment and expertise are set to accelerate the development and deployment of Augnito’s cutting-edge healthcare technologies, enhancing patient experiences and operational efficiency across the global care continuum.

With his keen eye and deep understanding of multiple markets, Ghai has established himself as an astute investor and trusted advisor to numerous companies. He currently serves on the board of VSee, a leading telehealth platform, and has made notable investments in various digital health companies — including Wellist, Meddy (now HeliumDoc), 4basecare, Mom’s Belief, and NimbleHeart. Ghai is also a Digital Health Partner for the esteemed HIMSS (Healthcare Information and Management Systems Society), with an executive education from both MIT and Stanford, and an eHealth Consultant for the Health Ministry of Qatar.

Augnito is at the forefront of SaaS innovation, providing state-of-the-art multi-lingual speech recognition, generative AI, and natural language processing technology to healthcare organizations worldwide. The company’s suite of advanced voice-based solutions employs human-centric design principles to meet the evolving needs of both healthcare providers and patients.

Augnito’s recent partnerships with leading healthcare institutions in the Middle East, such as King’s College Hospital London (Dubai), Cloud Solutions (HMG Group), Prime Healthcare, Dallah Hospitals, King Abdulaziz University Hospital, RAK Hospital, among several others, have showcased the company’s commitment to driving innovation and creating significant impact for the region. Augnito’s software is built-in compatible for native Arabic speakers (language and accents) and offers seamless enterprise IT solutions coupled with a differentiated approach to customer success.

As an authority in healthcare informatics and innovation, Ghai’s insights on regional business strategy, as well as patient security, medical imaging, and mHealth are expected to further accelerate Augnito’s growth. The collaboration will facilitate a deeper understanding of the region’s nuances and allow the Medical Voice AI innovator to tailor its products to better serve the Middle East.

“We are thrilled to have Dharmendra Ghai as an investor,” said Rustom Lawyer, Co-Founder and CEO of Augnito. “His expertise and vision are unparalleled, and we believe that he will be a catalyst in accelerating innovation — enabling us to bring even more refined and intuitive solutions to the market. We look forward to delivering enhanced healthcare experiences in the GCC, for patients and providers alike.”

Dharmendra Ghai expressed his enthusiasm, saying, “I am delighted to invest in Augnito, a company that has consistently demonstrated a commitment to innovation and excellence in healthcare technology. Their human-centric solutions and strong leadership team have positioned them at the forefront of the Medical Voice AI industry. I look forward to contributing to their growth and success in the global healthcare market.”

Both parties stated their unwavering commitment to ensuring that clinicians have access to the best tools and technologies to deliver superior patient care.

About Augnito

Augnito is an intuitive and advanced Voice-AI solution innovator, revolutionizing clinical documentation in the global healthcare market. Their proprietary AI-based clinical speech recognition, natural language understanding (NLU) C generative AI technologies enable ergonomic data entry with 99% accuracy, anywhere, from any device. Augnito helps streamline clinical workflows, makes healthcare intelligence securely accessible, and ensures that physicians have more time to concentrate on their primary concern: patient care. Their solutions are currently in use at more than 375 hospitals, across more than 25 countries.

For more information or assistance, please visit augnito.ai or email [email protected]

SOURCE Augnito

In the latest round of funding, more than $6.7 million has been allocated for clean propane autogas school buses.

RICHMOND, Va., June 10, 2024 — In round three of the EPA’s Clean School Bus Program funding, more than $6.7 million has been allocated for the purchase of clean propane autogas buses. Fifty-eight districts have been tentatively selected to receive a total of 269 propane autogas buses to replace the nation’s aging, dirty diesel buses.

For every propane autogas bus purchased as part of the Clean School Bus program, the EPA will provide transportation directors with up to $30,000. The program prioritizes high-need local educational agencies, rural, and tribal school districts. As a safe, affordable, portable and available energy source, propane is an ideal solution for school transportation. The buses reduce harmful nitrogen-oxide (NOx) emissions by 96% compared to diesel, have a range of 400 miles, and can continue to operate even if the electric grid is down.

“School districts see the value propane autogas buses can bring to their students, to their community, and to the environment,” said David Walters, director of autogas business development for the Propane Education & Research Council. “With the lowest total cost-of-ownership, reduced emissions, and improved uptime, it’s clear that propane autogas buses are an excellent choice. We applaud the districts that have made the decision to prioritize student health and the environment with their new propane autogas buses, and we hope others will follow their lead.”

Through three rounds of funding, the EPA program has allocated more than $2.8 billion for 8,427 electric school buses and 440 low-emissions propane buses. However, for the same amount of money that was distributed for the electric buses (about $2.77 billion), the program could have helped fund as many as 92,635 propane buses, assuming each propane bus received the $30,000 incentive.

When considering full lifecycle emissions, replacing 92,635 diesel buses with propane buses would have reduced harmful nitrogen oxide (NOx) emissions by 24,664 metric tons over the three years the program has funded buses. By comparison, replacing just 8,427 diesel buses with electric buses will reduce NOx emissions by just 2,379 metric tons over the three years.

“The goal of the program is to reduce emissions as quickly as possible to provide our children with a safe, clean, healthy ride to school,” Walters said. “According to the Department of Energy, there are more than 450,000 school buses in the United States, and the vast majority run on diesel. By replacing dirty diesel buses with clean propane autogas buses, we can better ensure that more children are riding in a clean school bus.”

For more information on propane solutions for school transportation, visit BetterOurBuses.com.

Propane Education & Research Council (PERC)
The Propane Education & Research Council is a nonprofit that provides leading propane safety and training programs and invests in research and development of new propane-powered technologies. PERC is operated and funded by the propane industry. For more information, visit Propane.com.

For More Information:

Patrick Hyland
Propane Education & Research Council
202-452-8975
[email protected]

Jenna Jaynes
Swanson Russell
402-437-6406
[email protected]

SOURCE Propane Education & Research Council

WESTPORT, Conn., June 10, 2024 — Balance Point Capital Advisors, LLC (“Balance Point”), in conjunction with its affiliated funds, Balance Point Capital Partners V, L.P., and Balance Point Capital Partners VI, L.P., is pleased to announce its investment in Essential Turbines Inc. (“Essential Turbines” or “ETI”), a provider of maintenance, repair and overhaul (“MRO”) services for aircraft engines.  Balance Point provided debt and equity in support of the transaction, alongside Swift Anchor Holdings (“Swift Anchor”), a private equity investment firm.

Founded 30 years ago, Essential Turbines is an MRO provider, and Rolls Royce FIRST Network AMROC, focused on providing performance, quality and safety for aerospace customers across end markets. ETI is a specialist in the Rolls-Royce M250 and RR300 engines, which power many of the world’s most well-known helicopters, and has expertise in aircraft engines.

Swift Anchor, Balance Point and Essential Turbines will focus on continuing to build the Company’s presence as a Rolls Royce FIRST Network partner and expanding additional capabilities. As part of Swift Anchor’s hands-on and active ownership approach, Gannon Gambeski, a Swift Anchor Partner with extensive operating experience, will assume the role of CEO of Essential Turbines going forward.

Michael E. Guntner Jr., current CEO and President of ETI, will retain a minority ownership stake in ETI and remarked on the transaction: “I am excited to be partnering with Swift Anchor and Balance Point for the next stage of ETI’s growth. I was drawn to their mission-driven perspective, long-term outlook and their owner-operator mentality. I am confident that they will enable our team, customers and partners to benefit from further resources, capital and operating expertise. We remain committed to delivering on: Quality is Essential. I am excited to remain involved in ETI as a shareholder, board member and senior advisor.”

Elias Lebovits, Managing Partner and Founder of Swift Anchor, expressed enthusiasm for the partnership with ETI: “Mike and his team have formed a market-leading MRO with a phenomenal reputation. We are looking forward to strengthening ETI’s focus on delivering customers the highest level of quality and service, while providing ETI’s employees with a rewarding work environment as we continue to grow the business.”

“Balance Point is thrilled to have partnered with Swift Anchor on this transaction, and we look forward to a new phase of growth at ETI,” said Balance Point Managing Partner, Seth Alvord. “ETI is well positioned to leverage the playbook that Mr. Gunter has established over 30 years, while continuing to find new ways to offer mission critical support the Company’s growing customer base.”

About Balance Point
Balance Point is an alternative investment manager focused on the lower middle market. With approximately $2.1 billion in assets under management, Balance Point invests debt and equity capital in select lower middle market companies across a variety of investment vehicles. Balance Point takes a long-term, partnership approach to investing and is committed to building lasting relationships with its partners, management teams and intermediaries.

Balance Point is a registered investment advisor. Further information is available at www.balancepointcapital.com.

About Swift Anchor
Swift Anchor is a long-term oriented investment firm partnering with mission critical businesses in healthcare, aerospace & defense, and business/industrial services. Swift Anchor seeks out market-leading companies and takes an active ownership and hands-on operational approach to drive value creation.

For more information: www.swiftanchor.com.

About Essential Turbines
Essential Turbines, headquartered in Montreal, with locations in Vancouver and Phoenix, is an aerospace maintenance, repair and overhaul (“MRO”) provider with a focus on both helicopter and fixed wing engines. Essential Turbines is a specialist in the Rolls Royce M250 and RR300 engines, as well as pure-thrust engines modules, components and accessories. ETI serves a diverse set of customers across commercial, government and military markets.

For more information: www.essentialturbines.com

Media Contact: 
Adam H. Sauerteig
Office: 203-652-8555
[email protected]

SOURCE Balance Point Capital

Additional Investment Further Supports Zips’ Operating Strategy, Member Experience, Leadership Team and Wash Quality

NEW YORK, June 10, 2024 — Atlantic Street Capital (“Atlantic Street” or “ASC”), a private equity firm that invests in lower middle market companies through an operationally intensive strategy, today announced that it has made an additional $70 million investment to further support the operating strategy, member experience, leadership team, and wash quality of its portfolio company, Zips Car Wash (“Zips”).

Operating over 270 locations in 20+ states over the last 20 years, most of Zips’ growth story has occurred over the last eight years through strategic acquisition, development, and member growth. “Express only car wash chains are a great place to invest yet face challenging consumer trends that need to be addressed by Zips and the industry at large. This capital is critical for Zips’ efforts to think beyond existing industry strategies to accelerate growth, define membership experience and capture retail attention,” said ASC Managing Partner, Andy Wilkins.

Atlantic Street initially invested in Zips in 2020 and in 2022 increased its investment by acquiring additional equity from founding shareholders through a continuation fund. Since 2020, the company has acquired new locations, substantially upgraded equipment, simplified monthly membership offerings, improved wash quality, and engaged technology to deliver the best consumer experience.

About Zips Car Wash

Zips, headquartered in Plano, Texas, operates more than 270 locations across 20+ states under three brands: Zips Car Wash, Rocket Express Car Wash, and Jet Brite Car Wash. With 20 years of car washing experience, Zips prides itself on providing the highest quality express tunnel wash experience and simplified membership offerings. The Zips team aims to positively impact the communities we live and serve in. To learn more visit www.zipscarwash.com.

About Atlantic Street Capital

ASC is a private equity firm that invests in lower middle market companies poised for the next level of growth. The firm targets entrepreneurial management partners and fundamentally sound companies between $4 million and $25 million of EBITDA that will benefit from capital investment and ASC’s value-added strategic and operational support. As a result, ASC works closely with management to unlock their business’ underlying value and help them succeed. For more information, visit www.atlanticstreetcapital.com.

Contact: Chris Tofalli
Chris Tofalli Public Relations, LLC
914-834-4334

SOURCE Atlantic Street Capital