Strategic Partnership Will Help Founders Access Venture Debt and Flexible Capital Solutions Through Private Credit, Also Setting the Stage for Potential Future IDC/Arena Investment Offerings 

MIAMI, June 5, 2024 — IDC Network, a diversified private equity and venture capital asset manager and parent company of IDC Ventures, a global venture capital firm specializing in fintech and marketplaces, today announced the launch of its newly created credit and flexible capital arm, IDC Arena Credit Ventures, through the formation of a strategic partnership with Arena Investors, LP. Arena Investors is a global institutional investment manager with a robust track record of providing creative capital solutions to underserved borrowers globally. This partnership is set to create a powerhouse for financing innovative technology ventures for companies at critical growth stages.

The strategic partnership combines IDC’s expertise in deal structuring and early to growth-stage technology investments with Arena’s robust capabilities in financing solutions. Together, IDC Network and Arena Investors are well-positioned to provide tech entrepreneurs with unique financing alternatives. Melissa Ramirez, Managing Partner of IDC Network, will lead IDC’s Venture Debt arm and the strategic partnership. She will also serve as a liaison between Arena, IDC Ventures, and other initiatives across IDC Network.

“Partnering with Arena Investors is another significant step towards consolidating our Venture Capital platform globally. I’m excited to double down on our strategic goal to support the next generation of tech leaders with alternative, smart, and flexible capital tailored to their specific needs,” commented Melissa Ramirez, Managing Partner at IDC Network and IDC Arena Credit Ventures. “This partnership will enable us to capitalize on the significant demand for non-dilutive capital we are seeing in the market, particularly from high-quality, disciplined tech companies. By combining Arena’s exceptional debt financing capabilities and our deep tech industry insights and ecosystem access we aim to fuel the growth of pioneering technology firms in a highly underserved market.”

Arena Investors brings to the partnership a wealth of experience and a strong investment history, having deployed over $5 billion in capital across various asset types in special situations investments.  CEO and CIO Dan Zwirn began investing in venture capital over 25 years ago and was involved in the creation of several noteworthy platforms in the space including Horizon Technology Finance and Hercules Capital. “We are thrilled to join forces with IDC, a long standing, well-regarded asset manager and major player in the venture capital space,” said Joe Salameh, Managing Director of Corporate Private Investments at Arena Investors. “This collaboration is poised to fill a large void in venture debt capital.  We are excited to provide solutions and flexibility that start-ups need to thrive in today’s environment.”

The strategic partnership aims to address the growing demand for non-dilutive funding options in the tech sector, providing bespoke financial solutions that are tailored to the specific needs of tech and tech-enabled businesses. By combining resources, expertise, and networks, IDC and Arena Investors will enhance their ability to support high-potential companies and drive innovation in the technology landscape.

About IDC Network
Established in 1995, IDC Network (IDC) is a diversified multi-fund platform. IDC focuses on partnering with strategic investors, managing and co-managing funds across multiple sectors including Private Equity, Energy & Infrastructure, Ventures, Capital Markets, Real Estate, and Impact. Active across Latin America, the US, and Europe, IDC is proud to be the Partner of Choice for more than 150 of the world’s most influential families from 26 countries. Learn more at IDCNetwork.com.

About IDC Ventures
IDC Ventures (IDCV) is the venture capital arm of IDC Network, a global multi-fund asset manager. More than just a fund, IDC Ventures acts as the Partner of Choice to more than 150 family offices for a diversified set of venture capital-related opportunities, managing proprietary funds, co-investment opportunities, and co-managed funds in partnership with top-tier managers who bring specialized industry expertise. IDCV is an active partner with entrepreneurs, helping founders from earlier stages through exit. IDCV mostly leads rounds and takes board of director seats offering a wide range of expertise based on successful founder, banking, and consulting experiences. Since its founding in 2019, IDCV has backed industry-defining founders from Series A to growth stages across Europe, the US, and Latin America (mainly Brazil and Mexico), primarily focusing on fintech and marketplaces through its flagship funds. Learn more by visiting IDCVentures.com.

About Arena Investors, LP
Arena Investors, LP is an institutional asset manager founded in partnership with The Westaim Corporation (TSXV: WED). With approximately $3.5 billion of assets under management (as of May 1, 2024) and a team of over 180 employees in offices globally, Arena provides creative solutions for those seeking capital in special situations. The firm brings individuals with decades of experience, a track record of comfort with complexity, the ability to deliver within time constraints, and the flexibility to engage in transactions that cannot be addressed by banks and other conventional financial institutions. See www.arenaco.com for more information.

Contact:

IDC:
Benito Besada
[email protected]

Prosek Partners:
Joshua Clarkson
[email protected] 

Arena Investors:
Parag Shah
[email protected] 

SOURCE IDC Network

Financing to accelerate growth into the global renewable energy sector and further protect industry from severe weather and other risks

MADISON, Wis., June 5, 2024 — Understory, the insurance platform protecting climate-vulnerable industries from severe weather risk, announced the close of a significantly oversubscribed Series A funding round, securing a substantial $15 million to drive its expansion into the renewable energy sector. This funding round, co-led by True Ventures and Prelude Ventures, underscores investors’ strong belief in Understory’s vision and expansion potential.

Following the highly successful launch of Understory’s Dealers Open Lot insurance solution, which offers risk management for U.S. auto dealers and has provided protection for dealer inventories across nearly 1,000 locations from Hawaii to Delaware, the company is launching a product offering focused on the renewable energy sector. This product harnesses Understory’s proprietary risk mitigation technology that has already reduced weather damage for its clients by over $65 million and effectively reduced overall claim trends by 60%. Understory’s mutualized insurance approach, together with unparalleled risk selection and sharing of clients’ best practices, has enabled sustainable and profitable portfolio growth.

This strategic move diversifies Understory’s portfolio and addresses the burgeoning demand for robust, scalable insurance solutions in sectors highly vulnerable to climatic impacts.

Puneet Agarwal, partner at True Ventures, commended the company’s growth and trajectory: “The Understory team has brought a new, next-generation level of data intelligence to the insurance market. This new funding round is a significant milestone, positioning Understory to reshape the property insurance industry and renewable energy landscape. We’re thrilled for the team as they continue to see so much promising traction.”

Tim Woodward, managing partner at Prelude Ventures, added: “Aligning with Understory’s venture into renewables couldn’t be more perfect for us. Their tech-driven, data-first approach to insurance is exactly what the renewable sector needs to continue its accelerated growth as we transition to a green energy future. We’re excited to be a part of this journey, catalyzing change in critical industries through creating cost-effective insurance solutions that finally address clients’ longstanding frustrations with legacy players.”

“Expanding from a tech-focused startup to a leading figure in the insurance market exemplifies our ability to scale solutions that tackle real-world problems,” said Alex Kubicek, co-founder and CEO of Understory. “Our latest venture into renewable energy insurance underpins our commitment to rearchitecting insurance structures that support sustainable industry growth while mitigating environmental risks.”

Understory is led by Kubicek and Neil Irwin, co-founder and senior international insurance executive. Under their leadership, the company has evolved from a deep tech startup into a full-stack MGA/MGU at the forefront of the insurance industry. Their combined expertise in deep weather technology and global insurance markets has been pivotal in their mission of restoring and enhancing insurance efficacy and building client resiliency against the growing threat of severe weather and a volatile global risk environment.

For more information, visit: https://understoryweather.com/

About Understory

Understory is a leading provider of insurance solutions built for the era of climate change. The company’s global network of Dot weather stations powers the world’s most sophisticated weather risk model. By combining mutualized, optimized risk structures with precision weather technology and modeling, Understory enables affordable, stable property insurance solutions.

Natural catastrophes driven by the volatility of climate change is increasing rates and restricting insurance coverage. Traditional insurance is no longer fully effective. Insurance and reinsurance companies are pulling out and leaving 76% of global assets unprotected. Transformation is inevitable, and it’s coming to the global property insurance market. Understory cracked the code, and our approach is the way to close this gap.

With a fiercely dedicated and passionate team of both remote and Madison, Wisconsin-headquartered team members, Understory’s culture values unwavering support of colleagues, resilience, adaptability, work-life harmony, time for nurturing our families, and fostering communities that care about the wellbeing of people and their livelihoods like we do. We’re poised to rewrite the story of insurance. To embark on this journey with us, visit www.understoryweather.com.

Media Contact: [email protected]

SOURCE Understory, Inc.

Funding Accelerates Deployment of Pilot Systems with Established Commercial Partners

BOSTON, June 5, 2024 — SiTration, a materials recovery company serving the mining and metals industries, today announced it has raised $11.8 million in seed capital. The financing round was led by 2150 with participation from BHP Ventures, Extantia, and Orion Industrial Ventures. Previous investors Azolla Ventures and MIT-affiliated E14 Fund also participated in the oversubscribed round. The funding will be used to scale the company’s novel solution for the recovery of critical metals and minerals and to deploy pilot systems with commercial partners.

Founded as a spinoff from research conducted at MIT, SiTration is working to address the demand for critical materials needed to manufacture technologies that are key to the clean energy transition, including electric motors, wind turbines, and batteries. The company’s innovative solution lowers both the cost and the resource intensity of extracting and recycling materials, contributing to the overall push towards a circular economy.

“The magnitude of the challenge presented by the need to bolster the critical materials supply chain is clear,” said Dr. Brendan Smith, CEO and co-founder of SiTration. “There is a major missing link between the clean energy technologies we so desperately need and the sourcing of the materials that are at their core. Our solution can create a cleaner, more equitable, and more profitable critical materials supply chain across multiple industries, all with a single technology.”

SiTration’s patented porous silicon membrane technology provides chemical-free, energy-efficient extraction and recycling, reducing greenhouse gas emissions as well as localized pollution from traditional material sourcing. The company’s work has attracted the attention of industry, most notably through a partnership with Rio Tinto to valorize and remediate mining waste streams. This collaboration underscores SiTration’s pivotal role in catalyzing a green revolution within the mining sector.

“The key to our membrane technology lies in the combination of durability and the selective extraction performance that is unparalleled among existing solutions,” said Professor Jeffrey Grossman, co-founder of SiTration and professor at MIT’s Department of Materials Science and Engineering. “Additionally, the membrane is produced via a streamlined, scalable, and economic manufacturing process, allowing for its deployment in large-scale industrial applications.”

Beyond revolutionizing clean energy material sourcing, the company is extending its membrane platform to metals refining and lithium-ion battery recycling, further solidifying its commitment to sustainability across a wide range of industries.

“The need for breakthrough technology that addresses the staggering shortage of critical metals the world is facing as we transition to a clean, electrified energy system is real,” said Jacob Bro, Partner at 2150. “With SiTration, we believe we have found the most promising technology and an incredible team to take it to commercial scale in global mining and in the emerging battery recycling industry.”

About SiTration
SiTration is a spin-out of MIT that has created a patented porous silicon membrane technology that provides a unique combination of ultra-durability, highly tunable pore structure, and electrical conductivity enabling efficient and low-cost materials recovery. SiTration’s technology can replace traditional resource-intensive mining processes and can be deployed to recover materials from traditionally inaccessible sources, including waste. The company has received grants from the Department of Energy’s ARPA-E and the National Science Foundation, and is working to implement their membrane platform in mining, metals refining, and lithium-ion battery recycling.

About 2150
2150 is a venture capital firm investing in technology companies that seek to sustainably reimagine and reshape the urban environment. 2150’s investment thesis focuses on major unsolved problems across what it calls the ‘Urban Stack’, which comprises every element of the built environment, from the way our cities are designed, constructed and powered, to the way people live, work and are cared for. 2150 is part of Urban Partners, a platform of vision-aligned, differentiated, investment strategies shaped around urban problem solving.

Business Contact:
[email protected] 

Media Contact:
Chris Allieri
[email protected]

SOURCE SiTration

Company Focused on Bringing Industry-Leading Technology to Market in Food Safety and MedTech Industries 

ALEXANDRIA, Va., June 5, 2024 — HyperSpectral, the world’s first AI-powered spectral intelligence company with hardware-agnostic solutions for particle detection, emerged from stealth today with $8.5 million in a Series A funding round. HyperSpectral’s Series A round was co-led by RRE Ventures and  Kibo Ventures with participation from Correlation Ventures, and GC&H Investments. The funds will allow the company to ramp up development of the technology, hire key talent, and create wider AI datasets through lab partnerships and testing.

The company has garnered significant interest from multiple industry sectors, with food safety and healthcare being among the most important. In the food safety sector, Case Western Reserve University and the Safe Food Alliance are key partners. This interest has led the company to initiate several pilot programs in these industries. Additionally, the company has secured a contract with the Defense Advanced Research Projects Agency (DARPA) to help develop defense applications for this technology.

“This funding will accelerate our go-to-market strategy for our unique spectral AI technology with real-world applications in food and beverage safety, health care, and more industry sectors,” said Matt Theurer, co-founder and CEO of HyperSpectral, “We are excited to prove to the world that our technology not only works but is faster and cheaper than traditional lab testing, allowing farmers, food processors, and physicians to get instant results with a quick scan.”

HyperSpectral’s technology utilizes spectroscopy to measure the unique absorption and emission of light from different sources and artificial intelligence trained on large custom created datasets to recognize different particle spectroscopy signatures in the real world. While the technology has a vast number of applications, HyperSpectral’s focus is on revolutionizing how the agricultural and medical industries detect dangerous pathogens such as E. coli, salmonella, listeria, staph aureus, and others.

Traditional testing for pathogens is a time-consuming process where farmers and physicians have to ship samples to specialty testing labs to be analyzed. When using HyperSpectral’s software platform and standard  third-party hardware, users will be able to conduct these tests onsite in minutes with a quick, non-intrusive scan, allowing for radically faster  threat detection.

“HyperSpectral is massively improving the speed and accuracy of food safety testing through the power of computer vision and AI,” said Will Porteous, General Partner at RRE 

Ventures. “This is just the first of a number of significant market applications of this powerful technology.”

“We have known part of the team for over 7 years, before they founded Hyperspectral,” said Juan Lopez, Partner at Kibo Ventures. “They have demonstrated their capabilities as founders, with a proven track record of creating and scaling successful companies. We are thrilled to partner with them to unlock the power of spectral data using state-of-the-art AI and help them expand internationally.”

The HyperSpectral team is led by:

• Co-Founder and CEO Matt Theurer, an entrepreneur who co-founded Virtustream, a cloud computing management software purchased by EMC Corp. for $1.2 billion
• Chief Medical Officer Dr. Adam Saltman, former CMO at ChemImage and medical officer at the Food and Drug Administration
• Chief Science Officer Erik Avaniss-Aghajani, Ph.D., former Director of Clinical Diagnostics at Primex Clinical Laboratories
• Co-Founder and Chief Operating Officer Lauren Stack, veteran operations and finance executive
• Chief Information Officer Vince Lubsey, a former co-founder of Virtustream and global technology leader
• Chief Product Officer Dr. Simi George, a veteran data scientist and product manager

“As a highly engaged member of the Peanut and Tree Nut Processors Association (PTNPA), Hyperspectral has quickly catapulted the topic of AI and how food safety solutions are becoming more data and AI driven in the food industry,” said Jeannie Shaughnessy, CEO of the Peanut and Tree Nut Processors Association. “We are thrilled to watch their ongoing business successes.”

About HyperSpectral
Based in Alexandria, VA, HyperSpectral seeks to combine spectroscopy, AI and machine learning to detect and recognize unique particle signatures. HyperSpectral is actively working to provide agricultural and medical technology companies with real-time intelligence on product safety and protect people from invisible threats. For more information, visit https://www.hyperspectral.ai/.

About RRE Ventures
RRE Ventures is a leading venture capital firm based in NYC, with a strong focus on investing in early-stage technology companies. Founded in 1994, RRE has a proven track record of identifying and supporting innovative startups across various sectors, including enterprise software, fintech, healthcare, and frontier technologies. With over $2 billion in assets under management and a portfolio of more than 200 companies, RRE brings deep expertise, extensive networks, and a long-term commitment to helping entrepreneurs build transformative businesses.

About Kibo Ventures
Kibo Ventures, a leading venture capital firm established in 2012, is dedicated to partnering with founders to tackle today’s biggest challenges through technology, helping them grow and scale internationally in Europe, Latam and USA. Its portfolio includes companies with a strong technological focus and global reach, such as Flywire ($FLYW), Devo, Job&Talent, Sorare, Exoticca, and Capchase.

About the Peanut and Tree Nut Processing Association
The Peanut and Tree Nut Processors Association, established in 1939, is composed of leading nut industry companies, representatives and solution providers, ranging from international household brands to fourth-generation family-owned businesses. The organization exists to advance the nut industry through professional networks, advocacy and education for and on behalf of its members. For more information about PTNPA, the nut industry or to become a member, visit www.ptnpa.org.

SOURCE HyperSpectral

NEW YORK, June 5, 2024 — Envisagenics, an AI-driven revenue generating biotechnology company focused on discovery and development of novel RNA splicing therapeutics, today announced a Series B fundraising round with participation from existing investors Third Kind Venture Capital, Empire State Development and Red Cell Partners, and new strategic investor Bristol Myers Squibb (NYSE: BMY). Bristol Myers Squibb previously entered into an oncology research collaboration with Envisagenics in 2022.

Proceeds from the Series B financing will be used to further develop Envisagenics’ pipeline of novel preclinical oncology assets with the company’s cloud-based AI drug discovery platform, SpliceCore^®, and to scale its commercial offerings. SpliceCore integrates machine learning (ML) algorithms with high performance computing to identify novel and disease specific alternative splicing isoforms using its proprietary database of more than 14 million RNA splicing events.

The funding follows a Series A round announced in September 2021, which enabled Envisagenics to scale and commercialize its platform. Since then, the company has established collaborations with Biogen and the Lung Cancer Initiative at Johnson & Johnson, in addition to Bristol Myers Squibb. 

“Today, as a profitable company with a strong AI/ML platform, a brilliant team, and world-class collaborations, we are focused on product and asset development to improve patients’ lives,” said Maria Luisa Pineda, Ph.D., Envisagenics co-founder and CEO. “Funding from this round will primarily be used to drive our developmental pipeline, including immunotherapies for multiple indications in oncology and disease-modifying ASOs for neurodegenerative diseases, with the goal of advancing our first asset into the clinic. Along with the continued support of our existing investors, we’re very pleased to welcome Bristol Myers Squibb as a new investor.”

About Envisagenics
Envisagenics is an AI-driven biotechnology company harnessing the therapeutic potential of RNA splicing. Over 95% of human genes undergo alternative splicing, a process generating multiple RNA isoforms from a single gene. Alternative splicing holds the key to understanding and targeting over 370 diseases, including cancer and neurodegenerative disorders. SpliceCore boasts an impressive 400-fold increase in transcriptomic search space compared to conventional tools for target identification. Leveraging our extensive map of over 14 million RNA splicing events, SpliceCore enables the discovery of disease-specific targets, paving the way for the rational design and development of immunotherapies and RNA therapeutics.

Envisagenics collaborates closely with biopharmaceutical companies and academic institutions to elevate their drug discovery capabilities and has partnered with the Lung Cancer Initiative at Johnson & Johnson, Biogen and Bristol Myers Squibb. Founded in 2014 as a spin-out from Cold Spring Harbor Laboratory, Envisagenics is a woman- and minority-led organization, with several grants from esteemed institutions like the National Institute of General Medical Sciences and the National Cancer Institute.

For more information on our groundbreaking work, connect with us on Twitter and LinkedIn or visit https://www.envisagenics.com.

Media Contact

Katie Morris, PhD
ENTENTE Network
+1-833-500-0061 x7
[email protected]

SOURCE Envisagenics, Inc.

New investment fuels expanded capabilities to empower life sciences, healthcare, banks, financials services, insurance, and public sector organizations to rapidly leverage generative AI in every use case. 

DENVER, June 5, 2024 — Today, Liminal, the leader in horizontal generative AI data security, announces they have added more than $5M in funding in an oversubscribed seed round led by Fin Capital, with participation from High Alpha, Matchstick Ventures, Craft Ventures Scout Fund, and veteran regulated industry executives. The new investment expands Liminal’s ability to quickly enable customers to securely deploy and use generative AI.

The proliferation of generative AI over the past 18 months is unprecedented. With thousands of new models and more than 12,000 generative AI-enabled applications released over the past year alone, regulated organizations are forced to contend with a new and vast set of data security and privacy challenges.

Using Liminal’s model agnostic, horizontal platform and secure workflow tools, regulated organizations can unlock the immense productivity benefits of generative AI while confidently maintaining regulatory compliance and protecting sensitive data such as intellectual property, employee, customer, and other private information. Liminal’s platform secures every interaction with generative AI, providing both a seamless experience for end users and total AI oversight, administration, and observability for security teams.

“The rise of generative AI and its associated security risks have made it challenging for regulated enterprises to adopt these technologies,” said Steven Walchek, founder and CEO of Liminal. “Our platform and workflow tools are designed to help organizations quickly get started with the low-lift, high-impact use cases, while also providing the necessary safeguards for more complex and transformational AI implementations.”

“Generative AI represents a massive leap forward in productivity for every enterprise,” said Edmund Murphy III, Liminal Investor and CEO of Empower. “Liminal’s platform is purpose-built to help regulated organizations quickly leverage this new technology, without compromising on security and user experience.”

“We are already seeing the transformative power of AI in financial services. However, the barriers to its full adoption and potential are significant,” shared Christian Ostberg, General Partner at Fin Capital. “With generative AI budgets expected to triple between 2023 and 2025, Liminal is uniquely positioned to unlock the adoption of AI for large enterprises in regulated industries by solving AI data privacy, security, and sovereignty.”

About Liminal

Liminal empowers regulated enterprises to securely deploy and leverage generative AI across all use cases. With Liminal, organizations have complete control over the data submitted to large language models (LLMs). Whether that be through direct interactions, through the consumption of off-the-shelf software with generative AI capabilities, or via the generative AI-enabled applications built in-house, Liminal’s model agnostic, horizontal platform helps ensure protection against regulatory compliance risk, data security risk, and reputational risk. Across every model, in every application you use, and in every application you’re building. For more information, visit liminal.ai or follow Liminal on LinkedIn.

‍About Fin Capital

Founded in 2018, Fin Capital is a global asset manager focused on full lifecycle investing in B2B fintech software companies. Fin Capital is passionate about rolling up its sleeves and partnering with repeat entrepreneurs that have deep financial services experience, differentiated products, and a global mindset. Fin is headquartered in San Francisco, with offices in Los Angeles, London, Miami, and New York. To learn more, visit www.fin.capital.

SOURCE Liminal

Supporting more than 500,000 U.S. healthcare professionals, Eko combines FDA-cleared algorithms with digital medical devices to enhance the early detection of cardiac and pulmonary diseases during physical exams.

SAN FRANCISCO, June 5, 2024 — Eko Health, a pioneer in applying artificial intelligence for early detection of heart and lung diseases, today announced it has raised $41 million in Series D financing. With participation by ARTIS Ventures, Highland Capital Partners, NTTVC, and Questa Capital, the funding round will be used to expand U.S. and global access to the company’s early disease detection platform.

The funding builds on recent commercial and clinical milestones, including U.S. FDA clearances for its structural heart murmur and low ejection fraction (Low EF) detection algorithms. Eko’s murmur detection algorithm was clinically validated in a Massachusetts General Hospital study and found to double identification rates of structural heart murmurs versus conventional practice in primary care. The low EF detection algorithm, developed with Mayo Clinic, was shown in an Imperial College London study to significantly enhance the identification of heart failure with reduced ejection fraction in GP clinics. By enhancing detection capabilities, Eko’s platform significantly reduces diagnostic bottlenecks, leading to earlier interventions and improved patient outcomes.

“Eko harnesses AI to unlock universal access to expert-level cardiac and pulmonary disease detection for patients everywhere,” said Connor Landgraf, CEO and co-founder of Eko Health. “Just as Ring transformed doorbells into home security systems, Eko has reinvented the world’s most ubiquitous medical tool into a powerful early disease detection platform, creating the world’s largest install base of professional AI-enabled cardiology devices.”

Cardiovascular and pulmonary diseases are among the leading causes of death worldwide, underscoring the critical need for early detection. Millions of patients remain unaware of their risk factors, often due to limited access to effective detection tools. Eko is addressing this gap by introducing sophisticated detection capabilities into any physical exam — from primary care exams at NCH Healthcare System in the U.S. to maternal-fetal health exams in Nigeria.

“Eko has spent the past decade building an unparalleled dataset of digital heart and lung sounds, which it leverages to develop clinical AI for the physical world,” said Vas Bailey, PhD, Chair of the Board at Eko Health and Partner at ARTIS Ventures. “Like countless others, I lost a parent much too early to undetected heart disease. I am deeply inspired by the team’s dedication to saving lives by equipping hundreds of thousands—and soon millions—of clinicians worldwide with our groundbreaking early detection platform.”

Eko will use the new capital to deepen its presence in the U.S. and accelerate its expansion into key international markets, supported by new strategic investments from Double Point Ventures in the U.S., Singapore-based global investor EDBI (the corporate investment arm of the Singapore Economic Development Board), and LG Technology Ventures, backed by the LG Group of South Korea. With the new funding and regulatory clearances, Eko is poised to rapidly expand access to its AI-enabled cardiac and pulmonary disease detection platform, empowering millions of healthcare professionals to improve patient outcomes in the coming years.

About Eko Health
Eko Health is a leading digital health company advancing how healthcare professionals detect and monitor heart and lung disease with its portfolio of digital stethoscopes, patient and provider software, and AI-powered analysis. Its FDA-cleared platform, used by over 500,000 healthcare professionals worldwide, allows them to detect earlier and with higher accuracy, diagnose with more confidence, manage treatment effectively, and ultimately give their patients the best care possible. Eko Health is headquartered in Emeryville, California, with over $165 million in funding from ARTIS Ventures, DigiTx Partners, Double Point Ventures, EDBI, Highland Capital Partners, LG Technology Ventures, Mayo Clinic, Morningside Technology Ventures Limited, NTTVC, Questa Capital, and others.

Media Contact:
Sam Moore
[email protected]

SOURCE Eko Health

PHOENIX, June 5, 2024 — Trinity Capital Inc. (NASDAQ: TRIN) (“Trinity”), a leading provider of diversified financial solutions to growth-oriented companies, today announced the commitment of $15 million in growth capital to restor3d, a 3D printing, patient specific medical device company.

restor3d enhances patient care and meets surgeons’ needs by providing solutions tailored to patients’ unique anatomies, enabling precise repair, reconstruction, and restoration. The company holds proprietary expertise in advanced 3D printing of osseointegrative materials, AI-based planning and design automation tools, and digital health solutions to provide seamless data-backed care to optimize individual patient outcomes.

“restor3d is at the forefront of innovation in the customized orthopedic implant industry with its unique patient specific 3D printed technologies,” said Lauren Cosentino, Managing Director, Life Sciences at Trinity. “We look forward to working with restor3d’s leadership team and supporting the company’s continued growth.” 

The new debt facility from Trinity will allow restor3d to continue its product innovation and expansion into new markets.

“We are thrilled to partner with Trinity as we continue to scale our business and bring our innovative, patient specific medical devices to more surgeons and patients worldwide,” said Kurt Jacobus, Chief Executive Officer of restor3d. “This investment underscores the immense potential of our technology to transform patient care and drive better surgical outcomes.”

About Trinity Capital Inc.

Trinity Capital Inc. (Nasdaq: TRIN), an internally managed business development company, is a leading provider of diversified financial solutions to growth-stage companies with institutional equity investors. Trinity Capital’s investment objective is to generate current income and, to a lesser extent, capital appreciation through investments, including term loans and equipment financings and equity-related investments. Trinity Capital believes it is one of only a select group of specialty lenders that has the depth of knowledge, experience and track record in lending to growth stage companies. For more information, please visit the Company’s website at www.trinitycap.com.

About restor3d, Inc.

restor3d is a world leader in patient specific musculoskeletal implants and driven by the belief that every patient deserves personalized care. The company holds proprietary expertise in 3D printing of osseointegrative materials, AI-based planning and design automation tools, and digital health solutions to provide seamless data-backed care to optimize individual patient outcomes. Alongside its customers, restor3d is reimagining the musculoskeletal reconstruction landscape. More information is available at www.restor3d.com.

SOURCE Trinity Capital Inc.

Unveils new GenAI capabilities and launches new product designed for Salesforce ecosystem

BENGALURU, India, June 5, 2024 — AI-powered, low-code test automation platform Testsigma announced today that it has raised $8.2 million in funding led by MassMutual Ventures. Previous investors Accel, STRIVE and BoldCap also participated in the round. With its underlying NLP (Natural Language Programming) engine, Testsigma enables users to rapidly create, manage and execute end-to-end, automated tests for web and mobile apps, and APIs using plain English. The company previously raised $4.6M led by Accel along with STRIVE and BoldCap in 2022.

Testsigma also announced new GenAI capabilities to their low-code platform, enhancing the efficiency and effectiveness of QA (Quality Assurance) teams. These GenAI features allow QA team members to generate test scenarios and test cases from various inputs such as URL, product designs, screenshots, and Jira stories. This advancement not only accelerates the process of writing and executing tests but also ensures comprehensive test coverage. The AI can suggest test scenarios to identify and cover gaps that may arise due to code changes, thus maintaining the robustness and reliability of the software being developed.

Testsigma has also unveiled a new product specifically designed for the Salesforce ecosystem, leveraging their robust low-code platform. This new offering is tailored to meet the needs of Salesforce developers and administrators, enabling them to accelerate automated salesforce testing significantly. By using this solution, teams can achieve a tenfold increase in test development speed compared to traditional testing methods.

In addition to its simplicity, Testsigma is also enterprise-ready and provides flexibility. Enterprises use the platform for their end-to-end testing needs including web apps, mobile apps, desktop apps, APIs and with their latest product, Salesforce. Leading companies such as Cisco, Oscar, Bosch and Samsung use Testsigma to streamline their testing processes and ensure robust software quality.

Testsigma was founded by Rukmangada Kandyala, Pratheep Velicherla, Vikram Chaitanya, and Rajesh Reddy in 2019. The team comes with rich experience in developing enterprise SaaS applications for Zoho, Freshworks, Oracle and HPE.

Rukmangada Kandyala (KR), Founder and CEO of Testsigma, said, “Quality engineering and DevOps teams currently use Testsigma’s low code test automation platform to test web, mobile and desktop apps in addition to database and APIs. With the new GenAI capabilities and our new product for the Salesforce ecosystem, we get one step closer to our vision of building the operating system for quality engineering teams. We have been investing heavily in GenAI and our customers are rapidly adopting generative AI practices.”

Commenting on the investment, Anvesh Ramineni, Managing Partner at MassMutual Ventures, mentioned, “We are witnessing a significant change in how QA teams approach automation. Testsigma’s AI-driven, low-code solution enables multiple user profiles, including manual testers and business analysts, to contribute to faster software releases. We are impressed by the rapid adoption of Testsigma’s platform among enterprise QA teams and are excited about the GenAI capabilities they have been building.”

“There is an accelerated demand for quality engineering teams to adopt low-code and AI-powered solutions. We are excited at the new Gen-AI capabilities and the accelerated adoption of Testsigma among the QA community and enterprises alike,” added Abhinav Chaturvedi, Accel Partners.

IDC predicts that by 2028, GenAI-based tools will be capable of writing 70% of software tests, decreasing the need for manual testing, resulting in improvements to test coverage, software usability and code quality. The report also mentions that by 2028, natural language will become the most widely used programming language, with developers using it to create 30% of net new applications.

About Testsigma

Testsigma is a GenAI-powered, low-code test automation platform that makes it fast and easy for quality engineering teams to automate tests at speed and scale without coding expertise. Through its Natural Language Programming approach, Testsigma allows users to create complex automated tests using plain English, while maintaining the structured approach of programming languages. QA teams can also use the in-built Generative AI capabilities to generate test scenarios thus ensuring test coverage and significantly reducing test development efforts.

Hundreds of leading enterprises across the world use Testsigma to release quality software. Some notable customers of Testsigma include Cisco, Samsung, Bosch, Oscar Health, and American Psychological Association.

Testsigma is headquartered in San Francisco with engineering teams in Bangalore and Chennai. Testsigma is backed by marquee investors like MassMutual, Accel, Strive and BoldCap.

About MassMutual Ventures 

MassMutual Ventures (MMV) is a multistage global venture capital firm investing in financial technology, enterprise SaaS, healthtech, climate technology and cybersecurity companies. With teams based in London, Singapore, and Boston, MMV manages over $1 billion in investment capital across the globe. We help accelerate the growth of the companies we partner with by providing capital, connections and advice. With our deep expertise and extensive network, MMV helps entrepreneurs build compelling and scalable companies of value.

About Accel Partners

Accel is a global venture capital firm that aims to be the first partner to exceptional teams everywhere, from inception through all phases of private company growth. Accel has been operating in India since 2008, and its investments include companies like BookMyShow, BrowserStack, Flipkart, Freshworks, FalconX, and Infra.Market, Chargebee, Clevertap, Cure Fit, Musigma, Moneyview, Mensa Brands, Myntra, Moglix, Ninjacart, Swiggy, Stanza Living, Urban Company, Zetwerk, and Zenoti, among many others.

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SOURCE Testsigma Inc.