TAIPEI, June 5, 2024 — Tether, the largest company in the digital asset industry, has announced a strategic investment of $18.75M in XREX Group, a fully regulated, blockchain-enabled financial institution. This collaboration aims to drive innovation in the digital asset industry, facilitate USDT-based cross-border payments in emerging markets, and innovate regulatory technology.

With Tether‘s funding, XREX will facilitate compliant, USDT-based cross-border B2B payments in emerging markets, revolutionizing financial transactions by offering businesses greater ease, efficiency, and potentially lower costs. Additionally, XREX will work with the Unitas Foundation to launch XAU1, a USD-pegged unitized stablecoin over-reserved with Tether Gold (XAUt), providing customers with a stable alternative and a hedge against inflation.

This collaboration will drive innovation in Regulatory Technology (RegTech), enhancing solutions to detect and prevent illicit use of stablecoins. Tether‘s commitment to responsible financial stewardship aligns with XREX’s dedication to fostering a safe, accessible, and trusted environment for all crypto users in emerging markets.

“Tether‘s strategic investment in XREX Group signifies our unwavering commitment to fostering financial inclusion in emerging markets,” said Paolo Ardoino, CEO of Tether. “Our collaboration with XREX will spearhead several groundbreaking initiatives, including the launch of a unique new unitized stablecoin by the Unitas Foundation and the facilitation of USDT-based cross-border payment, setting a new standard for financial accessibility and efficiency in the region. This latest investment aligns with Tether‘s long-term vision of building a resilient infrastructure that extends beyond the confines of the crypto market, as demonstrated by our diversified investments in various industry sectors.”

“Tether and XREX have collaborated successfully to help law enforcement agencies identify, arrest, and sentence criminals,” says Wayne Huang, XREX Group CEO. “With Tether‘s strong support and investment, we’re expanding this success into a RegTech product line that further refines XREX Group as a responsible financial institution.”

“We thank Tether and all existing investors for supporting this up round, which involved an issuance of new team (common) shares to fuel our top talent recruiting. This stablecoin-enabled financial inclusion movement will bring long-term and positive change to the existing global clearance and settlement systems,” says Winston Hsiao, XREX Group CRO.

XREX boasts an impressive investor lineup including the Taiwanese Government National Development Fund, CDIB Capital Group (TWSE: 2883), SBI Holdings (TYO: 8473), E.Sun Financial Holding (TWSE: 2884), ThreeD Capital (CSE: IDK), AppWorks, BlackMarble, and New Economy Ventures. XREX Singapore recently acquired the Monetary Authority of Singapore’s Major Payment Institution license, while XREX has been operating under a Taiwan Financial Supervisory Commission’s Registered VASP status.

Today’s announcement further underscores Tether‘s ongoing endeavors to foster cryptocurrency adoption in emerging markets worldwide, while empowering those under-served communities that share the company’s vision of a more interconnected and inclusive financial landscape.

About Tether and USD₮

Tether is a pioneer in the field of stablecoin technology, driven by an aim to revolutionize the global financial landscape. With a mission to provide accessible, secure, and efficient financial, communication, and energy infrastructure. Tether enables greater financial inclusion, and communication resilience, fosters economic growth, and empowers individuals and businesses alike.

As the creator of the largest, most transparent, and liquid stablecoin in the industry, Tether is dedicated to building sustainable and resilient infrastructure for the benefit of underserved communities. By leveraging cutting-edge blockchain and peer-to-peer technology, it is committed to bridging the gap between traditional financial systems and the potential of decentralized finance.

About XREX

XREX is a blockchain-enabled financial institution working with banks, regulators, and users to redefine banking together. It provides enterprise-grade banking services to small to medium-sized businesses (SMBs) in or dealing with emerging markets, and novice-friendly financial services to individuals worldwide.

Founded in 2018 and operating globally under multiple licenses, XREX offers a full suite of services such as digital asset custody, wallet, cross-border payment, fiat-crypto conversion, cryptocurrency exchange, asset management, and fiat currency on-off ramps.

Sharing the social responsibility of financial inclusion, XREX leverages blockchain technologies to further financial participation, access, and education.

SOURCE XREX Inc.

iCOMAT’s breakthrough production technology delivers the lightest cars, planes and spacecraft – faster and at lower cost

BRISTOL, United Kingdom, June 5, 2024 — iCOMAT, a pioneer in advanced composite manufacturing, announced the successful closure of its Series A funding round, securing $22.5 million in capital. The round was led by 8VC, and co-led by NATO Innovation Fund. Other investors joining the round include Solvay Ventures and existing investors Velocity Partners VC.

iCOMAT’s automated and scalable manufacturing technology, the first of its kind, is delivering lighter, stronger and more sustainable structures for aerospace and automotive vehicles.

The heavier a vehicle is, the more energy it needs to move. The demand for lighter vehicles, produced at faster rates, is on the rise. Meeting this demand is critical in order to both strengthen our defensive capabilities and to reduce emissions.  However, new processes and materials either offer incremental benefits or are not financially viable at scale.

iCOMAT’s technology addresses these needs by leveraging a breakthrough in composite materials and carbon fiber. Unlike conventional methods, which produce components by stacking multiple straight fiber layers, iCOMAT has developed the world’s first production technology that enables fiber steering – the ability to steer the fibers to optimise the properties of a structure at any point. This innovative technology can help reduce weight by 10 to 65 percent compared to the state-of-the-art commercial solutions, and can increase production rates by 10x.

“iCOMAT’s Rapid Tow Shearing (RTS) process not only offers unparalleled structural efficiency, but unlocks fully automated production workflows, akin to automotive stamping lines,” said Dr Evangelos Zympeloudis, founder and CEO of iCOMAT. “We are thrilled to partner with our investors and accelerate progress towards our mission – to revolutionise transportation by delivering the lightest structures and vehicles possible.”

iCOMAT is currently working with more than 25 customers across the aerospace,  automotive and defence sectors, and has successfully delivered demonstrator parts for some of the most demanding applications, including fighter aircraft panels, space launcher structures and Formula 1 components.

To service demand, iCOMAT is building its first production factory in Gloucester, UK. The 45,000 square foot, state-of-the-art manufacturing facility will house three fully automated Rapid Tow Shearing (RTS) production lines, alongside an array of advanced processing equipment. The factory will be online by the end of the year, and able to go from raw material to final parts.

“iCOMAT is solving some of the most critical problems in materials, and the breakthroughs they’re making today will play a decisive role in the future of both combat and mobility,” said Alex Moore, Partner, 8VC.

“We’re excited about iCOMAT’s groundbreaking technology and believe they will play a critical role in building a more resilient and sustainable future. We are proud to be investing in teams that are revolutionising the transportation and defense sectors, from ground to sky to space,” said Kelly Chen, Partner, NATO Innovation Fund.

About iCOMAT:
iCOMAT is a leading manufacturer of advanced composite structures for the aerospace and automotive industries. Leveraging its proprietary fiber-steering technology, iCOMAT enables the production of lightweight, high-performance components at unprecedented scale and efficiency.

SOURCE 8VC

Funds will enable the company to continue rapid network expansion and capitalize on a projected US$175 trillion B2B payments market opportunity

SAN FRANCISCO and SINGAPORE, June 4, 2024 — Nium, the global leader in real-time cross-border payments, today announced it has raised US$50 million in a Series E funding round. The round was led by a sovereign wealth fund in Southeast Asia and values the company at US$1.4 billion post-money. The sovereign wealth fund joins other newly added investors from Nium’s prior funding round, including BOND, NewView Capital, and Tribe Capital. Nium will use the funds to further accelerate its growth plans in the B2B payments market, which is projected to reach US$175 trillion by 2030, including fueling global network expansion, accelerating product innovation, hiring top talent, and pursuing M&A activity.

“This investment defies current funding sentiment in fintech and is a vote of confidence in Nium’s growth ambitions, particularly as we focus on serving the needs marketplaces, SaaS platforms, travel, and financial institutions, for whom payments are mission critical,” said Prajit Nanu, Founder and CEO at Nium. “Our recent enterprise wins with globally recognized brands show that there is strong demand for our customer-centric B2B payment solutions as global businesses overhaul systems for the real-time era.”

Nium has experienced strong revenue growth of 50%+ in 2023 compared to 2022. This can be attributed to the company’s focused product development roadmap, which has delivered on features serving mission-critical client use cases in industries such as travel, payroll, spend management, and financial services. Recent client wins include, Australian expense management leader, Weel and one of UAE’s leading banks, Emirates NBD.

Foundational to Nium’s success has been the recent expansion of its license portfolio, which allows it to do business directly in several jurisdictions. Nium also holds regulatory licenses and authorizations in more than 40 countries, and recently received additional approvals including a Type 1 Funds Transfer Service Provider (FTSP) license from Japan’s Financial Service Agency (FSA) and registration on the Financial Service Provider Register (FSPR) in New Zealand.

Nanu continued, “This investment is proof of our global success at a time when raising money is exceptionally difficult for late-stage, venture-backed companies. Our investors believe in our long-term mission of building the payments infrastructure for on-demand money movement and this additional investment will allow us to accelerate our aspirations. We’re privileged to have this support are looking forward to working closely together with them to continue to advance our business.”

This year, Nium appointed former Bank of America executive, Alexandra Johnson, as Chief Payments Officer to oversee the businesses Global Banking and Payment Operations teams, former PayPal executive, Rissy Ruddy, as Chief Human Resources Officer to lead all people functions, and former Revolut executive, Anton Pasiechnikov, as VP of Finance. These leaders add to an already strong leadership team that Nanu has been building.

About Nium

Nium, the global leader in real-time, cross-border payments, was founded on the mission to deliver the global payments infrastructure of tomorrow, today. With the onset of the global economy, its payments infrastructure is shaping how banks, fintechs, and businesses everywhere collect, convert, and disburse funds instantly across borders. Its payout network supports 100 currencies and spans 220+ countries, 100 of which in real-time. Funds can be disbursed to accounts, wallets, and cards and collected locally in 35 markets. Nium’s growing card issuance business is already available in 34 countries. Nium holds regulatory licences and authorizations in more than 40 countries, enabling seamless onboarding, rapid integration, and compliance – independent of geography. The company is co-headquartered in San Francisco and Singapore.

Logo – https://mma.prnewswire.com/media/1678669/4741459/Nium_Logo.jpg

SOURCE Nium

SHANGHAI, June 4, 2024 — The 2024 Forbes Midas List, a distinguished industry list of the world’s best venture capital investors, has been unveiled. Nisa Leung, Managing Partner at Qiming Venture Partners, has become a Forbes Midas Lister for the sixth consecutive year, ranking 40th this year.

The Forbes Midas List celebrates honorees’ extraordinary investment insights and accomplishments.

Nisa and her team have shown a strong commitment to identifying startups that enhance the healthcare system while addressing global unmet medical needs. Over the past decade, Nisa and her team have overseen over 220 healthcare companies, including Gan & Lee Pharmaceuticals (SHSE:603087), SinocellTech (SHSE:688520), Structure Therapeutics (NASDAQ: GPCR), Zai Lab (NASDAQ:ZLAB, SEHK:9688), Schrödinger (NASDAQ:SDGR), Belief BioMed, and Caidya.

This award recognizes Nisa’s professional skills while also serving as a testament to the innovative investment strategies and sector expertise of Qiming. Qiming now manages eleven US dollar funds and seven RMB funds, totaling $9.5 billion in capital raised. Since its inception, Qiming has invested in outstanding companies in the Healthcare and Technology and Consumer (T&C) industries at the early and growth stages. In 2023, Qiming strategically and methodically invested in nearly 80 companies in the sectors.

Qiming has maintained a steady investment pace in 2023 and continued to evaluate and invest in exciting and disruptive areas. Additionally, Qiming strategically participated follow-on investments in high-quality portfolio companies.

Meanwhile, Qiming strengthened its post-investment ecosystem of support services, including events, recruitments, market communication, research, financial advisory and business development. These services aim to bolster support to entrepreneurs and portfolio companies.

About Qiming Venture Partners

Qiming Venture Partners was founded in 2006. Currently, Qiming Venture Partners manages eleven US Dollar funds and seven RMB funds with $9.5 billion in capital raised. Since our establishment, we have invested in outstanding companies in the Technology and Consumer (T&C) and Healthcare industries at the early and growth stages.

Since our debut, we have backed over 530 fast-growing and innovative companies. Over 200 of our portfolio companies have achieved exits through IPOs at the NYSE, NASDAQ, HKEX, Shanghai Stock Exchange, or Shenzhen Stock Exchange, or through M&A or other means. There are also over 70 portfolio companies that have achieved unicorn or super unicorn status.

Many of our portfolio companies are today’s most influential firms in their respective sectors, including Xiaomi (SEHK:1810), Meituan (SEHK:3690), Bilibili (NASDAQ:BILI, SEHK:9626), Zhihu (NYSE:ZH, SEHK:2390), Roborock (SHSE:688169), Gan & Lee Pharmaceuticals (SHSE:603087), Tigermed (SZSE:300347, SEHK:3347), Zai Lab (NASDAQ:ZLAB, SEHK:9688), CanSino Biologics (SEHK:6185, SHSE:688185), Schrödinger (NASDAQ:SDGR), APT Medical (SHSE:688617), New Horizon Health (SEHK:6606), Sanyou Medical (SHSE:688085), AmoyDx (SZSE:300685), Berry Genomics (SZSE:000710), SinocellTech (SHSE:688520), UBTech (SEHK:9880), Yuanxin Technology, Caidya, Belief BioMed, WeRide, among many others.

AUSTIN, Texas, June 4, 2024 — The Foundation for Angelman Syndrome Therapeutics (FAST) announced the establishment of an associated drug development accelerator called AS²Bio Inc. The company is creating a drug development ecosystem to bring transformative therapeutics to those living with Angelman syndrome (AS).

“The team at FAST brought together expertise, experience and commitment to patients in order to create a unique platform—one now poised to make transformative change a reality, as safely and quickly as possible, for those living with Angelman syndrome,” said Julien de Bournet, CEO of AS²Bio. “We want to use the success we have had so far to turbocharge that future.”

Since its founding, FAST had a vision to disrupt the traditional research model and create an innovative drug development culture to advance therapeutic discovery for Angelman syndrome (AS) and other like-disorders. In 2016, as FAST’s chief science officer, Dr. Allyson Berent spearheaded a team that created a focused roadmap that interlaced conventional as well as new and emerging therapeutic approaches. Based on that vision, FAST began funding what would become over 90 translational research grants, resulting in 13 different therapeutic programs, each focused on different mechanisms to potentially address Angelman syndrome, a monogenic non-degenerative neurologic disorder.

After an influx of funding to expand its drug discovery pipeline and clinical infrastructure, FAST took a venture philanthropy approach, launching the company GeneTx Biotherapeutics, to advance the first investigational antisense oligonucleotide (ASO) through early stage research, IND-enabling studies, and eventually into a Phase 1/2 clinical trial. The GeneTx team was able to file an IND application and partner the program with Ultragenyx Pharmaceutical in under 10 months from the declaration of a clinical candidate for the first clinical trial of a disease modifying therapy in AS.

In 2022, GeneTx was acquired by Ultragenyx Pharmaceuticals after preliminary Phase 1/2 open-label clinical data was disclosed, supporting continued clinical development of the program and representing a critical milestone in the advancement of potential therapies for AS.

Capitalizing on this success, FAST and AS² Bio are creating an integrated approach to drug development, leveraging collective expertise, resources, data, and vital networks to provide a “bridge” for new technologies so they can move, quickly and safely, from proof-of-concept to first-in-human. Each AS program will be part of a structured and supportive ecosystem with the purpose of leveraging managerial talent and resources across all.

With FAST financing, companies are being created to address the therapeutic modalities that show promise in AS, ensuring priorities for these programs do not waiver and their potential human application is seen through, if deemed scientifically appropriate. Those investigational development programs currently being advanced include: in vivo AAV-gene replacement therapy, in-vivo CRISPR gene editing, and ex vivo hematopoietic progenitor stem cell gene replacement therapy.

Moreover, nearly all of the learnings from these translatable therapeutic modalities can be leveraged to enable advancement beyond AS. In fact, the entire platform model—from the scientific modalities themselves to the organizational infrastructure that supports it—can be transferable to other neurodevelopmental disorders.

Employees include Julien de Bournet, chief executive officer; Allyson Berent, chief development officer; and Jennifer Panagoulias, chief operations officer.

CONTACT:
FAST 
[email protected]
630-852-3278

SOURCE Foundation for Angelman Syndrome Therapeutics (FAST)

News Summary: 

• Cisco is launching a $1B global investment fund to expand and develop secure, reliable and trustworthy AI solutions
• Cisco is making strategic investments with world-class start-ups across software and infrastructure that build upon Cisco’s strategy to connect and protect the AI era
• Cohere, Mistral AI and Scale AI among the initial GenAI startups joining the Cisco Investments portfolio to help build a broader AI ecosystem

LAS VEGAS, June 4, 2024 — CISCO LIVE — Cisco Investments, the global corporate venture investment arm of Cisco (NASDAQ: CSCO), today launched a $1B AI investment fund to bolster the startup ecosystem and expand the development of secure and reliable AI solutions. As part of the new AI fund, Cisco is making strategic investments in Cohere, Mistral AI and Scale AI among others to advance customers’ AI readiness and complement Cisco’s AI innovation strategy. Cisco has already committed nearly $200M of the $1B investment fund to date.

AI is reshaping every industry and the world at an unprecedented pace, putting greater emphasis on how businesses globally interact and rely on technology. Recent research from IDC (2023) indicates that the global AI market is expected to double in size to over $500 billion in the next three years. Enterprises, including Cisco, have an opportunity to leverage Gen AI to significantly enhance their products and services and better serve their customers and end users.  

“For more than 30 years, Cisco Investments has invested and partnered with hundreds of companies to drive innovation both within Cisco’s core markets and in new strategic areas. Our recent investments in generative AI companies align perfectly with this long-standing strategy,” said Mark Patterson, Chief Strategy Officer, Cisco. “At Cisco, we believe we are well positioned to be the best strategic partner for our customers in the AI era as they look to build, secure, and power AI. In addition to building essential technology to connect, secure and advance AI, Cisco is committed to investing in the broader AI ecosystem to more effectively meet our customers’ needs.”

Over the past several years, Cisco has made over 20 AI-focused acquisitions and investments, furthering GenAI and Machine Learning capabilities and integration of AI across the Cisco portfolio. These strategic investments and partnerships with world-class AI platforms across software and infrastructure build upon Cisco’s holistic strategy to connect and protect the AI era. In addition to these investments, Cisco will also be working with AI companies on product collaborations that allow Cisco to co-innovate, while also being an agnostic provider and platform player in AI, offering options and coverage for Cisco’s global customer base.

The committed investments in the new AI fund include:

• Cohere: Headquartered in Toronto and San Francisco, Cohere provides security-focused frontier large language models (LLMs) and industry-leading Retrieval-Augmented Generation (RAG) capabilities tailored to meet the needs of enterprises.
• Mistral AI: Mistral AI is a global company headquartered in Paris specializing in generative artificial intelligence. The company develops new models of generative artificial intelligence for businesses, combining scientific excellence, an open approach and a responsible vision of technology.
• Scale AI: Based in the U.S., Scale AI provides a data-centric, end-to-end platform providing training and validation for AI applications. Cisco recently participated in Scale AI’s Series F funding as the round’s largest strategic investor.

“The establishment of our $1 billion AI investment fund is a testament to our commitment to the transformative power of artificial intelligence and its potential to redefine industries globally,” said Derek Idemoto, SVP, Corporate Development and Cisco Investments. “This fund represents our unwavering commitment to AI and innovation, and to the entrepreneurs and visionaries who are defining the next wave of technology.”

Cisco has a rich history of delivering innovation through R&D, Investments, M&A, and strategic partnerships—using a multi-pronged build, buy, partner, invest and co-develop strategy. Today’s announcement builds on the momentum of Cisco’s investments and product innovations in AI, while reinforcing that Cisco is well-positioned to help enterprises harness the power of secure, reliable and trustworthy AI on a global scale.

Additional Resources:

• For more information on Cisco Live, please visit The Newsroom

About Cisco 
Cisco (NASDAQ: CSCO) is the worldwide technology leader that securely connects everything to make anything possible. Our purpose is to power an inclusive future for all by helping our customers reimagine their applications, power hybrid work, secure their enterprise, transform their infrastructure, and meet their sustainability goals.

Discover more on The Newsroom and follow us on X (formerly Twitter) at @Cisco.

Cisco and the Cisco logo are trademarks or registered trademarks of Cisco and/or its affiliates in the U.S. and other countries. A listing of Cisco’s trademarks can be found at http://www.cisco.com/go/trademarks. Third-party trademarks mentioned are the property of their respective owners. The use of the word ‘partner’ does not imply a partnership relationship between Cisco and any other company.

Forward-Looking Statements: This release may be deemed to contain forward-looking statements, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements include, among others, statements regarding Cisco’s future strategic investment plans to expand and develop secure and reliable AI solutions. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual future events or results due to a variety of factors, including, among other things, the ability of Cisco to achieve expected benefits of its investments, business and economic conditions and growth trends in its customer markets and various geographic regions, increased competition, global economic conditions and uncertainties in the geopolitical environment and other risk factors set forth in Cisco’s most recent reports on Form 10-K and 10-Q, respectively. Any forward-looking statements in this release are based on limited information currently available to Cisco, which is subject to change, and Cisco will not necessarily update the information.

Media Contact:
Will Stickney
[email protected]
646-573-4532

SOURCE Cisco Systems, Inc.

NEW YORK, June 4, 2024 — Stax LLC, a global strategy consulting firm specializing in commercial due diligence, value creation, and exit planning for private equity firms, PE-backed companies, hedge funds, and investment banks, is celebrating its 30-year anniversary of delivering data-driven insights to clients and fostering exceptional career opportunities for its employees. Founded in 1994, Stax has achieved significant milestones over the past three decades including securing a recent platform investment, expanding into the U.K. and EMEA markets, and broadening its product offerings.

By expanding and enhancing its offerings across the private equity investment lifecycle, Stax partners with mid-market firms to deliver higher EBITDA performance through its Value Creation and Growth Strategy engagements. Stax also collaborates with equity sponsors, management teams, and banking clients on sell-side processes, facilitating successful capital raises and exits while providing post-close guidance and growth plans for management teams. Additionally, Stax now integrates ESG advisory services into its commercial solutions throughout the investment lifecycle.

“For three decades, Stax has been dedicated to providing data-driven insights to our private equity clients. Our firm has been purposefully built to cater exclusively to the needs of private equity investors throughout every stage of ownership, with our offerings and go-to-market aligned with the PE investment lifecycle,” stated Paul Edwards, Global Practice Leader. “As Stax embarks on a period of rapid growth, encompassing expansion across geographies and broadening our offerings, it is paramount that our entire operation evolves in a manner that preserves our industry-leading commitment to client-centricity. We remain steadfast in our pledge to deliver data-driven content to our clients, serving as trusted partners in their success.”

“On the occasion of our 30^th anniversary of delivering actionable insights across the private equity investment ecosystem, I want to extend my gratitude to our valued clients for their partnership,” said Jayson Traxler, CEO. “I also deeply appreciate our dedicated employees worldwide. I am continually impressed by their commitment to client satisfaction, their willingness to go above and beyond, and their support for each other. At Stax, our unique apprenticeship model underscores our focus on mentorship, professional growth, and building careers. I applaud our current team and eagerly anticipate the remarkable growth that lies ahead.”

As Stax celebrates its 30-year milestone of delivering actionable insights, the company is thrilled to celebrate this incredible journey alongside its valued clients and dedicated employees, both past and present. Explore Stax 30 to discover how the firm is not only fulfilling but also expanding its distinctive value proposition and commitment to its clients and employees.

About Stax LLC
Stax LLC is a global management consulting firm serving corporate and private equity clients across a broad range of industries including software/technology, healthcare, business services, industrial, consumer/retail, and the events ecosystem. The firm partners with clients to provide data-driven, actionable insights designed to drive growth, enhance profits, increase value, and make better investment decisions. Please visit www.stax.com and follow Stax on LinkedIn, Instagram, Threads, and Facebook.

SOURCE Stax LLC

NEW YORK, June 4, 2024 — Thoughtly, a rapidly growing startup building AI voice agents for contact centers, has secured a $3 million funding round with participation from Afore Capital, Greycroft, Expansion, and others. With their innovative approach to customer phone calls, Thoughtly is poised to disrupt the CCaaS (Contact Center as a Service) space and revolutionize the way businesses approach customer service interactions.

Thoughtly’s groundbreaking platform leverages generative AI technology to deploy AI phone agents for inbound and outbound phone calls, drastically transforming the traditional model of contact centers and enhancing efficiency for businesses.

About 18 months ago, OpenAI’s ChatGPT shook the industry. Since then, CCaaS and Conversational AI providers have struggled to integrate generative AI into their legacy platforms. In April, the chief executive of Tata Consultancy Services predicted that “artificial intelligence will result in minimal need for call centres in as soon as a year.”

Enter Thoughtly. Born in the generative AI era, Thoughtly is redefining what CCaaS means, routing calls to AI agents instead of humans. Unlike CCaaS providers who rely on maintaining human agents to sustain their revenue, Thoughtly offers a more efficient, scalable and cost-effective solution for businesses.

“We are at a crucial juncture in our industry,” says Torrey, CEO of Thoughtly. “Traditional CCaaS providers like Five9 and Genesys have focused on maximizing productivity from human agents, leading to high rates of job dissatisfaction and burnout. This has resulted in an alarming 45% annual churn rate for agents, leaving businesses struggling to staff their phone lines and customers frustrated with long wait times.”

Thoughtly’s cutting-edge platform offers a transformative solution to these pain points by replacing human agents with AI voice agents, freeing businesses from the constraints of traditional models that rely on costly and overworked human agents. By deploying AI agents in just 17 minutes, Thoughtly significantly reduces operational costs and enhances service quality and responsiveness, ushering customer engagement into a new era of efficiency and effectiveness.

One of the key differentiators for Thoughtly is their no-code, drag-and-drop interface, which allows even non-technical users to easily deploy and manage AI agents. This puts the power of AI technology into the hands of businesses of all sizes and industries.

To further enhance the customer experience, Thoughtly has introduced their “agent accelerator” program. This program offers expert, full-service setup and customization of AI agents at no additional cost, ensuring premium quality without the premium price. Thoughtly is the only solution that offers both self-service and expert setup, making it a unique offering in the market.

“Our platform is designed to handle a variety of tasks, from FAQs and appointment scheduling to lead qualification and proactive reminders,” explains Torrey. “And with our enterprise-grade security, comprehensive analytics, and infinite scalability, businesses can rest assured that their customer interactions are not only efficient but also secure and optimized.”

A testament to Thoughtly’s impact comes from the President of a leading home renovation company: “I chose Thoughtly because it was easy, seamless, and most importantly, extremely affordable. If you are looking to replace telemarketers, Thoughtly is key. Within a few weeks, you will have something so exciting that you will lose sleep over it—literally.” This company has seen a remarkable 117% increase in appointments set with Thoughtly AI agents.

Thoughtly has quickly become the preferred choice for midmarket to enterprise-level companies across various sectors, including financial services, healthcare, real estate, legal, government, utilities, and retail. By addressing critical pain points in the industry and providing a solution that is easy to use and highly adaptable, Thoughtly is reshaping the future of CCaaS.

Join Thoughtly in redefining the contact center industry, where customer calls are answered beautifully and efficiently.

Visit Thoughtly’s website, and get started building today for free.

About Thoughtly

Thoughtly is a pioneering company in the field of Generative AI, focused on revolutionizing the contact center industry. By providing a no-code platform to deploy AI voice agents, Thoughtly empowers businesses to enhance customer interactions, streamline operations, and significantly reduce costs. Thoughtly is committed to driving the future of customer engagement with innovative, scalable, and efficient AI solutions.

Resources

Follow Thoughtly on Twitter and LinkedIn for the latest updates and news.

SOURCE Thoughtly

NEW YORK, June 4, 2024 — Claroty, the cyber-physical systems (CPS) protection company, today announced Princeville Capital, Bosch Ventures, and Chevron Technology Ventures as additional participants in its most recent round of strategic growth financing. The funds will be used to scale Claroty’s new platform approach to CPS protection, also announced today.

“In trying to keep up with the pace of automation, connectivity, and the expanding attack surface area that follows, critical infrastructure organizations are burdened with a tangled web of security tools and in dire need of a consolidated, simplified approach,” said Yaniv Vardi, CEO of Claroty. “By leveraging our unrivaled industry expertise to deliver the deepest asset visibility and broadest solution set in the market today, our comprehensive, unified platform empowers organizations to reduce cyber risks associated with increased connectivity, with the fastest time to value and lower total cost of ownership.”

“We focus on investing in market-leading technology companies with proven business models, sustained rapid growth, and the highest potential to deliver strong and lasting value,” said Anthony Doeh, Partner at Princeville Capital. “Claroty has clearly established itself as the global market leader in CPS protection, and we are excited by the opportunity to join with its immensely talented team and their dedication to safeguarding the world’s critical infrastructure from ever-evolving cyber threats.”

“In today’s digitized world, companies like Bosch are required to balance technological advancement with robust cybersecurity measures while navigating a complex regulatory landscape to ensure the efficiency, resilience and security of mission-critical systems,” said Dr. Ingo Ramesohl, Managing Director at Bosch Ventures. “We are excited to support Claroty in securing the CPS that underpin our critical infrastructure and drive our technological innovation.”

“Claroty’s differentiated CPS cybersecurity platform is designed to enable advanced asset discovery and management, with the potential to improve the resilience of critical infrastructure sectors,” said Jim Gable, Vice President, Innovation and President of Technology Ventures at Chevron. “This is the latest investment from our Core Fund, which focuses on high-growth startups and breakthrough technologies that have the potential to improve Chevron’s core businesses, as well as create new opportunities for growth. We welcome Claroty to the portfolio.”

Existing participants in the round include lead equity investor Delta-v Capital, as well as AB Private Credit Investors at AllianceBernstein, Standard Investments, Toshiba Digital Solutions, SE Ventures, Rockwell Automation, and Silicon Valley Bank, a division of First Citizens Bank.

About Claroty
Claroty has redefined cyber-physical systems (CPS) protection with an unrivaled industry-centric platform built to secure mission-critical infrastructure. The Claroty Platform provides the deepest asset visibility and the broadest, built-for-CPS solution set in the market comprising exposure management, network protection, secure access, and threat detection – whether in the cloud with Claroty xDome or on-premise with Claroty Continuous Threat Detection (CTD). Backed by award-winning threat research and a breadth of technology alliances, The Claroty Platform enables organizations to effectively reduce CPS risk, with the fastest time-to-value and lower total cost of ownership. Claroty is deployed by hundreds of organizations at thousands of sites globally. The company is headquartered in New York City and has a presence in Europe, Asia-Pacific, and Latin America. To learn more, visit claroty.com.

Contact: [email protected]

SOURCE Claroty