Led by FirstMark and Georgian, the Multi-Model Database has emerged as the Developer’s choice for Database Consolidation

LONDON, June 18, 2024 — SurrealDB, the ultimate multi-model database, today announced a $20 million investment round led by FirstMark and Georgian with participation from Crew Capital and Alumni Ventures. This latest round of funding brings SurrealDB’s total to $26 million.

In addition, the company has announced the beta launch of Surreal Cloud. Interested parties can sign up now to gain access: https://surrealdb.com/signup 

A rapidly growing number of enterprises use SurrealDB to consolidate their databases into one multi-model platform. Due to its flexibility and simplifying approach, software developers are adopting multi-model databases to quickly adapt to different data requirements and reduce the need for multiple database systems.

With over 25,000 GitHub stars, SurrealDB is one of the fastest-growing open-source database projects in the industry.

With SurrealDB, developers can build modern, real-time apps faster and more affordably. It minimizes the need for backend infrastructure management and complex API creation while offering flexibility across data models and cloud platforms.

SurrealDB has emerged as the choice for organizations burdened by the cost of managing multiple databases. On average, many organizations manage 3-4 databases, adding cost and complexity and significantly impacting developer productivity. Developers spend excessive time on infrastructure management and learning new programming languages, leaving less time for application development. 

In addition, SurrealDB handles advanced security and access permissions and includes indexing for AI workflows, machine learning inference and model processing.

The database is built entirely on Rust, a renowned general-purpose programming language recognized for its exceptional performance in critical applications due to its strong emphasis on safety, speed and concurrency.

“Each industry goes through phases of bundling and unbundling. The database market has seen an explosion of many different types of specialized databases in the 2010s, resulting in ever-growing complexity for developers. The pendulum has now swung back to rebundling and simplification”, said Matt Turck, Partner at FirstMark. “SurrealDB is rapidly emerging as the leader in that trend, offering tremendous versatility and performance to developers, whether they want to build simple applications or engage in advanced AI work.  I’m thrilled to double down in the Series A after leading the seed round.”

“SurrealDB’s novel multi-model database simplifies backend architecture and provides a powerful but user-friendly developer experience. Through our due diligence, including usage by Georgian’s internal AI Lab, we have observed SurrealDB’s ability to consolidate multiple databases, which can reduce cost and complexity while also providing simple and intuitive querying. The pace of development by the SurrealDB team has resulted in one of the fastest growing open source projects that we have seen and we’re very excited to partner with the company as it launches to an even broader audience”, said Emily Walsh, Lead investor at Georgian.

“As a developer myself, I passionately believe in creating software that enables all developers to focus on building the most innovative applications. With SurrealDB we’re not just enhancing productivity; we’re disrupting the database market. The support and enthusiasm from our community have been instrumental to our growth and success. We are committed to open-source development, and will continue to innovate and provide powerful, accessible tools that empower developers worldwide,” said SurrealDB CEO and co-founder Tobie Morgan Hitchcock. “We are honored to have FirstMark, Georgian, Crew Capital and Alumni Ventures support our vision. Their investment and support will help us scale faster and meet growing demand”.

About SurrealDB

SurrealDB is an innovative, multi-model, cloud-ready database, suitable for modern and traditional applications. Its versatility, and focus on developer experience, along with the ability for deployment on cloud, on-premise, embedded, and in edge computing environments, allows developers and organizations to meet the needs of their applications, without needing to worry about scalability or keeping data consistent across multiple different database platforms.

To learn more and get started with SurrealDB in just one-click visit surrealdb.com

Olivia Heel
Catapult PR-IR
[email protected] 

SOURCE SurrealDB

SALT LAKE CITY, June 18, 2024 — Legato Security, a premier Managed Detection and Response (MDR) and Managed Security Services Provider (MSSP) based in Salt Lake City, Utah, today announced it has received a capital investment to support its strategic growth. The round was led by Level Structured Capital (an affiliate of Level Equity) and SageLink Capital. 

With this significant investment, Legato Security will amplify and accelerate its growth and go-to-market strategies, partner marketing, sales organization, and continued investments into their cutting-edge Security Operations Platform, Ensemble.

The growth funding will further empower Legato Security to continue providing top-tier security services, including its Managed Detection and Response (MDR+) offering, and a wide range of strategic and professional security services. These services are essential for organizations striving to navigate the dynamic and challenging cybersecurity landscape.

“We are thrilled to announce this Series A funding, which marks a pivotal moment for Legato Security,” said Tom Boyden, CEO of Legato Security. “This investment will significantly accelerate our go-to-market strategies across multiple business units, enhancing our ability to deliver comprehensive security solutions and drive innovation.  We are grateful for the support from Level Equity and SageLink Capital and look forward to our continued partnership.”

This round of funding will accelerate our go-to-market strategies with our partners, and create additional opportunities for us to build even deeper relationships with our customers.

In conjunction with the transaction, Mike Robertson from SageLink Capital will join Legato’s Board of Directors.

“Legato Security Partners reflects both our research and belief in the tremendous outlook in demand for cyber security solutions. Bootstrapped to date, Tom, Jen, and the Legato management team have nonetheless driven consistent double-and triple-digit growth rates, while building a highly referenceable customer base. We expect this investment to release Legato Security’s potential and substantially accelerate the execution of its strategic plans,” said Mike Robertson from SageLink.

Level’s and SageLink’s investment underscores their confidence in Legato Security’s vision and ability to deliver unwavering security for their customers.  With this investment, Legato Security is poised for continued growth and innovation within the cybersecurity industry.

“We are excited to partner with Legato Security and support their next phase of growth and development. They’ve assembled a world-class team to create a high-growth technology company,” said Barry Osherow of Level Structured Capital.

For more information about Legato Security and our services, please visit http://www.legatosecurity.com. 

About Legato Security:

Legato Security is a Managed Security Service Provider (MSSP) dedicated to protecting organizations from cyber threats. With a vendor-agnostic approach, a team of security experts, and innovative solutions like MDR+, Legato Security empowers businesses to stay ahead of cyber adversaries and safeguard their critical assets. 

About Level Equity

Level Equity is a private investment firm focused on providing capital to rapidly growing software and technology-driven businesses. Level provides long term capital across all transaction types in support of continued growth. The firm has raised $3.0 billion in committed capital and has backed over 100 companies since inception. For more information about Level Equity, visit www.levelequity.com. 

About SageLink Capital:

SageLink Capital is a leading independent sponsor focused on investing in medium-sized, growing businesses. SageLink has a keen interest in software, technology-enabled service, and business service companies in the U.S. and Canada. The firm focuses on middle-market companies and provides a range of capital solutions including capital for growth, buyouts, and add-on acquisitions. SageLink’s investments are for the long-term and are focused on growth. For more information, visit sagelinkcapital.com. 

SOURCE Legato Security

DOE grant and private capital raise to help scale its thin-glass, advanced window businesses

LOUISVILLE, Colo., June 18, 2024 — Alpen High Performance Products (Alpen), the leading American manufacturer of high-performance window and door technologies, today announced a combined $18 million funding raise designed to help scale its award-winning window, door, and glass businesses. The funding is anchored by a $5.9 million grant from the Department of Energy (DOE) that was awarded as part of the Bipartisan Infrastructure Law and Inflation Recovery Act (BIL/IRA). The DOE grant catalyzed an additional $12.1 million of private capital.

“The world is waking up to the critical importance of windows in decarbonizing buildings. Alpen’s goal is to scale the advanced window market by manufacturing affordable, ultra-efficient windows and glass right here in the United States,” said Alpen CEO Andrew Zech. “The funding is a great example of the power of public-private partnership. For the last five years, Alpen partnered with the DOE’s national lab system and the General Services Administration (GSA) to pioneer and test the use of ultra-thin-glass as a lightweight insulator in windows. Having proven the technology, the DOE grant and matching private capital will accelerate deployment in the market.”

In addition, Alpen’s ability to scale its thin-glass window technologies will also help the company create hundreds of new jobs in American communities impacted by coal plant and coal mine closures. According to the White House, the BIL/IRA was established to address the “existential threat of the climate crisis and set forth a new era of American innovation and ingenuity to lower consumer costs and drive the global clean energy economy forward.”

“We believe Alpen can serve as a success story for that mission,” said Zech. “Our thin glass units help the entire industry by providing manufacturers with high performance, energy efficient thin glass without requiring any changes to their existing designs. We want to keep America at the vanguard of advanced building science, and we want to make advanced windows affordable for all.”

For more information about Alpen, please click here.

About Alpen High Performance Products
For over forty years, Alpen has pursued a quest to transform the built environment in the United States by designing windows, doors and architectural glass that continue to raise the bar on performance. We specialize in leveraging advanced materials and innovative design to ensure exceptional performance for both commercial and residential applications. Our products rank among the most efficient and durable solutions in North America and beyond. Please visit Alpen’s website to learn more.

Media Contact:

REID WEGLEY

2069634167

[email protected] 

SOURCE Alpen High Performance Products

• Loop Golf enables golfers to book tee times at their favorite local courses – automatically
• Funding led by Jason Calacanis’ LAUNCH Fund with participation from other notable early-stage investors including Joel Simkins of XST Capital Group, Colin Anderson of Friends & Family Capital, Harry Campbell of The Rideshare Guy, and Mike Russo of SparkOffer
• Over 3,000 courses in the U.S. are available on Loop’s platform including premium courses like Torrey Pines and Bethpage that are not available elsewhere
• Partnerships with Lightspeed and ForeUp show momentum and belief in the product
• Founded by former Product executives at CarGurus, Houzz, and Zillow

REDWOOD CITY, Calif., June 18, 2024 — Loop Golf (Loop), the online booking platform helping golfers get the best tee times at the busiest local courses, today announced it has completed a $1 million seed funding round that accelerates its mission of becoming the dominant marketplace to find and book any tee time at any course in the United States. Founded in 2021, Loop identified a significant gap in the market for a user-friendly, comprehensive platform that automates the antiquated tee-time booking experience for golfers in the U.S.

Loop’s platform automatically books the tee times golfers want, when they want. Golfers set their tee time preference, Loop monitors the Tee Sheet 24/7 and automatically books a matching slot as soon as it becomes available – including while golfers are asleep or unavailable.

Over 3,000 courses in the U.S. are currently supported on Loop’s platform including premium courses such as Torrey Pines and Bethpage that are not available elsewhere in the market. Loop has also created strategic partnerships with leading industry software and point-of-sale systems such as Lightspeed and ForeUp to solidify its position as the tee-time marketplace of choice.

The funding was led by Jason Calacanis’ LAUNCH with participation from major figures across finance, tech and sports including Joel Simkins, CEO & Founder, XST Capital Group; Harry Campbell, Owner, The Rideshare Guy; Colin Anderson, Founding Partner at Friends & Family Capital; and Mike Russo, Founder, SparkOffer.

Market context

Tee times are one of the largest sources of annual revenue in the $102 billion golf industry. They are an essential need and therefore the most frequent transaction for every public golfer. Yet it is next to impossible to book tee times at public courses in America due to the explosion in the game’s popularity post-COVID-19 which saw 531 million rounds played at U.S. courses in 2023.

On top of that, the nation has not seen net-new golf course growth in decades so the current supply cannot keep up with the increasing demand. Additionally, outdated technology and booking practices have reduced availability even further leaving golfers stranded and frustrated without a tee-time.

Loop Golf is the solution

Loop automates the antiquated tee-time booking experience for golfers in the U.S. We book. You play.

Harry Campbell, Owner, The Rideshare Guy, commented: “As many of us regular golfers can attest, the tee-time booking experience is broken. Thankfully, every once in a while, something truly transformational arrives. With Loop Golf, we believe we are witnessing the next evolution of online booking. Matt and his team are innovative entrepreneurs who have created a generational product. As an early customer turned proud investor, they have our wholehearted support as we embark on this journey together.”

Matthew Holder, Founder at Loop Golf, said: “Loop Golf has built the first and only fully automated booking platform for golfers and golf courses. We were frustrated with how long it took trying to book a tee-time the old way. So, we created Loop which automatically books your preferred tee time the moment it becomes available. Competitors’ business models are entirely different because they need the courses to give them a tee time – Loop doesn’t. We book – you play. This funding allows us to scale our platform, enhance our technology and offer more access for golfers nationwide. Get ready for a better way to golf, when and where you want it!”

Joel Simkins, CEO & Founder, XST Capital Group, said: “Loop brings fresh thinking to a stale tee time booking experience in the golf industry. We look forward to our continued partnership with Matt and his team as they democratize access for golfers in the States.”

Loop was born from the founding team’s shared annoyance with the laborious process of finding available tee times at public courses in the States. They thought there had to be a better way and duly set about creating Loop.

About Loop Golf

Loop gives golfers the power to automatically reserve prime tee times at the best courses. Our innovative apps are revolutionizing the way golfers experience the game they love, one loop at a time. We book. You play.

For further information, please visit loopgolf.co or find us on X, LinkedIn and Instagram.

SOURCE Loop Golf

Carbon Transformation Company Presents E-Jet^® SAF as the Future of Fossil-Free Aviation Fuel in Multichannel Brand Campaign

BERKELEY, Calif., June 18, 2024 — Twelve™, the carbon transformation company that turns CO2 into products, today announced the launch of its “Fuel for the Long Haul™” brand campaign introducing an industry-first breakthrough technology and the company’s first market offering, E-Jet^® Sustainable Aviation Fuel (SAF).

Twelve’s E-Jet^® is an e-SAF, which is a fuel made from CO2, water, and renewable energy, resulting in up to 90% lower lifecycle emissions compared with conventional jet fuel. e-SAFs use up to 1,000 times less water and 30 times less land than biofuels and other SAF options on the market.

“Fuel for the Long Haul” is a multichannel brand campaign that celebrates a bold new standard for aviation’s sustainable future by introducing the world to E-Jet^® SAF. The campaign will appear in out-of-home advertising, print, digital, installations, and via both online and in-person events to advance education and dialogue among industry leaders and travelers alike.

Since its inception in 2015, Twelve has established itself as a pioneer in climate tech, working to build a fossil-free future through the science of carbon transformation and electrochemistry. With the imminent debut of E-Jet^® SAF, the company’s partnerships with leaders of industry, such as International Airlines Group (IAG) and British Airways, Alaska Airlines, Microsoft, Shopify, SABA, Boston Consulting Group, and Etihad Airways, paired with its numerous accolades and industry achievements – including World Economic Forum and UpLink Sustainable Aviation Challenge winner (2024), MIT’s 15 Climate Tech Companies to Watch (2023), and TIME Best Inventions (2022), among others – demonstrate the impact and credibility of Twelve’s ongoing work within the sector.

“We have a roadmap to achieve net zero by 2050 including a target to fly with 10% Sustainable Aviation Fuel by 2030,” said Luis Gallego, CEO of IAG. “The shortage of sustainable fuel globally continues to be a problem for our industry although innovative companies like Twelve are an important part of the solution.”

Global aviation will consume nearly 100 billion gallons of fuel this year alone due to the resurgence of tourism, emitting nearly 1 billion tons of CO2. With an increased worldwide focus on reducing emissions, both the U.S. and E.U. have set ambitious targets for SAF production and use via the landmark 2022 Inflation Reduction Act, follow-on state legislation, and the E.U.’s own SAF mandate, signaling strong market demand and regulatory support for the industry. While SAF is critical to decarbonizing aviation, E-Jet^® leads the charge with up to 90% lower lifecycle emissions, as not all SAF delivers equal decarbonization impact.

“Aviation sits at the center of the global supply chain and holds the power to connect each of us with our customers and loved ones,” said Nicholas Flanders, CEO and Co-Founder of Twelve. “Innovation, connection, and education are at the heart of the ‘Fuel for the Long Haul’ campaign and E-Jet^® fuel represents more than just a product. It symbolizes our larger commitment to creating a fossil-free future made possible by the incredible potential of carbon transformation technology. This campaign is about celebrating our milestones and, more urgently, rallying industry to join us in this critical mission.”

Twelve invites industry stakeholders and everyday travelers alike to join the movement towards sustainable aviation through education on this breakthrough technology. Discover more about E-Jet^® SAF and the “Fuel for the Long Haul” campaign by visiting www.twelve.co/ejet.

Media Contact
[email protected]
‪(650) 265-1193
Press Kit

About Twelve:
Twelve™ is the carbon transformation company. We’re on a mission to eliminate global emissions and build a fossil-free future. Carbon transformation uses CO2 to displace fossil fuels as a feedstock. Opus™, Twelve’s revolutionary carbon transformation technology, works like industrial photosynthesis. It transforms CO2, water, and renewable energy into hydrocarbons, the building blocks for essential chemicals, materials, and fuels. Twelve can make the same chemicals, materials, and fuels from CO2 that are conventionally made from fossil fuels. Learn more at www.twelve.co.

SOURCE Twelve Benefit Corporation

Cloud software and AI power faster and more accurate inspections for municipalities and contractors

WALNUT CREEK, Calif., June 18, 2024 — SewerAI, a global leader in AI and cloud-driven sewer condition assessment, today announced the completion of a $15 million Series B funding round. The round was led by Innovius Capital, with additional funding from Emerald VC, Epic Ventures, Suffolk Ventures, Bentley Systems, Burnt Island Ventures and notable individual investors including Zachary Bookman, founder and CEO of OpenGov, and the CEOs of several elite AI and computer vision companies.

The aging infrastructure in the United States requires over $1 trillion in repairs and maintenance, driving demand for more efficient and accurate inspection methods. Utilities and service firms often use legacy software that is slow, error-prone and obsolete, keeping crews and equipment idle 66% of the time. With its cloud and AI-based solutions, SewerAI is ushering critical infrastructure management and maintenance into the 21^st century, improving quality, accuracy and efficiency for the front-line workers who keep North America’s sewers flowing. Using SewerAI’s platform, customers have been able to double the linear feet of inspections they’re able to perform each day while increasing data quality and shortening turnaround times.

SewerAI will use the funds to expand its engineering and go-to-market teams, improve AI training, expand its product offering and scale operations. This will enable further product enhancements to increase productivity, accuracy and collaboration, and expand integrations with other solutions.

“This funding round builds on the company’s recent successes, including more than doubling its revenue year-over-year.  SewerAI works with some of the largest utilities and contractors in the nation, including the city of Houston and the Puris Corporation, and the company expects to more than double its customer base again this year. SewerAI continues to expand its partner network and roll out new, innovative features that improve accuracy and productivity for frontline workers, including capabilities for running automated quality checks in the field and powering 3D manhole inspections. Its AI-based platform is deployed in production and provides real-live value to end customers, rather than theorized applications of AI.”

Candice S. Miller, public works commissioner, Macomb County, Michigan, said: “We’ve been doing whatever is necessary with the goal of preventing another underground infrastructure disaster. Inspections are an important element of that effort, and using SewerAI software enables us to perform that task much quicker, more effectively and more efficiently while saving ratepayers millions of dollars.”

Justin Moore, CEO, Innovius Capital, said: “The U.S. is facing critical infrastructure challenges, and AI solutions that drive down costs and speed up remediation will be key. SewerAI’s cloud and AI-driven solutions significantly reduce costs and enhance efficiency and accuracy in inspecting the 6.8 billion feet of sewer pipes across the nation. Its advanced technology and robust dataset make it the clear market leader, enabling field workers to eliminate repetitive tasks and focus on proactive maintenance and remediation, ultimately improving critical urban infrastructure management. We are excited to support SewerAI’s growth and impact.”

Matthew Rosenthal, founder and CEO, SewerAI, said: “U.S. municipalities spend about $50 billion annually just to maintain their aging pipe infrastructure. Our software has saved tens of thousands of engineering hours and tens of millions of dollars for our customers. This new funding round will enable us to expand our product portfolio and scale as we continue to provide massive value to our customers and partners.”

About SewerAI

SewerAI is a global leader in sewer condition assessment and inspection data management. Based in Walnut Creek, CA, SewerAI leverages its cloud inspection management platform (Pioneer™) and AI Computer Vision tools (AutoCode™) to help wastewater professionals to accelerate productivity, increase accuracy, and reduce the cost to maintain and renew aging collection systems. With millions of feet of sewer data under management by municipalities, environmental services contractors and engineering firms, SewerAI is revolutionizing infrastructure assessment and improving environmental health for people.

For more information, visit http://www.sewerai.com/ and https://youtu.be/OvkG9MiF2Mo. Try it today at https://pioneer.sewerai.com

SOURCE SewerAI

Hark platform capabilities include video and audio customer feedback, AI-driven sentiment and data analysis and streamlined customer support

NEW YORK, June 18, 2024 — Today, Hark, the visionary Voice of Customer (VoC) platform, announced an oversubscribed $3.5M seed round, led by Oceans Ventures. This will help Hark drive their go-to-market strategy and continue to build out additional features of the platform, which is already in use at a number of companies. Hark aims to disrupt conventional VoC programs, pioneering a new way for customers to communicate with brands through asynchronous video & audio. 

“Consumers communicate in a multitude of different ways, yet organizations still optimize for plain-text resolutions and inefficient back-and-forth exchanges. We first started Hark to tackle that problem. Then we realized that we could go far beyond that,” says Fran Brzyski, Hark CEO and Co-Founder. “We can invite the customer to be a part of the journey, and in turn, companies can understand their customer base at a deeper level.”  

The platform is designed for the modern era, offering customers the option to communicate through whatever method best suits them. Going beyond traditional customer feedback tools, the platform opens pathways for customers to communicate with companies; with the help of AI, it can then speed resolution of issues, perform detailed sentiment analysis across multiple customer touchpoints, and glean customer insights at scale.

With traditional VoC programs, companies must rely on limited data. Despite companies investing billions in customer feedback tools, they frequently find themselves with only superficial insights and biased survey responses that fail to capture the true sentiments of their audience. 

Customers trying to navigate the communication process, meanwhile, may find themselves trapped in a frustrating loop of lengthy email exchanges, transfers between agents, and requests for a “quick 30-second survey” before they’ve even reached a resolution. At best, this is an impractical way to capture feedback, leaving companies with incomplete data. At worst, it can lead to dissatisfied customers, churn, and damage to brand reputations. 

Hark set out to fix that. The resulting AI-driven platform specializes in synchronizing the customer voice and categorizing data, leading to faster feedback loops and a 40% reduction in the time required for manual analyses.

“Hark is truly transforming the way that companies starting with e-commerce communicate with their customers and helping companies move communication beyond CX.  The CEO, CFO, CMO, Procurement – all need to better understand how their customers are engaging with their products. Your customer is the lifeblood of your business, yet to date, most companies fly blind and have done a poor job turning customer support into a sales channel. Hark is changing that.” says Steven Rosenblatt, Co-Founder and General Partner at Oceans Ventures. 

Converge VC, Atman Capital, Alumni Ventures, BDMI Fund, Tenzing Capital and strategic angel investors also participated in the seed round.

“Hark is taking on a legacy market with a completely new approach. They are addressing a major issue in Voice of Customer programs, with an innovative AI-driven platform that combines front-line technology and a very human understanding of the customer,” says Nilanjana Bhowmik, Founder and General Partner at Converge VC. 

Hark’s solution provides extensive context, leading to significant cost savings and operational efficiencies for brands. 

Partnering with D2C brands like Hexclad, Branch Furniture, Ouai Beauty, Fab Fit Fun and Ooni has resulted in a remarkable 20% increase in Customer Satisfaction (CSAT).

“Implementing Hark led to a 79% improvement in average resolution time, saving 92 hours for our team. Additionally, we discovered that with Hark, we were getting richer data from customers, leading to better resolutions and improved customer satisfaction. Our customers say that Hark makes it easy to get in touch with us,” says Michael Ludwig, Head of Customer Service at Hexclad. “The end result has been a boost in sales, improved efficiency (and corresponding cost savings) and happier customers — as well as a happier customer service team.”

“Context drives efficiency, and we are collecting an ocean of data,” says Matt Ring, Hark’s Co-Founder and Chief Product Officer. “The story behind the data really comes to life when it’s told through your customer’s point of view.”

About Hark

Hark is a New York City-based startup pioneering a new way for customers to communicate with brands through asynchronous video & audio. Hark’s solution provides unparalleled context, leading to significant cost savings and operational efficiencies for brands. By gathering customer-generated content on a large scale and providing analysis through its AI-driven platform, Hark provides a fresh perspective on customer insights, reinventing how brands connect with their audience. Hark was founded in 2022 by Fran Brzyski and Matt Ring. For more information, visit www.sendhark.com.  

Contact: Ben Merritt, [email protected]

SOURCE Hark Technologies, Inc.

• Led by Andreessen Horowitz, latest fundraise supports Talkiatry as it scales high-quality, in-network care
• For leading national health plan, Talkiatry cut patient hospitalizations by 68%, emergency room visits by 32%, and saved $700 in total cost of care per member per month vs peers
• Psychiatric care visionary proves that outcomes-based, doctor-led mental health care can be delivered in value-based arrangements

NEW YORK, June 18, 2024 — Talkiatry, a leading provider of high-quality, in-network psychiatric care, today announced a $130 million equity and debt financing round. The equity round was led by Andreessen Horowitz (a16z) with participation from Perceptive Advisors, and debt financing was provided by Banc of California. The Series C investment will fuel Talkiatry’s continued expansion of its value-based care model for behavioral health, reducing total cost of care, improving health outcomes, and producing real savings for patients, health plans, and health system or provider group partners. Talkiatry’s total raise to date is $245 million, with previous participation from investors including Left Lane Capital and blisce/.

Americans are spending billions on behavioral care each year, but for many, their mental health is not improving. Just 31% of adults believe their mental health is “excellent,” a 12% drop over the past 20 years. Although the mainstreaming of telehealth has aided in providing Americans with more behavioral care options, there is a dearth of outcomes and cost savings data, as well as a lack of physician-focused models, which previously limited health plans from establishing creative and scalable risk-based payment models.

Light years ahead of industry peers, Talkiatry has created a proven value-based behavioral health care model that expands access to quality treatment while improving outcomes and generating savings. A leading national health plan, for example, conducted a matched cohort analysis with both cohorts having similar demographics and conditions. One cohort received psychiatric care from Talkiatry’s providers, while the matched cohort received care from other behavioral health providers in their network. Talkiatry’s cohort achieved a 68% lower hospitalization rate, 32% fewer emergency room visits, and generated approximately $700 in savings per member per month on a total cost of care basis.

“Over the past few years we’ve built one of the country’s largest and highest-quality in-network psychiatric practices, while proving with real-world data that we deliver superior health outcomes and cost savings,” said Robert Krayn, CEO and Co-Founder, Talkiatry. “We’re thrilled to be part of the a16z family as we continue to bring more health plans into value-based contracts and expand to reach more Americans in need.”

Since its launch in 2020, Talkiatry has delivered high-quality telepsychiatry services across more than one million patient visits, including underserved populations that previously had little to no access to treatment. The company employs more than 300 full-time, licensed psychiatrists who serve patients with conditions including anxiety, bipolar disorder, depression, OCD, PTSD, and more, across 43 states. A study of Talkiatry patients found that after an average of five appointments over 15 weeks, 67% no longer had clinically significant anxiety symptoms, and 62% no longer had clinically significant depression symptoms. Talkiatry is in-network with more than 60 health plans, including Aetna, Blue Cross Blue Shield, United Healthcare, Cigna, and Humana, covering more than 70% of commercial lives in the U.S.

“Talkiatry has mainstreamed outcomes-based psychiatric health care and risk-based payment models. The company has built a reputation for providing affordable, high-quality treatment for psychiatric patients while creating robust partnerships with a continually-expanding payor network,” said Scott Kupor, Managing Partner, a16z. “We look forward to working with Georgia, Robert, and the Talkiatry team to usher in a new era of innovation in this important area of mental health care.”

To partner with Talkiatry, please visit: https://www.talkiatry.com/cTypontact-us.

About Talkiatry
Talkiatry is a national mental health practice that provides in-network psychiatry and therapy. They were co-founded by a patient and a triple-board-certified psychiatrist to solve the problems both groups face in accessing and providing the highest quality mental healthcare. 60% of adults in the U.S. with a diagnosable mental illness go untreated every year because care is inaccessible, while 45% of clinicians are out of network with insurers because reimbursement rates are low and paperwork is unduly burdensome. With innovative technology and a human-centered philosophy, Talkiatry provides patients with the care they need—and allows psychiatrists to focus on why they got into medicine. Learn more at www.talkiatry.com and follow us on Instagram, TikTok, and LinkedIn.

Media Contact
[email protected] 

SOURCE Talkiatry

MONTREAL, June 18, 2024 — Ability Biologics (“Ability”) announced the final closing of its seed funding, raising a total of $18 million (US), a financing round led by founding investor Amplitude Ventures (“Amplitude”). Amplitude is joined by the Fonds de solidarité FTQ, Investissement Québec, Charles River Laboratories, Theodorus and Alexandria Venture Investments. Ability, a pioneer in the application of generative Artificial Intelligence (AI) to therapeutic discovery, focuses its platform on discovering and developing potent and selective antibody therapeutics for cancer and immune-related disorders. Ability Biologics, through its AbiLeap™ discovery engine, is generating novel, logic-enabled antibodies with the potential to become best-in-class or first-in-class therapeutics.

Ability’s leadership team combines deep experience in immunology, antibody discovery, engineering and therapeutic development, from the bench to commercial stage, and is leveraging this experience to create next generation antibodies using powerful computational tools through its unique, proprietary AI platform. The AbiLeap™ discovery engine is an AI platform built on top of one of the largest databases of antibody-antigen interactions ever constructed, bringing together more than five years of discovery data and incorporating both public and private data sources. AbiLeap™ allows Ability to address a longstanding challenge by generating fully human antibodies that are logic-gated, enabling them to target specific tissues and cells based on the local microenvironment, including conditions such as secondary antigens, pH, temperature and/or the presence of specific metabolites.

“We’re seeing a need for a new generation of antibodies and modalities as simply binding, blocking or agonizing a single receptor is not enough to achieve therapeutic impact,” said Giles Day, Co-founder and CEO of Ability. “At Ability, our platform overlays multiple approaches in a single molecule, enhancing specificity and selectivity to develop potent therapeutics with broad therapeutic windows. To do so, our antibodies employ tried and tested IgG formats that enable easier manufacturing, storage and administration, avoiding complex formats that introduce multiple risks from manufacturing to immunogenicity,” concluded Giles Day.

“We are focused on solving the next set of complex biology challenges and one of them is to tackle the issue of on-target, off-tissue toxicity, which is limiting the utility of antibody therapy,” said Dion Madsen, CFA, Co-founder and Partner at Amplitude Ventures. “Ability’s proprietary platform stands out as an intelligent way of rapidly developing selective and potent, ultra-targeted biotherapeutics to enhance potency and patient outcomes.”

“The life science and biotech sector is in constant flux, and we are proud to provide financial backing for Ability’s ongoing innovations,” said Bicha Ngo, President and CEO of Investissement Québec. “Harnessing the latest technologies, like artificial intelligence, in the development of antibodies will solidify Québec’s expertise in an area that is critical to the treatment of various types of cancer, and ultimately other diseases, that affect many Quebecers every year.”

About Ability Biologics

Ability Biologics is the premier cell targeting company. Its powerful AbiLeap™ discovery engine combines massively parallel, continuously learning AI with an extensive database of antigen-antibody interactions to generate fully human, IgG-based multi-specific antibodies of exquisite selectivity and affinity. The antibodies respond to environmental signals within the cellular microenvironment, generating logic-gated therapeutics. Ability is dedicated to developing the most potent and selective antibody therapeutics for areas of great unmet need. To learn more, visit ability.bio, our linkedin page or contact us at [email protected].

About Amplitude Ventures

Amplitude is a full-stack venture capital firm using a unique growth model to build companies with world-class management teams and scale companies to breakout potential. With over $500 million under management and offices in Montreal, Toronto and Vancouver, Amplitude applies a proven, evidence-based approach to investing in leading precision medicine companies. Learn more about Amplitude and its Pre-Amp venture studio at amplitudevc.com.

About the Fonds de solidarité FTQ

The Fonds de solidarité FTQ is a source of pride in Québec, fulfilling its mission through a unique business model created 40 years ago. Since then, the Fonds has rallied Québec into action thanks to the retirement savings of over 769,000 shareholders. With net assets of $18.9 billion as at November 31, 2023, the Fonds supports more than 3,700 companies through venture and development capital investments based on the belief that impact is created as much by financial as social returns. For more information, visit fondsftq.com.

About Investissement Québec

Investissement Québec’s mission is to play an active role in Quebec’s economic development by stimulating business innovation, entrepreneurship, and business acquisitions, as well as growth in investment and exports. Operating in all the province’s administrative regions, the Corporation supports the creation and growth of businesses of all sizes with investments and customized financial solutions. It also assists businesses by providing consulting services and other support measures, including technological assistance available from Investissement Québec Innovation. In addition, through Investissement Québec International, the Corporation prospects for talent and foreign investment, and assists Quebec businesses with export activities. For more information, visit investquebec.com.

About Theodorus

Theodorus is a venture capital fund targeting mainly high-potential spin-offs coming from the “Université Libre de Bruxelles” (ULB), though also open to all innovative ventures in life sciences. The fund invests primarily in early-stage biotechnology, medical technology and healthcare technology companies that have developed disruptive innovations. In addition to its financial role, Theodorus is actively involved in developing its portfolio companies and seeing them through to success. Today, Theodorus manages over $100 million in assets that have supported more than 40 businesses. Theodorus has offices in Montreal and Brussels. For more information, visit theodorus.be.

Media Contact: Philippe Périou Communications-Marketing, [email protected], +1 450.831.4414 (GMT – 4h)

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