SANTA CLARA, Calif., July 11, 2024 — Today, Buildots, an award-winning AI construction software company, announced a $15M investment led by Intel Capital with participation from OG Tech Partners and previous investors. In conjunction with the financing, Lisa Cohen, Investment Director at Intel Capital, will join as a board observer.

Innovation in the construction industry is essential for overcoming traditional inefficiencies and enhancing performance measurement strategies. Given the complexity, cost, and productivity challenges inherent in large-scale industrial and commercial construction projects, even minor errors can lead to schedule delays and budget discrepancies. Embracing new, innovative digital technologies can help address these challenges, fostering more efficient and effective construction management.

“Intel Capital has recognized that the construction industry, a fundamental pillar of the global economy, has not yet fully benefited from the digital age,” said Roy Danon, co-founder and CEO of Buildots. “Over the past five years, Buildots has been at the forefront of integrating AI-powered progress tracking and advanced analytics software into this multi-trillion dollar industry, driving a transformative shift towards performance-driven construction management. We are proud to work with Intel Capital to propel large-scale construction into a more efficient and controlled future, taking out the guesswork and providing decision-makers with comprehensive and precise oversight.”

Buildots is transforming the reality of construction with a performance-driven approach that measures individual tasks, dramatically increasing overall efficiency, and lessening costs, while reducing delays by up to 50%. By utilizing objective site data, as opposed to subjective self-reporting, Buildots’ technology automates the precise status of every task on a construction project, offering accurate progress tracking and performance metrics that can be used to anticipate and mitigate risks before they escalate.

“As we invest in a resilient global supply chain for semiconductors, Intel undertakes some of the largest and most complex construction projects in the world. That first-hand experience is why we see so much potential for AI technology to revolutionize construction process management and drive new efficiencies,” said Lisa Cohen, Investment Director at Intel Capital. “Buildots’ visionary outlook and ability to apply AI-powered predictive analytics to increase construction efficiencies will enable a more productive future for the global construction market.”

This funding brings the company’s total financing to $121 million as Buildots continues developing technology enhancements for its core construction management platform and fuels its growth.

This financing is one of the many milestones Buildots has accomplished this year including the launch of its AI-driven Delay Forecast feature. Buildots is partnering with major construction companies and owners worldwide, enhancing project completion speed through improved collaboration, transparency, and accountability in the project management process.

About Buildots

Buildots is a global construction technology leader bringing the power of AI and computer vision to automate on-site progress tracking. The platform provides construction teams with accurate data and previously unavailable predictive performance metrics, empowering them to make data-driven decisions. Buildots’ platform improves project visibility and efficiency, leading to reduced delays, enhanced error detection, and successful delivery of projects. Buildots is helping increase efficiencies of large-scale construction projects across North America, the UK and EMEA.

Photo: https://mma.prnewswire.com/media/2458278/Buildots.jpg

Media Contact:
[email protected]

SOURCE Buildots

Highlight by Medal offers developers an improved way to build custom solutions on top of existing AI models, while providing users access to a larger ecosystem of AI features

NEW YORK, July 11, 2024 — Medal, the innovative AI company behind the popular MedalTV clipping app, today announced the launch of Highlight, its groundbreaking AI assistant platform designed to fundamentally alter how users interact with popular AI models. Medal also announced a $13 million funding round from Horizons Ventures, OMERS Ventures, peak6, and Arcadia Investments, valuing the company at $333 million post-money.

Founded by the team that created MedalTV, which boasts over 1 million daily active users, Highlight is positioning itself as the next evolution in operating systems. The company’s new platform, described as a “capture-based interface and runtime for assistants,” aims to make AI accessible to billions of users by eliminating the need for complex prompting.

Key features of Highlight’s platform include:

• Seamless integration with Windows and MacOS
• Ability to publish web apps as natively running assistants in under a minute
• Contextual capture technology for enhanced AI interactions
• Streamlined cross-platform desktop app development

“Capture is the next OS,” said Pim de Witte, CEO and co-founder of Highlight. “We’re removing barriers between users and AI, making it as simple as clicking a button or asking a question. Our vision is to become the routing layer for all tasks on the OS, connecting users with assistants, models, interfaces, and even other people.”

The company’s impressive team includes Medal co-founders Pim de Witte and Josh Lipson, along with other top industry talent. With its latest funding, Highlight plans to accelerate development and expand its user base, aiming to become the fastest-growing AI assistant on desktop within a year.

Highlight’s innovative approach to AI accessibility and its strong foundation in the consumer space position it as a potential game-changer in the evolving landscape of human-computer interaction.

How it works
Highlight is built on Medal’s industry-leading screen capture and process detection layer technology, which is currently used by more than four million gamers per month. Available for Windows and Mac, Highlight continuously captures — but doesn’t store — what’s on a computer screen locally and allows individuals to choose from various AI apps including ChatGPT, Perplexity, Claude, and others to meet specific needs—becoming a robust, native AI assistant on the desktop, while prioritizing user privacy through opt-in requirements.

Along with the launch, Highlight is rolling out its own custom-built, open APIs that provide AI solutions for a variety of tasks—including meeting transcriptions and the identification of action items in all of a user’s online interactions. Additional custom Highlight apps will be launched in the near future.

Creating an open-ecosystem for developers while maintaining privacy for consumers
Capture technology is set to become the operating system of the future. However, if developments continue on their current course, this capture technology layer will be controlled by Big Tech, who are notoriously tightly guarded about AI developments and the data they use to train their LLMs. Big Tech seeks to lock users in a walled-garden and retain their data for their own purposes.

Because Highlight is platform agnostic, it democratizes the AI model landscape and encourages consumers to use more than just ChatGPT or Microsoft Copilot—helping promote market competition. Through Highlight’s APIs, developers will be able to build native, context-aware assistants and create custom models that learn—offering a less-monopolizing approach than current competitors.

Unlike competitors who utilize your data to improve a model, privacy is at the forefront of Highlight’s approach. Highlight operates on a local model. If parameters are small enough, they run on an individual’s device without touching the internet, thereby protecting the user’s data. Highlight also gives users and developers maximum control of their data, allowing them to choose where to send their data. Nothing leaves a user’s screen unless permission is granted.

Developers welcome
To build Highlight’s ecosystem further, the company is extending grants of up to $30,000 for developers, who would also be given access to the Highlight team, as well as office space at the company’s New York office. Those interested can apply HERE.

Highlight is officially available for download. To learn more, visit https://www.highlight.ing/

About Medal.tv
Medal.tv is the largest platform for sharing short-form gaming content. Founded in 2018 by game developers trying to draw attention to the game they developed, Medal today is a platform used by millions of gamers to share exciting gaming moments with friends. With the help of several acquisitions, including Middle Eastern game streaming platform Rawa.tv and mobile SDK startup Megacool.co., and Gif Your Game. Medal has been able to expand globally and offer its unique clipping technology across PC, console and mobile. The company has grown to more than 60 employees. For more information, please visit medal.tv.

SOURCE Medal.tv

HONG KONG, July 11, 2024 — On July 5, 2024, China Natural Resources, Inc. (NASDAQ: CHNR) (the “Company”) received a letter from the Listing Qualifications Department of The Nasdaq Capital Market (“Nasdaq”) notifying the Company that it is currently not in compliance with the minimum bid price requirement set forth under Nasdaq Listing Rule 5550(a)(2), because the closing bid price of the Company’s common shares was below the minimum of $1.00 per share for a period of 30 consecutive business days. This press release is issued pursuant to Nasdaq Listing Rule 5810(b), which requires prompt disclosure of receipt of a deficiency notification. The notification has no immediate effect on the listing of the Company’s common shares, which will continue to trade uninterrupted on Nasdaq under the ticker “CHNR”.

Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company has a compliance period of 180 calendar days, or until January 2, 2025 (the “Compliance Period”), to regain compliance with Nasdaq’s minimum bid price requirement. If at any time during the Compliance Period, the closing bid price per share of the Company’s common shares is at least $1.00 for a minimum of ten consecutive business days, Nasdaq will provide the Company a written confirmation of compliance and the matter will be closed.

In the event the Company does not regain compliance with the minimum bid price requirement by January 2, 2025, the Company may be eligible for an additional 180-calendar-day grace period.

About China Natural Resources:

China Natural Resources, Inc., a British Virgin Islands corporation, through its operating subsidiaries in the People’s Republic of China (the “PRC”), is currently engaged in the exploration for lead, silver and other metals in the Inner Mongolia Autonomous Region of the PRC and is actively exploring further business opportunities in the natural resources sector and other sectors.

SOURCE China Natural Resources, Inc.

NEW YORK, July 11, 2024 — ProofPilot, a leading Clinical Experience Platform (CXP), announced the closing of its Series C financing, led by Sopris Capital with Mitsui & Co. (U.S.A.), Inc. participating.

“Much of the focus in clinical trial technology has been on data capture and AI, but supporting the clinical trial experience for stakeholders has taken a backseat,” said Chris Venezia, CEO of ProofPilot. “Our strategic advisory board, comprising patients, research sites, and sponsors, is solving the right challenges and needs to modernize experiences for all stakeholders. This repeat investment from our Series B investors recognizes the market’s need and provides us with resources to scale and accelerate life-saving therapies.”

ProofPilot’s platform, StudyCoPilot, centralizes and simplifies communication for sponsors, patients, and sites across the clinical trial experience. The products and services support key initiatives like improving DE&I, streamlining recruitment & retention, and easing site burden. ProofPilot has scaled its capabilities for enterprise use and has industry leading pharmaceutical clients deploying StudyCoPilot globally.

“The sky is the limit with ProofPilot, and we are excited about investing in the company. We have tremendous confidence in the team and are proud to see some of the world’s leading life sciences companies adopt the technology,” said Abinav Sankar, Partner at Sopris Capital.

About ProofPilot

ProofPilot enhances clinical trials with its Clinical Experience Platform (CXP). The StudyCoPilot platform centralizes and simplifies communication for sponsors, patients, and sites across the clinical trial experience. Learn more at: https://www.proofpilot.com.

About Sopris Capital

Sopris Capital invests growth equity in technology-enabled business services and SaaS companies solving critical pain points. Sopris partners with fast-growing companies with a validated business model, proven product/market fit, and a strong management team. Learn more at: http://www.sopriscapital.com.

About Mitsui

Mitsui & Co. (U.S.A.), Inc. (“Mitsui USA“), a subsidiary of Mitsui & Co., Ltd., Tokyo, Japan, is one of the most diversified trading, investment, and service enterprises globally. Mitsui & Co. pursues “360° business innovation” across product sales, logistics, financing, and major international infrastructure projects. More information on Mitsui USA can be found at www.mitsui.com/us.

Media Contacts: Colleen Yang, [email protected]

SOURCE ProofPilot

SAN DIEGO, July 11, 2024 — Element Biosciences, Inc., developer of pioneering technologies to empower science, today announced over $277 million in Series D investment to support its growing global customer base with disruptive DNA sequencing and multi-omics technologies for years to come. The oversubscribed round was led by Wellington Management with participation from new and existing investors, including Samsung Electronics, Fidelity, Foresite Capital, funds and accounts advised by T. Rowe Price Associates, Inc, and Venrock, among others. This brings Element’s cumulative raise to over $680 million.

“After years of watching Element’s impressive progress from the sidelines, we are excited to support the company’s next chapter of growth and development,” said Joshua Sommerfeld, healthcare sector lead at Wellington Management Private Investing. “Their platform combines quality, cost, and flexibility advantages that disrupt the incumbent price curve. By bringing end-to-end integrated multi-omic workflows onto a single system, Element has potential to accelerate biological discovery.”

“Molly and the team at Element are cementing their position in a highly competitive environment,” said Mr. Jong-Hee (JH) Han, Vice Chairman and CEO at Samsung Electronics. “Their products set a new industry standard and are foundational to the next wave of biological innovation that will help researchers and businesses around the globe deliver on the promises of precision medicine and artificial intelligence. We are incredibly excited about Element’s vision to make precision medicine affordable and are impressed with the team they built together.”

This funding will further support the commercialization of AVITI™, Element’s benchtop DNA sequencer, and bolster the upcoming launch of AVITI24™, the first instrument to combine state-of-the-art sequencing and cyto-profiling (mapping cell characteristics) into a single integrated biology platform. AVITI24 revolutionizes research by enabling simultaneous examination of DNA, RNA, proteins, phosphoproteins, and cell structure within single cells – empowering researchers to gain unparalleled insights into biological systems with unprecedented ease.

“After a decade of an 800-pound gorilla dominating the ecosystem, it has been a privilege to help the exceptional Element team deliver customer-centric products that advance the quality, affordability and democratization of genomic analysis,” said Bryan Roberts, Partner at Venrock and an early investor in Element, alongside Jim Tananbaum at Foresite Capital.

“We cofounded Element based on a simple belief that cutting-edge science should be available to the entire research community. Element has taken the first step to democratize sequencing and will continue helping the community uncover the secrets of biology with high-quality, flexible, rapidly iterative, and affordable tools that are accessible to more scientists.” said Molly He Ph.D., CEO, Element Biosciences. “Element has grown an increasingly large, enthusiastic, and loyal customer base thanks to our innovative products and a collaborative, tenacious team that has remained committed to Element’s mission. An oversubscribed round against the backdrop of a challenging macroeconomic environment is a testament to our mission. With the support of our new and existing investors, Element is solidifying its future as the next name-brand biological tools company – a true unicorn.”

In the last 12 months, Element’s install base of AVITI has grown from approximately 40 units to more than 190. Element’s customers span a diverse set of industries including academia, biotech, cancer research, and agricultural science in more than 25 countries, and its technologies are used by pioneering organizations like Cerba Research, Cornell University, Garvan Institute, Revvity, Stowers Institute, VIB, and others.

The University of Minnesota Genomics Center (UMGC), which installed its first AVITI in mid 2023, has purchased four additional AVITIs over the past year. Dr. Kenny Beckman, Director of the UMGC, has been pleased with its performance. “The AVITI is simple to operate, easy to integrate from a data perspective, and the quality of the output is higher than with our legacy NGS instruments,” said Dr. Beckman. “The AVITI’s scale is a great fit for our clients, most of whom need both fast turnaround and low cost.”

“Precision medicine’s vast potential is being unlocked by cutting-edge genomic and multiomic technologies. Element’s groundbreaking sequencing is driving significant advancements in precision diagnostics research across critical disease areas,” said Thomas P. Slavin, Chief Scientific Officer at HALO Precision Diagnostics, which installed four AVITI sequencers over alternative high-throughput offerings from an NGS competitor in 2023.

Reflecting on Element’s journey, Molly added, “We simply wouldn’t have made it to this remarkable stage without the initial pioneers and risk-takers who formed our earliest customer base. Element is especially grateful for their support.”

About Element Biosciences, Inc.
Element Biosciences is a pioneering life science company democratizing access to advanced biological tools, driving impactful discoveries to benefit humanity. We are focused on developing disruptive DNA sequencing and multi-omics technology for research markets. Through innovating every fundamental element of a biological assay system, Element empowers customers with affordable, high-quality data and an improved user experience, which in turn will accelerate scientific discoveries. To learn more about Element, please visit www.elementbiosciences.com and follow us on LinkedIn, X (Twitter), and Facebook.

Media Contact
[email protected] 

SOURCE Element Biosciences

PESCARA, Italia, 11 de julio de 2024 — HUI se complace en anunciar el cierre de un compromiso de capital social de 25 millones de euros de Nimbus Capital, un fondo con sede en Panamá. Esta inversión impulsará aún más el crecimiento de HUI como la súper aplicación VC 3.0, utilizada por miles de emprendedores, nuevas empresas e inversores por sus características únicas en el mercado.

“HUI es una súper aplicación única, con una base de código impresionante de más de 1,2 millones de líneas de código, más de 20 aplicaciones que cubren todas las funciones y procesos comerciales, desde ventas hasta recursos humanos, recaudación de fondos, gestión de proyectos, inteligencia y financiación colectiva, todo en una sola No requiere conocimientos de codificación para operar a través de API con servicios externos, diseñados específicamente para cada actor en la escena global de VC”, explicó Luigi Valerio Rinaldi, fundador de HUI y presidente de Enry’s Island SpA.

El enfoque basado en datos de HUI lo distingue de agregadores como Crunchbase, DealRoom y PitchBook. A diferencia de estas plataformas, HUI no depende de rastreadores para obtener datos. En cambio, cuenta con una base de datos y un modelo de datos completos, con funcionalidades de IA que se están desarrollando para ofrecer un valor significativo en recomendaciones y predicciones.

“El enfoque basado en datos y las próximas características de blockchain e IA programadas para el tercer trimestre nos obligaron a invertir en HUI”, afirmó Robert J. Baker, socio director de Nimbus Capital. “Nimbus se dedica a identificar futuros unicornios y abordar las necesidades avanzadas del panorama global de capital de riesgo. HUI se alinea perfectamente con nuestra visión”.

El compromiso de capital de 25 millones de euros forma parte del plan de tracción de HUI, tras una ronda inicial de 300.000 euros y una asociación comercial con uno de los integradores de sistemas de TI internacionales más reconocidos. Con un número cada vez mayor de ecosistemas de VC que adoptan HUI, y en preparación para cotizar en una Bolsa de Valores Europea, con el respaldo de una importante firma consultora, HUI aspira a ser la primera plataforma VC 3.0 todo en uno que cotiza en bolsa del mundo.

Esta inversión acelerará significativamente la estrategia de producto de HUI, mejorando su uso de IA, Blockchain y funciones 3.0 como Metaverse y Gaming. HUI también ampliará sus actividades de marketing y ventas en los mercados de EE. UU., Latinoamérica, África y el Lejano Oriente.

El compromiso de capital también incorpora a Luigi V. Rinaldi como socio de riesgo en Nimbus, aprovechando sus 20 años de experiencia en capital de riesgo para mejorar el liderazgo financiero y tecnológico de Nimbus.

“Estoy encantado con la profunda armonía y la visión compartida con Nimbus y su fundador, Robert. Esta asociación tendrá un impacto significativo en la escena global de VC”, añadió Luigi Valerio Rinaldi.

Foto: https://mma.prnewswire.com/media/2458456/HUI_Equity_Commitment_Nimbus_Capital.jpg
Logo: https://mma.prnewswire.com/media/2458455/HUI_Logo.jpg

Contacto de medios: 
Equipo de Relaciones con Inversores 
+39 3939774542
[email protected] 

SAN FRANCISCO, July 10, 2024 — Amidst the challenging wider economic landscape, the Tokyo Metropolitan Government (TMG) today announced a successful conclusion to the SusHi Tech Tokyo 2024 Global Startup Program, which was held on May 15-16, 2024.

• Asia’s largest global innovation conference, welcomed an unprecedented number of startups and participants across the global, bringing over 40,206 participants – highlighting the bright future of the startup ecosystem in Japan.

Numbers at a glance

Over 40,206 attendees took part in this year’s event, seeing a year-over-year increase of over 50% with just over 26,000 attendees in the 2023 edition. The visitors come from a mix of 430+ startups; 82 countries and 321 cities; and 424 startup booths. Most importantly, the event successfully facilitated 3,169 business matches. 

Final Results of the SusHi Tech Challenge 2024

One of the key highlights in the event was the SusHi Tech Challenge 2024, a pitch contest by the world’s leading startups to determine the number 1 sustainable high city technology that will bring sustainable cities into a reality.

507 startups from 43 markets competed, and 7 startups made it to the final round including Entomal Biotech Sdn Bhd (Malaysia), Cool Innovation, Inc (Japan), BUYO Bioplastics Company Limited (Vietnam), Fermenstation Co.,Ltd (Japan), CancerFree Biotech (Taiwan), E-Port Pte. Ltd. (Singapore) and Degas Ltd. (Japan).

Taking home the grand prize of 10 million yen was Fermenstation Co.,Ltd., who was also awarded several special prizes by Sumitomo Realty & Development Co., Ltd, Tokyo Kiraboshi Financial Group, Inc, Tokyo Tatemono Co., Ltd, Mitsubishi Estate Residence Co., Ltd., and Mori Building Co., Ltd.

Other special prize winners include:

• CancerFree Biotech, awarded by Shimizu Coporation
• Entomal Biotech Sdn Bhd, awarded by Global Digital Innovation Network
• BUYO Bioplastics Company Limited, awarded by Mitsui Fudosan Co., Ltd.
• Cool Innovation, Inc, awarded by Chuo-Nittochi group Co., Ltd.
• Degas Ltd., awarded by Pocketalk Corp

• Tokyo Governor Yuriko Koike addressed the participants at the closing ceremony of the event, “These two days of the SusHi Tech Tokyo 2024 Global Startup Program were bustling with energy and excitement. We also newly established the SusHi Tech Award to recognize outstanding startups. I am confident that the seeds of open innovation have been sown through the various encounters and interactions that took place here today. I hope all of you will cherish the connections you have made here, and continue to bring about great innovation. Next year’s event will be held from May 8th to the 9th, here at Tokyo Big Sight. “Come to Tokyo every May” —those words will be what keep us connected. I look forward to seeing you again next year, during the favorable season in Tokyo.”

Please access here for more information.

About Global Startup Program

TMG’s “Global Innovation with STARTUP” has been active since November 2022. The program strategy called “10×10×10 Innovation Vision” focuses on increasing the number of 1. Unicorn companies from Tokyo, 2. Startup companies from Tokyo, and 3. Public and Private Startups from Tokyo by ten times over the next 5 years. On February 2023, TMG held the “City-Tech.Tokyo” at the Tokyo International Forum which was Japan’s largest global startup event with 26,000 visitors in two days. This year, TMG levels up further with SusHi Tech Tokyo 2024 as Asia’s largest global startup event including contents such as speaking sessions, a pitch contest and exhibits.

Funding to support next stage of product development and early clinical experience of company’s novel interatrial shunt and remote monitoring solution for patients with heart failure

LOS GATOS, Calif., July 10, 2024 — Adona Medical, a Shifamed portfolio company that aims to deliver advanced solutions for heart failure, announced today it has secured $33.5 million in Series C financing. The funds will be used to further product development and to initiate clinical use of the company’s adjustable interatrial shunt with integrated bi-atrial pressure monitoring. The financing was led by Cormorant Asset Management and TCP Health Ventures, with participation from Excelestar Ventures, the PA MedTech VC Fund II, Unorthodox Ventures, AMED Ventures, and other new and existing investors.

“Heart failure is a complex condition that benefits from an individualized treatment paradigm, yet many of the device-based treatment options available today offer a one-size-fits-all approach,” said Paul Sorajja, MD, Roger L. and Lynn C. Headrick Family Chair of the Valve Science Center, Minneapolis Heart Institute Foundation. “Adona’s innovative shunt and sensor pairing aims to provide a more individualized management strategy and is designed so that shunt flow can be adjusted to best suit the needs of each individual patient, both initially and as their condition evolves over time. I look forward to working with the Adona team as they move into clinical use later this year.”

“Despite advancements in heart failure therapies, challenges remain that limit patient applicability and physician adoption with first-generation devices,” said Bihua Chen, Founder and Managing Member of Cormorant Asset Management. “We are pleased to lead this round as we believe Adona’s technology has the potential to disrupt the field and benefit the millions of patients suffering from heart failure.”

The Adona device includes a shunt that features a flow channel with an adaptable geometry that can be made larger or smaller post-implantation via the use of a proprietary induction catheter. In addition, the implantable device features integrated sensors designed to capture pressure readings from both the left and right atria multiple times per day without requiring patient interaction. These daily readings can provide physicians with a more complete understanding of a patient’s hemodynamic status and can augment shunt therapy by enabling more informed medical management. Heart failure is a progressive condition that impacts approximately 6.5 million patients in the United States and as many as 26 million patients globally.¹

“Adona is committed to improving outcomes for patients with heart failure. We’ve developed multiple innovative technologies that we believe will elevate the impact that is achievable with device-based interventions,” commented Brian Fahey, Co-Founder and Chief Executive Officer of Adona Medical. “The team has made tremendous progress in advancing our solution for heart failure management and we are grateful for the strong ongoing support from our investors as we take the next steps in our journey.”

About Adona Medical, Inc.
Adona Medical, a privately held portfolio company of Shifamed, LLC, is a pre-clinical stage medical technology company developing next-generation interatrial shunting and remote patient monitoring solutions for patients with advanced heart failure. The Adona Medical heart failure management platform is an investigational device and is not approved for use in the U.S. or anywhere in the world. To learn more, please visit www.adonamed.com.

About Shifamed, LLC
Founded by serial entrepreneur Amr Salahieh, Shifamed is a highly specialized medical innovation hub focused on developing solutions that forge a path toward a world where patients are able to lead longer, healthier lives. To learn more about Shifamed, please visit www.shifamed.com.

MEDIA CONTACT:
Jennie Kim
SPRIG Consulting, LLC
[email protected]

References:

1. Benjamin et al. Circulation 2018.

SOURCE Adona Medical

ALBUQUERQUE, N.M., July 10, 2024 — X-Bow Systems Inc. (X-Bow), the nation’s leading non-traditional producer of advanced manufactured solid rocket motors (SRMs) and hypersonics technologies, today announced the successful completion of the initial close of its Series B financing, raising over $70 million. This private capital will accelerate the rapid growth of its hypersonic-capable vehicles, strategic and tactical scale solid rocket motor programs, and completion of its Luling, TX gigafactory campus. The company will also be expanding its engineering and R&D facilities across New Mexico. The round was led by National Security technology-focused growth equity firm Razor’s Edge, with additional participation from Lockheed Martin Ventures, Boeing Ventures, Crosslink Capital and Balerion Space Ventures.

“Razor’s Edge invests in companies with great leadership teams and differentiated products that solve large, difficult National Security challenges, including defense and space needs. The Ukraine conflict has exposed the significant gaps that exist in the SRM industrial base. X-Bow’s team identified these critical gaps well ahead of the conflict and has built a sizable lead over other emerging suppliers. The company’s proprietary manufacturing technologies and insights into the market have enabled it to build a broad suite of SRM and energetics products. X-Bow has successfully demonstrated the ability to apply and scale these products to address huge needs in affordable hypersonics and the broader SRM industrial base and this capital will enable the company to make an even more meaningful impact in National Security,” said Mark Spoto, co-founder and Managing Partner at Razor’s Edge and an X-Bow Board Member.

With this funding now secured, X-Bow will accelerate its growth trajectory as the nation’s third supplier of Solid Rocket Motors and continue in its quest to rapidly innovate and deliver agile, affordable solutions for SRMs, hypersonics and associated adjacent markets. 

“X-Bow Systems has experienced significant growth and success in the past year, securing multiple contracts for SRMs, energetics and launch services.  These successes are directly attributable to our team’s expertise and our patented advanced manufacturing techniques, which allow us to build, scale and produce SRMs and energetics more affordably than traditional methods. The Series B funding will augment growth by accelerating the completion of the country’s second largest SRM production facility (by capacity) in Luling, TX.  This expansion addresses both critical industrial base and defense needs, and we’re grateful for the support of our investors and various industrial partners,” stated Jason Hundley, CEO and Founder.

Union Square Advisors LLC served as exclusive financial advisor to X-Bow for this financing transaction. 

ABOUT X-BOW SYSTEMS
X-Bow Systems is disrupting the aerospace and defense industry with innovative and cost-effective advanced manufactured energetics for the solid rocket motor and launch vehicle market. X-Bow is also designing and building a suite of modular, strategic and tactical scale solid rocket motors and small launch vehicles for both orbital and suborbital launch services. X-Bow is led by CEO Jason Hundley, Chairman Mark Kaufman, CTO Max Vozoff, CRO Maureen Gannon, General Counsel John Leary and a growing team of seasoned industry veterans and new space entrepreneurs. X-Bow is a dual-use technology company with headquarters in Albuquerque, New Mexico, significant production facilities in Texas, and additional presence in California, Alabama, Utah, Colorado and Washington, DC.

SOURCE X-Bow Systems