• Financing led by LongRiver Investments with participation by new and existing global investment funds
• Rona will use proceeds to progress leading metabolic siRNA pipeline programs into global development and expand extra-hepatic delivery platform in CNS and beyond

SHANGHAI, July 19, 2024 — Rona Therapeutics, a clinical stage pioneering platform company in nucleic acid drug research and development, today announced the completion of $35 Million Series A+ financing. This round was led by LongRiver Investments, with participation from investors including Zhaode Investment, BioTrack Capital, Zhongqi Capital and Lilly Asia Ventures.

LongRiver Investments will join the board of Rona in connection with the Series A+ financing, commented, “Rona Therapeutics has successfully brought two best-in-class siRNA metabolic programs into global development and demonstrated differentiated clinical data and platform value. We are impressed by the progress Rona has made in developing innovative siRNA pipeline and expanding into extrahepatic delivery in CNS and beyond. We look forward to partnering with Rona team to unlock potential of RNA medicine as transformative therapies to patients globally.”

Ms. Stella SHI, CEO and Founder of Rona Therapeutics, commented, “We are thrilled to welcome LongRiver Investments and our other new investors as we progress more best-in-class and first-in-class siRNA programs into global development and catalyzing potential business development opportunities. Rona Therapeutics remains committed to pushing boundaries of RNA medicine in metabolic, obesity, renal and neuro degenerative diseases with Rona’s proprietary RNA platform.”

Rona is advancing a pipeline of best and first-in-class siRNA programs generated from next generation siRNA platform. The company’s first program RN0191, a best-in-class PCSK9 siRNA program, has completed Australia and China Ph1 clinical studies and ready for Ph2 clinical development for hypercholesterolemia. RN0361 is the company’s second program to enter clinic in 2024Q2 for hypertriglyceridemia. The company is also advancing innovative pipeline at IND enabling stage for kidney disease, obesity and cardiometabolic diseases.

About Rona Therapeutics
Rona Therapeutics is a global leader in nucleic acid innovative drug platform company, specializing in the treatment of metabolic diseases and CNS degenerative diseases. Rona Therapeutics is always committed to developing the best and first-in-class siRNA drugs, and has unique differentiation and innovation in its liver-targeted metabolism-related pipeline products in cardiovascular diseases, MASH, obesity, and kidney diseases. In addition, Rona Therapeutics is focusing on the potential of extra-hepatic nucleic acid delivery in CNS degenerative diseases and has successfully established a proprietary extra-hepatic delivery platform to treat a range of complex diseases, such as ALS, Alzheimer’s disease, etc. which are difficult to treat with traditional drug therapies.

About LongRiver Investments
LongRiver Investments is a forward-thinking venture capital firm dedicated to empowering entrepreneurs and driving technological and industrial advancements. With a robust investment strategy and a commitment to excellence, LongRiver Investments aims to deliver superior returns to its investors while making a positive impact on the global market.

For Further information,
Please visit: www.ronatherapeutics.com or contact: [email protected] 

SOURCE Rona Therapeutics

Saronic is redefining maritime superiority for the U.S. Navy and its allies by delivering the most effective and advanced ASVs at the speed and scale needed to meet the rapidly growing needs of the Joint Force. Saronic’s ASVs are designed to serve as a force multiplier for the existing Fleet, working alongside manned systems to allow naval forces to go farther and do more with less risk to life and mission. 

“We are creating an entirely new capability for the maritime domain, one that delivers naval power without the costs and delays of a shipyard,” said Saronic CEO Dino Mavrookas. “As the future of naval warfare will rely on manned and unmanned teaming, we must build solutions that easily integrate into the existing fleet and can be produced at scale to meet any emerging threat. We are grateful to our investment partners who believe so strongly in Saronic’s ability to meet that need.”

Saronic’s investor group is composed of firms committed to ensuring that the U.S. military maintains its decisive advantage in the face of an increasingly complex and competitive global threat landscape through the integration of advanced technology and innovative capabilities that truly meet the needs of the warfighter. 

“Our nation’s future depends on us continuing to build and deploy the best, most innovative technology” said Katherine Boyle, General Partner at a16z. “Saronic is developing the solutions we need to protect the warfighter and stay ahead of our adversaries, and we are proud to support their continued growth.”

This new investment will accelerate Saronic’s growth both domestically and internationally. At home, it will allow further expansion of Saronic’s in-house manufacturing capabilities and enable increased production of all its ASV models. Additionally, it will advance the research and development of new autonomous capabilities for naval and maritime forces, including increased technology and payload integration with government and commercial partners. Internationally, this investment will support Saronic’s expansion to more fully serve U.S. allies and partners in key markets.

“To deter China and other adversaries, the United States and our allies must bring intelligent, autonomous new capabilities to naval warfare,” said Alex Moore, Partner at 8VC. “Saronic delivers these capabilities on a relevant scale and timeline, and has enlisted the top engineers and operators in the industry.”

Saronic’s family of ASVs includes Spyglass (6′), Cutlass (14′) and Corsair, its largest model, which is currently in development and testing. Each vessel features integrated autonomous capabilities to meet a customer’s specific requirements and can carry diverse payloads in communication- and GPS-denied environments. Through the vertical integration of hardware and software as well as the use of a Modular Open Systems Architecture (MOSA), Saronic’s ASVs deliver greater interoperability at a price point that makes them attritable. Having a cost-effective capability that can be deployed without putting human operators in harm’s way increases the survivability of the fleet and enables commanders to engage in situations where the risk is too high to deploy a traditional manned system.

For more information about Saronic, please visit: https://www.saronic.com.  

Media Contact: [email protected] 

SOURCE Saronic

LOUISVILLE, Ky., July 18, 2024 — USA Cares is honored to announce the organization has been granted $2 million in funding from the Commonwealth of Kentucky. This generous allocation will be instrumental in providing financial hardship assistance to veterans across Kentucky, ensuring those who have served our country receive the support they need and deserve.

The funding will be distributed to USA Cares over a two-year period that began on July 5, 2024 and will conclude on June 30, 2026. This significant financial support has enabled USA Cares to broaden its services to include pre-9/11 veterans. Qualifying circumstances have also been expanded beyond essential needs to include assistance for things like emergency car repairs and veteran burial expenses.

Veterans living in Kentucky who believe they may qualify for assistance are encouraged to apply online at usacares.org/gethelp. Applicants are required to provide proof of hardship and military service.

“We are deeply grateful to the Commonwealth of Kentucky for this significant investment in our veterans,” said Trace Chesser, President and CEO of USA Cares. “With the support of our home state, we can continue to uphold our mission of alleviating the burdens faced by Kentucky’s veterans and help them build a brighter, more secure future.”

For more information about USA Cares and this program, please visit usacares.org.

ABOUT USA CARES

USA Cares is a 501(c)(3) national nonprofit headquartered in Louisville, Kentucky. USA Cares’ mission is to provide post-9/11 military veterans, service members, and their families with financial assistance and post service skills training to create a foundation for long-term stability. Their services improve the quality of life for veterans and their families and reduce potential factors that can contribute to veteran suicide.

SOURCE USA Cares

HERNDON, Va., July 18, 2024 — Akima, a premier provider of products and services to federal agencies, announced today that its subsidiary Akima Intra-Data (AID) was awarded a $78.9 million contract by the U.S. Army for fire and emergency services logistics support at Fort Irwin, California.  

AID will collaborate closely with the U.S. Army to deliver full-spectrum facilities and logistics services that improve the Army’s mission readiness, support emergency services in the region to include 24-hour fire suppression, dispatching, and operations personnel as well as fire prevention and inspection personnel.

“Fort Irwin stands as a shining example of a military community that takes a proactive and forward-thinking stance towards emergency services and wildfire preparedness,” said Scott Rauer, President of Akima’s Facilities Solutions Group. “As a new partner in providing critical emergency services support and logistics expertise to Fort Irwin, Akima remains committed to safeguarding military personnel, their families, and the surrounding communities from the devastating effects of wildfires and other emergencies.” 

Fort Irwin, in California’s Mojave Desert, is home to the U.S. Army’s National Training Center, where the Department of Emergency Services prepares for and supports emergency responses to man-made and natural disasters, such as wildfires. The Mojave and Colorado deserts in Southern California are becoming increasingly susceptible to wildfires due to the increasing levels of invasive grasses and dry underbrush in the region.  

“As wildfires pose significant threats to California’s communities and ecosystems, integrating advanced fire and emergency logistics and supply chain support will remain vital to mitigating their impact,” said Rauer.  

About Akima Intra-Data
As a small business wholly owned by Akima, an Alaska Native Corporation, Akima Intra-Data (AID) provides comprehensive base operations and logistics services designed to keep installations running smoothly so customers can focus on their missions. Whether the job calls for full-spectrum facilities, maintenance, and repair or managing multi-billion dollar inventories in secure warehouses, AID has the right people, the right solution, and the right price. To learn more about AID, visit www.akimaintradata.com.

About Akima   
Akima is a global enterprise delivering comprehensive solutions to the federal government in the core areas of information technology; facilities & ground logistics; aerospace solutions; protective services; systems engineering; mission support; furniture, fixtures and equipment (FF&E); and construction. As a subsidiary of NANA, an Alaska Native Corporation owned by more than 15,000 Iñupiat shareholders, Akima’s core mission is to enable superior outcomes for our customers’ missions while simultaneously creating a long-lived asset for NANA consistent with our Iñupiat values. In 2023, Akima ranked #34 on Washington Technology’s Top 100 list and in the top 70 of Bloomberg Government’s BGOV200 list of top federal contractors for the last three years. To learn more about Akima, visit www.akima.com.

SOURCE Akima

SAN FRANCISCO, July 18, 2024 — Marathon Fusion, a startup developing fuel processing technology for the fusion industry, announced today a fundraise led by 1517 Fund and Anglo American, with participation from Übermorgen Ventures, Shared Future Fund, Malcolm Handley and other leading investors. Alongside a CREATE award from the Department of Energy’s ARPA-E, these investments bring Marathon Fusion’s total funding to $6.9M.

Fusion can play a critical role in the energy transformation by providing clean, affordable and firm power at terawatt scale. But to fulfill that vision, the industry needs high-throughput processing of fusion fuel to meet the demands of commercial power plants.

Since its founding in 2023, Marathon Fusion has been dedicated to making improvements to fuel processing efficiency. Its technology allows fusion power plants to operate with less tritium inventory, enabling smaller facilities and improved operational expenses.

Marathon Fusion was supported early on by the Breakthrough Energy Fellows program, which funds promising, early-stage ideas and technologies in the fight against climate change. By providing capital, mentorship, education, and access to the Breakthrough Energy network, the program helps bridge the gap from lab to market.

Now working to commercialize this technology to enable rapid, efficient and high-throughput processing of fusion fuel, Marathon aims to reduce onsite tritium inventories and improve plant economics, helping to ensure that fusion has a path to scale to its full potential.

The new funding will allow Marathon Fusion to accelerate the development and deployment of its fuel processing technology in fusion power plants. The company has signed Letters of Intent with Commonwealth Fusion Systems and Helion Energy, two leading fusion startups aiming for the near-term deployment of fusion power plants.

“Part of the success of the ARC program will lie with industrial innovators to develop systems solving technical challenges inherent to fusion and enabling fusion power plants to be economically viable,” said Brandon Sorbom, Chief Science Officer, and Co-founder, Commonwealth Fusion Systems. “We see Marathon’s technology as one of these key enablers. By facilitating continuous operation for fusion devices, efficient fuel systems can provide three major benefits: a lower tritium inventory, cost savings, and an overall simplification of the power plant.”

“Fusion fuel is immensely valuable but also highly scarce. Fusion power plants will require a closed fuel cycle, making it crucial to recycle fuel from exhaust back into injection systems as quickly as possible,” said Malcolm Handley, founder of Strong Atomics. “Fuel processing is one of a few critical engineering problems that really enable the fusion ecosystem as a whole, and Marathon is leading the charge here.”

“Advances in energy creation are about abundance: by using more energy, we can do more as a civilization. Fusion is a clean, incredibly dense source of energy, and crucially, provides a viable replacement for always-on baseload power plants,” said Danielle Strachman – founder and General Partner at 1517 Fund. “Marathon Fusion’s technology will enable the growth of the fusion industry beyond breakeven, helping usher in large-scale deployment and a new era of energy creation.”

Marathon Fusion is currently hiring for roles in San Francisco. To learn more, visit www.marathonfusion.com.

About Marathon Fusion
Marathon Fusion began operations in 2023 to develop high-efficiency fuel systems to accelerate the deployment and improve the economics of fusion power plants. Marathon’s technology is designed to enable the rapid, continuous, and high-throughput recycling of fusion fuel. Marathon is supported by leading institutions including the Department of Energy’s ARPA-E, Breakthrough Energy Fellows, 1517 Fund, Übermorgen Ventures, Anglo American Decarbonization Ventures, Shared Future Fund, and Malcolm Handley. For more information, visit www.marathonfusion.com.

About Breakthrough Energy Fellows
The Breakthrough Energy Fellows program is designed to tackle early-stage barriers to climate technology innovation. By providing scientists, innovators, and entrepreneurs with research funding and hands-on support, the program ensures projects have the resources they need to advance to the next stages of development.

For information specific to Breakthrough Energy’s Fellows program, please visit www.breakthroughenergy.org/our-work/fellows/

CONTACT: Kyle Schiller; [email protected]; +1 503 354 9321

SOURCE Marathon Fusion, Inc.

GRAPEVINE, Texas, July 18, 2024 — Car Capital Technologies, Inc. (“Car Capital”), a trusted partner for independent and franchise automotive dealerships seeking innovative financing solutions, is excited to announce major funding commitments to continue to expand the business, further enhance origination capabilities and drive significant portfolio growth. The company has successfully closed a senior/subordinate warehouse financing facility and secured lead equity investments from two strategic partners as part of its recently launched Series B funding round.

In a move to diversify and expand its financing sources to better serve its dealer partners, Car Capital has secured a $70 Million Committed Warehouse Facility provided by Westlake Capital Finance, LLC and Medalist Partners. Car Capital expects to expand this facility as originations continue to accelerate over the next several quarters and into 2025. This innovative private credit financing solution is comprised of both Class A and Class B secured debt and will further Car Capital’s support of its dealer network, allowing them to scale and thrive in today’s competitive market.

Additionally, Car Capital has secured strategic equity capital commitments from existing investors to support the growth initiatives into the second half of 2025. This infusion of capital will enable the company to continue to expand its dealer network, enhance its technology platform, and deploy future generations of AI-compatible underwriting models.

In addition to these critical financial milestones, Car Capital is proud to welcome three key executives to its leadership team:

• Jeff Adams, a seasoned auto industry executive, has joined the board of directors. Jeff brings over 30 years of experience in the automotive retail and financing industry and is currently the EVP of Global Remarketing & Asset Management at Hertz. He has also worked for two auto manufacturers and held executive positions at auto retailers. His extensive expertise in auto remarketing and retailing will be invaluable as Car Capital navigates its next phase of growth.
• Kevin Godart, an accomplished expert in tech-focused capital markets, has been appointed as Head of Capital Markets and Assistant Treasurer. With a diverse background in capital markets, Kevin has previously served in comparable capacities at Upstart and LendingPoint. His expertise in securing capital within the tech-enabled specialty finance sector perfectly aligns with Car Capital’s current growth plans. Kevin will focus on securing funding across the business, including new forward flow capital, additional senior and subordinate warehouse capacity, and strategic capital as necessary.
• Deanna Hamideh, a seasoned industry and financial reporting accountant with over 25 years of experience, has been named Controller. Deanna joins us from One Main Financial and brings a wealth of knowledge in all aspects of specialty accounting and finance. Prior to One Main, Deanna also founded DJH Accounting & Consulting LLC and served in leadership roles at AmeriCredit (Predecessor to GM Financial). She will focus on enhancing and further developing the accounting and financial reporting infrastructure for the company and all of its funding partners.

“We are excited to welcome Jeff Adams to our board of directors and both Kevin Godart and Deanna Hamideh to our management team. I am excited for the company to benefit from their extensive industry experience and am confident that they will be instrumental in continuing to help build a world class auto finance solutions organization,” said CEO Jim Landy. “The successful closing of our senior and subordinate financing transaction and our continuing strategic capital raise, reflects our commitment to innovation and dedication to supporting our dealer partners’ success.”

With these developments, Car Capital is well-positioned to continue its mission of empowering independent and franchise dealerships with efficient financing solutions enabled through technology, driving growth in the automotive financing industry.

About Car Capital Technologies:

Car Capital Technologies is a leading provider of financing solutions for independent and franchise automotive dealerships. Offering tailored financing options with dealer participation in financing revenue and retaining the financing relationship with the consumer, Car Capital enables real-time approvals with personalized payments on eligible inventory. This allows dealers to meet their customers’ unique needs with an end-to-end digital process. Focused on innovation and customer success, Car Capital is committed to helping dealerships thrive in today’s dynamic market environment.

SOURCE Car Capital

LONDON, July 18, 2024 — Ben Funk, partner at Launchbay Capital, a leading multistage venture firm, today highlighted the rapid growth and potential of private market secondaries as a key investment strategy for both institutional and individual investors, looking for risk-mitigated options.

“Private market secondaries have evolved from a niche market to a mainstream investment strategy,” said Funk. “We’re seeing unprecedented growth in this sector, with the market reaching $132 billion in 2023, up from $42 billion in 2015. This represents a compound annual growth rate of over 15%, making it one of the fastest-growing segments in alternative investments.”

Recognizing the potential of the secondary market, several firms have launched or are in the process of raising significant secondary funds, including Blackstone, StepStone Group, and HarbourVest. These funds are complemented by more focused players like Launchbay Capital, 137 Ventures, and Manhattan Venture Partners, which specialize in shorter duration funds and more liquid secondary investments.

Funk also noted the growing interest from global family offices and institutional investors. “We’re seeing increased participation from pension funds and family offices, which is boosting liquidity in the secondary market. This trend is particularly notable in emerging markets like Mexico, where the venture secondaries market is projected to exceed $1 billion in transaction volume over the next 2-3 years.” 

This growth is driven by several factors:

1. Higher Returns: Secondary funds often offer high Internal Rate of Return (IRR), potentially exceeding the performance of most public markets.
2. Shorter Holding Periods: Unlike traditional private equity funds with 10+ year lifecycles, secondary funds typically offer 4-5 year investment periods, allowing faster realization of returns.
3. Attractive Valuations: The tech market adjustment of 2022-2023 has led to more realistic private company valuations, creating opportunities for secondary buyers.
4. Diversification: Secondaries allow investors to build diversified portfolios of late-stage private companies, spreading risk across multiple investments.
5. Increased Transparency: New platform technologies like Forge Global, Hiive, and Launchbay provide real-time data on private company valuations, enabling more transparent and informed decision-making. The valuation and performance of these investments, as well as deals legal support, that are carried out independently with firms such as Kroll, GreenbergTrauig and regional specialists such as 414 Capital. 

Funk cited successful case studies, including Airbnb and SpaceX, where secondary investments yielded significant returns. In Airbnb’s case, investors in a 2016 secondary round saw a substantial well documented multiple as a return on their investment in just four years, when the company went public in 2020.

“At Launchbay Capital, we’re leveraging our expertise and technology to capitalize on these opportunities,” Funk stated. “Our team has developed robust due diligence processes and industry networks that allow us to identify and invest in high-potential secondary opportunities.”

To learn more, please visit https://launchbaycapital.com.

Photo – https://mma.prnewswire.com/media/2463807/Launchbay_Capital.jpg

SOURCE Launchbay Capital

NEW YORK, July 18, 2024 — New York-based Coast, which offers a simple and smart way for companies in the United States to manage fuel and fleet spending, today announced it has raised $40 million in new Series B financing, led by ICONIQ Growth. The round included participation from existing investors Accel, Insight Partners, Vesey Ventures, and Avid Ventures, as well as new investors Thomvest.

Coast also announced a strategic investment from Synchrony, a leading consumer financial services company delivering one of the industry’s most complete digitally-enabled product suites across diverse sectors. The investment in Coast aligns with Synchrony’s presence in the aftermarket auto segment where it partners with many top national tire, petrol, auto parts and maintenance retailers like Discount Tire and Pep Boys.

ICONIQ Growth General Partner Yoonkee Sull has joined Coast’s board of directors as part of the new funding. The Series B brings Coast’s total equity financing to nearly $100M and comes months after it announced its previous round of $92 million in debt and equity.

For the nearly one million American businesses that collectively operate around 40 million vehicles in their commercial fleets – including field service businesses like HVAC, plumbing, landscaping, pest control, construction, government fleets and long-haul trucking – managing expenses in the field is a major challenge.

Over the decades, a handful of incumbent payment solutions have emerged to serve fleet-operating companies’ needs with fuel cards, to allow fleet managers to set field-specific controls, like restricting purchases to only fuel products, or tracking expenses on a per-vehicle basis. The fleet fuel payments on these specialized cards add up to a staggering $120 billion annually in the US.

“We’re thrilled to be partnering with ICONIQ Growth, a legendary investor in fintech, and fleet and field services,” said Coast founder and CEO Daniel Simon. “ICONIQ brings to bear not just their deep capital base but also their rich experience in Coast’s domains and expansive community, which can drive partnerships and accelerate expansion for Coast’s fleet product.”

Coast reimagines fleet payments, enabled by mobile technology and state-of-the-art vehicle data and telematics. The company has seen its revenue grow over ten times in the last 18 months. Thousands of businesses are now using Coast, some with just a handful of fleet cards, and others with more than 1,000 cards. Surveyed customers saved an average of 9-10% on fuel bills and 16 hours of monthly administrative work when switching to Coast from another fuel card or payment method.

“Companies like Coast do not come along every day. We are incredibly impressed with Coast’s proven traction, leadership, and deep expertise in fintech,” said Yoonkee Sull. “We believe Daniel and team are using exceptional software to challenge incumbents in a massive market and making a difference in hundreds of thousands of American businesses. We are thrilled to partner with them on their mission to simplify the day-to-day management of thousands of fleets.”

This month, Coast launched a first-of-its-kind mobile app that eases the collection and verification of transaction data for fleet payments, such as receipts, memos, and job codes, which can be pushed to its customers’ accounting systems. It has also expanded the use of virtual cards, shared team budgets, and spend programs to simplify back-office purchasing for its trades and transportation business customers.

Building on their momentum, Coast has inked new partnerships with BuildOps, Sheetz and 7-Eleven, adding to a growing list of partners across retailers, fuel brands, and technology providers.

Coast will use the new funding to accelerate its product and partnership development, including expanding to other financial services needs of its business customers, such as accounts payable automation and bill payments, and adding to its growing list of integration partners. The company will also continue to grow its team, including at its newly established second headquarters in Utah.

About Coast
Coast is re-imagining the trillion-dollar US B2B card payments infrastructure, with a focus on the country’s 500,000 commercial fleets, 40 million commercial vehicles, and many million commercial drivers. Drivers, fleets, and the merchants that serve them all increasingly demand modern digital payments experiences and affordable and transparent financial services products. Coast’s mission is to deliver them at a transformational scale and to improve working lives in one of the country’s biggest industry sectors. Coast is founded and led by Daniel Simon, who previously co-founded digital payments platform Bread, which was acquired by Alliance Data Systems for more than $500 million in 2020. For more information, visit https://coastpay.com/.

About ICONIQ Growth
ICONIQ Growth partners with visionaries defining the future of their industries to transform the world. Our investment platform and unique ecosystem helps amplify our portfolio companies’ success from early growth stage to IPO and beyond. Our portfolio includes Adyen, Airbnb, Alibaba, Alteryx, Automattic, BambooHR, Braze, Chime, Collibra, Coupa, Datadog, Docusign, Gitlab, Marqeta, Miro, Procore, Red Ventures, Relativity, ServiceTitan, Snowflake, Sprinklr, Truckstop, Uber, Wolt, and Zoom, among others. For more information, please visit https://www.iconiqcapital.com/growth.

About Synchrony
Synchrony (NYSE: SYF) is a premier consumer financial services company delivering one of the industry’s most complete digitally-enabled product suites. Our experience, expertise and scale encompass a broad spectrum of industries including digital, health and wellness, retail, telecommunications, home, auto, outdoor, pet and more. We have an established and diverse group of national and regional retailers, local merchants, manufacturers, buying groups, industry associations and healthcare service providers, which we refer to as our “partners.”  We connect our partners and consumers through our dynamic financial ecosystem and provide them with a diverse set of financing solutions and innovative digital capabilities to address their specific needs and deliver seamless, omnichannel experiences. We offer the right financing products to the right customers in their channel of choice. For more information, visit www.synchrony.com.

Media Contact:
Heather Ripley
Ripley PR
865-977-1973
[email protected]

SOURCE Coast

SAN DIEGO, July 18, 2024 — New Frontier Funding, a pioneer in leveraging generative AI to help small and medium-sized businesses (SMBs) find credit and debt funding, today announced it has closed a significant round of growth capital from the Homsher Family Office.

The investment highlights the power of generative AI in production to solve a systematic and complex problem: getting more capital into the hands of business owners.

Currently, 68% of U.S. SMBs are undercapitalized, while private credit funds hold over $1.3 trillion in unutilized capital. The problem is not supply and demand, it’s connecting the two.

New Frontier bridges this gap by taking the side of the business owner, assessing their business, and then making introductions to the few capital sources who are most likely to fund their company. This process saves time, and results in better capital from high-integrity lenders.

The company uses its proprietary data and fine-tunes OpenAI’s language models for semantic search and agentic workflows to reduce back-office work and accurately match borrowers with lenders.

This round of growth capital will fund technology infrastructure, continued development of AI, and making additional leadership hires to keep the business on its 400% year-over-year growth trajectory.

The terms of the transaction were undisclosed.

About New Frontier Funding
New Frontier Funding works on behalf of business owners to secure the best credit and debt options to support growth and operations. It combines rigorous data science and AI with deep domain expertise and a simple credo: “do the right thing for the business owner,” to pair borrowers with lenders that allow for efficient deal-making in the fragmented and opaque SMB lending ecosystem.

About Homsher Family Office
Established in 2015 and based in San Diego, California, the Homsher Family Office aims for capital preservation through investments in uncorrelated alternative asset classes and direct investments in the financial technology sector. With its principal member’s long history and track record in financial services and banking, it seeks to partner with management teams, and add value through capital, insight, and relationships.

Contact

New Frontier Funding
Jason Steinberg
[email protected]
(908) 448-4001
https://newfrontierfunding.com

Homsher Family Office
[email protected]
(310) 201-2200
https://homsherfamilyoffice.com

SOURCE New Frontier Funding