Emily Paxhia Joins Board of Managers

Capital Investment  to Support High Growth Throughout Florida

FORT LAUDERDALE, Fla., Aug. 19, 2024 — Sunburn Cannabis (“Sunburn” or the “Company”), a Florida-based and vertically integrated cannabis operator, announced today their most recent capital investment from Poseidon, a leading venture capital fund focused on the cannabis industry. Sunburn also announced the appointment of Poseidon co-founder Emily Paxhia to the Company’s Board of Managers. Poseidon is an early investor in Sunburn having made their initial investment in 2022.

Sunburn is a fast-growing, privately held single-state operator that owns and operates fourteen (14) retail locations in key markets throughout the state of Florida. Florida is currently the largest medicinal market in the U.S. with over $2 billion in revenue generated and should voters approve recreational use in November, the state is anticipated to become the largest legal Cannabis market in the U.S. with market size projected from $4-6 billion. The Company’s growth & development is largely thanks to a loyal and robust customer following and the brand’s authentic roots nurtured in Florida’s rich cannabis history.

“I am thrilled to welcome Emily Paxhia to our Board of Managers,” said Brady Cobb, Founder & CEO of Sunburn. “Poseidon is a leading investor in the cannabis industry and their significant insight and experience will be a tremendous asset as we strategically expand throughout the state of Florida.”

“Since our initial investment, Sunburn has become one of the leading players in the Florida cannabis market, continually ranked at or near the top of the state’s sales rankings per store for most mg of THC sold as compiled by the Office of Medical Marijuana Use,” said Emily Paxhia, Co-Founder & Managing Director of Poseidon. “Cannabis isn’t easy, and Florida is no exception, especially as established operators compete on pricing strategies. Sunburn has leveraged its authentic story, experienced team, fantastic retail locations, and commitment to high-quality products to catapult themselves into the Florida market and we are excited to further support their growth.”

About Poseidon
Poseidon is a leading investor in the legal cannabis and hemp industries with over $100 million in assets under management. Poseidon and its affiliates have been active cannabis investors since 2013, deploying capital into nearly 200 businesses across various stages and verticals globally. The company has been actively involved in state and federal initiatives to drive reform in cannabis laws, including a recent judicial challenge to the Raich vs. Gonzalez SCOTUS case in partnership with Boies, Schiller, Flexner LLP. For more information, visit www.poseidon.partners

About Sunburn Cannabis
Sunburn Cannabis is the brand created by Florida-based Sunburn Holdings, LLC, which was created to build the authentic ultra-premium southern cannabis brand that celebrates America’s rebellious, rock n roll, free spirit as well as cannabis culture. The Sunburn Cannabis brand is based on the true story of CEO and Founder, Brady Cobb, and his late father, Clyde Walton “Bill” Cobb, who was one of the largest cannabis smugglers in the 1970s and 1980s until the DEA task force dubbed “Operation Sunburn” put him in jail. Sunburn incorporates the culture and traditions passed down from its founders, employing a team that is passionate about the plant and cultivating only the highest quality product. Sunburn currently has 14 retail locations across Florida. For more information, visit www.sunburncannabis.com.

SOURCE Sunburn Cannabis

Led by VC 414 out of Milwaukee, Wisconsin, the round raised $1.2M, with additional contributions from Supes’ Fund, White Rose Ventures, 1855 VC, and Product 10X. The funding will be instrumental in accelerating TEAMology’s growth, both in TEAMtalk product marketing development and talent expansion within the K-8 Edtech space and the team’s ability to execute its vision. “Our team loved TEAMology’s student-first approach and focus on social, emotional, and mental health outcomes. Feedback from current customers has us excited that this platform is a winning solution for teachers, counselors, students, and their families alike. We’re backing an incredibly smart team that is deeply versed in holistic student well-being as well as EdTech sales,” said Jennifer Abele, managing partner at VC 414.

The importance of including a partner with market expertise was key for TEAMology in this round. The Supes’ Fund is made up of retired superintendents and education-focused experts who offer a critical perspective for TEAMology. “One of the most pressing concerns we consistently hear from superintendents since the pandemic is that they lack sufficient resources to address the rising student mental health concerns. We are invested in TEAMology because we believe that Linsey and her team have come up with a key solution to this challenge, and we want them to have the opportunity to engage with more district leaders across the country,” said Doug Roberts, Managing Partner, Supes’ Fund.

“We are ecstatic about this new chapter and the confidence and support we’ve received from our investors,” said Linsey Covert, Founder and CEO of TEAMology. “This investment not only validates our business model but also empowers us to advance our mission of providing access to quality social, emotional, and mental health support for our K-8 students. We are committed to leveraging these funds to drive innovation and deliver unparalleled value to our users. The education world needs the unwavering support of trusted partners to support all students and staff at a time where mental health and wellness should be a priority for effective learning.”

About TEAMology

Established in 2016, TEAMology launched as one of the first companies to emerge from Penn State University’s Invent Penn State commercialization ecosystem. Since 2016, TEAMology has focused on better understanding how to develop a personalized solution to meet students’ social, emotional, and mental health needs. This research and development led to creating what is now known as TEAMtalk – an AI + human technology that provides kids with an opportunity to directly connect and be supported by the six TEAMology characters that grow with them. Partnerships such as Penn State and the public media company WQED, home of “Mister Rogers’ Neighborhood,” are helping to expand the important work of TEAMology.

TEAMtalk offers a scalable machine learning + human approach to engage directly with children. Our student-facing solution creates a safe, non-threatening, non-judgmental space for children to express themselves and their concerns. The whole-system solution baselines, coaches, and produces actionable outcomes to strengthen a child’s mental well-being while also triaging issues through a proprietary triage approach based on a Multi-Tiered System of Supports model. Through daily check-ins, conversational evidence-based assessments, and personalized coaching, TEAMtalk will deliver information to educators about each student’s strengths and growth opportunities as well as the ways an educator can help increase the child’s social and emotional abilities. TEAMtalk identifies the need for triage and can operate as an extension of the in-school support team to mitigate challenges before they escalate and become bigger issues. TEAMtalk provides insights for individual students and classrooms, and it can be beneficial school-wide in helping educators identify the greatest challenges students are discussing and trends over time.

Connect with TEAMology
X: @teamology4kids
LinkedIn: @teamology4kids
Facebook: @teamology4kids
Website:https://www.teamology.team/

Media Contact

Lindsay Fairman, TEAMology, 1 4403419653, [email protected],
https://www.teamology.team/

SOURCE TEAMology

CHICAGO, Aug. 16, 2024 — Angeles Investors is thrilled to announce the awardees for the prestigious 2024 Estrellas Awards, a recognition of the top funders and venture capital firms that have made significant investments in Hispanic and Latino startups. These visionary investors are not only fueling innovation but also empowering the fastest-growing entrepreneurial segment in the U.S. economy.

The Angeles Investors Estrellas Awards celebrate those who have demonstrated exemplary leadership and commitment to supporting Hispanic and Latino founders. These investors have played a crucial role in helping these startups thrive, creating jobs, and driving economic growth in their communities.

“The Estrellas Award awardees are more than just investors—they are catalysts for change, champions of diversity, and true believers in the power of Hispanic and Latino entrepreneurship,” said David Olivencia, Co-Founder and CEO at Angeles Investors. “Their commitment to fostering innovation and supporting underrepresented founders is what drives the continued growth and success of our community.”

Angeles Investors is thrilled to announce that the winners of the 2024 Estrellas Awards will be revealed at a special ceremony during the Q3 Summit and Awards Event on August 16, 2024. Held at the iconic Chicago Wintrust building, this prestigious event will honor the exceptional contributions of the awardees to the startup ecosystem. The gathering will unite influential leaders, investors, and entrepreneurs to celebrate these remarkable achievements and explore new opportunities for collaboration and growth.

About Angeles Investors
Angeles Investors is a premier network of investors focused on finding, funding, and growing the most promising Hispanic and Latino ventures. Since its inception, Angeles Investors has been one of the fastest-growing angel groups dedicated to creating opportunities that enable startups to scale, innovate, and make a lasting impact on the world.

Become an Angeles Member! Unlock unique investment opportunities within the Hispanic and Latino entrepreneurial ecosystem as a member of Angeles Investors. Whether you’re an accredited investor eager to discover high-potential startups or a new investor aiming to enhance your skills and network, Angeles Investors is your gateway to success.

Membership includes access to our exclusive quarterly Summits, potential board seats, executive roles in emerging companies, and a vibrant community dedicated to growing Hispanic and Latino ventures. View our membership options.

Subscribe to Angeles Investors’ YouTube channel for the latest updates and insights. Don’t miss out – Join our community today!

SOURCE Angeles Investors

CHARLOTTE, N.C., Aug. 16, 2024 — Falfurrias Management Partners (Falfurrias), a private equity firm focused on growth-oriented, middle-market businesses, today announced its investment in Snak King, a leading manufacturer of private label and co-manufactured products including tortilla chips, rolled tortilla chips, potato chips, popcorn, extruded and co-extruded snacks, nut clusters, and more.

Founded in 1978, Snak King has become one of the largest producers of co-manufactured and private-label salty snacks in the United States. Snak King CEO Barry Levin joined the company in 1979 as its third employee – at the time, Snak King was a small co-manufacturer of pork rinds, operating out of a 1,200-square-foot factory in Los Angeles. Since then, the company has grown substantially, currently employing over 780 team members across state-of-the-art facilities in the greater Los Angeles and Chicago areas. For over four decades, Snak King has remained at the forefront of snack innovation, serving as a valued partner to its customers to help develop and produce unique, differentiated products. In addition to its co-manufactured and private label business, Snak King goes to market through brands including El Sabroso, The Whole Earth, Granny Goose, and Jensen’s Orchard.

Falfurrias’ investment will bring additional food expertise and industry-leading perspectives to Snak King’s operation. Joining Snak King CEO Barry Levin on the Board will be Ken Walker and Chip Johnson from Falfurrias Management Partners, Dave Katz, President and COO of Coca-Cola Consolidated, Bill Lovette, CEO of Sauer Brands, and Bill Ladd, former senior executive and Vice President of Supply Chain Transformation at PepsiCo.

“Snak King’s dedicated team and our steadfast customer-first mentality have enabled us to transform over the past forty-six years from a small-scale pork rind business to an operation that delivers a broad range of innovative snacking options to food brands, retailers, and customers around the country,” said Barry Levin. “Falfurrias’ experience will be enormously beneficial as we partner to achieve Snak King’s next phase of growth.”

“Falfurrias identified private-label salty snacks as a major category of interest based on our ongoing Industry First research,” said Chip Johnson, Partner at Falfurrias. “Snak King’s differentiated products and capabilities, industry leadership, and team-oriented culture stood out to us, and we’re excited to partner with Barry and the rest of the Snak King team to continue growing their business.”

“Barry’s decades of consistent leadership have primed Snak King to become a dominant industry player,” said Falfurrias’ Ken Walker. “The team’s unwavering commitment to quality and customer service is inspiring. While other snack manufacturers offer limited and traditional product assortments, Snak King’s commitment to innovation and ability to meet a wide range of ever-changing consumer preferences have made them trusted partners to some of the nation’s leading food companies and retailers. As consumer demand continues to increase, we’re eager to work with Barry and the Snak King team to further the company’s position as a leader in the snack industry.”

Equity for this investment comes from Falfurrias Capital Partners IV and Falfurrias Capital Partners V, both operationally focused lower middle market buyout funds, and builds on the firm’s experience investing in food-focused manufacturing and technology companies, including Sauer Brands, Local Hive, Carolina Foods, EDGE Industrial, and E Technologies Group. With these investments, Falfurrias has developed growing industry expertise that will enable the team to help Snak King drive growth, expand capacity, and continue delivering high-quality, innovative products to its valued customers. 

William Blair advised Falfurrias on this investment, and K&L Gates LLP served as legal advisors. Intrepid Investment Bankers and Sheppard Mullin LLP served as Snak King’s financial and legal advisors, respectively.

About Falfurrias
Falfurrias Capital Partners is an operationally focused middle market private equity fund focused on investing in high-growth companies in the food manufacturing, industrial technology, and business services sectors. The team is comprised of investors and proven operators, as well as in-house resources across strategy & market insights, finance & integration, human capital, and technology. The fund is managed by Falfurrias Management Partners, a Charlotte-based private equity firm founded in 2006 by Hugh McColl Jr., former chairman and CEO of Bank of America; Marc Oken, former CFO of Bank of America; and Managing Partner Ed McMahan. The firm has raised $2.2 billion across six funds and invests in growing, middle-market businesses in sectors where the firm’s operational resources, relationships, and sector expertise can be employed to complement portfolio company executive teams in support of growth objectives. For more information, visit www.falfurrias.com.

About Snak King
Founded in 1978, Snak King is one of the largest snack food manufacturers in the United States, known for its commitment to innovation, quality, and customer satisfaction. Headquartered in City of Industry, California, Snak King offers a diverse portfolio of snack products for a variety of private label and co-manufacturing customers as well as for in-house brands, including El Sabroso, The Whole Earth, Granny Goose, and Jensen’s Orchard. With state-of-the-art facilities and a longstanding focus on excellence, Snak King consistently delivers delicious and high-quality snacks that cater to a wide range of tastes and preferences. Whether it’s traditional favorites or new and exciting flavors, Snak King is dedicated to bringing joy to every snack occasion.

SOURCE Falfurrias Management Partners

SINGAPORE, Aug. 16, 2024 — WSPN (Worldwide Stablecoin Payment Network), a leading provider of next-generation stablecoin infrastructure, has raised US$30 million in Seed funding round. This round was led by Folius Ventures and Foresight Venture, with participation from prominent investors including Hash Global, Generative Ventures, RedPoint Capital, and a consortium of top-tier investment companies, exchanges and foundations.

WSPN distinguishes itself through its team of seasoned professionals with experience at industry leaders such as CTH, Paxos, and Visa (NYSE: V), bringing decades of combined expertise in payments and stablecoin operations. Further solidifying its position, WSPN has garnered support from over 30 exchanges, more than 10 major wallets, and dozens of prominent payment institutions and market makers. This robust foundation enables WSPN to confidently build a truly global digital payment network.

WSPN is building a more secure, efficient, and transparent payment solution by working towards establishing a global framework and a new digital payment ecosystem. The company is committed to providing users with a superior stablecoin experience, powered by its groundbreaking “Stablecoin 2.0″ approach.

Introducing Stablecoin 2.0

WSPN is pioneering the concept of Stablecoin 2.0, setting the new standard for the next generation of stablecoins. The Company’s mission extends beyond creating a stable digital currency; it aims to design and develop infrastructure that embodies the essence of Web3, with a focus on enhancing the robustness and transparency of stablecoin systems.

Here’s how WSPN is building Stablecoin 2.0:

• User-Centric Value Distribution: WSPN plans to introduce its own governance token, allowing users to share in the ecosystem’s long-term value and have a direct influence on its development trajectory, embodying the “From the People, For the People” principle.
• Community-Driven Governance: WSPN will adopt on-chain voting, empowering token holders to participate in key decision-making processes. This ensures the ecosystem remains transparent, accountable, and responsive to its users, with decisions and asset verifications transparently recorded on the blockchain.
• Enhanced Accessibility and Payment System Upgrade: WSPN aims to streamline user interfaces and reduce entry barriers, making stablecoin usage more accessible to both individuals and institutions. This approach not only drives mainstream adoption but also seeks to upgrade existing electronic payment and settlement systems.
• Comprehensive Value Ecosystem: WSPN is committed to develop a wide range of products and use cases, from asset management to everyday transactions, unlocking the full potential of stablecoins for users globally.

“This substantial capital injection will significantly accelerate our efforts to bring about the next generation of stablecoin infrastructure,” said Raymond Yuan, Founder and CEO of WSPN. “We are excited to collaborate with our esteemed investors to build a more robust, transparent, and user-centric stablecoin ecosystem that can power the future of finance.”

About WSPN

WSPN is a leading provider of next-generation stablecoin infrastructure, committed to building a more secure, efficient, and transparent payment solution for the global economy. Their flagship product, WUSD stablecoin, is pegged 1:1 to the U.S. Dollar and aims to optimize secure and licensed digital payments for Web3 users.  WSPN ‘s Stablecoin 2.0 approach prioritizes user-centricity, community governance, and accessibility, paving the way for widespread stablecoin adoption.

Learn more: www.wspn.io | X | LinkedIn

SOURCE WSPN

The company is preparing to scale multiple new deployments globally. 

ST. LOUIS, Aug. 15, 2024 — Intramotev, the technology company building battery-electric railcar retrofits, announced today it has closed a $14.4 million oversubscribed Series A funding round. The round is led by Flybridge Capital Partners and Alpaca VC, and joined by other investors including Advantage Capital, Aera VC, Band VC, Cantos, Cathcart Rail, Collide Capital, Decisive Point, and Idealab Arizona.

“This funding positions us to continue deploying our technology to customers across the US and abroad to unlock a new era of growth for the rail industry,” said Tim Luchini, Intramotev’s CEO. “We’ve heard from customers again and again that they want freight solutions that don’t compromise on efficiency, speed, or flexibility. TugVolt and ReVolt deliver just that.”

Intramotev’s retrofitted solutions create new possibilities for customers to increase their rail capacity, while saving money on fuel and lowering their carbon footprint.

“A lot of suppliers promise to make your job easier, but Intramotev actually delivers,” said Jon Brown, VP of Business Development and Capital at Iron Senergy. “Intramotev’s team worked relentlessly to ensure the proper implementation of their technology at our mine, and we couldn’t be more pleased with the results. 5,000 miles into our experience with their ReVolt train, we’re thrilled to continue working with Intramotev to accelerate innovation in mining.”

Intramotev is the world’s only self-propelled railcar supplier with units in active revenue service. Currently deployed at Iron Senergy’s Cumberland Mine, Intramotev will launch an additional deployment at a calcium mine owned by Carmeuse Americas later this year.

About Intramotev

Intramotev is a high-technology company focused on transforming modern freight movement by developing battery-electric, self-propelled rail solutions that decrease costs, increase usage and safety, and promote environmental responsibility. Learn more at Intramotev.com.

Press Contact

Don Soffer, [email protected]

SOURCE Intramotev

PENNINGTON, N.J., Aug. 15, 2024 — Zynext Ventures USA LLC (Zynext Ventures), the Venture Capital (VC) arm of Zydus Lifesciences (Zydus), committed to advancing disruptive breakthroughs in healthcare, announced its investment in neuro42 Inc. (neuro42), a US-based developer of cutting-edge portable MRI systems for neuroimaging and interventions.

neuro42 is transforming neuroimaging and interventions with their portable MRI and robotic intervention technology, bringing advanced imaging and treatment to the patient’s bedside. Their compact, user-friendly MRI scanner enables rapid diagnosis, while the robotic module promises to revolutionize procedures like brain biopsies and ablations. neuro42’s Diagnostic MRI platform is FDA 510(K) cleared for neuroimaging, and the company is currently seeking regulatory clearance for its interventional module.

Jay Kothari, Director of Zynext Ventures, highlighted the investment’s strategic importance, saying, “neuro42’s disruptive technology has the potential to reshape neuroimaging and interventions, enabling precise planning and execution of surgical procedures like shunts, biopsies, and laser therapy. Our investment will propel their progress and bring groundbreaking solutions to patients.”

“We are delighted to have Zynext as our strategic investor,” said Dr. Amit Vohra, Founder and CEO of neuro42. “The partnership will accelerate our mission in bringing our innovational neuroimaging and interventional products to global masses.”

The US MRI imaging market was valued at ~$1.8bn in 2024, with neurology accounting for 23% of this market. As per Center for Disease Control (CDC), there are 2.8 million cases of traumatic brain injury (TBI), 795,000 strokes, and 14,000 brain biopsies each year in the US alone. neuro42 is well-positioned to address this demand and revolutionize the space.

About Zynext Ventures

Zynext Ventures is the investment arm of Zydus Lifesciences. The venture capital firm focuses on identifying and investing in promising early-stage and growth-stage companies in the healthcare sector. Zynext Ventures provides financial support, strategic guidance, and industry expertise to its portfolio companies, helping them achieve their full potential and make a meaningful impact on the lives of patients.

To learn more about Zynext Ventures, please visit: https://zynextventures.com

LinkedIn: Zynext Ventures

Twitter: @ZynextVentures

About Zydus

Zydus Lifesciences Ltd. with an overarching purpose of empowering people with freedom to live healthier and more fulfilled lives, is an innovative, global lifesciences company that discovers, develops, manufactures, and markets a broad range of healthcare therapies. The group employs 27,000 people worldwide, including 1,400 scientists engaged in R & D, and is driven by its mission to unlock new possibilities in lifesciences through quality healthcare solutions that impact lives. The group aspires to transform lives through path-breaking discoveries. Over the last decade, Zydus has introduced several innovative, first-in-class products in the market for treating unmet healthcare needs with vaccines, therapeutics, biologicals and biosimilars. For more details visit www.zyduslife.com.

About neuro42

neuro42, Inc. is a medical technology company focused on diagnostic imaging and image guided interventions of the brain. Founded by a team of successful entrepreneurs and healthcare innovators, neuro42 is developing and commercializing an intraoperative MR, AI and robotic platform that allows easy access to MR imaging for screening, diagnosis and interventions of neurological diseases. Backed by over 50 patents, neuro42’s platform is poised to enhance patient and physician experience with its novel, easy-to-use and portable configuration. To learn more about neuro42, visit neuro42.ai.

Logo: https://mma.prnewswire.com/media/2442038/Zynext_Ventures_Logo.jpg

SOURCE Zydus Lifesciences Ltd

NEW YORK, Aug. 15, 2024 — Chaos Labs, the industry leader in onchain risk management, today announced a $55 million Series A funding round led by Haun Ventures. This significant investment, aimed at scaling onchain economic security, attracted prominent new investors including F-Prime Capital, Slow Ventures, Spartan Capital, and more. They join an impressive roster of existing backers such as Lightspeed Venture Partners, Galaxy Ventures, Wintermute Ventures, PayPal Ventures, General Catalyst, Bessemer Venture Partners, and Coinbase Ventures. The round also saw participation from strategic angel investors, including Kevin Weil (OpenAI CPO), Michael Shaulov (Fireblocks CEO), Anatoly Yakovenko (Solana CEO), Francesco Agosti (Phantom CTO), and Anton Katz (Talos CEO).

Chaos Labs plans to leverage this funding to accelerate new product development and scale its cutting-edge risk management platform. The platform currently features enhanced observability tooling, innovative risk oracles, and real-time parameter recommendations.

This Series A investment is the first led by Diogo Mónica, General Partner at Haun Ventures. Mónica shared his enthusiasm for the investment: “Chaos Labs has emerged as an industry leader; their rapid growth, despite volatile markets, speaks volumes about their product-market fit, brand strength, and product quality. As onchain finance matures to compete with its centralized counterparts, the need for world-class risk management tools, designed from the ground up for the blockchain stack, is both clear and intuitive.”

Mónica added, “Meeting Omer and witnessing his intense focus and vision strengthened our conviction on Chaos Labs. We’re excited to partner with Chaos Labs as they continue to safeguard and grow the industry.”

In the past year, Chaos Labs tripled its customer base. Today, more than 20 protocols including Aave, GMX, and Jupiter, rely on Chaos Labs to secure, monitor, and grow their products. Chaos Labs technology has secured $860B in cumulative trading volume, $25B in loans, and $35M in incentives.

For Chaos Labs, this growth is part of a grander vision: to empower decentralized applications with contextualized data to improve risk management, and economic security posture, while increasing capital efficiency and achieving performance parity with their centralized counterparts.

“We’re thrilled to partner with Haun Ventures and double down with existing investors on our expanded vision for Chaos Labs,” said Omer Goldberg, Founder and CEO at Chaos Labs. “Our north star has always been high quality data informing high quality risk management. Crypto is among the most volatile asset classes today. Yet, most DeFi applications remain static, relying on stale parameters that take hours or days to update. The future of decentralized finance needs modern, dynamic data infrastructure.”

Many companies attempting to solve different parts of the blockchain data stack, such as industry giants Chainlink and LayerZero, have tapped Chaos Labs for their own research and development and risk management needs, often referencing assessments published by Chaos Labs in their benchmarks and product announcements.

These opportunities have validated the team’s thesis that data requirements are becoming more sophisticated and holistic as blockchains capture flow from traditional exchanges and applications demand dynamic data infrastructure.

“Offchain data and onchain risk are inextricably linked,” said Goldberg. “Market context, including volatility, liquidity depth, and bid-ask spread, is essential for real-time adjustments in high-frequency trading applications.”

Goldberg expanded on this vision: “Chaos Labs is building new products which merge previously siloed offchain market data, observability, and alerting with dynamic risk parameter adjustments. This new technology will build upon our existing stack and enable instant updates which reflect current market conditions.”

Decentralized finance applications currently depend on manual risk management and isolated analysis of data feed performance to ensure platform integrity in variable market conditions. By comparison, centralized exchanges, including the Chicago Options Exchange utilize risk engines built directly on top of market data feeds.

“We’re catching up to our CeFi counterparts and this is where it’s going,” said Goldberg.

About Chaos Labs

Chaos Labs leads the blockchain risk management industry with innovative solutions for the evolving onchain financial landscape. The company’s Risk Platform provides comprehensive economic security for crypto protocols through advanced monitoring, real-time simulations, and cutting-edge Risk Oracles. Chaos Labs enables protocols to verify stability across all market conditions, merging offchain observability with onchain risk parameter adjustments. This empowers DeFi applications to adapt instantly to market volatility, allowing teams to monitor health, execute proactive changes, protect user funds, and optimize capital efficiency. Backed by leading venture capital firms, Chaos Labs continues to set new standards for security and responsiveness in onchain finance.

Founded in 2021, Chaos Labs is headquartered in New York City. For more information, visit www.chaoslabs.xyz or @chaos_labs on X.

SOURCE Chaos Labs, Inc.

Final Closing of Funding Round Follows Hiring of CEO Ray Smets, Reinforces Industry First That Paves Faster Path to Commercial-ready Quantum Computing – More Powerful Qubits With Built-in Error Detection

NEW HAVEN, Conn., Aug. 15, 2024 — Quantum Circuits, Inc., announced it has secured a final Series B investment round of more than $60 million, providing additional capital support as the company prepares to commercialize its quantum systems with an industry first – error detection built into a more powerful qubit for scalable, higher-fidelity computing.

The investment is led by ARCH Venture Partners, F-Prime Capital, Sequoia Capital, and Hither Creek Ventures. The Series B round also includes investment from Canaan Partners, Fitz Gate Ventures, In-Q-Tel (IQT), Osage University Partners, Connecticut Innovations, Tao Capital Partners, and Tribeca Venture Partners.

Quantum Circuits is a spinout from Yale University, including Rob Schoelkopf, the Sterling Professor of Applied Physics at Yale and one of the founders of the superconducting quantum computing field. The Series B investment provides Quantum Circuits with additional latitude to engage lead customers and set commercial go-to-market plans for its unique quantum systems. The final closing follows the company’s recent appointment of President and CEO Ray Smets and delivery of cloud-based simulation for quantum applications with built-in error detection.

These systems are based on a novel superconducting architecture that solves one of the most pressing problems in quantum computing – error detection and correction. Its powerful dual-rail qubit with built-in error detection is an industry first. Quantum Circuits’ unprecedented approach provides greater accuracy, performance, and scalability for quantum systems, accelerating the path to consistent, repeatable computing results that are a prerequisite for commercially viable systems.

“At Quantum Circuits, we are delivering the industry’s first full-stack quantum computing solution with built-in error detection to realize reliable and trusted quantum computing at scale,” Ray Smets said. “By putting the power of error detection and real-time control into the hands of algorithm developers, we will accelerate their ability to create new solutions and achieve better results needed for commercial applications. The full Series B investment underscores the confidence in our approach.”

“The founding goal for Quantum Circuits has always been to focus on the biggest challenge for quantum computing – to deliver reliable fault-tolerant and scalable quantum computers,” said Rob Schoelkopf, Quantum Circuits’ founder and Chief Scientist. “We take the strategy of ‘correct first, then scale,’ using our built-in error detection and correction.”

Supporting Quotes

Bill Coughran, Partner at Sequoia Capital
“From the beginning, Quantum Circuits has delivered unique innovation that positions it for the long run. Creating the more powerful dual-rail qubit with built-in error detection is a significant achievement in the quantum space. They are setting themselves apart from the rest of the vendor landscape.”

Corey Ritter, Principal at ARCH Venture Partners
“Quantum Circuits’ dual-rail qubit architecture solves the most pressing problem in quantum computing – error detection and correction. We are excited to see Quantum Circuits scale their world-leading architecture and chart the clearest path to realizing the promise of quantum computing.”

Stephen Knight, M.D., President and Senior Managing Partner at F-Prime Capital
“We see many quantum companies taking different approaches to solving the error correction challenge with varying degrees of success. Quantum Circuits leverages the speed, flexibility, and scalability of this approach to build high-fidelity systems that have the potential to be best-in-class.”

Eugene Chiu, Senior Partner at IQT
“Quantum Circuits takes a refreshing new approach to error correction, speeding up quantum computing’s transition from science labs to global enterprises. Their team’s pedigree and pragmatism allow the company to stand out as the quantum computing industry matures.”

Zander Farkas, Managing Partner at Hither Creek Ventures
“Quantum Circuits’ work on error correction puts them solidly in the lead in the race to build useful quantum computers. In a world where companies tout qubit counts while making near-zero progress toward a functional computer, Quantum Circuits’ hardware accomplishes milestones that the rest of the industry will struggle to achieve within the decade.”

About Quantum Circuits
Quantum Circuits is founded by quantum physicists, including leading quantum expert and Yale Professor Rob Schoelkopf. The company is a leader in the development of quantum computers designed to scale. Quantum Circuits’ innovative architecture integrates high-fidelity qubits with intrinsic error detection and handling. High-fidelity error detection is a key component to reducing the number of physical qubits necessary to build a useful quantum computer, thus accelerating the timeline to fault-tolerant quantum computing and real-world applications. Quantum Circuits’ team includes pioneers in the development of superconducting quantum science and circuit quantum electrodynamics. For more information, visit www.quantumcircuits.com.

SOURCE Quantum Circuits