BOSTON, Sept. 24, 2024 — In a move that exemplifies a significant shift in maritime defense, Trousdale Ventures and Scout Ventures have co-led a $11 million investment round in HavocAI, a trailblazing developer of low-cost, collaborative, autonomous surface vessels. HavocAI’s fleet of uncrewed boats represents a game-changing solution, with cutting-edge capabilities delivered at incredibly low costs in an era where threats to global shipping and security intensify daily.

HavocAI’s vessels are the first line of defense against increasingly sophisticated maritime threats, such as those posed to commercial shipping in the Red Sea. These revolutionary boats are the ultimate maritime security system—an advanced, coordinated fleet optionally armed with explosive and electronic warfare warheads and with proven capability to launch both subsurface and airborne drones. Electronic warheads disable enemy drones, allowing them to be captured or destroyed with surgical precision.

“HavocAI is at the forefront of what will define the next generation of warfare—massive, low-cost autonomous fleets that can be deployed rapidly and operated with minimal manpower,” said Michael Potiker, Partner at Trousdale Ventures. “The company’s technology has the potential to not only protect vital shipping lanes but also to reshape how global navies defend themselves in an increasingly volatile world.

The Silent Swarm: A Defining Moment for HavocAI

The future of naval dominance is already unfolding. HavocAI demonstrated its visionary technology at the US Navy’s Silent Swarm exercise, where one sailor successfully controlled numerous autonomous vessels in a coordinated attack-and-defend scenario. Havoc’s solutions don’t aim to replace sailors or existing ships but to create an entirely new kind of naval warfare where human operators can unleash fleets of autonomous assets, responding to threats in real-time at a scale never before possible.

As global conflicts escalate and commercial shipping becomes a bigger target for hostile actors, HavocAI’s technology is primed to fill a critical gap. Its naval drones can neutralize enemy combatants and surface threats, operate in denied-communication zones, and work with air and sub-surface autonomous systems, creating a holistic defense web.

“At HavocAI, we’re not just building boats—we’re building an autonomous fleet that can outthink, outmaneuver, and outlast any adversary while empowering individual sailors to defend against a wide array of threats,” said Paul Lwin, CEO of HavocAI. “Our goal is simple: to make the oceans a no-go zone for any hostile entity.”

A Rapidly Growing Threat, A Powerful Response

With rebel groups threatening the safety of shipping lanes and the specter of near-peer conflicts looming large, the demand for unmanned maritime solutions has never been more urgent. HavocAI’s ability to launch aerial vehicles equipped with electronic warfare warheads that neutralize enemy drones gives it a unique edge in the fight to protect global commerce.

And it’s not just the defense industry that’s taking notice. HavocAI’s powerful software platform is gaining attention from commercial sectors, including shipping, port security, and offshore logistics, opening up multi-billion-dollar markets worldwide.

“Investing in dual-use frontier tech like HavocAI allows us to make a tangible difference. They are solving today’s toughest defense challenges while creating opportunities for commercial expansion—exactly the kind of innovation that transforms industries,” said Brad Harrison, Founder, Scout VC.

“HavocAI’s fleet is adaptable, resilient, and can be deployed on a scale that most operators could only dream of,” added Potiker. “This investment is just the beginning. We’re backing a future where one sailor can safely command an entire fleet of autonomous vessels. By efficiently deploying technology, we can create the most effective deterrent to the asymmetric threats we face today, thereby ensuring regional stability.”

A Game-Changing Investment

With this round of funding, HavocAI is positioned to ramp up production and deploy its game-changing fleet across global waters. Trousdale Ventures and Scout Ventures are backing HavocAI’s ability to solve today’s maritime challenges and anticipate the demands of future conflicts. www.havocai.com 

CONTACT:
Mike Aaron
[email protected]
Phone: (332) 203-2148

SOURCE HavocAI

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SAFETY HARBOR, Fla., Sept. 24, 2024 — Integrated Ventures Inc. (“Company”, “OTCQB: INTV“) is pleased to announce that its newly launched subsidiary, MedWell USA, LLC has signed a strategic and valuable Management Services Organization (“MSO”) agreement with FDA licensed manufacturer of pharmaceutical products.

This agreement enables MedWell USA to act as a Procurement Agent for Semaglutide, a leading pharmaceutical product in the weight management sector. MedWell USA will leverage various marketing avenues to target health providers, wellness clinics and gyms, across 23 states, expanding its footprint in the thriving health and wellness industry.

Semaglutide, a GLP-1 receptor agonist, has gained significant traction as an effective treatment for weight loss and management. The consumer market for Semaglutide is rapidly expanding, with the global market projected to reach $10.6 billion by 2028, growing at a compound annual growth rate (CAGR) of 14.5%.

Through this MSO agreement, MedWell USA will act as a B2B procurement agent, introducing health and wellness clinics to reputable pharmaceutical suppliers. By facilitating these connections, MedWell USA aims to ensure that clinics have access to high-quality Semaglutide and other essential pharmaceuticals, thereby enhancing their ability to provide effective weight management solutions to their patients.

“We are excited to announce this pivotal MSO agreement that empowers MedWell USA to play a crucial role in the procurement and expansion of Semaglutide,” said Steve Rubakh, CEO of Integrated Ventures Inc.

“The Semaglutide market presents a significant opportunity, and we are committed to leveraging this agreement to provide top-tier pharmaceutical products to health and wellness clinics. We are anticipating signing of another MSO, which will enable MedWell USA to act as Procurement Agent for Tirzepatide – another GLP-1 based drug that regulates appetite and blood sugar levels while reducing hunger and promoting a feeling of fullness, thus helping patients to keep weight off. This is just the beginning of our journey, as we plan to expand our offerings, to include a broader range of pharmaceuticals and medical supplies.”

MedWell USA’s initial focus on the Semaglutide market will be the foundation for its broader strategy to introduce additional pharmaceuticals and supplies. By building strong relationships with health and wellness clinics and pharmaceutical suppliers, MedWell USA aims to become a trusted partner in the healthcare and wellness industry, and facilitate the high volume procurement of high quality, safe and effective pharma products that meet the evolving needs of medical providers and their patients.

Integrated Ventures, Inc.: The Company, located in Safety Harbor, FL, is diversified holdings company that develops, acquires, operates, and invests in businesses with high growth potential.

The Company’s current operations consist of:

(1) Digital currency mining and hosting.

(2) MedWell USA, LLC – B2B procurement agency with focus on the health and wellness category. This subsidiary markets medical weight loss and GLP-1 products by targeting medical offices, wellness clinics, gyms, and online telemedicine companies.

(3) MedWell Direct, LLC – Operator of D2B/B2C telemedicine platforms that connect consumers with licensed healthcare providers and provides weight loss management services, driven by GLP-1 products.

(4) MedWell Facilities, LLC – Facilities management company is dedicated to the health and wellness industry. This subsidiary is focused on developing real estate opportunities, designed to attract health and wellness tenants.

Safe Harbor Statement: The information posted in this release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of1995. You can identify these statements by use of the words “may,” “will,” “should,” “plans,” “explores,” “expects,” “anticipates,” “continue,” “estimate,” “project,” “intend,” and similar expressions. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or anticipated. These risks and uncertainties include, but are not limited to, general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, and various other factors beyond the company’s control.

Contact Details: (215) 613-9898 [email protected]

SOURCE Integrated Ventures Inc.

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Innovative AI Travel Planning Technology Connects Travelers with Advisors to Bring Dream Trips to Life

PHILADELPHIIA, Sept. 24, 2024 — AtlasGuru, a leading travel technology platform known for its personalized trip itineraries powered by user-generated content and artificial intelligence, today unveiled the launch of its “AI-to-Advisor” tool along with an enhanced interface, Itinerary AI 2.0. This marks the platform’s most significant technological update since the debut of Itinerary AI in late 2023. The newly upgraded AtlasGuru.com features detailed itineraries across 125 countries, empowering travelers to create personalized trip itineraries using cutting-edge AI technology and now seamlessly connects users with experienced travel advisor partners to finalize and book their dream vacations.

Itinerary AI 2.0 offers notable upgrades that simplify the travel planning process, including integration with the latest large language models, faster results through progressive loading, visually captivating images to inspire wanderlust, Google recommendations for restaurants at each destination, and weather-based travel timing suggestions.

“Itinerary AI 2.0 and our new AI-to-Advisor tool represent a major leap forward in travel planning by transforming AI-generated travel ideas into a more streamlined, visually appealing, and informative experience,” said Kim Bennett, CEO and Founder, AtlasGuru. “By merging cutting-edge AI technology with the expertise of our travel partner advisors, we enhance and accelerate the booking and planning process, empowering travelers to bring their dream trips to life with confidence and ease.”

A curated group of leading travel advisors and tour operators have partnered with AtlasGuru for the launch of the AI-to-Advisor tool, including New Paths Expeditions, Radcliffe Travel Co, Fora Travel Advisor Rabia Malik, and Cherish Tours, with more partners to be announced soon.

“As New Paths Expeditions plans our 2025 expeditions to some of the most exotic and culturally rich destinations on Earth, we are thrilled to partner with AtlasGuru on the new AI-To-Advisor tool, which brings a new level of innovation to the fast-paced travel industry,” said Jorge Salas, CEO and Founder of New Paths Expeditions. “We are excited to be engaging with AtlasGuru’s robust contributor network and proprietary AI technology to better serve our clients and help them realize their dream adventures.”

In 2023, AtlasGuru launched Itinerary by AI, an interactive tool that combines OpenAI’s ChatGPT’s technology with AtlasGuru’s library of human-created itineraries to generate informed trips via a simple one-click process.

The AI-To-Advisor tool is free to use and available to all AtlasGuru.com visitors. To get started, please visit Itinerary AI, here.

About AtlasGuru

Launched in 2019 by CEO Kim Bennett, AtlasGuru is a travel content platform featuring a community of avid travelers who share itineraries and expert travel tips. Currently, the platform features over 500 contributors spanning 125 countries. AtlasGuru’s Itinerary AI, launched in late 2023, redefines travel planning by using the human-created itineraries on AtlasGuru to fuel personalized generative AI trip plans with the power of OpenAI’s ChatGPT technology. To learn more, please visit AtlasGuru.com on the web, or on social media at @AtlasGuru on Instagram, Threads, and Facebook.

Media Contact:
Nicole Weiss
NJW PR Inc.
626-321-7658
[email protected]

SOURCE AtlasGuru

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MIAMI BEACH, Fla., Sept. 24, 2024 — Palmer, a leader in fund administration for private capital markets, has partnered with Entrilia to leverage its advanced technology platform and redefine what is possible in a tech-first fund administration model. This collaboration is poised to set new standards for operational efficiency and transparency, positioning both firms as leaders in an evolving industry.

Palmer launched with a deep understanding of the modern private equity firm’s needs and extensive experience operating on incumbent technologies. With a clear view of the competitive landscape, Palmer selected Entrilia for its unmatched combination of current capabilities and future-proof technology. Palmer, with Entrilia not only meets the high standards of today’s most established fund administrators but also positions Palmer to stay ahead of the curve, ensuring long-term success in an evolving market.

“Our selection of Entrilia is the result of a detailed and thoughtful evaluation process,” said Martin Schnaier, CEO of Palmer. “As a new business, we believe that our partnership with leading, next generation technology providers is critical to delivering our vision of being the new standard in private capital administration. We benefit from more efficient operational processes and real-time data-driven analytics to support enhanced internal and client decision-making. We are therefore delighted to be partnering with Entrilia as we progress on our journey, and their modern approach to historical back-office challenges will align with our ambition to be the business that clients want to work with, and people want to work for.“

This partnership represents a significant milestone for Entrilia, whose technology-first solutions are designed to keep pace with the rapid changes in private capital markets. By working closely with Palmer, Entrilia aims to deliver a future-proof solution that will not only meet the needs of today but will also set the foundation for what fund administration can become tomorrow.

“We are incredibly proud to have been chosen by Palmer, a team that has such a deep legacy and keen understanding of the technology landscape,” said Eric Fay, CEO of Entrilia. “Palmer’s thorough and methodical approach in selecting a partner speaks volumes about the trust they place in us. Together, we are well-positioned to reshape the future of fund administration, combining our advanced technology with Palmer’s unparalleled expertise in the field.”

The collaboration between Palmer and Entrilia sends a clear message to the industry: the future of fund administration is here, and its technology-first. Both companies are setting the stage for a new era—one where operational excellence and strategic innovation go hand-in-hand, empowering fund managers to navigate the complexities of private markets with greater agility and confidence. As both firms continue to build on their legacy of service and innovation, they invite the broader market to explore what’s possible when the best of technology and experience come together.

About Palmer
Palmer is a modern fund administration platform equipped to replace legacy, outdated workflows and to solve the common administration challenges. We are on a mission to set the standard for private capital administration. We believe in better; delivering an industry-defining experience for our clients, people and sector. Designed for private capital; from technology and data to people and culture, we make it possible.

For more information, visit www.palmerfs.com.

About Entrilia
Entrilia is a leading technology provider for investment managers in the private capital markets. Our advanced fund accounting platform, built on the industry’s most robust data model, delivers unparalleled efficiency and accuracy. We provide a comprehensive suite of cloud-native solutions, including cutting-edge reporting tools, an integrated data warehouse, and a sophisticated investor relations platform. Entrilia empowers fund managers across private equity, venture capital, real estate, private credit, and fund of funds to streamline operations, drive scalability, and improve decision-making through seamless data integration. With a commitment to innovation, our API-first architecture enables clients to easily integrate with third-party systems, ensuring operational excellence and future-proofed scalability.

For more information, visit www.entrilia.com.

Media Contact:
Eric Faw
954-372-1715
[email protected]

SOURCE Entrilia

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• First Patient Dosed with CONV01-α in Phase II Clinical Trial in Patients with Metastatic Castration Resistant Prostate Cancer
• Drug Development Veteran Richard Messmann, MD Appointed as Chief Medical Officer to Lead the Development of CONV01-α
• Novo Holdings Invests $40 million in Series A Extension to Advance Clinical Development of Radiopharmaceuticals at Convergent Therapeutics

CAMBRIDGE, Mass., Sept. 24, 2024 — Convergent Therapeutics Inc., a clinical stage biotechnology company focused on developing next generation radiopharmaceutical therapies for the treatment of prostate cancer and other cancers, today announced that the first patient has been dosed with CONV01-α in the Phase II CONVERGE-01 trial evaluating CONV01-α, Ac-225 rosopatamab tetraxetan, for the treatment of patients with prostate-specific membrane antigen (PSMA) PET-positive metastatic castration resistant prostate cancer (mCRPC).

Previously conducted academic studies of CONV01-α have shown encouraging therapeutic results in patients with prostate cancer. According to Neil Bander, MD, Convergent’s Co-founder and CSO, “In patients treated at Weill Cornell Medicine, CONV01-α demonstrated a prostate-specific antigen decline of 50% (PSA50) in 67% of patients and a PSA decline of 90% (PSA90) in 27% of patients.” These results have prompted initiation of the CONVERGE-01 trial under Convergent’s own Investigational New Drug License (IND). “We look forward to evaluating the full potential of CONV01-α and advancing the Phase II trial in the months ahead.”

The CONVERGE-01 trial is a Phase II, randomized, open-label, multicenter three-part study designed to assess the safety and efficacy of CONV01-α in patients with mCRPC. In Part 1, the first 5 participants will receive In-111-rosopatamab tetraxetan to characterize the biodistribution of the radioantibody to target organs and prostate cancer lesions. Participants will then be enrolled in either Part 2 (dose optimization) or Part 3 (dose escalation) depending on their prior treatment history. Part 2 will enroll Lu-177-PSMA-radioligand therapy-naïve participants and Part 3 will enroll participants who received prior Lu-177-PSMA-radioligand therapy. All patients will receive Ac-225 rosopatamab tetraxetan in a single fractionated two-week cycle.  Further details of the trial can be found at www.clinicaltrials.gov under NCT identifier: NCT06549465.

Chief Medical Officer Appointment

Convergent announced that Richard Messmann, MD, MHS, MSc, has joined the company as Chief Medical Officer. Dr. Messmann is a medical oncologist and biochemist with over 25 years of experience in oncology drug development, including responsibility for the global clinical development and successful regulatory submission of Pluvicto® and Locametz® for the treatment of men with PSMA-expressing, mCRPC. Dr. Messmann has held leadership positions at Endocyte, Advanced Accelerator Applications (a subsidiary of Novartis), Fusion Pharmaceuticals, Amgen, Eli Lilly & Co., and others.

Immediately prior to joining Convergent Therapeutics, Dr. Messmann was the Senior Vice President and clinical lead for Fusion’s development of the actinium radiotherapeutic FPI-2265. While at Amgen, he was the executive medical director and global program lead for the development of xaluritamig (AMG 509) in prostate cancer.

“We are excited to welcome Dr. Messmann to the Convergent team as we expand our clinical program for CONV01-α,” said Convergent’s Co-founder and CEO, Philip Kantoff, MD. “His deep knowledge and experience in oncology drug development, specifically leading the late-stage development of radiopharmaceuticals, is an important addition to our team as we look forward to progressing this asset forward.” 

Series A Extension Funding

Convergent announced a $40 million Series A extension by Novo Holdings, a holding and investment company wholly owned by the Novo Nordisk Foundation. This additional funding increases the total Series A raise to $130 million to support the development of Convergent’s radiopharmaceutical pipeline, including CONV01-α. Jim Trenkle, PhD, Partner in the Venture Investments group at Novo Holdings, joins the Convergent Board of Directors.  

About CONV01-α
CONV01-α, Convergent’s alpha emitting radioantibody, combines the precision and pharmacokinetics of antibodies with the tumor-killing potential of alpha emitting radionuclides. Specifically, CONV01-α uses a humanized monoclonal antibody targeting prostate-specific membrane antigen (PSMA) which is highly overexpressed in prostate cancer cells. Since PSMA is a validated target, several therapeutics are directed at this antigen and CONV01-α is differentiated by its use of both an antibody and alpha emitter. CONV01-α is linked to a powerful radionuclide called ²²⁵Ac, which releases alpha particles which kill cancer cells through DNA double strand breaks. Unlike other radioactive sources, alpha particles deliver high-energy radiation over very short distances, thereby minimizing radiation exposure to healthy neighboring cells and tissues. Pairing highly selective antibodies with such a powerful yet precise payload offers the ideal combination to treat many types of cancers.

About Convergent Therapeutics, Inc.
Convergent Therapeutics Inc. is a clinical-stage biotechnology company focused on developing tumor-selective alpha radioantibodies to target cancer. The company was founded by world-renowned experts in clinical care and research, drug development and cancer biology and its proprietary platform is licensed from Cornell University. In harnessing the selectivity of antibodies and tumor-destructive potential of alpha radioisotopes, Convergent’s radioantibodies precisely target cancer cells with potent, localized radiation. For more information, please visit www.convergentrx.com and follow us on Twitter and LinkedIn.

Media Relations:
Bryan Blatstein
Spectrum Science
917-714-2609
[email protected] 

SOURCE Convergent Therapeutics

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BETHESDA, Md. and SINGAPORE, Sept. 23, 2024 — VerImmune Inc., (“VerImmune”), a venture-backed biotechnology company developing a groundbreaking Virus-inspired Particle (ViP™) platform technology, today announced the successful first closing of $4.5 million in its Pre-Series A financing round.

The financing was led by Beiley Biofund, an early-stage venture capital firm focused on cutting-edge technologies that address high unmet medical needs. New investors, including Dr. John Ballantyne, PhD, co-founder and former CSO at Aldevron, participated in the round, alongside returning investors Proxima Ventures, Mana Ventures, Gaingels, and others.

“We are extremely pleased to have completed the first closing of our Pre-Series A round. This funding signals strong market recognition of the potential for novel modalities to address unmet medical needs,” said Dr Joshua Wang, PhD, Founder and CEO of VerImmune Inc. “We intend to use this capital to advance our conviction that ViP-based therapeutics will open the door to an entirely new approach to immunotherapy and other therapeutic areas.”

“We are very attracted by and delighted to invest in VerImmune’s Virus-inspired Particle (ViP), which is both non-viral and well differentiated. In many ways, it is technically superior to other virus-like particle modalities in addressing well recognized existing challenges. We are also impressed by the progress of the company and are confident in its future success,” said Dr. Che Hsu, PhD, General Manager of Beiley Biofund.

“We are extremely pleased to continue our support for VerImmune. The company’s ViP technology offers a new class of ‘virally inspired’ proteins that can function as a non-viral delivery system. For the first time in drug discovery, there are now systematic and efficient ways to manipulate proteins and their geometry beyond the traditional rules in recent years,” said Haolin Sung, MBA Partner at Proxima Ventures.

This closing also strengthens VerImmune’s Board of Directors with the addition of two seasoned executives with extensive experience in early-stage product development for novel modalities:

• Dr. Che Hsu, PhD, General Manager of Beiley. Before joining Beiley, Dr. Hsu was a successful pharmaceutical life sciences executive with a strong track record of advancing programs from discovery through IND and beyond. He has held leadership roles at both early-stage startups and established companies such as Bristol Myers Squibb and Celgene, where he contributed to the development of innovative therapies. His experience spans both science and business, making him a valuable leader in the life sciences field. Dr. Hsu is also currently an MBA candidate in the Chicago Booth Executive MBA program at the University of Chicago.
• Dr. Marta New, PhD, MBA, an experienced drug developer and former venture capitalist. Dr. New previously held leadership roles as a partner at Agent Capital, principal investor at Baxalta Ventures, and commercial lead at Baxter International’s Renal Franchise. She is currently the CEO of Radyus Research and will join VerImmune as an independent director.

“We are thrilled to welcome Dr. Hsu and Dr. New to our Board of Directors,” said Dr Roger Pomerantz, MD, FACP, Chair of VerImmune’s Board. “Their expertise in novel modalities and deep industry knowledge will strengthen our strategic guidance and enhance our efforts toward clinical and commercial success.”

VerImmune plans to utilize the funds to advance the development of its lead product candidate, VERI-101, towards clinical trials. VERI-101 is a First-in-class cancer immunotherapy that leverages the ViP to redirect pre-existing immune memory from cytomegalovirus (CMV) infection toward tumors for destruction. The company also aims to expand and accelerate strategic partnerships to unlock the potential of its ViP platform technology. One such collaboration is VerImmune’s ongoing research partnership with A*STAR’s Bioprocessing Technology Institute (BTI) in Singapore, which focuses on biomanufacturing process innovations.

About Beiley Biofund

Beiley Biofund is a leading venture capital firm dedicated to advancing life sciences by partnering with innovators to develop breakthrough therapies and technologies. With a strong focus on addressing unmet medical needs, Beiley actively seeks out teams pioneering impactful treatments and works closely with them to craft effective development strategies, ensuring these innovations reach the patients who need them most. As an open-ended fund, Beiley provides not only financial backing but also access to extensive networks, enabling emerging biotech entrepreneurs to build and scale their ventures. Through strategic investments and market access support, Beiley is committed to fostering a collaborative ecosystem that drives entrepreneurial success, fuels the growth of life sciences innovation, and accelerates the delivery of transformative therapeutics.

About Proxima Ventures

Proxima Ventures is a highly respected venture capital fund specializing in innovative and disruptive medical and biotechnology investments. With a focus on supporting companies with exceptional growth potential, Proxima is led by a seasoned team with a proven track record in life sciences. The team combines deep global expertise, extensive industry experience, and a vast network of connections. Proxima invests in companies from the angel to growth stages. Through its leadership, Proxima has built a thriving medical entrepreneurship ecosystem, helping its portfolio companies access top-tier clinical and industrial resources, driving transformative outcomes across the sector.

About VerImmune

VerImmune Inc (www.verimmune.com) is developing a highly innovative Virus-inspired Particle (ViP™) platform technology that has the potential to treat multiple diseases. VerImmune’s primary focus lies in the field of Oncology, wherein the ViP technology enables a pioneering first-in-class cancer immunotherapy approach known as Anti-tumor Immune Redirection (AIR). This innovative method harnesses the body’s pre-existing immune system, specifically by leveraging the immune memory from past infections or childhood vaccination to combat cancer. By taking a highly orthogonal approach, VerImmune’s technology holds immense potential to revolutionize the Immuno-Oncology market, offering new treatment possibilities for patients facing limited options or resistance to current cancer therapies. Beyond Oncology, VerImmune is looking into other areas of high unmet needs via the utilization of ViPs with novel properties and/or payloads that exert highly disruptive mechanisms of action.”

SOURCE Verimmune Inc

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Funding will accelerate Pyka’s growth and further scale production of its autonomous aircraft for agriculture, defense, and commercial logistics.

ALAMEDA, Calif., Sept. 23, 2024 — Pyka, an electric aviation technology leader that designs and manufactures large-scale autonomous electric aircraft, today announced a $40M Series B raise. The funding round was led by Obvious Ventures, with participation from both new and existing investors, including Piva Capital, Prelude Ventures, Metaplanet Holdings, and Y Combinator.

Pyka is rapidly commercializing autonomous electric aircraft by applying its technology to many of the world’s most critical flight missions, including agricultural crop protection, commercial cargo transportation, and defense logistics.

“This accomplishment is a significant milestone for Pyka,” said Michael Norcia, Co-Founder and Chief Executive Officer at Pyka. “We are designing, developing, and commercializing autonomous electric aircraft at a pace that few companies have been able to achieve. With commercial production well underway, and our aircraft deployed with customers on multiple continents, we are extremely proud of the progress we’ve made as a company thus far. This round of funding brings us one step closer to unlocking autonomous electric flight for society.”

The company currently produces the largest commercially-approved uncrewed aircraft system (UAS) in the United States and maintains active commercial operations across the U.S., Central America, and Brazil. Pyka’s portfolio of customers includes key players in the agriculture, commercial cargo, and defense logistics value chains, such as Dole, Embraer, Sierra Nevada Company, Heinen Brothers Agra Services, and Skyports Drone Services. In early 2024, Pyka delivered three aircraft to the United States Air Force as part of the Agility Prime program.

The new investment will accelerate Pyka’s growth across its dual-use product line. On the commercial side, it will support further investment in Pyka’s domestic manufacturing capabilities, boost production of its Pelican Spray and Pelican Cargo products, and enable expanded operations with both U.S. and international customers. Additionally, the Series B funds will advance the development of new capabilities to support contested logistics operations for the U.S. Department of Defense and allied partners.

“From the beginning, Pyka was focused on getting into the air and getting into business with commercial operations. Their cost-effective mindset and discipline caught our attention,” said Andrew Beebe, Managing Director at Obvious Ventures. “And what got us really excited was the passion of the team and their mission-driven focus on electrifying aviation and decarbonizing one of the worst offenders in the world.”

Pyka’s family of products includes Pelican Spray, a 1,320-lb, fully autonomous, and 100% electric aircraft designed for complex agricultural operations. The aircraft combines best-in-class spray precision and chemical drift reduction technologies to provide safe, clean, and cost-effective crop protection at scale. Pelican Spray is the largest FAA-approved UAS for agricultural operations and the most productive spray UAS on the Market.

Additionally, Pyka produces Pelican Cargo, the world’s first large-scale autonomous electric cargo aircraft capable of heavy-payload, long-range, and off-airport operation. The 100% electric aircraft can transport up to 400 lbs over a range of 200 miles. Pyka has partnered with Sierra Nevada Company to introduce RUMRUNNER, a modified edition of Pelican Cargo, to customers within the U.S. Department of Defense for sustainment in contested logistics operations.

All of Pyka’s products incorporate its proprietary autonomous flight engine and all-electric propulsion system to enable operations in the world’s most complex environments without putting human operators in harm’s way, at unprecedented cost savings to customers.

About Pyka:

Pyka is defining the future of safe, environmentally-friendly, and cost-effective aviation with autonomous electric airplanes for crop protection and cargo delivery. Pyka’s proprietary technology includes autonomous flight control software, flight computers, high energy density batteries, advanced electric propulsion systems, and carbon composite airframes. Learn more at www.flypyka.com.

SOURCE Pyka

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FAYETTEVILLE, Ark., Sept. 23, 2024 — Field Agent, a retail technology platform providing software and data solutions to the consumer packaged goods (CPG) and retail industries, today announced the successful completion of its strategic growth investment. The round was led by Five Elms Capital, marking a significant milestone in Field Agent’s growth trajectory as it continues to expand its market presence and AI-driven solutions capabilities, including its recent acquisition of Shelfgram and its Virtual Storewalk^™ technology.

The new capital will be instrumental in accelerating Field Agent’s mission to provide brands with valuable insights that enable data-driven decision-making. Shelfgram’s AI-powered Virtual Storewalk^™ platform, coupled with Field Agent’s global in-store image and data capture, delivers both historical and real-time retail execution data at scale—including pricing, on-shelf product availability (OSA), and display compliance. The company plans to use the funding to accelerate its innovation roadmap and go-to-market capabilities.

“This investment is a strong vote of confidence in Field Agent’s vision and the value we deliver to our customers,” said Ty Kasperbauer, CEO of Field Agent. “The support from Five Elms Capital will enable us to scale our technology and expand our reach, empowering more brands to gain critical visibility into their retail operations.”

With Field Agent’s acquisition of Shelfgram earlier this year, the combined power will offer unique visibility and actionable insights for brands—enabling them to respond more swiftly to market dynamics and consumer trends.

“The combination of Field Agent’s data collection capabilities paired with Shelfgram’s AI-driven retail insights create a value proposition unlike any other in the retail world today,” said Ryan Mandl, Partner at Five Elms Capital. “Their combined ability to provide real-time insights into retail environments is revolutionizing how brands manage their in-store presence and execute on branding strategies.”

The infusion of capital will also enable Field Agent to expand its global footprint, particularly in regions where demand for real-time retail insights is rapidly growing. Additionally, the company plans to strategically close CPG visibility gaps with AI—enhancing the predictive capabilities of its platform to empower CPG and retail professionals with strategic intelligence at scale.

For more information, visit Field Agent.

About Field Agent

Founded in 2010, Field Agent is a leading provider of retail audits, ratings and reviews, and shopper insights, offering a comprehensive suite of location-specific retail solutions. With a global panel of more than three million everyday shoppers, Field Agent captures and analyzes in-store data to help brands optimize their retail presence and make informed decisions.

About Five Elms Capital

Five Elms is a leading growth investor in world-class software businesses that users love. Five Elms provides capital and resources to help companies accelerate growth and further cement their role as industry leaders.

With over $3 billion in assets under management and a global team of 70+ investment professionals, Five Elms has invested in more than 70 software platforms globally. The firm’s operational value creation team supports the portfolio, working alongside companies to accelerate growth, build executive teams, improve retention and sales & marketing efficiency, upgrade analytical infrastructure, and expand into new markets.

Contact: Kendra Bandy, [email protected] 

SOURCE Field Agent

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Tech Startup Secures Over $6 Million to Unlock Ubiquitous Supply Chain Insights

WASHINGTON, Sept. 23, 2024 — Freight brokers face two significant challenges when moving freight by truck: fragmentation and fraud. Trucking is one of the most fragmented industries in the U.S., with millions of trucks crisscrossing the nation’s highways daily. Securing the right truck at the right time remains a legacy problem, exacerbated in recent years by the sharp rise in fraud and theft from posting loads on public load boards.

Virginia-based GenLogs is tackling both issues by developing a nationwide network of roadside sensors that passively collect data on truck movements and extract key details, such as the U.S. Department of Transportation (USDOT) and motor carrier (MC) numbers, as well as the equipment types and logos – all in real-time. This approach provides comprehensive, end-to-end visibility of trucks without the need for hardware installation, device integration, or an app. The data is available via a user interface or ingestible via API for access in a freight broker’s transportation management system (TMS).

Investors see the significant impact GenLogs can have on the U.S. supply chain. In April, GenLogs closed a seed round led by Autotech Ventures and Steel Atlas with participation from Venture53, TitletownTech, Plug and Play Ventures, BBQ Capital, ASC Ventures, and JHH Ventures. GenLogs has raised more than $6 million and plans to use this funding to expand its sensor network and a suite of computer vision models to provide customers with an omniscient view of the transportation industry.

“We’ve never seen logistics software with such strong market demand,” said Burak Cendek, partner at Autotech Ventures. “Our network is eager to use GenLogs, discovering new use cases as they go. This ‘god view’ is disruptive enough to render legacy platforms obsolete. Building this platform from scratch showcases GenLogs’ exceptional execution, and we’re excited to be a part of this rocket ship journey.”

Freight brokers can seamlessly access comprehensive data through GenLogs’ intuitive Freight Intelligence platform. Launched just two months ago, it is already used by five of the top 10 U.S. freight brokerages, carriers, and mid-market customers via a SaaS subscription model. The data provides real-time insights into available trucking capacity so 3PLs can secure the right truck at the right place and time with the perfect equipment match in need of a backhaul.

The platform has been widely praised for its effectiveness in securing truck freight. As one user described, “It’s like playing a video game on ‘god mode’—a true cheat code for 3PLs. We have been able to significantly reduce our reliance on load boards where fraud is rampant. Soon, you won’t be able to compete as a broker without GenLogs.”

The GenLogs team has deep roots in tracking and locating. Its three co-founders spent decades in the U.S. intelligence community tracking terrorists, and now they track trucks.

“The entire market wants comprehensive data on all truck patterns, but placing sensors on four million trucks is a pipe dream,” said Ryan Joyce, CEO of GenLogs. “Using a proprietary roadside sensor network enables us to collect all that same data on the four million trucks without needing their permission.”

GenLogs’ board member, Talal Attieh of Steel Atlas, stated, “GenLogs has developed the world’s most robust freight intelligence platform that fundamentally changes how freight brokers, carriers and shippers operate across the U.S. Their technology provides essential visibility into real-time trucking needs. GenLogs’ mission aligns directly with our thesis of eliminating volatility across the industrial value chain.”

“We initially worked with GenLogs for specific use cases – such as asset recovery – but are now exploring additional opportunities that could positively impact revenue,” said Daragh Mahon, EVP and CIO of Werner Enterprises. “Their centralized data platform is unlike anything in the industry, helping us reduce costs and optimize operations by providing improved data on freight patterns and potential capacity. GenLogs combats fraud and drives operational efficiency, offering real-time tracking of niche equipment and direct connections with carriers. The ROI potential is significant.”

In addition to offering valuable insights into truck carriers, GenLogs provides unique visibility into more than 250,000 shipper locations, their lanes, and load volumes. This provides freight brokers with the critical data needed to engage and secure new business while ensuring customers have access to a reliable and expansive trucking network to manage increased demand.

Through its Asset Locator, GenLogs acts as a safety net by enabling alerts for missing or stolen trucks or trailers, helping reduce fraud and theft. This feature recently helped a trucking company recover over 200 stolen or missing trailers within just two months of joining the platform.

For more information about GenLogs, please visit www.genlogs.io or email [email protected]

SOURCE GenLogs

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