Top financial technology investors led investment in point.me, whose platform simplifies credit card and airline loyalty reward programs for consumers.

NEW YORK, Sept. 18, 2024 — point.me, the points and travel reward search platform founded in 2022, has successfully closed a $15M Series B fundraise. The announcement was made today in New York on the sidelines of the Skift Global Forum. The investment follows a strong year of growth propelled by enterprise partnerships with American Express and Bilt Rewards, which led to point.me being named by Fast Company as a ‘Most Innovative Company’ of 2024.

This fundraising round was led by Nyca Partners and Citi Ventures, each with extensive records of investing in “unicorn” startups including Acorns, Hopper, Plaid, and Ramp, along with participation from Brian Kelly (founder of The Points Guy), Samsung Next, RiverPark Ventures, Four Cities Capital, MoreThan Capital, as well as Meta executives (Kay2Ventures and Morgan Rose) and the co-founder of ITA Software (Google Flights). Thayer Ventures and PAR Capital Ventures, who led earlier fundraising rounds, have also joined the Series B round, in a strong show of confidence.

“I am grateful for the support for our vision from our new and existing investors. Their vote of confidence demonstrates both consumer and market interest in cutting-edge technology at the intersection of personal finance and meaningful travel rewards,” said Adam Morvitz, Founder & CEO of point.me. “We are delighted to be entrusted by leading banks and credit card companies as a unique opportunity for them to enhance their travel rewards.”

Stephanie Khoo, Partner at Nyca Partners said: “We have had an investing thesis around rewards for some time and were thrilled to find the right team, product and traction in point.me. The founding team’s deep knowledge of the rewards and travel space is complemented nicely by a top-notch technical team that delivers an elegant solution to what was previously a painfully manual process to categorically search award inventory across airlines carriers. Now, all travel enthusiasts can more easily answer these questions: firstly, should I use points or cash? And secondly, which points are the most optimal?”

Luis Valdich, Head of FinTech Investing, Citi Ventures said: “As active investors in Travel & Entertainment, a key vertical for card spend, we at Citi Ventures immediately got point.me‘s problem statement and were drawn to Adam’s strong founder-product fit, contagious energy, and vision of building the world’s first travel rewards marketplace in close collaboration with the industry. We are excited to co-lead point.me‘s series B raise and be part of their journey.”

Brian Kelly, Founder, The Points Guy said: “I have dedicated my career to helping consumers get the most value from their rewards. I’m honored to invest in point.me and look forward to this next phase of growth of the company and the billions of dollars of value it will put back into consumer’s wallets and allow people to travel the world in ways they never thought possible.”

Today’s news follows point.me‘s ground-breaking partnership with American Express, which was announced earlier this year. The industry-first partnership allows US Amex cardmembers to search flights using Membership Rewards Points via a white-labeled point.me offering. The company released a much-heralded independent ranking and review of the world’s leading global airline reward programs last week. Previously, point.me was awarded a Skift JetBlue Ventures Visionary 2030 Idea Award in 2022 and was named one of 25 Hot Travel Startups by PhocusWright in 2023.

The Series B investment will fuel point.me‘s enterprise growth and expansion of services, cementing its position as the leading technology company related to points, miles, and travel rewards. A testament to the company’s meteoric growth, point.me surpassed 18 million user searches while growing registered users by 1021%, alongside monthly recurring revenue growth of 378% from its Series A fundraise. The company raised $10M in a Series A financing in 2022 after successfully closing a $2M seed financing round in 2021.

For all things travel rewards, and for more updates, please visit point.me.

About point.me

point.me is a first-of-its-kind award travel discovery tool and points concierge service that enables loyalty program members to find better flights for fewer points. point.me‘s proprietary algorithm searches over 150 airlines to uncover the very best flight deals, including first and business class fares with points, along with guided instructions for booking them. point.me works with over 30 loyalty programs, including major credit card rewards, and enables customers to filter search results based on their preferred programs, airlines, routes, and balances. Loyalty industry experts Adam Morvitz and Tiffany Funk led a dedicated team of specialists with decades of combined expertise in the miles and points space to launch point.me, the only tool of its kind in the travel market, in February 2022.

SOURCE POINT.ME

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Clasp aims to innovatively tackle workforce shortages, student debt, and talent retention

BOSTON, Sept. 17, 2024 — Stride Funding, now rebranded as Clasp, has closed an oversubscribed venture round of more than $10 million led by $4.6 billion venture firm Crosslink Capital, bringing its total funding to over $30 million. Other new strategic investors include SHRM and individuals like Marc Weill whose family is known for their contributions to leading healthcare institutions.

Clasp’s retention-driven recruitment platform addresses talent shortages by helping employers recruit and retain critical talent in hard-to-hire fields, with a focus on reducing student debt and fostering long-term commitments between employers and employees. The rebrand reflects Clasp’s evolving mission to solve recruitment and retention challenges through a forward-looking approach that benefits both sides of the employment equation.

Supporting more than 10,000 individuals on its platform, Clasp is currently focused on the healthcare industry with partnerships with healthcare systems ranging from academic, pediatric, home health, optometry, and veterinary organizations. Clasp also works with one of the largest semiconductor companies and has plans to expand into other hard-to-hire industries as the company grows.

According to the American Hospital Association, by 2026, the U.S. will need to hire an additional 3.2 million new healthcare workers to meet growing demand and support patients. Clasp’s innovative model addresses this issue by forming strong, lasting bonds between employers and employees. Clasp widens candidate pools across a national network of universities and training programs, matching current students with healthcare institutions that commit to repaying their student loans across a multi-year work commitment.

Shaughn Korpalski, Senior Manager of Campus, Branding, and ED&I at MyEyeDr., shared: “We’ve proudly partnered with Clasp for the past two years, and the growth has been remarkable. As our collaboration has evolved, we’ve successfully increased our candidate pool while building a strong pipeline of healthcare professionals to meet our long-term goals. This program strengthens our dedication to ensuring the financial well-being of our talent, as well as maintaining high-quality care for our patients.”

For students, Clasp provides financial relief, a future unburdened by student loan debt, and the assurance of a job after graduation. For healthcare institutions, Clasp delivers a steady pipeline of committed talent, from nurses to radiologic technologists to respiratory therapists—while reducing recruitment costs, eliminating the need for signing bonuses, contract labor, and more.

“The healthcare recruitment system is broken,” said Tess Michaels, founder and CEO of Clasp. “Healthcare institutions are competing for a shrinking talent pool and using band-aids like sign-on bonuses that don’t improve retention and just perpetuate a leaky bucket. At the same time, new clinical talent faces massive debt and long waits for loan forgiveness. Clasp addresses both problems with a model that’s better for everyone.”

“Clasp is fundamentally reshaping how we solve some of the most pressing workforce challenges of our time,” said Gabby Contro, Partner at Crosslink Capital. “Their ability to align educational investment with career advancement not only addresses the student debt crisis but also creates a sustainable, high-impact solution for industries struggling with chronic talent shortages. Clasp’s model isn’t just innovative—it’s transformative, and we are proud to back their bold vision to revolutionize recruitment and retention across healthcare and beyond.”

The new company name, Clasp, was created by A Hundred Monkeys, and the new brand identity was developed by Mackey Saturday, known for his work with brands including Instagram and Affirm.

To learn how Clasp is changing the recruitment and retention landscape, visit www.clasp.com.

About Clasp
Clasp, a retention-driven recruitment platform, was founded by Tess Michaels in 2018 to tackle critical talent shortages in hard-to-hire fields by bridging the gap between education and employment. By enabling employers to invest in future talent where it matters most—easing overwhelming student debt—Clasp creates lasting bonds between employers and employees. Clasp believes employers having a stake in the cost of education leads to a more sustainable, equitable, and skilled workforce. Clasp works with current students in higher education to match them with companies nationwide looking to fill critical roles across their organization. Once matched, the organization agrees to pay some or all of the student’s future loan payments over a specified work commitment. To learn more about Clasp, please visit www.clasp.com.

SOURCE Clasp

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The company’s science-based digital platform makes nature-related financial risk analysis easy and actionable

WILMINGTON, Del., Sept. 17, 2024 — Dunya Analytics, a provider of science-based digital tools that simplify the measurement and management of biodiversity risks, has received $1.2 million in seed funding. The round was led by Synovia Capital, with participation from a highly credentialed group of investors including KDX and Persei Venture.

As biodiversity loss, ecosystem degradation, and unsustainable resource use escalate globally, the financial risks to businesses are becoming increasingly clear. Many companies overlook the deep connections between their operations and natural ecosystems. These hidden risks are often missed in traditional financial reporting. As regulations tighten and investors demand more transparency, companies face the complex and costly task of measuring and disclosing these nature-related risks.

Dunya Analytics will use this seed funding to expand its platform, making it easier for companies to measure and manage biodiversity risks. This will help companies meet regulatory and investor disclosure requirements and also identify material risks and next steps to becoming environmentally sustainable.

“This funding allows us to accelerate our mission of simplifying the complex landscape of biodiversity risk for companies,” said Megan Pillsbury, Founder and CEO of Dunya Analytics. “Our solution is particularly valuable for companies at the beginning of their nature-positive journeys, guiding them to focus their resources where they can have the greatest impact.”

Holt Thrasher, Managing Director at Synovia Capital, added, “Dunya Analytics’ solution is unique in that it uses powerful proprietary risk methodologies to interpret biodiversity data and screen for risks across a company. Our investment strengthens their ability to scale risk analysis at the pace we need to meet the Kunming-Montreal Global Biodiversity Framework (GBF) targets.”

About Dunya Analytics:
Dunya Analytics is at the forefront of helping companies assess the implications of biodiversity loss, ecosystem damage, and resource overconsumption. Its digital platform simplifies biodiversity and nature risk analytics, making it as accessible and actionable as financial reporting for businesses of all sizes. By integrating deep expertise in biodiversity, risk analytics and technology, Dunya Analytics provides the tools necessary for businesses to meet regulatory requirements, protect natural resources and capitalize on opportunities to create a positive environmental impact. Dunya Analytics enables sustainable economic progress that aligns with ecological preservation.

Contact:
Daysa Corrington
Mahoney Communications Group
[email protected]
212-220-6045

SOURCE Dunya Analytics

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Ursa Major to expand rocket motor capabilities with $12.5 million joint investment from U.S. Navy and Office of Strategic Capital

DENVER, Sept. 17, 2024 — Ursa Major, the United States’ leading privately funded rocket propulsion company, will receive funding from the Department of Defense (DoD) as one of the inaugural recipients of investments from the Office of Strategic Capital (OSC) to strengthen critical supply chain technologies needed for national security. The $12.5 million investment represents a partnership between OSC and the U.S. Navy to mature Ursa Major’s Lynx solid rocket motor (SRM) manufacturing process under OSC’s Transition Acceleration Program. Ursa Major will match the DoD investment to a total $25 million expansion of the company’s SRM capabilities.

Ursa Major’s investment will be used to complete an OSD(R&E) Advanced Manufacturing Pathfinder program for the design, manufacture, and test of a SRM prototype in direct support of Program Executive Officer (PEO) Integrated Weapon Systems (IWS). Ursa Major is currently developing a second source Mk104 Dual Thrust Rocket Motor (DTRM) for the Navy under a separate award.

OSC was established to increase investments in priority critical technology areas for national security. Ursa Major will focus the investment on advancing manufacturing capability in the areas of propellant manufacturing, additive manufacturing, and composite case winding in support of SRMs for national security missions.

“We are proud to work with OSC on their mandate for expanding the defense industrial base by bringing new innovations into the DoD ecosystem,” said Dan Jablonsky, Ursa Major CEO. “Ursa Major is revolutionizing manufacturing approaches used in propulsion development in the United States, building flexibility of production and scalability into manufacturing for our defense customers.”

This project is a partnership between Ursa Major and the Naval Air Weapons Center China Lake and the Naval Surface Warfare Center Indian Head Division.

About Ursa Major
Ursa Major is America’s leading privately funded company focusing solely on rocket propulsion, bringing high-performance, staged combustion liquid engines to market for space, launch, and hypersonic uses while deploying a novel manufacturing process to scale solid rocket motor production. Ursa Major customers, ranging from commercial space launch providers to enterprise-level aerospace and defense leaders as well as the U.S. government, get to flight faster, more reliably and cost-effectively. The company employs the most sought-after engineers from top aerospace programs and universities. Headquartered in Berthoud, Colorado, with additive manufacturing facilities in Youngstown, Ohio, Ursa Major was named one of the best places to work by Built in Colorado three years in a row. For more information, visit www.ursamajor.com. For downloadable images and videos, click here.

Media Contact: Ursa Major | [email protected] 

SOURCE Ursa Major Technologies

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Capital will accelerate growth and build upon Roots Automation’s made-for-insurance AI, enabling
carriers, TPAs, brokers, and agents to drive significant improvements in overall business performance

NEW YORK, Sept. 17, 2024 — Roots Automation, creator of the AI-powered Digital Coworker and InsurGPT™, the world’s first generative AI model for insurance, today announced the closing of a $22.2 million Series B funding round. Harbert Growth Partners led the round, with follow-on investments from MissionOG, Liberty Mutual Strategic Ventures and Vestigo Ventures.

Unstructured data trapped in everyday correspondence – including submissions, legal demands, and medical records – constitutes around 80% of all data across insurance. The inability to effectively harness this data for decision-making costs insurance companies $100 billion annually due to underpricing premiums, insurance fraud and overpaying claims.

To address this, Roots Automation created the most advanced AI-powered Digital Coworker. It leverages Roots’ proprietary generative AI, InsurGPT, and the Roots Autonomous Workforce Platform to transform unstructured information into clear, actionable insights. This allows insurance leaders to make faster decisions with greater confidence.

Roots Automation has delivered transformative results for the company’s 35 customers in the US insurance industry, including:

• 99% accuracy on data extraction for an East Coast-based regional P&C insurer
• 97% reduction in handling times for a US-based commercial P&C and workers’ compensation carrier
• 90% error reduction in premium calculations for a US-based commercial auto insurer
• 85% increase in claims processing capacity for a US-based third-party claims administrator

“The benefit of Roots’ team’s experience in and focus on the insurance industry is that we are already speaking the same language. This means we can come to an understanding on the business requirements and objectives quickly in the solution development lifecycle,” said Ned Rand, CEO of ProAssurance Group. “After seeing the success of a Digital Coworker at Eastern Alliance, our workers’ compensation business, executives from our medical malpractice and life sciences/medical technology are now looking to Roots for potential implementations.”

The overwhelming demand from the global insurance market for Roots’ products has led to the need for new capital to support market expansion, organizational growth, and product development for its cutting-edge AI. The new funding represents the ongoing commitment from customers and investors and is testament to the value and innovation that Roots brings to the insurance industry.

“Six years ago, Roots set out to solve the unstructured data problem that insurers, third-party administrators (TPAs), brokers and agents all face,” said Chaz Perera, Co-Founder & CEO, Roots Automation. “Now, by freeing their teams from manual processes, we enable today’s top insurance brands to excel in their markets and concentrate on what really matters—delighting clients with impeccable service and exceptional care.”

“The Roots leadership team brings over 100 years of deep insurance industry and AI expertise, ensuring solutions and products are designed to meet the specific needs of insurance organizations,” said Brian Carney, General Partner of Harbert Growth Partners. “We were extremely impressed by Roots’ glowing customer feedback and validation of the value created across its customer base. We’re excited to have the opportunity to provide Roots with additional capital and guidance as they solve increasingly complex challenges across insurance.”

About Roots Automation
Roots Automation combines machine intelligence and human ingenuity in the form of advanced AI that reads, reasons and infers like humans. Roots’ AI is trained on millions of non-public insurance documents, workflows and systems and continuously learns through interactions with human teams. Roots Automation enables leading brands to liberate their teams from high-volume, complex workflows allowing them to focus on what truly matters – delighting customers with superior service and care. Roots Automation is based in New York and was founded in 2018. For more, visit www.rootsautomation.com.

About Harbert Growth Partners
The Harbert Growth Partners Funds (the “HGP Funds”) seek to generate superior returns for their investors by identifying and investing in promising emerging growth-stage technology companies. The HGP Funds’ Investment Team combines substantial investment, advisory, and operating experience with capital and networking contacts to support great entrepreneurial teams in successfully executing their growth plans. Currently investing out of HGP V, the HGP Funds have successfully exited several portfolio investments through transactions with a distinguished list of strategic acquirers, including, among others, Amazon, GE, GSK, Medallia, Philips, Qualtrics, Salesforce, Sophos, Target, and WEX.

About MissionOG
MissionOG partners with high-growth businesses that have proven models in segments where we have had success as operators and investors, including financial services and payments, data platforms, and software. We apply our experience and capabilities to a group of highly skilled and passionate entrepreneurs whose businesses are on the cusp of exponential growth. The firm is managed by operators and investors who have effectively built early to growth stage businesses and guided them through successful acquisitions. MissionOG is headquartered in Philadelphia. For more information visit https://missionog.com/.

Media Contacts
Market Street Group
Jessica Mularczyk
[email protected]

SOURCE Roots Automation Inc

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Leveraging AI and big data, Cybord analyzes 100% of electronic components on the assembly line, verifying their reliability, authenticity, and traceability to support all industries utilizing electronic circuit boards, from automotive to data centers

WILMINGTON, Del., Sept. 17, 2024 — Cybord, the visual AI solution ensuring electronic component quality, authenticity, and traceability, today announced that it has secured $8.7 million in Series A funding led by Capri Ventures, with participation from Ocean Azul Partners and existing investors IL Ventures and NextLeap Ventures, among other new and current investors. Partnered with leading manufacturers including Flex and Siemens, Cybord is integrated into over 60 manufacturing lines worldwide, inspecting millions of electronic components daily. This newest funding will be used to accelerate the company’s growth and further global distribution of its transformative solution.  

Using deep learning and AI algorithms, Cybord analyzes and inspects 100% of electronic components on PCBA powering everything from electric vehicles to data centers. The Cybord solution addresses the industry’s critical need to confront electronic component quality to prevent damaging product condition, consumer trust, and manufacturers’ bottom lines. Until now, electronic component quality and security have largely been overlooked, leading to increased occurrences of defects and costly recalls, which hit a seven-year high in 2023. This unreliable state of electronic component quality results in time-consuming and costly reworking and scrapping of electronic boards and products, the allocation of valuable capital in anticipation of warranty claims, and costly recalls worth millions to billions of dollars in lost profits.

With a database of over four billion components and counting, Cybord’s machine learning model represents the cutting-edge of AI in electronics manufacturing. During placement on the assembly line, the visual AI solution prevents defective, damaged, and counterfeit components from being assembled onto PCBA in real time with 99.9% accuracy. In doing so, Cybord ensures component quality, authenticity, and forensic traceability at the component level to provide unparalleled reliability and visibility for EMSs and OEMs, leading to higher quality electronic products, improved manufacturing efficiency, reduced costs, and fewer recalls.

“We are honored to have secured this round of financing from trusted partners and investors who understand the necessity of the Cybord mission,” said Oshri Cohen, CEO of Cybord. “With a variety of industries increasingly dependent on electronic components, it has never been more important to ensure that they are of the highest quality. The Cybord solution has been validated time and time again by our leading global partners, and these funds will allow us to scale faster and bring our comprehensive AI-powered solution to more companies worldwide, delivering on our mission to ensure only the best electronic products.”

“Investing in Cybord aligns with our commitment to supporting companies that drive innovation and create lasting impact,” said Adalio Sanchez, Partner at Capri Ventures. “Cybord is the only solution ensuring electronic component quality, making them a revolutionary leader in this rapidly evolving market. We are proud to partner with them and witness their continued traction among stakeholders across industries – from automotive and aerospace to health and more.”

“From the outset, Cybord has demonstrated a disruptive approach to solving the pressing challenges of component quality, safety, and traceability in today’s sensitive global supply chains,” said Elad Frenkel, Managing Partner at ILVP. “Cybord’s solutions are accelerating the electronics industry, and we are delighted to have played a role in their journey from seed stage to this milestone and look forward to continuing to support their growth.”

“In manufacturing supply chains, it’s critically important to have a competitive edge in both quality and efficiency. Cybord not only affords these advantages, but also provides enhanced security and visibility,” said Renée Ure, former COO and CSCO of Lenovo. “By integrating Cybord’s visual AI solution, manufacturers ensure superior electronic component quality, authenticity, and traceability, which are essential for maintaining high standards and reducing costly recalls.”

About Cybord

Cybord is the leading visual AI component analytics solution for the electronic manufacturing ecosystem. Cybord’s solution enables 100% analysis of all electronic components placed on PCBA. The solution implements proprietary visual AI and big data technology to ensure quality, authenticity, and forensic traceability to support OEMs and EMSs globally. Founded in 2018 by CTO Eyal Weiss and led by CEO Oshri Cohen, Cybord is headquartered in Wilmington, Delaware. Visit https://www.cybord.ai or follow us on LinkedIn and X for more information.

About Capri Ventures

Capri Ventures is an early stage venture capital firm focused on Enterprise Technology. The firm invests globally with focus on Israel and the United States, where the team has deep relationships. The team is composed of former software executives and leaders from Fortune 500 enterprises, bringing significant resources early in a company’s lifecycle to help drive commercialization and market adoption. 

Press Contact
Josh Schaefer
[email protected]
+972-50-790-4505

SOURCE Cybord

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The Funding Marks a Significant Step in Revolutionizing Regernative Medicine

DALLAS, Sept. 17, 2024 — HEST Investments, a Dallas-based venture capital family office renowned for its focus on innovative and bleeding edge ventures, proudly announces its successful SPV (Special Purpose Vehicle) of a $1.8 million investment in Secretome Therapeutics. The investment, finalized on Aug. 9, marks a significant milestone in HEST Investments’ ongoing commitment to advancing first-in-class leaders in the biotech market.

Secretome Therapeutics, a pioneering company in the field of regenerative medicine, is at the forefront of developing revolutionary solutions aimed at harnessing the power of secretomes. These naturally occurring molecules promote healing and regeneration. The newly secured capital will play a crucial role as Secretome Therapeutics continues its progress through human trials, bringing its innovative therapies one step closer to market.

“We are thrilled to support Secretome Therapeutics in its mission to revolutionize regenerative medicine,” said Don Huffines, CEO of HEST Investments. “At HEST, our philosophy is to see beyond the obvious and invest in ventures that have the potential to make a transformative impact for humanity. This investment in Secretome aligns perfectly with our vision of driving innovation and changing the perspective of how we advance human health.”

Vinny Jindal, President and CEO at Secretome Therapeutics expressed similar enthusiasm about the partnership. “This investment comes at a pivotal moment as we advance our lead asset, STM-01, into two Phase I clinical studies next quarter. The support from HEST Investments provides us with capital and aligns us with a partner who shares our vision for making groundbreaking advances in healthcare.”

HEST Investments’ portfolio includes ventures in life sciences, biotech and cybersecurity, with a strong emphasis on identifying and supporting companies that challenge the status quo. The firm’s involvement in this SPV investment underscores its dedication to backing companies that are not only innovative but also capable of driving substantial change in their respective fields.

As Secretome Therapeutics continues to push the boundaries of regenerative medicine, HEST Investments remains committed to fostering the growth of visionary companies that are poised to make a lasting impact on the world.

For more information about HEST Investments, please visit https://hest.group/. To learn more about Secretome Therapeutics, please visit https://secretometherapeutics.com/.

Media Contact:
HEST Investments
Phone: (214) 526-5000
Email: [email protected]

SOURCE HEST Investments

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The investment round led by Norwest Venture Partners will enable Intezer, following a year of 400% customer growth, to further develop its AI-based security operations solution

NEW YORK, Sept. 17, 2024 — Intezer, a leader in AI-powered technology for autonomous security operations, today announced that it has raised $33 million in Series C funding, bringing its total capital raised to $60M. The funding round was led by Norwest Venture Partners, with participation from all existing investors, including Intel Capital, OpenView, Magma, and Alon Cohen, founder of CyberArk. With these funds, Intezer will expand its go-to-market and product teams to strengthen its position as a leader in the emerging AI SOC market category.

“I know what it’s like to work in SOC and incident response teams, while every day you have too much work, too many alerts, and not enough people. That’s how I became obsessed with helping security teams facing resource shortages. That’s why we built Intezer, with a mission to arm security professionals with AI and automation to virtually extend their capacity by 10x,” said Itai Tevet, CEO and co-founder of Intezer. “This investment accelerates our growth and strengthens our leadership position in the new, exciting category of AI SOC platforms.”

According to the World Economic Forum, nearly four million workers are needed to fill the talent gap in the cybersecurity industry, with 71% of organizations having unfilled cybersecurity positions. Meanwhile, the attack surface expands every day with more devices and connections, generating more alerts for SOC teams to investigate, sifting through false positives to catch real cyber attacks.

Intezer’s Autonomous SOC platform uses unique AI models to simulate human analysts’ decision-making process, effectively functioning as an extension of the security team. Intezer integrates with the customer’s existing security tools to automatically investigate endpoint alerts, SIEM alerts, user-reported phishing, and more. Intezer’s platform triages new alerts in two minutes, automatically resolves false positives, and escalates only 4% of alerts to the SOC team with clear findings and recommended incident response actions, leading to faster response times for critical threats.

“Intezer is solving a major and widely recognized problem that virtually every enterprise and security service provider faces – the shortage of skilled staff. Their platform is a proven technology, validated by many happy customers, in a large and growing market,” said Dror Nahumi, General Partner, Norwest Venture Partners. “We look forward to working with co-founders, Itai and Roy, and their team as they continue to scale the company and further develop a much-needed product for security teams.”

“I’ve looked at a lot of security solutions over the years and the results from Intezer’s AI-driven alert triage are actually amazing,” said Branden Newman, CTO of MGM Resorts International. “Intezer integrates with all the modern security platforms, so teams have every alert fully investigated while enabling a fast time to respond. This technology is transformative for the efficiency and effectiveness of security operations.”

The announcement today comes while the Intezer team is in Las Vegas, as a proud sponsor of CrowdStrike’s Fal.Con 2024 conference – visit booth #1408 at the Aria Resort & Casino to get a demo in person today or tomorrow, September 18. To schedule a demo for another time, visit intezer.com/get-a-demo/

About Intezer
Intezer is a leading provider of AI-powered technology for autonomous security operations, with a vision to solve talent shortages and skill gaps in the cybersecurity industry. Intezer built the Autonomous SOC Platform to investigate alerts, make triage decisions, and escalate findings about serious threats like an expert Tier 1 SOC analyst (but without burnout, skill gaps, and alert fatigue). Learn more at intezer.com 

Contact:
Mackenzie Kreitler, Kreitler PR
[email protected] 

About Norwest Venture Partners
Norwest Venture Partners is a global venture and growth equity investment firm managing more than $15.5 billion in capital. Since its inception, Norwest has invested in more than 700 companies and currently partners with more than 230 companies in its venture and growth equity portfolio. The firm invests in early- to late-stage businesses across key sectors with a focus on enterprise, consumer and healthcare. The Norwest team offers a deep network of connections, extensive operating experience, and a wide range of impactful services to help CEOs and founders scale their businesses. Norwest has offices in Menlo Park and San Francisco, Calif.; Mumbai and Tel Aviv. For more information, please visit www.nvp.com. 

SOURCE Intezer

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As permit delays create a backlog of development, GreenLite leads the charge in privatizing construction plan review and permitting for developers and municipalities.

NEW YORK, Sept. 17, 2024 — GreenLite, a construction technology company making permitting faster and more predictable for builders, developers, and municipalities, today announced its Series A raise of $28.5 million, led by Craft Ventures with participation from 53 Stations, Trust Ventures, and LiveOak Ventures. The new funding comes less than a year after GreenLite’s launch from stealth and will be used to enhance its technology platform and Private Plan Review offering, in addition to expanding into new markets and customer segments, and deepening its work with local government agencies.

Today, traditional construction permitting processes entail complicated applications and extremely unpredictable timelines for builders, developers, business owners, cities, and residents. The pandemic exacerbated this issue, with local governments focusing on more pressing priorities, leaving permit applications on the back burner while costing the economy tens of billions of dollars a year.

“Across the U.S., there are 20,000 different jurisdictions with 500,000 different forms and application processes for building permits. This is cumbersome because 95% of applicable building code across jurisdictions is the same,” said James Gallagher, Co-Founder and CEO of GreenLite. “As a Private Provider, we consolidate these administrative differences and give developers the opportunity to work with one privatized regulatory agency – in this case GreenLite. Our approach accelerates development timelines, saves customers millions, and better serves the needs of city and county governments when compared to other construction permitting workflow software out there.”

GreenLite’s purpose-built technology and Private Plan Review service standardize and automate the entire permitting process – not just the permit application – across all jurisdictions, reducing the time and labor required for plan review by 75% per project. As the only software-first Private Provider in the market, this full-stack approach ensures that both developers and cities benefit from modern tools that facilitate faster, more organized, and more predictable construction permitting.

“The most passionate and driven founders have lived through the pain of the problem they’re solving for – this is the case with GreenLite founders James and Ben. They care deeply about our country’s ability to build quickly and safely, whether it be infrastructure, commercial projects, or housing developments,” said Bryan Rosenblatt, Partner at Craft Ventures. “GreenLite is an ally and partner to both the commercial sector and regulatory authorities. We support their mission to modernize the collaboration between developers, builders, and governments, with the ultimate goal of accelerating America’s ability to build.”

GreenLite’s platform is unique because it integrates construction drawings, zoning and use data, local building code, and expert compliance markup all in one database. The digital combination allows GreenLite to surface recurring local compliance patterns, saving time for reviewers and developers alike by catching non-compliance more efficiently and providing both sides with automated insights that feed earlier into the design process.

GreenLite works with a diverse range of Fortune 500 retailers, quick service restaurants, developers, and production home builders today. Its Private Plan Review service produces important code compliance data at the local level and has generated tens of thousands of individual compliance comments to date. The Private Provider industry has grown upwards of 700% over the past five years and will continue to mature as companies like GreenLite expand their support of the public and private sectors.

“Timely delivery of new units across our family of brands is table stakes and permitting regularly presents huge challenges” said Sumaia Alamoudi, Senior Director of Design and Project Management at Driven Brands. “GreenLite continuously helps us open new units ahead of schedule by delivering meaningful predictability and speed to a notoriously opaque and slow phase of real estate development.”

About GreenLite:
Founded in 2022, GreenLite is revolutionizing development in America by streamlining the collaboration between developers, builders, and local regulatory authorities. GreenLite’s software powers its Private Plan Review offering, serving many of the nation’s largest public retailers, developers, and production home builders. By leveraging GreenLite’s technology, its customers save months on each project, significantly accelerating their timelines and staying within budget.

GreenLite is founded by experts in technology, development, and within the AEC (Architecture, Engineering, and Construction) industry, and backed by leading venture capital firms. GreenLite is at the forefront of the privatization of construction permitting and plan review, reshaping a multi-hundred billion dollar industry. For more information, visit https://www.greenlite.com.

SOURCE GreenLite

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