– Financing co-led by RA Capital Management and Sectoral Asset Management –
– Proceeds to support clinical development of lead program MRGPRX2 inhibitor, EVO756, as well as IL-18 targeted fusion protein program, EVO301 –
– Multiple Phase 2 data readouts expected in 2025 and 2026 in chronic urticaria and atopic dermatitis –
PALO ALTO, Calif., Oct. 31, 2024 — Evommune, Inc., a clinical-stage biotechnology company discovering and developing new ways to treat immune-mediated inflammatory diseases, today announced the completion of a $115 million Series C financing. The financing was co-led by new investors RA Capital Management and Sectoral Asset Management, along with participation from new investors B Capital, Marshall Wace, Avego Bioscience Capital, Longwood Fund, RTW Investments, ADAR1 Capital Management, NEXTBio Capital, Beiersdorf Venture Capital, FemHealth Ventures and Allostery Investments LP and existing investors, including Pivotal bioVenture Partners, EQT Life Sciences, Andera Partners, Amplitude Ventures, Symbiosis and Verition Fund Management.
“The support from these leading life science investors speaks to the strong momentum we have built with the positive proof of concept data from our EVO756 program earlier this year and the expansion of our pipeline with EVO301. With multiple Phase 2 data readouts anticipated in 2025 and 2026, we are well positioned to continue to show meaningful progress and achieve our goal of delivering new treatment options to patients suffering from chronic inflammatory diseases,” said Luis Pena, Chief Executive Officer at Evommune.
In connection with the Series C financing, Derek DiRocco, Ph.D., partner at RA Capital Management, and François Beaubien, Ph.D., CFA, partner at Sectoral Asset Management, have joined Evommune’s Board of Directors.
“Evommune’s EVO756 proof of concept study delivered very encouraging results, providing a strong foundation for Evommune to progress as a cutting-edge immunology company,” said Dr. DiRocco. “I am excited to join Evommune’s Board of Directors at such an important time and look forward to working with this experienced leadership team to advance new treatments that could elevate the standard of care in a variety of chronic inflammatory diseases.”
Proceeds from the Series C financing will be used to support continued advancement of the company’s lead clinical programs in chronic urticaria and atopic dermatitis, including multiple Phase 2 studies of EVO756, a potent, highly selective small molecule antagonist of mas-related G-protein coupled receptor X2 (MRGPRX2). EVO756 plays a pivotal role in mast cell activation and neuroinflammation and has the potential to be a very targeted, safe and effective oral therapeutic option for multiple mast cell mediated diseases. The proceeds will also support a Phase 2 proof of concept study of EVO301, a long-acting serum albumin-binding injectable therapeutic fusion-protein that is designed to neutralize the signaling pathway of IL-18 for the regulation of inflammation in multiple chronic inflammatory diseases.
Company Milestones
Reported positive proof-of-concept data for EVO756; a full data set will be presented at a scientific conference in the fourth quarter of 2024
Initiated a multi-center Phase 2 trial in patients suffering from Chronic Inducible Urticaria (CIndU) in the third quarter of 2024, with data expected in the first half of 2025
Plan to initiate a Phase 2b clinical trial of EVO756 in patients with chronic spontaneous urticaria (CSU) during the first half of 2025 as well as a Phase 2 clinical trial of EVO301 in atopic dermatitis, with data from these studies expected in 2026
About Evommune, Inc. Evommune, Inc. is a clinical-stage biotechnology company discovering and developing new ways to treat immune-mediated inflammatory diseases. The company is creating game-changing science with the goal of delivering therapies that address symptoms and halt progressive disease. For more information, please visit www.evommune.com or follow us on LinkedIn.
SOURCE Evommune, Inc
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European business takes total raised to $11m ahead of US launch & strategic review
ANTWERP, Belgium, Oct. 31, 2024 — Leading 3D animation software company Swoove Studios has closed a $7.5 million seed funding round led by European angel investors.
The round brings the total raised to $11m since its launch in 2020. Subsequently, it has started a strategic review as it continues to scale across Europe and launched this month in the US.
The Belgium-based business is the developer of Swoove, a real-time 3D animation creation app. Its proprietary platform, powered by AI, enables users to create unique 3D animation videos without any prior experience. Swoove empowers its users to easily bring their stories to life, using its intuitive platform to create stunning 3D animations. The app offers a diverse set of tools and features that cater to all levels of expertise, from beginners to seasoned creators.
The platform’s unique blend of accessibility and sophistication has resonated strongly with users, leading to increased engagement and content creation. It has become the go-to app for user-generated animated content, used by many thousands of creators in over 100 countries.
To further solidify Swoove Studios position as a leader in the digital storytelling space, it launched the app this month in the USA, accompanied by a series of exclusive features and content, including the Swoove marketplace. In this first-of-its-kind community, user-generated digital assets, such as clothes, can be bought and sold.
Rudy Verbeeck, CEO and Co-founder of Swoove Studios, said:
“Swoove is the future of 3D animated storytelling. We have created a unique platform and become the go-to for 3D animation globally.
We are thrilled to announce the completion of our latest funding round, and now plan to implement exciting updates to give users more of what they are asking for, including building opportunities for monetization and allowing further integration with other services for new brand and platform partnerships.
As part of this incredible demand and opportunity, we want to work with a like-minded partner to help us achieve our potential and scale further.”
The Strategic Review includes Swoove Studios reviewing all its options, such as a growth investment and an entire business sale. Exploratory conversations have already commenced with several potential domestic and international partners. The Strategic Review is handled exclusively by Lazarus Consulting, the boutique M&A advisory firm.
ABOUT SWOOVE STUDIOS
Launched in 2020 and available via iOS and Android (iOS App Download Link andAndroid App Download Link), Swoove Studios is an entertainment software company that has developed the Swoove app, a real-time 3D-animation creation app using proprietary technology. Please seewww.swoove.com for more information.
ABOUT LAZARUS CONSULTING
Lazarus Consulting is an award-winning boutique advisory firm offering Business Development, Capital Raising, Corporate Development, and M&A services to clients primarily in the tech, media, and retail sectors. The firm is the exclusive corporate finance advisor to Swoove Studios. Please seewww.lazarusconsulting.net for more information.
SOURCE Swoove Studios
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With this fundraising, Janngo Capital becomes the largest venture capital firm accelerating gender equality in Africa. Since inception, the firm has made about 30 investments in 21 startups and has successfully exited the leading fintech company Expensya, achieving an average internal rate of return (IRR) of 48%.
ABIDJAN, Côte d’Ivoire and WASHINGTON, Oct. 30, 2024 — Pan-African venture capital firm Janngo Capital announces the final closing of its second fund at $78 million, 20% beyond its initial target. This fundraising demonstrates the confidence of leading institutional and private financial investors in Janngo’s team and track record. The firm’s investment thesis strikes the right balance between solid financial returns and tangible impact as evidenced by the successful exit of Expensya to unicorn Medius and by its 56% women-led portfolio companies, such as the soonicorn Sabi.
Janngo Capital leadership team. Left to right: Emmanuel Chavane (General Partner), Fatoumata Bâ (Founder and Executive Chairwoman), Antonia Gleizes-Lacombe (Operating Partner), Ayebobo Niang (Operating Partner) and Sébastien Nony (General Partner).
Leading new investors including Mastercard Foundation Africa Growth Fund, DFC, IFC and ANAVA join first close investors
“We are proud to announce the final closing of our second investment vehicle at $78 million, 20% above our initial target pledged in Davos. We are particularly honored to have attracted a great mix of top-tier investors, African and global, institutional and private, impact and commercially driven to support our ambitious vision. Beyond our team, it is a strong signal of confidence in the African tech ecosystem and its solid growth prospects. We are committed to keep supporting category-defining startups leveraging technology to help leapfrog development in Africa, in a more equal way.” commented Fatoumata Bâ, Founder and Executive Chair of Janngo Capital.”
Janngo Capital Startup Fund’s anchor investors doubled down by reinvesting in this final closing, such as: – The European Investment Bank (EIB), the world’s largest multilateral development bank, active in 160 countries. “Empowering female entrepreneurs across Africa is crucial for unlocking the continent’s full potential. The European Investment Bank is pleased to support venture capital investment by the Janngo Capital Start-up Fund that is enabling women-led businesses to thrive, innovate, harness technology and create sustainable jobs. By providing access to finance and fostering entrepreneurial talent, we are not only contributing to gender equality but also driving economic growth and resilience across Africa.” – Ambroise Fayolle, Vice President, European Investment Bank ; and, – The African Development Bank (AfDB), Africa’s largest development finance institution with 81 member countries (54 regional and 27 non-regional).
Additionally, 6 new world-class investors joined this final closing, such as: – Mastercard Foundation Africa Growth Fund – MEDA, an innovative impact fund of funds initiative targeting Africa-based investment vehicles. “Creating secure, dignified, and fulfilling jobs is a priority for Africa’s economic growth,” says Samuel Akyianu, Managing Director of the Mastercard Foundation Africa Growth Fund. “For Africa to achieve its development agenda, as well as the UN Sustainable Development Goals, innovative and proactive approaches to job creation for women and youth—are essential.” Akyianu adds that The Mastercard Foundation Africa Growth Fund, managed by the Mennonite Economic Development Associates (MEDA), is a first-of-its-kind Fund of Funds anchoring African-focused and domiciled investment vehicles like Janngo. It provides the capital and business development support to invest in SMEs across sub-Saharan Africa, increasing the job-creation potential of African entrepreneurs. Guided by gender-lens principles, the Fund is proud to support Janngo in creating sustainable, inclusive opportunities that empower women and youth, driving the continent’s long-term growth. – The U.S. International Development Finance Corporation (DFC) is the U.S. government’s development finance institution. DFC partners with the private sector to finance solutions to the most critical challenges facing developing countries. “DFC is delighted to partner with Janngo Capital Start-up Fund, a commitment intended to support the continued development of the venture capital ecosystem across Africa. Janngo’s approach of leveraging capital and technology nurtures entrepreneurship while fostering economic empowerment. Through DFC’s commitment, this partnership will result in improved access to financial resources, bolster economic stability, and increased job opportunities, especially for women and the youth“, said Senior Vice President of Investments, Mateo Goldman. – International Finance Corporation (IFC) – a member of the World Bank Group – is the largest global development institution focused exclusively on the private sector in developing countries. “The project will help expand access to early-stage equity financing for tech entrepreneurs in the Francophone West Africa region, which is underserved by venture capital compared with other regions in Africa,” said Farid Fezoua, Global Director for Disruptive Technologies, Services, and Funds at IFC.“We are delighted to support the fund’s investment strategy through this project, as it intends to allocate 80% of its invested capital in low-income and post-conflict countries and at least half in women-led companies. This investment is part of the IFC Startup Catalyst program, which supports incubators, accelerators, and seed funds investing in innovative early-stage startups in nascent venture ecosystems with capital, mentoring, and networking.” – ANAVA (Smart Capital), a Tunisian fund of funds backed by the World Bank, CDC, and KFW; and additional private investors such as the leading African university endowment fund.
100% tech, 100% Africa, 100% equal
Janngo Capital Start-up Fund invests up to €5 million, from seed to growth, in technology startups that (1) enable Africans to improve their access to essential goods and services such as healthcare, education or financial services, (2) enable African SMEs to improve their access to market and capital, or (3) create sustainable jobs at scale, with a focus on women and youth.
Janngo Capital, its management company, is one of the very few female-founded, owned and led venture capital firms in Africa. In 2020, the firm made a strong commitment to gender equality, pledging up to 50% of investments in companies founded, co-founded or benefiting women during the World Economic Forum in Davos. In 2023, Janngo Capital won the Gender Equality Award at the Africa CEO forum, in recognition of its 56% portfolio companies founded, co-founded or benefiting women and of its 91% portfolio companies complying with 2X criteria.
30+ investments in 21 portfolio companies and a landmark exit
In less than 6 years, the firm has built a portfolio of 30+ investments across its 2 investment vehicles in 14 countries. Its portfolio companies have since expanded in over 20+ countries, spanning across key sectors such as healthcare, logistics, financial services, retail, food & agri, mobility and the creative industry and generating several billion dollars of transactions per year while creating more than 20 000 jobs. Key investments include Sabi, a woman-led Nigerian soonicorn, recently named to the world ranking of Fast Company‘s Most Innovative Companies. With exponential growth over the last three years, more than 250,000 registered users, 15,000 monthly orders and a revenue that has tripled in 2023 on an annualized basis compared to 2022, Sabi generates more than $1 billion of GMV per year.
The firm has also successfully achieved the exit of Expensya, founded by Tunisian entrepreneurs Karim Jouini and Jihed Othmani, with an average Internal Rate of Return (IRR) of 48%. The sale of Expensya to the Unicorn Medius, a global leader in “CFO as a Service” technology solutions and a key gateway for financial management, represents one of the largest transactions in the MENA region. Over the past two years, Expensya has more than doubled its recurring revenue and expanded its team to over 200 employees across Tunisia, France and Germany. The company had raised $20 million in a Series B financing round in May 2021. Janngo Capital was the first African VC on Expensya’s cap table and has invested at seed and series B.
Counteract Partners leads funding to scale CREW Carbon’s commercial operations with existing wastewater treatment partners, while expanding their technology to additional plants
BROOKLYN, N.Y., Oct. 30, 2024 — In order to meet global climate targets, ~10 gigatons of carbon dioxide needs to be removed from the atmosphere annually by 20501. CREW Carbon is on a mission to leverage its enhanced weathering approach within earth’s water cycle, focused initially on removing biogenic CO2 produced in wastewater treatment facilities. Significant amounts of CO2 are naturally concentrated within wastewater, creating an ideal environment to rapidly scale carbon removal. Developed through years of research at Yale University, CREW’s technology enhances the natural power of minerals to treat wastewater and store CO2 permanently, all while removing the cost barrier to optimize biological treatment in wastewater. The company is already operating at multiple plants and are on their way to scaling operations to remove thousands of tons next year. Seed funding will enable CREW to grow the team, deploy systems at additional wastewater plants, and continue building their proprietary carbon monitoring, reporting, and verification (MRV) system.
CREW carbon team at the wastewater plant
The oversubscribed round was led by Counteract and included participation by ReGen Ventures, ANIMO, Connecticut Innovations, Ponderosa Ventures, Newlab, Echo River Capital, and the Carbon Drawdown Initiative.
“Robust greenhouse gas removal is needed, and needed swiftly, to limit the effects of climate change and to meet our climate goals,” said Dr. Joachim Katchinoff, CREW Co-Founder and CEO. “CREW has identified that water resource recovery facilities are one of the best locations for rapid carbon removal. As a society we have spent decades building amazing wastewater treatment infrastructure to keep our environment safe; now, with CREW’s technology, we can work with utility and industrial partners to supplement their treatment processes in a way that can measurably remove CO2 at scale while enabling safe and efficient wastewater treatment.”
The solution is resonating with investors, who see it as a scaleable, affordable way to address the climate problem. Andy Bonsall, Partner at Counteract who led the round and specializes in backing solutions for gigaton-scale carbon removal, said “We’re thrilled about CREW’s game-changing technology that scales measurable carbon removal while simultaneously delivering key improvements for wastewater facilities. By partnering with wastewater treatment plants, who are already important stewards of our communities and environment, CREW is tapping into existing infrastructure and keeping costs of deployment low. It’s a win for municipalities, industry, and our journey to net-zero, solving long standing challenges with a demonstrated, low-cost solution.”
Given the co-benefits for wastewater treatment operators, “CREW’s solution is an easy sell to partners in the wastewater sector,” according to Chris Morrison, Executive in Residence at ImagineH2O and former Division Vice President of Water Process Services at Ecolab/Nalco. “The CREW technology is sound – their pilots to date have achieved their goals of reducing costs and improving pH and alkalinity management. The technology is safer than existing solutions – removing harmful chemicals like caustic from operations. And the technology is innovative – it’s truly a first of a kind solution that transforms wastewater treatment plants into climate hubs. It’s a paradigm shift for the industry.”
About CREW
CREW Carbon is a carbon removal company that uses engineered enhanced weathering to remove CO2 from municipal and industrial wastewater systems. CREW’s technology enhances the natural power of minerals to help treat wastewater and store carbon dioxide permanently. CREW partners with wastewater treatment plants, leveraging existing infrastructure to enable measurable climate impact while simultaneously helping optimize biological treatment.
Neara closes Series C fundraise, led by some of the world’s largest private market investors and infrastructure owners, cementing its position as a global leader in critical infrastructure resiliency
SEATTLE, Oct. 30, 2024 — Neara, the first AI-powered predictive modeling software platform for critical infrastructure, today announced a US$31 million Series C funding round. The round was anchored by a consortium led by EQT (a leading global investment organization), with participation from Partners Group (one of the largest firms in the global private markets industry1) and Square Peg Capital (one of the company’s earliest investors), with additional support from existing investors Skip Capital and Prosus Ventures.
The funding will accelerate Neara’s global operations across the United States, the United Kingdom, Europe, and Asia Pacific as the company continues to address the increasing challenges of energy resilience and infrastructure modernization.
With operations across four continents, Neara’s 3D digital modeling technology enables utilities to adopt a more proactive approach to network optimization with simulations that surface safety and reliability risks and identify the most effective remediation actions. Neara’s utility partners, including CenterPoint Energy and Southern California Edison in the US, perform critical analyses in just hours and days that would otherwise take months or years. These analyses enable utilities to execute faster, more informed decisions about a wide range of issues, from routine operations and load growth planning to emergency scenarios and double and triple-digit million-dollar grid hardening decisions without the need for verification from manual surveys.
CenterPoint Energy partnered with Neara following 2024’s Hurricane Beryl to forecast, measure, and deliver network improvements as part of their mission to build the most resilient coastal grid in the country. Already, CenterPoint has dramatically accelerated critical field insight analysis, reducing processes that historically took a year and a half to just three hours in Neara.
Southern California Edison counts on Neara’s technology to address problematic vegetation 50% faster in their wildfire-prone region.
As global energy challenges intensify, the public sector increasingly recognizes the role of technology in driving data-informed decisions and aligning public and private stakeholders behind the most critical projects to ensure timely funding and execution. Neara’s network-wide simulations help utilities gain regulatory support by objectively demonstrating how proposed upgrades, such as wind-resistant poles and flood-resilient network design, will improve reliability and resiliency. Neara’s software helps utilities significantly reduce outages, accelerate power restoration, and bring new infrastructure online much faster.
The company’s technology is also playing a central role in the energy transition by significantly simplifying the traditionally complex challenges of transmission design and construction hurdles. The simulation functionality also empowers utilities to optimize the utilization of existing infrastructure, accelerating the integration of renewable energy sources.
“We are asking the grid to do more in the next 10 years than we have in the last 50. Neara helps strengthen critical infrastructure to keep global communities safe, connected, and economically viable despite intensifying severe weather, age, and overuse. Reliable, affordable, clean energy depends on resilient high-functioning infrastructure, which demands the laser-focused, fast decision-making we’re empowering for utilities,” said Jack Curtis, Chief Commercial Officer at Neara.
The investment builds on Neara’s last funding round in September of 2023. Since then, the TIME 100 Most Influential Companies honoree has focused on scaling its presence in the United States and Europe. Globally, Neara has modeled over >1.5 million square miles of electricity infrastructure and 12 million infrastructure assets.
This funding round will accelerate Neara’s global operations as utilities worldwide face increasing resiliency challenges and the demands of the energy transition. The company will also expand its modeling and simulation capabilities to additional critical infrastructure sectors, including telecommunications and public transportation. Neara is already supporting broadband infrastructure projects in the US, helping providers fast-track efforts to connect underserved communities.
“This investment marks EQT’s first venture growth investment in an Australia-headquartered company, highlighting our ambition to support world-class platforms from early growth partnerships through to large-cap buyouts. We are excited to further advance Neara’s growth and impact by leveraging our global network and expertise across energy transition, infrastructure augmentation and best-in-class software development,” said Frank Heckes, Partner on the EQT Private Equity advisory team and Co-Head of EQT Private Capital Australia and New Zealand. “EQT is focused on making responsible investments that address global challenges and drive innovation for a better future. Neara exemplifies this by empowering mission-critical service providers to enhance infrastructure reliability and efficiency, unlocking bottlenecks, and accelerating energy transition in key markets,” added Sam Franklin, Managing Director on the EQT Infrastructure advisory team.
Cyrus Driver, Managing Director at Partners Group, said, “In many cases, infrastructure is lagging behind rapidly changing societal needs, including across the energy grid, transportation, and digital infrastructure. As a result, it’s never been more important that every dollar invested in infrastructure demonstrably improves performance. Neara’s industry-leading technology is essential for every asset owner to run high-functioning and resilient infrastructure. We have deep thematic conviction in Neara’s offering and we are already working with management on multiple opportunities to deploy its solutions within Partners Group’s global network.”
James Tynan, Partner at Square Peg, explained, “For most of us, infrastructure is invisible until there is a problem, but then it can be a matter of life and death. With infrastructure under pressure like never before, Neara’s unique ability to help intelligently and cost-effectively manage these critical assets could not be more important. At Square Peg, we concentrate our investments around a small number of outlier teams attacking critical, global problems, and we’re proud to be continuing to back Neara almost four years into our journey with them.”
About Neara
Neara’s AI-assisted predictive modeling software helps infrastructure owners drive critical proactive decisions by conducting precise analyses in hours and days that would otherwise take months or years in the field. Network-wide simulation analyses reveal how assets behave in real-world environments during any scenario — empowering better, faster, more cost-effective decisions. The model supports end-to-end network governance, from routine operational decisions to emergency scenarios and major grid-hardening investments — without verification from manual surveys. Neara’s technology has modeled >1.5 million square miles of global network territory featuring ~10 million assets, across four continents from California to Ireland and Australia. Neara’s utility customers identify outage risks 9x faster, restore power 3x faster, and save thousands of field visits per year. More information is available at www.neara.com.
EQT is a purpose-driven global investment organization with EUR 246 billion in total assets under management (EUR 134 billion in fee-generating assets under management), within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership. More info: www.eqtgroup.com. Follow EQT on LinkedIn, X, YouTube and Instagram.
About Square Peg
Square Peg is a venture capital firm that helps founders from our corners of the world shape the future. Founded in 2012 in Australia, Square Peg combines the best of a local partner with a global network of companies and now backs founders early and repeatedly from three of technology’s most exciting regions: Australia & New Zealand, Israel, and Southeast Asia. Learn more at squarepeg.vc
About Partners Group
Partners Group is one of the largest firms in the global private markets industry, with around 1,800 professionals and approximately USD 150 billion in assets under management. The firm has investment programs and custom mandates spanning private equity, private credit, infrastructure, real estate, and royalties. With its heritage in Switzerland and its primary presence in the Americas in Colorado, Partners Group is built differently from the rest of the industry. The firm leverages its differentiated culture and its operationally oriented approach to identify attractive investment themes and to transform businesses and assets into market leaders. For more information, please visit www.partnersgroup.com or follow us on LinkedIn.
1 Acting on behalf of its clients
SOURCE Neara
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DARIEN, Conn. and LOS ANGELES, Oct. 30, 2024 — Tamarack Global, an early stage deep-tech venture capital fund, today announced the close of $72M for its Opportunities II fund, which closed earlier this summer.
The Opportunities II fund is more than twice the size of its flagship fund, bringing the firm’s total AUM to over $211M. The Opportunities II fund consists of global investors who are seeking long-term investments in transformative companies.
“Since our inception, we believed that the greatest compounding effect that we can have has been helping others to succeed. Our Opportunities I fund was launched with the aim of identifying visionary founders who were focused on building generational companies, while going after the largest end-markets in the world. We are delighted to close on Opportunities II, which will invest in solutions that solve the most pressing problems we face as a society today,” said John McCormick, founder and managing partner at Tamarack Global.
“Short-term volatility should not create drastic shifts in investment strategy, and instead can open new markets and foster innovation,” said Jamie Lee, managing partner at Tamarack Global. “As technological shifts continue to accelerate with rapid advancements in AI & ML—and the subsequent collapse of cost-curves within digital and physical industries—we remain steadfast in our focus on atoms & bits and founders who are driving change in their respective industries. We believe this will lead to some of the biggest opportunities on (and off) Earth and will continue to represent a massive opportunity for us and our investors.”
Tamarack’s Opportunities I fund, formed in 2019, raised $31.3M and invested an additional $55M alongside the fund via co-investments. Fund I invested in a portfolio of early seed and Series A companies, adding in break-out follow-on rounds in companies across the energy transition, defense-tech, the space economy, robotics & automation, AI, and more. Fund II will follow a similar strategy.
“Tamarack Global is one of a handful of under the radar funds that are truly backing deep tech and highly ambitious founders out to change the world,” said technology entrepreneur and founder/CEO of Figure, Brett Adcock.
Tamarack Global’s focus on advancing the manufacturing industry through technical innovations played an instrumental role in launching the New American Industrial Alliance (NAIA) during the summer of 2024 at the Reindustrilize Summit held in Detroit. The Company’s General Partner, Austin Bishop, who is also co-founder of Atomic Industries, wanted to capitalize on innovation happening in AI, robotics, materials, and software and believed that investors were looking to make meaningful investments in these opportunities. NAIA is laser focused on one goal—making industrial activities the powerhouse of the American economy once again through innovation and smart policy.
“NAIA is rapidly building a significant coalition across companies, institutional investors, and government officials to accelerate rebuilding U.S. industry, and to reduce reliance on at-risk global supply chains. This is very mission-aligned with the types of companies we invest in at Tamarack Global,” said Bishop.
About Tamarack Global
Founded in 2019, Tamarack Global seeks to find entrepreneurs shaping the world around them. As our world becomes more digital, networked, and connected, it also becomes infinitely more dynamic and complex. New technologies and markets are driving change at lighting speed, scope, and scale—that is almost impossible to comprehend. Tamarack Global strives to investigate deeper, to uncover those exceptional people who are solving the difficult problems of today and beyond, whose work brings new commercialization and opening new markets via new technologies.
The company also announced expansion to eight additional markets across the U.S., unlocking access to thousands of new dental practices, professionals, and DSOs
PHOENIX, Oct. 30, 2024 — Toothio, the leading digital staffing marketplace for the dental industry, today announced $5 million in additional financing led by nvp capital and Craft Ventures. Rho Capital, Marketplace Capital, Roosh Ventures, Burst Capital, Revere Partners, Karman Ventures, Az Crown, and Connexa Capital also participated. The capital infusion coincides with Toothio’s expansion into several new markets, including Chicago, Los Angeles, San Jose, Portland, Seattle, Baltimore, Charlotte, and Orlando.
Hiring qualified dental hygienists, assistants, and office staff remains a significant challenge for dental offices across the United States. Ninety-five percent of dentists report difficulties recruiting and retaining qualified dental hygienists and office staff. The COVID-19 pandemic further exacerbated the issue, with nearly 4% of dental hygienists leaving the industry altogether. With its on-demand staffing marketplace, Toothio is tackling this crucial labor gap – connecting credentialed dental hygienists, assistants, and receptionists with offices that rely on their essential work.
“As an investor, it is rare to identify a pain point as severe as the staffing shortage that persists in the dental industry,” said Jonathan Beda, Managing Partner at Connexa Capital. “Toothio’s best-in-class retention among dental professionals and dental practices on the platform reflects the company’s incredibly effective matching algorithm and management’s deep understanding of its users’ needs.”
Toothio gives private dental practices and Dental Service Organizations (DSOs) exclusive access to a vetted pool of over 30,000 highly qualified dental professionals. The company’s proprietary algorithm matches top-rated professionals with open shifts nearby, connecting dental offices with the most skilled staff for their unique needs. With an industry-leading 97% fill rate for open shifts, Toothio is making it easier than ever for dental offices and DSOs to streamline operations and maintain high-quality patient care.
The latest financing and market expansion follows a year of tremendous growth for Toothio, with over 15,000 dental professionals added to the platform in 2024 alone. Since its founding, the company has driven 300% year-over-year growth, filling thousands of open shifts for private practices and DSOs across the U.S.
“Toothio’s rapid expansion is a testament to their deep understanding of the dental industry’s staffing challenges and their innovative solution. Their work aligns perfectly with nvp capital’s healthcare thesis, where we support companies that solve key issues, including access to care. Staffing challenges have been an inhibitor across multiple industries, including dental. With this latest round, we’re confident Toothio will continue to scale and set the standard for dental staffing in 2025 and beyond. We’re proud to partner with them on this exciting journey,” said Vaughn Crowe, Managing Partner at nvp capital.
“With dental offices across the country struggling to maintain full staffing levels, we’re here to ensure both patient care and office efficiency are optimized,” said Ian Prendergast, co-founder and CEO of Toothio. “This additional capital will help us further expand the reach of our platform, delivering seamless, on-demand staffing solutions for dental offices across the country – while empowering staff through a more flexible model of work.”
Dental offices and professionals can join Toothio by visiting the company’s website or downloading the mobile app. To learn more, visit www.toothio.com.
About Toothio Founded in 2021, Toothio’s mission is to alleviate the staffing challenges faced by dentists by providing on-demand access to hygienists and assistants. Toothio’s staffing platform enables dental practices to quickly increase office production and better support their patients. Toothio offers dental professionals freedom and flexibility, making it the class-leading labor option for those in the dental industry. For more information about Toothio, visit toothio.com.
SALT LAKE CITY, Oct. 30, 2024 — Databento, one of the fastest-growing companies in the financial data industry, today announced the successful close of $10 million in additional funding, increasing its total Series A round to $30 million. This caps off an extraordinary year that saw a 985% surge in revenue and over 7,000 new customers.
The round features follow-on investments from existing shareholders, while new participation from Belvedere Trading, Clear Street, Lightscape Partners, and several prominent asset management firms reflects the adoption of Databento across a broad range of use cases. This capital raise unites leading hedge funds, proprietary trading firms, banks, and brokerages, underscoring the company’s rapid emergence as the industry’s new gold standard for market data.
“We’re honored to join forces with such a representative cross-section of the financial industry,” said Christina Qi, CEO of Databento. “With this investment, we’re eager to accelerate new feature rollouts and usher in the future of consolidated equities data feeds.”
Looking ahead, Databento is set to introduce a series of product enhancements. Upcoming releases will extend data history and expand its coverage of European markets and global indices. As the company strengthens its international footprint and makes further performance upgrades, it is also adding new pricing plans to provide greater flexibility for its growing customer base.
Michael Tung, Investments and Business Lead at Belvedere Trading, said: “Belvedere Strategic Capital is excited to be a strategic investor in Databento. Databento’s advanced technology and highly customizable market data offerings are going to be a game changer for a wide variety of market data users across the ever-evolving financial industry.”
Chris Pento, Co-Founder and CEO of Clear Street, added: “We invested in Databento because they are crafting a truly developer-first product that makes it easy and delightful to get market data through thoughtfully designed APIs. Productizing high-fidelity market data is hard—your data models, delivery options, and documentation consistency all matter for creating amazing developer ergonomics. Databento is excelling on all these fronts.”
James Rowen, Co-Founder and Managing Partner of Lightscape Partners, commented: “We’re pleased to support Databento’s exceptional leadership and their innovative approach to market data solutions. Databento’s streamlined, scalable platform delivers high-quality data that empowers trading firms, hedge funds, and AI-driven companies, meeting the complex needs of today’s most demanding financial institutions.”
Many of the firms involved in this round also highlighted Databento as a pivotal force in the upcoming SEC-mandated retirement of the exclusive US equity SIPs and shift towards a competing consolidator framework. The round not only reflects strong product traction but a shared commitment to Databento’s vision of leading a new era for market data infrastructure.
About Databento
Databento makes it simpler and faster to access institutional-grade financial data. With Databento’s APIs and no-code browser platform, users can instantly access petabytes of market data—and only pay for what they use. As an official distributor of data from over 45 exchanges, Databento’s servers are hosted in the colocation facilities of each trading venue for low-latency and high-fidelity data capture directly from the source.
Both real-time and historical data are available in over 15 formats, including L1, L2, and L3, with nanosecond-resolution timestamps. Databento has pioneered many industry firsts, including usage-based pricing and the delivery of full-exchange L3 feeds over the internet.
Toyota’s Growth Fund, Woven Capital, Invests in Shared Autonomy Forklift Technology that Drives Significant Enhancements in Warehouse Operational Efficiency and Safety
UNION CITY, Calif., Oct. 30, 2024 — Third Wave Automation, provider of autonomous high-reach forklifts powered by Shared Autonomy, today closed a $27 million Series C round led by Woven Capital, Toyota’s growth fund. Return investors Innovation Endeavors, Norwest Venture Partners and Qualcomm Ventures joined the round, bringing total capital raised to $97 million. The funding will enable Third Wave to scale its pioneering Shared Autonomy Platform, expand manufacturing of its multimode TWA Reach forklifts, and support future technology development that advances the use of autonomous forklifts in and around warehouse environments.
“In an industry grappling with a severely constrained labor market and intensifying market competition, Third Wave Automation’s approach of blending AI-powered autonomy with human expertise is transforming warehouse operations,” said Prashant Bothra, principal at Woven Capital, who is joining the Third Wave board. “Third Wave’s solution provides reliable automation for vertical movement and placement of goods while optimizing labor efficiency, enhancing safety and enabling data-driven improvements. With access to Toyota’s unparalleled bench of industrial automation and mobility experts, we believe Third Wave is well positioned to chart the future of intelligent material handling, unlocking unprecedented value across global logistics networks.”
Bringing Shared Autonomy to Dynamic Materials Handling Environments
“The partnership between Third Wave and Woven Capital creates a strong foundation to advance our company’s strategic vision, reshaping how warehouse operators perceive autonomous forklifts and the value they deliver,” said Arshan Poursohi, CEO of Third Wave Automation. “Collaborating with Toyota will play a vital role in expanding access to our AI-powered solutions and industry-leading autonomous forklifts. Together, we will empower more U.S. warehouse operators to boost productivity, enhance operational flexibility, address labor challenges and improve safety—all while delivering a fast, impressive ROI.”
Third Wave Automation pioneered materials handling automation with its Shared Autonomy Platform, enabling the TWA Reach line of forklifts to operate autonomously or seek help from remote operators who can take control from the safety of their office. The platform uses machine learning to ensure forklifts continue to adapt and improve over time.
The TWA Reach forklifts operate in four modes: fully autonomous, remote assist, remote operation and traditional manual operation. They are designed for high-reach applications, capable of horizontal and vertical movement of payloads, and used for end-to-end applications, from inbound, replenish and outbound tasks to all tasks in between.
The dynamic system includes the industry’s most efficient mapping solution. Using automotive-grade 3D lidar, Third Wave Automation can see from the floor to the roof and across aisles, reducing the time it takes to map fixed environments from months to days. The advanced camera warehouse perception system—including Collision Shield, the industry-leading autonomous obstacle detection system running on forklifts—provides remote operators with insights into potential obstacles and how to navigate around them, as well as better views of target pick-and-place locations than manual operators.
The platform, along with its industry-leading Armada Fleet Management System (FMS), enables a single operator to manage multiple forklifts. Integrating seamlessly with other warehouse management systems, the Armada FMS allows operators to execute and monitor workflows and dynamically configure warehouse zones, dramatically improving worker efficiency and safety.
“The value of Third Wave Automation is genuinely transformative,” said Brien Downie, president of 3PL firm Holman Logistics. “Their autonomous forklifts will help us streamline our processes, enable our organization to fulfill customer orders more efficiently and maintain our competitive position in the logistics marketplace. Additionally, the autonomous Third Wave forklifts will play an important role in supporting our core value of ensuring that we always provide a safe environment for our team members.”
About Third Wave Automation Third Wave Automation was founded in 2018 in Union City, Calif., to alleviate increasing supply chain stress using intelligent automation products and services. The TWA Reach is the only high-reach forklift automation solution on the market today that offers users the flexibility to deploy their fleet in four modes: fully autonomous, remote operation, remote assist, and manual operation. Third Wave Automation brings people and automated systems together to improve throughput, efficiency, and safety beyond what people or automation could achieve alone.
Leveraging machine learning and artificial intelligence to create its Shared Autonomy Platform, Third Wave Automation’s Armada Fleet Management System provides the visibility and tools needed to effectively manage fleets of automated high-reach forklifts and respond to edge cases in a timely and effective manner. The Third Wave Automation solution easily integrates into existing workflows without costly infrastructure changes commonly required by traditional automation solutions. Customers immediately realize the benefits from day one. For more information, visit thirdwave.ai.
About Woven Capital Woven Capital is Toyota’s growth fund dedicated to realizing the promise of mobility — how people, goods, information and energy can move. Our global team of investors connects the world’s most promising innovators with the world’s most trusted automotive brand. Founded in 2021, we are investing nearly $800 million in startups that create new ways to connect cities, advance automation, harness and store energy, further electrification, and make our vehicles smarter. Learn more at woven.vc.
SOURCE Third Wave Automation
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