In support of this strategic shift, Crosscut is also launching a growth investment platform designed to back later-stage rounds in frontier tech.

LOS ANGELES, Oct. 29, 2024 — Crosscut Ventures, an early-stage venture capital firm with deep roots in Southern California’s tech ecosystem, today announced a strategic evolution in its investment thesis. Moving forward, Crosscut will exclusively focus its capital and company-building efforts on frontier technology, including space exploration, defense innovation, advanced materials and manufacturing — sectors that push the boundaries of technological development to solve critical market problems. Alongside these, Crosscut will also focus on energy transition and scalable climate solutions, reflecting the growing importance of these areas to the SoCal tech ecosystem. As part of the new direction, Crosscut will announce a new partner later this year who will join Crosscut’s 6th fund to lead the firm’s growth and project finance efforts, enabling the most promising energy innovations to reach commercial scale.

Building on Crosscut’s sixteen-year track record of early-stage success, backing over 170 companies with initial capital of $210 million, leading to over $7.2 billion of follow-on capital, Crosscut is committed to advancing opportunities in frontier technology. This shift aligns with the firm’s history of supporting companies like Inspire Energy (acquired by Shell), Measurabl, and Umbra Space, while paving the way for the next generation of mission-driven businesses, through more recent investments like Carbon Ridge, Cambium Carbon, SoloPulse, Haxion, Aalo, Proteus Space, and Solestial Solar.

“In my 23 years as an early-stage investor in LA, I’ve never been more excited about the potential of this market, the diversity of talent and the hard problems that I see amazing entrepreneurs tackling every day. We are just at the beginning stages of this techno-manufacturing revolution that will drive SoCal and produce some of the best returns of the next two decades,” said Brian Garrett, Managing Director and Co-Founder of Crosscut. “I feel lucky to wake up every day and have the opportunity to support the SoCal founders who are tackling these problems. I look forward to seeing the tremendous impact these solutions can have on global decarbonization, our energy systems and the continuing commercialization of space.”

In support of this strategic shift, Crosscut is also launching a growth investment platform designed to back later-stage rounds in frontier tech. With over 100 investors already committed, the invite-only network will syndicate a select set of underwritten growth deals to a network of mission-aligned investors, including family offices, endowments and foundations with a focus on frontier technologies such as nuclear fission, synthetic fuels and next-generation transmission and grid solutions.

About Crosscut Ventures

Crosscut Ventures, one of LA’s longest-standing seed funds, invests in founders building solutions that provide humanity with a better future. Crosscut partners with founders focused on clean energy generation and power distribution, the commercialization of frontiers in space, the ocean, and the earth, decarbonization, and the upgrading of the U.S.’ defense systems. The firm is committed to using its 16+ years of experience, widespread connectivity, and proven playbooks to bring companies to commercial viability for the betterment of humanity.

For more information, visit www.crosscut.vc.

SOURCE Crosscut Ventures

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Funding round led by Lightspeed Venture Partners will enable Table22 to expand its commerce platform and drive continued merchant partner growth

NEW YORK, Oct. 29, 2024 — Today, Table22, a leading provider of revenue-expanding e-commerce tools for merchants in America’s more than $1 trillion food and beverage industry, announced an $11 million Series A funding round to expand its platform and customer network. The round was led by Lightspeed Venture Partners, with participation from institutional investors Footwork, Forerunner Ventures, and Alt Capital, among others, as well as individual participants including founders of and leaders from category-leading companies like Square, BentoBox, and SevenRooms.

This funding comes on the heels of Table22’s 3x year-over-year growth; its ongoing 99% monthly retention of core merchant customers; and its expanding suite of commerce, fulfillment, and marketing tools used by independent restaurants, grocers, butchers, beverage retailers, coffee shops, bakeries, breweries, and cheesemongers across 38 U.S. states.

“At Table22, we believe that food & beverage businesses have the opportunity to serve their customers in a wide variety of compelling — and profitable — new ways,” said Sam Bernstein, Table22 Founder & CEO. “Our platform represents an entirely new selling paradigm for this essential, beloved industry — one that helps owners to ‘expand the pie’ with untapped revenue and offering categories; to transform the productive capacity of cost centers like prep shifts and off hours; and to drive more loyalty and brand affinity with their customers. We are thrilled to partner with Lightspeed on this round, and look forward to continuing to invest behind the success of our growing base of merchant partners around the U.S.”

Merchants who use Table22 today routinely generate six figures or more of new, high-margin revenue for their businesses through innovative consumer offerings like subscriptions, retail packages, and branded CPG products that are enabled by the company’s platform.

“Table22 is a rare win-win-win for the restaurant, the guest, and the platform,” said Aaron Silverman, Founder of Washington, D.C’s award-winning Rose’s Restaurant Group and Extra Fancy Catering & Events. “Since we began working with Table22 in 2021, the platform has enabled us to drive seven figures of new sales across subscriptions and retail e-commerce, while helping us nurture our guest relationships and extend our brand beyond our four walls.”

“Americans are spending more on out-of-home food than before the pandemic, but paradoxically it’s never been harder for restaurants to earn a profit. Table22 is growing the pie for all constituents in the food and beverage ecosystem by enabling merchants to tap into new sources of profitable growth,” said Alex Taussig, partner at Lightspeed Venture Partners. “When we spoke to owners of food and beverage establishments, several told us that partnering with Table22 was like adding an extra week of revenue each month to the operating calendar. That kind of immediate and impactful customer experience, paired with Table22’s best-in-class retention and customer economics, led us to partner with Sam and the Table22 team.”

Table22 was founded in 2020 to provide a new path forward for revenue and margin expansion for America’s ~500k independent food and beverage merchants. The company’s mission is to empower every food and beverage business owner to thrive economically, delight customers, and fulfill their creative purpose.

About Table22
Table22 unlocks incremental, high-margin revenue for America’s restaurants and F&B retailers, allowing them to expand profits and tap >$1 trillion of unmet demand each year. The company provides innovative e-commerce, fulfillment, and marketing tools for a variety of merchants across the U.S. restaurant, grocery, and F&B retail sectors — with a mission to help independent F&B businesses thrive and grow. The company was founded in 2020 and is based in New York City, with backing from leading investors such as Lightspeed Venture Partners, Footwork, Forerunner Ventures, and more. www.table22.com

About Lightspeed
Lightspeed Venture Partners is a multi-stage venture capital firm focused on accelerating disruptive innovations and trends in the Enterprise, Consumer, Health, and Fintech sectors. Over the past two decades, the Lightspeed team has backed hundreds of entrepreneurs and helped build more than 500 companies globally including Affirm, Carta, Cato Networks, Epic Games, Faire, Forty Seven, Guardant Health, Mulesoft, Navan, Netskope, Nutanix, Rubrik, Sharechat, Snap, Udaan, Ultima Genomics and more. Lightspeed and its global team currently manage $25B in AUM across the Lightspeed platform, with investment professionals and advisors in the U.S., Europe, India, Israel, and Southeast Asia. www.lsvp.com

SOURCE Table22

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Funding Will Accelerate Production of P1, A First-Of-Its-Kind Personal Electric Vehicle

NEW YORK, Oct. 29, 2024 — Infinite Machine, the New York-based company building the next generation of non-car vehicles, today announced the close of its seed funding round. The $9.3M round was led by Andreessen Horowitz through its American Dynamism fund, with additional participation from Adjacent Capital, Necessary Ventures, Otherwise Fund, the founders of Reformation, Replit, and HuggingFace and Formula 1 World Champion Nico Rosberg (Founder Rosberg Ventures). The capital will accelerate production and the market launch of Infinite Machine’s debut product P1 — a high-performance electric scooter designed to be the ultimate vehicle for urban environments.

“P1 is the first step in our vision of a post-car future,” said co-founder and CEO Joseph Cohen. “We couldn’t be more excited to partner with a16z and our other investors to bring our vision to life. This round of capital will allow us to scale production and start shipping vehicles to customers next year.”

P1 is a tool created to unlock the experience of living in and exploring a city. It offers next-gen technology that blends practicality and performance: its electric drivetrain is staggeringly quick, quiet, and it features a high-performance removable battery that can be charged at home with a standard outlet. P1 is modular and can adapt to carry cargo, spare batteries and even a speaker. It is fully connected, with an onboard automotive-grade computer and remote app for convenience and security. The vehicle can seat two passengers comfortably and can be operated for up to speeds of 30 mph with a standard driver’s license in the US. With a motorcycle license, a software unlock enables speeds of up to 55 mph.

Infinite Machine was founded by brothers Joseph and Eddie Cohen, who saw an opportunity to create urban vehicles that combined advanced technology, high performance, elevated design, and modularity. Dissatisfied with subpar performance, uninspiring designs, and the lack of good technology in existing urban vehicles, they brought together a team of builders from Tesla, Boosted, and Apple to realize their vision.

“We obsessed over every detail of P1,” shares Eddie. “Our singular focus was to create the best personal electric vehicle in the world and every decision we made—whether it was design, engineering, materiality, or software—was driven by an uncompromising dedication to the product itself.”

P1 is available for pre-order at infinitemachine.com, with deliveries expected to begin in 2025. This marks a significant milestone in the company’s mission to inspire a future where urban transportation is no longer dominated by cars, but by efficient, compact, and sustainable alternatives.

About Infinite Machine

Infinite Machine exists to make the most compelling non-cars on earth and to inspire a post-car future. P1, its first product, is a radical new personal electric vehicle for cities, pairing cutting edge industrial design with breakthrough performance and utility. The company was created by brothers Joseph and Eddie Cohen, lifelong vehicle enthusiasts and New Yorkers. They wanted to build vehicles that fit their lives—inspiring designs with great performance and deep practicality—that show an exciting vision for the future of transportation.

Contact:
[email protected]

SOURCE Infinite Machine

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Latii enables luxury architects and construction materials dealers to source premium windows and doors from fabricators in Latin America, Europe, and Africa

NEW YORK, Oct. 29, 2024 — Latii, a New York City-based proptech startup, is announcing today that it has secured $5 million in seed-round funding. Combined with the $3.3 million raised during a pre-seed round, this brings Latii’s total funding to $8.3 million. The seed round was led by Leadout Capital, with participation from Era Ventures, Act One, Nine Four Ventures, and RADV. The company will use the fresh capital to continue the development and launch of AI-powered tools that streamline processes for both its customers and fabricators. This infusion will further fuel its U.S.-wide expansion efforts in the Pacific Northwest, Mountain Region, and the New York Tri-State Area by removing cross-market friction.

“This funding enables us to leverage AI to lower overheads and enhance quality outcomes for our clients,” said Santiago Bueno, CEO and Co-Founder of Latii. “We’re excited to expand into new luxury architectural aluminum and European steel fenestration markets across the U.S., connecting architects and construction material dealers with premium, design-forward windows and doors from world-class fabricators.”

Latii is a managed marketplace and supply chain automation tool for construction materials, allowing U.S. customers to source high-quality, price-competitive, precision-made fenestration products from Latin America, Southern Europe, and North Africa. By providing access to alternative supply chains previously inaccessible to the U.S. market, the company generates savings of up to 60% while maintaining quality and offering access to innovative, design-forward architectural styles in steel and aluminum. Led by a team of industry experts and startup veterans, Latii is helping create supply chain flexibility within the $1.7 trillion U.S. construction industry.

“We’re excited about our investment in Latii because of the trusted relationships it has built with architects, dealers, and builders. When we spoke with customers, one of their major frustrations concerned the traditional quoting process, which often took over a week and was error-prone. Latii is disrupting the $65 billion window and door market by dramatically streamlining the quoting process while also delivering higher-quality custom products at a significant discount,” said Steve Brownlie, General Partner at Leadout Capital.

Latii is already working with customers in Texas, and has facilitated more than $1 million in orders in the past twelve months. Having validated product-market fit and unit economics, Latii is now building an automated, AI-powered quoting engine to quickly grow its footprint across the U.S.

“In a luxury and custom-made industry, quality is a key enabler for growth. Suppliers are craving tools to upscale production without compromising the outcome. Our AI-enabled technology can close the gap between the need for highly skilled operative labor and the decline in skilled talent willing to work in legacy industries,” said Juan Pascual, COO and Co-Founder of Latii.

About Latii:
Latii revolutionizes window, door, and construction material solutions for high-end dealers, architects, and homeowners by simplifying the specification process, ensuring quality, and offering unbeatable value. As a managed marketplace and supply chain automation tool, Latii empowers customers in the US to source high-quality, price-competitive materials from Latin America, Europe, and Africa. With a focus on premium quality, aesthetic versatility, and energy efficiency, Latii enables swift, informed decisions, saving time and reducing complexity, while creating supply chain flexibility in the $1.7T construction market. For more information, visit https://latii.com/.

About Leadout Capital:
Leadout Capital is an early-stage venture capital fund focused on backing founders whose world-class customer expertise provides core insights into addressing a customer need in large, overlooked, or underserved markets with a differentiated software solution.

SOURCE Latii

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CHARLOTTE, N.C., Oct. 29, 2024 — Petfolk, a leading provider of veterinary and urgent care through its network of “connected care” clinics, has received a $36 million Series C investment led by Deerfield Management (“Deerfield”). Existing investors Movendo Capital, White Star Capital, Cutting Horse VC, Idea Farm Ventures, and Parkview International participated in the round.

Petfolk is reshaping veterinary care to bring a best-in-class care experience to pets and pet parents. Through its “connected care” model, Petfolk combines modern facilities with 24/7 app-based virtual care to provide exceptional care that meets the needs of today’s modern pet parents who seek both convenience and reliability.

Petfolk is purpose-built to support today’s veterinarians through providing support, training, and opportunity through its deep focus on culture and community. Founded and led by Dr. Audrey Wystrach, DVM, Petfolk and its differentiated approach are products of her more than thirty years of experience as a practicing veterinarian. This innovative care model has contributed to Petfolk earning a top five ranking on Newsweek’s 2024 list of Global Most Loved Workplaces.

“Since inception, our entire team has been uniquely focused on creating a better experience for everyone involved in the veterinary care journey,” said Dr. Wystrach. “As we continue to grow, we are incredibly excited to have Deerfield as an investment partner given their dedicated focus on supporting healthcare companies that drive innovation and excellence in practice.”

“Over the next decade, the landscape of veterinary medicine is poised to transform as pet parents seek care that is both high-quality and easily accessible. Veterinarians are also likely to choose to work for organizations that foster culture and support personal development,” commented Kevin Berg, Senior Advisor at Deerfield. “Petfolk demonstrates a remarkable commitment to elevating the veterinary profession.”

Petfolk currently operates nineteen veterinary clinics across seven markets (Charlotte, Raleigh, Atlanta, Orlando, Dallas, Houston, and San Antonio), with additional new clinics opening in multiple markets, including Miami and Phoenix, in the coming months. By year-end 2025, Petfolk’s clinic network is expected to expand to approximately forty clinics across over ten major metro markets.

About Petfolk

At Petfolk, we deliver the best care for your best friends. Built by vets who love pets, we are reimagining the future of veterinary care through our “connected care” model, blending modern de novo facilities with 24/7 app-based virtual care. Our intentional design, operational excellence, and tech-forward approach ensure best-in-class care and an unparalleled customer experience. Since inception, Petfolk has maintained an exceptional Net Promoter Score (NPS) of 90+, making us the most loved veterinary care group in every market we serve. To learn more about Petfolk and its upcoming announcements, please visit www.petfolk.com and follow the company on LinkedIn and Instagram @mypetfolk.

About Deerfield Management

Deerfield is an investment management firm committed to advancing healthcare through investment, information, and philanthropy. The firm works across the healthcare ecosystem to connect people, capital, ideas, and technology in bold, collaborative, and inclusive ways. For more information, please visit www.deerfield.com.

Advisors

Goodwin Procter LLP served as legal advisor to Petfolk and Robinson, Bradshaw & Hinson, P.A. served as legal advisor to Deerfield.

SOURCE Petfolk

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PHILADELPHIA, Oct. 29, 2024 — Corten Real Estate announced the successful completion of two common equity multifamily investments in Greenville, SC and Annapolis, MD over the last several weeks.

On September 30, Corten closed a $9.1 million joint venture common equity investment in Park on Gilder Creek, a 1997/2001-vintage, 132-unit apartment community located in Greenville, SC that qualifies for South Carolina’s real estate tax abatement program.  The deal was done in partnership with Fulton Peak, a vertically integrated, multifamily investment firm focused on acquiring, repositioning and operating rental housing properties throughout the Mid-Atlantic and Southeast. The investment came from Corten Real Estate Fund II LP (“CREF II”) and served to both capitalize the acquisition and reposition the asset.

Subsequently, on October 11, Corten made a $10.5 million common equity investment to acquire The Gardens of Annapolis, a 106-unit active adult community located in Annapolis, MD.  This deal was done in partnership with Real Asset Industries, a real estate owner/operator focused on senior housing.  The investment also came from CREF II and will fund a renovation program focused on enhancing common areas, amenities and unit interiors.

According to Principal Matt Kattler, “Gilder Creek marks our first foray into attainable housing, in an important target market for Corten with a partner that has solid operating capabilities.  We look forward to identifying additional opportunities in the attainable/affordable housing space – they are win-wins for communities and investors alike.” 

Managing Partner P.J. Yeatman said, “Corten’s investment activity has increased markedly over the course of 2024, both in special situations requiring structured capital solutions to pay down senior debt and distressed acquisition opportunities that require operational improvements and a reset of cost bases.  We look forward to leveraging the network we’ve built as well as finding new best-in-class partners who share our vision going into next year.”  

About Corten

Corten Real Estate is a private investment manager that targets middle-market preferred equity, mezzanine debt, joint venture and common equity investments in hospitality, multifamily, office and other properties located throughout the United States. Corten’s sector expertise and ability to invest up and down the capital stack allow it to provide tailored capital solutions to operating partners and sponsors looking to execute value-added business plans.  Corten is headquartered in Wilmington, DE, with offices in the Philadelphia, PA and Chevy Chase, MD. www.cortenrealestate.com.

SOURCE Corten Real Estate Partners

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SINGAPORE, Oct. 29, 2024 — Junee Limited (NASDAQ: JUNE) (the “Company”), today announced its strategic focus on developing and operating artificial intelligence (AI) computing centers. To support this initiative, the Company plans to raise up to US$40 million through a financing round, with the funds earmarked for the establishment of an AI supercomputing center in Australia and to bolster its working capital.

The planned financing of up to US$40 million will be used primarily for two key purposes:

1.  Establishment of an AI supercomputing center in Australia: The funds will support the construction and operation of a state-of-the-art AI supercomputing center, which is expected to consist of 511 AI servers equipped with up to 4,088 NVIDIA H200 or higher level GPUs. The total investment in this project could reach up to US$200 million, with the project being implemented in phases.

2.  Working Capital: A portion of the funds will be allocated to enhance the company’s working capital, providing financial flexibility and support for ongoing operations.

“We are excited to embark on this new chapter, where we will leverage our expertise and resources to build a robust AI computing infrastructure,” said Yu Chun Kit, Director of Junee Limited. “The planned financing will provide us with the necessary capital to establish a world-class AI supercomputing center in Australia and support our broader business objectives. We are confident that this strategic focus will drive significant growth and value for our stakeholders.”

Junee Limited is committed to becoming a leading player in the AI computing sector, driven by the increasing demand for advanced computing capabilities. To accelerate its entry into the AI computing market, Junee Limited has entered into a non-binding memorandum of understanding with PanaAI Technology Pty Ltd (“PanaAI”), an NVIDIA Cloud Partner based in Australia on August 27, 2024. By investing in cutting-edge technology and forming strategic partnerships, the company expects to capture a significant share of the market and contribute to the advancement of AI technology.

Historical Events: 

On August 27, 2024, the Company announced that it entered into a non-binding memorandum of understanding with PanaAI. PanaAI is an AI computing services and operations company that is a NVIDIA Cloud Partner in Australia and member of the NVIDIA Ecosystem in Australia. Both parties agreed to collaborate on the development of AI products and explore the construction of AI supercomputing centers in Australia, potentially involving up to US$200 million in investment, including 511 AI servers with up to 4,088 NVIDIA H200 or higher level GPUs.

On September 18, 2024, the Company announced that its wholly-owned subsidiary, ASPAC AI Computing Pty Ltd (“ASPAC”) entered into a service contract with PanaAI for the design, integration, and deployment of an artificial intelligence superfactory (AISF).

On October 15, 2024, the Company announced that ASPAC entered into a customer purchase agreement with PanaAI for the procurement of hardware and software services from PanaAI. Pursuant to the customer purchase agreement, PanaAI will provide ASPAC with data center infrastructure, NVIDIA Networking products, NVIDIA H200 GPU servers, and professional services. As consideration for the services, ASPAC shall pay PanaAI in installments totaling approximately US$100 million. The customer purchase agreement and services are part of the Company’s non-binding memorandum of understanding with PanaAI for up to US$200 million of investment announced on August 27, 2024.

About Junee Limited:

Junee Limited (NASDAQ: JUNE) with its wholly owned subsidiary ASPAC AI Computing Pty Ltd (“ASPAC”), is an innovative technology company specializing in supercomputing infrastructure, and dedicated to advancing artificial intelligence and high-performance computing (HPC). As the global demand for GPU-accelerated cloud computing and large-scale computational resources surges, the Company stands at the forefront of continuously driving technological innovation and invest in infrastructure to provide robust computing power to industry users, startups, government agencies, and research institutions.

Its mission is to become a leading provider of high-performance AI computing solutions. The Company is currently undergoing construction of a supercomputer facility in the Southern Hemisphere, which is designed to empower rapid advancements in cutting-edge technologies such as Large Language Models (LLMs), Vision-Language Models (VLMs), autonomous driving, robotics, bio-genomics, climate science, environmental studies, disaster management, and energy development.

Through its advanced computing resources, the Company aims to help industries meet the technological challenges of the future, driving global innovation and collaboration.

This press release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially from those indicated by such forward-looking statements due to various factors. Investors are advised to refer to the documents filed by Junee Limited with the Securities and Exchange Commission, including the most recent Form 20-F, for a discussion of these risks and uncertainties.

SOURCE Junee Limited

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Emerging cloud computing leader GMI Cloud to accelerate AI adoption, help meet growing demand for AI infrastructure with NVIDIA accelerated computing, and open new U.S. data center

SANTA CLARA, Calif., Oct. 29, 2024 — GMI Cloud, a leading AI-native GPU cloud provider, has announced today that it has raised $15 million in equity funding and $67 in debt financing in a Series A round led by Headline Asia, bringing the company’s total capital to over $93 million. The round includes strategic investments from Banpu Next (BANPU.BK), a leading smart energy solutions provider in the Asia-Pacific region, and Wistron Corporation (3231.TW), a global leading technology service provider. The funding will be used to open a new U.S. data center in Colorado and reinforces the Silicon Valley-based company’s position as a premier vertically integrated cloud provider. GMI Cloud is creating the foundation for an AI-driven future and is strategically positioned to provide advanced scalability and comprehensive solutions for ML deployments all over the world.

Fueled by Big Tech, innovation in artificial intelligence (AI) and research has skyrocketed across industries and the global AI market is projected to reach $1.8 trillion by 2030. As businesses increasingly prioritize AI and data strategies, the demand for GMI Cloud’s comprehensive cloud solution will continue to surge.

GMI Cloud stands apart with its end-to-end AI solutions — combining flexible GPU infrastructure based on NVIDIA accelerated computing with Cluster Engine, the company’s proprietary resource management and orchestration platform. These offerings provide businesses with seamless scalability, optimized performance, and robust security measures for AI-driven projects, helping enterprises scale confidently while protecting their data and infrastructure.

“We’re at a launching point in our company’s journey,” said Alex Yeh, Founder and CEO of GMI Cloud. “We’ve seen the wide array of struggles for start-ups and large enterprises seeking to implement AI strategies. This funding empowers us to enhance the performance, security, and accessibility of our platform, helping businesses around the world scale even the most demanding AI workloads with confidence and efficiency.”

GMI Cloud leverages its global operations and strategic partnerships with leading OEMs to enable rapid deployment and reduced lead times for GPU access worldwide. Along with its longstanding presence in Taiwan, the company’s new Colorado data center will serve as a critical hub for expanding GMI Cloud’s capacity, particularly in North America. This strategic expansion enhances the company’s ability to meet growing global demand for GPU resources.

“GMI Cloud’s ability to rapidly deploy infrastructure to provide GPU accessibility in today’s demanding market perfectly embodies our “Go Global” approach,” said Akio Tanaka, Founding Partner at Headline Asia. “With his unique experience and relationships in the market, Alex truly understands how to scale AI infrastructure operations, making his company’s potential for growth limitless.”

Backed by a globally recognized team with deep expertise in AI, machine learning (ML), and cloud infrastructure, GMI Cloud combines decades of experience to address the evolving demands of AI-driven businesses. The team provides expert support to help clients smoothly scale their AI and data projects with reliable, high-performance solutions tailored to meet the needs of modern enterprises.

As a member of the NVIDIA Partner Network, GMI Cloud leverages NVIDIA’s accelerated computing platforms, providing customers with advanced infrastructure for AI and machine learning workloads and high-performance GPUs to help meet their computational needs.

For more information on getting started with GMI Cloud, visit gmicloud.ai today. 

About GMI Cloud
Headquartered in Silicon Valley, GMI Cloud is a venture-backed digital infrastructure company with the mission of empowering anyone to deploy AI effortlessly and  simplifying how businesses build, deploy, and scale AI through integrated hardware and software solutions. To learn more, visit gmicloud.ai.

SOURCE GMI Cloud

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Fin Capital’s Christian Ostberg and Payment Entrepreneur Randy Fernando Join Elevate Board

DENVER, Oct. 29, 2024 — Elevate, a modern consumer-directed benefits administration platform, today announced that it has secured $20 million in growth funding, led by Fin Capital with participation from Anthemis and SaaS Ventures. This latest round brings Elevate’s total funding to $63 million.

Christian Ostberg, general partner at Fin Capital, will be joining its board of directors. The company also announced the appointment of payments entrepreneur Randy Fernando as an independent board member.

Elevate’s technology powers the administration of consumer-directed benefits accounts, including for industry powerhouses like Rippling, an all-in-one platform for human resources, information technology, payroll and spend management. Elevate plans to use the new funding to enhance its industry-leading, AI-powered benefits engine, which automates processes to improve efficiency for benefits administrators, reduce costs, enrich the employee experience and grow usage rates. The company will continue to invest in product development, focusing on greater automation and new features that improve the user experience and cater to key partners.

“Elevate is taking an aggressive approach, disrupting the industry standard with superior technology that addresses the challenges facing today’s benefits administrators and end users, while legacy vendors struggle with tech debt and next-generation competitors focus on point solutions,” said Brian Cosgray, Elevate CEO and co-founder. “Our automated platform is driving strong revenue growth and efficiently serving hundreds of thousands of customers. We are honored that our existing investors – Fin Capital, Anthemis and SaaS Ventures – see the clear potential for our platform and have strengthened their commitments to support our upward trajectory.”

Elevate’s platform is used to administer benefits accounts like health savings accounts (HSAs), flexible spending accounts (FSAs) and health reimbursement arrangements (HRAs). Traditionally, reimbursement delays, lengthy claims reviews and manual processes have made these programs cumbersome for both employees and administrators.

Elevate addresses these challenges by introducing AI to support immediate, automated experiences for employees, creating modern interfaces while improving efficiency and reducing costs for administrators. The company’s cloud-based, API-driven solution offers the scalability and security companies need to support all plan types from a single platform.

“Benefits users stand to gain significantly as Elevate uses the power of AI and machine learning to solve a very real problem in benefits administration that has left American workers using legacy solutions with poor functionality until now,” said Ostberg. “We are proud to continue our support of Elevate, and I personally look forward to working more closely with this talented team in my new role on the board.”

“I’m excited to bring my fintech and payments expertise to the benefits space as an Elevate board member,” said Fernando. “It’s time to modernize how employees access their company benefits. Through its innovative use of AI and automation, Elevate is the only solution that is truly simplifying consumer payments for benefits accounts.”

About Elevate
Elevate is the first completely cloud-based, API-driven, and AI-enabled consumer directed benefits platform with a focus on configurability, embeddability, and real-time automation. The all-in-one platform can manage all types of benefit accounts, from health savings accounts (HSAs) to complex health reimbursement arrangements (HRAs), and even commuter and lifestyle accounts. Elevate’s team of industry experts recognized the need for modern technology in an outdated benefits administration industry, which led to the creation of Elevate in 2020. Today, Elevate collaborates with forward-thinking partners, including professional employer organizations (PEOs), third party administrators (TPAs), health plans, benefits administrators, and financial services companies, to provide a fully integrated benefits account experience for thousands of employers and their employees across the U.S. Learn more at www.elevate.inc

SOURCE Elevate

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