Eon Raises $70 million Series C Led by BOND, bringing its total funding to $200 million, to provide instant access to backed-up cloud data through its next-generation platform

NEW YORK, Nov. 26, 2024 — Eon, the next-generation cloud backup platform, announced today that it has raised a $70 million Series C funding round led by BOND, growing its valuation to $1.4 billion. Several return investors joined the round, including Sequoia Capital, Greenoaks, and Lightspeed Venture Partners. Eon’s novel cloud backup posture management platform transforms data backups from a manual and cumbersome process into a simple and automated solution, enabling enterprises to unlock the true potential of their backed-up data. Founded in January 2024, Eon has already filed dozens of patents for cloud storage and data management technologies and raised $200 million in funding.

Companies are spending more than ever in the cloud, with the global annual spend expected to reach $679 billion by the end of 2024. Enterprises from every industry invest millions of dollars a year on cloud backups for both business and compliance needs. Despite its importance, cloud backup operations remain a challenge, and currently, backups offer little tangible benefit or value. Requiring error-prone manual work, companies regularly find themselves under or over-backed up. Even when backed up properly, backups remain difficult to access, manage, and operationalize, leaving enterprises in risky positions. 

Eon is the first backup platform for the age of cloud infrastructure. By creating a new tier of storage, it enables instant access to backed-up data, which until now has been a “black box.” Eon’s platform eliminates manual backup tasks by autonomously scanning, mapping, and classifying cloud resources. At its core, Eon allows enterprises to finally control and utilize their backups, offering full visibility and seamless access to data whenever needed. 

“Sometimes, an innovation arrives that doesn’t just improve processes—it completely redefines them. From our first meeting with Eon’s founders, we knew they were onto something that would reshape the enterprise landscape,” said Jay Simons, Partner at BOND. “Eon is setting a bold new benchmark for how companies operate, and we’re excited to support them in driving this transformation forward.”

Founded by Ofir Ehrlich and Gonen Stein, of the CloudEndure founding team (acquired by Amazon Web Services in 2019), and Ron Kimchi, former general manager of AWS migration and disaster recovery services, Eon launched in October with $130 million in funding. With the new funding from BOND, Eon has now raised $200 million in under a year from Sequoia Capital, Lightspeed Venture Partners, Greenoaks, and dozens of industry leaders.

“With Eon we set out to put an end to backup challenges for enterprises by providing instant access to all backed-up cloud data. This fundamentally changes the essence of backups by making them instrumental to businesses for the first time,” said Ofir Ehrlich, Co-Founder and CEO of Eon. “During our conversations with Jay and the BOND team it became clear how valuable they would be as a partner to Eon as we work to reinvent cloud backup management. BOND’s track record of investing in industry-defining companies speaks for itself, and we are excited to have them join us”.   

Eon will be attending AWS re:Invent in Las Vegas from December 2^nd – 6^th with CTO Ron Kimchi speaking at a breakout session. Alongside Chris Rogers, Senior Manager of Storage Solutions Architects at AWS, they will present a session that will explore advanced capabilities for cloud backup and recovery.

About Eon

Eon’s mission is to provide instant access to all backed-up cloud data, through a next-generation platform – unlocking backups’ true potential. By introducing the first backup autopilot for the age of cloud infrastructure, Eon brings cloud backup posture management (CBPM) to enterprises and transforms traditional, hard-to-use cloud backups into useful, easy-to-manage assets. Founded in 2024 by Ofir Ehrlich and Gonen Stein, of the CloudEndure founding team (acquired by Amazon), along with Ron Kimchi, former GM of AWS Migration and Disaster Recovery Services, Eon is backed by leading venture capital firms including BOND, Sequoia, Greenoaks, and Lightspeed, as well as dozens of industry leaders. For more information and to learn more, please visit https://www.eon.io/.

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

SOURCE Eon

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NEW YORK, Nov. 26, 2024 — Stocktwits, the original social platform for investors and traders, has partnered with Spot.dog, a trading platform which aims to bridge the gap between the complexities and risks of meme coin trading and the average user. Stocktwits has introduced a seamless “Buy Button” for meme coins on all Solana-based tickers.

This integration will allow Stocktwits users to easily purchase meme coins via signing up with social logins like Google and Apple to buy meme coins with their debit card or Apple Pay – offering a frictionless trading experience. With the rise of meme coins and their rapidly growing communities, Stocktwits identified a need to make this segment of the crypto market more accessible, less complex, and safer to use.

Spot’s trading platform provides exactly that—an intuitive, web2-like experience that streamlines the entire buying process. “The addition of the ‘Buy Button’ on our Solana tickers is a fun, educational and potentially profitable platform for our users,” said Howard Lindzon, CEO at Stocktwits. “By partnering with Spot, we’re making it fast and easy for users to purchase meme coins.

This integration is part of our ongoing commitment to delivering innovative features that empower our community of investors and traders.” The Spot platform allows users to purchase meme coins effortlessly, but the company’s long-term goal is much more ambitious – to become the on-chain equivalent of reputable centralized exchanges such as Coinbase. Spot.dog aims to deliver the same level of brand trust, security, and reliability to the broader DeFi ecosystem.

“Memes have far transcended being just jokes—they’re an asset class that is here to stay, and we’re thrilled to partner with Stocktwits to make trading them easier than ever,” said Nicky Montana, Co-Founder and CEO of Spot. “This partnership places Spot at the epicenter of the meme coin frenzy, and we’re excited to bring our streamlined trading experience to Stocktwits’ vibrant community of investors and traders.”

To learn more about Spot and start trading meme coins today, visit spot.dog.

About Stocktwits:
Stocktwits is the premier social media platform dedicated to investors and traders. With an active community of over 8 million users, Stocktwits has established itself as a leading voice in the investing world. Driven by the mission to help investors enhance their returns, Stocktwits offers a rich ecosystem of community interaction, data, content, and tools that empower investors to connect, learn, profit, and have fun in the process.

About Spot:
Spot is the leading platform for trading meme coins, designed to simplify crypto trading for newcomers and experienced users alike. With features like automatic wallet creation when you signup with Google/Apple, buying memecoins with your debit card or Paypal, and a user-friendly interface to navigate the world of DeFi without all the complexity. Learn more at spot.dog. 

SOURCE Spot.dog

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Cardless Reports 5x Increase in Annual Revenue Over 12 Months

SAN FRANCISCO, Nov. 26, 2024 — Cardless, a leading fintech innovator known for transformative co-branded credit card solutions, announced a $30 million growth investment round led by Activant Capital, with participation from new and existing investors including Mischief (the fund co-founded by Plaid’s Zach Perret), Industry Ventures, Thayer Ventures, Assurant and Amex Ventures. This brings Cardless’ total equity funding to date to over $90 million. Despite industry challenges like rising interest rates and inflation, Cardless has seen more than 10x revenue growth since the start of 2023.

The new funding will support the company’s continued development of industry-leading co-branded credit card and loyalty products, ongoing talent hiring in engineering and operations, and expansion into major retail, e-commerce, and SMBs. Cardless is the only fintech to power co-brand cards on all three of the largest global payment networks: Visa, Mastercard, and American Express, and one of only a handful of fintechs in the US to offer through its platform a Visa Infinite product, Visa’s most premium card variant.

“Over the last 12 months we’ve been able to design products for some of the best brands in the world, including Qatar Airways and Alibaba,” said Michael Spelfogel, Co-Founder and President of Cardless. “These brands chose us because of our differentiated approach to the entire co-branded card experience. From embedded servicing to leveraging a brand’s data for personalized sign-up offers, Cardless delivers an experience that other cobrand-focused banks and fintechs cannot match. We’ll use this funding to further build out a world-class team, enabling us to scale both new and existing programs.” 

Cardless has experienced rapid growth, outpacing competitors and building significant momentum. In the past year, the company has tripled its Gross Transaction Value (GTV) and increased its Annual Recurring Revenue (ARR) by fivefold. Cardholder numbers have doubled in the last six months, and its premium co-branded cards are averaging nearly 20 transactions per month, reflecting strong top-of-wallet behavior. With a global presence working with brands across four continents, Cardless continues to lead in co-branded card innovation and growth.

In 2024, Cardless continued to expand its portfolio of co-branded credit cards with a series of high-profile launches. The company partnered with major airlines like Avianca and Qatar, the latter of which won World’s Best Airline for the 8th time at the 2024 World Airline Awards, managed by Skytrax. These additions build on Cardless existing partnerships with LATAM and TAP Air Portugal, bringing their total number of airline co-branded partners to four. Additionally, Cardless ventured into the business and e-commerce space by partnering with Alibaba to introduce its first business credit card, designed for small and medium-sized businesses.

“Cardless is attacking one of the largest markets in fintech that has historically been woefully underserved,” said Andrew Steele, Co-founder of Activant Capital. “Before Cardless, the largest brands in the world had been unwilling to launch credit cards because the customer experience provided by cobrand-focused banks didn’t meet their standards. Cardless has been able to take the industry head on and launch cards with some of the most sought-after brands on the market. Cardless has built the only embedded platform capable of servicing both consumers and SMBs and we’re excited to double down as they continue to scale large programs for some of the best companies in the world.”

About Cardless
Cardless partners with brands to design and manage innovative co-branded credit card programs. The company’s seamless digital experience and powerful technology enable personalized rewards and enhanced customer benefits. Cards are issued by First Electronic Bank. For more information, please visit cardless.com.

PR Contact
Sandy Shakoor, VP
Ditto Public Relations
[email protected]

SOURCE Cardless

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Investment led by Revaia brings total funding to $42M as the company expands product innovation and market presence in the EV charging management space

SOFIA, Bulgaria, Nov. 26, 2024 — AMPECO, a leading EV charging management platform provider, announced it has raised $26 million in Series B funding. The round was led by Revaia, with participation from existing investors Cavalry Ventures, BMW i Ventures, and LAUNCHub Ventures. This investment will enable AMPECO to accelerate its product development and expand its presence in key markets, solidifying its position as a global leader in EV charging software solutions.

AMPECO’s white-label management platform enables charge point operators (CPOs) and e-mobility service providers (eMSPs) to manage and scale their EV charging operations efficiently. The company has experienced significant growth since its last funding round, now serving over 160 clients across 60 markets and connecting more than 120,000 charging stations to its platform. This market leadership was recently validated by IDC MarketScape, which recognized AMPECO as a Leader in their 2024 assessment of worldwide EV charging management solutions^[1].

“This investment is a testament to the hard work of our team and the trust our clients place in us,” said Orlin Radev, CEO of AMPECO. “With this funding, we’re poised to further drive innovation in EV charging management software, helping our clients build and scale robust charging networks that will accelerate the global transition to electric mobility. The positive market feedback has reinforced our vision for 2025, as we prepare to launch new platform capabilities focused on operational excellence and network scalability.”

The global EV market is experiencing rapid growth, with electric car sales projected to reach over 30 million by 2030^[2]. To support this growth, the world will need approximately 40 million public charging points by 2030, requiring an estimated $500 billion investment in charging infrastructure^[3].

AMPECO has established itself as a key player in this expanding market, securing partnerships with major industry leaders. Recent client acquisitions span across multiple regions, from Germany’s EON Drive Infrastructure operating in 11 European countries to leading French operators ChargeGuru x Zeplug and INDIGO Group, US-based Free2Move, and Nordic leaders Wattif and Elaway. These partnerships demonstrate the platform’s ability to meet the needs of large-scale EV charging providers globally.

“We are thrilled to lead AMPECO’s Series B and partner with a company that is at the forefront of powering the future of electric mobility,” said Morgan Kessous, Partner at Revaia. “At Revaia, we aim to back companies that deliver long-term and sustainable impact for multiple stakeholders. AMPECO is an excellent example of this vision in action, as it plays a crucial role in scaling EV infrastructures globally”.

“AMPECO’s unmatched customization, scalability, and seamless integration with third-party systems make it stand out as a key player in the charge point management space. In a market that demands both flexibility and reliability, AMPECO’s platform provides the critical infrastructure businesses rely on to operate their EV charging networks efficiently and at scale. We are proud to support AMPECO as it continues to expand and refine the platform, providing the infrastructure necessary for the global shift to electric mobility.”

The Series B funding will fuel AMPECO’s ambitious growth strategy across multiple fronts. The company plans to accelerate product innovation, enhancing its platform to provide the most robust feature set for large-scale EV charging providers globally. Additionally, AMPECO will expand its presence in key markets, including Western Europe, Scandinavia, the UK, North America, and Southeast Asia. To support this growth, the company aims to double its team size over the next two years, bringing in top talent across all departments to drive its mission forward.

As the EV charging market continues to evolve, AMPECO remains committed to developing solutions that address the complex challenges faced by large-scale operators in the EV charging space. The company’s focus on scalability, integrations, and customer success has positioned it as a trusted partner for businesses looking to capitalize on the growing demand for EV charging infrastructure.

AMPECO previously raised $16 million in venture capital in 2023. This latest investment brings its all-time raise to $42 million since it was founded in 2019.

For more information about AMPECO and its EV charging management platform, visit www.ampeco.com.

About AMPECO:

AMPECO enables large-scale EV charging providers to launch and scale their business operations under their brand. The company offers a white-label and hardware-agnostic EV charging management platform to cover all EV charging business cases. It has a comprehensive out-of-the-box feature set that allows quick go-to-market while providing unmatched flexibility and extensibility via API to enable businesses to build their differentiators. AMPECO supports more than 160 charging network operators in over 60 countries.  It has been recognized as a Leader by IDC MarketScape in their 2024 worldwide assessment of EV charging management solutions, and globally recognized by Frost & Sullivan, Financial Times, Forbes, Deloitte, and PwC for its technological product innovation and strategic business development.

About Revaia

Revaia is a leading technology investor, partnering with mission-driven entrepreneurs with global ambitions and sustainable leadership. With the support of major institutions, such as the European Investment Fund, Revaia helps these growth-stage companies navigate their entire life cycle from Series B to IPO or buyout. Revaia builds bridges between venture, private equity, and public markets and is a supportive sparring partner for entrepreneurs who are working to transform the world for the better. With offices in Paris, London and Berlin and presence in North America, its diverse team brings hands-on expertise and unique ESG know-how to the most promising technology scale-ups.

www.revaia.com

Media Contact:
Dimitar Atanasov
[email protected]

^[1] IDC MarketScape, Worldwide Electric Vehicle Charging Management Solutions 2024 Vendor Assessment

^[2] International Energy Agency (IEA), Global EV Outlook 2023

^[3] Electric Vehicle Charging Infrastructure: Scaling Up to Meet Demand

SOURCE Ampeco

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The new face of wealth management creates ai powered software to drive optimization; membership is increasing 20% MoM, Appoints Chris Davidson of House Call Pro as CTO

MCLEAN, Va., Nov. 26, 2024 — Range, the all-in-one AI WealthTech platform, raised $28 million in Series B funding, led by Cathay Innovation and joined by Gradient Ventures and other investors. This round brings the company’s total funding to $40 million.

Traditional financial advisors have offered the same types of wealth management services to consumers for decades. Range is overhauling the sector with a new AI engine they created named: Rai. As a result, they are able to provide superior advice 10-20x faster and save their members 75-90 percent more in fees than traditional wealth advisors.

The wealth management industry is witnessing a seismic shift, and Range is at the forefront of this transformation,” said Fahad Hassan, co-founder and CEO of Range. “Within 10 years, 95 percent of the population will rely on a trusted platform like Range. We’re not just building another fintech solution—we’re fundamentally democratizing access to sophisticated wealth management for all Americans.

In less than two years, Range attracted more than 1,000 high-net-worth members and now advises them on nearly $3 billion in assets. The new capital will fuel Range’s ambitious expansion plans, accelerating product development and scaling its engineering teams to enhance its AI-powered platform. This investment comes at a time when Range is seeing unprecedented demand for its comprehensive wealth management solutions, which seamlessly integrate investment services, tax planning, estate planning, retirement planning, and insurance needs.

Co-founded by Fahad Hassan and David Cusatis in 2021, Range is an all-in-one wealth management solution. It connects every aspect of wealth management including tax filing, estate planning, retirement planning, insurance, and investments plus their in-house financial advisors optimize each member’s portfolio. Range uses a transparent, flat-fee pricing model rather than taking a percentage of a client’s wealth.

“By and large, the wealth management industry hasn’t changed in more than 75 years,” says Simon Wu, Partner of Cathay Innovation, who also joins Range’s board of directors. “Fahad, David, and the entire Range team are bringing much-needed innovation to an outmoded industry with a service that’s affordable, convenient, and provides holistic insights and advice in hours versus months or quarters. We look forward to partnering with them to supercharge their success.”

About Range
Range is upending wealth management through its AI-powered platform that puts sophisticated financial planning within everyone’s reach. Combining proprietary artificial intelligence technology with world-class, licensed financial advisors, Range delivers personalized guidance, comprehensive financial tools, and 24/7 support—all with no minimum requirements. The company’s rapid growth and innovative approach are transforming how Americans manage and grow their wealth. For more information, visit www.range.com.

About Cathay Innovation
Cathay Innovation is a multistage venture capital firm, affiliated to Cathay Capital, investing in founders building transformative businesses across Europe, North America, Asia, Latin America and Africa. Its platform connects founders with investors and its ecosystem of leading Fortune500 corporations to help startups scale and transform industries with consumer to enterprise and AI solutions in commerce, fintech, digital health and mobility/energy.

Founded in Paris in 2015, Cathay Innovation now manages over $2.5B AUM with additional offices in San Francisco,  Berlin, Shanghai and Singapore and has invested in over 100 startups including Chime, Pinduoduo (NASDAQ: PDD), Glovo, Wallbox (NYSE: WBX), Owkin, Getaround, Ledger, ZenBusiness, Alma, Descartes Underwriting and more.

To learn more, visit us at www.cathayinnovation.com or follow us on LinkedIn or Twitter @cathayinnov

SOURCE Range

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TALLAHASSEE, Fla. and ALBANY, N.Y., Nov. 25, 2024 — ASI, a leader in both classroom and online driver training software and services, today announced a strategic investment that will enable deeper investment in content, capabilities, and customer service. The investment is led by The Brydon Group. Financial terms of the private transaction were not disclosed.

ASI was founded by Bart Cassidy, a pioneer in the industry who built the business after years of first-hand experience with the NYPD. The company offers driver training content based on decades of research and repeated testing for efficacy over its 30+ year history.

As part of the transaction, experienced investor and operator Arthur Peschansky will join the company as the Chief Executive Officer. Alongside Mr. Peschansky, ASI will continue to be led by its skilled team. With ASI’s long-standing knowledge of the market, the support and resources provided by growth investors, and the addition of Arthur as CEO, the company will increase the effectiveness of products and services offered to its network of Channel Partners and State DMVs.

“The significant investment opens up new opportunities to create additional benefits for customers,” said Arthur Peschansky, CEO of ASI. “The company has an established base of partners, which will provide a strong foundation to build further success in the marketplace. Together, we will continue to be thought leaders in the driver training market and introduce innovations that help our partners be successful today and in the future.”

The Brydon Group is an investment firm that partners with experienced executives to acquire and operate businesses in software and business-to-business, government and healthcare services. Sunbelt Brokers served as financial advisor to ASI. Goodwin Procter served as legal counsel and Mowery & Schoenfeld served as accounting advisor to The Brydon Group.

SOURCE American Safety Institute

This move underscores the company’s commitment to invest in the country’s digital future and confidence in its skilled workforce.

ATHENS, Greece, Nov. 25, 2024 — Intracom Telecom, a global technology systems and solutions provider, announced today a €45 million investment in a state-of-the-art manufacturing facility in Kozani, Greece. Construction is scheduled to commence within 2025, with completion expected within two years. This project is aligned with the Greek Government’s Just Transition program, designed to promote entrepreneurship and economic growth in regional areas of the country and represents another strategic milestone for the Greek technology powerhouse in its ongoing efforts to strengthen its global market position.

The new facility, spanning 71,457 sq.m. of privately-owned land with 18,637 sq.m. constructed, will be equipped with state-of-the-art machinery and serve as the Group’s newest production unit complementing its existing production units in Romania and Italy. Designed with sustainability in mind, the facility will meet 20% of its electricity needs through solar power.

The facility will focus on the manufacture of next-generation Broadband Wireless Network Products. These cutting-edge technologies, which will continue to be developed at the company’s Research & Development centers in Greece, will complement the development of modern 5G/6G networks and will contribute significantly to the Greek and European digital economy.

“This investment in Kozani is a strategic milestone in reinforcing our global relevance in cutting-edge technologies,” stated Isak Alon, The President of the Board of Intracom Telecom. “The region’s modern infrastructure and strategic location, offering excellent access to European markets, make it ideal for expanding our production capacity to meet rising global demand. Furthermore, this project reflects our commitment to strengthening the European Union’s technological self-reliance.”

Intracom Telecom’s investment is expected to bring significant socio-economic benefits to the region, beginning with the creation of over 150 skilled jobs.

“This facility is more than just a production site,” said Kartlos Edilashvili, Acting CEO of Intracom Telecom. “It serves as a catalyst for growth and innovation, aligning with our vision to support the development of Greece’s regional areas. With its state-of-the-art design, the Kozani facility will not only meet growing market demands but also advance Intracom Telecom’s mission of delivering cutting-edge connectivity solutions, contributing to the transition toward a greener economy, and fostering regional prosperity.“

About Intracom Telecom

Intracom Telecom is a global technology systems and solutions provider operating for over 45 years in the market. The company is the benchmark in fixed wireless access, and it successfully innovates in the 5G/4G wireless RAN transport and small-cell SON backhaul international arena. Intracom Telecom offers a comprehensive revenue generating software solutions portfolio and a complete range of ICT services, focusing on IoT, SDN/NFV, Big Data analytics & data-driven intelligence, and Smart City solutions. Furthermore, the company is developing security integrated systems for critical infrastructure protection and border surveillance, having extensive knowhow and a proven track record in this industry. Moreover, it addresses the Energy & Utilities industry, emphasizing on smart metering and end-to-end IT solutions. Intracom Telecom serves telecom operators, public authorities and large public and private enterprises. The Group maintains its own R&D and production facilities and operates subsidiaries worldwide. For more information, visit www.intracom-telecom.com

SOURCE Intracom Telecom

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SPARTANBURG, S.C., Nov. 25, 2024 — Global diversified manufacturer Milliken & Company today announced its investment and partnership with Tidal Vision, a global biomolecular technologies company unlocking the power of chitosan to develop scalable solutions for critical industries. This strategic partnership will accelerate the introduction of biodegradable chemistries across the markets that Milliken serves and is the latest in a series of investments made as part of Milliken’s ventures program.

“At Milliken, we invest with a long-term perspective, prioritizing partnerships that will drive meaningful growth,” said Halsey Cook, President and CEO at Milliken. “Our approach is grounded in thorough research, strategic alignment with our core values, and a commitment to creating lasting value for our customers.”

Milliken’s investment will increase the availability of reliable, responsibly sourced materials with biodegradable properties in multiple applications. This is made possible by Tidal Vision’s proprietary technologies that transform chitosan, a powerful and biodegradable compound, into high-performance chemistries.

“We recognize the growing demand for responsible solutions that meet the highest standards of performance — and creating a path to offering biodegradable technologies represents an important step in that direction,” said Cindy Boiter, EVP and President of Milliken’s Chemical Business. “Our partnership with Tidal Vision is a natural fit, as their innovative approach to sustainable materials aligns with our commitments to collaboration, innovation, and sustainability.”

Headquartered in Bellingham, Washington, with more than 200 employees and facilities in five states, Tidal Vision leverages advanced manufacturing technologies and partners with industry leaders like Milliken to offer new and powerful chemistries at scale. Tidal Vision is built on the belief that chitosan solutions have the unique potential to help humanity on an industrial scale.

“Tidal Vision is thrilled to partner with Milliken, combining our complementary strengths to expand the use of chitosan-based chemistries into new applications on a global scale,” said Craig Kasberg, CEO of Tidal Vision. “By replacing non-biodegradable alternatives at scale, we’re driving meaningful environmental impact. Milliken’s commitment to sustainability and culture of innovation, paired with their market leadership, creates an ideal platform to accelerate the adoption of Tidal Vision’s technologies.”

About Milliken
Milliken & Company is a global manufacturing leader whose focus on materials science delivers tomorrow’s breakthroughs today. From industry-leading molecules to sustainable innovations, Milliken creates products that enhance people’s lives and deliver solutions for its customers and communities. Drawing on thousands of patents and a portfolio with applications across the textile, flooring, chemical and healthcare businesses, the company harnesses a shared sense of integrity and excellence to positively impact the world for generations. Discover more about Milliken’s curious minds and inspired solutions at milliken.com and on Facebook, Instagram, and LinkedIn.

About Tidal Vision
Tidal Vision is a global leader in scalable biomolecular solutions dedicated to addressing critical industrial challenges. Our chitosan-based technologies provide high-performance solutions throughout the water treatment, agriculture, and material science industries. We believe that to create a systemic impact, green chemistries must be available at scale and competitive in performance, economics, and convenience. Tidal Vision partners with industry leaders seeking green chemistry solutions that outcompete. To learn more, visit us at TidalVision.com.

SOURCE Milliken & Company

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• Financing led by TCGX, including new investment from TPG, Orbimed Advisors, Venrock Healthcare Capital Partners, Surveyor Capital (a Citadel company), and Logos Capital, with participation from all existing investors
• Proceeds will be used to support the advancement of multiple first-in-class ADC programs into the clinic and through clinical proof of concept

COPENHAGEN, Denmark, Nov. 25, 2024 — Adcendo, a biotech company focused on the development of first-in-class ADCs for the treatment of cancers with a high unmet medical need, today announced the successful closing of an oversubscribed $135 million Series B financing round. Proceeds from the fundraise will be used to advance, broaden, and accelerate the development of the Company’s first-in-class ADC pipeline, including the ADCE-T02 (Tissue Factor ADC), ADCE-D01 (uPARAP ADC), ADCE-B05 and A0401 programs.

The financing round was led by TCGX, with participation from new investors TPG Life Sciences Innovations, Orbimed Advisors, Venrock Healthcare Capital Partners, Surveyor Capital (a Citadel company), and Logos Capital, as well as all existing investors, including RA Capital Management, Novo Holdings, Pontifax Venture Capital, Dawn Biopharma, a platform controlled by KKR, HealthCap, Gilde Healthcare and Ysios Capital.

“We are thrilled with a financing round of this magnitude and the support shown from such a strong group of investors as we continue to advance our pipeline of breakthrough ADCs for the treatment of underserved cancers,” said Michael Pehl, Chief Executive Officer of Adcendo. “The excitement in the ADC space paired with our team’s experience and passion for the underlying science motivates us to continue pushing our programs forward into the clinic. We look forward to achieving key milestones across our pipeline with the support of this fundraising.”

Cariad Chester, Managing Partner of TCGX, commented: “ADCs have transformed the clinical landscape and standard of care in the treatment of solid tumors. Continued progress for hard-to-treat cancers will require innovative approaches and I’m confident Adcendo will be a leader in the next era of ADC drug development. With this financing, Adcendo can rapidly advance a pipeline of exciting, differentiated ADC candidates. These programs have the potential to significantly change the treatment paradigm in multiple cancers and serve patients in need of better therapies.”

As part of the financing, the new Adcendo Board of Directors will consist of John Haurum (Chairman), Cariad Chester (Managing Partner of TCGX), Nandita Shangari (Managing Director at RA Capital), Jeroen Bakker (Partner at Novo Holdings), Carolyn Ng (Business Unit Partner at TPG Life Sciences Innovations), Ohad Hammer (Partner at Pontifax Venture Capital), Iyona Rajkomar (Managing Partner of DawnBio, a platform controlled by KKR) and Michael Pehl (CEO of Adcendo). Roy Amariglio, Principal at Orbimed Advisors, will serve as a board observer.

About Adcendo ApS:

Adcendo ApS is a clinical-stage biotechnology company developing breakthrough antibody-drug conjugates, or ADCs, for the treatment of underserved cancers. In 2024, the company completed a Series B financing round through an international syndicate of leading life science and biotech investors, raising $135 million to advance, broaden, and accelerate the development of its first-in-class ADC pipeline. For further information, please visit www.adcendo.com or follow us on LinkedIn.

About TCGX:

TCGX is a healthcare investment firm dedicated to advancing disruptive medicines and supporting companies that can improve the lives of patients. TCGX invests in both private and public companies led by exceptional entrepreneurs focused on developing better treatment options for patients. TCGX has investment teams in Palo Alto and New York City. For more information, please visit www.tcgcrossover.com

For further information:

Argot Partners

Tel: +1 (212) 600-1494

E-mail: [email protected]

Adcendo ApS

Michael Pehl, CEO

Tel: +45 31541824

Email: [email protected]

SOURCE Adcendo

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