Breakthrough Multi-Orbit Platform to Launch in February 2026

TORRANCE, Calif., Dec. 19, 2024 — K2 Space has signed a contract with the U.S. Space Force to launch its first Mega Class satellite on a mission code-named “Gravitas.” The contract, with a total value of $60 million, includes government funds, Small Business Innovation Research (SBIR) matching funds, and private funds.

The February 2026 mission will demonstrate the ability of the Mega Class satellite bus to proliferate across all orbits, with key demonstrations in Low Earth Orbit (LEO) and Medium Earth Orbit (MEO). K2 Space will be one of the first commercial companies to demonstrate operations for government and commercial customers in MEO, a regime garnering significant interest for proliferation beyond LEO in programs such as “Resilient GPS.”

The groundbreaking mission received support and funding from multiple Department of the Air Force organizations, including the Space Domain Awareness and Combat Power PEO, The Space Development Agency, the Space Warfighting Acquisition Delta, the DoD’s Space Test Program, the Space Force’s National Space Test and Training Complex, and the Air Force Research Lab.

“This mission is fortunate to enjoy support from various parts of the U.S. Space Force; these stakeholders all recognized that the K2 bus is unique in its ability to provide the capabilities needed for their future missions,” said Karan Kunjur, CEO of K2 Space.

The K2 satellite bus represents a step change in satellite capabilities, delivering 10 times more power than any other low-cost bus in its class, and a large 3-meter by 3-meter payload deck. Designed for true multi-orbit functionality, the platform is made to handle the environments of Low Earth Orbit (LEO), Medium Earth Orbit (MEO), Geosynchronous Orbit (GEO), and Cislunar space, supporting future Hybrid Space Architectures. With the ability to stack 10 Mega Class satellites per Falcon 9 (or equivalent launch vehicle) to LEO, the K2 bus will make it possible to deploy constellations in a completely new way.

“As we looked at the market, we saw options for Proliferated LEO, but very few options for Proliferated MEO and GEO – the K2 bus is designed to fill this critical gap in our defense architecture,” Kunjur added.

To maintain competitive pricing while delivering superior capabilities, K2 Space manufactures 75% of satellite components in-house, including reaction wheels, flight computers, and solar arrays. The company is also developing the highest power electric propulsion system ever flown – a 20kW system that is four times more powerful than the highest power system flown to date – enabling completely new ways to populate MEO, GEO, and Cislunar constellations with rapid orbit-raise and maneuvering capabilities.

The Gravitas mission will demonstrate these revolutionary capabilities while carrying multiple National Security payloads.

Mission Timeline

• Payload Integration: May 2025
• Qualification Testing: June – September 2025
• Launch: February 2026 (SpaceX Transporter-16)
• Extended LEO Operations
• Orbit Raising to MEO Demonstration
• Extended MEO Operations

With this mission, K2 Space will fully de-risk the platform and validate on-orbit performance in LEO and MEO.

“We’ve had a number of people tell us that delivering the capabilities we’re promising while maintaining the price point of $15M per satellite is impossible – with Gravitas we intend to turn these promises into proof points,” Kunjur added.

About K2 Space

K2 Space is developing a high-powered, low-cost satellite bus platform that delivers the capability of exquisite satellites at the price point and speed of small satellites. Redesigned from the reaction wheel up, the K2 bus multi-manifests ten satellites per Falcon 9, is made to handle the harsh environment of MEO and GEO, and has the highest power electric propulsion system ever flown – making it the platform for Proliferated LEO, Proliferated MEO, and Proliferated GEO. K2 Space was started by a team of former SpaceX engineers and has raised $72M in venture capital to date, with the backing of leading funds like Altimeter Capital and First Round Capital.

About SpaceWERX

As the innovation arm of the U.S. Space Force and a unique division within AFWERX, SpaceWERX inspires and empowers collaboration with innovators to accelerate capabilities and shape our future in space. Headquartered in Los Angeles, SpaceWERX employs 40 military, civilian, and contractor personnel executing an annual $457 million budget. Additionally, SpaceWERX partners with Space Systems Command’s Commercial Space Office (COMSO) as a collaborative program. Since it was aligned under AFRL in August 2021, SpaceWERX has executed 1106 contracts worth more than $897 million to strengthen the U.S. defense industrial base and drive faster technology transition to operational capability. For more information, visit spacewerx.us.

The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of the Department of the Air Force, the Department of Defense, or the U.S. government.

Media Contact: [email protected]

SOURCE K2 Space

Strengthened editorial integrity and global expansion pave the way for being the most credible crypto news source

SINGAPORE, Dec. 19, 2024 — Foresight Ventures is celebrating a year of remarkable success following its $70 million acquisition of The Block, a leading cryptocurrency media outlet. This investment underscores Foresight Ventures’ commitment to advancing credible, unbiased reporting in the rapidly evolving crypto industry.

The acquisition was guided by three key principles:

1. Recognizing the transformative role of media in shaping crypto narratives.
2. Preserving The Block’s neutral and research-driven editorial independence.
3. Aligning the platform’s mission with Foresight Ventures’ strategic vision for global blockchain innovation.

A Year of Significant Achievements
Over the past year, The Block has seen:

• 40% growth in pageviews, a 33% rise in unique users, and a 24% increase in monthly article output.
• Enhanced reputation through data dashboards, frequently cited by industry experts and even in U.S. government filings.
• The launch of advanced tools such as ETF tracking, price pages, and the Global Market Crypto Index (GMCI).
• New content formats, including two podcasts and a funding newsletter, broadening its offerings for diverse audiences.
• The successful inaugural Emergence Conference in Prague, with over 1,100 attendees, 564K social media impressions, and participation from Czech political leaders.

Expanding Horizons
Foresight Ventures has propelled The Block into new markets, particularly in Asia, where its presence now provides critical insights into regional trends and regulatory developments. Innovative tools and expanded content formats have positioned The Block as more than a news platform—it is now a hub for industry insights and analytics.

A Blueprint for Portfolio Success
Foresight Ventures views its approach to The Block as a model for supporting portfolio companies across various industries, from DeFi to consumer tech. “The lessons we’ve learned with The Block are universal—when you prioritize integrity, empower teams, and focus on strategic alignment, the results follow,” said Forest Bai, Co-founder of Foresight Ventures.

Looking Ahead
With the aim of becoming the “The Most Credible News Source in Crypto,” The Block plans to enhance its content, expand regional coverage, and host larger events like the Emergence Conference. “Our goal is not rapid expansion but thoughtful evolution,” Bai explained. “We are building a resource that embodies credibility, inclusivity, and innovation, bridging the crypto world across continents.”

About Foresight Ventures

Foresight Ventures is the first and only crypto VC bridging East and West. With a research-driven approach and offices in the US and Singapore, we are a powerhouse in crypto investment and incubation. Our premier media network includes The Block, Foresight News, BlockTempo, and Coinness. We aggressively invest in the most daring innovations. We are dedicated to partnering with visionary projects and top teams to help them succeed, reshaping the future of digital finance and beyond.

For more information, visit: Website | Twitter | LinkedIn | Discord | Linktree

SOURCE Foresight Ventures

INDIANAPOLIS, Dec. 19, 2024 — Remodel Health, the #1 Individual Coverage Health Reimbursement Arrangement (ICHRA) provider for brokers, today announced it has raised more than $100 million from Oak HC/FT and Hercules Capital, Inc. (NYSE: HTGC)  in growth funding.

Remodel offers an end-to-end, white-labeled tech platform that supports employers and employees with everything they need to launch and access their ICHRA plans, including plan creation and administration, call center support, automated quoting, employee onboarding, HRIS integrations and payments with carriers and access to ancillary products. Starting with the group to individual health insurance shift in 2015, Remodel has become a dominant player in the ICHRA space, bolstered by the acquisition of PeopleKeep in early 2024. Together, the two companies are uniquely positioned to serve small, medium and large employers, with a suite of products across ICHRA and QSEHRA. With this investment from Oak HC/FT and Hercules Capital, Remodel will look to continue its national expansion.

Remodel stands apart from the competitive set with its meaningful scale and a go-to-market motion defined by its white-glove service, deep broker relationships and easy-to-understand approach to marketing and sales. Importantly, as employer health insurance premiums continue to increase, ICHRA provides Remodel’s customers with predictable annual benefits costs, driving stability and an average of 30% savings for the office of the CFO. Over the past 12 months, Remodel has focused more on partnering with insurance brokers and agencies to support its ICHRA expansion across the U.S. As a result, the Remodel business grew 11x YoY in broker-led ICHRA bookings and this will be a key area of growth and expansion for the business moving forward.

“We are on a mission to resource organizations with missions that matter, partnering with employers and their brokers to do so. Remodel Co-Founders Justin Clements and Scott Lingle and I started trailblazing in 2015, and PeopleKeep founder Paul Zane Pilzer identified this shift like pension to 401(k) in the early 2000’s,” said Austin Lehman, CEO of Remodel Health. “We are now seeing it begin to come to fruition. The Oak team have been great dreamers with us and have great connections in the insurance payer space to accelerate growth and help increase access to medical care and resource organizations with missions that matter.”

ICHRA was created in 2020 as a flexible alternative to traditional group health insurance, offering choices around contribution levels to employers and more personalized options around benefits for employees. Similar to a 401K, employers of any size can provide an allowance of pre-tax dollars to their employees. This is used by employees for the purchase of some or all of their healthcare premiums for insurance bought on the ACA exchanges. It offers an exciting cost-savings proposition for employers, particularly small and mid-size ones, who want to offer health insurance to their teams, by allowing them to move their employees to state risk pools to help offset costs, instead of trying to level-fund or self-insure. 

“We have been looking at the ICHRA space for a few years now, waiting for a stand out company with the combination of hyper-scaling potential, an ambitious go-to-market strategy and focused dedication from the leadership team,” said Andrew Adams, Co-Founder and Managing Partner, Oak HC/FT. “We are honored that the Remodel team chose to partner with us and cannot wait to support them in their efforts to build out the ICHRA market for employers and brokers across the U.S.”

Since its launch, the ICHRA market has been steadily increasing and is projected to 10X by 2032. According to the HRA Council, ICHRA adoption increased 29% from 2023 to 2024, with Applicable Large Employers growing at the highest rate – of 84%. Remodel’s approach to distribution and plan partnership best positions them to take advantage of this growth, now and in the future.

About Remodel Health

Remodel Health is the expert guide for employers and brokers navigating the complexities of transitioning to ICHRA. With nearly a decade of experience in the individual health benefits space, our proprietary software and licensed health benefits experts deliver tailored solutions for businesses with 100 to 10,000 employees. Committed to best-in-class customer service, we provide hands-on support throughout the process, ensuring successful implementation and long-term success. Learn more about how we transform health benefits at remodelhealth.com.

About PeopleKeep

PeopleKeep specializes in helping small and midsize businesses offer affordable, flexible health benefits through the ICHRA and qualified small employer HRA (QSEHRA). By focusing on expanding access to coverage for employees often overlooked by traditional employer-sponsored plans due to cost and complexity, PeopleKeep empowers small employers to thrive. With easy-to-use software, automated compliance, and a seamless employee experience, PeopleKeep is committed to simplifying benefits administration and making health coverage more accessible.

About Oak HC/FT

Oak HC/FT is a venture and growth equity firm specializing in investments in fintech and healthcare. Using partnership as a foundation, Oak HC/FT guides companies and founders at every stage, from seed to growth, to create businesses that make a measurable and lasting impact. Founded in 2014, Oak HC/FT has invested in over 85 portfolio companies and has over $5.3 billion in assets under management. Oak HC/FT is headquartered in Stamford, CT, with an office in San Francisco, CA. Follow Oak HC/FT on LinkedIn and X and learn more at https://www.oakhcft.com/.

About Hercules Capital, Inc.

Hercules Capital, Inc. (NYSE: HTGC) is the leading and largest specialty finance company focused on providing senior secured venture growth loans to high-growth, innovative venture capital-backed companies in a broad variety of technology and life sciences industries. Since inception (December 2003), Hercules has committed more than $21 billion to over 660 companies and is the lender of choice for entrepreneurs and venture capital firms seeking growth capital financing. Companies interested in learning more about financing opportunities should contact [email protected].

SOURCE Remodel Health

TripSuite’s holistic AI-powered solution includes CRM, commission tracking, accounting, and analytics

NEW YORK, Dec. 19, 2024 — TripSuite, the leading software platform for travel agencies, has raised $5 million in seed funding. The round was led by F-Prime Capital, with participation from Bienville Capital Management and Thayer Ventures. The investment will further TripSuite’s mission to enhance the agency and traveler experience through product innovation and deepen its commitment to customer success.

According to research conducted by Phocuswright, travel agencies book over $100 billion in travel annually, and have historically relied on an antiquated and siloed software stack resulting in inefficiencies, unnecessary costs, and lost commissions. Today, 38% of Gen Z and millennials prefer a traditional travel agent over online booking. This preference is significantly higher than Gen X or Baby Boomers, representing a generational shift towards using a travel agent. Agencies are actively seeking technology to help them streamline workflows and meet this rising demand.

“We are enabling our customers to harness powerful insights that propel informed decisions and foster deep, personalized engagements with their end clients, the travelers,” said Jacey Jones, co-founder and CEO of TripSuite. “This investment empowers us to shape the future of travel, ensuring our customers set the standard for innovation in a dynamic industry.”

TripSuite’s intuitive cloud-based platform fully replaces legacy software. Agencies using TripSuite collectively book over $1 billion in travel for their clients annually and are saving 20+ hours a week on back-office activities.

“Agencies and advisors are the backbone of the travel economy, and they deserve technology that matches their ambition,” said Gaurav Tuli, Partner at F-Prime Capital. “TripSuite is delivering the platform agencies need to lead the future of travel, empowering them to innovate, grow, and provide exceptional experiences for their clients.”

TripSuite is setting a new industry standard with its all-in-one, AI-powered platform that consolidates legacy systems into a single, cloud-based platform. Its comprehensive suite of tools includes CRM, commission tracking, accounting, payments and analytics, powering improved efficiency and advanced data insights.

About TripSuite

At TripSuite, we believe our world is enriched when people are exposed to new ideas and cultures through travel. Our cloud-based platform revolutionizes the way travel agencies operate by replacing outdated systems with our innovative, AI-powered solution. We integrate essential tools like CRM, commission tracking, accounting, and analytics into a single platform, empowering agencies to make global exploration accessible and impactful. Trusted by notable agencies including Avenue Two Travel, Brownell Travel, and Cadence Travel, TripSuite is the preferred choice for the world’s most innovative travel experts. For more information, visit TripSuite.com.

About F-Prime Capital

F-Prime Capital is a global venture capital firm investing in healthcare and technology. For the past 50 years, our independent venture capital group has had the privilege of backing great entrepreneurs building groundbreaking companies. In technology, we focus on enterprise software, fintech and frontier tech; while we’re early-stage investors by choice, we’ll back exceptional teams at any stage.

F-Prime Capital has over 4.5 billion dollars under management and a global portfolio of more than 290 companies including Benchling, BenchSci, Flywire, FutureAdvisor, Kensho, Lighthouse, Quovo, Recurly, RiskRecon, Snapdocs, Toast and Vendr.

F-Prime is headquartered in Cambridge, MA, with offices in London, UK and San Francisco, CA. For more information, visit www.fprimecapital.com.

Media Contact:

Jacey Jones
Cofounder/CEO at TripSuite
[email protected]

SOURCE TripSuite

The company engineers novel immunotherapies that empower the immune system to target HERV antigens from the dark genome to treat cancer, metabolic disease, and other aging-related diseases

Funds to fuel pipeline of off-the-shelf assets through several key milestones, including initiating clinical evaluation for its lead program in 2025

COPENHAGEN, Denmark and NEW YORK, Dec. 19, 2024 — HERVolution Therapeutics ApS (‘HERVolution’), a dark genome-focused biotechnology company developing immunotherapies to address aging-related diseases, today announced a $11.7 million Series A financing to advance its lead assets toward clinical evaluation. The funding round was led by Serum Institute of India (SII) with participation from the European Innovation Council (EIC) Fund and other investors. Proceeds will support key activities, including further validating and demonstrating the value of its human endogenous retroviruses (HERV)-targeting approach, cGMP manufacturing in collaboration with SII, initiating Phase 1 studies of its lead asset, investigating indication expansion opportunities, and expanding company infrastructure to support clinical trials.

HERVs are genetic remnants of ancient viral infections that have integrated into the human genome. As they typically lie dormant until aging or disease cause them to reactivate, these targets are often considered part of the “dark genome.” HERVs have been clinically observed to play a key role in causing numerous diseases like cancer, type 2 diabetes, and amyotrophic lateral sclerosis (ALS), and early research signals roles in the aging process. Despite this, successful HERV targeting has remained elusive because the immune system views them as “self” antigens.

HERVolution utilizes a proprietary engineering approach to unlock the therapeutic potential of HERVs. By breaking “self” tolerance, the company can deliver a new class of therapies with a demonstrated ability to induce potent and durable anti-HERV immune responses. These re-designed HERVs can be expressed using adenoviral, virus-like particles, and mRNA vectors, providing opportunities to expand disease targets and dosing regimens. The company’s pipeline of HERV-targeted immunotherapies offers off-the-shelf applications in an array of diseases and the potential to improve outcomes for the world’s increasingly aging population.

“Leveraging decades of immunology and virology expertise, we have broken human immune tolerance to HERVs, enabling therapeutic targeting for the first time,” said J. Robert Coleman, PhD, MBA, Chief Executive Officer of HERVolution. “We are revolutionizing the treatment of complex age-related diseases with proprietary engineering approaches that allow us to make these once-invisible antigens visible to the immune system. With the financial and manufacturing support of our investors, we are well resourced to accelerate our pipeline and expedite bringing breakthrough treatments within reach for patients worldwide.”

Supported by robust preclinical data, the company’s lead candidate, IPT-001, is a dual adenoviral (Ad) vector immune therapy with potential to address a range of diseases as monotherapy or in combination with other agents. IPT-001 utilizes two unique, proprietary Ad-vectors with low pre-existing immunity and excellent antigen expression to enable simultaneous induction of potent HERV-specific T and B cell responses. IPT-001 is currently in development in collaboration with SII, with plans to enter the clinic in 2025. HERVolution is also developing IPT-002, an mRNA vector expressing its proprietary HERV antigen, which may enable repeat dosing in humans and maintenance and amplification of anti-HERV immune responses when administered in a prime-boost treatment strategy with IPT-001.

“This financing represents a significant milestone for the company and signals strong support of the potential of HERVs to tackle pressing challenges in cancer, metabolic disease and aging,” said Peter Holst, MD, PhD, Founder and Chief Scientific Officer of HERVolution.

About HERVolution Therapeutics
HERVolution Therapeutics (formerly InProTher Aps) is a dark genome-focused biotechnology company based in Copenhagen, Denmark, and the U.S., pioneering novel human endogenous retrovirus (HERV)-targeted immunotherapies to address diseases of aging. With its proprietary engineering approaches, HERVolution has rationally redesigned HERV-antigens to yield a new class of highly immunogenic antigens to address cancer, metabolic, and other aging-related diseases. The company’s world-class scientific team has advanced a strong product development pipeline, with lead program, IPT-001, anticipated to enter the clinic in 2025. For more information, please visit: HERVolutionTx.com.

About the Serum Institute of India (SII)
Serum Institute of India Pvt. Ltd, is a global leader in vaccine manufacturing, dedicated to providing affordable vaccines worldwide. Present across 170+ countries, including the US, UK, and Europe, SII holds the distinction of being the world’s largest vaccine manufacturer. SII’s multifunctional production and one-of-the-largest facility in Manjri, Pune, with an annual capacity of 4 billion doses, has saved over 30 million lives over the years.

Founded in 1966, SII’s primary mission is to produce lifesaving immunobiological drugs, with a particular emphasis on affordability and accessibility. Guided by a strong commitment to improving global health, the company has played a pivotal role in reducing the prices of essential vaccines, such as Diphtheria, Tetanus, Pertussis, HIB, BCG, r-Hepatitis B, Measles, Mumps, and Rubella. Notably, they are the manufacturers of ‘Pneumosil,’ the world’s most affordable PCV, and ‘Cervavac’ the first indigenous qHPV vaccine in India. Moreover, SII has been at the forefront of the global fight against COVID-19, delivering over 2 billion doses of the COVID-19 vaccine worldwide.

To further expand its global presence and ensure widespread vaccine availability, SII has established Serum Life Sciences Ltd, a subsidiary in the UK. Through relentless pursuit of innovation, SII continues to champion the cause of affordable vaccines, making a positive impact on the lives of millions worldwide. www.seruminstitute.com

Media Contact
Lia Dangelico
Deerfield Group
[email protected]

SOURCE HERVolution Therapeutics

• Financing led by OrbiMed, Avoro Capital, and Samsara BioCapital, with additional investment from founding investor Medicxi
• Strengthens its leadership team with the appointments of industry veterans Rick Anderson as SVP Finance, Spencer Fisk as Chief Technical and Quality Officer, and Ling Zeng as General Counsel and EVP of Execution 
• IND-enabling studies underway for first-in-class PD1/VEGFR2 bifunctional antibody

LONDON and BOSTON, Dec. 19, 2024 — Ottimo Pharma (“Ottimo”), a private biotech company pioneering bifunctional medicines to extend the lives of people living with cancer, today announces the completion of a Series A financing round of over $140 million. The financing will accelerate the lead asset, Jankistomig, a first-in-class PD1/VEGFR2 bifunctional antibody for multiple solid tumor indications, in both IV and SC forms as well as a pipeline of follow-on bifunctional assets.

The round was led by OrbiMed, Avoro Capital, Samsara BioCapital, and included blue chip investors RTW Investments, Decheng Capital, Janus Henderson Investors, J.P. Morgan Life Sciences Private Capital, Invus, and founding investor Medicxi. In connection with the financing Peter Thompson (OrbiMed), Mark Chin (Avoro Capital), and Srini Akkaraju (Samsara BioCapital) will join the Board of Directors.

Simultaneously, Ottimo has expanded its management team under the leadership of David Epstein, Chair and Chief Executive Officer. The Company announces the appointment of Rick Anderson as SVP Finance, Spencer Fisk as Chief Technical and Quality Officer, and Ling Zeng as General Counsel and EVP of Execution. Rick, Spencer, and Ling bring extensive pharma experience, having held senior roles at Seagen, Novartis, and Dicerna Pharmaceuticals.

Ottimo, co-founded by Medicxi and Jonny Finlay, emerged from stealth in October 2024. It is advancing IND-enabling studies for lead molecule Jankistomig, with a planned IND filing in late 2025.

Jankistomig is a first-in-class PD1/VEGFR2 bifunctional antibody that is differentiated from bispecific antibodies. It is exquisitely designed as a dual pathway, biparatopic single-agent IgG therapy, targeting immune checkpoint inhibition and angiogenesis in the treatment of cancer. This innovative approach aims to offer a wider therapeutic window regardless of tumor VEGF levels, with the potential to improve outcomes across multiple solid tumor indications. Jankistomig is expected to address a global oncology market valued at well over $50 billion. 

David Epstein, Chair & Chief Executive Officer of Ottimo Pharma, said: “The successful completion of our Series A financing marks a milestone for Ottimo as we advance our goal to make first-in-class bifunctional medicines to extend the lives of people living with cancer. Jankistomig represents a significant breakthrough with its novel design and mechanism of action, and we are incredibly grateful to have the backing of such well-renowned healthcare investors. With the addition of Rick, Spencer, and Ling, we have assembled a proven leadership team to progress Ottimo to our first IND by late 2025.”

Peter Thompson, General Partner at OrbiMed, Board Director of Ottimo Pharma, commented: “Ottimo’s unique approach has differentiated itself in the PD1/VEGF field. We are looking forward to working alongside this experienced team with their extensive track record to develop new cancer treatments with improved outcomes for patients.”

Francesco De Rubertis, Co-Founder and Partner at Medicxi, Board Director of Ottimo Pharma added: “Ottimo has shown considerable progress with Jankistomig. As a co-founder of the Company, we are pleased to welcome top-tier investors including OrbiMed, Avoro Capital, and Samsara BioCapital to the syndicate as we advance the pipeline to address multiple solid tumor indications.”

Fredric (Rick) Anderson has more than 30 years of leadership experience in strategic financial and operations management. Rick was the Vice President, Corporate Controller for Seagen Inc. from 2018, where he supported the Company’s growth and international expansion. He was a key member of the leadership team that led the $44 billion acquisition by Pfizer and supported the post-acquisition integration. Rick holds an MBA from the University of San Diego. He started his career as a CPA for Ernst & Young and later joined their mergers & acquisition group.

Spencer Fisk has more than 30 years of experience in manufacturing and CMC product development. Spencer joins Ottimo from National Resilience, Inc. where he transformed the R&D focus to deliver on disruptive approaches to accelerate multi-modality drug development. From 2018 to 2022, he served as the Chief Technical Operations Officer at Rubius Therapeutics. Before Rubius he held senior roles at Novartis AG where he led the team to the successful registration and launch of the first CAR-T cellular therapy product, Kymriah. Prior to Novartis, Spencer held various technical development and manufacturing roles at Merck, Genentech, Genencor, and Novo Nordisk.

Ling Zeng, Esq. was previously Chief Legal and Administrative Officer and a member of the executive leadership team of Omega Therapeutics. Prior to Omega, she was the Chief Legal Officer and Secretary of Dicerna Pharmaceuticals and played a critical role in executing the Company’s strategy including the $3.3 billion acquisition by Novo Nordisk in 2021. Before working in biotech companies, Ling was Deputy Head Legal, Group Mergers and Acquisitions, at Novartis AG, responsible for global transactions across the Novartis Group. From 2009 to 2017, Ling held various executive roles of increasing responsibility at Bausch Health Companies.

About Ottimo Pharma
Ottimo Pharma is a private biotechnology company, co-founded in 2020 by Medicxi and Jonny Finlay, focused on the development of pioneering innovative cancer therapies for solid tumors. The Company’s lead asset, Jankistomig, is a PD1/VEGFR2 bifunctional antibody designed as a dual pathway, biparatopic single-agent IgG therapy, targeting both immune checkpoint inhibition and angiogenesis in the treatment of cancer. By advancing this dual-pathway approach, Ottimo aims to offer a wider therapeutic window, improve cancer treatment outcomes and reduce the overall healthcare burden. Ottimo anticipates filing of its first IND in late 2025.

Ottimo is backed by a global syndicate of life science investors including Medicxi, OrbiMed, Avoro Capital, Samsara BioCapital, RTW Investments, Decheng Capital, Janus Henderson Investors, J.P. Morgan Life Sciences Private Capital, and Invus. The Ottimo board includes Francesco De Rubertis, Co-Founder and Partner of Medicxi, Peter Thompson, General Partner at OrbiMed, Mark Chin, Partner at Avoro Capital, and Srinivas Akkaraju, founder, and Managing General Partner at Samsara BioCapital, alongside David Epstein and James Sabry. For more information, please visit: www.ottimopharma.com.

About OrbiMed
OrbiMed is a leading healthcare investment firm, with $17 billion in assets under management. OrbiMed invests globally across the healthcare industry, from start-ups to large multinational corporations, through private equity funds, public equity funds, and royalty/credit funds. OrbiMed seeks to be a capital provider of choice, providing tailored financing solutions and extensive global team resources to help build world-class healthcare companies. OrbiMed’s team of over 100 professionals is based in New York City, London, San Francisco, Shanghai, Hong Kong, Mumbai, Herzliya, and other key global markets. For more information, please visit www.orbimed.com. Follow us on X (formerly Twitter) @OrbiMed.

About Avoro Capital
Avoro Capital is a global life sciences investment firm with over $6.5 billion in capital primarily focused on supporting emerging life sciences and biotechnology companies. For more information, please visit: www.avorocapital.com

About Samsara BioCapital
Samsara BioCapital is a new breed of biotech investment firm focused on translating cutting-edge biology into new therapies to treat patients with unmet medical needs. Founded in 2016 by Srinivas Akkaraju, M.D., Ph.D., our team of scientists, investors and entrepreneurs takes a long-term view on value creation across all stages of public and private life science companies. We believe in a collaborative, hands-on approach, working closely with entrepreneurs to harness exciting scientific advances and build leading companies. Samsara actively manages assets on behalf of endowments, foundations, and family offices. For more information, please visit www.samsaracap.com. 

About Medicxi
Medicxi is a healthcare-focused investment firm with the mission to create and invest in companies across the full drug development continuum. Leveraging deep expertise in drug development and company creation spanning over two decades, Medicxi invests in early and late-stage therapeutics with a product vision that can fulfill a clear unmet medical need. For more information, please visit: www.medicxi.com

SOURCE Ottimo Pharma

S&P Global Raises Fosun International’s CSA Score to 70 Points, Maintaining a Leading Position in ESG Performance among Global Peers

HONG KONG, Dec. 19, 2024 — S&P Global recently released the 2024 Corporate Sustainability Assessment (CSA) score results for Fosun International Limited (HKEX stock code: 00656, “Fosun International”). Fosun International’s S&P Global CSA score increased to 70 points in 2024, ranking in the top 5% globally among its peers. This marks a significant improvement from last year’s score of 68 points, which placed it in the top 6% of the industry, demonstrating S&P Global’s further recognition of Fosun International’s efforts in sustainable development.

As of December 2024, Fosun International ranks in the top 5% among global peers and continues to maintain a leading position in the industry, significantly ahead of the industry average of 30 points.

In this year’s S&P Global CSA assessment, Fosun International received scores of 72 in the governance and economic dimension, 68 in the environmental dimension, and 71 in the social dimension, reflecting its balanced development in the environmental, social, and governance (ESG) field. Notably, Fosun International achieved excellent results in several sub-dimensions, including Business Ethics, Environmental Policy and Management, Energy, Climate Strategy, Risk and Crisis Management, Human Capital Development, and Customer Relationship Management.

Due to its ongoing commitment to ESG initiatives, Fosun International’s S&P Global CSA score has improved annually since 2018, positioning it as an industry leader. Fosun International was successfully included in S&P Global’s Sustainability Yearbook 2024 in July 2024, and ranked top 1% in S&P Global’s Sustainability Yearbook 2024 (China Edition) and was recognized as an “Industry Mover”.

In recent years, Fosun International has consistently achieved excellent results in global ESG ratings. Presently, Fosun International is the only conglomerate in Greater China rated AA by MSCI ESG Ratings. It received an HSI ESG rating of AA- and has been included in the Hang Seng Corporate Sustainability Benchmark Index for years. Furthermore, Fosun International’s FTSE Russell ESG score was consistently higher than the global industry average and it has been continuously selected as a constituent stock of the FTSE4Good Index Series.

Looking back on the past, Fosun has always paid attention to the reform and development of the global policies in the field of sustainable development. It has established a comprehensive ESG management system, integrated ESG management requirements into business management over the years, actively responded to national and global strategies in relation to sustainable development, ensured information security, promoted technology innovation, implemented “dual carbon” goals, protected the rights and interests of employees to promote sustainable management and value creation.

This year marks the 20th anniversary of the United Nations (UN) Global Compact’s introduction of ESG concept and principles. This year also marks Fosun’s 10th anniversary as a UN Global Compact member. Since joining the UN Global Compact, Fosun fully supports the ten principles of the UN Global Compact in the areas including human rights, labor, environment, and anti-corruption, ensuring that it conducts business responsibly. At the same time, Fosun actively engages its member companies in the implementation of ESG strategies.

On 29 November, the UN Global Compact held a launch event for the “20 Cases of Private Sector’s Sustainable Development in China for 20 Years” report at the UN Compound in Beijing. Fosun’s “Rural Doctors Program Empowering Rural Medical Services” was recognized as one of the selected cases in the report. A panel of UN representatives and academics has announced that the 20 selected best projects are exemplary cases of corporate sustainable development that demonstrate excellence in terms of economic viability, practicality, replicability, innovation, and inclusivity.

After more than three decades of development, Fosun has now become a global innovation-driven consumer group. While striving for progress and development, Fosun has consistently made efforts to achieve sustainable development. This year, Fosun has formulated its sustainable development strategy: “Create IMPACT”, which stands for I: Innovation-driven, M: Mindful Operation, P: People and Partner Oriented, A: Advanced Governance, C: Climate and Planet Positive and T: Transparency. It is derived from Fosun’s original aspirations of “Self-improvement, Teamwork, Performance and Contribution to Society” and is a guarantee of the long-term ESG practices.

Looking ahead, Fosun will continue to deepen its core businesses, strengthen innovation, and drive globalization, promoting the long-term sustainable development of its business. By creating lasting value for all stakeholders, Fosun remains committed to fulfilling its mission of “Creating happier lives for families worldwide”.

About S&P Global Corporate Sustainability Assessment

Launched in 1999, the S&P Global Corporate Sustainability Assessment (CSA) grades enterprises on how they put sustainability into practice, covering 61 different industry-specific ESG standards. Evaluating more than 7,000 companies each year, S&P Global CSA has become a reference tool for enterprises, helping them gauge the financial importance of a company’s sustainability performance from the perspective of investors.

SOURCE Fosun

Mayor Joins Inaugural PledgeLA Catalyst Awards to Recognize Leaders Increasing Access to Capital in L.A.’s VC and Tech Ecosystem

LOS ANGELES, Dec. 18, 2024 — The Annenberg Foundation and Los Angeles Mayor Karen Bass today presented the first Catalyst Awards given by PledgeLA, the regional initiative that works to increase access to capital for L.A.-based startups and investors from underrepresented backgrounds. Mayor Bass, PledgeLA principals and more than 300 tech founders, VC investors and community leaders gathered at the El Rey Theatre to recognize 11 Angelenos for their impact and efforts to strengthen Los Angeles’s local economy and entrepreneur community.

“Recognizing L.A.’s boundless entrepreneurial talent — and the power of this creative region to move the needle on representation — we established PledgeLA to build a thriving ecosystem reflective and accessible to all of Los Angeles. Access to capital is central to that effort, and the community leaders here tonight are committed to expanding it,” said Cinny Kennard, Executive Director of the Annenberg Foundation. “The accomplishments of our awardees are but a glimpse of what’s possible here, and we are excited to build on this effort.”

Karen Bass, the 43rd Mayor of Los Angeles, said: “Opening Los Angeles for business means working to increase investment and opportunity for Angelenos who have too often been left out. PledgeLA and the Annenberg Foundation are vital partners in realizing L.A.’s next generation of venture capital, tech and civic leaders. My Office of Business and Economic Development is building on this vision with partners like PledgeLA as we continue to support startups, investors, entrepreneurs and small business owners so they can thrive here in L.A. Congratulations to the first Catalyst Awards honorees – your commitment to increasing access to capital and expanding representation in our local economy has the power to drive lasting impact in our city.”

Mayor Bass and Executive Director Kennard led discussions Wednesday evening on developing a resilient tech ecosystem in L.A. and on deepening public-private collaboration between the city and investors in the innovation economy.

Among the inaugural Catalyst awardees were Kwanza Jones and José E. Feliciano, whose Kwanza Jones & José E. Feliciano Initiative invests in and partners with nonprofits and for-profits focused on education, entrepreneurship, equity, and empowerment. Since founding their initiative in 2014, the partners in life, business, and impact have personally committed over $200 million to these efforts, including $20 million to Princeton, $1 million to HBCU Bennett College, and $500,000 to Puerto Rico for Hurricane Maria relief. Jones and Feliciano received the Limited Partner Catalyst Award, in recognition of their significant investments in underrepresented fund managers.

“We co-founded the Kwanza Jones & José E. Feliciano Initiative to boost humanity and power possibilities through education, equity, entrepreneurship and empowerment. We believe that one of the key catalysts for unlocking human potential is access to capital and economic opportunities. That’s why we are committed to investing in organizations and individuals who are breaking barriers, opening doors, and building bridges of opportunity.

“Investing intentionally but not exclusively in underrepresented founders and fund managers is about more than just financial returns—it’s about catalyzing a community of innovation and collaboration. Diversity fuels excellence, and when diverse perspectives are included, outcomes are optimized and more impactful.

“This recognition from PledgeLA affirms our mission: breaking barriers, unlocking potential, and driving change. Together, we can reimagine what’s possible—for LA and beyond,” said Kwanza Jones and José E. Feliciano, Co-Founders of Kwanza Jones & José E. Feliciano Initiative (Jones•Feliciano).

Also honored Wednesday were Slauson & Co, a $100 million venture capital firm rooted in economic inclusion led by Austin Clements and Ajay Relan, who were honored with the Portfolio Catalyst award. Slauson & Co’s original $75 million Fund I backed 38 companies, most of which are led by people of color and at least half of which are led by women. Slauson & Co. directs all its investment to underrepresented founders.

Dana Settle, one of the first female fund leaders in the industry, was recognized with the Pathbreaker Catalyst award for her work to create paths to capital and opportunity. Settle serves as co-founder and managing partner at Greycroft, one of the largest VC funds in the United States ($2 billion Assets Under Management) and is a founding member of the female mentorship collective All Raise.

In addition, awards for “Most Inspiring Entrepreneur,” “Ecosystem Builder,” and “Most Inspiring Emerging Manager” were given to L.A.-based tech investors, entrepreneurs and nonprofit leaders for their impact on the local community, workforce development and creating access to capital. Winners and all nominees appear below.

Annual Data on L.A. Venture Capital Shows Continued Opportunity Gap; Research Expanded to New York City

In addition to the 2024 awards, PledgeLA released its annual report on diversity in L.A. venture capital. Data analyzed by UCLA’s Luskin School of Public Affairs show that among 75 venture capital firms in Los Angeles who are part of PledgeLA there remains a gap in investment in underrepresented minority (URM) founders. Among the findings for 2023, Black and Latina women remain the least represented groups across the PledgeLA portfolio, making up only 1% and 2% of 2023 companies, respectively. However, in terms of median deal size for startups, the gap between women-only teams and all-men teams shrank considerably, to $700,000 less versus $3.8 million less in 2022.

The 2024 Venture Capital Portfolio Diversity Report can be read here.

The Annenberg Foundation this year commissioned the same UCLA researchers to also code and analyze data for the Venture Access Alliance (VAA), an initiative of the New York City Economic Development Corporation (NYCEDC). This effort includes collecting demographic data for 2023 on 72 venture capital (VC) firms within the VAA membership and their 323 portfolio companies, led by over 540 founders. VAA’s report and diversity findings can be found here.

PledgeLA: Catalyzing and Recognizing Change
Established in 2018 in partnership with the City of Los Angeles and Mayor Eric Garcetti, PledgeLA was the first and is the only local effort to annually monitor diversity and equity in accessing capital in L.A. It both supports and holds accountable an industry vital to all Angelenos through:

• Placing underrepresented promising college graduates in Venture Capital Fellowships(70 since 2019)
• Researching and reporting anonymized representational data and demographics in the annual Venture Capital Portfolio Diversity report produced by UCLA’s Luskin School of Public Affairs to help track LA’s progress and challenges. In many cases, these data have never been collected.
• Convening partners and thought leaders at L.A. Tech Week and facilitating mentorships for college students with L.A. tech leaders

Previously, PledgeLA helped incentivize investment in Black and Latinx entrepreneurs through a Founders Fund (est. 2021) that helped founders who had demonstrated traction increase recurring revenue, find follow-on capital, and build community with their peers.

Additional 2024 PledgeLA Catalyst Award Winners
Most Inspiring Entrepreneurs
ChargerHelp! – co-founded by Evette Ellis and Kameale Terry, ChargerHelp! ensures EV charging stations stay operational, helps manage charging infrastructure and provides maintenance through an EV service workforce that it trains and deploys. Ellis and Terry are originally from Compton and South Central Los Angeles, respectively.

Cherub – co-founded by Angeline Vuong and Jaclyn Johnson, a serial entrepreneur, Cherub facilitates fundraising from angel investors for women-led companies using an online membership model. The platform has raised $3M for startups focused on consumer packaged goods, AI companies, hotel projects, apps and more.

Most Inspiring Emerging Manager – Noramay Cadena is managing partner at Supply Change Capital, which invests at the intersection of food, culture, and technology to modernize the food system. She was recognized as a rising investor from an underrepresented background for outsized impact on the local tech ecosystem. Among many board memberships, she is on the board of the Latino Community Foundation and Care Enterprises, Inc., which is focused on creating economic opportunities for people in poverty and women.

Ecosystem Builder – Amiah Sheppard has led investments and accelerated dozens of underrepresented founders internationally, as well as helped invest and support 100 other underrepresented founders across the U.S. She was recognized for “going above and beyond to make connections and increase access for underrepresented founders.

Nominees
Entrepreneurs — Montré Moore and Angel Lenise Pyles, AMP Beauty; Tony Gonzalez, Mundial Media; Rebecca Caputo and Val Emanuel, Rif Care; Selena Watkins, Socanomics

Emerging Managers — Madeline Darcy, Managing Partner at Kaya Ventures; Brandon Hoffman, General Partner at Sunset Ventures; Kimberley Nixon, Managing Partner at Open Venture Capital; Tracy Gray, Managing Partner at The 22 Fund

Ecosystem Builders — Espree Devora, Founder at WeAreLATech; Raychel Espiritu, Program Director at Walking Softer; Derek Smith, CEO & Founder at Plug In Ventures; Sophie Nazerian, Vice President, Innovation Economy, Startup Banking at JPM Startup Banking

SOURCE The Annenberg Foundation

From completing its $10 million Series B equity financing to being awarded the 2024 AI Breakthrough Award for “Best AI Governance Platform” and achieving inclusion on Inc.’s Best in Business List, it was a year of continued momentum for the leading AI Governance software company for enterprises.

CHICAGO, Dec. 18, 2024 — The leading AI Governance software for enterprises, ModelOp, announced today it experienced an exponential increase of platform usage in 2024 through new customer acquisition, generative AI adoption, and expanding need for its AI portfolio intelligence and governance capabilities. For the second consecutive year, the company achieved massive, continued growth in the financial services, healthcare, and CPG sectors with customers that include Fidelity Investments, FINRA, and Bristol Myers Squibb.

ModelOp’s excellence was well-recognized this year. It won the prestigious 2024 AI Breakthrough Award for “Best AI Governance Platform”, an award series that celebrates the world’s most innovative companies, technologies, and products in the artificial intelligence industry with more than 5,000 applicants globally this year. The firm also was named to Inc.’s 2024 Best in Business List in the AI & Data category, an award that celebrates the exceptional achievements and contributions of companies that have made a profound impact on their industries and on society at large. In addition, Polaris Market Research & Consulting named ModelOp a key player in the rapidly growing Model Operations market. MMC Ventures named ModelOp a “Who’s Who in Responsible AI” and a leader in AI Governance.

ModelOp also completed its $10 million Series B Equity financing led by Baird Capital. With the new capital, ModelOp is actively building upon its market-leading AI portfolio intelligence and governance capabilities that establish visibility into AI initiatives and value, and enforce policies consistently to help organizations stay compliant even as regulations evolve rapidly.

This investment follows the new release of ModelOp version 3.3, the third-generation of its software. It enables enterprises to manage AI as a portfolio and provide  “Minimum Viable Governance” (MVG), which allows companies to apply just enough governance to protect the business while accelerating AI innovation.

Version 3.3 also includes the world’s first AI Governance Score, a standardized metric that measures risk across diverse AI initiatives. ModelOp’s new AI Governance Score provides executives with real-time visibility into all AI initiatives — including generative AI, in-house, third-party, and embedded AI systems — and their risks across the entire enterprise, even as global regulations evolve. ModelOp helps Chief AI Officers (CAIOs), CDAOs, CIOs, CISOs, AI leaders, and Governance teams responsibly accelerate AI innovation and keep their organizations safe through a comprehensive AI Governance inventory, automated controls, and streamlined reporting capabilities.

“Unlike other solutions, only ModelOp’s software provides executives unprecedented visibility into the AI being used across their organizations,” said Pete Foley, CEO of ModelOp. “This enables enterprises to deliver transformational and responsible AI systems. ModelOp 3.3 allows executives to manage their AI use cases and models as a portfolio and track KPIs including revenue, costs, savings, cost avoidance, and ROI. Additionally, ModelOp enables AI and legal teams to stay on their front foot as regulations like the EU AI Act and US state and federal agency rules take effect. It was a remarkable year for ModelOp and our new capital is enabling us to accelerate our expansion. Looking forward to 2025, we are excited to introduce new capabilities, and continue our rapid growth as the leading AI Governance software.”

Also of note this year, ModelOp partnered with CDO Magazine to produce the 2024 Responsible AI Benchmark Report that revealed a growing gap between the rapid adoption of AI and the implementation of responsible AI Governance practices. The survey of nearly 150 executives across diverse industries provides insights on AI adoption, use cases in production, governance capabilities, and top risks. The free report clearly shows growing risks with enterprise AI strategy.

About ModelOp
ModelOp is the leading AI Governance software for enterprises and helps safeguard all AI initiatives – including generative AI, Large Language Models (LLMs), in-house, third-party, and embedded systems – without stifling innovation. Through automation and integrations, ModelOp empowers enterprises to quickly address the critical governance and scale challenges necessary to protect and fully unlock the transformational value of enterprise AI – resulting in effective and responsible AI systems. To learn more visit https://www.modelop.com or follow ModelOp on LinkedIn.

SOURCE ModelOp