Monthly Archives: July 2025

Zip Security Raises $13.5M Series A to Bring Cybersecurity to the 95% of Businesses Without a Security Team

Ex-Palantir founders make AI-powered platform that automates the essentials for companies left behind by legacy models

NEW YORK, July 14, 2025Zip Security, the all-in-one platform for security, compliance and IT automation for every business, today announced it raised $13.5 million in Series A funding. The round was led by Ballistic Ventures, with participation from Silver Buckshot, Mantis VC, and continued support from General Catalyst, Human Capital and Box Group. This brings Zip’s total funding raised to $21 million.

Today, up to 95% of businesses with fewer than 100 employees have no cybersecurity professionals, according to research. That means thousands of mid-market and small and medium-sized enterprises (SMEs) – which account for over half of the U.S. GDP – are operating without the resources to deploy, manage, and maintain basic security controls. But this is not just a staffing issue; it’s a structural flaw in how security has been delivered to the vast majority of the economy. The dominant model – hiring expensive consultants or outsourcing to MSSPs – is broken. It’s slow, reactive, and too costly for the mid-market and SMEs to sustain.

Zip deploys AI and automation to fix cybersecurity’s broken services model.

Advances in AI and automation have made it possible to consume, provision, and manage security controls far more effectively, with minimal reliance on outside services – and Zip puts that power directly into the hands of growing businesses. Founded by former Palantir engineers Josh Zweig (CEO) and Gabbi Merz (CTO), Zip’s platform streamlines complex security operations, including endpoint protection, identity and access management, mobile device security, and compliance workflows – into a unified, AI-powered experience that any team can use.

“For every dollar companies spend on security tools, many spend several more on services and consulting just to get those tools working. Cybersecurity shouldn’t be a luxury only big businesses can afford,” said Zweig. “We believe modern security should be automated, accessible, and cost-effective. We’re on a mission to give businesses the automation to easily set up, manage, and improve their security – without needing a team of experts.”

With Zip, businesses can rapidly implement security best practices, achieve compliance with standards like SOC 2, HIPAA, and ISO 27001, and manage their IT infrastructure with confidence. As a result, Zip customers significantly reduce services overhead and total cost of ownership. The Zip platform integrates with CrowdStrike, Google Workspace, Jamf, Microsoft Intune, Entra ID / Azure Active Directory, Okta, and a growing number of other core security services providers.

Zip is designed for the mid-market, and scalable for the enterprise.

“Zip is tackling one of our industry’s most overlooked and urgent problems: how to bring strong security to organizations that can’t afford to get it wrong, but also can’t afford traditional approaches,” said Barmak Meftah, Co-founder and General Partner of Ballistic Ventures, who joined Zip’s board of directors. “Josh and Gabbi are incredibly sharp operators who have built a platform that’s not just functional, but empathetic to its users. We’re proud to partner with them to help democratize access to strong security.”

“We’ll never ‘solve cybersecurity’ until we accept that we live in an interconnected ecosystem of suppliers and smaller players,” said Nicole Perlroth, Co-founder of Silver Buckshot Ventures and Venture Partner at Ballistic Ventures. “There’s a $2 trillion cybersecurity market opportunity – ten times what is sold today. That gap exists because we haven’t figured out how to protect the long tail – everyone downstream. That’s where Zip Security comes in. This isn’t just a massive market opportunity – it’s how we democratize security. Not just for the biggest players, but for everyone.”

Zip Security is purpose-built for organizations that lack dedicated security teams but still face strict compliance requirements and advanced threats. But the company’s automation-first approach is resonating with larger enterprises too, especially those looking to simplify and scale their security programs.

The Zip Security team will use the new funding to grow its engineering and go-to-market, build new integrations with third-party tools, and deepen its presence in industries including defense, finance, health, and software.

To celebrate the Series A raise, Zip Security is extending a special offer to its startup peers to help them scale their operations securely: any startup, from Pre-seed to Series B, can receive two months free on Zip’s platform. Interested companies can contact Zip using this landing page and book a product demonstration by August 14, 2025 to qualify.

For more information, visit www.zipsec.com.

About Zip Security
Zip Security (“Zip”) was founded with the mission of making best-in-class security accessible and affordable. Zip builds software that automates cloud-based identity management, device management, and endpoint threat detection making securing a company and acing compliance audits a breeze. Zip works with customers across a range of industries like health, defense, software, and finance, and supports integration with industry-leading security tools like Jamf, Intune, Entra ID, Okta, Google Workspace, and CrowdStrike. To learn more visit www.zipsec.com.

SOURCE Zip Security

Duranta Raises $7M to Help Landscapers Create a More Beautiful World

SEATTLE, July 14, 2025Duranta, the software platform transforming how landscapers and lawn care professionals grow and manage their businesses, today announced a $7 million seed round led by top Silicon Valley firms including Base10 Partners, Pear, Coalition Operators and Sunshine Lake. The round also includes participation from prominent angel investors such as Thomas Dohmke, CEO of GitHub, and Andrew Miklas, co-founder and CTO of PagerDuty.

Duranta is building the modern operating system for outdoor service professionals, those shaping the spaces where people live, recover, play and connect. The company’s flagship innovation, AIdan, is a proprietary AI model that automatically measures all property details and helps generate beautiful customer proposals. AIdan is combined with an intuitive suite of landscape design and invoicing tools, and a CRM that helps landscaping businesses win more customers and streamline their workflows.

“Duranta is designed to help landscapers and lawn care professionals run stronger, more profitable businesses,” said Samuel Adeyemo, Duranta’s co-founder and CEO. “We’ve seen customers eliminate thousands of time-consuming site visits and close large contracts using our product.”

Headquartered in Seattle, WA, Duranta was founded by a team of engineers who previously built Aurora Solar, the leading cleantech software platform in the U.S. The team also brings experience from top technology companies including Amazon, Google, Airbnb, Figma, and Datadog.

With this capital, Duranta will accelerate product development, grow its engineering team, and expand support for the thousands of businesses building and maintaining the environments that people enjoy.

About Duranta
Duranta is a software platform purpose built for landscapers and lawn care professionals. By combining AI-powered property measurement, intuitive design tools, CRM and invoicing, Duranta helps outdoor service businesses win more customers and deliver high-quality work with less hassle. Duranta is based in Seattle, WA.

Media Contact:
[email protected]
www.getduranta.com

Follow Us:
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SOURCE Duranta Inc

Illimis Therapeutics Closes 58 billion KRW ($42 million) Series B Financing to accelerate CNS and Immune Disease Drug Development via GAIA Platform

  • Validates technological prowess of GAIA platform and intensifies global co-development effort, including the existing partnership with Lilly Catalyze360-ExploR&D
  • Funds to accelerate Alzheimer’s and immune disease drug development, expanding GAIA-based pipeline

SEOUL, South Korea, July 14, 2025 — The Series B round saw strong participation from both existing and new investors, demonstrating high industry confidence in Illimis Therapeutics’ vision and technology. Eight existing investors, including DSC Investment, Woori Venture Partners, Korea Development Bank, Aju IB Investment, Quad Asset Management, Company K Partners, GS Ventures, and Dayli Partners, reaffirmed their commitment. They were joined by ten new investors: LB Investment, TS Investment, Shinhan Venture Investment, S&S Investment, Hana Ventures, Maple Investment Partners, A Ventures, IMM Investment, Schmidt, and Industrial Bank of Korea.

The proceeds will be used to accelerate the development of GAIA-based Alzheimer’s Disease therapeutics, expand its target indications to various immune disorders, and broaden its pipeline of potential blockbuster drug candidates. The company is actively pursuing early-stage collaborations with global pharmaceutical companies and research institutions to add value to internal programs.

“In the evolving landscape of new drug development where the limitations of existing medications are continually being overcome, Illimis’ differentiated platform technology is expected to emerge as a next-generation treatment option for neuro-immune diseases with high unmet medical needs,” said Yohan Kim, Senior Managing Director at DSC Investment, who led this investment round and has also been appointed to the board of directors.

Jiwoong Chun, Managing Director at Woori Venture Partners and an active board member and investor since the company’s inception, added, “Illimis is a prime example of a smart Korean biotech unlocking global markets with proprietary innovation and capital efficiency.”

Illimis has recently been selected for the ‘2025 Global Joint Research to Defeat Dementia’ led by the Ministry of Health and Welfare and the Korean Dementia Research Center, securing KRW 2.2 million ($1.6 million) in funding over three years, further validating its technological capabilities. This initiative aims to develop Alzheimer’s therapeutics through global joint research leveraging the GAIA platform, positioning Illimis at the center of international collaboration.

Furthermore, in October 2024, Illimis partnered with Eli Lilly and Company (Lilly)’s Catalyze360-ExploR&D, a core pillar of external innovation at Lilly dedicated to deploying world-leading research and development capabilities and scientific know-how to accelerate partner science. Under this research collaboration, Illimis and Lilly have been cooperating to advance the platform construct for applications in neurodegenerative diseases. Illimis has also strengthened its global pharma collaborations by winning the 2023 BMS Innovation Square Challenge and joining Johnson & Johnson’s global incubator network as a member company of JLABS Singapore in 2024.

To further enhance its drug development competitiveness, Illimis Therapeutics operates a Scientific Advisory Board (SAB). The SAB includes Dr. Greg Lemke, Emeritus Professor at the Salk Institute and a world-renowned expert in TAM Biology, and Dr. Morgan Sheng, a leading neuroscientist at the Broad Institute who previously served as Vice President of Neuroscience at Genentech. These experts provide strategic guidance across the entire R&D lifecycle, including pipeline development, candidate discovery, clinical trial design, etc., and play a pivotal role in strengthening Illimis Therapeutics’ global partnerships.

“This investment, government grants, and partnership with Lilly will enable us to accelerate our efforts to conquer diseases with high unmet clinical needs based on a comprehensive understanding of TAM biology and establish global leadership in TAM biology,” said Sanghoon Park, CEO of Illimis Therapeutics. “We will continue to focus on innovative new drug development centered around the GAIA platform and provide tangible treatment options to patients worldwide through early R&D collaboration models.”

About Illimis Therapeutics

Illimis Therapeutics is a pioneering biotechnology company at the forefront of developing innovative therapies for challenging central nervous system (CNS) and immune-related diseases. The company’s core strength lies in its proprietary GAIA (Gas6-mediated Anti-Inflammatory Adaptor) platform. This cutting-edge platform is designed to harness the therapeutic potential of TAM (Tyro3, Axl, Mer) receptor biology, a critical pathway involved in regulating inflammation and immune responses. The company’s lead pipeline, ILM01 for the treatment of Alzheimer’s Disease, is entering into the preclinical stage in the second half of 2025 and expecting to submit an IND by the end of 2027. For more information, visit https://illimistx.com/en.

SOURCE Illimis Therapeutics

TeraWatt Technology completes the 1st close of Series C funding round

SAN FRANCISCO, July 14, 2025 — TeraWatt Technology Inc. (Headquartered in California, USA) is pleased to announce the completion of the 1st close of its Series C funding round. Existing investors including Khosla Ventures, Temasek, and JIC Venture Growth Investments participated in the round, alongside new investors such as Japan Bank for International Cooperation (JBIC), GX Acceleration Agency, and G. K. Goh Ventures.

The investment will enable TeraWatt Technology to make further capital investments in its initial mass production facility, enabling a phased increase in production capacity and further strengthening of its mass production operations.

“This funding accelerates our market entry, enabling rapid scale-up of production and swift deployment of TeraWatt’s next-generation batteries,” said Ken Ogata, Ph.D., Co-founder and CEO of TeraWatt Technology. “We are deeply grateful for the continued support of our existing investors and honored to welcome leading Japanese investors whose domain expertise is instrumental in guiding our journey.”

Major investors in this round (in alphabetical order):
G. K. Goh Ventures
GX Acceleration Agency
Japan Bank for International Cooperation (JBIC)
JIC Venture Growth Investments
Khosla Ventures
Temasek

About TeraWatt Technology Inc.
TeraWatt Technology Inc. is a California-based company that produces lightweight, high-power, and safe next-generation lithium-ion batteries.

Company Overview
Headquarters Name: TeraWatt Technology Inc.
Representative: Co-founder and CEO Ken Ogata
Headquarters Location: 28 Geary St, Suite 650, San Francisco, CA 94108, United States
Founded: January 2020
Established: December 2019
URL: https://www.terawatt-technology.com/ 

SOURCE TeraWatt Technology Inc.

Brooklyn Dumpling Shop Launches Investment Round Led by RSE Ventures to Further Accelerate Growth Across Restaurants, Consumer Products, and Foodservice

NEW YORK, July 11, 2025 — Brooklyn Dumpling Shop, the high-growth culinary-driven concept providing distinct takes on classic menu items and Asian-inspired cuisine, today announced the launch of a new investment round led by RSE Ventures.

This strategic funding round will drive the company’s rapid omni-channel expansion, including supporting growth in its corporate and franchised stores and line of high-quality consumer packaged goods (CPG).

Building on momentum in the business, including Brooklyn Dumpling Shop’s recent partnership with the New York Yankees and Legends Hospitality, retail expansion, and additional shop openings in both the US & Canada, this funding round will position the company for sustained growth and help accelerate Brooklyn Dumpling Shop’s mission to deliver delicious, high-quality dumplings and bites to an even wider audience of fans.

“People love our food. This investment is testament to that and to ensuring we are able to continue growing the awareness of, and access to, our products through our shops, CPG, and foodservice,” said Jeff Galletly, Chairman & CEO of Brooklyn Dumpling Shop. “This investment marks an exciting next chapter for our dedicated team, franchisees, and partners as we further execute our mission to revolutionize the fast-casual dining space, the frozen aisle, and venues across North America and beyond. We’re incredibly appreciative of Matt and the RSE Ventures team’s support, which will aid our vision to build an enduring brand, scale globally, and make our products available to even more fans.”

“Brooklyn Dumpling Shop has tapped into what modern consumers want—quality, convenience, and flavor—and does so in a way that reaches consumers however they want to enjoy the food,” said Matt Higgins, CEO & Co-founder of RSE Ventures. “We’re excited to continue working with Jeff and the Brooklyn Dumpling Shop team as they innovate, differentiate, and further establish their position as an industry leader in craveable, convenient food.”

Further, John Berberich, RSE Ventures’ Managing Director, F&B Concepts, shared, “At RSE Ventures, we’re constantly seeking out the next wave of bold, category-defining concepts. We believe the ‘portable Asian’ category is an underserved and high-potential segment. With our internal growth accelerator and strategic capital, we’re excited to support the brand’s expansion across restaurants, consumer products, and foodservice—not just in the U.S., but in key international markets, as well.”

With its first shop opened in May 2021, Brooklyn Dumpling Shop is continuously innovating and re-imagining fan favorite fusion flavors into exciting dumpling creations with chef-curated bites. Brooklyn Dumpling Shop utilizes technology to ensure a frictionless guest experience that maximizes both guest and team member efficiency while promoting a strong spirit of hospitality and community. The company is rapidly expanding with 18 and counting corporate and franchise locations across the U.S. and Canada, along with a fast-growing CPG presence in retail stores and online, along with a quickly emerging foodservice line, perfect for any venue or event.

For more information about Brooklyn Dumpling Shop, please visit www.brooklyndumplingshop.com. For more information about RSE Ventures, please visit www.rseventures.com.

About Brooklyn Dumpling Shop

Brooklyn Dumpling Shop is a pioneering Asian-inspired fast-casual food brand offering distinct menu items in its shops, in the frozen aisle, at home, and at venues of any kind. Having opened its first shop in 2021, the brand reimagines favorite global fusion flavors into exciting dumpling creations, alongside chef-curated bowls, bites, and boba. Brooklyn Dumpling Shop delivers a frictionless guest experience that maximizes both guest and team member efficiency, with a commitment to community and ensuring a strong spirit of hospitality. With 18 locations and counting across the US & Canada, the brand is rapidly expanding through corporate and franchised shops, while establishing a growing presence in retail stores, event venues, and online sales through its line of frozen dumplings. Believing “Everything is better in a dumpling!,”TM Brooklyn Dumpling Shop is backed by notable investors, including Kevin O’Leary, Matt Higgins, and Patti Labelle. To learn more, visit www.brooklyndumplingshop.com or follow the company on TikTok, Instagram, and LinkedIn.

About RSE Ventures

RSE Ventures is a private investment firm, co-founded by Stephen Ross and Matt Higgins, made up of builders, innovators, partners and founders who focus on companies across sports and entertainment, media and marketing, food and lifestyle, and technology. Its family includes Bluestone Lane, Magnolia Bakery, Relevent Sports, VaynerMedia, Momofuku, Milk Bar and Performance Drone Works.

Press Inquiries:
Kristen Aikey
JMG Public Relations
212-206-1645
[email protected]

SOURCE Brooklyn Dumpling Shop

Sumitomo Corporation of Americas Announces Strategic Investment in Independence Hydrogen to Develop Hydrogen Production and Distribution Projects

NEW YORK and ASHBURN, Va., July 10, 2025 — Sumitomo Corporation, through its U.S. subsidiary Sumitomo Corporation of Americas (collectively “Sumitomo Corporation Group”), announced a strategic investment in Independence Hydrogen to develop additional decentralized hydrogen production and distribution projects in the United States.

Independence Hydrogen, Inc. is a veteran-founded and operated, privately held company that manufactures and distributes gaseous hydrogen in a decentralized hydrogen (DeHy®) business model. The company operates a hydrogen production facility in Petersburg, Virginia that recycles hydrogen, otherwise vented into the atmosphere as a waste product, into fuel cell grade hydrogen for customers in the material handling, mobility, remote critical infrastructure, and industrial gas sectors.

Independence Hydrogen’s initial focus on smaller scale and decentralized hydrogen supply and transportation solves reliability and cost concerns, while offering speed to market. Hydrogen as a fuel has advantages in many applications, allowing for longer range, quick refueling, and no low-charge or environmental performance degradation.

“Sumitomo Corporation Group has a long-term favorable view of hydrogen development,” said Tsutomu Sakamoto, General Manager of Energy Innovation Initiative Americas. “We strongly believe that Independence Hydrogen’s distributed business model approach will unlock growth in an underserved segment. We are confident that our robust collaboration with Suburban Propane and Hivers & Strivers will serve as a cornerstone for further expansion.” 

“Sumitomo has a storied history of sustainable business success, and brings deep and broad experience in the energy, and specifically, hydrogen sector,” said Dat Tran, CEO of Independence Hydrogen. “We are extremely excited to work with Sumitomo, along with the expertise and support of our foundation investors, Suburban Propane and Hivers & Strivers, to accelerate the growth of our business.” 

About Sumitomo Corporation
Sumitomo Corporation (TYO: 8053) is an integrated trading company with a global network of 127 offices in 63 countries and regions. The Sumitomo Corporation Group consists of approximately 900 companies and 80,000 employees on a consolidated basis. The Group’s business activities span nine sectors: Steel, Automotive, Transportation & Construction Systems, Diverse Urban Development, Media & Digital, Lifestyle Business, Mineral Resources, Chemicals Solutions, and Energy Transformation Business. Sumitomo Corporation is dedicated to creating value for society under the corporate message of “Enriching lives and the world,” based on Sumitomo’s business philosophy passed down for over 400 years.

About Sumitomo Corporation of Americas
Established in 1952 and headquartered in New York City, Sumitomo Corporation of Americas has 9 offices in major U.S. cities, 4 in Canada, and 2 in Mexico. As the largest subsidiary of Sumitomo Corporation, Sumitomo Corporation of Americas is a key player in multinational projects, international investments, and global product distribution. Its core businesses include Energy, Automotive, Social Infrastructure, Agri-food and Life Science, Construction and Transportation Systems, Real Estate, Mineral Resources, and Energy Innovation.

About Independence Hydrogen
Independence Hydrogen regionally produces and distributes clean gaseous hydrogen in the United States. Independence Hydrogen’s mission is to make communities cleaner, safer, and more energy resilient by providing a reliable supply of affordable hydrogen with an end-to-end carbon intensity score. Our unique business model advances a standardized and scalable approach that offers speed to market, while lowering execution complexity and costs. More information about Independence Hydrogen can be found at www.independencehydrogen.com or https://ih2.us/

About Suburban Propane Partners, L.P.
Suburban Propane Partners, L.P. (“Suburban Propane”) is a publicly traded master limited partnership listed on the New York Stock Exchange. Headquartered in Whippany, New Jersey, Suburban Propane has been in the customer service business since 1928 and is a nationwide distributor of propane, renewable propane, renewable natural gas (“RNG”), fuel oil and related products and services, as well as a marketer of natural gas and electricity and producer of and investor in low carbon fuel alternatives, servicing the energy needs of approximately 1 million residential, commercial, governmental, industrial and agricultural customers through approximately 700 locations across 42 states. For additional information on Suburban Propane, please visit www.suburbanpropane.com.

About Hivers & Strivers

Hivers & Strivers invests in early-stage ventures led by U.S. military veterans. Since 2009 we have invested over $80 million in over 20 veteran-led ventures. Military veterans are an exceptional talent pool of leaders with grit, determination, and fierce execution skills. Hivers & Strivers believes that companies founded by military veterans will outperform peers.

SOURCE Independence Hydrogen Inc.

LGND Raises $9M to Make Earth Data Intuitive and Actionable

Funding led by Javelin Venture Partners will accelerate development of LGND’s geospatial AI tools.

NEW YORK, July 10, 2025 — LGND AI, Inc., a company building new ways for people and AI to interact with Earth data, today announced it has raised $9 million in financing. The round was led by Javelin Venture Partners, with participation from AENU, Space Capital, Overture, Ridgeline, MCJ, Coalition Operators, Clocktower Ventures, and more. Notable angel investors include John Hanke, founder of Keyhole (acquired by Google and the foundation for Google Maps and Niantic), Karim Atiyeh, cofounder and CTO of Ramp, and Suzanne DiBianca, EVP & Chief Impact Officer of Salesforce. Javelin’s Noah Doyle, a long-time investor in geospatial infrastructure who previously led the enterprise product line for Google Earth and Google Maps, will join LGND’s board.

Making Earth data useful to people and AI
Earth data is essential for everything from climate adaptation to defense logistics, but it remains too expensive and complex for most teams to use. LGND is changing that. Built on geographic embeddings, LGND’s platform enables developers and analysts to create, refine, and deploy geospatial data in intuitive, adaptive ways.

Despite its growing relevance, Earth data is largely absent from modern AI workflows. By significantly lowering cost and complexity, LGND aims to make Earth intelligence more accessible to industries ranging from insurance and finance to public agencies and AI developers.

“Our mission is to make Earth data universally accessible and actionable through AI,” said Nathaniel Manning, CEO and cofounder of LGND. “We’re making Earth understandable to people—and to AI.”

From static maps to living systems
Today’s digital maps are limited in scope and stripped of context. LGND turns maps into living systems: dynamic, adaptable, and rich with real-world meaning.

Over the past year, LGND has built a “geo-embeddings factory” capable of producing scalable Earth datasets faster and more affordably than traditional computer vision approaches, which rely on one-off models and pixel-level analysis. These datasets can be queried, tuned, and deployed in real time. The more users interact with the system, the smarter and more useful it becomes.

“We believe geographic embeddings are the new first order data object for geospatial information, much like map tiles were two decades ago,” said Dan Hammer, cofounder and Chief Product Officer. “LGND is building the infrastructure to create, tune, store, and serve these embeddings at scale.”

Early use cases include wildfire risk modeling for insurers, illegal mining detection, infrastructure monitoring, and the integration of Earth data into AI agents. Initial traction includes pilot projects with professional service firms and logistics companies.

A new foundation for Earth intelligence
With the new funding, LGND will launch a no-code geospatial app and an enterprise-facing solution. It will also expand developer access through SDKs and APIs for building custom workflows and applications, including support for AI agents and MCP integrations that allow models to directly interact with live Earth data.

“This shift is not incremental, but revolutionary. It requires rebuilding the entire ecosystem of Earth observation,” said Bruno Sánchez–Andrade Nuño, LGND’s Chief Science Officer and cofounder. “By front-loading the undifferentiated heavy compute, embeddings change the way we interact with Earth data and force us to rethink previous limitations.”

LGND’s tools are designed for teams that need to move fast and adapt quickly. Whether modeling environmental risk or analyzing supply chain disruptions, users can expand datasets on the fly and with no coding required. LGND enhances productivity, streamlines workflows, and brings powerful geospatial analysis to a wider range of users, from policy teams to field analysts. 

About LGND
LGND makes Earth data intuitive and actionable. Built on transformer-based geographic embeddings, LGND’s platform enables teams to create, adapt, and scale geospatial datasets across time and geography. From interactive apps to developer SDKs, LGND provides the building blocks to unlock insights from satellite imagery and unstructured spatial data. LGND AI, Inc. is a remote-first company with team hubs in the Bay Area, New York, and Copenhagen. Learn more at lgnd.io.

Press Contact:
[email protected]

SOURCE LGND

Valante Capital Launches Ascend Fund II With $115M First Close and Three Strategic Investments

IDC Network’s Private Equity arm advances its regional consolidation strategy with anchor platforms in food and distribution across Latin America and the U.S.

MIAMI, July 10, 2025 — Valante Capital, the Private Equity division of IDC Network – an asset manager with $2.7 billion in assets under management – is pleased to announce the first close of Ascend Fund II, a $250 million-targeted private equity fund focused on scaling consumer and retail platforms across Latin America and select U.S.-based companies with a Latin American footprint.

The fund held a first close at $115 million in capital commitments, supported by a strong base of returning LPs and new institutional investors, along with a significant GP commitment representing over 15% of total fund capital.

Continuing a Proven Investment Strategy

Ascend Fund II builds on the success of its predecessor, extending the thesis of capturing emerging middle-class consumption by transforming under-optimized businesses into regional champions. The fund will focus on family-owned and corporate-divested assets across Northern Latin America, while opportunistically pursuing high-growth, cross-border opportunities in the U.S. that are closely tied to the Latin American consumer.

Concurrent with its first close, Ascend Fund II has completed three cornerstone investments:

  • Vitali Alimentos – A fast-growing protein platform originally backed in Fund I. Since 2020, Vitali has achieved 38% revenue growth and a 50% EBITDA improvement, with continued transformation underway in Fund II to unlock further operational and geographic scale.
  • American Foods – A U.S.-based food distribution platform reaching over 25 countries in Latin America. As the anchor asset in a roll-up strategy, American Foods provides Ascend with a foothold in the imported product segment and the ability to drive cross-border synergies across markets.
  • Nutrica – A purpose-driven food company focused on combating child malnutrition in the region through essential, affordable, and highly nutritious food solutions. The investment aligns with Ascend’s impact goals while addressing a critical public health challenge in Latin America.

Deploying Capital with Conviction

Ascend Fund II is targeting net returns above 25% by acquiring high-potential companies and executing deep operational upgrades, market expansion, and strategic consolidation.

Héctor Valero, Managing Partner of Valante Capital, commented:

“We’re entering Fund II with momentum, strong alignment from our LPs, and conviction in the companies we’re backing. Our strategy has always been about transforming overlooked but high-potential assets, and with Vitali, American Foods and Nutrica, we’re putting that playbook into motion from day one.”

Fueling the Next Chapter of Growth

With its strong initial close and three strategic platforms already in motion, Ascend Fund II is well-positioned to continue building scalable, competitive businesses that meet the evolving needs of Latin America’s expanding consumer base.

About Valante Capital

Valante Capital is a Private Equity firm focused on the acquisition and transformation of companies in the consumer goods and retail industries across Latin America. Part of the IDC Network, a global investment platform founded in 1995, Valante Capital is one of six verticals managing investment funds across various sectors.

For more information or interview requests, please contact Paula Medrano ([email protected]).

About IDC Network
Established in 1995, IDC Network (IDC) is a diversified multi-fund platform. IDC focuses on partnering with strategic investors, managing and co-managing funds across multiple sectors including Private Equity, Energy & Infrastructure, Ventures, Capital Markets, Real Estate, and Impact. Active across Latin America, the US, and Europe, IDC is proud to be the Partner of Choice for more than 200+ of the world’s most influential families from 30+ countries. Learn more at IDCNetwork.com.

SOURCE Valante Capital

Foundation EGI Secures $23M in Oversubscribed Series A to Build the World’s First Engineering General Intelligence Platform

With AI purpose-built for engineering, Foundation EGI is empowering teams to design faster, solve harder problems, and rethink what’s possible.

LOS ALTOS, Calif., July 10, 2025 — Foundation EGI, creator of the world’s first Engineering General Intelligence (EGI) platform, today announced $23M in oversubscribed Series A funding, raising over $30M total. The company is accelerating its vision of turning manufacturing’s biggest bottlenecks into breakthroughs using domain-specific AI. The latest round was led by Translink Capital with participation from RRE Ventures, McRock Capital, Escape Investment Management (Jim Scapa), Fifth Growth Fund, and returning backers including E14 Fund, UNION, GRIDS Capital, and Henry Ford III.

Engineering That Doesn’t Just Optimize. It Reimagines
“We’re not just using AI to automate tasks. We’re building AI that knows when to break the rules,” said Wojciech Matusik, Ph.D., Co-founder & CSO of Foundation EGI and Professor of EECS and MechE at MIT. “The biggest leaps in engineering haven’t come from following best practices. They came from challenging assumptions. Foundation EGI is designed to do exactly that.”

EGI combines purpose-built large language models with physics-based context and engineering best practices to tackle the complex nature of engineering, from design to manufacturing to documentation.  It transforms disorganized specifications, siloed tribal knowledge, and outdated instructions into succinct, structured, auditable, and human-/machine-executable workflows.

“The next industrial revolution will be AI-native,” said Mok Oh, Ph.D., Co-founder and CEO of Foundation EGI. “It begins by empowering engineers with AI tools that speak their language. From there, we move toward a future where humans and machines co-design with shared context and creativity.”

Born from Research. Built for the Real World.
Foundation EGI was born from MIT’s cross-disciplinary research in AI for design and manufacturing, led by co-founders Matusik and Michael Foshey. Their seminal paper, Large Language Models for Design and Manufacturing, was published in 2024 and has influenced a new wave of intelligent engineering tools. Foundation EGI was founded to commercialize and power real-world AI applications for all manufacturing domains, including automotive, heavy industry, appliances, power tools, advanced manufacturing, and much more.

“We are thrilled to invest in Foundation EGI to support their next phase of growth,” said Toshi Otani, Co-Founder and Managing Director of Translink Capital, who led the Series A. “We backed Foundation EGI because this is one of the rare teams that combines deep technical mastery in AI with firsthand knowledge of how design and manufacturing actually work. In addition, we believe that there is a great market opportunity that exists in Japan, Korea and Taiwan where we have a strong track record of supporting our portfolio companies.”

“The best founders don’t just see around corners. They reshape the cornerstones of entire industries,” said Vic Singh, General Partner at RRE Ventures. “When we met Mok, Wojciech and Mike we were immediately impressed with their market depth and technical acumen. Foundation EGI is building core infrastructure for the next generation of industrial AI  — transforming manual processes that traditionally cost millions of dollars and countless hours of skilled labor into Engineering Intelligence — upending the space while giving engineers leverage to focus on the higher order work.

Why Top Investors Are Betting on Foundation EGI’s Vision.
Foundation EGI’s breakthrough approach to industrial AI is earning the confidence of some of the most respected voices in engineering and venture capital. As the company redefines what’s possible, its backers see more than potential. They see a turning point:

“The tools engineers have relied on for decades weren’t designed for the scale, speed, and complexity of the AI future,” said Jim Scapa, General Partner of Escape Investment Management and Founder & the former CEO of Altair Engineering. “Foundation EGI is creating something fundamentally new — an intelligence layer that understands engineering itself. This isn’t just automation — it’s the beginning of a new way engineers think, create, and solve.” 

“What excites me most about Foundation EGI is how human the technology feels,” said Whitney Rockley, Co-founder and Managing Partner of McRock Capital. “They’re not just chasing AI trends. They’re building tools that empower engineers to dream bigger, move faster, and stay in control of the creative process.”

The Next Frontier: Creative AI for Engineering
In a TEDx talk earlier this year, Professor Matusik posed a provocative question: What if AI could help us ask better engineering questions, not just find better answers? That spirit runs through the company’s product philosophy. Rather than just refining past patterns, Foundation EGI’s platform can challenge assumptions, explore novel design spaces, and guide engineers toward ideas that traditional tools would never surface. “Invention begins where convention ends,” said Oh. “This is the kind of AI that helps you discover what the old tools told you wasn’t possible.”

About Foundation EGI
Foundation EGI is the manufacturing industry’s first engineering general intelligence (EGI) platform that empowers design and manufacturing engineers to build better products faster, driving healthier revenues for the world’s leading industrial brands. EGI transforms manual, vague and disorganized engineering instructions into an accurate, structured programming system to optimize accuracy, automation and efficiency at every stage of the design to production lifecycle. Foundation EGI is backed by visionary MIT and Silicon Valley investors and is used at leading Fortune 500 industrial brands. More at foundationegi.com.

SOURCE Foundation EGI