Cybersecurity veteran Kevin Mandia joins board as defense tech company expands battlefield-ready solutions

BOZEMAN, Mont., July 29, 2025 — Reveal Technology, a veteran-founded defense technology company, today announced the close of a $30 million Series B funding round. The investment was led by Ballistic Ventures, with participation from defy.vc, Booz Allen Ventures, Shield Capital, Next Frontier Capital, and Madison Valley Partners.

Founded by former U.S. Marine Corps officers and Stanford technologists, Reveal is part of a new generation of defense tech companies winning the trust of both investors and frontline users. The funding reflects a growing focus on battlefield-ready platforms, with Reveal developing real-time intelligence tools for mission-critical environments that work without cloud or connectivity.

Reveal has increased its revenue tenfold year over year, with products actively deployed across the U.S. Army, Special Operations Command, Marine Corps, law enforcement agencies and foreign military forces including Ukrainian Defense Forces, UK Ministry of Defence, and Israeli Defense Forces. Current deployments include Farsight tactical mapping software integrated across Marine Corps units and Army Nett Warrior programs, while Identifi biometric systems are in production for Special Operations forces across United States Army Special Operations Command (USASOC), Marine Forces Special Operations Command (MARSOC), and Naval Special Warfare (NSW) units.

As part of the Series B investment, Kevin Mandia, Co-founder and General Partner of Ballistic Ventures, will join Reveal’s board of directors. A former U.S. Air Force officer and founder of Mandiant, Mandia brings deep experience in cybersecurity and scaling national security companies. He joins Gen. Peter Pace, former Chairman of the Joint Chiefs of Staff, and Les Craig, a former CIA tech operations and Army Infantry officer.

“On the frontlines, whether a global conflict or a public safety operation, success increasingly hinges on having access to the best intelligence available offline, under fire and in real time. That’s exactly what Reveal delivers,” said Mandia. “Reveal’s technology accelerates human decision-making where and when it matters most. It’s built by people who have lived the mission, and we’re proud to support Garrett and the team.”

“Investors are starting to see what operators have known for years: the most valuable tools are the ones that work when everything else breaks down. This financing helps us double down on building products that work offline, under fire, and in real time,” said Reveal CEO and founder Garrett Smith, who continues to serve as a Marine Corps reserve officer, and who co-founded the company in December 2018 after experiencing operational technology gaps during his combat service.

Reveal positions itself as a software-first alternative to traditional defense primes, delivering offline platforms built for the tactical edge. The company’s flagship products include Farsight, which converts drone video into 3D maps on smartphones without internet connectivity, and Identifi, a mobile biometrics system for human identity vetting in tactical environments. Its product roadmap includes expansion into the electronic warfare and cyber domains, as well as technologies enabling autonomy and decision speed for human employment of tactical robotics.

“Reveal is building one of the most important defense technology platforms of our time, one that brings real-time, mission-critical intelligence directly to the edge. Their ability to operate without the cloud or constant connectivity is a game-changer for teams in the field,” said Neil Sequeira, Co-Founder and Managing Director of defy.vc. “We were drawn to Garrett and the team from its inception due to their deep operational experience, technical rigor, and unwavering commitment to the warfighter. Defy is proud to support Reveal as they scale into a multi-product company delivering cutting-edge, decentralized solutions for national security.”

Reveal Technology was founded in December 2018 and is based in Bozeman, Montana. The company has received previous funding, including an $11.2 million Series A round in 2024 led by Next Frontier Capital.

About Reveal Technology, Inc.
Reveal Technology is a veteran-founded defense technology company building the ecosystem for autonomy at the tactical edge. Founded by former U.S. Marine Corps officers and Stanford technologists, Reveal delivers offline intelligence platforms that work when connectivity doesn’t, enabling real-time decision-making in contested environments. The company’s flagship products, Farsight (3D mapping from drone video) and Identifi (mobile biometrics), are deployed across U.S. Army, Special Operations Command, Marine Corps, and international forces. Based in Bozeman, Montana, with a team that is 50% active military and veterans, Reveal Technology is dedicated to providing warfighters with mission-critical tools that work offline, under fire, and in real time.

Ballistic Ventures
Ballistic Ventures is a venture capital firm solely dedicated to early-stage cybersecurity and cyber-related companies. The partners have spent their entire careers defending against every cyber threat conceivable. Members of the firm have founded, operated, and funded over 100 successful cybersecurity firms – including Abnormal Security, AlienVault, ArcSight, Fortify, Mandiant, and Shape Security – led over 10,000 security professionals globally, and have 40+ years of experience in venture capital. Our experience provides entrepreneurs impactful support from people focused on the same mission. Our networks and relationships open doors for our founders. Learn more at ballisticventures.com.

About defy.vc
Founded in 2016, defy.vc is a Silicon Valley based early stage venture capital firm. Defy was founded to invest in entrepreneurs and companies looking to solve complex problems. Defy’s focus is to help early stage companies mature and scale into companies ready for growth capital. The firm’s team has more than 50 years of venture experience, successful operating backgrounds, and actively helps successful entrepreneurs grow companies from inception through exit. Connect with defy at https://defy.vc/ and @defyvc.

SOURCE Reveal Technology, Inc.

• IDB Invest and Banco Latinoamericano de Comercio Exterior (Bladex, NYSE: BLX), co-led a comprehensive financing package of up to $205 million for Tigo El Salvador to expand broadband infrastructure and support digitalization.
• The financing will help increase access to affordable smartphones and digital services, bridging the digital gap across El Salvador.

PANAMA CITY, July 28, 2025 — IDB Invest and Bladex are providing a financing package to Telemóvil El Salvador, S.A. de C.V. (Tigo), a subsidiary of Millicom International Cellular S.A., to support the expansion of Tigo’s fixed broadband network, enhance the capacity and quality of its mobile infrastructure, and refinance maturing debt.

The package includes a $150 million loan, co-structured by both institutions, with $75 million contributed by IDB Invest and $75 million by Bladex, as well as a $30 million Revolving Credit Facility (RCF), and a $25 million Digital Account Receivables Discount Facility, both fully provided by IDB Invest. The RCF will support the acquisition of specialized equipment, while the Digital Discount Facility will finance the sale or lease of smartphones and digital services to clients, broadening access to mobile broadband, especially for middle- and low-income users. Through this innovative facility, IDB Invest may purchase receivables from Tigo and provide liquidity for device financing, helping close the affordability gap in handset access.

As data traffic is expected to surge in the coming years, expanding and upgrading network infrastructure is crucial to improving productivity, digital inclusion, and economic resilience. By enhancing broadband services, the project aims to unlock access to digital education, telehealth, and e-commerce opportunities for underserved populations.

About IDB Invest

IDB Invest is a multilateral development bank committed to promoting the economic development of its member countries in Latin America and the Caribbean through the private sector. IDB Invest finances sustainable companies and projects to achieve financial results and maximize economic, social, and environmental development in the region. With a portfolio of $21 billion in assets under management and over 394 clients in 25 countries, IDB Invest provides innovative financial solutions and advisory services that meet the needs of its clients in a variety of industries. Visit our website www.idbinvest.org/en.   

About Bladex

Bladex is a multinational bank founded in 1979 by the central banks of Latin America and the Caribbean to promote trade finance and economic integration in the region. Headquartered in Panama, with representative offices in Argentina, Brazil, Colombia, Mexico and an agency in the United States, the Bank provides financial solutions to institutions and corporations throughout the region. Listed on the New York Stock Exchange (NYSE: BLX) since 1992 and on the Mexican Stock Exchange for more than 10 years, Bladex has consolidated its presence in the international financial markets. Its shareholder base includes central banks, government entities and banks from 23 Latin American countries, as well as institutional and private investors.

About Tigo El Salvador

Tigo, the commercial brand of Millicom, has been driving El Salvador’s digital evolution since 1992. With mobile coverage reaching over 95% of the country, it leads in telecommunications and digital services. Tigo offers high-speed internet, mobile, cable TV, and access to top streaming platforms. It also offers exclusive sports content through Tigo Sports. Through Tigo Business, it supports companies of all sizes with tailored connectivity solutions. And with Tigo Money, it promotes financial inclusion by delivering secure, tech-driven financial services to all Salvadorans.

Contact:

Juan David Muñoz
VPA de Estructuración y Sindicaciones
Email: [email protected]
www.bladex.com      

SOURCE Banco Latinoamericano de Comercio Exterior, S.A. (Bladex)

DOWNERS GROVE, Ill., July 28, 2025 — Indvestia Ventures LLC has officially filed a lawsuit in DuPage County Circuit Court against Dirty Dough Franchising LLC and its successor entity, Craveworthy LLC, citing breach of contract .

In 2023, Indvestia entered into a multi-state franchise development agreement that granted exclusive rights to expand Dirty Dough throughout Illinois, Wisconsin, and Northwest Indiana. Relying on representations from Dirty Dough’s leadership, Indvestia invested significant capital and began building a pipeline of franchisees across the region.

The suit alleges Dirty Dough failed to honor its obligations, including non-payment of agreed-upon franchise and royalty fees, and the failure to maintain legally required franchise registrations in Indiana—thereby obstructing Indvestia’s ability to exercise its development rights.

In early 2024, Craveworthy Brands—a Chicago-based restaurant group led by former Jimmy John’s CEO Gregg Majewski—acquired Dirty Dough and, as the legal successor, assumed its assets and liabilities. Despite this, Craveworthy has yet to fulfill the contractual obligations that Indvestia alleges are owed under the agreement.

Craveworthy markets itself as a “growth accelerator” for emerging restaurant concepts—recently announcing high-profile partnerships with Shaquille O’Neal’s Big Chicken and Jon Taffer’s Taffer’s Tavern. According to Vick Mehta, Principal of Indvestia Ventures, “We believe in holding our partners accountable to the agreements they sign and the entrepreneurs they rely on. It’s unfortunate that Craveworthy appears to prioritize brand promotion and celebrity partnerships while disregarding the obligations owed to those helping build its foundation.”

“We look forward to our day in court,” Mehta added. “This case is not just about a broken promise—it’s about protecting the integrity of the franchising ecosystem and ensuring those who invest in good faith are treated fairly.”

Indvestia Ventures is a strategic subsidiary of Indvestia Capital, an investment arm focused on fueling the expansion of high-potential emerging brands and startups across the retail landscape. By leveraging its deep experience in commercial real estate and retail development, Indvestia Ventures not only provides growth capital—but also strategic support, site selection guidance, and operational expertise to help brands scale faster and smarter.

SOURCE Indvestia Capital

SAN FRANCISCO, July 28, 2025 — E2B, the leading provider of open-source cloud infrastructure specifically designed for AI agents, has raised a $21 million Series A funding round led by global software investor Insight Partners, with participation from Decibel, Sunflower Capital, and Kaya, along with prominent angels such as Docker’s former CEO Scott Johnston. The investment will enable E2B to accelerate the expansion of its cloud infrastructure offerings, enhance its open-source interoperability with other infrastructure providers, and scale its enterprise-focused engineering and go-to-market teams globally.

This funding round reflects E2B’s vision of having dedicated infrastructure for agents with secure and safe sandboxes that can spin up rapidly, providing computer-use features for agents to carry out complex, multi-step tasks. This vision is embraced by 88% of Fortune 100 companies that have already signed up with E2B.

E2B’s customer list already includes leading AI innovators such as Hugging Face, Perplexity, Groq, and Manus. Beyond these, E2B is used by top foundation model providers and Fortune 100 enterprises. These companies leverage E2B’s sandboxed cloud environments to run secure, complex agentic workflows that can reduce deployment times, boost security, and accelerate innovation.

“The expectations we have from AI agents in the enterprise are great. However, we expect them to scale and perform on legacy infrastructure not designed for agentic use,” said Vasek Mlejnsky, Co-founder and CEO of E2B. “E2B solves this by equipping AI agents with safe, scalable, highly performant cloud infrastructure as well as tools that help agents scale in production.”

E2B plans to strengthen its open-source sandbox protocol as a universal standard and further develop enterprise-grade modules like secrets vault and monitoring tools.

“Insight Partners is excited to back E2B’s visionary team as they pioneer essential infrastructure for AI agents,” said Praveen Akkiraju, Managing Director at Insight Partners. “Such rapid growth and enterprise adoption can be difficult to achieve, and we believe that E2B’s open-source sandbox standard will become a cornerstone of secure and scalable AI adoption across the Fortune 100 and beyond.”

“The future of enterprise productivity is agent-driven,” added Mlejnsky. “Our goal is to provide the standard runtime infrastructure for this new era of work.”

About E2B

E2B provides open-source cloud sandboxes for AI agents, equipped with all tools necessary for them to complete complex tasks like generating analyst-grade reports or building websites from a single prompt. E2B is trusted by enterprises and hyper-growth startups like Perplexity, Hugging Face, and Groq to securely deploy, scale, and manage complex AI agentic workflows.

About Insight Partners

Insight Partners is a global software investor partnering with high-growth technology, software, and Internet startup and ScaleUp companies that are driving transformative change in their industries. As of December 31, 2024, the firm has over $90B in regulatory assets under management. Insight Partners has invested in more than 800 companies worldwide and has seen over 55 portfolio companies achieve an IPO. Headquartered in New York City, Insight has offices in London, Tel Aviv, and the Bay Area. Insight’s mission is to find, fund, and work successfully with visionary executives, providing them with tailored, hands-on software expertise along their growth journey, from their first investment to IPO. For more information on Insight and all its investments, visit insightpartners.com or follow us on X @insightpartners.

Media contact: [email protected]

SOURCE E2B

New investment from BDC’s investment arm, BDC Capital, Lobby Capital, Flying Fish, and J-Ventures will accelerate Apera AI’s growth across international automotive, Tier 1 supplier, and industrial manufacturing sectors.

VANCOUVER, BC, July 28, 2025 — Apera AI, the leader in 4D Vision for industrial robotic automation, today announced the closing of an over-subscribed Series A financing round. The round includes a significant new investment from BDC’s investment arm, BDC Capital, Canada’s most active venture capital investor, alongside increased participation from existing investors Lobby Capital, Flying Fish Ventures, and J-Ventures. The capital will accelerate Apera AI’s rapid growth, enabling further investment in people, processes, and product innovation in 4D Vision technology for AI-powered robotic automation.

New funding comes amid surging demand for robotic automation across global manufacturing. Apera AI is already experiencing nearly 3X year-over-year revenue growth and has established a strong customer base that includes all six major North American automotive OEMs, their Tier 1 suppliers, and more than 100 industrial manufacturers.

“At BDC, we hold a firm belief that hard tech investments in industrial innovation are pivotal in fueling economic expansion and addressing future opportunities,” said Aditya Aggarwal, Managing Partner, Industrial Innovation Venture Fund, BDC Capital. “We see 4D Vision as transformative innovation for vision-guided robotics to unlock industrial manufacturing automation. The world’s top automotive manufacturers and dozens of global industrial companies already rely on Apera AI’s technology. We’re thrilled to invest in their future, and help create another Canadian champion.”

As part of its expansion strategy, Apera AI has strengthened its executive leadership team with four new appointments. Peter Brouwer joins as Senior Vice President of Global Sales, Genèse Castonguay has been appointed Vice President of Marketing, Joseph Lee, CA joins as Chief Financial Officer, and Robert St-Jacques assumes the role of Vice President of People. Each brings extensive experience scaling high-growth technology companies across AI, automation, and enterprise software.

“This is an exciting time of growth at Apera AI,” said Sina Afrooze, CEO and Founder of Apera AI. “Our 4D Vision technology is solving robotic automation challenges that were previously impossible by unleashing the true power of AI for real-world manufacturing. With this infusion of capital and a world-class leadership team, we’re scaling our ability to serve the most advanced manufacturers in the world.”

Solving Complex Automation Challenges with 4D Vision

Apera AI’s patented 4D Vision platform combines cutting-edge 3D vision with AI—the “fourth dimension”—to give industrial robots human-like vision and advanced artificial intelligence. This enables high-speed, precise performance in applications such as bin picking, de-racking, and complex assembly. Unlike traditional 3D vision systems that often falter in real-world manufacturing, Apera AI’s 4D Vision is powered by AI and enables robots to adapt to shifting bins, changing lighting conditions, worn grippers, and complex part geometry—unlocking robot speed, accuracy, and reliability in the most demanding industrial settings.

“Our customers aren’t just looking for tools—they’re looking for long-term partners who can scale with them,” said Brouwer, SVP of Global Sales. “Apera AI is uniquely positioned with the right technology, expertise, and now capital to meet that need. We’re doubling our sales team and opening a new office in Detroit this fall to be even closer to our customers in North America’s manufacturing heartland.”

Making AI Invisible: No-Code Artificial Intelligence for the Factory Floor

Apera AI’s ongoing product innovation focuses on making advanced automation accessible. Recent releases include no-code setup tools, AI-powered calibration, and real-time diagnostics—all designed to minimize deployment time and maximize operational reliability.

“AI is most powerful when it’s invisible,” said Castonguay, VP of Marketing. “Manufacturers shouldn’t have to think about machine learning—Apera AI let’s engineers focus on production, uptime, and performance. Our mission is to make vision-guided robotic automation radically more accessible.”

Built for Manufacturers, Backed by Experts

With a growing team across North America and Europe, Apera AI has built a reputation for delivering outstanding engineering support, reliable deployments, and measurable ROI. The company’s partner-centric approach ensures that every deployment is aligned with production goals and delivers long-term value.

“With global demand for intelligent automation at an all-time high, Apera AI’s Series A round marks a pivotal moment for the company—and a major leap forward for the industry,” said Buddy Arnheim, Founding Partner at Lobby Capital. “Apera AI is delivering not just a product, but a new standard for robotic vision in real-world manufacturing.”

About Apera AI Inc.

The pioneer in 4D vision for robotic automation, Apera AI makes factories more productive by empowering robots with human-like vision and advanced artificial intelligence, dramatically increasing speed and accuracy. Its patented 4D Vision system unlocks factory performance, enabling automotive OEMs, Tier 1 suppliers, and other industrial manufacturers to achieve unmatched levels of productivity, quality, and cost savings. To learn more, visit www.apera.ai.

Media Contacts:

Genèse Castonguay
Vice President, Marketing
Apera AI Inc.

1-(855)-273-7224
1-(604) 200-4544
[email protected]

SOURCE Apera AI

Startup is reshaping the economics for small hospitality brands, leveraging “causal inference” AI to deliver enterprise-grade pricing and demand tools to SMBs.

SAN FRANCISCO, July 28, 2025 — TakeUp, the AI-powered revenue optimization platform for independent stays, announced today that it has secured a Series A round of funding, led by 1848 Ventures, that will total $11M upon the round’s completion. The funds will expand TakeUp’s complete reinvention of how small hospitality brands drive demand, convert guests, and capture every dollar of revenue, powered by causal inference AI that continuously learns and adapts to market dynamics.

Independent properties have been left behind in the adoption race for modern revenue tools. More than 92% still price manually, relying on outdated rules and gut checks instead of real-time market data. Each year, independents leave as much as 30% or more of their revenue on the table while trying to keep pace with big brands, which are armed with teams of analysts and AI systems.

TakeUp’s platform utilizes causal inference AI models, which continuously fine-tune pricing based on real-world guest behavior, running upwards of 38,000 micro analyses per day across its customer base. These models learn how different prices perform across various dates, booking windows, and guest segments. By providing this platform at a price point geared toward SMBs, TakeUp gives independent stays the level of insight typically afforded to large hospitality brands possessing enterprise software and data science teams.

“There can’t be a monopoly on AI for a handful of brands if the industry is going to continue to grow and thrive,” said Bobby Marhamat, CEO of TakeUp. “So, we’re tearing down the walled garden and democratizing the landscape by giving our customers transparent, automated tools to win – first on pricing and eventually across the entire revenue funnel.”

Independent stays face critical gaps in demand generation, conversion, and revenue strategy that are make-or-break in today’s unpredictable market. TakeUp is building an end-to-end revenue engine to fill those gaps, giving small operators the power to punch above their weight in a crowded market.

By observing what works and what doesn’t, the system adapts in real-time, setting prices that meet the market moment by moment. TakeUp then pairs every property with a dedicated revenue strategist who acts as an extension of the team, turning pricing into a competitive advantage. Over the last 12 months, TakeUp has grown its customer base by more than 300%, helping hundreds of boutique hotels, inns, and glamping properties capture topline growth and reclaim hours spent on manual rate management.

“With TakeUp’s real-time dynamic pricing and the support of our dedicated rep, we’re making smarter pricing decisions faster—and bringing in more revenue,” said Doug Bagnasco, Owner of Devonfield Inn. “It gives us a real edge in the market, and the time we’re saving goes right back into creating a better experience for our guests.”

With the new funding, TakeUp will accelerate its roadmap to become the revenue optimization platform for independent stays, expanding beyond pricing into AI-powered demand generation and conversion products, giving independents control over the entire guest revenue journey.

“The independent hospitality space has been underserved for too long. Smaller hotels have been left with spreadsheets while big brands use AI to win guests and dollars,” said Kal Amin, managing partner at 1848 Ventures. “TakeUp is arming this industry with smarter tools and bold execution. They’re not just building software—they’re giving independents a fighting chance in a market stacked against them.”

About TakeUp

TakeUp is the AI-powered revenue optimization partner for independent hotels, inns, and glamping retreats. Purpose-built for properties without data science teams or big-brand budgets, TakeUp stands apart by pairing enterprise-grade AI with dedicated revenue experts, driving an average 20% revenue increase and saving operators up to 15 hours a week on manual pricing. Founded in 2022, TakeUp’s mission is to give independent stays powerful, approachable tools to help them compete and win in a fast-moving market.

Media Contact:
Escalate PR for TakeUp
617-240-1516
[email protected]

SOURCE TakeUp

Startup raises $12.5M Seed to help enterprises tackle the <1% of vulnerabilities that statistically matter

BOISE, Idaho, July 28, 2025 — Root Evidence, the cybersecurity startup championing evidence-based security, announces it has raised $12.5 million in a seed round. The oversubscribed financing was led by Ballistic Ventures with participation from Grossman Ventures, and others. The investment brings together an incredible group of highly accomplished figures in cybersecurity supporting Root Evidence’s mission of delivering evidence-driven solutions that distill digital risk into quantifiable business outcomes. Read the full press release on the Root Evidence website.

Veteran Founding Team

Root Evidence’s founders, Jeremiah Grossman (Chief Executive Officer), Robert “RSnake” Hansen (Chief Technology Officer), Heather Konold (Chief Operations Officer), and Lex Arquette (Chief Product Officer), are a widely recognized team of serial cybersecurity entrepreneurs with decades of experience who have led multiple successful companies.

Grossman previously co-founded WhiteHat Security, later joined SentinelOne as Chief of Security Strategy early on prior to their record-setting IPO, and then co-founded Bit Discovery with this same team in 2020, which was quickly acquired by Tenable in 2023. Grossman and Hansen’s innovations have been credited with revolutionizing entire sectors of the cybersecurity industry, from web application security to attack surface management, while Lex Arquette, co-founder of WhiteHat Security and Bit Discovery, built Meta’s (then known as Facebook) homepage and growth systems that onboarded their first billion users. For years members of the team have also been startup investors, board members, and advisors who have contributed to many other successful startups. Together they are now setting their sights on one of cybersecurity’s biggest and most persistent challenges: vulnerability management.

The Vulnerability Management Challenge

Many CISOs have long expressed frustration with the state of vulnerability management. They are overwhelmed by the sheer volume of vulnerability findings, struggle to maintain full coverage of their attack surface, and face constant challenges in prioritizing what to fix first and justifying the resources needed for remediation. Yet, the reality is that only a small fraction, well under 1% of all known vulnerabilities, statistically matter – adversaries only actively exploit a handful to cause material harm. Root Evidence is on a mission to change that.

Why Root Evidence?

“We decided the best way for us to move the needle in cybersecurity is by taking on vulnerability management because the old approaches clearly aren’t working. Companies want to be confident that the truly riskiest vulnerabilities are being found and need new ways to demonstrate that what they fix measurably reduces the likelihood of a breach, and translates that impact into actual real dollars and cents,” said Grossman.

Root Evidence will cut through the noise by enabling security teams to calculate the financial risk to their organization, allowing them to focus first on the small number of vulnerabilities that have the greatest impact when remediated and genuinely reduce the chance of a breach.

At the heart of the company’s approach is evidence-based security, a practice that prioritizes security decisions using the strongest evidence of risk. The company’s very name reflects this philosophy. In terms of vulnerability management, “Root Evidence” is the highest standard of evidence and means: “proof a specific vulnerability has been exploited in the wild, led to a reported breach, and resulted in material financial loss.” Since root evidence has been historically sparse, using this approach previously was not possible, until now.

The Root Evidence solution does not rely on scanning a list of Known Exploitable Vulnerabilities (KEVs) or a “new” severity scoring algorithm. The company is developing a truly next-generation, and fully integrated vulnerability scanning and attack surface management technology. Adversaries are getting faster, focused on scale, and constantly attacking each and every Internet-facing asset, but only looking to exploit just a tiny fraction of the over 300,000 vulnerabilities cataloged as CVEs in the National Vulnerability Database. The product will be the fastest and most scalable vulnerability management solution available, specifically designed to rocket those issues that have been proven to result in losses to the top of the priority list.

“Success in vulnerability management is no longer about who can report the most theoretical vulnerabilities, no matter how technically severe. Organizations need proof, with evidence, of which vulnerabilities are known to cause the most damage if left unaddressed, to focus on remediating those first. That’s what Root Evidence does.” said Robert Hansen, CTO of Root Evidence.

Investor Backing and Next Steps

With decades of cybersecurity success behind them, the Root Evidence founders have assembled an incredible group of investors and advisor community underscoring the confidence in their vision. Leading the investment is Roger Thortnon, General Partner at Ballistic Ventures, who founded Fortify Software and AlienVault. Thornton has been searching for a team with the right idea and pedigree to take advantage of the opportunity to reinvigorate the stagnant vulnerability management space.

“The Ballistic partners have years of first-hand experience in vulnerability management, so we know the massive problem of vulnerability overload all too well. The industry is antiquated, and ripe for visionary thinking. Root Evidence’s evidence-based strategy is exactly what’s needed to solve it. This team has done it before, literally changed how the industry approaches security, and now poised to once again push the industry forward. We’re proud to support such an accomplished team,” said Thortnon.

Root Evidence already has strong early interest from leading enterprises, including several in the Fortune 500, who urgently need better solutions and want to help shape and accelerate its product roadmap. This highlights the demand for a smarter approach to vulnerability management and meaningful technology innovation. Root Evidence is now expanding its group of design partners who want to apply an evidence-based approach in real-world environments. For interested organizations, contact [email protected].

The Root Evidence team will be attending the upcoming Black Hat USA conference in Las Vegas (August 2-7, 2025). To meet onsite, email [email protected].

About Root Evidence

Root Evidence is a cybersecurity company advancing evidence-based vulnerability management to help organizations focus on the small percentage of vulnerabilities that are actually exploited in the wild, have caused reported breaches, and led to material financial losses. With Root Evidence, security teams can calculate the financial risk to their organization, prioritize remediation efforts where they have the greatest impact, and genuinely reduce the likelihood of a breach. Founded in July 2025 by industry veterans Jeremiah Grossman, Robert Hansen, Heather Konold, and Lex Arquette, Root Evidence is headquartered in Boise, Idaho and backed by Ballistic Ventures, Grossman Ventures, and a roster of leading cybersecurity experts.

About Ballistic Ventures

Ballistic Ventures is a venture capital firm solely dedicated to early-stage cybersecurity and cyber-related companies. The partners have spent their entire careers defending against every cyber threat conceivable. Members of the firm have founded, operated, and funded over 90 successful cybersecurity firms – including Abnormal Security, AlienVault, ArcSight, Fortify, Mandiant, and Shape Security – led over 10,000 security professionals globally, and have 40+ years of experience in venture capital. Our experience provides entrepreneurs impactful support from people focused on the same mission. Our networks and relationships open doors for our founders. Learn more at ballisticventures.com.

SOURCE Root Evidence

REDWOOD CITY, Calif., July 28, 2025 — MapLight Therapeutics today announced an oversubscribed $372.5 million Series D financing. The financing was co-led by Forbion and Life Sciences at Goldman Sachs Alternatives, with participation from additional new investors, including Sanofi, accounts advised by T. Rowe Price Investment Management, Inc. and Avego BioScience Capital. The financing also included strong participation from MapLight’s existing investors, including funds managed by Novo Holdings, 5AM Ventures, Blue Owl Healthcare Opportunities and others.

MapLight’s lead program, ML-007C-MA, is an oral fixed-dose combination of the investigational M₁/M₄ muscarinic agonist, ML-007, co-formulated with a peripherally acting anticholinergic (PAC). ML-007C-MA is designed to activate both M₁ and M₄ muscarinic receptors in the CNS to drive efficacy, while synchronizing the pharmacokinetics of the agonist and antagonist components to mitigate peripheral cholinergic side effects.

With this financing, MapLight will advance ML-007C-MA through ongoing Phase 2 trials for schizophrenia and Alzheimer’s disease psychosis. The financing will also fund the exploration of other potential indications for ML-007C-MA, as well as the continued advancement of other clinical and preclinical pipeline programs.

“The caliber of this new investor group, combined with the continued strong support from our high-quality existing shareholders, is a testament to MapLight’s compelling vision and strategy,” said Christopher Kroeger, M.D., M.B.A., Chief Executive Officer and Founder of MapLight. “This financing is a clear validation of our differentiated product pipeline, dedicated team and commitment to advancing new medicines for brain disorders that make a difference in the lives of patients and their families.”

In connection with the financing, Nanna Lüneborg, Ph.D., M.B.A., General Partner at Forbion will join the Board of Directors of MapLight. “We see significant opportunity in ML-007C-MA as a potential best-in-class M₁/M₄ muscarinic agonist that is well positioned to address the substantial unmet medical need in schizophrenia, ADP and other CNS indications,” said Nanna Lüneborg.

“We are excited to partner with the outstanding team and investor syndicate at MapLight to fuel these important new innovations in the CNS space,” said Josh Richardson, M.D., Managing Director, Life Sciences at Goldman Sachs Alternatives.

Learn more at www.maplightrx.com.

For investor inquiries: [email protected]

For media inquiries: [email protected]

About MapLight

MapLight Therapeutics is a clinical-stage biopharmaceutical company focused on improving the lives of patients suffering from debilitating central nervous system disorders. The company was founded by globally recognized leaders in psychiatry and neuroscience research to address the lack of circuit-specific pharmacotherapies available for patients. MapLight’s discovery platform holds the potential to fill this void by identifying neural circuits causally linked to disease and targeting those circuits for therapeutic modulation.

About Forbion

Forbion is a leading global venture capital firm with deep expertise in Europe and offices in Naarden, The Netherlands, Munich, Germany and Boston, USA. Forbion invests in innovative biotech companies, managing approximately €5 billion across multiple fund strategies that cover all stages of (bio-) pharmaceutical drug development. In addition, Forbion leverages its biotech expertise beyond human health to address ‘planetary health’ challenges through its BioEconomy fund strategy, which invests in companies developing sustainable solutions in food, agriculture, materials, and environmental technologies. Forbion’s team consists of over 30 investment professionals that have built an impressive performance track record since the late nineties with 130 investments across 11 funds. Forbion’s record of sourcing, building and guiding life sciences companies has resulted in many approved breakthrough therapies and valuable exits. Forbion typically selects impactful investments that will positively affect the health and well-being of people and the planet, as well as meet its financial return objectives. The firm is a signatory to the United Nations Principles for Responsible Investment. Forbion operates a joint venture with BGV, the manager of seed and early-stage funds, especially focused on Benelux and Germany.

About Life Sciences at Goldman Sachs Alternatives

Goldman Sachs  is one of the leading investors in alternatives globally, with over $500 billion in assets and more than 30 years of experience. The business invests in the full spectrum of alternatives including private equity, growth equity, private credit, real estate, infrastructure, sustainability, and hedge funds. Clients access these solutions through direct strategies, customized partnerships, and open-architecture programs.

The business is driven by a focus on partnership and shared success with its clients, seeking to deliver long-term investment performance drawing on its global network and deep expertise across industries and markets.

Life Sciences at Goldman Sachs Alternatives was established in 2021 and focuses on later-stage venture investments, targeting therapeutic companies in early clinical development with multi-asset portfolios. The Life Sciences team bring decades of experience investing in the sector and leverage the expansive resources of the Goldman Sachs platform to source differentiated investments and partner with companies to enhance value creation.

The alternative investments platform is part of Goldman Sachs Asset Management, which delivers investment and advisory services across public and private markets for the world’s leading institutions, financial advisors and individuals. Goldman Sachs has approximately $3.3 trillion in assets under supervision globally as of June 30, 2025.

SOURCE MapLight Therapeutics, Inc.

WASHINGTON, July 25, 2025 — Spear AI, a leading developer of maritime artificial intelligence solutions, today announced the successful completion of its seed funding round with investments from Scare the Bear Capital and Cortical Ventures. The funding will support the expansion of Spear AI’s product portfolio, scaling of its Horizon platform, and the growth of its specialized maritime sensor capabilities, while also broadening its technical and subject matter expert services in applied data and AI.

Spear AI provides an integrated suite of solutions and services that combine cutting-edge software, modular sensors, and highly specialized engineering expertise. In addition to its flagship Horizon platform—which manages and labels acoustic data for AI development—Spear AI offers subject matter expert and technical expert support services to design, implement, and operationalize AI pipelines and data infrastructure. The company’s teams of machine learning engineers, data engineers, software engineers, cloud architects, and operational subject matter experts have a track record of developing and fielding applied AI capabilities for national security missions, including advanced MLOps pipelines, reinforcement learning platforms, and mission-critical decision support tools.

“This investment is a validation of our vision to transform maritime data into actionable intelligence,” said Michael Hunter, co-founder and CEO of Spear AI. “Scare the Bear Capital and Cortical Ventures understand the urgency of delivering operationally relevant AI at the edge, and their support enables us to accelerate delivery to our defense and commercial partners.”

“Our mission has always been to close the gap between emerging AI technology and real-world mission demands,” said John McGunnigle, co-founder, Executive Chairman, and CTO. “This funding enables us to grow our technical services and engineering teams to help more partners build the data and AI capabilities they need to operate faster, safer, and smarter in the maritime domain.”

Spear AI is already working closely with the U.S. Department of Defense and the U.S. Navy, with plans to expand both commercially and internationally in the coming years.

“At Scare the Bear Capital, we look for companies that have exceptional leadership and opportunities to significantly grow their products or services within the Federal Government. With Spear, we found both,” said Matt Dean, managing partner, Scare the Bear. “Our group of advisors and I are incredibly excited to partner with John and Mike to help them achieve their vision for Spear.”

“I had the privilege of working with John when I was at DataRobot and he was with the Navy, and I’m excited to work with John and Michael because they’re exactly the type of founders we look for: capable, mission-driven, and experts in their field. I believe the best companies to invest in operate at the intersection of opportunities to (a) save the world and (b) generate significant returns, and Spear is a clear example of that,” said Jeremy Achin, cofounder and general partner, Cortical Ventures.

About Spear AI

Founded in 2021, Spear AI designs and delivers advanced artificial intelligence solutions that integrate seamlessly with maritime sensors, defense platforms, and edge computing environments. Headquartered in Washington, D.C., with offices in Falmouth, MA and Groton, CT, Spear AI develops modular AI application software such as the Horizon platform and affordable maritime sensors engineered for rapid deployment and high-tempo operations. In parallel, the company provides specialized technical services, including AI strategy development, data pipeline design, algorithm development, and operational integration, supporting clients in building and sustaining cutting-edge AI capabilities. Spear AI’s team includes leaders from the Navy’s Project Harbinger and Project Maven, bringing unmatched experience in operationalizing AI at scale. For more information, visit Spear.ai.

About Cortical Ventures
Cortical Ventures is a venture capital firm focused on helping entrepreneurs building the next generation AI Companies. The firm was started by DataRobot founder Jeremy Achin and Igor Taber, who previously led Corporate Development at DataRobot and was an early investor in the company while he was at Intel Capital. Cortical Ventures was started to invent, incubate and invest in the companies leading the AI revolution. The firm is backed by leading VC firms and partners, AI luminaries and top founders and operators in the industry.

About Scare the Bear Capital:
Scare the Bear Capital is a private investment firm focusing on small to mid-tier businesses. Scare the Bear is more than just the name of our company, it’s our mission and our business philosophy. We partner with small businesses to help them show the strength and maturity of mid to large size companies. They can then command the level of valuation typically reserved for their larger counterparts. We execute this vision in partnership with a group of advisors that have experience leading and operating firms in our industry.

Press Contact:
Lisi Skrien
[email protected]

SOURCE Spear AI