HOUSTON, Oct. 15, 2026 — Specialty1 Partners (S1P), the leading doctor-founded, doctor-led specialty dental partnership organization, is embracing the future of healthcare through strategic investments in artificial intelligence (AI) technologies designed to enhance patient care, improve operational efficiency and support the continued growth of its national network of specialty dental practices.

With more than 225 practices across 29 states, Specialty1 Partners is taking a proactive approach to identifying and adopting emerging technologies that have the potential to transform how specialty dental practices operate.

Throughout 2026, the organization has conducted a comprehensive evaluation of AI-powered tools and platforms, focusing on solutions that address real-world challenges faced by clinicians, patients and practice teams. The result is a growing technology initiative that brings AI into several key areas of the organization, from clinical documentation and patient communications to administrative workflows and business operations.

“At Specialty1 Partners, we believe the future of specialty dentistry will be shaped by organizations willing to embrace innovation while staying focused on what matters most, the patient,” said Dr. Daryl Dudum, Co-Chief Executive Officer of Specialty1 Partners. “Artificial intelligence has tremendous potential to change how we deliver care and manage our practices. We’re investing in that future today, ensuring our doctors and teams have access to technologies that can help them work smarter, operate more efficiently and spend more time focused on their patients.”

Bringing Artificial Intelligence Into Everyday Practice Operations

Specialty1 Partners’ AI strategy focuses on practical applications designed to address some of the most common challenges facing specialty dental practices.

Key areas of investment include:

• Clinical Documentation and Physician Efficiency: AI-powered clinical documentation tools designed to simplify the creation of patient notes, referral communications and other clinical documents, reducing administrative demands on clinicians.
• Patient Access and Communication: Intelligent communication technologies that help manage incoming calls, respond to patient inquiries, support appointment scheduling and improve the overall patient experience.
• Insurance and Administrative Automation: AI-enabled solutions designed to streamline insurance verification, benefits inquiries, prior authorizations and other time-consuming administrative processes.
• Business Operations and Contract Management: Advanced technologies that assist with document management, contract workflows and administrative processes, improving consistency and efficiency across the organization.
• Workplace Productivity and Collaboration: AI-powered tools that support information sharing, meeting summaries, reporting, communications and other everyday business functions, helping teams work more effectively.

These investments reflect a broader commitment to using technology to simplify complexity, improve practice operations and strengthen the support available to S1P’s clinicians and their teams.

Innovation That Supports Doctors and Staff, Not Replaces Them

As a doctor-led organization, Specialty1 Partners recognizes that technology is most valuable when it enhances the expertise of clinicians and strengthens the personal relationships at the heart of patient care.

Rather than viewing AI as a replacement for people, S1P sees it as an opportunity to reduce repetitive administrative work, improve access to information and give clinicians and team members more time to focus on higher-value activities.

“Our goal has always been to provide our partner practices with the resources and infrastructure they need to be successful while allowing doctors to maintain their clinical independence,” said Dr. Matthew Haddad, Co-Chief Executive Officer of Specialty1 Partners. “AI is a natural extension of that commitment. By investing in innovative technologies and incorporating them into our support platform, we’re creating opportunities to strengthen practice performance, improve the patient experience and build a more scalable organization for the future.”

The initiative also reflects Specialty1 Partners’ belief that technology will play an increasingly important role in addressing some of healthcare’s most persistent challenges, including growing administrative demands, staffing pressures and the need to deliver consistently exceptional patient experiences.

A Long-Term Commitment to Innovation

Specialty1 Partners views its current AI investments as the beginning of a longer-term strategy rather than a one-time technology initiative.

Following its evaluation and selection efforts in 2026, the organization is focused on implementation, adoption and identifying opportunities to expand the use of AI across its network.

Beginning in the first quarter of 2027, S1P expects to assess initial performance indicators related to operational efficiency, patient access, administrative productivity and practice performance. These findings will help inform future investments and opportunities to scale successful applications.

“We’re approaching AI with both enthusiasm and discipline,” added Dr. Dudum. “It’s not about adopting technology simply because it’s new. It’s about identifying solutions that solve meaningful problems and create lasting value. We see tremendous opportunity ahead, and we’re committed to ensuring Specialty1 Partners and our doctors are well positioned for the next generation of specialty dental care.”

Through continued investments in technology, people and operational infrastructure, Specialty1 Partners is reinforcing its position as a forward-thinking specialty dental organization committed to helping its partner practices succeed in a rapidly evolving healthcare landscape.

About Specialty1 Partners

Specialty1 Partners is the leading specialty partnership organization for dental specialty practices, offering comprehensive services in billing, HR, IT, business analytics, procurement, credentialing, marketing, training, compliance, and more.

Founded by doctors, the company combines clinical insight with deep operational expertise to help practices thrive while preserving clinical autonomy.

Headquartered in Houston, TX, Specialty1 Partners supports over 225 practices across 29 states and more than 350 specialists nationwide. The organization has been recognized on the Inc. 5000 list for six consecutive years, ranking among the fastest-growing private companies in America.

Better Care. Better Business. Better Oral Health.

Media Contact:
Lyle Rountree
Specialty1 Partners
1800 West Loop S., Suite 2000
Houston, TX 77027
Phone: 800-605-3437 | Email: [email protected]
www.specialty1partners.com

SOURCE Specialty 1 Partners

• Requests and purchase orders: Employees raise requests against the live budget, so budget owners see the financial impact before anything is approved, committed or invoiced.
• Contracts and invoices: Contracts, subscriptions and agreements live in one place. Invoices are captured, coded and matched to purchase orders and contracts automatically, and any discrepancies or unexpected charges are flagged for review.
• Cards and payments: Finance can now issue Datarails physical and virtual corporate cards with configurable controls and auto-coded transactions. Approved bills are scheduled for payment before any money goes out.
• Reconciliation and AI: Spend records reconcile against the ERP. AI handles invoice extraction, coding, transaction classification, matching and discrepancy detection.

“Most spend platforms kick in when an employee wants to buy something,” said Didi Gurfinkel, Co-founder and CEO of Datarails. “Datarails Spend starts earlier, with the plan. Before a request is approved, finance can check it against live budgets and see what’s left to spend. Once approved, the commitment stays tied to the budget through every step: purchase orders, contracts, invoices, payments and reconciliation. Actual spend flows back to the line it was approved against, so finance always knows what’s been spent, what’s committed and what’s still available.”

Built on FinanceOS – Datarails’ governed financial data foundation for planning, budgeting, forecasting, reporting, cash management and close – Datarails Spend brings spend activity into the same system used across finance. This enables teams to understand spending decisions without piecing together data from disconnected systems.

“The goal is not to automate decisions about where a company’s money goes, but to eliminate the manual work around those decisions. That is where AI can make a real difference in the spend process,” Gurfinkel said. “The result is a shift from reactive spend management to proactive financial control for all companies.”

Datarails Spend is available now: datarails.com/products/spend

About Datarails

Datarails is the AI finance operating system, bringing together FP&A, spend, cash management, ticketing, and month-end close on one unified platform. FinanceOS is the trusted data layer for finance teams, connecting financial and operational data into a governed foundation so every AI workflow and output is accurate, consistent, and auditable. Whether working in Excel, Google Sheets, or a web-based platform, finance teams can automate the work, trust the numbers, and turn the Office of the CFO into a strategic driver of the business.

Media Contact
[email protected]

SOURCE Datarails

Round led by Avidity Partners. Platform usage, ARR, & contracted ARR all grew by more than 2.5x year-over-year.

SAN FRANCISCO, Oct. 15, 2026 — Sirona Medical, Inc. (“Sirona”), the market leader in cloud-native radiology software, today announced $40 million in Series D financing led by Avidity Partners, with participation from 8VC, GreatPoint Ventures, KLT Holdings, and other new and existing investors. The round funds Sirona’s operating plan indefinitely.

Sirona’s RadOS platform unifies PACS, reporting, diagnostic viewing, worklist, and workflow AI on a single cloud and AI-native platform. Since its public launch in November 2023, Sirona has grown to dozens of contracted customers across hundreds of integrated sites, with more than 12 million primary imaging exams per year under contract.

Growth (as of September 30, 2026)

• Revenue: 2.5x year-over-year
• Contracted ARR: 2.7x year-over-year
• Platform Usage: PACS archive usage grew 2.5x and diagnostic reports submitted through the platform grew 2x year-over-year.
• Contracted Usage Growth: Sirona is under contract to onboard over 1,000 additional radiologists over the next twelve months.
• Average Deal Size: Mean new-customer contracted ARR reached $1.07 million on a trailing twelve-month basis, with mean total contract value reaching $5.10 million.

Use of Proceeds

• Cash-Flow Positivity: Series D funds Sirona indefinitely.
• Client Services Organization: Hired Anders Osterholm, a 25-year Sectra veteran to lead Sirona’s Client Services Organization. This includes opening new offices in Burlington, Vermont, and Cincinnati, Ohio, as Sirona expands its U.S.-based implementation and 24×7 support teams.
• Sirona Cortex: Commercialization of Cortex, Sirona’s agentic AI orchestration layer. 
• The Sirona Network: Sirona has brought hundreds of radiologists onto a single cloud-native infrastructure, with more than half of Sirona customers collaborating in some way through the RadOS platform today. Over 2027, the company will refine tooling with the help of its private practice and health system partners that will allow them to better leverage the Sirona Network.
• International: Launch of Sirona Global, the company’s international program, before the end of 2026. Sirona Global will expand the company’s operational and commercial footprint into international markets including the UK, EU, South Africa, New Zealand, Australia, and more.

“Sirona’s mission has always been to accelerate the transition to AI-powered healthcare globally,” said Cameron Andrews, Founder and President of Sirona Medical. “We pioneered a new category of software in 2018 to accomplish this, and thanks to the confidence of our customers, partners, and investors, Sirona now has the permanent capital necessary to deliver this vision to tens of millions of patients a year and at global scale.”

“As the industry confronts a radiology staffing crisis, Sirona’s customers are growing capacity faster than any other defined segment of the U.S. radiology market,” said Ken Kaufman, Chief Executive Officer of Sirona Medical. “We’re proud of the capacity we helped our customers build this year, and look forward to deploying RadOS to more practices, hospitals, health systems, and international markets in 2027.”

“Sirona is the category-defining company in cloud-native radiology,” said Jacob Garfield, Partner and Managing Director at Avidity Partners. “Sirona’s customers are achieving above-market volume growth in their practices and delivering care at a faster clip.”

Over the coming months, Sirona will release “Built on Sirona,” a series of dozens of customer stories and technical deep dives exploring the RadOS architecture in depth. The series will illustrate how practices are using the RadOS platform to reimagine the process of radiology for the AI-age and will highlight groups that have used RadOS to solve some of the most important economic and operational challenges in radiology today in ways that could only have been Built on Sirona. The introduction to this series is available now at sironamedical.com/built-on-sirona.

About Sirona Medical, Inc.

Sirona Medical is the global leader in AI-native radiology workflow software. The company’s cloud-native platform, RadOS, is the industry’s first unified radiology operating system, bringing together the diagnostic viewer, reporter, PACS archive, worklist, and AI into a single efficient clinical workflow. Sirona enables radiologists to work faster, deploy AI more effectively, and deliver better care for patients from anywhere. Sirona is backed by roughly $150 million in venture capital and trusted by some of the largest radiology practices, hospitals, and health systems globally. For more information, visit www.sironamedical.com.

SOURCE Sirona Medical

With early traction among major payers and provider groups, Otter Health’s AI-powered model helps reduce unnecessary care and variation without traditional prior authorization.

WASHINGTON, Oct. 15, 2026 — Otter Health, a healthcare technology company building a model for smarter utilization management and quality that dismantles the administrative arms race, today announced its official launch alongside $8 million in seed funding co-led by Fika Ventures and Evidenced, with participation from Slow Ventures, Metrodora, CoFound Partners, Layout Ventures, Patient Capital, and Semper Virens.

Otter Health delivers a new platform for payers and providers to collaboratively align delivery to the gold standard of care. The company’s AI-powered, EHR-agnostic platform helps healthcare delivery organizations and payers identify and reduce low-value, non-evidence based care decisions in real time, replacing the friction of traditional prior authorization with a more transparent approach, grounded with precision against clinical evidence and guidelines. Through immediate and ongoing visibility into care patterns, peer benchmarking and targeted clinician engagement, Otter Health helps align clinicians, administrators and medical management teams around care appropriateness, while surfacing opportunities to improve quality and reduce unnecessary spending.

“Healthcare has spent decades trying to contain spend through administrative friction, creating a system that often puts payers and providers on opposite sides of the same problem,” said Keith Florance, co-founder and CEO of Otter Health. “The real goal was never the authorization step itself, but instead was helping organizations deliver more appropriate, evidence-based care at scale. We’re building utilization management and quality around real-time clinical intelligence rather than administrative chokepoints. By giving payers and providers a shared view of the gold standard for quality, we can reduce low-value care, improve outcomes, and create a more collaborative approach to healthcare affordability.”

Historically, prior authorization has served as healthcare’s primary tool for managing utilization and cost, while aggravating physician-level decision making. The authorization process became one of the industry’s mechanisms for controlling care along with risk-adjusted claims analyses that clashed with clinicians. As a result, the underlying goal of ensuring that patients receive appropriate, evidence-based treatment was obscured.

Otter Health takes a different approach by providing continuous, real-time comparison to the evidentiary standard across a much broader range of clinical decisions, including referrals, outpatient procedures, pathway adherence and care transitions. By giving payers and providers a shared view of evidence-based delivery, the platform’s AI helps identify opportunities to reduce low-value care, improve quality, create greater accountability and lower costs without relying on administrative friction as the primary means of control. This enables a more collaborative approach to utilization management, aligning payers and providers around the same clinical and financial goals.

“We have a great opportunity to support clinicians in the thousands of decisions they make every day,” said Kate Goodrich, Executive in Residence at Optum, former Humana Chief Medical Officer and Director of the CMS Center for Clinical Standards and Quality. “Creating greater visibility into evidence-based practice through guidance and tools can empower a more proactive and collaborative approach in supporting clinicians to deliver the highest quality care while effectively managing cost and improving access.”

Otter Health is already working with multiple healthcare organizations across the payer and provider ecosystem to identify opportunities to reduce low-value care, improve evidence-based decision-making and create a more collaborative approach to utilization management. They’ve shown that by removing prior authorization with the right engagement through the Otter Health platform, they can limit non-concordant decisions to less than 5% and capture substantial savings on low-value care that prior authorization never touched.

Otter Health launches amid growing scrutiny of traditional prior authorization. According to the American Medical Association, physicians complete nearly 40 prior authorizations per week, 93% report that prior authorization delays necessary care, and 82% say it can cause patients to abandon treatment altogether. At the same time, Otter estimates that over 60% of low-value healthcare spending occurs outside traditional authorization controls, representing millions of dollars in avoidable annual spending per 1,000 lives. By evaluating care decisions across outpatient procedures, referrals, pathway adherence, and post-acute transitions, Otter provides a more continuous, real-time approach to managing care appropriateness as value-based care shifts utilization risk to providers.

“Healthcare has spent decades investing in the mechanisms used to control utilization,” said Bryan Sivak, Managing Partner of Evidenced and former CTO of the US HHS. “Otter Health is taking a different approach by creating better visibility into care appropriateness itself. By helping payers and providers operate from the same evidence-based understanding of clinical decisions, the company is creating an alternative to the conflicts that historically defined utilization management. We believe that kind of transparency can reduce waste, improve quality and fundamentally reshape how healthcare organizations manage quality and clinical variation.”

About Otter Health

Otter Health is a healthcare technology company reimagining utilization management and quality by replacing administrative friction with real-time clinical intelligence. The company’s AI-powered platform provides payers and providers with a shared, evidence-based view of care appropriateness, helping reduce low-value care, improve quality and lower unnecessary healthcare spending. Founded by healthcare operators and clinicians with expertise in utilization management, clinical quality and healthcare technology, Otter Health is backed by Fika Ventures, Evidenced, Slow Ventures, Metrodora, CoFound Partners, Layout Ventures, Patient Capital and Semper Virens. For more information, visit www.otter-health.com.

CONTACT: [email protected]

SOURCE Otter Health

DENVER, Oct. 15, 2026 — Bow River Capital (“Bow River”), a Denver-based alternative asset manager, announced today that Greg Hiatrides, Head of Bow River’s Private Equity team, has been appointed Chief Executive Officer. Hiatrides succeeds Blair Richardson, who founded the firm and has led it as Chief Executive Officer for 23 years. Richardson will transition to Bow River’s Chairman, continuing to forge investor relationships and supporting the firm’s strategic direction.

Under Richardson’s leadership, Bow River expanded into a multi-strategy investment platform spanning private equity, private credit, real estate, and venture capital; the firm offers investors both closed end and evergreen strategies.

Hiatrides, who joined Bow River in 2015 and has more than 20 years of investment and advisory experience, built the firm’s highly successful private equity platform and has led some of its largest and most complex transactions. Hiatrides started his investment career in New York; prior to joining Bow River, he worked at KPMG Corporate Finance (formerly St. Charles Capital).

“I have often said that Bow River should be a forever firm, and today we’re announcing an important step in making that a reality,” said Richardson. “It is the right time, and Greg is the right leader to move our business forward. He brings a pragmatic, effective commitment to investment performance, a sound grasp of risk management and, most importantly, a deep appreciation of the fiduciary responsibility we have to our investors.”

“I am honored to step into this role and grateful to Blair and our talented team at Bow River for building a firm with such a strong foundation,” said Hiatrides. “Our number one priority remains investment excellence, encompassing both the financial and relational value we produce for our limited partners and portfolio partners. We look forward to evolving Bow River’s recognized standing as a leading, scaled boutique alternative asset manager – providing unique access to the lower middle market across complementary fund strategies.”

About Bow River Capital

Bow River Capital is a Denver-based alternative asset manager investing across private equity, private credit, real estate, and venture capital. For more than two decades, the firm has partnered with lower middle market management teams and property owners to build enduring businesses and properties with a focus on the Rodeo Region, a geographic footprint encompassing 14 states in the Rocky Mountain West and Southwest. Bow River is guided by a commitment to investment excellence, disciplined underwriting and close alignment with its investors.

Learn more at www.BowRiverCapital.com

Contact: Ashley Dzaman, 303-861-8466

SOURCE Bow River Capital

NEW YORK, 15 octobre 2026 — OrbiMed, une société d’investissement mondiale de premier plan dans le secteur de la santé, est heureuse d’annoncer qu’elle a levé 3 milliards de dollars d’engagements pour deux nouveaux fonds de capital-investissement : OrbiMed Private Investments X et OrbiMed Asia Partners VI.

OrbiMed Private Investments X a levé plus de 1,9 milliard de dollars pour investir dans des opportunités de capital-risque dans les sciences de la vie aux États-Unis et en Europe. OrbiMed Asia Partners VI a levé plus d’un milliard de dollars pour investir dans des opportunités de capital-risque et de croissance dans le secteur de la santé en Asie. Ces deux fonds visent à créer des entreprises de soins de santé de premier plan axées sur les produits biopharmaceutiques, les dispositifs médicaux, les diagnostics et les services de santé s’appuyant sur la technologie.

« Il n’y a jamais eu de moment plus propice pour investir dans l’innovation en sciences de la vie », a déclaré Carl Gordon, associé gérant d’OrbiMed. « L’intelligence artificielle, la multiplication des nouvelles modalités thérapeutiques et l’émergence de la Chine comme puissance biotechnologique multiplient les opportunités de développer des traitements transformateurs. Nous avons hâte d’aider les entrepreneurs à transformer ces avancées en entreprises leaders dans le secteur de la santé. »

OrbiMed est dirigée par 20 partenaires et soutenue par une équipe de plus de 150 professionnels possédant une expertise complémentaire en matière d’incubation d’entreprises, de stratégie, d’opérations et de finance. L’entreprise opère depuis 12 sites à travers le monde, répartis sur les principaux marchés de la santé.

Les investisseurs de ces nouveaux fonds comprennent un large éventail d’institutions médicales, de fonds de dotation universitaires, de fondations, de fonds de pension, de fonds souverains et de family offices.

« Nous sommes reconnaissants du soutien continu de nos nombreux investisseurs de longue date », a déclaré Carter Neild, associé gérant d’OrbiMed. « Nous travaillerons sans relâche au cours des prochaines années pour répondre à leurs attentes élevées. »

À propos d’OrbiMed
OrbiMed est une société d’investissement de premier plan dans le secteur de la santé, avec plus de 21 milliards de dollars d’actifs sous gestion. OrbiMed investit à l’échelle mondiale dans l’ensemble du secteur de la santé, des start-ups aux grandes multinationales, par le biais de fonds de capital-investissement, de fonds d’actions cotées en bourse et de fonds de redevances/crédit. OrbiMed aspire à être un fournisseur de capitaux de choix, en proposant des solutions de financement sur mesure et des ressources d’équipe mondiales importantes pour aider à bâtir des entreprises de soins de santé de classe mondiale. L’équipe d’OrbiMed, composée de plus de 150 professionnels, est basée à New York, Londres, San Francisco, Shanghai, Hong Kong, Mumbai, Herzliya et sur d’autres marchés mondiaux clés. Pour plus d’informations, veuillez visiter www.orbimed.com.

NEW YORK, Oct. 15, 2026 — OrbiMed, a leading global healthcare investment firm, is pleased to announce that it has raised $3 billion in commitments for two new private equity funds: OrbiMed Private Investments X and OrbiMed Asia Partners VI.

OrbiMed Private Investments X raised over $1.9 billion to invest in U.S. and European life sciences venture capital opportunities. OrbiMed Asia Partners VI raised over $1 billion to invest in healthcare growth equity and venture capital opportunities across Asia. Both funds seek to build leading healthcare companies focused on biopharmaceuticals, medical devices, diagnostics, and technology-enabled healthcare services.

“There has never been a more exciting time to invest in life sciences innovation,” said Carl Gordon, a managing partner of OrbiMed. “AI, a proliferation of new therapeutic modalities and China’s emergence as a biotechnology powerhouse are expanding the opportunities to develop transformative treatments. We look forward to helping entrepreneurs turn these advances into leading healthcare companies.”

OrbiMed is led by 20 partners and supported by a team of over 150 professionals with complementary expertise in company incubation, strategy, operations and finance. The firm operates from 12 global locations across key healthcare markets.

Investors in these new funds include a broad range of medical institutions, university endowments, foundations, pension funds, sovereign wealth funds and family offices.

“We are grateful for the continued support of our many long-standing investors,” said Carter Neild, a managing partner of OrbiMed. “We will work tirelessly over the coming years to meet their high expectations.”

About OrbiMed
OrbiMed is a leading healthcare investment firm with over $21 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 150 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.

SOURCE OrbiMed

Pantera Capital leads the round with participation from Circle Ventures, New Form, gumi Cryptos Capital, Borderless Capital and Ari Rubenstein, CEO of GTS

• Tokenization is rapidly moving private-market funds onto digital rails, but liquidity has not kept pace. Traditional fund structuring forces investors to face long settlement and redemption cycles. Fission helps close that gap by giving eligible investors faster access to capital.
• Funding will expand Fission’s liquidity capacity, support a broader range of tokenized private-market and semi-liquid funds, and deepen integrations across the digital investment ecosystem.
• Fission has already processed millions of dollars in redemptions, demonstrating growing demand for more flexible liquidity across tokenized private-market funds.

NEW YORK, Oct. 15, 2026 — Fission, a blockchain-enabled financial technology company building liquidity infrastructure for tokenized investment funds, today announced it has closed a $10 million Series A funding round led by Pantera Capital and backed by a group of investors spanning traditional finance and digital assets.

Investment funds are rapidly moving on-chain. Tokenization has already transformed how fund interests can be issued, distributed and settled, but much of the underlying market structure remains unchanged. Tokenized funds still rely on periodic redemption windows, limited secondary liquidity and restrictive financing structures.

Fission is building the liquidity layer designed to change that.

The company enables investor liquidity for supported tokenized fund products, allowing eligible holders to access capital without waiting for traditional fund redemption cycles. Fission supports a growing universe of tokenized funds across asset classes including private credit, alternatives and other institutional investment products. The company has already processed millions of dollars in transactions and is expanding its capacity through both traditional and on-chain sources of capital.

“Putting funds on-chain is only the beginning,” said Jonathan Shaffer, Founder and CEO of Fission. “The real promise of tokenization is creating fundamentally better markets around these assets: broader distribution, continuous liquidity and the ability to use fund interests as collateral in lending markets. Whether a fund is private or simply constrained by traditional liquidity structures, Fission is building the technology that makes those assets more liquid, transferable and useful across financial markets.”

Fission’s platform is purpose-built for institutional and permissioned markets, with infrastructure designed around the investor eligibility, transfer restrictions and compliance requirements governing regulated investment products. This allows Fission to bring on-chain liquidity to these assets while preserving the controls required by securities markets.

The new capital will support Fission’s continued expansion across asset coverage, liquidity capacity and institutional integrations.

“Investment funds are moving onto digital rails and liquidity is one of the critical pieces required for that transition to reach its full potential,” said Franklin Bi, General Partner at Pantera Capital. “Fission is building infrastructure that will help transform tokenized funds from representations of traditional products with legacy constraints into fundamentally more liquid and productive assets.”

The round adds Pantera Capital, Circle Ventures, Borderless Capital and Ari Rubenstein to Fission’s investor base, alongside existing backers including New Form, gumi Cryptos Capital, Anthony Scaramucci, Manhattan Venture Partners, Reflexive Capital and Lattice Capital.

For more on Fission’s infrastructure and its vision for the future of on-chain investment funds, visit Fission: The Liquidity Layer for Tokenized Funds.

About Fission

Fission is building the liquidity infrastructure for the next generation of digital investment funds. Its team brings experience from institutions including Point72 and Securitize, spanning institutional trading, private-market distribution, tokenization and regulated securities markets. Fission’s mission is to make investment funds more liquid, accessible and financeable by powering the digital infrastructure required for these products to scale globally.

About Pantera Capital

Pantera Capital is an institutional investment firm focused on blockchain technology, digital assets, and the companies building the digital economy. As a multi-stage partner, Pantera backs companies from their earliest seed rounds through the public markets, providing capital and expertise to the founders building the defining companies of the frontier. In 2013, the firm launched the first blockchain fund in the United States, when bitcoin traded at $65. It went on to launch the first exclusively blockchain venture fund and, in 2017, the first early-stage token fund. Today Pantera invests across venture, hedge, and passive strategies, drawing on more than a decade of experience supporting companies through multiple market cycles. The Pantera Bitcoin Fund has returned 102,760% since inception and billions of dollars to its investors.

Fission.xyz

SOURCE Fission Labs

Raises $1.85 billion to help businesses get more value from every dollar, hour and token

NEW YORK, Oct. 15, 2026 — Ramp today announced a $1.85 billion primary financing round led by Dragoneer Investment Group, valuing the company at $60 billion. Thrive Capital, Founders Fund, Sands Capital, and Avenir Growth co-led the round, with participation from additional investors including: Capital International, Fidelity Management & Research Company, T. Rowe Price, D1 Capital Partners, Greenoaks, ICONIQ, GIC, 8VC, 1789 Capital, Alpha Wave Global, Ontario Teachers’ Pension Plan, Coatue, D.E. Shaw, Definition Capital, FirstMark, General Catalyst, Generation Investment Management, Glade Brook Capital Partners, Khosla Ventures, Lightspeed Venture Partners, Pinegrove Opportunity Partners, Soma Capital, and Stripes.

Ramp now generates more than $2 billion in annualized revenue¹, with positive cash flow. The company’s revenue is growing 25% faster now than it was at the same time last year. Finally, Ramp’s enterprise business continues to grow, with a 113% year-over-year increase in customers generating over $100,000 in revenue.

“Ramp is the kind of company we love to back at Dragoneer. It’s already a market leader with a deep, durable moat, and it’s still growing incredibly fast,” said Christian Jensen, Partner at Dragoneer. “In just a few years, Ramp has become a much broader financial operations platform, with AI deeply embedded in how the company builds and operates. We believe Ramp is well on its way to becoming one of the defining companies of this era.”

“We first invested in Ramp in 2023 as it was becoming the obvious choice for finance teams. With AI, Ramp’s platform is becoming the obvious choice to automate the entire office of finance,” said Barron Martin, Managing Partner at Sands Capital. “Three years and multiple rounds later, we believe the opportunity is more compelling now than when we first invested, and we’re proud to deepen our partnership with Eric, Karim, and the team.”

Customers get more value from every dollar with Ramp

More than 85,000 companies use Ramp to manage over $275 billion in annualized purchase volume, up 175% year over year. Together, they save more than $1 billion every month. The median customer now saves 7.5%, up from 5% a year ago, and completes transactions with 22% less manual work. That’s 50% more savings on every dollar spent than a year ago, giving customers more money to put back into their businesses.

As Ramp saves customers more time and money, they trust it with more of their financial operations — from paying bills and closing the books to collecting revenue. The majority of customers now use two or more Ramp products, and a quarter use three or more. As AI becomes a bigger part of companies’ spending, Ramp’s opportunity to deliver more value continues to grow.

“At Uber’s scale, small inefficiencies add up,” said Justin Reyhl, Head of Global Travel & Expense at Uber. “We want our people focused on reimagining the way the world moves for the better, and we want every dollar we spend to advance the business. Ramp helps us scale our T&E operations without added layers of work, while keeping the spend under control.”

Ramp helps businesses earn a higher return on intelligence

Ramp has spent seven years helping businesses get more from every dollar. Now it’s bringing that same focus to AI.

Businesses need AI that gets work done — and a way to see what that work costs. Ramp is bringing AI tools and financial controls together so teams can put each dollar and token toward what works, compounding those gains into greater productivity and faster growth.

Recent launches include:

• Glass is a model-agnostic, collaborative AI workspace where knowledge compounds.
• Ramp Accounts Receivable automates the work between a signed contract and collected cash, including invoice creation, payment follow-up, cash application, and revenue recognition.
• AI Token Spend Management gives finance and technical teams one place to understand and control AI spending across providers, teams, models, users, and API keys.
• Router.com cuts companies’ inference costs up to 40% by routing requests based on performance and cost through one endpoint.

“We obsess over saving our customers time and money. That’s why we’re growing faster at more than twice the size we were a year ago,” said Eric Glyman, co-founder and co-CEO of Ramp. “AI opens up much more of the work it takes to run a company. Our opportunity is to get that work done at less cost. We want to help every business run better with AI.”

“Ramp’s Token Spend Management helped us cut monthly AI spend by 17.5%,” said Greg Cooley, Controller at AngelList. “That gives us more room to invest in work that moves the business forward. We want to keep expanding what we do with AI, and Ramp helps us make every dollar count.”

“When you’re building an AI company, the models your engineers can use and the cost of running them directly affect what you can build,” said Alex McLeod, Chief Technology Officer at Serval. “Router gives our team access to models across providers through one API and automatically optimizes costs. For our coding agents, that’s meant cutting inference costs nearly in half—savings we can put back into building.”

Key Company Stats as of October 1, 2026

• Over $2 billion in annualized revenue, with positive cash flow.
• 85,000+ customers, including Visa, Uber, Shopify, Robinhood, Fanatics, Notion, Cursor, The Denver Broncos, and The Boys and Girls Club.
• Over $275 billion in annualized purchase volume.*
• Median customer: 7.5% savings and 16% revenue growth in their first year.

With this round, Ramp has raised approximately $5 billion in total equity financing.

About Ramp

Ramp is how companies save time and money on every dollar they spend. It’s the smart financial infrastructure behind every card swipe, invoice, and reimbursement – streamlining approvals, processing payments, and closing the books automatically. More than 85,000 organizations, from family farms and space startups to the Fortune 100, use Ramp to save over $1 billion a month and over a year’s worth of work every hour. The median customer using Ramp achieved 7.5% savings on expenses and 16% revenue growth in their first year. Founded in 2019, Ramp powers over $275 billion in purchases annually. Learn more at www.ramp.com.

* Ramp does not include bank transfers or non-monetized payments when calculating Total Purchase Volume.

CONTACT: [email protected]

SOURCE Ramp