Small business owners are the backbone of America. Owner is building AI to do the work they have never been able to afford.

SAN FRANCISCO, Aug. 28, 2026 — Owner is on a mission to arm millions of local business owners with the AI they need to take on Goliaths. It’s starting with restaurants. Today, Owner announced it has raised $240 million and reached a $2.3 billion valuation. Growth Equity at Goldman Sachs Alternatives led the financing. Existing investors Meritech, Redpoint, Headline, and Jack Altman also participated.

Owner is the AI CMO and CTO for local businesses. It builds and runs their technology and marketing. That includes their websites, online ordering, mobile apps, CRM, customer support, POS, and AI phone ordering. Its AI agents manage and improve each part automatically. Big corporations spend billions on tech and marketing. Small businesses can’t afford that, so Owner is building AI to do that work for them.

Owner launched in 2020 and has surpassed $100 million in ARR. This year alone, independent restaurant owners will drive more than $1 billion in sales through Owner. Thousands of local businesses use the platform, more than 100 million American consumers have used it, and it now powers more U.S. locations than Domino’s or Taco Bell. Owner is the #1 rated restaurant technology on Capterra and G2.

A local business owner can talk to Owner like a member of the team. Owner’s agents build and run the business’s digital presence 24/7. They learn what works across thousands of restaurants and improve performance automatically. A business can ask Owner to promote a menu item, and its agents can create the promotion, update the website, build the campaign, generate the creative, and publish it. Owner can also answer the phone, take orders, reply to reviews and emails, and support customers.

The results:

• Restaurants grow online traffic by 40% on average within 30 days of launching.
• The average restaurant grows direct online revenue by more than 40% in its first year.
• Customers using a restaurant’s branded app reorder at 2x the rate of non-app users.

“The world is racing to build AI to replace people’s jobs. Owner is building AI to do the opposite: to do the jobs many small business owners have never been able to afford,” said Adam Guild, co-founder and CEO of Owner. “Now, for the first time, local restaurants have the same tech advantages as the huge chains they compete with. And soon every small local business, including grocers and salons, will have those advantages too.”

Owner’s team includes leaders from Shopify, DoorDash, Compass, Salesforce, and HubSpot. More than 35 team members are former founders. The company also uses AI throughout development. It builds in weeks or months what once took years.

Next, Owner will serve every U.S. independent restaurant, expand internationally, and bring its AI system to every local business: salons, spas, independent grocers, and more.

Learn more at https://www.owner.com and read the Series D memo at https://www.owner.com/D. Owner is hiring at https://www.owner.com/careers.

About Growth Equity at Goldman Sachs Alternatives

Goldman Sachs (NYSE: GS) is one of the leading investors in alternatives globally, with over $706 billion in assets and more than 30 years of experience. The business invests in the full spectrum of alternatives including private equity, growth equity, venture capital, 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.

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 $4.0 trillion in assets under supervision globally as of June 30, 2026. Since 2003, Growth Equity at Goldman Sachs Alternatives has invested over $17 billion in companies led by visionary founders and CEOs. The team focuses on investments in growth stage and technology-driven companies spanning multiple industries, including enterprise technology, financial technology, consumer and healthcare. Follow us on LinkedIn.

SOURCE Owner.com

BEIJING, Aug. 28, 2026 — InfiMaker, which received an exclusive lead investment from Kunlun Capital in its angel round and continued backing in its Pre-A round, is a technology company focused on desktop five‑axis CNC. Today, the company announced two significant business milestones following the launch of its K1 desktop five‑axis CNC machine: its Kickstarter campaign has surpassed US$4 million in pledges, and it has completed a new funding round of tens of millions of U.S. dollars from IDG Capital.

InfiMaker officially launched the K1 on Kickstarter on August 11, Pacific Time. The campaign raised over US$1.5 million in pledges within its first 24 hours, and as of August 24, total pledges were approaching US$4 million. See the Kickstarter link for specific crowdfunding details:
https://www.kickstarter.com/projects/infimaker/infimaker-k1-the-pro-grade-desktop-5-axis-cnc?ref=9tbn7h

The campaign response provides an early indication of interest in desktop manufacturing solutions among engineers, designers, independent creators, educators, and small businesses. It also marks an important step in InfiMaker’s efforts to introduce its technology and products to a broader international audience. 

Separately, InfiMaker has completed a new funding round. The latest round included an investment of tens of millions of U.S. dollars from IDG Capital, alongside participation from other investors. InfiMaker’s previous investors include Kunlun Capital, MiraclePlus and Meituan’s Strategic Investments. 

The completion of the round will provide further support as InfiMaker continues to advance its core technologies, product development, operational capabilities, and international expansion. 

IDG Capital has a long-standing investment focus across technology sectors including artificial intelligence, robotics, intelligent manufacturing, and advanced manufacturing. Its participation brings additional institutional support to InfiMaker as the company enters its next stage of development.

SOURCE Kunlun Capital

Zhongguancun Zhongnuo Fund Backs International Commercialization, Platform Development and Partner Deployment

SHENZHEN, China, Aug. 28, 2026 — Warpify Technology (Shenzhen) Co., Ltd., which operates Warpify Robotics as its global robotics brand, announced that it has completed a Pre-Series A funding round with investment from Zhongguancun Zhongnuo Fund. The round marks Warpify’s first institutional financing. Financial terms were not disclosed.

Warpify Robotics is building robot productivity infrastructure to make putting robots to work simpler, more reliable and more scalable. Warpify starts with the work outcome, not a fixed product catalog. It evaluates workflows, operating environments and economics; selects and configures robot platforms, sensors and payloads; connects software and enterprise systems; and organizes deployment and lifecycle support.

Depending on the application, Warpify can structure deployments through direct purchase, leasing or Robotics-as-a-Service (RaaS). Under RaaS, customers contract for a defined scope of robotic work, while deployment, monitoring, maintenance, repairs and service management may be coordinated through Warpify and local operating partners.

Warpify works with enterprises, robot manufacturers, system integrators and local operating partners to structure deployments around the task, environment, technical requirements, operating responsibilities and commercial model. This workflow-first model absorbs complexity for customers and makes deployments more repeatable across sites and markets.

“Customers do not need robots in isolation; they need work completed reliably, at a viable cost and with clear accountability,” said Rick Zhang, founder of Warpify Robotics. “Our role is to absorb the complexity of selection, deployment and operations so robotic work can be adopted and repeated across markets.”

Warpify will use the financing to expand in priority international markets, strengthen commercialization capabilities and advance development of its software, operating tools and delivery systems. It will also invest in partner enablement and lifecycle support.

Zhongguancun Zhongnuo Fund is connected to Zhongguancun, one of China’s largest and most established technology and innovation ecosystems.

About Warpify Robotics

Warpify Robotics is a global robotics brand building robot productivity infrastructure to make robotic work simpler, more reliable and more scalable. Starting with the work, Warpify brings together robot selection, integration, deployment, software, lifecycle operations and local service capabilities. It supports direct purchase, leasing and RaaS where appropriate. Learn more at www.warpify.ai.

Media Contact

Warpify Robotics
[email protected]

SOURCE Warpify Technology (Shenzhen) Co., Ltd.

• Financing supports advancement of AHB-137 toward potential commercialization, including its Phase 3 registrational program and commercialization readiness
• Proceeds will also accelerate AHB-171 and next-generation combination approaches designed to advance functional cure for chronic hepatitis B
• Series C brings AusperBio’s total capital raised to $360 million since 2024

SAN FRANCISCO, Aug. 27, 2026 — AusperBio Therapeutics, Inc. and Ausper Biopharma Co., Ltd. (collectively “AusperBio” or the “Company”), a near-commercial biopharmaceutical company focused on developing targeted oligonucleotide therapeutics for the treatment of chronic hepatitis B (CHB) and other diseases, today announced the closing of its $120 million Series C financing.

The financing was led by a leading strategic investor, with participation from new investor RA Capital Management, L.P. (“RA Capital”), alongside continued support from AusperBio’s existing investors, including HanKang Capital, Sherpa Capital, InnoPinnacle Fund, Qiming Venture Partners, YuanBio Venture Capital, and CDH Investments. With the completion of the Series C, AusperBio has raised $360 million since 2024, reflecting strong and sustained investor confidence in the potential of the Company’s lead programs and differentiated oligonucleotide platforms.

The financing will support the continued development of AHB-137, AusperBio’s lead investigational ASO therapy for CHB, including its Phase 3 registrational program and commercialization readiness. Proceeds will also accelerate the development of AHB-171, the Company’s investigational HBV siRNA candidate built on its proprietary Au-HALO™ targeted delivery platform, advance next-generation combination approaches for CHB, and further expand the Company’s pipeline of targeted oligonucleotide therapeutics addressing significant unmet medical needs.

“This financing represents an important inflection point for AusperBio as we advance AHB-137 toward potential commercialization while developing next-generation therapies for CHB,” said Dr. Guofeng Cheng, co-founder and CEO of AusperBio. “We are grateful for the continued confidence of our existing investors and pleased to welcome RA Capital to AusperBio. We look forward to building on this momentum to advance our strategy toward functional cure and unlock new opportunities across our oligonucleotide platforms.”

Dr. Chris Yang, co-founder and CSO of AusperBio, added, “AHB-137 has demonstrated promising clinical activity in patients and has the potential to serve as a backbone therapy for functional cure of CHB. Our Med-Oligo™ ASO, Au-HALO™ targeted delivery and siRNA discovery platforms enable complementary approaches designed to achieve deeper and more durable antiviral responses. This financing will enable us to further advance these platforms and build on their potential to generate differentiated targeted oligonucleotide therapies for CHB and other diseases with significant unmet medical needs.”

About AHB-137

AHB-137 is AusperBio’s lead investigational unconjugated antisense oligonucleotide (ASO) therapy for chronic hepatitis B (CHB), developed using the Company’s proprietary Med-Oligo™ ASO platform. AHB-137 is designed to suppress hepatitis B surface antigen (HBsAg) production, inhibit viral DNA replication, and promote immune reactivation, with the goal of achieving a functional cure for CHB. AHB-137 has demonstrated promising clinical results and is currently being evaluated in a Phase 3 trial in China, following completion of a global Phase 1 study and multiple Phase 2 studies. The Company is advancing AHB-137 through a coordinated global development strategy toward potential commercialization. AHB-137 is an investigational product candidate and has not been approved by any regulatory authority.

About AHB-171

AHB-171 is an investigational hepatocyte-targeted siRNA therapeutic candidate for the treatment of CHB that leverages AusperBio’s proprietary Au-HALO™ liver-targeting delivery platform. AHB-171 is designed to selectively suppress viral gene expression and provide potent and sustained antiviral activity. As the first clinical candidate developed using the Au-HALO™ platform, AHB-171 is advancing the clinical validation of the Company’s targeted delivery and siRNA capabilities and broadening the Company’s differentiated HBV pipeline. AHB-171 is an investigational product candidate and has not been approved by any regulatory authority.

About Chronic Hepatitis B

Chronic hepatitis B remains a significant global health burden, affecting an estimated 254 million people worldwide and causing approximately 1.1 million deaths annually, primarily from cirrhosis and liver cancer, according to the World Health Organization. Current therapies can suppress viral replication but rarely achieve a functional cure, leaving many patients requiring long-term treatment.

About AusperBio

AusperBio is a near-commercial biopharmaceutical company focused on developing differentiated oligonucleotide therapeutics and targeted delivery technologies, with an initial focus on achieving a functional cure for chronic hepatitis B. The Company’s innovation engine is built on its proprietary Med-Oligo™ ASO and Au-HALO™ targeted delivery platforms, supporting the development of therapies across multiple oligonucleotide modalities. With multiple clinical-stage programs and a growing pipeline, AusperBio is advancing a backbone-based combination strategy for functional cure of CHB while exploring opportunities in additional disease areas with significant unmet medical needs. For more information, visit www.ausperbio.com

Forward-Looking Statements

This press release is prepared by AusperBio (the “Company”, “We”) for informational purposes only. Forward-looking statements include all statements that are not historical facts, and in some cases, can be identified by terms such as “anticipate”, “expect”, “intend”, “plan”, “believe”, “continue”, “could”, “potential”, “may”, “will”, “goal” or similar expressions and the negatives of those terms. However, not all forward-looking statements contain these identifying words.

These forward-looking statements involve substantial known and unknown risks and uncertainties, including the risk that results in earlier clinical studies may not be indicative of future results and that any product candidates may not ultimately obtain required approvals or meaningfully improve patient outcomes, and other factors that are beyond the Company’s control and are difficult to predict and may cause our actual results, timing of results, or achievements to be materially different from the information expressed or implied by these forward-looking statements. We anticipate that subsequent events and developments may cause our expectations and assumptions to change, and we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required by law.

Except as expressly required by law, the Company and/or its officers, directors, employees, and agents shall not assume responsibility for the accuracy and completeness of the forward-looking statements in the information provided.

Media Contact
Email: [email protected]

Investor Contact
Tel: 650-888-1756 (US)
Email: [email protected]

SOURCE AusperBio Therapeutics Inc.

Backed by new funding through the University of South Florida, the Center for Lymphatic Education and Research will unite clinicians, scientists and educators to advance treatment, awareness and innovation for lymphatic diseases.

TAMPA, Fla., Aug. 27, 2026 — Tampa General Hospital has secured new funding to establish the Center for Lymphatic Education and Research (CLEAR), a multidisciplinary initiative designed to accelerate research, expand education and improve care for patients living with lymphatic diseases.

The one-year, $150,000 Interdisciplinary Center Preparation Grant was awarded through the research office at University of South Florida and will support the formal development of CLEAR through USF Health. The initiative will also lay the groundwork for future National Institutes of Health grant applications, including Program Project and T32 Training Grants focused on advancing lymphatic research and physician-scientist training.

CLEAR builds on Tampa General’s growing national reputation in lymphedema treatment and innovation under the leadership of Dr. Nicholas J. Panetta, MD, FACS, who established the academic health system’s Lymphedema Care Center and helped launch the first robotic surgical program for lymphedema treatment in the southeastern United States.

“Despite affecting millions of people worldwide, lymphatic diseases remain significantly underrecognized and underfunded relative to their impact on patients’ lives,” said Jerome Breslin, Ph.D., professor and Vice Chair for Research in the Department of Plastic Surgery at USF Health and key architect in collaboration with Dr. Panetta in developing the CLEAR initiative. “Our vision is to create a collaborative center that brings together clinicians, researchers, engineers, public health experts, educators and innovators to advance understanding of the lymphatic system and accelerate the development of new diagnostic tools and treatments.”

Lymphedema is a chronic and progressive condition caused by disruption of the lymphatic system, often occurring after cancer treatment, surgery, infection or trauma. The disease can lead to painful swelling, impaired mobility, recurrent infections and significant impacts on quality of life. According to published research, up to one-third of breast cancer survivors who undergo axillary lymph node dissection may develop lymphedema, a chronic condition that can significantly affect quality of life. Although advanced microsurgical procedures can restore lymphatic function for some patients, access remains limited because these highly specialized operations require extensive supermicrosurgical expertise. The establishment of CLEAR reflects growing momentum in lymphatic research and care at Tampa General and USF Health. Dr. Breslin developed the proposal after receiving support through the Advanced Research Projects Agency for Health (ARPA-H) LIGHT program, which seeks to improve lymphatic disease diagnosis and expand scientific understanding of the role lymphatics play across a range of diseases.

“This initiative represents the next evolution of what we’ve been building clinically at Tampa General,” said Panetta, chief of the Plastic Surgery Institute at TGH and chair of the USF Health Morsani College of Medicine Department of Plastic Surgery. “We’ve demonstrated that advanced lymphatic surgery and multidisciplinary care can meaningfully improve patients’ lives. CLEAR will help connect that clinical expertise with world-class research and education efforts so we can continue expanding access to care, training the next generation of leaders and developing entirely new approaches to treating lymphatic disease.”

The Center will support collaborations across multiple disciplines, including medicine, engineering, artificial intelligence, public health, business and education. Planned initiatives include expanding translational research efforts, developing new training opportunities for residents and fellows, pursuing federal research funding and increasing public awareness of lymphatic diseases and the importance of the lymphatic system in overall health.

Tampa General’s existing Lymphedema Care Center already serves as a multidisciplinary center of excellence focused on cancer-related lymphedema management, offering comprehensive therapy, advanced imaging technologies and reconstructive surgical procedures. The program has also emerged as a national leader in robotic lymphatic surgery, including performing the first robotic lymphatic surgery in the southeastern United States and having recently completed its 100^th robotic microsurgical case. Additionally, with this grant, the TGH | USF Health Department of Plastic Surgery became the highest National Institutes of Health (NIH) research funded department of plastic surgery in the nation. 

CLEAR leaders say the long-term goal is to position the Tampa Bay region as a national hub for lymphatic science, clinical innovation and education.

ABOUT TAMPA GENERAL HOSPITAL
Tampa General Hospital, Florida’s premier academic health system, is a 1,530-bed not-for-profit network of hospital and outpatient services spanning Florida. As the only center for Level l trauma and comprehensive burn care center serving 23 counties, Tampa General delivers world-class care. The system’s hospitals include Tampa General Hospital, Tampa General Rehabilitation Hospital, Tampa General Behavioral Health Hospital, all in Tampa; Tampa General Brooksville, Tampa General Spring Hill and Tampa General Crystal River. Tampa General is the highest-ranked hospital in Tampa Bay in U.S. News & World Report’s 2026-2027 Best Hospitals for 11 consecutive years, with five medical specialties ranking among the top 50, two additional medical specialties ranked among the top 100 best hospital programs and two specialties ranked in the top 10% in the United States. As the first hospital in Florida to open a clinical command center for real-time situational awareness, the academic health system has elevated its digital care coordination center to the next level by leveraging artificial intelligence (AI) and its analytics platform across inpatient and outpatient care to ensure patients receive leading-edge care as quickly and safely as possible. Tampa General’s commitment to growing and developing its team members is recognized by four prestigious Forbes magazine rankings — in the 2026 America’s Best Large Employers, ranked as the Tampa Bay region’s #1 employer in the healthcare category for the sixth year in a row, the 2026 America’s Best Employers for Company Culture, in the top 100 for the 2026 America’s Best Employers for New Grads and the 2026 America’s Best Employers for Women.

Tampa General is the area’s safety-net hospital, caring for anyone regardless of ability to pay; in fiscal year 2024, Tampa General provided a net community benefit of approximately $289.1 million in the form of healthcare for underinsured patients, community education and financial support to community health organizations in Tampa Bay. It is recognized as one of the leading adult solid organ transplant centers in the nation and is the primary teaching hospital for the USF Health Morsani College of Medicine. With five medical helicopters, Tampa General transports critically injured or ill patients from surrounding counties to receive the advanced care their conditions require. Tampa General has a nationally accredited comprehensive stroke center and its 32-bed Neuroscience Intensive Care Unit is the largest on the West Coast of Florida. It is home to the Muma Children’s Hospital at TGH, the Jennifer Leigh Muma 82-bed neonatal intensive care unit and a nationally accredited rehabilitation center. Tampa General’s footprint includes TGH North, which consists of three hospitals and several outpatient locations in Citrus and Hernando counties; Tampa General Medical Group Primary Care offices; TGH Family Care Center Kennedy; TGH outpatient centers; TGH Virtual Health; and TGH Imaging outpatient radiology centers throughout Hillsborough, Pasco, Pinellas and Palm Beach counties. Tampa Bay area residents receive world-class care from the TGH Urgent Care, powered by the Fast Track network of clinics. To see a medical care professional live anytime, anywhere on a smartphone, tablet or computer, visit Virtual Health | Tampa General Hospital (tgh.org). For more information, go to www.tgh.org.

Media Contact: Beth Hardy, APR
Assistant Manager
Publications & Physician Communications
(727) 510-6363 (cell)
[email protected]

SOURCE Tampa General Hospital

Geopolitical competition and a renewed focus on undersea priorities are fueling this once-in-a-generation investment transformation

CLEVELAND, Aug. 27, 2026 — The United States is entering a multi-decade maritime industrial super cycle in which enduring strategic advantage will be determined not only by the sophistication of individual naval platforms, but by the nation’s ability to rapidly build, sustain, repair, regenerate, and scale maritime capability through a resilient, technologically advanced industrial base, according to an industry report released by the Aerospace, Defense & Government Services (ADGS) investment banking team at Brown Gibbons Lang & Company (BGL).

Download and read the BGL Industrials Insider here: https://bit.ly/BGLMaritimeInsider 

BGL Managing Director Meghan Welch: “The companies best positioned to create value will be those that combine differentiated technology or scarce qualifications with the operational ability to industrialize. In the next maritime cycle, innovation will matter, but industrialization will determine who wins.”

BGL Managing Director Craig Decker: “As institutional capital looks for new deployment opportunities, shipyards are emerging as an increasingly compelling area for infrastructure and private equity investment. Regulatory enforcement, evolving policy priorities, and the limited supply of maritime infrastructure and skilled labor are creating attractive market dynamics and drawing investor interest to a sector that has historically received limited institutional investment.”

In the report, BGL examines the emerging opportunities for private equity and infrastructure investors in the maritime defense sector and the recent deal activity and capital strategies that are shaping the market.

Key defense industry trends and takeaways include:

• Why federal policy and trade are becoming a durable demand signal for investment
• How fleet readiness is creating recurring demand for the aftermarket
• Why consolidation is accelerating across the naval defense sector

Private equity, infrastructure capital and venture investment are entering the maritime market through different channels. Private equity is consolidating fragmented suppliers and repair capabilities. Infrastructure investors are attracted to long-duration assets such as shipyards, dry docks and port facilities that require patient capital. Venture investors are funding autonomous systems, sensing, advanced manufacturing and maritime software.

The investment case is supported by durable government demand, large prime-contractor backlogs, strategic scarcity and bipartisan recognition that capacity must expand. It is also supported by market fragmentation. A single ship class can depend on thousands of suppliers, while repair markets are often divided among regional yards and specialized trades. This creates room for scaled platforms that improve coordination, broaden capabilities, and invest in modern systems.

About BGL’s Aerospace, Defense & Government Services Investment Banking Team

BGL’s Aerospace, Defense & Government Services (ADGS) investment banking team has decades of relevant experience and a network of long-standing relationships across a broad range of subsectors, including aerospace technology, aviation services & distribution, defense, space, government technology & services, and logistics.

About Brown Gibbons Lang & Company
Brown Gibbons Lang & Company (BGL) is a leading independent investment bank and financial advisory firm focused on the global middle market. The firm advises private and public corporations and private equity groups on mergers and acquisitions, capital markets, financial restructurings, business valuations and opinions, and other strategic matters. BGL has offices in Boston, Chicago, Cleveland, Los Angeles, and New York. The firm is also a founding member of REACH Cross-Border Mergers & Acquisitions, enabling BGL to service clients in 30 countries around the world. Securities transactions are conducted through Brown, Gibbons, Lang & Company Securities, LLC, an affiliate of Brown Gibbons Lang & Company LLC and a registered broker-dealer and member of FINRA and SIPC. For more information, please visit www.bglco.com.

Industry contacts:

Meghan M. Welch
Managing Director
Aerospace, Defense & Government Services
[email protected]
859.487.0006

Craig M. Decker
Managing Director
Transportation & Logistics Infrastructure
[email protected]
917.688.2784

Enrico J. Certo
Director
Transportation & Logistics Infrastructure
[email protected]
917.373.0527

Media contact:

Kaylyn R. Hlavaty
Communications Manager
[email protected]
440.823.0270

SOURCE Brown Gibbons Lang & Company

The Orlando-based defense venture capital firm warns that early-stage companies risk becoming outsourced R&D shops for the government if SBIR and STTR awards start dictating strategy instead of accelerating it.

ORLANDO, Fla., August 27, 2026 — SBIR funding is one of the most important levers for getting new defense technology off the ground, according to Backswing Ventures, an Orlando-based early-stage defense venture capital firm. For an early-stage company, the firm says, non-dilutive capital can be the difference between an idea staying on a whiteboard and a product reaching the warfighter — funding expensive R&D, validating technology, and building government relationships without giving up equity.

But the firm cautions that the model can become a trap. “The problem isn’t SBIR funding,” said Kyle Asman, Founder and Managing Partner of Backswing Ventures. “The problem is when SBIR funding becomes the business model.”

From Force Multiplier to Distraction

According to Backswing Ventures, the pattern is familiar across the defense tech landscape: a company wins a Phase I, builds a prototype, wins a Phase II, then starts eyeing the next solicitation. The government has another problem, and the company has the technical capability to solve it, so it builds something new, chases another award, and repeats. Over time, Asman said, that company can start to look less like a product business and more like an outsourced R&D shop for the Department of War — a dangerous place for a venture-backed company to land.

The distinction, Asman said, is subtle. A defense company can, and often should, derive most of its revenue from government customers, since they’re the market for many of the most important technologies being built today. “The issue isn’t where the revenue comes from,” he said. “It’s whether the company is building toward a repeatable product and a defensible position, or simply chasing whatever problem happens to have funding attached to it.”

When the Tool Becomes the Strategy

Used well, Backswing Ventures says, an SBIR accelerates a company’s existing strategy — funding a hard piece of R&D, validating a new capability, or pushing a product through testing without burning equity capital. Used poorly, the firm cautions, the funding starts setting the strategy instead.

“A company with a product that’s already 80 percent of what a customer needs might spend another 18 months chasing the remaining 20 percent simply because a new program is willing to pay for it,” Asman said. “On paper that looks like progress — another award, another prototype, another relationship. In practice, it can move the company further from commercialization. Every engineer on a one-off government prototype is an engineer not improving the core product. Every dollar chasing the next award is a dollar not spent on production, hiring, or the next customer.”

The SBIR program itself is built around this endpoint, according to the firm: Phase III exists specifically to move technology beyond SBIR/STTR funding and into federal or private markets.

The strongest defense companies, Backswing Ventures argues, treat SBIR funding as a force multiplier, not a destination. “They know what they’re building, who needs it, and why they’ll be hard to replace,” Asman said, “and they use government funding to accelerate that roadmap, not rewrite it with every new solicitation.”

The Right Question for Founders

For founders, Backswing Ventures says the right question isn’t “Can we win this SBIR?” It’s: “If we win it, does it make the company we’re already building more valuable?” Does it strengthen the core product, create proprietary technology, expand a real capability, put the product in an important customer’s hands, or open a path to production? If yes, the firm says, non-dilutive capital is a powerful tool. If no, another $1 million in funding may not be progress at all.

“At Backswing, we believe the best defense companies are defined by what they build, who buys it, and why they keep winning, not by how many government R&D awards they’ve collected,” Asman said. “SBIRs can be an exceptional tool for getting there. The key is making sure the tool doesn’t become the strategy.”

Backswing Ventures has backed several companies that illustrate this discipline in practice. The firm recently led Isengard Industries’ financing round to scale precision munitions manufacturing for allied militaries, and supported Orion Edge’s $3 million seed round to expand delivery of tactical electronic warfare systems to U.S. Army Space and Missile Defense Command and international customers — investments the firm says reflect production-focused, revenue-generating businesses rather than research-stage dependency on government awards.

The firm’s broader investment philosophy has also translated into results: Backswing Ventures’ Fund II recently surpassed 1.0x DPI in under three years, a milestone the firm attributes in part to this discipline around what it funds and why.

Backswing Ventures has written previously about the importance of hands-on diligence in defense investing, noting in a recent post that its team makes it a policy to visit every portfolio company in person before investing — a practice it says extends the same principle of grounding decisions in what’s actually being built, not just what’s being pitched.

Backswing Ventures said it continues to look for founders redefining defense and national security who understand this distinction — building real products rather than chasing whatever solicitation happens to be open.

About Backswing Ventures

Backswing Ventures is an early-stage venture capital firm focused on dual-use and defense technology companies. The firm invests in businesses building next-generation capabilities across aerospace, autonomy, defense systems, infrastructure, cybersecurity, and national security technologies. Backswing Ventures’ Fund II recently surpassed 1.0x DPI in under three years, making it among the top-performing 2023 vintage venture funds in the country.

Backswing Ventures | [email protected] 

SOURCE Backswing Ventures

The company turns scattered, fragmented patient records into structured information that gives clinicians what they need, exactly when they need it, to provide the best possible care.

SAN FRANCISCO, Aug. 27, 2026 — Metriport has raised $26 million in new funding to give clinicians a secure, comprehensive picture of their patients’ health history and what’s most relevant in the moment, right at the point of care. The round, led by TJ Parker, general partner at Matrix, with participation from ARTIS and Y Combinator, brings the company’s total funding to $28.4 million and supports the expansion of Metriport’s open-source data infrastructure platform, which is currently used by leading healthcare organizations like Amazon One Medical, Sollis Health, and Color Health.

Parker said, “I see dozens of consumer health companies every year, and the best ones are increasingly working with Metriport. This team pairs exceptional technical execution with an exceptional level of customer service and compliance rigor that’s built into how they do business. It sets them apart from the rest of the field.”

The infrastructure to give care teams structured, comprehensive patient records has lagged far behind both medical advancements and what other industries have already made technically possible — continuing to rely on faxes and forms. Today, healthcare providers attempt to get a full picture of their patients’ health history by pulling records in bespoke formats from disparate sources and submitting record requests to external facilities — a process that can take weeks in most cases. Often, they’ll end up relying largely on the patient’s best attempt to recall their medical history. The result is wasted administrative time, higher costs from duplicate tests and repeated specialist visits, diagnoses based on incomplete information, and delayed treatment for the patient.

For years, that was mostly an access problem: hospitals, pharmacies, and specialists weren’t connected to each other, and pulling together information meant manually chasing down records from everywhere a patient had been seen. Regulation is closing that gap as healthcare organizations are increasingly required to make patient information accessible and interoperable. However, this only solves part of the problem. Handing care teams a pile of information still requires a data science team to make it usable and surface relevant information.

That’s the gap Metriport was built to close. It handles both halves of that problem, pulling the data together and surfacing exactly the information the clinician needs, without requiring a data science background to get there. At Sollis Health, for example, physicians use Metriport to quickly pull up complete patient records and surface insights that weren’t previously available.

“As an independently operating medical facility, we didn’t have access to all of the patients’ outside records, whether they be in the hospital or outpatient medical provider networks. That meant repeating tests we couldn’t confirm had already been done, or sometimes sending a patient to the hospital simply because we didn’t have their history in front of us,” said Dr. Scott Braunstein, Chief Medical Officer at Sollis Health. “For example, we had a patient come in with upper abdominal pain who remembered having an endoscopy years earlier, but couldn’t recall the findings or which doctor had done it. Through Metriport, we found the exact operative report, showing an early ulcer. We were able to start treatment immediately, without ordering a new CT scan or waiting on records that might never have arrived in time. Having that kind of access, and being able to search it directly, has completely changed the level of care we’re able to provide.”

Metriport has the advantage of learning from earlier approaches to healthcare interoperability, while building on the most current data infrastructure available. The company manages dozens of connections to all major healthcare data sources, and applies its open-source system to match, extract, standardize, deduplicate, and enrich records. Regardless of their original structure, records are converted into a unified data model, and accessible through a single API, data warehouse, or through apps directly within an EHR. Providers are alerted in real-time as patients move through the healthcare system, and are armed with insights on top of the data, like AI medical record summarization, to drive the best possible outcomes. Its open-source approach, rigorous security standards, and proven track record give customers confidence that Metriport can support a seamless experience for providers and patients.

COO and co-founder Colin Elsinga added, “Relevant, and usable, data from longitudinal patient records is the foundation that all downstream processes and technologies, including AI, are built on. We created Metriport with open source code because the decisions around how patient information is managed and transformed are too important to trust to a black box.”

As usage of health information exchange continues to grow, Metriport remains thorough in vetting every prospective customer. “We do deep diligence on every organization that wants to access the healthcare exchange data networks via Metriport. We thoroughly investigate the company, conduct a comprehensive vetting process, and pay attention to who’s actually in the room during onboarding calls,” said Matt Davis-Ratner, Metriport’s in-house General Counsel. “We built this level of scrutiny into our process from the beginning, because healthcare data demands the highest level of protection.”

Metriport recently achieved HITRUST r2 Certification. It plans to use the new funding to scale its platform and expand its AI/machine learning and agentic capabilities while continuing its focus on engineering rigor and customer value.

“If you’ve been lucky enough to have a great healthcare experience in the past few years, there’s a good chance Metriport helped make it happen,” said Dima Goncharov, CEO and co-founder. “People should expect better from the healthcare system. If a provider is making decisions without your full health history, it should be fair to ask why. Metriport invites consumers, clinicians, and innovators to raise their expectations and build a version of healthcare where everyone starts with the full context.”

About Metriport
Metriport is open-source healthcare data infrastructure for next generation care delivery that gets real-time patient context from every source that matters, and transforms it into relevant intelligence for care teams and their AI agents. Founded in 2022, Metriport has raised $28.4 million to date from investors including Matrix, ARTIS, and Y Combinator. Learn more at metriport.com.

Media Contact: Jacqui Miller, [email protected], ‪(617) 500-7441‬‬

SOURCE Metriport

New actively managed ETF combines bitcoin exposure with a dynamic options strategy driven by Hedgeye’s proprietary Risk Range™ Signals.

STAMFORD, Conn., Aug. 27, 2026 — Hedgeye Asset Management, LLC (“HAM”), a subsidiary of Hedgeye Risk Management, LLC, today announced the launch of the Hedgeye Hedged Bitcoin ETF (NYSE: HBIT), an actively managed ETF designed for investors seeking bitcoin exposure with a focus on reducing volatility and managing downside risk.

HBIT seeks long-term capital appreciation by investing primarily in U.S.-listed spot bitcoin exchange-traded products, including the iShares® Bitcoin Trust ETF (IBIT). The Fund does not invest directly in bitcoin.

To manage risk around that exposure, HBIT uses an actively managed options strategy driven primarily by Hedgeye’s proprietary Risk Range™ Signals. The Fund can adjust its options positioning as frequently as daily as market conditions change.

Bitcoin Exposure With a Risk-Management Process

Bitcoin has historically delivered significant long-term appreciation, but that opportunity has historically come with substantial volatility and deep drawdowns.

As of August 26, 2026, bitcoin traded near $78,000, approximately 38% below its October 2025 high of roughly $126,000.

HBIT is designed for investors who want bitcoin exposure but do not necessarily want to own all of bitcoin‘s volatility.

Unlike strategies built around a fixed outcome period or predetermined upside cap, HBIT’s hedging approach can adapt as market conditions change. The Fund does not target a defined outcome, does not maintain a stated upside cap and is not tied to a fixed twelve-month investment period.

A Dynamic Approach to Managing Volatility

HBIT purchases and writes put and call options at strike prices determined primarily by Hedgeye’s Risk Range™ Signals. Premiums received from writing options can help offset the cost of purchasing protection.

Rather than maintaining a static hedge, the Fund can change its positioning as frequently as daily based on factors including changes in Hedgeye’s Risk Ranges, bitcoin price trends, market and implied volatility, liquidity conditions and other market factors.

The objective is straightforward: participate in bitcoin‘s long-term return potential while using a disciplined, rules-based process designed to reduce volatility and manage downside risk.

Quotes From Leadership

“Nearly half of all the bitcoin in existence is currently worth less than what somebody paid for it,” said Hedgeye Founder & CEO Keith McCullough. “That is not a bitcoin problem. That is a risk management problem. I built the Risk Range™ Signals when I was running a hedge fund, and we have spent the eighteen years since refining them across every asset class we cover. HBIT aims to apply that same discipline to one of the most volatile major assets investors can own.”

“Investors have largely been asked to accept bitcoin‘s volatility as the price of admission,” said John S. McNamara III, Chief Investment Officer of Hedgeye Asset Management and portfolio manager of HBIT. “HBIT is designed for investors who want the exposure without the full amplitude. The Risk Ranges help determine where we want to buy protection and where we may want to sell upside, and we can adjust that positioning as market conditions change rather than committing to a fixed outcome for the next twelve months.”

“The signals behind this Fund are not a black box,” McCullough added. “They are published every morning before the open. Same process, same inputs, every day. That is the whole point.”

About the Portfolio Manager

John S. McNamara III is Chief Investment Officer of Hedgeye Asset Management. He most recently served as Portfolio Manager at Sierpinski Capital Management LP and became Chief Investment Officer of HAM when Sierpinski and Hedgeye partnered to launch the firm.

Prior to HAM and Sierpinski, McNamara held portfolio management and trading roles at MSK Capital Partners and Melchior/Dalton Strategic Partnership, where he frequently utilized Hedgeye research. He began his career in the Equities division of Deutsche Bank Securities across Research and Sales & Trading.

McNamara graduated from Michigan State University in 2013 with a B.A. in Finance & Economics.

For more information on Hedgeye Asset Management or HBIT, please email [email protected], visit hedgeyeam.com, or follow HAM on X at @HedgeyeAM.

Definitions

Risk Range™ Signals: Risk Range™ Signals are proprietary signals developed by Hedgeye Risk Management, LLC that suggest market entry and exit points for investable assets. The model uses the rate of change of price, volume and volatility to calculate a probable immediate-term trading range for a given asset.

Drawdown: A drawdown is the measurement of a decline in the value of an asset or portfolio from a peak to a subsequent trough, in percentage terms.

Implied Volatility: Implied volatility is the market’s expectation of the future volatility of an asset, derived from the prices of options on that asset. It is an input into option pricing and is not a forecast of direction.

Reference ETP: An exchange-traded fund or exchange-traded product that provides exposure to, replicates the performance of, or has trading and/or price performance characteristics similar to bitcoin, including the iShares® Bitcoin Trust ETF (IBIT).

Bitcoin: A digital asset created, transferred, used and stored by participants in an online, peer-to-peer network known as the Bitcoin Network. The total supply of bitcoin is limited to 21 million coins as established by the Bitcoin Protocol. The value of bitcoin is not backed by any government, corporation or other centralized authority.

Important Information

Before investing in the Fund, the investment objective, risks, charges and expenses must be considered carefully. The statutory prospectus contains this and other important information about the Fund. Copies may be obtained by visiting www.hedgeyeam.com/HBIT or calling +1 (888) 711-8292. Read it carefully before investing. 

Investing involves risks including the risk of principal loss. The Adviser is newly formed and has limited experience managing an ETF. Accordingly, investors in the Fund bear the risk that the Adviser’s inexperience may limit its effectiveness.

The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.

Market data and statistics referenced herein are as of the dates indicated, are obtained from sources believed to be reliable, and are provided for informational purposes only. Such information does not constitute a forecast, projection or recommendation, does not reflect the performance of the Fund, and should not be relied upon as an indication of future market conditions or Fund results. Past market conditions are not indicative of future results.

Investing in the Fund is not equivalent to investing in bitcoin. The Fund does not invest directly in bitcoin or any other digital asset, and the Fund’s performance will differ from that of bitcoin. The Fund’s options contracts will limit the Fund’s participation in any gains in the price of the Reference Asset and may not offset all losses related to any decreases in value experienced by the Reference Asset. There is no assurance that the Fund’s hedging techniques will be effective, and such techniques involve costs that may reduce gains or result in losses.

Bitcoin and Digital Asset Risk. The trading prices of many digital assets, including bitcoin, have experienced extreme volatility in recent periods and may continue to do so. Extreme volatility in the future, including further declines in the trading price of bitcoin, could have a material adverse effect on the value of the Shares, and the Shares could lose all or substantially all of their value. Digital assets represent a new and rapidly evolving industry, and the value of the Shares depends on the acceptance of bitcoin. Bitcoin and the bitcoin market are subject to extensive and evolving regulation, and changes in laws, regulations, regulatory interpretations, enforcement priorities or judicial decisions may adversely affect the value of bitcoin and, consequently, the value of the Fund’s Shares.

Options Risk. The use of options involves investment strategies and risks different from those associated with ordinary portfolio securities transactions and depends on the ability of the Fund’s portfolio managers to forecast market movements correctly. The prices of options are volatile. There is no assurance that the Fund will be able to effect closing transactions at any particular time or at an acceptable price, and there may at times not be a liquid secondary market for certain options.

Cyber Security Risk. The Fund is susceptible to operational risks through breaches in cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity.

Digital Assets/Cryptocurrency Risk. The performance of the Reference Asset, and consequently the Fund’s performance, is subject to the risks of the digital-assets/cryptocurrency industry. The trading prices of many digital assets, including the Reference Asset, have experienced extreme volatility in recent periods and may continue to do so. Extreme volatility in the future, including further declines in the trading prices of the Reference Asset, could have a material adverse effect on the value of the Fund’s shares and the Shares could lose all or substantially all of their value.

FLEX Options Risk. FLEX Options held by the Fund will be exercisable at the strike price only on their expiration date. FLEX Options are listed on an exchange; however, it is not guaranteed that a liquid secondary trading market will exist. In the event that trading in the FLEX Options is limited or absent, the value of the FLEX Options may decrease.

Key Man Risk. Hedgeye Risk Management’s ability to publish Risk Range™ Signals daily, which are a critical input to the Fund, is heavily dependent on the manual activities of a single individual. In that individual’s absence, the Risk Range™ Signals will be published by another individual using a formula that incorporates the same factors but is not identical. If that individual were to leave Hedgeye Risk Management or become unable to calculate the Risk Range™ Signals, the Signals may not function as designed and may adversely impact the Fund.

Risk Range™ Signal Publication Risk. The Risk Range™ Signals are made available daily by Hedgeye Risk Management to other subscribers, including both retail and institutional investors. The Adviser receives the Risk Range™ Signals at the same time as all other subscribers. As a result, subscribers may be able to act on the daily Risk Range™ Signals ahead of the Fund.

Non-Diversification and Concentration Risk. The Fund is non-diversified, which means that it may invest a greater percentage of its assets in a particular issuer than a diversified fund. Non-diversification increases the risk that the value of the Fund could go down because of the poor performance of a single investment or limited number of investments. The Fund will be concentrated in the industry or group of industries assigned to bitcoin and the Reference ETPs.

Transaction Cost and Cash Redemption Risk. Because the Fund turns over its option positions weekly or more frequently, it will incur high transaction costs, which may affect the Fund’s performance and may result in higher taxes when Shares are held in a taxable account. The Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds, which may cause it to incur brokerage costs and to recognize capital gains it might not have recognized had it made a redemption in-kind.

ETFs are subject to additional risks that do not apply to conventional mutual funds, including the risks that the market price of an ETF’s shares may trade at a premium or discount to its net asset value, an active secondary trading market may not develop or be maintained, or trading may be halted by the exchange on which they trade, which may impact an ETF’s ability to sell its shares. Shares of any ETF are bought and sold at market price (not NAV) and are not individually redeemed from the ETF. Brokerage commissions will reduce returns.

For additional information about these and other fund risks, please refer to the “Principal Investment Risks” section of the prospectus.

Neither the Fund nor the Adviser is affiliated with the iShares® Bitcoin Trust ETF or any other Reference ETP. Hedgeye Asset Management, LLC is a separate legal entity from Hedgeye Risk Management, LLC. All HAM asset management services are made independently by portfolio managers at HAM and, as such, funds may vary from HRM research.

The Distributor is Foreside Fund Services, LLC.

SOURCE Hedgeye Asset Management