This move underscores the company’s commitment to invest in the country’s digital future and confidence in its skilled workforce.

ATHENS, Greece, Nov. 25, 2024 — Intracom Telecom, a global technology systems and solutions provider, announced today a €45 million investment in a state-of-the-art manufacturing facility in Kozani, Greece. Construction is scheduled to commence within 2025, with completion expected within two years. This project is aligned with the Greek Government’s Just Transition program, designed to promote entrepreneurship and economic growth in regional areas of the country and represents another strategic milestone for the Greek technology powerhouse in its ongoing efforts to strengthen its global market position.

The new facility, spanning 71,457 sq.m. of privately-owned land with 18,637 sq.m. constructed, will be equipped with state-of-the-art machinery and serve as the Group’s newest production unit complementing its existing production units in Romania and Italy. Designed with sustainability in mind, the facility will meet 20% of its electricity needs through solar power.

The facility will focus on the manufacture of next-generation Broadband Wireless Network Products. These cutting-edge technologies, which will continue to be developed at the company’s Research & Development centers in Greece, will complement the development of modern 5G/6G networks and will contribute significantly to the Greek and European digital economy.

“This investment in Kozani is a strategic milestone in reinforcing our global relevance in cutting-edge technologies,” stated Isak Alon, The President of the Board of Intracom Telecom. “The region’s modern infrastructure and strategic location, offering excellent access to European markets, make it ideal for expanding our production capacity to meet rising global demand. Furthermore, this project reflects our commitment to strengthening the European Union’s technological self-reliance.”

Intracom Telecom’s investment is expected to bring significant socio-economic benefits to the region, beginning with the creation of over 150 skilled jobs.

“This facility is more than just a production site,” said Kartlos Edilashvili, Acting CEO of Intracom Telecom. “It serves as a catalyst for growth and innovation, aligning with our vision to support the development of Greece’s regional areas. With its state-of-the-art design, the Kozani facility will not only meet growing market demands but also advance Intracom Telecom’s mission of delivering cutting-edge connectivity solutions, contributing to the transition toward a greener economy, and fostering regional prosperity.“

About Intracom Telecom

Intracom Telecom is a global technology systems and solutions provider operating for over 45 years in the market. The company is the benchmark in fixed wireless access, and it successfully innovates in the 5G/4G wireless RAN transport and small-cell SON backhaul international arena. Intracom Telecom offers a comprehensive revenue generating software solutions portfolio and a complete range of ICT services, focusing on IoT, SDN/NFV, Big Data analytics & data-driven intelligence, and Smart City solutions. Furthermore, the company is developing security integrated systems for critical infrastructure protection and border surveillance, having extensive knowhow and a proven track record in this industry. Moreover, it addresses the Energy & Utilities industry, emphasizing on smart metering and end-to-end IT solutions. Intracom Telecom serves telecom operators, public authorities and large public and private enterprises. The Group maintains its own R&D and production facilities and operates subsidiaries worldwide. For more information, visit www.intracom-telecom.com

SOURCE Intracom Telecom

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SPARTANBURG, S.C., Nov. 25, 2024 — Global diversified manufacturer Milliken & Company today announced its investment and partnership with Tidal Vision, a global biomolecular technologies company unlocking the power of chitosan to develop scalable solutions for critical industries. This strategic partnership will accelerate the introduction of biodegradable chemistries across the markets that Milliken serves and is the latest in a series of investments made as part of Milliken’s ventures program.

“At Milliken, we invest with a long-term perspective, prioritizing partnerships that will drive meaningful growth,” said Halsey Cook, President and CEO at Milliken. “Our approach is grounded in thorough research, strategic alignment with our core values, and a commitment to creating lasting value for our customers.”

Milliken’s investment will increase the availability of reliable, responsibly sourced materials with biodegradable properties in multiple applications. This is made possible by Tidal Vision’s proprietary technologies that transform chitosan, a powerful and biodegradable compound, into high-performance chemistries.

“We recognize the growing demand for responsible solutions that meet the highest standards of performance — and creating a path to offering biodegradable technologies represents an important step in that direction,” said Cindy Boiter, EVP and President of Milliken’s Chemical Business. “Our partnership with Tidal Vision is a natural fit, as their innovative approach to sustainable materials aligns with our commitments to collaboration, innovation, and sustainability.”

Headquartered in Bellingham, Washington, with more than 200 employees and facilities in five states, Tidal Vision leverages advanced manufacturing technologies and partners with industry leaders like Milliken to offer new and powerful chemistries at scale. Tidal Vision is built on the belief that chitosan solutions have the unique potential to help humanity on an industrial scale.

“Tidal Vision is thrilled to partner with Milliken, combining our complementary strengths to expand the use of chitosan-based chemistries into new applications on a global scale,” said Craig Kasberg, CEO of Tidal Vision. “By replacing non-biodegradable alternatives at scale, we’re driving meaningful environmental impact. Milliken’s commitment to sustainability and culture of innovation, paired with their market leadership, creates an ideal platform to accelerate the adoption of Tidal Vision’s technologies.”

About Milliken
Milliken & Company is a global manufacturing leader whose focus on materials science delivers tomorrow’s breakthroughs today. From industry-leading molecules to sustainable innovations, Milliken creates products that enhance people’s lives and deliver solutions for its customers and communities. Drawing on thousands of patents and a portfolio with applications across the textile, flooring, chemical and healthcare businesses, the company harnesses a shared sense of integrity and excellence to positively impact the world for generations. Discover more about Milliken’s curious minds and inspired solutions at milliken.com and on Facebook, Instagram, and LinkedIn.

About Tidal Vision
Tidal Vision is a global leader in scalable biomolecular solutions dedicated to addressing critical industrial challenges. Our chitosan-based technologies provide high-performance solutions throughout the water treatment, agriculture, and material science industries. We believe that to create a systemic impact, green chemistries must be available at scale and competitive in performance, economics, and convenience. Tidal Vision partners with industry leaders seeking green chemistry solutions that outcompete. To learn more, visit us at TidalVision.com.

SOURCE Milliken & Company

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• Financing led by TCGX, including new investment from TPG, Orbimed Advisors, Venrock Healthcare Capital Partners, Surveyor Capital (a Citadel company), and Logos Capital, with participation from all existing investors
• Proceeds will be used to support the advancement of multiple first-in-class ADC programs into the clinic and through clinical proof of concept

COPENHAGEN, Denmark, Nov. 25, 2024 — Adcendo, a biotech company focused on the development of first-in-class ADCs for the treatment of cancers with a high unmet medical need, today announced the successful closing of an oversubscribed $135 million Series B financing round. Proceeds from the fundraise will be used to advance, broaden, and accelerate the development of the Company’s first-in-class ADC pipeline, including the ADCE-T02 (Tissue Factor ADC), ADCE-D01 (uPARAP ADC), ADCE-B05 and A0401 programs.

The financing round was led by TCGX, with participation from new investors TPG Life Sciences Innovations, Orbimed Advisors, Venrock Healthcare Capital Partners, Surveyor Capital (a Citadel company), and Logos Capital, as well as all existing investors, including RA Capital Management, Novo Holdings, Pontifax Venture Capital, Dawn Biopharma, a platform controlled by KKR, HealthCap, Gilde Healthcare and Ysios Capital.

“We are thrilled with a financing round of this magnitude and the support shown from such a strong group of investors as we continue to advance our pipeline of breakthrough ADCs for the treatment of underserved cancers,” said Michael Pehl, Chief Executive Officer of Adcendo. “The excitement in the ADC space paired with our team’s experience and passion for the underlying science motivates us to continue pushing our programs forward into the clinic. We look forward to achieving key milestones across our pipeline with the support of this fundraising.”

Cariad Chester, Managing Partner of TCGX, commented: “ADCs have transformed the clinical landscape and standard of care in the treatment of solid tumors. Continued progress for hard-to-treat cancers will require innovative approaches and I’m confident Adcendo will be a leader in the next era of ADC drug development. With this financing, Adcendo can rapidly advance a pipeline of exciting, differentiated ADC candidates. These programs have the potential to significantly change the treatment paradigm in multiple cancers and serve patients in need of better therapies.”

As part of the financing, the new Adcendo Board of Directors will consist of John Haurum (Chairman), Cariad Chester (Managing Partner of TCGX), Nandita Shangari (Managing Director at RA Capital), Jeroen Bakker (Partner at Novo Holdings), Carolyn Ng (Business Unit Partner at TPG Life Sciences Innovations), Ohad Hammer (Partner at Pontifax Venture Capital), Iyona Rajkomar (Managing Partner of DawnBio, a platform controlled by KKR) and Michael Pehl (CEO of Adcendo). Roy Amariglio, Principal at Orbimed Advisors, will serve as a board observer.

About Adcendo ApS:

Adcendo ApS is a clinical-stage biotechnology company developing breakthrough antibody-drug conjugates, or ADCs, for the treatment of underserved cancers. In 2024, the company completed a Series B financing round through an international syndicate of leading life science and biotech investors, raising $135 million to advance, broaden, and accelerate the development of its first-in-class ADC pipeline. For further information, please visit www.adcendo.com or follow us on LinkedIn.

About TCGX:

TCGX is a healthcare investment firm dedicated to advancing disruptive medicines and supporting companies that can improve the lives of patients. TCGX invests in both private and public companies led by exceptional entrepreneurs focused on developing better treatment options for patients. TCGX has investment teams in Palo Alto and New York City. For more information, please visit www.tcgcrossover.com

For further information:

Argot Partners

Tel: +1 (212) 600-1494

E-mail: [email protected]

Adcendo ApS

Michael Pehl, CEO

Tel: +45 31541824

Email: [email protected]

SOURCE Adcendo

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EWOR has announced that Petter Made, co-founder of decacorn SumUp, and Quinten Selhorst, founder of Felyx, are joining as full-time partners.

BERLIN, Nov. 25, 2024 — Built by founders for founders, EWOR offers hands-on support at the inception and pre-seed stage directly from those who have started billion-dollar companies. Made’s and Selhorst’s experience will further elevate EWOR’s mission of creating the leading fellowship for outlier entrepreneurs.

“I want to leave a dent in the universe by supporting the most extraordinary minds. With EWOR, I can do exactly that,” said Petter Made, reflecting on his decision to continue his journey with EWOR after co-founding SumUp, valued at €8.5bn, and building Drooms to a 9-figure valuation. Now, the average company value created by EWOR full-time Partners exceeds €2 billion per partner.

The EWOR Fellowship continues to set new benchmarks in the European entrepreneurial landscape. By the time fellows have completed the fellowship and had their ‘EWOR Grand Pitch’, they go on to raise €2 million on average, which is more than ten times the amount raised by founders from comparable European initiatives.

Numbers are not the only reason for fellows to apply. “For me, the major reason to become an EWOR fellow was joining a group of the world’s most capable individuals — knowing that, together, we might change the world,” as Jörgen Tveit, founder of Thaleron, a fellow from their 5th cohort, puts it.

EWOR has a very simple hypothesis: Great minds build extraordinary companies. Consequently, the fellowship is extremely selective, accepting only 0.1% of applicants. As partner Quinten Selhorst explains, “EWOR is about quality over quantity. We work with a maximum of 5 co-founding teams per partner a year, ensuring that each fellow receives direct, one-on-one coaching from seasoned founders and investors.”

The bespoke founder support and the valuable investor network, are reasons why the EWOR Fellowship also appeals to serial entrepreneurs and repeat founders. This includes renowned founders such as Andrew Nutter, Ricky Knox, and Tim Seithe, who have achieved exits valued in the tens to hundreds of millions of dollars and are angel investors themselves.

An Unrivalled Ecosystem for Extraordinary Minds

Fellows gain access to:

• Up to €200,000 in pre-seed capital and a network of 1000+ investors and mentors. Additionally, up to €300,000 in kind support including third party credits and discounts.
• 1-1 weekly coaching with the EWOR Partners, who respectively have built Adjust (€1.2 billion exit), ProGlove (€500 million exit), United Domains (€400 million company), SumUp (€8.5 billion), New Now Group, and Felyx.
• Exceptional focus groups with the EWOR Partners that accelerate a founders journey to unicorn by an estimation of 2 years, focussing on fundraising, company setup, backend infrastructure, hiring, and personal development as a founder.
• Full in-house support, including legal advice, design assistance, and various professional services.

Instead of running a rigid programme, EWOR offers a comprehensive ecosystem that allows founders to choose between 8 learning modules on their own schedule. This allows founders to focus solely on building impactful, scalable companies.

With Made and Selhorst joining as new Partners, EWOR will continue shaping the global future of tech entrepreneurship from Europe.

Contact: [email protected]

Photo: https://mma.prnewswire.com/media/2565646/EWOR_Partners_and__Leadership_Team.jpg

SOURCE EWOR

WASHINGTON, Nov. 22, 2024 — Bridge Defense, a defense-technology company, has made a strategic investment in Federated IT, a trusted provider of mission-critical services to the U.S. government.

Founded in 2002, Federated IT has built a reputation as a trusted partner to the U.S. Intelligence Community and the Department of Defense. With expertise optimizing cloud computing, data center operations and migration, enterprise architecture, scientific research and analyses, and cybersecurity solutions, Federated IT consistently delivers technically excellent, secure, and reliable solutions that empower national security clients to achieve their objectives.

“This investment represents a pivotal step in Bridge Defense’s mission to create the next-generation systems integrator,” said Jack Kilcoyne, co-founder of Bridge Defense. “We will combine the critical services Federated IT provides with in-house software development capabilities to build a hybrid organization capable of delivering exceptional services and developing innovative solutions that address our customers’ most pressing challenges.”

Kyle von Bucholz, CEO of Federated IT, added: “For over 20 years, Federated IT has focused on solving our clients’ most complex challenges with integrity and technical excellence. Partnering with Bridge Defense will enable us to take that commitment to the next level by leveraging cutting-edge development capabilities and delivering an even greater impact for the federal agencies we serve.”

About Bridge Defense

Bridge Defense is focused on delivering mission-critical services and innovative software solutions to national security customers. A hybrid systems integrator, Bridge Defense combines excellence in technical services with native development capabilities to deliver comprehensive and transformative solutions to address the rapidly evolving needs of national security customers.

Bridge Defense is led by a team of Special Operations veterans with deep expertise in technology and government services. The company is headquartered in the Northeast, with a growing presence in Washington, D.C. For more information, visit Bridge-Defense.com.

About Federated IT

Federated IT is a leading provider of mission-critical IT and cybersecurity services to the U.S. government.

Federated IT enables defense, national security, and federal law enforcement clients to expand, improve, and strengthen critical IT infrastructure and mission system capabilities within the Tier Ill – IV Enterprise IT Operations and Cyber Security domains. Federated IT’s project portfolio includes the customization and delivery of optimized cloud computing, data center operations and migration, enterprise architecture, scientific research and analyses, and cybersecurity solutions.

Federated IT is headquartered in Washington, D.C. For more information, visit FederatedIT.com.

SOURCE Bridge Defense

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NEW YORK, Nov. 22, 2024 — K3 Labs has announced that its next-generation user interface for automating both simple and complex Web3 workflows has moved to the Eigenlayer mainnet environment. The production release of the K3 platform is being run by more than 20 node operators and backed by more than $2b in restaked assets, ensuring both a high level of decentralized service reliability and outstanding crypto-economic security.

“We chose to build on Eigenlayer for several reasons,” said Ivan Reif, co-founder and CTO of K3 Labs. “Firstly, we knew that by leveraging shared security and the excess compute power available on Ethereum staking nodes, we could get to market very quickly, with a high performing network, at a much lower cost than trying to create one from scratch.  And further, scaling our future compute needs up as our user demand grows would be as simple as expanding our rewards program and node footprint through a quick outreach campaign to additional providers on the network”

Luke Hajdukiewicz of Eigen Labs added “EigenLayer has been focused on consistently increasing the usability and scalability of the network. K3 provides a unique value proposition that can significantly decrease time to mainnet and improve the developer experience. Their focus on acknowledging and designing for individual node operators to Fortune 500 companies is a welcome addition to the EigenLayer ecosystem.”

About K3 Labs: 
K3 Labs is a Web3 orchestration platform, intent on becoming the front end of the blockchain world.  K3 has features designed for both hardcore devs and less-technical users alike, such that deploying and running critical day-to-day operational automations is as simple as dragging, dropping, and configuring workflow steps through an intuitive user interface. Though based in New York, it has a fully remote workforce, with an overall location bias titling toward Central Europe.

For more information, visit www.k3-labs.com or contact us at [email protected].

Media Contact:
Mansoor Madhavji
+60178799291
[email protected] 

SOURCE K3 Labs Inc

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Replica enables Fortune 100 financial, business and healthcare institutions and Federal agencies such as the US Army and Defense Innovation Unit to securely engage in high risk cyber activities without compromising productivity.

FALLS CHURCH, Va., Nov. 21, 2024 — Grey Market Labs (dba Replica Cyber), a pioneering leader in cybersecurity solutions, proudly announces it has secured $8M in Series A funding led by Capri Ventures, with participation from Blu Ventures and AFG to accelerate adoption of its groundbreaking platform – Replica. This strategic investment will enable the company to advance its mission of delivering Secure Environments-as-a-Service, bringing unparalleled privacy and security in an increasingly vulnerable digital landscape. 

With this round, Andy Brown, CEO of SandHill East, former CTO of UBS, and current board member of ZScaler and PureStorage, will be joining the Board of Directors as will Dennis Shaya, Partner at Capri Ventures. In addition, Don Duet, Former Head of Technology at Goldman Sachs, and Tim Estes, founder of Angel Kids AI and former CEO at Digital Reasoning, will be joining the advisory board, complementing an already strong team including: Christopher Caine (CEO – Mercator XXI), Gary Cubbage (fmr. EVP – Booz Allen Hamilton), Nick Donofrio (fmr. EVP Innovation – IBM), Todd Helfrich (VP Federal – Censys).

The Replica platform offers Secure Environments-as-a-Service, revolutionizing how organizations protect and enable high risk activities. This includes targeting Russian misinformation campaigns in Ukraine, safe testing of new tech with proprietary data, disrupting financial scams and fraud aimed at seniors, and identifying and mitigating insider threats within organizations, among other scenarios. By integrating patented technology, intelligence tradecraft, and Zero Trust architecture, Replica quickly creates realistic IT environments that encompass hardware, operating systems, applications, networks, and data layers. This innovative solution not only protects user and organizational privacy but also delivers the data, tools and workflows needed for users to be productive in their most sensitive work.

Kristopher Schroeder, CEO of Grey Market Labs, emphasized the significance of this funding round: “Replica is the culmination of over 20 years of experience in embedded tradecraft, intelligence operations, and cutting edge software. Our engineering team, with extensive backgrounds in offensive and defensive cyber warfare, has developed a product that is comprehensive with the protection and efficiency needed for today’s enterprises and their users.” Schroeder goes on to say, “This funding will allow Grey Marketing Labs to accelerate our vision to deliver even more impactful solutions for our customers.”

Capri Ventures, the lead investor in this funding round, expressed their excitement about partnering with Replica. “We are thrilled to support Grey Market Labs in their mission to redefine cybersecurity with the Replica platform,” said Dennis Shaya, Partner with Capri Ventures. “Their innovative approach and deep expertise position them as a frontrunner in the industry, especially financial services, and we believe this partnership will drive significant advancements in digital privacy and security.”

Available as both a SaaS product and a hosted service, Replica enables secure work even in a global ecosystem, while reducing burden on the IT organization. The platform’s flexible architecture supports rapid deployments (noted as some of the fastest in Financial Services), continuous updates, and seamless integration with existing enterprise services, including single-sign-on, proxies, and data governance. Additionally, Replica offers rich audit and reporting functionalities to ensure compliance with regulatory standards and provide the critical observability needed for leadership.

Replica has solved critical problems for major Banks, Health Systems, Global Consulting, and Governments with use cases like: Protected Research (deep/dark web, social, automated collects, OSINT), Isolating Acquired (M&A) tech and activities, Advanced Sandboxing for Malware/Unknown Files, Complex Training Environments, Enabling Fraud/Cyber Investigations, Secure DevOps with Data Controls, Intellectual Property Sharing and Protection, and more.

With this new round of funding, Replica is poised to expand its value to customers, enhance its offerings, and further solidify its position as a leader redefining how to protect and enable high-risk activities.

For more information about Replica, please visit ReplicaCyber.com.

About Grey Market Labs
Founded as Grey Market Labs® (dba Replica Cyber), a Certified B-Corp with the mission to protect life online. Our work protecting the United States from foreign intelligence evolved to the creation of Replica™, the world’s first Secure Environments-as-a-Service platform. This patented SaaS platform simplifies creation of comprehensive hybrid-computing systems, delivering privacy and security while giving control to business users and reducing the burden on IT by 99.73%. We have solved critical problems for major Banks, Health Systems, Global Consulting, and Governments with use cases like: Protected Research (deep/dark web, social, automated collects, OSINT), Isolating Acquired (M&A) tech and activities, Advanced Sandboxing for Malware/Unknown Files, Complex Training Environments, Enabling Fraud/Cyber Investigations, Secure DevOps with Data Controls, and more. For anyone that has tried to build complex, secure systems and platforms – Replica replaces this expensive work with the automation of secure environments.

About Capri Ventures
Capri Ventures is an early stage venture capital firm focused on Enterprise Technology.   The team is composed of former software executives and leaders from Fortune 500 enterprises, bringing significant resources early in a company’s lifecycle to help drive commercialization and market adoption.

About AFG Partners
AFG Partners <https://www.afgvc.com/> is an Asian-based VC fund investing in B2B fintech and enabling tech startups addressing the critical needs of financial institutions and corporates globally, particularly in Asia. A core part of the strategy is to invest and help companies in Europe and the US who are interested in expanding across Asia via our network of LPs and ecosystem partners. Previous investments of the principals include N26, Unit, Blockdaemon, Airbnb, Transferwise, Gocardless and Wefox amongst others.

About Blu Ventures
Blu Ventures, a venture capital firmed based in Washington, DC, provides strategic funding and expert guidance in Seed to Series A companies in cybersecurity, healthtech, and B2B software startups. Blu leverages the deep domain expertise of its partners—all former operators with extensive industry experience—to empower visionary entrepreneurs. Learn more at www.bluventureinvestors.com

SOURCE Grey Market Labs

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Teleo will use the funds to scale customer deployments of its autonomous heavy equipment, continue expanding into new industries beyond construction, and enhance the company’s AI capabilities

PALO ALTO, Calif., Nov. 21, 2024 — Teleo, a company building autonomous technology for heavy equipment, today announced it has raised $16.2 million in Series A extension funds in addition to the company’s previously announced Series A funding round. The company will primarily use the funds to scale customer deployments and continue its expansion in new industries that use heavy machinery, such as wheel loaders, terminal tractors, excavators, and more. Teleo will also use the funds to enhance its AI capabilities, including advancing autonomous features; integrating large language models (LLMs) to further unlock operator efficiency; and collecting real-world data to continue training AI models. Teleo’s first extension round, totaling $9.2 million, was led by UP.Partners, with participation from other investors, including new investor Trousdale Ventures and return investor F-Prime Capital, among others. The second extension, totaling $7 million, was also led by UP.Partners, with participation from new investor Triatomic Capital, as well as returning investors F-Prime Capital and Trucks Venture Capital, among others. Since inception in 2019, Teleo has raised $29.8 million.

“Our strong conviction in Teleo’s solution comes from the incredible impact their technology for remote and autonomous operations of heavy machinery is having for some of the largest operators in the world. In addition to significant productivity gains, Teleo creates a positive effect on the workforce, where skilled labor shortages are endemic to the industry,” said Adam Grosser, Chairman and Managing Partner at UP.Partners. “Teleo’s retrofit technology helps to make equipment operator jobs more accessible and safer, in addition to improving customer profitability by reviving machines that were otherwise sitting idle.”

Teleo recently announced it received new orders for 34 machines from a total of 9 new customers from new and existing industries. The company secured customers in the pulp and paper; logging; port logistics; munition clearing; and agriculture industries. The company is also targeting expansion into other industries such as airports; waste and recycling; logistics; warehousing; and more. 

“Teleo’s technology has created a groundswell of support and excitement with its customers, distributors, and across the industries it serves,” said Sanjay Aggarwal, Venture Partner, F-Prime Capital. “It’s rare to find a technology that delivers on the promise of being truly revolutionary for legacy industries and capable of solving a wide range of challenges, such as labor shortages. Teleo is capturing customers across an array of industries, and the company is positioned well to scale quickly.”

Teleo converts any make, model, and vintage of heavy equipment, such as bulldozers, wheel loaders, and excavators, into autonomous and remote-operated robots. The combination of remote and autonomous operations, called Supervised Autonomy, allows one operator to supervise multiple autonomous machines working simultaneously by enabling the operator to remotely perform complex tasks as needed. The operator sits at a central command center that can be stationed locally or thousands of miles away. There are many industries that use heavy machines to perform repeatable and predictable tasks where Teleo’s technology can help, especially amid historic labor shortages. For example, the Associated General Contractors of America estimates that 91% of construction firms are having a hard time finding workers to hire, driving up costs and project delays.

“There is a strong value proposition of our technology across many industries that leverage heavy machinery and our focus is to fulfill and scale our solid pipeline of orders,” said Vinay Shet, Co-founder and CEO, Teleo. “There’s a wider, untapped range of industries where Teleo Supervised Autonomy can provide instant value. We will use these funds to further deploy and scale our technology so we can continue to address historic labor shortages and deliver a positive impact.”

Teleo’s global dealer partner network, which was launched in 2023, includes dealer partners in the United States, Canada, Europe, Australia, North Africa, and the Middle East. The company also demonstrated the world’s longest supervised autonomous operation in history, when operators in Dallas controlled machines at a worksite in Finland, over 5,000 miles away.

About Teleo
Teleo is revolutionizing construction and material moving industries by turning traditional heavy equipment—such as articulated dump trucks, wheel loaders, terminal tractors, excavators, and more—into supervised autonomous machines. Teleo Supervised Autonomy is a technology that allows one operator to oversee multiple machines operating simultaneously from a remote and comfortable command center. These machines can be any brand or equipment type and serve a broad range of industries anywhere in the world. Equipping machines with Teleo’s technology multiplies productivity and increases operator safety and satisfaction, which are critical challenges for many industries. Teleo is backed by UP.Partners, F-Prime Capital, Trucks Venture Capital, Trousdale Ventures, Triatomic Capital, K9 Ventures, YCombinator and a host of industry luminaries.

The Teleo press kit, which includes photos and videos, can be found HERE.

SOURCE Teleo

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Transaction follows a period of rapid growth and scaling, where Empyrean has emerged as a leading provider of integrated risk and performance management solutions for financial institutions.

Funding will enable Empyrean to accelerate its product roadmap investments to address more ‘Office of the CFO’ software solutions, designed specifically for financial institutions, as well as expand sales and marketing to keep up with growing demand.

WOBURN, Mass., Nov. 21, 2024 — Empyrean Solutions (“Empyrean”), a leading provider of risk and performance management software for financial institutions, today announced a significant strategic investment from Hg, a leading investor in European and North American software businesses. The Empyrean management team and current investors, TechVenture Investors and Spectrum Equity, will all remain shareholders. Spectrum Equity will also participate alongside Hg in the new transaction.

Empyrean’s platform solves mission critical challenges for finance teams at financial institutions, who historically have had to navigate large quantities of siloed data, antiquated software applications and slow, static modelling. With a modern, cloud-based platform where banks and credit unions of all sizes can connect and process massive data sets – spanning loans, treasury & funding positions, deposits and general ledger information all at a transaction level – Empyrean is transforming the ‘Office of the CFO’ for financial institutions.

While Empyrean started as a specialist in Asset & Liability Management (ALM), the platform today spans Budgeting and Planning, Profitability, Data & Analytics and many other key functions for the finance teams of financial institutions. With superior technology, deep domain expertise and a relentless focus on driving innovation, Empyrean is helping the CFO and their teams to navigate complex economic and regulatory environments, optimize their financial performance and make informed strategic decisions. 

This transaction follows a period of sustained and rapid growth at Empyrean. During this time, the Company has achieved several financial and operational milestones:

• Consistent Growth. Empyrean has grown revenue at 40% per year since 2017 through a combination of new customer adds and existing customers adopting additional software modules.
• Compelling Customer Base. 270 total software customers — spanning small, mid-sized and large financial institutions — as of end of October 2024, including 70 new customers added over the last 12 months alone.
• Multi-Module Capabilities. 110 customers have adopted Empyrean’s newly launched Budgeting and Planning module in the first year since launch.
• Industry Recognition. ALM RiskTech Quadrant Category Leader and Category Winner for Financial Planning & Budgeting award by Chartis Research as part of its 2024 Chartis RiskTech 100 Awards.
• Large Bank Momentum. Recent addition of Ed Young, industry expert and former Fed risk specialist, who joins as Managing Director with a mandate to expand Empyrean’s growing base of banks with $100bn+ in total assets.

“Our strategy – replacing legacy software solutions and disparate datasets with a single, SaaS native and cloud-based platform – is gaining traction in the sector,” said Chris Maclin, Chief Executive Officer of Empyrean. “This new investment and our partnership with Hg will enable Empyrean to better address the needs of financial institution CFOs, and drive innovation in a space where it is desperately needed. We’re thrilled to welcome Hg as a new investor as we embark on the next phase of Empyrean’s journey.”

“Hg’s knowledge of software businesses and their proven track record partnering with companies across growth initiatives will be invaluable as we continue to innovate and expand our reach,” said Raffi Festekjian, Managing Director at TechVenture Investors. “We are also pleased that Spectrum Equity will remain actively involved as we work together to realize our shared vision of delivering to the financial services industry a comprehensive ‘Office of the CFO’ platform that is a single source of the truth, further solidifying our strong position in the industry.”  

“The Empyrean success story is still in its early innings,” said Farouk Hussein, Partner at Hg. “Our knowledge of the ‘Office of CFO’, experience in banking software, and extensive work across this sector confirmed Empyrean’s unique positioning. We are impressed by Empyrean’s management team and their approach to launching new products that solve financial institution CFO customer pain points, and we look forward to backing Chris and partnering with the existing shareholders and management team.” 

“This is exactly the right time for Empyrean to bring on a like-minded growth investor like Hg to help Empyrean realize the company’s full potential. The next chapter of growth at Empyrean will see the company stay true to its core mission but also pursue new growth initiatives like international expansion and penetration of the largest US and global financial institutions,” added Adam Margolin, Managing Director at Spectrum Equity.

Piper Sandler is serving as exclusive financial advisor and Choate, Hall & Stewart LLP as legal advisor to Empyrean. Raymond James is serving as exclusive financial advisor and Kirkland & Ellis LLP as legal advisor to Hg.

The terms of the transaction have not been disclosed and is subject to closing. 

About Empyrean Solutions 
Empyrean Solutions™ is a leading provider of risk and performance management solutions for banks and credit unions. Empyrean’s software allows financial institutions of all sizes to take control of their balance sheet management, scenario planning, and risk/performance analysis in a single integrated software platform. Through their deployed software and outsource services, Empyrean works with banks and credit unions, ranging from $50 million to $200+ billion in assets.

For more information, please contact: [email protected] 

About Hg
Hg supports the building of sector-leading enterprises that supply businesses with critical software applications or workflow services, delivering a more automated workplace for their customers. This industry is characterised by digitization trends that are in early stages of adoption and are set to transform the workplace for professionals over decades to come.

Hg’s support combines deep end-market knowledge with world class operational resources, together providing compelling support to entrepreneurial leaders looking to scale their business – businesses that are well invested, enduring and serve their customers well. 

With a vast European network and strong presence across North America, Hg’s 400 employees and around $70 billion in funds under management support a portfolio of around 50 businesses, worth over $160 billion aggregate enterprise value, with around 110,000 employees, consistently growing revenues at more than 20% annually. https://hgcapital.com/ 

Spectrum Equity
Spectrum Equity is a leading growth equity firm providing capital and strategic support to innovative companies in the information economy. For nearly 30 years, the firm has partnered with exceptional entrepreneurs and management teams to build long-term value in market-leading internet-enabled software, data, and information services companies.

With offices in Boston, San Francisco, and London, the firm is investing its tenth fund with $2 billion in limited partner capital. Representative investments include Ancestry, Definitive Healthcare, GoodRx, Lucid Software, Origami Risk, RainKing, SurveyMonkey and Verafin. For more information, including a complete list of portfolio investments, visit: www.spectrumequity.com.

For further information, please contact: 

Empyrean Solutions: 
Margaret Leoffler 
Email: [email protected]  

Hg: 
Tom Eckersley 
Email: [email protected] 

Spectrum Equity:
Margaret Jones
Email: [email protected]

SOURCE Empyrean Solutions

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