— Oversubscribed financing brings together leading syndicate of life sciences investors —

— Proceeds to support clinical development of first-in-class therapies for neurological disorders –

BOSTON, Oct. 30, 2024 — Axonis Therapeutics, a biotechnology company focused on the development of novel neuromedicines, announced today the successful completion of an oversubscribed $115 million Series A financing. Proceeds from the financing will be used to advance Axonis’ lead development candidate, AXN-027, through clinical proof-of-concept in patients. AXN-027 is a first-in-class oral small molecule designed to potentiate the function of KCC2, a major CNS chloride transporter essential for inhibitory neurotransmission, for the treatment of epilepsy and pain. Proceeds will also enable the development of next generation compounds targeting KCC2 in these and other indications, including psychiatric and neurodevelopmental disorders.

Cormorant Asset Management and venBio Partners co-led the financing with significant investments from Sofinnova Investments, MRL Ventures Fund, Perceptive Advisors, Lumira Ventures and Solasta Ventures. In conjunction with this financing, Axonis named Raymond J. Kelleher, M.D., Ph.D., Managing Director at Cormorant Asset Management and Jonathan Leff, M.D., Executive Partner, Private Equity, from Sofinnova Investments to its Board of Directors. Eos Bioinnovation, Hatteras Venture Partners, SCI Ventures, Alexandria Venture Investments, Tachyon Ventures, BoxOne, Iaso Ventures and Pathway Bioventures also participated in the financing.

“Axonis’ vision is to advance a pipeline of oral KCC2 therapeutics to restore functional inhibition in the CNS to treat neurological disorders without disabling side effects,” said Joanna Stanicka, Ph.D., Chief Executive Officer, President, and co-founder of Axonis. “As we head into the clinic later this year, this financing is a significant milestone for Axonis as we translate our exciting science into efficacious and well-tolerated treatments for patients suffering from neurological disorders.”

“We’re delighted that this accomplished group of investors share our mission to translate Axonis’ science into impactful medicines,” said Corey Goodman, Ph.D., Executive Chair and co-founder of Axonis. “I’m pleased to see how far the science has progressed at Axonis; what the team has accomplished is remarkable. We are now well positioned to bring our lead therapeutic program through clinical proof of concept and expand into related arenas and build a leading biotechnology company.”

Despite the approval of several drugs for epilepsy and pain, many patients do not tolerate or respond to current first-line therapies due to impaired synaptic inhibition, which can contribute to drug resistance. Axonis’ oral KCC2 potentiators are designed to restore functional inhibition and overcome drug resistance in patients.

“I’m enthusiastic about the potential of Axonis’ novel precision approach to re-shape how we treat patients with neurological disorders, particularly epilepsy and pain where modulation of synaptic inhibition has great therapeutic promise,” said Raymond J. Kelleher, M.D., Ph.D., Managing Director at Cormorant. “Axonis’ scientists have done amazing work. We’re very excited about what this program could mean for patients and their families.”

Leadership Team

Axonis is led by Joanna Stanicka, Ph.D., co-founder and co-inventor of Axonis’ underlying IP. She is a Harvard-trained scientist, drug hunter, and entrepreneur, and a recipient of the Massachusetts Next Generation Award, a prize in leadership for woman-CEO in life sciences. Shane Hegarty, Ph.D., is the company’s Chief Scientific Officer, co-founder, and IP co-inventor. He was previously a Research Fellow at Harvard Medical School and Boston Children’s Hospital, faculty member in Neuroscience Department of University College Cork, and recipient of the Neuroscience Ireland Investigator Award.

In conjunction with the financing, Axonis also announces the appointments of Donald Manning, M.D., Ph.D., as Chief Medical Officer and Jeff Imbaro, M.B.A., as Chief Operating Officer. Dr. Manning is a clinician-scientist with comprehensive experience in acute and chronic clinical practice, research and management. He brings to Axonis over 25 years of executive experience, having overseen the filings of seven INDs and five NDAs that have led to nine approved products. Mr. Imbaro brings over 20 years of company building expertise, having led Business Development and General and Administrative functions of several successful biotech and pharmaceutical companies. He was a member of the founding team of Semma Therapeutics, which was later acquired by Vertex Pharmaceuticals in 2019 for nearly $1 billion. 

About Axonis Therapeutics

Axonis Therapeutics is a neuro-focused biotechnology company developing first- and best-in-class medicines targeting KCC2, the critical mediator of inhibitory neurotransmission within the brain, by translating breakthrough discoveries spun out from Boston Children’s Hospital, Harvard and Université Laval. The company has built a proprietary KCC2 discovery engine, based on several years of world-leading know-how, to become the leaders in this potential blockbuster drug space. Axonis is grateful for grant awards and support received from National Institutes of Health, Department of Defense SCIRP, ISS National Lab, CURE Epilepsy, Wings for Life, Massachusetts Life Center, SynGAP Research Fund, Praxis Spinal Cord Institute, Creative Destruction Lab, Springboard Enterprises and MassChallenge. The company is headquartered in Boston, MA. For more information, visit www.axonis.us.

About venBio Partners

Since inception in 2011, venBio has raised roughly $2 billion in capital commitments and led investment rounds in 40+ companies, including Labrys Biologics (acquired by Teva), Aragon Pharmaceuticals (acquired by Johnson & Johnson), Seragon Pharmaceuticals (acquired by Roche), Aurinia Pharmaceuticals (NASDAQ: AUPH), Apellis Pharmaceuticals (NASDAQ: APLS), Checkmate Pharmaceuticals (NASDAQ: CMPI, acquired by Regeneron), Turning Point Therapeutics (NASDAQ: TPTX, acquired by BMS), Akero Therapeutics (NASDAQ: AKRO), Harmony Biosciences (NASDAQ: HRMY), Pharvaris (NASDAQ: PHVS), CinCor Pharma (NASDAQ: CINC, acquired by Astra Zeneca), RayzeBio (NASDAQ: RYZB, acquired by BMS), and many others. For more information, visit the venBio website at www.venbio.com and follow on LinkedIn.

About Cormorant Asset Management

Founded in 2013, Cormorant Asset Management, LP (“Cormorant”) is a leading life sciences-focused investment firm with over $3 billion of assets under management. Cormorant is driven by a deep focus on fundamental scientific principles and provides financial resources to support the most innovative and promising publicly traded and private companies in biotech and allied sectors. Cormorant is among the most active crossover investors in life sciences, with investments in over 100 privately held, life science-focused companies during the past decade. 

Media Contact

Argot Partners
Sarah Sutton
[email protected]

SOURCE Axonis Therapeutics

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Ahead of its Series B investment round, the funds will accelerate growth opportunities and expansion for the AI-powered fieldwork software

DENVER, Oct. 30, 2024 — FYLD, the AI-powered, fieldwork effectiveness platform for the global infrastructure sector announced today that NatWest, one of the UK’s largest business and commercial banks, has provided $10 million of growth capital to FYLD. The long-term banking partnership will enable expedited investments and continued growth across markets, especially as FYLD scales past the development stage.

“NatWest’s confidence in us and our market-leading product confirms that our vision is necessary to reinvent field workforce execution across the industry,” Shelley Copsey, FYLD’s CEO and co-founder, said. “This investment will be instrumental in our ability to drive change where it’s most needed, as we focus on our U.S. expansion, strengthen our position in the market as we set the stage for our next era of growth, and pave the way toward a more proactive, efficient field workforce.”

NatWest serves more than 19 million people, families, and businesses across the UK and Ireland. Positioning itself as a “relationship bank for a digital world” – NatWest focuses on championing potential and driving change for its communities in enterprise, learning, and climate, focusing on the people and communities who have traditionally faced the highest barriers to entry and figuring out ways to remove these obstacles.

Simon Foss, Vice President, Venture & Growth Finance, at NatWest said “This transaction showcases NatWest’s dedication to supporting innovative scale-up businesses, like FYLD, where we aim to build long-lasting partnerships with businesses that are driving innovation and making an invaluable contribution to the growth of the economy. Our financing will support the further expansion of FYLD’s transformational fieldwork software which promotes better safety behaviors and increases productivity and high-quality outcomes through AI-enhanced workflows.”

As FYLD nears its fifth anniversary, the industry leader is on track to double its revenue in 2024 with strong gross and net revenue rates, along with:

• Raising a £32 million Series A funding round from 2021 to 2023 led by Koru, the Ontario Teachers’ Pension Plan’s venture incubator with participation from SGN, to take the platform global
• Securing awards and recognitions including Tech Nation’s Future Fifty, The Energy Innovation Council, CEMEX Ventures Global Construction Startup Competition, and the UK IT Awards
• Valuing diversity in hiring, with 45% of the FYLD team being women

To learn more about FYLD and how it is reimagining the future of fieldwork, visit: https://fyld.ai/.

About FYLD
Founded in 2020, FYLD offers an AI-driven digital platform that empowers field managers to make proactive, data-led decisions in real time and transform operational processes and procedures with data. A unique collaboration between SGN, Boston Consulting Group’s BCG X and Ontario Teachers’ Pension Plan (OTPP) FYLD is redefining the execution of field workforce operations in the infrastructure sector globally. Recognized as a breakthrough platform with awards from the Energy Innovation Council, CEMEX Ventures global construction tech startup competition and UK IT Awards, FYLD is ushering in a new era for productivity, safety, quality and sustainability in the field. Visit https://www.fyld.ai/ for more.

About NatWest Bank plc, Venture & Growth Finance
NatWest Venture & Growth Finance supports UK innovators, from high growth B2B software to research-intensive IP-rich scale-ups, with non-dilutive and flexible funding plans to accelerate growth. The proposition is part of NatWest Bank Plc, one of the UK’s largest retail and commercial banks, sitting within NatWest’s Corporates & Institutions division which is a major backer of global technology, media and telecom (TMT) companies, providing a full suite of lending and broader banking services. Visit Venture & Growth Finance | NatWest Corporates and Institutions for more.

Media Contact
Caroline Phipps
Carve Communications
[email protected]

SOURCE FYLD

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Latest investment will accelerate company’s work to drive business productivity securely

TEL AVIV-YAFO, Israel, Oct. 30, 2024 — Zenity, the leader in securing agentic AI, today announced they have received $38 million in Series B funding co-led by Third Point Ventures and DTCP, pushing the total capital raised to over $55 million. It follows the recent strategic investment by Microsoft’s venture arm, M12, with strong support from existing investors Intel Capital and Vertex Ventures. The funds will be used to grow the team across product, engineering, sales and marketing, as well as launching a partner program to expand the ecosystem of supporting enterprises globally as they adopt agentic workflows including agentic AI, enterprise copilots and applications built on low-code platforms.

With Forbes estimating that more than 51% of companies are actively adopting AI for process automation, and Microsoft stating the number of people who use Copilot daily at work has nearly doubled quarter-over-quarter, many enterprises have already taken a bold leap into the world of AI. However, per Salesforce, only 11% of CIOs say they’ve fully implemented AI, with the number one reason for holding full implementation back being security and data infrastructure concerns. This round of funding serves to further accelerate and expand Zenity’s ability to enable the use of AI apps and agents among Fortune 500 enterprises, including current Zenity customers that exist across financial services, technology, manufacturing, energy and pharmaceutical industries.

Ben Kliger, Zenity’s CEO and co-founder, said: “The future of work is now. For the first time, large enterprises are on the cutting edge by placing the power of AI and low-code at all users’ fingertips, meaning anyone can now use and build AI agents and business applications to get more done. As such, security teams need robust and purpose-built solutions to properly manage the risks that come when utilizing the most powerful tools we have ever seen. We are proud to partner with Third Point Ventures and DTCP to continue our mission in supporting the world’s largest and most consequential organizations to enable innovation securely.”

Recently, Zenity researchers found that the average large enterprise has nearly 80,000 AI agents, apps, and automations that are built using low-code development platforms, with over 62% containing some type of security vulnerability. Additionally, Zenity CTO and co-founder Michael Bargury presented research at Black Hat 2024 revealing how easy it is for bad actors to take control over enterprise copilots, such as Microsoft 365 Copilot, all without requiring a compromised account. What these themes have in common is that business users of all technical backgrounds are at the forefront for business productivity. It also means that IT organizations are lacking visibility, as AI agents and applications are being built and used across the enterprise. These applications exist with an implicitly shared responsibility model, similar to the cloud, and security teams do not have visibility into what risks exist.

Zenity provides visibility, risk assessment and governance that security teams need in order to fully harness AI agents. Having gotten their start as the pioneers in the low-code/no-code application security space, Zenity is uniquely positioned with this latest round of funding to support enterprises as they continue placing more power at the hands of business users via Agentic AI workflows. As a community-oriented organization, having led and co-sponsored initiatives like the OWASP Top 10 for Low-Code/No-Code Security and the newly minted GenAI Attacks Matrix, Zenity is at the forefront of both security research and product development to be able to continue as a force enabler to the world’s enterprises.

Sapir Harosh, Partner, Third Point Ventures, said: “In the rapidly evolving realms of AI and low-code development, Zenity stands out as a first mover dedicated to securing enterprises from emerging threats. We are proud to invest in Zenity and work closely with the team as they enable enterprises to harness powerful tools safely and drive transformative change. At Third Point Ventures, we are on the lookout for visionary companies like Zenity—those with deep connections to technology and a bold mission to serve large enterprises. We look forward to supporting their next wave of growth as they continue to innovate with advancements in AI and low-code technologies.”

Dean Shahar, Head of Israel, DTCP, said: “We are incredibly impressed with Zenity’s achievements and are thrilled to partner with them in their next phase of growth. It’s no secret that the race to secure AI is on, but Zenity is way ahead of the competition, driven by a strong customer base and over 3x YoY growth. Their research-driven and community-focused approach, combined with their expertise in securing and understanding low-code environments, gives them a distinctive advantage in securing how business users operate today – one that’s already delivering real value to their customers. We’re excited about the opportunity to work with Ben, Michael and their incredible team and look forward to a fruitful collaboration that drives innovation and success.”

About Zenity 
Zenity, the world’s first agent-less application security platform for enterprise Copilots and Low-Code development, protects organizations from security threats, helps meet compliance, and enables business continuity. Established in 2021, many of the world’s leading organizations trust Zenity to help configure security guardrails, generate prioritized lists of vulnerabilities, and accurately pinpoint and remediate vulnerabilities by continuously scanning business-led development platforms and providing centralized visibility, risk assessment, and governance. Visit us at https://www.zenity.io for more. 

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Runway’s recognition highlights its unwavering support for entrepreneurs through minimally dilutive capital solutions.

MENLO PARK, Calif., Oct. 29, 2024 — Runway Growth Capital LLC (“Runway”), a leading provider of growth loans to venture and non-venture-backed companies seeking an alternative to raising equity, is proud to announce its inclusion in Inc. Magazine’s 2024 Founder-Friendly Investors list. This marks another significant achievement for the firm, reinforcing its reputation as a trusted financial partner dedicated to empowering entrepreneurs by offering capital solutions that allow founders to maintain ownership of their businesses.

“It has been a complicated few years for growth companies and the companies that fund them,” said Mike Hofman, editor-in-chief of Inc. “So we are happy to share with our readers the best, latest guidance on which venture capital firms, private equity firms, and growth-capital lenders have the track record and reputation of being especially good partners to founders and CEOs.”

The prestigious list celebrates the investors who believe in backing founder-led businesses and helping them thrive. All companies on the list have successful track records of collaboration and remaining actively involved with the businesses they invest in.

“Our inclusion on Inc.’s Founder-Friendly Investors list underscores our commitment to building meaningful relationships with founders,” said David Spreng, Founder and CEO of Runway. “By offering venture debt, a less dilutive alternative to equity, we enable entrepreneurs to retain more control of their companies while supporting them through their growth journey.”

Runway’s investment philosophy centers on collaboration with its borrowers, focusing on trust, transparency, and long-term partnership. Founded in 2015, the firm has distinguished itself as a key player in venture lending, helping high-growth companies across varied industries access non-dilutive financing. Since its inception, Runway has partnered with 83 companies, providing capital to businesses with a clear path to profitability and issuing over $3.2 billion in total loan commitments.

A recent example of Runway’s commitment to its portfolio companies is its partnership with Elevate Services, Inc. (“Elevate”), a leading global provider of software and services to legal departments and law firms. In 2024, Runway provided $20.0 million in growth capital to Elevate, building on the $40.0 million committed by Runway in 2023. The additional investment reaffirmed Runway’s confidence in Elevate’s strategy and underscored Runway’s dedication to supporting the long-term growth of its portfolio companies.

Runway has executed several similar upsizes, maintaining strong confidence in its investments and consistently supporting founders through both challenges and successes. In the fourth quarter of 2023, Runway provided a $65.0 million investment to existing portfolio company Synack, Inc. (“Synack”), a developer of a crowdsourced security testing platform, funding $40.0 million at close. This investment refinanced a $60.0 million senior secured term loan previously provided by Runway. Also in the fourth quarter of 2023, Runway added a $30.0 million investment to its existing portfolio company, Bombora, Inc. (“Bombora”), a marketing technology and data company, funding $28.0 million at close, which upsized the previous $20.0 million senior secured term loan provided by Runway to Bombora.

Introduced in 2019, the Founder-Friendly Investors list has become a go-to guide for entrepreneurs who want to grow their companies while retaining an ownership stake.

To see the complete list, go to: https://www.inc.com/founder-friendly-investors/2024

The November 2024 issue of Inc. magazine is available online now at https://www.inc.com/magazine and will be on newsstands beginning October 29.

Legal Disclosure
The award for Runway’s advisory services has been given by a non-advisory client. A cash compensation entry fee was given in association with the award. Any compensation may create a conflict of interest. For more information on Inc.’s award selection process click here.

About Inc.
Inc. is the leading media brand and playbook for the entrepreneurs and business leaders shaping our future. Through its journalism, Inc. aims to inform, educate, and elevate the profile of our community: the risk-takers, the innovators, and the ultra-driven go-getters who are creating our future. Inc.’s award-winning work achieves a monthly brand footprint of more than 40 million across a variety of channels, including events, digital, print, video, podcasts, newsletters, and social media. Its proprietary Inc. 5000 list, produced every year since its launch as the Inc. 100 in 1982, analyzes company data to rank the fastest-growing privately held businesses in the United States. The recognition that comes with inclusion on this and other prestigious Inc. lists, such as Female Founders and Power Partners, gives the founders of top businesses the opportunity to engage with an exclusive community of their peers, and credibility that helps them drive sales and recruit talent. For more information, visit www.inc.com.

About Runway Growth Capital LLC
Runway Growth Capital LLC is the investment advisor to investment funds, including Runway Growth Finance Corp. (Nasdaq: RWAY), a business development company, and other private funds, which are lenders of growth capital to companies seeking an alternative to raising equity. Led by industry veteran David Spreng, these funds provide senior term loans of $10 million to $75 million to fast-growing companies based in the United States and Canada. For more information on Runway Growth Capital LLC and its platform, please visit our website at www.runwaygrowth.com.

Forward-Looking Statements
Statements included herein may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance, condition, or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in Runway’s filings with the Securities and Exchange Commission. Runway undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.

SOURCE Runway Growth Capital LLC

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SINGAPUR, 29. Oktober 2024 — TripFactory, eine führende globale Reiseplattform mit einer starken Präsenz in Indien, hat eine Serie-A-Finanzierung in Höhe von 50 Mio. USD von einer bekannten internationalen Unternehmensgruppe mit Hauptsitz in Indien erhalten. Diese Investition bewertet das Unternehmen mit einer halben Milliarde Dollar.

TripFactory wurde von Vinay Gupta und einem Team erfahrener Unternehmer, darunter Amit Aggarwal, Varun Gupta, Deepak Khurana, Ankit Agarwal, Ankush Agarwal, Ali Asger Lightwala und Ahmed Khan, gegründet und hat seine globalen Aktivitäten nach COVID-19 rasch ausgeweitet. Das in Singapur ansässige Unternehmen ist in über 110 Ländern vertreten und arbeitet mit Reisebüros und anderen Akteuren der Branche zusammen, um über seine fortschrittliche Plattform maßgeschneiderte Urlaubspakete anzubieten. Die Verbraucher können ihren Traumurlaub über die TripFactory-Website (www.tripfactory.com) buchen oder sich von den Experten des Unternehmens eine individuelle Urlaubsplanung erstellen lassen.

Die innovative Plattform von TripFactory integriert nahtlos die Logistik vor Ort und die Erbringung von Dienstleistungen und gewährleistet so ein außergewöhnliches Reiseerlebnis für seine Kunden.

„Wir freuen uns, in TripFactory zu investieren und mit dem Unternehmen zusammenzuarbeiten, da es weiterhin Freizeitreisen auf globaler Ebene revolutioniert”, so die Unternehmensinvestoren. „Mit ihrem dynamischen Team, ihrer ehrgeizigen Vision und ihren starken Werten ist TripFactory als Branchenführer gut positioniert und verfügt über die erwiesene Fähigkeit, ein profitables globales Unternehmen aufzubauen und zu skalieren.”

Angesichts der steigenden Nachfrage nach Urlauben nach der Pandemie hat sich Indien zu einem der führenden Quellmärkte für internationale Reisen entwickelt. TripFactory steht an vorderster Front, um diese wachsende Nachfrage mit einem einzigartigen Angebot zu befriedigen.

„Diese Investition bestärkt uns in unserem Bestreben, das größte Reiseunternehmen der Welt zu werden”, sagte Vinay Gupta, Gründer und CEO von TripFactory. „Damit können wir unsere Marktpräsenz ausbauen, unser Produktangebot diversifizieren und die Kundenerfahrungen in bestehenden und neuen Märkten verbessern. Wir konzentrieren uns weiterhin darauf, die Servicequalität unserer Plattform zu verbessern.”

Weitere namhafte neue Aktionäre, die sich in dieser Finanzierungsrunde dem Unternehmen angeschlossen haben, sind Vani Kola, Mohandas Pai und Ranjan Pai.

Informationen zu TripFactory:

TripFactory hat seinen Hauptsitz in Singapur und ist ein weltweit führender Anbieter von maßgeschneiderter Urlaubsplanung und nahtlosen Reiseerlebnissen. Das 2014 gegründete Unternehmen arbeitet mit Vertriebspartnern in 110 Ländern und 1.700 Städten zusammen und bietet Urlaubspakete in 32.000 Städten weltweit an. Mit über 800 Mitarbeitern in 62 Ländern ist TripFactory bestrebt, Reisenden einen erstklassigen Service zu bieten. Bis heute hat das Unternehmen Kunden aus über 94 Nationalitäten bedient.

Weitere Informationen finden Sie unter www.tripfactory.com.

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Partnership advances a mutual commitment to financing for residential homeowners and elective healthcare nationwide.

PHILADELPHIA, Oct. 29, 2024 — PowerPay, a leader in digital point-of-sale home improvement and patient lending, is pleased to announce the successful closing of an investment grade corporate bond issuance with KeyBank serving as the sole private placement agent. This financing is a significant step in PowerPay’s strategic growth plan, enabling the company to enhance its operational capabilities and expand its market presence.

The bond issuance provides PowerPay with the necessary capital to invest in technology advancements, scale its service offerings, and further develop innovative solutions. KeyBank’s commitment as the private placement agent underscores the bank’s confidence in PowerPay’s business model and growth trajectory.

“We are thrilled to partner with KeyBank in this important financing round,” said Mike Petrakis, Founder & CEO at PowerPay. “This financing will allow us to accelerate our growth, enhance our technology, and better execute on the Company’s financing initiatives.”

KeyBank’s robust financial support, combined with its deep understanding of the digital lending sector, positions PowerPay to capitalize on emerging opportunities in the market. The Company remains focused on delivering superior lending solutions while maintaining a commitment to compliance and customer satisfaction.

This financing marks a pivotal moment for PowerPay as it continues to position itself as a key player in the home improvement and elective healthcare industries. The Company looks forward to leveraging this partnership to enhance its service offerings and achieve its strategic goals.

For more information about PowerPay’s home improvement and healthcare loan options, visit www.getpowerpay.com.

About PowerPay

Launched in 2018, PowerPay is a leading provider of digital point-of-sale lending solutions, dedicated to delivering innovative and efficient services to the home improvement and patient finance sectors. With a focus on technology and customer experience, PowerPay is committed to revolutionizing the way businesses manage their loan offerings. Since its inception, PowerPay has processed over $8 billion in consumer loans. www.getpowerpay.com.

Media & Investor Relations:
Bennett Andelman
[email protected]

© 2024 PowerPay, Inc. All rights reserved.

SOURCE PowerPay

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SEATTLE, Oct. 29, 2024 — Picnic^™, the leader in food production automation, announced it has raised $5 million in a funding round led by Cercano Management, with participation from new investor Unlock Venture Partners, as well as existing investors Thursday Ventures, Flying Fish Ventures, and Creative Ventures.

This new round of funding will support Picnic’s mission to enhance customer productivity and help businesses in various industries embrace automation for increased efficiency. The capital will be used to scale operations, ramp up production, accelerate delivery capabilities, and meet increasing demand for its innovative food automation solutions across North America.

“Picnic is a perfect fit for investors looking to capitalize on the rapidly expanding world of Robotics, Food Technology, and Automation,” said Andy Liu, Partner at Unlock Venture Partners. “With over 3 billion pizzas sold annually in North America alone, the pizza industry presents an immense market opportunity, and Picnic is well-positioned to capture it. Picnic’s innovative platform makes it a leader in the transformative food automation space.” Andy will join Picnic’s board of directors, bringing decades of experience in hardware and software companies as a seasoned operator and investor.

Chef Lee Kindell, founder of MOTO Pizza and renowned for his innovative take on traditional pizza-making, shared his enthusiasm for Picnic’s technology. “Partnering with Picnic has been an exciting evolution for MOTO. Their cutting-edge automation has allowed us to maintain the integrity of our culinary craftsmanship while cost-effectively scaling up production to meet growing demand, at our traditional pizzeria, as well as high-volume venues like the Indian Wells Tennis Garden and T-Mobile Park in Seattle,” said Chef Lee. “Picnic’s platform gives us the efficiency we need without compromising the quality that defines our brand. It’s an inspiring blend of tradition and technology.”

Meeting Industry Needs Through Innovation
Picnic’s customer base already includes a diverse range of high-volume locations, from universities, stadiums, and big-box retailers to commissaries, pizzerias, and the U.S. military. The Picnic Pizza Station (PPS) enables these customers to overcome industry challenges like rising labor costs, productivity shortfalls, and food waste. Through automation, Picnic allows businesses to reallocate labor, reduce waste, enhance consistency, and boost employee and customer satisfaction.

“We pride ourselves on being customer-centric,” said Michael Bridges, CEO of Picnic. “Our focus is on empowering our customers by providing the automation tools they need to thrive. Automation doesn’t replace workers—it enhances their roles, allowing them to focus on improving both employee and guest experiences. The Picnic Pizza Station is designed to deliver consistent product quality while driving operational efficiency and reducing costs.”

A Leader in Food Automation
Picnic’s flagship product, the PPS Leonardo^™, and its smaller, cost-effective counterpart, the PPS Michelangelo^™, cater to high-volume, low-customization environments like university campuses, live venues, and military bases. Recent milestones include a pilot with one of the world’s largest retailers and installation in the U.S. Navy Kitsap base.

About Picnic
Founded in 2016, Picnic Works, Inc. (picnicworks.com) is a leader in intelligent robotic technology for the food service and hospitality industries. Picnic provides specialized automation solutions for restaurants, convenience and grocery stores, universities, retailers, sports venues, and military sites, helping them meet the demands of high-volume production with consistency and efficiency.

Follow Picnic on Facebook, LinkedIn, X, and Instagram.

Contact:
Michael Bridges
(415) 209-8295
[email protected] 

SOURCE Picnic Works, Inc.

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In support of this strategic shift, Crosscut is also launching a growth investment platform designed to back later-stage rounds in frontier tech.

LOS ANGELES, Oct. 29, 2024 — Crosscut Ventures, an early-stage venture capital firm with deep roots in Southern California’s tech ecosystem, today announced a strategic evolution in its investment thesis. Moving forward, Crosscut will exclusively focus its capital and company-building efforts on frontier technology, including space exploration, defense innovation, advanced materials and manufacturing — sectors that push the boundaries of technological development to solve critical market problems. Alongside these, Crosscut will also focus on energy transition and scalable climate solutions, reflecting the growing importance of these areas to the SoCal tech ecosystem. As part of the new direction, Crosscut will announce a new partner later this year who will join Crosscut’s 6th fund to lead the firm’s growth and project finance efforts, enabling the most promising energy innovations to reach commercial scale.

Building on Crosscut’s sixteen-year track record of early-stage success, backing over 170 companies with initial capital of $210 million, leading to over $7.2 billion of follow-on capital, Crosscut is committed to advancing opportunities in frontier technology. This shift aligns with the firm’s history of supporting companies like Inspire Energy (acquired by Shell), Measurabl, and Umbra Space, while paving the way for the next generation of mission-driven businesses, through more recent investments like Carbon Ridge, Cambium Carbon, SoloPulse, Haxion, Aalo, Proteus Space, and Solestial Solar.

“In my 23 years as an early-stage investor in LA, I’ve never been more excited about the potential of this market, the diversity of talent and the hard problems that I see amazing entrepreneurs tackling every day. We are just at the beginning stages of this techno-manufacturing revolution that will drive SoCal and produce some of the best returns of the next two decades,” said Brian Garrett, Managing Director and Co-Founder of Crosscut. “I feel lucky to wake up every day and have the opportunity to support the SoCal founders who are tackling these problems. I look forward to seeing the tremendous impact these solutions can have on global decarbonization, our energy systems and the continuing commercialization of space.”

In support of this strategic shift, Crosscut is also launching a growth investment platform designed to back later-stage rounds in frontier tech. With over 100 investors already committed, the invite-only network will syndicate a select set of underwritten growth deals to a network of mission-aligned investors, including family offices, endowments and foundations with a focus on frontier technologies such as nuclear fission, synthetic fuels and next-generation transmission and grid solutions.

About Crosscut Ventures

Crosscut Ventures, one of LA’s longest-standing seed funds, invests in founders building solutions that provide humanity with a better future. Crosscut partners with founders focused on clean energy generation and power distribution, the commercialization of frontiers in space, the ocean, and the earth, decarbonization, and the upgrading of the U.S.’ defense systems. The firm is committed to using its 16+ years of experience, widespread connectivity, and proven playbooks to bring companies to commercial viability for the betterment of humanity.

For more information, visit www.crosscut.vc.

SOURCE Crosscut Ventures

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Funding round led by Lightspeed Venture Partners will enable Table22 to expand its commerce platform and drive continued merchant partner growth

NEW YORK, Oct. 29, 2024 — Today, Table22, a leading provider of revenue-expanding e-commerce tools for merchants in America’s more than $1 trillion food and beverage industry, announced an $11 million Series A funding round to expand its platform and customer network. The round was led by Lightspeed Venture Partners, with participation from institutional investors Footwork, Forerunner Ventures, and Alt Capital, among others, as well as individual participants including founders of and leaders from category-leading companies like Square, BentoBox, and SevenRooms.

This funding comes on the heels of Table22’s 3x year-over-year growth; its ongoing 99% monthly retention of core merchant customers; and its expanding suite of commerce, fulfillment, and marketing tools used by independent restaurants, grocers, butchers, beverage retailers, coffee shops, bakeries, breweries, and cheesemongers across 38 U.S. states.

“At Table22, we believe that food & beverage businesses have the opportunity to serve their customers in a wide variety of compelling — and profitable — new ways,” said Sam Bernstein, Table22 Founder & CEO. “Our platform represents an entirely new selling paradigm for this essential, beloved industry — one that helps owners to ‘expand the pie’ with untapped revenue and offering categories; to transform the productive capacity of cost centers like prep shifts and off hours; and to drive more loyalty and brand affinity with their customers. We are thrilled to partner with Lightspeed on this round, and look forward to continuing to invest behind the success of our growing base of merchant partners around the U.S.”

Merchants who use Table22 today routinely generate six figures or more of new, high-margin revenue for their businesses through innovative consumer offerings like subscriptions, retail packages, and branded CPG products that are enabled by the company’s platform.

“Table22 is a rare win-win-win for the restaurant, the guest, and the platform,” said Aaron Silverman, Founder of Washington, D.C’s award-winning Rose’s Restaurant Group and Extra Fancy Catering & Events. “Since we began working with Table22 in 2021, the platform has enabled us to drive seven figures of new sales across subscriptions and retail e-commerce, while helping us nurture our guest relationships and extend our brand beyond our four walls.”

“Americans are spending more on out-of-home food than before the pandemic, but paradoxically it’s never been harder for restaurants to earn a profit. Table22 is growing the pie for all constituents in the food and beverage ecosystem by enabling merchants to tap into new sources of profitable growth,” said Alex Taussig, partner at Lightspeed Venture Partners. “When we spoke to owners of food and beverage establishments, several told us that partnering with Table22 was like adding an extra week of revenue each month to the operating calendar. That kind of immediate and impactful customer experience, paired with Table22’s best-in-class retention and customer economics, led us to partner with Sam and the Table22 team.”

Table22 was founded in 2020 to provide a new path forward for revenue and margin expansion for America’s ~500k independent food and beverage merchants. The company’s mission is to empower every food and beverage business owner to thrive economically, delight customers, and fulfill their creative purpose.

About Table22
Table22 unlocks incremental, high-margin revenue for America’s restaurants and F&B retailers, allowing them to expand profits and tap >$1 trillion of unmet demand each year. The company provides innovative e-commerce, fulfillment, and marketing tools for a variety of merchants across the U.S. restaurant, grocery, and F&B retail sectors — with a mission to help independent F&B businesses thrive and grow. The company was founded in 2020 and is based in New York City, with backing from leading investors such as Lightspeed Venture Partners, Footwork, Forerunner Ventures, and more. www.table22.com

About Lightspeed
Lightspeed Venture Partners is a multi-stage venture capital firm focused on accelerating disruptive innovations and trends in the Enterprise, Consumer, Health, and Fintech sectors. Over the past two decades, the Lightspeed team has backed hundreds of entrepreneurs and helped build more than 500 companies globally including Affirm, Carta, Cato Networks, Epic Games, Faire, Forty Seven, Guardant Health, Mulesoft, Navan, Netskope, Nutanix, Rubrik, Sharechat, Snap, Udaan, Ultima Genomics and more. Lightspeed and its global team currently manage $25B in AUM across the Lightspeed platform, with investment professionals and advisors in the U.S., Europe, India, Israel, and Southeast Asia. www.lsvp.com

SOURCE Table22

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