Company’s Second Impact Report Reaffirms its Focus and Commitment to Minimize Climate Impact

CHICAGO, July 18, 2024 — Buoyant Ventures, an early-stage venture fund investing in digital solutions to climate change, today unveils its 2023 Impact Report. 

The report demonstrates the firm’s commitment to investing in digital-focused mitigation and adaptation solutions for climate change related challenges. To date, Buoyant Ventures manages $81 million with a focus on seed and Series A opportunities in energy, mobility, agriculture, water, circular economy, climate intelligence and the built environment. 

Buoyant utilizes methodology from leading industry standards including the UN’s sustainable Development Goals, Global Impact Investing Network’s IRIS metrics, and Impact Management Project’s Five Impact Dimensions to quantify measurable impact metrics.

Overview of portfolio-wide impact metrics from Buoyant’s 2023 Impact Report:

• Renewable Energy: 115k gigawatts of renewable energy managed by portfolio companies;
• GHG Emissions: 1.45 million metric tons of carbon dioxide equivalent emissions avoided by portfolio companies;
• Water Efficiency: 182k gallons of water usage avoided by portfolio companies;
• Lives & Livelihoods Impacted: 68k people;
• Risks Hedged: $139M; and
• Food Produced: 30k metric tons. 

“We founded Buoyant to help fight climate change and choose investments that can deliver both impact and financial returns. The methodologies and processes we have put into place are working and allow early-stage companies to accurately evaluate their actual impact on the environment,” said Allison Myers, general partner, Buoyant Ventures. “Our latest Impact Report continues to apply operational company metrics with leading tools and standards to measure Buoyant’s impact at the portfolio level as well as the individual investment level.”

Key details from Buoyant’s portfolio companies include:

• 55% are working towards climate mitigation strategies, 27% towards adaptation, and 18% working on both;
• 70% of portfolio companies are led by diverse CEOs and founders;
• Top three industry sectors are: climate intelligence, built environment, energy; and 
• 26% of portfolio company employees come from racially diverse backgrounds, while 34% are gender diverse.

Buoyant is the largest first-time female-owned venture firm outside of the east and west coasts. Buoyant’s digital climate fund is more than half deployed or reserved with 13 investments, including Raptor Maps (optimization software for solar); FloodFlash (parametric flood insurance); Shifted Energy (demand response software for residential energy load); Audette (decarbonization software for commercial real estate); ReelData (software to optimize land-based aquaculture production); Beni (software to streamline secondhand clothing shopping); ElectroTempo (software to help site EV charging infrastructure for fleet vehicles); Ocient (energy efficient database software); and HData (energy transition data).

“I’m so proud of the climate impact we are delivering through our portfolio for our LPs. Digital solutions can drive meaningful climate benefits today, buying time for some of the more scientific breakthroughs to reach their potential tomorrow. We need all hands-on deck if we are going to slow the pace of climate change,” said Amy Francetic, managing general partner, Buoyant Ventures.

To request a copy of Buoyant Venture’s 2023 Impact Report, please follow this link.

About Buoyant Ventures
Buoyant Ventures is a female-led venture fund investing in entrepreneurs using digital technology to mitigate and adapt to climate change. Buoyant invests in startups leveraging software and simple hardware to address climate change across the energy, mobility, agriculture, water, circular economy, and the built environment sectors.

Business Contact
[email protected]

SOURCE Buoyant Ventures

The report, “Venturing Forward: Mapping the Global Emerging Manager VC Landscape,” provides insight into global fund numbers and sizes, GP team sizes and gender, and financial metrics and performance from across the U.S., Europe, MENA, LatAm and SE Asia

LONDON, July 18, 2024 — LTV Capital, a venture capital fund-of-funds investing in best-in-class, capital-efficient, diverse emerging fund managers, has published an exclusive report with data from 800+ global emerging fund managers across the venture capital ecosystem. The report provides crucial insights for industry stakeholders, emphasizing the pivotal role emerging managers will play in shaping the new venture landscape. The report also uncovers the challenge of accessibility for both LPs and GPs across European, U.S. and emerging markets like MENA, LatAm and SE Asia, driving industry awareness during today’s venture capital reset.

LTV Capital was born out of the venture capital downturn that catalyzed new opportunities to invest in technology, led by a resurgence of emerging managers. The fund was co-founded by Farhan Lalji, veteran investor and former Managing Director at Anthemis Group who was responsible for Anthemis’ partnership with BBVA, investing directly into early-stage fintechs; and Dario de Wet, former Principal at Anthemis who co-led fund investments into six top-tier fund managers alongside Farhan. With a global network and ecosystem of emerging funds, LTV provides more than capital alone, serving both GPs and LPs.

“Dario and I have met hundreds – if not thousands – of fund managers throughout our careers, as startup founders and executives, then transitioning into investors in early-stage companies, and as fund investors. Our cumulative experience has enabled us to cultivate a remarkable network of fund managers worldwide, spanning various sectors, said Farhan Lalji, Founding Partner of LTV.

LTV Capital fosters strategic collaboration between LPs and GPs, supporting the development and growth of venture across geographies. The platform enables LPs to participate in the firm’s global network of funds, generating a deal pipeline for co-investment opportunities, obtain strategic insights and track these managers for potential future relationships.

“I meet with so many hungry, resilient and nimble entrepreneurs who’ve overcome numerous obstacles and succeeded,” said Julia Groves, Board Chair at Airex Technologies and former Managing Director of Sustainability at the British Business Bank. “Emerging fund managers have something to prove, and LTV provides the network and resources to support them. Research shows that having diversity in a fund leads to better risk-adjusted returns. The people who aren’t thinking this way will be left behind,” she said.

The report shows that the levels of activity within the emerging manager market continue to grow, as Europe is in greater competition with the U.S. And, managers in LatAm, MENA and SE Asia are quickly adopting U.S. practices towards fund strategy and positioning.

“As venture capital recovers from a welcomed downturn, we’re witnessing a resurgence of interest in emerging managers globally,” said Dario de Wet, Founding Partner of LTV. ” This shift signals a departure of opportunistic investors and emphasizes the importance of thoughtful capital allocation strategies as LPs recover. This paves the way for a new breed of emerging managers, who are intentional on their why, articulate about their network, and are focused on fundamentals. Amidst record-high inflation-adjusted dry powder, more than double that of the Dotcom Bubble, attracting LP capital hinges on these factors. I’m highly optimistic about the impact that LTV will have on the ecosystem,” he said.

The full report is located on LTV Capital’s website, here. 

About LTV Capital

LTV Capital is a venture capital fund-of-funds investing in best-in-class, capital-efficient, diverse emerging fund managers. Investors in LTV Capital gain exposure to early funds, are able to participate in these funds, generate a deal pipeline for strategic co-investments, gain strategic insights and track these funds as GPs raise subsequent funds. Beyond capital, LTV provides a world-class network, resources and mentorship. The team’s investment track record represents the most exclusive fund opportunities across Europe and the U.S., including Seven Seven Six, WndrCo, f7 Ventures, Springbank and more.

Media Contact

Morgan Borer

[email protected]

+44 7444 869082

SOURCE LTV Capital

SINGAPORE, July 16, 2024 — OKX Ventures, the investment arm of leading crypto exchange and Web3 technology company OKX, today announced that it has invested in zkLink. zkLink Labs develops zero-knowledge (ZK) infra solutions for the blockchain ecosystem with the goal of scaling and unifying assets across Ethereum and Ethereum Layer 2 Rollups (L2s).

zkLink’s flagship Aggregated Layer 3 zkEVM network (L3), zkLink Nova, aims to reduce liquidity fragmentation – trapped capital across multiple siloed blockchains – while providing security and scalability via zk-Proofs. Nova offers users an open platform to tap into aggregated assets for capital efficient transactions on a single L3. 

zkLink Nova launched its mainnet in mid-March, securing a total value locked (TVL) of $1.05 billion in under two months. In addition, the L3 has garnered over 1 million unique wallet addresses, processing over 17 million transactions across nine integrated ecosystems including Ethereum and its ZK and Optimistic Rollups. These include Arbitrum, Optimism, Base, zkSync, Linea, Scroll, Manta Pacific, and Mantle. 

zkLink’s potential to provide a unified platform for dApps and users, coupled with its commitment to security, positions it as a game-changer in the DeFi sector. This makes the Layer 3 rollup network an attractive investment for OKX Ventures, which invested in zkLink in December 2023.

OKX Ventures Founder Dora Yue said: “zkLink’s new aggregation solution is pivotal for expanding the Web3 user base in a security-first manner. It provides its users access to previously isolated assets across different rollups, benefiting the overall ecosystem. Its unique offerings, such as multi-chain assets and aggregated liquidity pools, not only unify diversified assets but also encourage new DeFi primitives. We are delighted to see that zkLink Nova has been growing steadily, becoming the largest Layer 3 network on Ethereum. We are looking forward to further refinements from zkLink and potential integrations with more DeFi products.”

About OKX Ventures

OKX Ventures is the investment arm of global leading crypto exchange and Web3 technology company OKX, with an initial capital commitment of USD100 million. It focuses on exploring the best blockchain projects on a global scale, supporting cutting-edge blockchain technology innovation, promoting the healthy development of the global blockchain industry, and investing in long-term structural value.

Through its commitment to supporting entrepreneurs who contribute to the development of the blockchain industry, OKX Ventures helps build innovative companies and brings global resources and historical experience to blockchain projects.

Find out more about OKX Ventures here.

About zkLink

zkLink develops zero-knowledge blockchain solutions for the Ethereum ecosystem. Its flagship zero-knowledge Aggregated Layer 3 zkEVM Rollup network, zkLink Nova, is designed to bridge the gap among different Layer 2 rollup ecosystems to reduce liquidity fragmentation while providing security and scalability via zk-Proofs.

zkLink is funded by notable backers including Coinbase Ventures, Solana Ventures, SIG DTI, Huobi Ventures, Efficient Frontier, and others.

Find out more about zkLink here.

SOURCE OKX Ventures

GREENVILLE, S.C., July 17, 2024 — VentureSouth, one of the top 10 angel groups in North America, is excited to announce investments totaling $5.5 million into 24 early-stage companies in the first half of 2024. In addition to the investment activity, despite quieter M&A markets, VentureSouth also distributed nearly $2 million in returns to investors from prior investments.

Like many early-stage investors, investing activity this year has focused on existing portfolio companies, with investments into 20 existing companies. Four new companies, which received approximately $1 million of investment, also joined the VentureSouth portfolio.

Existing portfolio companies receiving investment included KIYATEC and 6AM City in Greenville (which announced a major round of funding led by Tegna in February), and Trio Labs and Redbud Labs in Raleigh.

VentureSouth Managing Director Paul Clark commented, “While signs are pointing to its improvement, 2024 has been a challenging year for companies raising capital in our region. Thus, we are proud to have devoted support and funding to our portfolio companies to help them continue to thrive. We look forward to continuing this support for the rest of 2024.”

New companies joining the portfolio were: Phinite, which turns animal farms into renewable fertilizer mines, in eastern North Carolina; MPath Health in Winston-Salem, NC, which uses automation to improve the performance of healthcare systems; UrbanSDK in Jacksonville, FL, a traffic management software company helping state and local governments better understand their traffic flows; and Seafarer Exploration, an underwater archaeology technology company in Tampa, FL.

Clark further added, “VentureSouth has invested in an interesting variety of compelling new technologies and businesses this year. From studying traffic to finding buried treasure, our investors have the opportunity to invest in fascinating technologies and talented entrepreneurs while supporting the entrepreneurial ecosystems across the southeast.”

VentureSouth also completed several new strategic activities this year. It launched new groups in Savannah, GA, and along the “Space Coast” in Melbourne, FL, conducted educational workshops across the southeast, and helped curate and launch the Upstate Upstarts list of early stage technology companies in the Upstate region of South Carolina. The group also enjoyed record attendance of over 250 investors at its annual VentureSouth Summit, held earlier this year in Greenville, SC.

Media Contact: Paul Clark, [email protected]

SOURCE VentureSouth

PORTSMOUTH, N.H., July 17, 2024 — Leading diagnostic and therapeutic medical technology company Laborie Medical Technologies Corp. (Laborie) announced its investment in Novocuff, an early-stage medical technology company headquartered in Mountain View, CA. The company’s mission is to transform the standard of care and improve pregnancy outcomes for women and their newborns. 

“We are excited to have Laborie’s support at this early stage,” said Novocuff co-founder & CEO Amy Degenkolb. “This investment propels us forward in our companies’ shared mission to revolutionize healthcare for pregnant women and newborns worldwide.” 

Founded in 2021, Novocuff has developed a groundbreaking medical device aimed at stabilizing and closing the cervix to retain amniotic fluid and sustain cervical length, with the goal of extending pregnancy. The company is pursuing a novel approach to provide a solution to treat Preterm Premature Rupture of Membranes (PPROM) and cervical shortening, major contributors to preterm birth that impact millions of families worldwide each year. Preterm birth (before 37 weeks gestational age) is a leading cause of infant death globally.

“For the last 30 years, our mission has been to help every mother and every newborn go home healthy,” said Nikki Bruce, Vice President and General Manager of Laborie’s OB Business Unit. “We believe Novocuff’s device has the potential to address pregnancy complications that often result in preterm birth, and our investment underscores our commitment to improving patient outcomes.”

“Patricia Industries is committed to supporting Laborie in its mission to provide patients and clinicians with innovative tools that elevate the standard of care, which aligns with our purpose of creating value for people and society by building strong and sustainable businesses,” said Yuriy Prilutskiy, Co-Head of Patricia Industries, a part of Investor AB, and owner of Laborie Medical Technologies.

About Laborie Medical Technologies
Headquartered in Portsmouth, New Hampshire, Laborie is a global medical technology company focused on Urology, Urogynecology, Gastroenterology, Obstetrics, Gynecology & Neonatal Health. We manufacture and deliver high-quality, high-impact diagnostic and therapeutic products that help clinicians and hospitals preserve and restore patient dignity. Clinicians and hospitals look to us as the market-leading experts in our business segments, and we support our products with a world-class clinical education & information program. Laborie is a portfolio company of Patricia Industries. For more information visit www.laborie.com. 

About Novocuff
Novocuff, Inc. is a medical device company dedicated to improving pregnancy outcomes and reducing preterm births caused by Preterm Premature Rupture of Membrane (PPROM) and cervical shortening. Preterm birth is the leading cause of death for infants under the age of one. According to the World Health Organization (WHO), preterm birth complications were responsible for approximately 1 million deaths in 2020. The Novocuff Cervical Control System (CCS) has been designed as a simple device to address the complex problems associated with the preterm conditions of PPROM and short cervix. 

About Patricia Industries
Patricia Industries is a long-term owner that invests in companies and works to develop each company to its full potential. Patricia Industries is a part of the industrial holding company Investor AB, whose main owner is the Wallenberg Foundations. 

About Investor AB
Investor, founded by the Wallenberg family in 1916, is an engaged owner of high-quality, global companies, with a long-term investment perspective. Through board participation, industrial experience, global network and financial strength, Investor works continuously to support its companies to remain or become best-in-class. 

SOURCE Laborie Medical Technologies

Escala recently completed a $12 million funding round co-led by IGNIA and Alaya Capital, with participation from High Alpha and other investors. This capital will enhance Escala’s features, including advanced WhatsApp integration and Artificial Intelligence, and expand its team dedicated to improving clients’ sales results.

Escala addresses critical marketing and sales challenges faced by SMBs. According to the Economic Commission for Latin America and the Caribbean (ECLAC), only 20% of SMBs in LatAm utilize digital tools in their sales and marketing processes, hindering efficient growth. Escala aims to change this by simplifying the adoption of proven technologies and methodologies to drive sustainable growth. The platform offers affordable, easy-to-use tools complemented by personalized support from Customer Success Managers, enabling businesses to digitize and optimize their sales funnels. Companies using Escala have reported doubling their revenue, generating 300% more leads, and increasing operational efficiency by 70% within six months.

“This investment will allow us to continue driving innovation to meet the growing needs of businesses in the region,” said Alfonso Santiago, CEO of Escala, who recently joined after serving as the global COO of Open English. “Our goal is to keep improving the customer experience and provide SMBs with the tools they need to manage and grow their businesses efficiently,” added Santiago.

Christine Kenna, Partner at IGNIA, stated, “Having worked together for many years, Andrés Moreno and Alfonso Santiago have a profound understanding of the challenges faced by SMBs. We are thrilled to support their vision and dedication to empowering small businesses throughout Latin America.”

About Escala

Escala is a strategic partner for SMBs in Latin America and the US Hispanic market, focusing on optimizing business processes through advanced tools and personalized training. Created by Andrés Moreno, Escala leverages years of experience in advising and building successful businesses, aiming to drive development in the Hispanic market. The company has assembled a team of experts across various business areas to develop effective solutions for attracting and retaining customers, helping businesses reach the next level.

For more information: Escala.com

CONTACT: Vanessa Duran, [email protected]

SOURCE Escala

NEW YORK and CORAL SPRINGS, Fla., July 17, 2024 — Sumitomo Corporation, through its U.S. subsidiary Sumitomo Corporation of Americas (SCOA), announced an investment in Vast Medical Holdings, which owns Quest Health Solutions (Quest). This transaction marks Sumitomo Corporation Group’s entry into the U.S. healthcare market and represents a strategic move to enhance interventions and manage the needs of chronic-care patients.

Chronic diseases, including diabetes, significantly impact the U.S. population. According to the Centers for Disease Control and Prevention, 38.4 million people, or 11.6% of the U.S. population, live with diabetes which is expected to rise. This number is also estimated to jump to approximately 40% of the U.S. population when including those living with prediabetes or higher than normal blood sugar levels. 

Quest offers comprehensive services for diabetes care, acting as a vital link between patients, care providers, medical device manufacturers and health insurers. Quest directly supplies Continuous Glucose Monitors (CGM) and related products to patients. Through its sister companies, Quest Health Remote Care and Quest Health RPM Services (remote patient monitoring), the company integrates CGM data with clinical support services such as patient education, meal planning, and exercise guidance to improve health outcomes.

The investment by Sumitomo Corporation Group in the U.S. healthcare market expands its network of health insurers and medical institutions, which are the foundation of its business. It aims to enhance the quality of life for patients and contain soaring medical expenses by providing medical services that utilize data and AI to support patients with chronic diseases. Sumitomo Corporation Group will also expand this business model to its existing businesses in Japan and Southeast Asia, leading to the resolution of global issues.

“We have found an ideal partner to mark our entry into the U.S. healthcare market,” said Jeremy Yap, General Manager of the Healthcare Group and Business Development Group at Sumitomo Corporation of Americas. “The scope of Quest Health Solutions’ operations aligns well with our business strategy and supports our focus on improving health outcomes and providing greater access to healthcare resources. We believe SCOA has the expertise and capital necessary to help grow these businesses and support the increasing number of patients in need of these critical services.”         

Adam Nadler, CEO and Co-Founder of Quest Health Solutions, a Vast Medical Holdings company, stated, “The confidence shown by Sumitomo Corporation of Americas, and its alignment with our vision for the industry, adds tremendous momentum to our growth plans. Finding a partner who believes in our model was critical to our priorities and our quest for continuous improvement in patient care. As 10,000 Americans age into Medicare daily, many prefer home care to avoid costly hospitalizations. We expect our partnership to enhance the trust that tens of thousands of consumers place in our services. Delivering necessary medical equipment leads to better patient outcomes and reduced healthcare costs.”

While this partnership marks Sumitomo Corporation Group’s first healthcare services investment in the U.S., the company has been active in the global healthcare industry for decades. Since the establishment of the drugstore “Tomod’s” in Japan in 1993, Sumitomo Corporation Group continues to develop healthcare businesses in Japan and other parts of the world, such as entering the managed care business and clinic business in Southeast Asia.    

About Sumitomo Corporation
Sumitomo Corporation (TYO: 8053) is an integrated trading company with a global network of 128 offices in 66 countries and regions. The Sumitomo Corporation Group consists of approximately 900 companies and 80,000 employees on a consolidated basis. The Group’s business activities span nine sectors: Steel, Automotive, Transportation & Construction Systems, Diverse Urban Development, Media & Digital, Lifestyle Business, Mineral Resources, Chemicals Solutions, and Energy Transformation Business. Sumitomo Corporation is dedicated to creating value for society under the corporate message of “Enriching lives and the world,” based on Sumitomo’s business philosophy passed down for over 400 years.

About Sumitomo Corporation of Americas
Established in 1952 and headquartered in New York City, Sumitomo Corporation of Americas (SCOA) has nine offices in major U.S. cities, four in Canada, and two in Mexico. As the largest subsidiary of Sumitomo Corporation, SCOA is a key player in multinational projects, international investments, and global product distribution. Its core businesses include Energy, Automotive, Social Infrastructure, Agri-food and Life Science, Construction and Transportation Systems, Real Estate, Mineral Resources, and Energy Innovation.

About Quest Health Solutions
Founded in 2016, Coral Springs, Florida-based Quest Health Solutions, a part of Vast Medical Holdings, changes the way patient care is delivered and the way Americans age. A leading supplier of products that offer options for patients to manage their diabetes, Quest provides the necessary medical equipment for improved patient outcomes that help meet the objectives of healthcare providers and health insurers. Visit www.questhealthsolutions.com.

SOURCE Sumitomo Corporation of Americas

BATON ROUGE, La., July 17, 2024 — With the spread of anaplasmosis reaching unprecedented levels across the United States, University Products continues to be the leading provider of the world’s only inactivated Bovine Anaplasmosis vaccine, offering a cost-effective, easy-to-administer, and sustainable solution for a cattle industry under siege. While traditional methods such as pest control and chlortetracycline (CTC) medicines provide some relief, they fall far short of the comprehensive protection needed to protect herds now and in the future.

“Antibiotics were never meant to be a routine cure, but are an emergency response to breakthrough infections,” said Gene Luther from University Products. “Antibiotic overuse can lead to major antibiotic resistance. They’re also not cost effective. Vaccination is really the only route that makes sense, both biologically and economically.”

Why Traditional Methods Are Insufficient to Combat Anaplasmosis

Anaplasmosis in cattle is primarily spread through bites from infected ticks and horseflies. The transmission process begins when these parasites feed on an infected animal and acquire the Anaplasma marginale bacteria. The bacteria complete part of their life cycle in each tick’s gut before moving to the salivary glands and being transmitted to other animals through repeated bites. Similarly, horseflies can spread the disease for up to two hours after feeding on an infected host.

Eliminating these pests is nearly impossible, while battling them has become a never-ending, costly, and mostly futile effort for ranchers.

Once infected, the disease continues to spread through blood or contaminated equipment that is improperly cleaned and reused. Symptoms in infected animals appear 3-6 weeks post-infection, ranging from mild anemia, fever, depression, and isolation; while severe infected adults exhibit jaundice and other symptoms, potentially leading to death.

Early diagnosis is particularly challenging in young animals, which may only exhibit fever and increased breathing rates due to their faster red blood cell regeneration. This can easily lead to chronic carriers that often do not show signs unless they are immunocompromised, before going on to infect many others before symptoms become apparent.

And this is why most treatment regimens improperly focus on treating animals after they have been infected, rather than using vaccination.

University Products’ Anaplasmosis Vaccine: A Superior Solution

University Products’ anaplasmosis vaccine offers a straightforward and economical approach to disease mitigation for multiple reasons:

• Cost-Effective: The vaccine is significantly less expensive than the cumulative costs of CTC feed and ongoing pest control efforts. Testing animals for anaplasmosis and subsequently culling or separating infected animals adds further financial strain to ranchers, making vaccination a more budget-friendly option.
• Ease of Use: With just two doses in the first year, followed by an annual booster, the vaccine simplifies the mitigation process. Producers can eliminate the guesswork and labor associated with ensuring cattle consume adequate medicated feed.
• Reliable Protection: Unlike CTC feed, which may not provide consistent protection, the vaccine offers great protection against the loss of animals due to anaplasmosis, reducing the risk of antibiotic resistance and ensuring healthier herds.

“Our vaccine has always been a game-changer – we’ve got 25 years of experience to prove it,” said Gene Luther. “And a simple vaccination allows producers to focus on other critical aspects of their operations, without the constant worry of pest control and medicated feed.”

A detailed description of the vaccine and its method of administration is publicly available for PDF download. For more information on vaccine availability for ranchers and veterinarians, please contact University Products directly.

About University Products LLC

Based in Louisiana, University Products specializes in approved (for experimental use) bovine vaccines. Their anaplasmosis vaccine minimizes clinical signs in at-risk animals, is safe during pregnancy, and requires two initial doses plus annual boosters. The company is also researching vaccines for bovine babesiosis and theileriosis. Veterinarians can inquire about availability by emailing directly at [email protected].

Media Contact: 

Gene Luther, Director
1-225-334-0851
[email protected]

SOURCE University Products LLC

This additional funding comes at an instrumental time for Pindrop as the company continues to innovate groundbreaking voice security and authentication solutions

ATLANTA, July 17, 2024 — Pindrop, a global leader in voice authentication and security, today announced it has secured $100 million in debt financing from Hercules Capital, Inc. (NYSE: HTGC). This significant funding will enable Pindrop to further develop its cutting-edge audio, voice, and AI technologies, enhancing its offerings for customers in the banking, finance, contact center, insurance, utilities, healthcare, retail, and other industries.

Contact centers, which play a crucial role in these sectors, are becoming increasingly vulnerable as cyberattacks grow more sophisticated. As a result, contact center fraud has surged by 60% in the last two years, reaching the highest levels since 2019. By the end of this year, one in every 730 calls to a contact center is expected to be fraudulent. Posing an estimated $5 billion fraud risk to U.S. contact centers, voice authentication solutions are imperative in keeping a company secure.

On a mission to shape the future of voice security and authentication against the rising threats mainly caused by generative AI, Pindrop’s technologies help organizations to detect fraudsters and authenticate genuine customers at scale. To date, Pindrop has analyzed 5.3 billion calls, prevented $2 billion in fraud losses, and detected 104 million spoof calls. Dedicated to leveraging good AI to combat bad AI, Pindrop is making significant strides in the fight against deepfakes.

“We’re pleased to secure this financing with Hercules Capital at such a pivotal moment for Pindrop,” said Pindrop Founder & CEO, Vijay Balasubramaniyan. “This funding will fuel our ongoing growth and innovation in voice and AI technologies. As cyber threats continue to evolve, our mission to stay ahead of fraudsters and protect our customers is more critical than ever. We’re excited about the future as we remain committed to driving advancements that safeguard major institutions and deliver unparalleled security in the digital age.”

John Chambers, Pindrop Investor and Board Member, Founder & CEO of JC2 Ventures, and former Executive Chairman and CEO of Cisco, added, “In December 2023, I predicted that deepfakes would be the #1 issue for companies and countries alike in 2024, which has been extremely accurate. In my career, I have had the opportunity to help position companies to lead in these big market transitions, and I can say with confidence that Pindrop is uniquely positioned to do just that with their revolutionary voice security and authentication technology. What’s more, they developed their product in a matter of months, brought it to market, and secured their first five or six references the very next quarter. The entire VC group on their Board of Directors immediately invested in this effort and, under Vijay’s leadership, Pindrop will achieve the fastest run rate to $5 million in an entirely new product area by an existing company, compared to any other company I have seen. This new investment from Hercules Capital comes at a pivotal time for Pindrop, enabling them to further develop their cutting-edge audio, voice, and AI technologies and enhance their offerings for customers in the banking, finance, contact center, and insurance industries.”

Earlier this year, Pindrop notably identified the Text-to-Speech (TTS) engine used in the President Biden robocall attack urging New Hampshire voters not to vote during the Democratic primaries. As AI’s impact on this year’s election drew more attention from legislators and regulators. Pindrop has been honored to have its CEO participate in the US Senate Forum On AI, the Attorneys General Spring Symposium, and the House Financial Services Committee’s Bipartisan AI Working Group Roundtable.

This announcement follows several key milestones for Pindrop:

• The release of Pindrop® Pulse, an innovative audio deepfake detection solution offering real-time identification, monitoring, and analysis of audio deepfakes with advanced liveness detection technology.
• The launch of its 2024 Voice Intelligence and Security Report, which provides an in-depth analysis of the current fraud and security landscape while highlighting future trends and new prevention techniques.
• The debut of the Pulse Deepfake Warranty, a pioneering warranty that reimburses eligible customers if the Pindrop Product Suite fails to detect a deepfake or synthetic voice fraud, offering peace of mind and maintaining cutting-edge defense against evolving cyber threats.

“Hercules is incredibly excited to partner with Pindrop as they continue working to transform the AI and voice authentication landscape,” said John Eggbeer, Managing Director, Hercules Capital, Inc. (NYSE: HTGC). “We’re proud to support their mission of safeguarding major institutions from rising cyberattack threats. This financing will help accelerate their growth and innovation, enabling them to expand their reach and enhance their capabilities in providing robust security solutions.”

Pindrop continues to lead the way in voice authentication and security, ensuring robust protection against fraud and enhancing the safety of digital interactions for its customers. For more information, please visit www.pindrop.com.

About Pindrop:
Pindrop’s solutions are leading the way to the future of voice by establishing the standard for identity, security, and trust for every voice interaction. Pindrop’s solutions protect some of the world’s biggest banks, insurers, and retailers using patented technology that extracts intelligence from every call and voice encountered. Pindrop solutions help detect fraudsters and authenticate genuine customers, reducing fraud and operational costs while improving customer experience and protecting brand reputation. Pindrop, a privately held company headquartered in Atlanta, GA, was founded in 2011 by Dr. Vijay Balasubramaniyan, Dr. Paul Judge, and Dr. Mustaque Ahamad and is venture-backed by Andreessen Horowitz, Citi Ventures, Felicis Ventures, CapitalG, GV, IVP, and Vitruvian Partners. For more information, please visit pindrop.com.

SOURCE Pindrop