MONTRÉAL, July 8, 2024 – Polystyvert, an innovative company specializing in recycling technologies and the circular economy of styrenic plastics (polystyrene and ABS), announces the closing of a first tranche of a Series B funding for over $16 million. This investment represents another step for the company towards the construction of its very first commercial plant in Québec, dedicated to recycling highly contaminated polystyrene waste. With funding from European and North American investors, Polystyvert will further solidify its position as a leader in the field of styrenic plastics circularity, thanks to its patented dissolution and purification technology. Other investors will participate in the second tranche of this financing to enable the Series B round to raise up to $30M.

A Crucial Step for Polystyvert’s Future
With an increasingly stringent environmental regulatory framework worldwide and a growing demand for sustainable solutions in plastic recycling, this Series B fundraising arrives at a strategic moment for Polystyvert. It lays the ground for the industrial-scale commercialization of its technology already proven at the pilot and demonstration unit scale.

“This announcement, in the current economical context, reflects the unwavering support of our investors in our team and our proven technology, which is not only economically viable but also represents the shortest recycling loop for this type of waste, greatly reducing its environmental footprint. All the conditions for success are thus met to move forward with the next steps towards our first commercial plant in Montréal. This is a key step in the promotion of our technology, which will allow us to achieve our ambitious goals in order to break into strategic global markets and position ourselves as a key player in the circularity of styrenic plastics in collaboration with the industrial leaders of this value chain,” said Ms. Nathalie Morin, President and CEO of Polystyvert.

Remaining true to its roots as a technological innovator, part of this funding will also be dedicated to further diversify Polystyvert’s intellectual property (IP) portfolio, which already includes over forty patents with worldwide coverage.

Financial Partners’ Support
Polystyvert is grateful to the investors in the Series B round who are supporting the company in a new era in the circularity of highly contaminated styrenic plastics. Infinity Recycling led the round, followed by SWEN Blue Ocean, and Earth Foundry, an existing shareholder. 

“Polystyvert’s game-changing recycling process upcycles contaminated plastic waste into premium materials.  This commitment to scaling advanced recycling technologies is crucial in tackling the plastic waste crisis and fostering sustainable circular market growth,” declared Jan-Willem Muller, Managing Partner at Infinity Recycling.

“Polystyvert has developed a unique technology to recycle styrenic polymers. It combines the best of mechanical and chemical recycling with low costs, small-scale units, ability to treat contaminated feedstock and virgin-quality end products. This technology will create new markets for styrenic polymer wastes and help divert them from nature and landfill,” declared Olivier Raybaud, Managing Director at SWEN Blue Ocean.

An Influential Player in Plastic Waste Decontamination
By positioning itself as a key player in the circular economy of styrenic plastics, Polystyvert collaborates with international industry leaders who aim to achieve zero plastic waste goals, in line with UN negotiations and government environmental policies. Furthermore, the technology directly addresses the challenges of plastic waste purification through processes that remove all contaminants found in plastic compounds, allowing safe recycled content to be used in the same applications as virgin resin.

Following the closing of the first tranche of the funding, the Series B round will remain open for a second tranche that is expected to close within the next three months, for a total amount from both tranches of up to $30M. Polystyvert’s first commercial recycling plant, to be located in Montreal (Canada), is expected to be operational in 2026.

About Infinity Recycling
Infinity Recycling BV was established in 2019 to create markets for end-of-life waste streams by investing in advanced technologies that enable circularity in the plastics industry. Their first offering, the Circular Plastics Fund, contributes to solving the plastic waste problem and unlocking much-needed capacity in high-in-demand recycled commodities. The fund implements a return and impact-driven investment strategy that drives value creation in advanced recycling and accelerates the transition to a circular economy for plastics. Building on the momentum in investor interest and deployment, the fund recently closed their first fund for €175 million.

About SWEN Blue Ocean
SWEN Blue Ocean backs startups that deliver both systemic impact and competitive market returns. Our focus is on solutions to overfishing, ocean pollution and marine solutions to climate change. SWEN Blue Ocean’s first fund was launched at the World Conservation Congress of the IUCN in 2021, in scientific partnership with Ifremer. The strategy deploys €170 million in innovative ocean health startups, with over 80% institutional investors.

About Earth Foundry
Earth Foundry’s founding team pioneered a new way of investing in and building cleantech startups more than a decade ago and has been honoured to serve as early investors catalyzing groundbreaking climate innovations. Now scaling up its unique model, Earth Foundry continues its unwavering dedication to building great companies that drive positive change across energy, mobility, water, waste and agriculture innovations.

About Polystyvert
Founded in 2011, Polystyvert is a Montreal-based clean technology company that is revolutionizing plastic recycling by implementing a circular economy. Through its unique process of dissolution-based recycling and low-temperature, low-pressure purification, Polystyvert can recycle and purify plastic waste that is typically considered non-recyclable due to high contamination. The result is a recycled raw material of unparalleled purity that can replace virgin plastics while reducing greenhouse gas emissions (GHGs) by up to 90% in an economical manner, meeting the needs of various sectors.

Polystyvert provides the shortest recycling loop for both polystyrene and ABS, serving industries such as packaging, construction, electronics, automotive, and toys. The technology is protected by over 40 patents across 17 countries.

SOURCE Polystyvert Inc.

GUANGZHOU, China, July 4, 2024 — In the first half of 2024, the A-share ETF market scaled a new record high and the market size surpassed US$292 billion, with broad-based ETFs as the main driving force. According to Wind, the assets of broad-based ETFs doubled from US$83 billion in mid-2021 to over US$171 billion, increasing their share from 41% to 59%. Meanwhile, 25 fund companies launched a total of 84 stock ETFs, an increase of 27 from the same period last year, with a combined initial offering size exceeding US$5.8 billion. Among them, E Fund, the largest fund manager in China, topped the market with ten new ETF launches^[1] and over US$505k in fundraising.

A-share broad-based ETFs led the way with US$54.4 billion in net inflows, taking up more than 90% of the total net inflows. The top 10 ETFs were all broad-based, reflecting the performance of indexes such as the CSI 300, CSI 500, SSE 50, CSI 1000, ChiNext, and STAR 50. The E Fund CSI 300 ETF (Code: 510310) ranked first in terms of fund flows. Additionally, 23 broad-based ETFs have been launched, with CSI A50 ETF being the most favored. Ten ETFs tracking the CSI A50 index, including E Fund CSI A50 ETF (Code: 563080), gathered nearly US$2.3 billion, accounting for almost 40% of the new issuance this year.

On the other hand, high dividend yield ETFs attracted continuous inflows of approximately US$2.1 billion, backed by strong returns. The CSI Dividend Total Return Index and CSI Dividend Low Volatility Total Return Index delivered gains of 11% and 15% respectively. Riding on this momentum, fifteen high dividend yield ETFs were introduced in the first six months of this year, covering high dividend yield assets listed in A-share and Hong Kong stock markets. Notably, E Fund rolled out E Fund Hang Seng SCHK High Dividend Low Volatility ETF (Code: 159545) in March, which tracked the performance of companies listed in Hong Kong and included in Stock Connect, adding to the diversity of onshore investors’ portfolios.

About E Fund

Established in 2001, E Fund Management Co., Ltd. (“E Fund”) is a leading comprehensive fund manager in China with close to RMB 3.3 trillion^[2] (US$ 454 billion) under management. It offers investment solutions to onshore and offshore clients, helping clients achieve long-term sustainable investment performances. Long-term oriented, it has been focusing on the investment management business since inception and believes in the power of in-depth research and time in investing. It is a pioneer and leading practitioner in responsible investments in China and is widely recognized as one of the most trusted and outstanding Chinese asset managers.

Note:

SOURCE E Fund Management

BOSTON, July 4, 2024 — J2 Ventures, a deep tech venture capital fund focused on new technologies that are critical for both the private sector and national security interests of the U.S and its allies, has raised $150 million for its new Argonne Fund. The oversubscribed fund, majority veteran owned and led, is more than double their last fund size with support from some of the largest financial institutions in the world including JP Morgan, MetLife and the New Mexico State Investment Council.

The fresh capital enables J2 Ventures to further invest in startups poised for growth with government collaborations, leveraging technologies that optimize outsized returns with minimal correlation to traditional markets. J2 Ventures specializes in Advanced Computing, Cybersecurity, Telecom / Infrastructure, and Healthcare startups and helps them win funding and contracts from the military and other branches of government to better scale frontier technology products for their markets.

“It is an honor to continue and significantly grow the impact we are having at J2 Ventures with our latest fund,” said Alexander Harstrick, Managing Partner of J2 Ventures. “The growth of our portfolio, doubling down of existing LPs and attraction of some of the most sophisticated institutional investors as well is a great confidence boost that there is not only appetite for our model, but a strong and rapidly growing interest. We are truly just getting started.”

The firm has invested in over 25 companies often drawing coinvestment from traditional generalist top performing venture capital funds as well as outperforming companies like Aalyria, Micron Biomedical and Lumia Health where J2 Ventures is the only institutional financial capital.

“J2 Ventures is a special team doing fantastic work in the places that I know first hand need innovation now more than ever,” said Raquel Bono, MD, Advisor to J2 Ventures and Former Director of the Defense Health Agency. “I told the team I would only join if their intent was to swing for the fences, find solutions for the hardest challenges and strive for durable change by bringing best in class capabilities to our men and women in uniform. I have not been disappointed, J2 Ventures has done more than hold up their end of the deal.”

J2 Ventures raised their $68 million inaugural fund in 2021 and the team is composed of seasoned professionals with deep experience across healthcare, science, technology, and defense, making them uniquely positioned to lead and invest in dual-use technology ventures having advised on over $3 billion of Department of Defense contracts to startups previously.

About J2 Ventures: 
J2 Ventures is a $200M+ AUM deep-tech venture capital firm based in Boston, investing in sectors critical to national security and private sector advancements, including advanced computing, cybersecurity, telecom and infrastructure, and healthcare. The fund is backed by some of the largest and most sophisticated limited partners in the world including JP Morgan, MetLife and the New Mexico State Investment Council. For more information about J2 Ventures and their initiatives, please visit https://www.j2vp.com/.

Media Contact: 
Alexander Harstrick
[email protected]

SOURCE J2 Ventures

K1 Achieves $1.7B in Liquidity Since December 2023

MANHATTAN BEACH, Calif., July 3, 2024 — K1 Investment Management (“K1”), one of the largest small-cap enterprise software investment firms, yesterday completed the sale of its portfolio company GoCanvas^®. GoCanvas, a leading field worker collaboration software provider, was acquired by Nemetschek Group (FRA: NEM), a leading global provider of software solutions for the architecture, engineering, construction, operations (AEC/O) and media industries.

Following K1’s acquisition of GoCanvas in 2019, the company made substantial investments to drive customer-focused innovation and propel its growth trajectory, and revenue grew by close to 4x. During the partnership, K1 facilitated the strategic add-on acquisitions of DeviceMagic and SiteDocs, further enhancing GoCanvas’s market presence and product offerings, and solidifying its position as a category leader in field worker collaboration software. With strong annual recurring revenue (ARR) growth of approximately 20% in recent years, GoCanvas generated an ARR of USD $67 million in 2023.

The sale, which represents a milestone for both K1 and GoCanvas, culminates in an all-cash deal valued with an acquisition multiple of approximately 11.5x 2023 ARR. K1’s initial investment of over $100 million came from its fourth fund, K4, raised in 2018.

Sujit Banerjee, Managing Director at K1 Operations, commented on the strategic exit, emphasizing the pivotal role of management in GoCanvas’s success. “The sale of GoCanvas marks yet another highlight in K1’s ongoing commitment to building category leading enterprise software companies. We are proud to have partnered with Viyas Sundaram and the entire management team, whose dedication and leadership have been instrumental in GoCanvas’s transformation into a market leader.”

Viyas Sundaram, CEO of GoCanvas, expressed gratitude for K1’s support and guidance throughout the partnership. “I joined GoCanvas because I believed in K1’s strategic insights and operational expertise. Their unwavering commitment to our vision has been instrumental in our growth and success. Today is a testament to the power of the partnership between the entire GoCanvas team and K1. Together with Nemetschek, we are well-positioned to realize the potential of the platform we’ve built and embrace the opportunities ahead as we enter this next phase of expansion.”

The transaction highlights K1’s strategic vision and value creation initiatives during a period marked by heightened demand for private equity distributions. With this realization, K1 has generated a record $1.7B in proceeds from nine distribution events over the past seven months.   

Headquartered in Manhattan Beach, California, K1 is committed to building category leading enterprise software companies that transform industries and drive productivity. Some examples include Apttus (sold to Thoma Bravo), Buildium (sold to RealPage, NASDAQ: RP), Certent (sold to insightsoftware), Checkmarx (sold to Insight Partners and Hellman & Friedman), Clarizen (sold to Planview), FMG Suite (sold to Aurora Capital Partners), GoCanvas (sold to Nemetschek Group, FRA: NEM), Granicus (sold to Vista Equity Partners and Harvest Partners), Inthinc (sold to Orbcomm, NASDAQ: ORBC), Litera (sold to Hg Capital), Rave Mobile Safety (sold to TCV; now owned by Motorola Solutions, NYSE: MSI), TeamDynamix (sold to Level Equity), Unified (now owned by iHeartMedia), Workforce Software (sold to Insight Partners), and Zapproved (sold to Exterro).

Moelis & Company LLC served as the exclusive financial advisor to GoCanvas. Kirkland & Ellis LLP and Morris, Manning & Martin, LLP served as legal advisors.

About K1

K1 is one of the largest small-cap investment firms building category leaders in enterprise software. With a mission to change industry landscapes, K1 partners with strong management teams of high-growth software businesses, utilizing operationally focused growth strategies to rapidly scale portfolio companies. Since its inception, K1 has collaborated with over 240 enterprise software companies. K1’s exclusive focus, driven by its single team, single office, and single fund strategy, has led to realizations for many of its portfolio companies.

For more information, visit k1.com and follow K1 Investment Management on LinkedIn.

About GoCanvas

GoCanvas simplifies business automation, replacing outdated processes and paperwork with a mobile platform. Compatible with smartphones and tablets, it enables seamless information collection and sharing across organizations, offering real-time business insights. Customizable for any business, GoCanvas empowers workforces, enhances data value, and improves colleague connections and customer engagement.

About the Nemetschek Group

The Nemetschek Group is a globally leading provider of software for digital transformation in the AEC/O and media industries. Its intelligent software solutions cover the entire life cycle of construction and infrastructure projects and allow creatives to optimize their workflows. Customers can plan, construct, and manage buildings and infrastructure more efficiently and sustainably, and develop digital content such as visualizations, films, and computer games in a creative way. The software company drives new technologies and approaches such as artificial intelligence, digital twins, and open standards (OPEN BIM) in the AEC/O industries to increase productivity and sustainability. We are continuously expanding our portfolio, including through investments in disruptive start-ups. More than 7 million users are currently designing the world with the customer-focused solutions of our four segments. Founded by Prof. Georg Nemetschek in 1963, the Nemetschek Group today employs more than 3,400 experts.

SOURCE K1 Investment Management

“The opportunity to transform the financial industry through technology is bigger than ever. I’m excited to partner with the Viola FinTech team to harness our decades of operational expertise to empower talented entrepreneurs to build large companies that reshape financial services” said Scott Galit, former CEO of Payoneer.

Noam Inbar, Partner at Viola FinTech commented: “We are honored to welcome such an esteemed leader to our advisory board. Scott will play a crucial role in supporting our mission by advising us while investing as well as by providing invaluable support to our portfolio companies as they scale their businesses”.

About Viola FinTech

Viola FinTech is a cross-stage global Fintech-focused VC fund led by experienced operators with decades of combined experience in Fintech and Financial Services. The fund brings together financial institutions and innovative startups to accelerate the modernization and digitization of financial services and support the growth of Fintech companies. Viola FinTech’s portfolio includes Cowbell, Easyknock, Grover, Inshur, Insurify, ZayZoon, and others. The fund is part of Viola-Group. For more information please visit: www.violafintech.com

Photo – https://mma.prnewswire.com/media/2453450/Viola.jpg

Media Contact:
Merav Meluban 
Viola 
[email protected]

SOURCE Viola

Sanctuary’s existing investors include Accenture, Bell, Export Development Canada, Evok Innovations, Magna, SE Health, Verizon Ventures, and Workday Ventures. It also received a $30 million Strategic Innovation Fund (SIF) contribution from the Government of Canada in November 2022.

“Following the incredible impact of pre-trained transformers on the digital world over the last seven years, with acceleration in the last few, we see AI in the physical world as being the next major frontier for impacting the way we work and live.” Said Olivia Norton, Co-founder, Chief Technology and Product Officer of Sanctuary AI. “With aging populations, plummeting birth rates, and a changing view on work, intelligent embodied systems, or general purpose robots will play an important role in provincial and national productivity. We believe that Canada has an opportunity to be a world leader in this space. It is great to work with organizations like BDC and InBC who understand and share this vision.”

“At BDC capital, we’re proud to invest in Canada’s most innovative women-led businesses, like Sanctuary AI, that are disrupting today’s market. We’re thrilled to support Sanctuary AI’s team as they realize their next groundbreaking achievements.” Said Michelle Scarborough, Managing Partner at BDC Capital’s Thrive Venture Fund.  

“We have invested in Sanctuary whose mission is helping to build a new growth industry in British Columbia.” Finished Leah Nguyen, Chief Investment Officer (CIO) at InBC. “Sanctuary is a great example of the creative and innovative spirit in BC, and by investing in leading innovators like Sanctuary we will continue to grow our technology sector, creating new jobs and anchoring IP in the province for a stronger, more sustainable economy that works for everyone.”

Olivia Norton will be interviewed by Leah Nguyen on the theme of ”Solving hard problems” at BDC’s 5^th anniversary edition of the Women in Tech Bootcamp at StartupFest on July 10^th in Montreal.

About Sanctuary AI

Founded in 2018, Sanctuary AI is a multi-award-winning company based in Vancouver, Canada. Sanctuary AI is on a mission to create the world’s first human-like intelligence in general purpose robots that will help us work more safely, efficiently, and sustainably, helping to address the labor challenges facing many organizations today. Sanctuary AI’s growing list of customers and investors represents a wide variety of industries across Canada, the US, and other countries around the world.

Members of the Sanctuary team founded D-Wave (a pioneer in the quantum computing industry), Kindred (first use of reinforcement learning in a production robot), and the Creative Destruction Lab (pioneered a revolutionary method for the commercialization of science for the betterment of humankind). With experience at startups and technology leaders such as Amazon, Microsoft, and Softbank Robotics, the team has experience launching market-defining innovations rooted in previously unsolved and deep scientific problems.

About BDC Capital

BDC Capital is the investment arm of BDC, Canada’s bank for entrepreneurs. With over $6 billion under management, BDC Capital serves as a strategic partner to the country’s most innovative firms. It offers businesses a full spectrum of capital, from seed investments to growth equity, as well as fund investments, supporting Canadian entrepreneurs who have the ambition to stand out on the world stage. Visit bdc.ca/capital.

About InBC

InBC Investment Corp. (InBC) is a strategic investment fund created by the Province of British Columbia (B.C.) to invest in growing companies and venture funds to generate financial returns alongside economic, social or environmental impacts for B.C. To learn more: www.inbcinvestment.ca

SOURCE Sanctuary AI

HERZLIYA, Israel, July 3, 2024 — Vintage Investment Partners, a global venture capital platform with $4 billion under management, is excited to announce the appointment of Ilan Leiferman as Chief Value-Add Officer to lead Vintage’s Value+ platform. Ilan joins Vintage after nearly four years at AWS where he led business development for top-tier VCs and Startups, including building out AWS Cybersecurity global business practice for startups.

Vintage’s free Value+ platform leverages Vintage’s position in the ecosystem, broad network, and database of over 4,000 venture funds and over 25,000 startups for funds and startups, connecting thousands of venture-backed technology startups to hundreds of corporations seeking support in their digital journeys. To date, Value+ has generated over 280 purchase orders and paid proofs of concept for startups from global corporates, representing well over $200 million in business.

Abe Finkelstein, Co-Managing Partner of Vintage noted, “Value+ is a critical component of Vintage’s strategy of adding value to the ecosystem, and we are excited to have Ilan on board to enhance our focus on connecting startups and corporates as well as leveraging the power of Gen-AI to roll out new free services for funds and startups across the globe.”

Ilan will be replacing Orit Shilo, who after three years at Vintage will be relocating abroad. The entire Vintage team wants to thank Orit for her contribution to Vintage and wishes Orit much success in her new endeavors.

About Vintage:

Vintage Investment Partners is a global integrated venture platform combining Secondary Funds, Growth-Stage Funds, and Fund-of-Funds. With $4 billion in assets under management across 15 active funds, the firm is invested in many leading venture funds and mid/late-stage startups. Vintage also leverages its position in the ecosystem, broad network, and database of over 4,000 venture funds and over 25,000 startups via Vintage’s Value+ for funds and startups, connecting thousands of venture-backed technology startups to hundreds of corporations seeking support in their digital journeys.

Photo – https://mma.prnewswire.com/media/2452995/Vintage_Leiferman.jpg

SOURCE Vintage Investment Partners

• Financing led by life sciences venture capital firm Forbion, alongside existing investors Syncona and Oxford Science Enterprises, as well as new investors TCGX and Advent Life Sciences
• Round will accelerate the development of lead asset AGTC-501 and broader pipeline
• Beacon appoints Dmitrij Hristodorov, Wouter Joustra, and Cariad Chester to Board of Directors; Dominic Schmidt joins as a Board Observer

LONDON and CAMBRIDGE, Mass., July 3, 2024 — Beacon Therapeutics Holdings Limited (‘Beacon Therapeutics’ or ‘the Company’), a leading ophthalmic gene therapy company with a mission to save and restore the vision of patients with blinding retinal diseases, today announced it has raised $170 million in Series B funding.

Forbion led the financing, which included existing investors Syncona Limited, Oxford Science Enterprises and the University of Oxford, as well as initial investments from TCGX and Advent Life Sciences. The funds will be used to support the continued clinical development of Beacon’s lead asset, AGTC-501 for X-Linked Retinitis Pigmentosa (XLRP) and generate Phase 1/2 clinical trial data for the Company’s Dry Age-related Macular Degeneration (dAMD) program.

Beacon Therapeutics also appointed Dmitrij Hristodorov and Wouter Joustra, General Partners of Forbion, and Cariad Chester, Managing Partner of TCGX, to its Board of Directors. Dominic Schmidt, General Partner of Advent Life Sciences, joins as a Board Observer.

Beacon is focused on both orphan and prevalent diseases, including XLRP, a blinding orphan disease for which there is no available treatment, as well as dAMD. AGTC-501, the Company’s lead asset, is currently in a registrational clinical trial for the treatment of XLRP. AGTC-501 expresses the full length RPGR protein, thereby addressing all photoreceptor damage caused by XLRP, including both rod and cone loss.

David Fellows, Chief Executive Officer of Beacon Therapeutics, said, “We are focused on progressing our pipeline of ophthalmic gene therapies to save and restore the vision of patients with a range of prevalent and rare retinal diseases that result in blindness. I am confident that along with the addition of Dmitrij Hristodorov, Wouter Joustra and Cariad Chester to the Beacon Board, these funds will support the ongoing development of our late-stage and pre-clinical pipeline and enable acceleration of the development of AGTC-501 as we progress through the clinic and toward commercialization.”

“Forbion is pleased to support Beacon Therapeutics at this critical juncture in the development of its pipeline of pioneering ophthalmic gene therapies. Beacon’s deep expertise and renowned management bench give us confidence in the plan to build a leading retinal gene therapy company,” shared Dmitrij Hristodorov, General Partner at Forbion.

Elisa Petris, Lead Partner at Syncona Investment Management Limited and Board Director of Beacon Therapeutics, said, “Syncona’s continued backing of Beacon Therapeutics is a testament to the Company’s proven leadership team and innovative approach to developing gene therapies for retinal diseases. This financing and the partnership of this high-quality syndicate will propel Beacon’s pipeline and enable the Company to advance its programs for both rare and prevalent ophthalmic diseases.”

Beacon has raised approximately $290 million in funding to date. This funding round follows several clinical milestones for the company, including the first patient dosed in the VISTA registrational trial for AGTC-501, the initiation of the Phase II DAWN trial and the presentation of positive 12-month interim results of the Phase 2 SKYLINE trial at the 47^th Annual Macula Society Meeting demonstrating the precision, effectiveness and safety of Beacon’s therapeutic interventions.

J.P. Morgan acted as sole placement agent to Beacon Therapeutics for this transaction.

About Beacon Therapeutics
Beacon Therapeutics is an ophthalmic gene therapy company founded in 2023 to save and restore the vision of patients with a range of prevalent and rare retinal diseases that result in blindness.

The Company has an established scientific foundation that combines a late-stage development candidate to treat X-linked retinitis pigmentosa (XLRP), as well as two preclinical programs, one targeting dry age-related macular degeneration (AMD) and another targeting cone-rod dystrophy (CRD), an inherited retinal disease.

Lead development candidate AGTC-501, is a gene therapy program currently being investigated for the treatment of XLRP, an inherited monogenic recessive disorder that causes progressive vision loss in boys and young men. XLRP is predominantly caused by mutations in the retinitis pigmentosa GTPase regulator (RPGR) gene. AGTC-501 expresses the full length RPGR protein, thereby addressing the full complement of photoreceptor damage caused by XLRP, including both rod and cone loss.

Beacon Therapeutics also has access to a target generation technology platform that will identify, screen, and search secreted proteins in the ophthalmology space.

Find out more about Beacon Therapeutics at beacontx.com.

Contact:
[email protected]

Media:
[email protected]

SOURCE Beacon Therapeutics

The round is led by Danish VC Dreamcraft, together with biotech investor Lundbeckfonden BioCapital and the private investment company 2degrees.

COPENHAGEN, Denmark, July 3, 2024 — Kvantify, a leading quantum software start-up, has announced the successful closure of a EUR 10 million seed round. This funding will enable Kvantify to strengthen its position as a global leader in quantum computing, with an initial focus on developing applications for the life science sector.

The investment will accelerate the development of Kvantify’s innovative solutions that aim to leverage quantum computing to address complex problems in drug discovery and beyond. It will also boost the further development of quantum algorithms for chemical simulation, expanding their applicability across various industries.

The seed round is notable not only for its substantial size but also for the strategic match of the new investors to Kvantify’s mission. It is led by Danish VC Dreamcraft, together with biotech investor Lundbeckfonden BioCapital and the private investment company 2degrees. Other notable investors include international sector-focused tech investor Redstone VC, Danish lead quantum VC 2xN as well as EIFO.

Lundbeckfonden BioCapital is a large Danish investor focused on local life science companies, supporting the translation and commercialization of ground-breaking science. This is Lundbeckfonden BioCapital’s first investment outside the therapeutics space.

“With our investment in Kvantify, we are broadening our footprint in and commitment to further strengthening the Danish life science ecosystem. Quantum computing can deliver accuracy and derisking to the early stages of drug development to a level not possible with classical computers, thereby enabling faster speed to market. We are therefore excited about this opportunity and look forward to working with the Kvantify team to bridge quantum computing and drug development to the future benefit of patients,” said Jacob Falck Hansen, Partner at Lundbeckfonden BioCapital.

Danish VC Dreamcraft invests in tech-driven companies, from pre-seed to series A, and has a proven track record with B2B SaaS software.

“We’re thrilled to partner with the team at Kvantify as they take a significant step forward in their mission to fulfill the promise of industrial applications of quantum computers. The potential of quantum chemical computational drug discovery is massive and represents a truly exciting beachhead market. We cannot wait to see how Kvantify will help solve today’s seemingly impossible problems and serve as a crucial tool in designing the solutions of the future.” – Carsten Salling, General Partner at Dreamcraft

Redstone QAI Quantum Fund is a highly specialized venture capital fund that focuses on investing in groundbreaking technologies within the quantum technologies sector.

“Kvantify’s focus on applying quantum computing to life sciences and further industrial use cases across various sectors aligns with our strategic vision of advancing practical and impactful quantum solutions. With their interdisciplinary team, in-depth knowledge of quantum technology, and innovative approach to enhancing computational efficiency, Kvantify is perfectly placed to bring tremendous value to commercial markets.” – Marco Stutz, Partner at Redstone.

In light of their successful product launch for a groundbreaking drug discovery tool, Hans Henrik Knudsen, CEO of Kvantify, comments:

“On behalf of the founding team, we are incredibly excited about the completion of our €10 million seed round, which marks a significant milestone for Kvantify. This funding not only validates our vision of leveraging quantum computing to revolutionize the life sciences industry but also provides us with the resources and strategic partnerships needed to accelerate our development and growth. With the support of new and existing investors, we are well-positioned to continue to bring groundbreaking solutions to market.”

About Kvantify
Kvantify is a pioneering quantum software company based in Denmark. The company leverages quantum and high-performance computing to create revolutionizing solutions for complex scientific and industrial challenges. Kvantify’s mission is to make quantum computing technology widely accessible, and a valuable tool for businesses worldwide. For more information, please visit (www.kvantify.com).

Additional questions
Klaus Eriksen, Communications Officer, Kvantify. Phone: (+45) 61 699 700. Email: [email protected]

Photo – https://mma.prnewswire.com/media/2452960/Kvantify_founders.jpg
Logo – https://mma.prnewswire.com/media/2452959/Kvantify_Logo.jpg

SOURCE Kvantify ApS