The company’s latest $53M raise will help further its mission of empowering everyone to live 100 healthy years

AUSTIN, Texas, June 25, 2024 — Function‘s first-of-its-kind platform revolutionizes how people manage their lifelong health, starting with providing the deepest possible understanding of their body and what they should do to improve their health. With a mission to empower everyone to live 100 healthy years, Function is the first company to provide access to 100+ lab tests at a single cost of $499 per year – equivalent to $42 per month or $1.37 per day. The extensive assessment includes five times more lab testing than a typical physical exam, including heart, hormones, thyroid, nutrients, cancer signals, immunity, aging factors, autoimmunity, and more. Results are displayed in a digestible dashboard, complete with a detailed summary from a clinician.

Today, Function has announced the close of its Series A round led by Andreessen Horowitz (a16z) Bio + Health with support from the a16z Cultural Leadership Fund, bringing its total funds to $53 million. Additional investors include Wisdom.vc, Draft Ventures, K5, G9 Ventures, 53 Stations, Matt Damon (Actor), Ari Emanuel (CEO of Endeavor), Kevin Hart (Comedian & actor), Joel Embiid’s (NBA’s 2023 MVP) Embiid Ventures, Jay Shetty (award-winning podcast host), Blake Griffin (former NBA), Zac Efron (Actor), Jimmy Rollins (former MLB), Colin Kaepernick (former NFL), Dr. Casey Means, Pedro Pascal (Actor), Ara Katz (Co-founder of Seed), Harvey Spevak (Equinox Chairman), Harpreet Singh Rai (Former CEO of Oura), Jeff Dean, and others.

“We’re proud to partner with Function Health, a company that has already transformed many thousands of lives,” said Vijay Pande, PhD., Founding General Partner, a16z Bio + Health. “Function is reinventing healthcare with speed and scale. Their clear and novel approach to preventing suffering and avoidable deaths is setting a new standard for global health.”

“As an athlete who has spent most of my life and career focused on optimizing my health and performance, I connected deeply with Function’s vision for healthcare. Making personal health data widely accessible, affordable, and easy to understand is a game-changer for everyone to take a proactive approach to improving their health and preventing disease. I am thrilled to be part of the team’s journey and support their mission,” said Blake Griffin, former NBA player.

The new capital validates Function’s paradigm-shifting approach and will be used to rapidly scale its technology, increasing access to whole-body testing and empowering more people to take control of their health. Since its beta release in April 2023, Function has become the fastest-growing health platform in America, with nearly 50,000 paying members and a waitlist of over 200,000 people. It also recently established a strategic partnership with leading fitness company Equinox, integrating its platform with a robust network of trainers to enhance the wellness experience.

“Function is the first with a mission of empowering you to live 100 healthy years. We’re introducing a revolutionary approach to lifelong health, starting with the most comprehensive lab testing to help you understand what’s actually happening inside your body and what to do to stay ahead of disease and feel your best,” said Function co-founder and CEO Jonathan Swerdlin. “Function isn’t just a company; it’s a movement of people of all ages taking control of their health. We’re at a historical juncture where technology and culture are converging to redefine our relationship with our own biology. This moment sets the stage for a future where the latest research and innovation seamlessly integrate into our lives in service of less suffering and more years. The possibilities are boundless. This is about health, not healthcare, happening outside traditional systems, yet supported by the world’s top doctors and experts.”

After experiencing the shortcomings of traditional healthcare, the founding team at Function, including Mark Hyman MD, Pranitha Patil, Jonathan Swerdlin, Mike Nemke, Seth Weisfeld, and Daniel Swerdlin, engineered a first-of-its-kind approach that focuses on prevention and empowerment. For decades, our health system has prioritized outdated processes and profits, with people only visiting primary care doctors for routine annual check-ups or on a reactive basis after experiencing symptoms. This, along with corrupted food systems, has led to a spike in chronic disease, devastating health disparities, escalating cancer rates, and common misdiagnoses from an overburdened health system. Function breaks away from these norms by removing barriers around extensive lab testing and providing comprehensive, actionable insights from top doctors and thousands of hours of research. This transition from reactive to proactive is historical and reflects a surging demand for health over healthcare.

For more information on Function, visit https://www.functionhealth.com/.

ABOUT FUNCTION HEALTH
Function is the first health platform to include 100+ lab tests, helping individuals understand their whole body—from heart and hormones to thyroid, nutrients, toxins, autoimmunity, immunity, and beyond. Unlike traditional testing, which is often costly, inaccessible, and done reactively, Function offers these 100+ lab tests along with detailed and actionable insights from the world’s top doctors at just $499 per year, with no hidden costs, surprise bills, or insurance involved. This is five times more lab testing than most primary care providers, which typically includes a rough average of 19 lab tests, missing critical parts of your health. All results and insights are continuously tracked and securely stored in Function’s platform, allowing individuals to uncover trends and watch health transformations over time. Since launching in beta in 2023, Function has amassed nearly 50,000 members, and 200,000+ people have joined the waitlist. For more information, visit www.functionhealth.com.

SOURCE Function Health

The Chainsmokers’ Mantis VC, Executives from Tinder and Shutterstock Double Down as Social Commerce App Debuts New Features and Framework to Protect and Empower Creators and Consumers

MIAMI, June 25, 2024 — SLUSHY, a creator monetization platform purpose-built to help creators grow their community and consumers to form authentic connections, has closed $10.2 million in seed funding. The company is the first venture-backed adult content platform in history, garnering investment thanks to its differentiated approach to adult content that combines an innovative tech stack with robust moderation, security, and compliance.

The round comprises new and return investments from pre-eminent VCs specialized in high-growth technology startups. Mantis VC (GRAMMY Award-winning duo The Chainsmokers), Electric Feel Ventures, Jon Oringer (Former CEO of Shutterstock), and Sean Rad (Co-Founder and former CEO of Tinder, Inc.) returned to participate. The new investment comes from high-profile angels, including Edison Chen (Founder and CEO of Clapper) and Brooklyn Johnny (music entrepreneur and six-time GRAMMY winner, founder of District 18 Entertainment, and manager to Cardi B).

“Creators need discoverability and promotion. Consumers need intimacy and connection,” says CEO David Gross. “We merge best-in-class commerce and social tools for creators to connect with and monetize their audiences directly while helping users discover their new favorite content. These funds will advance the growth and development of SLUSHY on the heels of year-over-year platform success.”

Founded in 2020 by David Gross and Fred Spivock, this raise validates SLUSHY’s unique promise in today’s digital landscape to empower and safeguard creators while crafting a personalized user experience through sophisticated AI discovery tools for direct creator-consumer interaction. The fresh capital will support developing new features, onboarding additional creators, and expanding into new target markets, including South America.

“From predatory business models for creators to a lack of guardrails and identify verification for users, adult content platforms have proven too risky to investors for the last decade,” said Austin Rosen, General Partner at Electric Feel Ventures. “SLUSHY’s status as the first venture-backed content platform is a testament to the company’s sustainable payout structure for creators and emphasis on compliance and regulation. We are thrilled to recommit to the platform’s continued growth.”

SLUSHY had a massive Q1 2024, reaching 1 million users and growing its creator base by 40% to 10,000. The rapid, continued growth can be attributed to the platform’s ability to foster quality content from established and undiscovered talent and support creators with tools and insights to increase audience and revenue. While most adult content platforms cater to creators with a significant social media following, SLUSHY’s integrated suite of commerce and discovery tools allows creators without an existing online presence to gain followers and create a sustainable income.

SLUSHY has also integrated with AI-focused third-party apps STXT and Party Hat AI to support creators in constantly producing fresh content and connecting with their community. Creators can now develop hyperrealistic avatars and communicate through AI-based chatbots, driving personalized and engaging interactions while they focus on producing high-quality content. Through this partnership, macro creators, including Sierra Skye and adult film star Sophie Dee, have reached and engaged over 1M users with targeted interest/machine learning-based outreach.

For consumers, SLUSHY recently introduced Perfect Match, a new feature inspired by the swiping interface popularized by dating apps. Swipe right on desired creators to inform the content and creators that consumers will receive in their personalized SLUSHY content feed. To date, SLUSHY has seen more than 250,000 videos posted in-app, spanning adult and non-adult content.

“SLUSHY merges innovative technologies with exclusive content,” says Alex Pall, General Partner at Mantis VC. “The platform allows creators to get discovered without having a significant social following and iterates upon the proven success and familiar interface of today’s biggest platforms with short-form, swipe-through content powered by machine learning. There is no exclusive fan engagement content platform as technically sophisticated as SLUSHY in today’s market.”

To learn more about SLUSHY, its creators, and in-platform content, visit slushy.com.

About SLUSHY
SLUSHY is a social commerce platform built for creators who want unrivaled creative freedom and robust engagement tools. Its creator-first, tech-driven interface is designed with key discoverability features and audience insights to help consumers find their new favorite creators. SLUSHY incorporates a powerful legal framework – with advanced compliance tools, including simplified consent, ID verification, and content moderation. Built and backed by prominent C-suite leaders behind companies such as Tinder and Shutterstock, SLUSHY is the first-ever venture-backed adult content platform. To learn more about SLUSHY, visit slushy.com.

Media Contact
Factory PR
[email protected]

SOURCE SLUSHY

The early-stage climatetech fund will make quarterly donations to the incubator

SOMERVILLE, Mass. and HOUSTON, June 25, 2024 — Greentown Labs, the largest climatetech incubator in North America, and Prithvi Ventures, an early-stage climatetech investment fund, today announced a first-of-its-kind partnership in the spirit of accelerating climate impact and filling a capital gap among climate startup support organizations.

Effective immediately, Prithvi Ventures will donate a percentage of proceeds received from its Fund 1 and Fund 2 to Greentown on a quarterly basis, in perpetuity. A longtime member of Greentown and an engaged investor within the incubator’s startup community, Prithvi Ventures has invested in multiple Greentown member companies including Carbon Upcycling, Mars Materials, Nth Cycle, and Rheom Materials.

“There’s an understanding in sports that the best teams always take responsibility and accountability for their own and look out for each other—that the members of the team are a reflection of the franchise,” said Kunal Sethi, Founder and General Partner at Prithvi Ventures. “I have always believed the same to be true in venture, too. Founders should know their supporters, team, and cap tables inside and out. It matters who you surround yourself with and Greentown Labs is always the first name that comes up for me. Every founder in climatetech should work with them or they’re missing out on so much.”

Prithvi Ventures invests in bold founders who are fearless in writing their own playbook to protect our Pṛthvī (“earth” in Sanskrit) and make money. They love rolling up their sleeves and working directly with their founders. They invest in boring problems with interesting solutions taking a monopolistic approach to achieve-net zero goals. Through their investments, they support groundbreaking technologies that reduce emissions. With a legacy of more than 30 investments, they’re now deploying capital from their second fund and prefer being the first large check in the startup to lead rounds.

“We are delighted to deepen our relationship with Prithvi Ventures and are grateful for their ongoing support,” said Aisling Carlson, Senior Vice President of Partnerships at Greentown Labs. “Through this new partnership, Prithvi Ventures and its limited partners are setting an example for how the venture community can more directly support the incubators and accelerators working to catalyze climatetech innovation and entrepreneurship.”

Greentown is a 501(c)(3) nonprofit accelerating climatetech innovation and commercialization by empowering entrepreneurs and enabling collaboration. As an organization founded by entrepreneurs, for entrepreneurs, Greentown does not take equity in its startups. Rather, it strives to provide its startups with the community, connections, and resources they need to thrive. With incubators in Somerville, Mass. and Houston, Texas, Greentown is home to more than 200 startups and has a robust network of more than 85 corporate partners.

About Prithvi Ventures

Prithvi Ventures invests in early-stage startups that fight climate change by reducing greenhouse gas emissions. They invest in boring problems with interesting solutions taking a monopolistic approach to achieve the net-zero goals. Based in New York, N.Y., the fund has made more than 30 investments and is now deploying capital from its second fund.

About Greentown Labs

Greentown Labs is a 501(c)(3) nonprofit accelerating climatetech innovation and commercialization by empowering entrepreneurs and enabling collaboration. As the largest climatetech startup incubator in North America—with locations in Somerville, Mass. and Houston, Texas—Greentown convenes the climatetech ecosystem to provide entrepreneurs the community, connections, and resources they need to thrive. Greentown is home to more than 200 startups and has supported more than 500 since its founding in 2011; these startups have collectively created more than 11,000 jobs and raised more than $5.7 billion in funding. For more information, visit www.greentownlabs.com or follow Greentown on LinkedIn.

Greentown Media Contact
Julia Travaglini
Senior Vice President of Marketing & Communications
[email protected]

SOURCE Greentown Labs

k-ID is a cross-platform, instant sign-on solution for kids and teens built as an all-in-one answer for solving the complex issue of privacy and online safety worldwide.

This latest of three funding rounds in less than nine months comes as a result of unprecedented traction from major publishers.

SINGAPORE, June 25, 2024 — Today, k-ID, a first-of-its-kind global compliance engine that simplifies online safety and privacy management for game developers, parents, kids, and teens, announced a $45 million Series A funding round. Backed by some of the world’s most sought-after investors, the Series A round comes from Andreessen Horowitz (a16z) and Lightspeed Venture Partners, with major support from Konvoy, TIRTA, the world’s leading identity management platform Okta, and Z Venture Capital from the Japanese tech leader LY Corporation. This brings the total funding raised to date to $51M.

In addition to its substantial Series A, k-ID was recently selected as a World Economic Forum Technology Pioneer for 2024, joining the ranks of esteemed alumni, including early-stage Google and Airbnb. Only 100 companies make the WEF Technology Pioneers cohort each year based on their potential to transform industries and society.

Game publishers integrating k-ID represent games and online experiences played by hundreds of millions of kids and teens each day around the world, including popular experiences from some of the world’s largest public and private gaming companies.

“The time for change is now—today, the world demands safer, more empowered online experiences for youth,” said Kieran Donovan, co-founder and CEO of k-ID, whose own childhood trauma was the motivation for k-ID. “The groundswell of support from across the industry has been phenomenal. We are excited to accelerate our mission to bring privacy-preserving, youth-first technology that delivers on the societal imperative of empowering the next generation.”

Furthering its affiliation and support within the industry, k-ID also announced today a partnership with the ESRB Privacy Certified program. k-ID has configured its parent/family and developer portals to reflect the program’s COPPA-based requirements. This partnership offers game publishers a way to leverage k-ID technology to help obtain the ESRB Privacy Certified Kids Seal.

Founded by Kieran Donovan, Timothy Ma, Julian Corbett and Jeff Wu, with a mission centered on youth empowerment, the k-ID team hails from the likes of Meta, Tencent, Google, Take-Two, EA, with deep expertise in games, legal compliance and trust and safety. The company, which emerged from stealth in March 2024, is rapidly establishing itself as one of the most promising and fastest-growing start-ups in the world.

INVESTOR PERSPECTIVES

“Kids today make friends and countless memories inside games and virtual worlds, and parents need modern tools to keep them safe,” said Jonathan Lai, General Partner at a16z. “k-ID is serving this need and defining a new industry standard for digital youth safety. We first invested in k-ID at the pre-seed through SPEEDRUN, and we’re thrilled to continue supporting them as they make digital communities safer for kids and parents.”

“It’s rare to find this combination of unique founder-market fit, societal impact, and—most impressively—commercial traction,” said Moritz Baier-Lentz, Partner and Head of Gaming & Interactive Media at Lightspeed, who is joining the company’s board of directors. “Clearly, k-ID is solving a massive challenge for publishers, parents, teens, and kids worldwide. Embarking on this partnership during my parental leave only made it more meaningful.”

“There are over 2 billion people aged 18 and under, and their increasingly expansive digital identity needs to be secure,” said Austin Arensberg, Senior Director, Okta Ventures. “Kids have unique authentication and authorization requirements, and k-ID has a robust and novel approach to ensuring safe online digital access to games and other digital assets. We are incredibly impressed by the team and excited for what lies ahead.”

“Publishers are navigating new challenges with growing their user base under the age of 18 and complicated global compliance standards. We believe k-ID’s innovative solutions will streamline the challenges posed by the ever-changing regulatory landscape and pave the way for a safer online environment for our kids and teens,” said Hyung Kim from Z Venture Capital, Corporate Venture Arm of LY corporation (a merged entity of LINE and Yahoo Japan).

Pioneering new thinking around kids and online gaming, k-ID will attend the prestigious Summer Davos (the 15th World Economic Forum Annual Meeting ) in China and speak at the Games for Change Festival (the premier event for social impact gaming) in New York – both taking place at the end of June.  

For more information and assets, click here.

ABOUT

k-ID

k-ID is a cross-platform, instant sign-on solution for kids and teens built as an all-in-one answer for solving the complex issue of privacy and online safety for young players on a global scale. Founded by internationally recognized experts and leaders in online safety, privacy, and gaming, k-ID also leverages insights from current and former regulators to maintain the world’s most dynamic youth compliance platform for game developers. k-ID allows kids and teens to access enriching, age-appropriate experiences while providing parents peace of mind. For more information, visit www.k-id.com.

Andreessen Horowitz

Andreessen Horowitz (aka a16z) is a venture capital firm that backs bold entrepreneurs building the future through technology. We are stage agnostic. We invest in seed to venture to growth-stage technology companies, across AI, bio + healthcare, consumer, crypto, enterprise, fintech, games, infrastructure, and companies building toward American dynamism. a16z has $42B in assets under management across multiple funds. Learn more at a16z.com/games.

Lightspeed Venture Partners

Lightspeed is a globally leading venture capital firm across the U.S., Europe, and Asia, with over $29 billion under management. Over the past 20 years, Lightspeed has partnered with hundreds of exceptional entrepreneurs and helped build companies to achieve 200+ IPOs and acquisitions. In 2023, Lightspeed was ranked #1 gaming lead investor by deal volume.

With its dedicated gaming & interactive media practice, the firm invests from an over $6.5 billion pool of early and growth-stage capital—by far the largest set of funds in the sector. Lightspeed’s team combines deep gaming, consumer, and enterprise technology expertise with a global multistage investment platform and a culture that truly puts founders first. Focus areas are game studios (PC, console, mobile), interactive media platforms (social, UGC, distribution, streaming), and related technologies (AI/ML, 3D, engines, game development, AR/VR). For more information, visit gaming.lsvp.com.

Okta

Okta is the World’s Identity Company. As the leading independent Identity partner, we free everyone to safely use any technology—anywhere, on any device or app. The most trusted brands trust Okta to enable secure access, authentication, and automation. With flexibility and neutrality at the core of our Okta Workforce Identity and Customer Identity Clouds, business leaders and developers can focus on innovation and accelerate digital transformation, thanks to customizable solutions and more than 7,000 pre-built integrations. We’re building a world where Identity belongs to you. Learn more at okta.com.

Z Venture Capital

Z Venture Capital serves as the corporate venture capital arm of LY Corporation(an integrated entity of Z Holdings/LINE/Yahoo Japan, etc.), supporting startups with global potential. ZVC is the succeeding company of YJ Capital Inc., which was established in August 2012, following its merger with LINE Ventures Corporation in April 2021.

ESRB Privacy Certified

ESRB Privacy Certified, a division of the non-profit Entertainment Software Rating Board, is an experienced, full-service, privacy certification and compliance program. It helps its members, mostly companies in the video game and toy industries, adopt and implement lawful, responsible, and transparent privacy practices. ESRB serves as one of six Federal Trade Commission-authorized Safe Harbor programs under the U.S. Children’s Online Privacy Protection Act (COPPA). Learn more at https://www.esrb.org/privacy/.

SOURCE k-ID

Led by investment from funds and accounts managed by BlackRock with participation from NVIDIA, Microsoft, Eclipse, Jabil, and Shinhan Securities and venture debt from J.P. Morgan, the new round will help Bright Machines meet skyrocketing demand as pressure builds to support AI hardware production

SAN FRANCISCO, June 25, 2024 — Bright Machines, an innovator in intelligent, software-defined manufacturing, announced today it has raised $126M in Series C funding, with $106M in equity led by investment from funds and accounts managed by BlackRock and participation from NVIDIA, Microsoft, Eclipse, Jabil and Shinhan Securities, and with $20M in venture debt from J.P. Morgan. This brings the company’s total amount raised to more than $400M. The capital will be used to launch product innovations, expand its software stack for increased assembly flexibility, and grow strategic relationships with ecosystem partners.

Currently, electronics manufacturing is outdated and manual with isolated, inefficient processes that drive up costs. With the proliferation of AI driving up demand for compute power and subsequently, AI hardware, the industry faces a bottleneck across dozens of fragmented vendors that causes a supply chain traffic jam. Bright Machines was founded in 2018 by industry veterans who saw a unique opportunity to solve this problem and bring an unprecedented, data-focused approach to electronics manufacturing.

Bright Machines’ full stack solution provides centralized data visibility, traceability, performance benchmarking, and flexible automation. In Bright Machines’ digital ecosystem, valuable data is constantly generated and communicated to a central hub, thus creating a powerful engine for continual optimization. Leveraging this robust data network, Bright Machines’ Design for Automated Assembly (DFAA) tool provides virtual design recommendations to shorten products’ time to market. The company’s robotics utilize machine learning algorithms to help ensure quality control and traceability during assembly inspection. And once products reach their end of life, Bright Machines’ flexible disassembly capabilities help harvest and recycle components – achieving full circular manufacturing. By uniting this data network with agile robotics, modeling and simulation, Bright Machines provides a robust, modern factory that far exceeds what traditional factories can achieve.

“Adopting ecosystem-wide, software-defined manufacturing processes will ease the mounting burden from the industry’s biggest challenges, including a lack of skilled workforce; aging, rigid systems; disparate and fragmented supply chains; and an overall lack of standards across the value chain,” said Lior Susan, CEO and Executive Chairman at Bright Machines. “By collaborating with technology leaders such as NVIDIA and Microsoft, Bright Machines can deliver flexible, integrated, and intelligent manufacturing solutions to our customers, starting with Design for Automated Assembly (DFAA) and continuing – with unprecedented visibility – through every step of the process, right through to the circularity of recycling. As optimized manufacturing systems are faster, more resilient, and more efficient than their manual counterparts, our customers are more competitive in terms of cost, their products’ time-to-market, and customer delight. And in a world where we can now use AI and software to teach robotics systems how to build electronics, the opportunity to redefine how we will design and build electronics is unlimited.”

This funding round not only supports Bright Machines’ vision, but it also highlights the intense pressure that large cloud compute providers are facing to scale AI infrastructure across compute, data storage, and related network capabilities to meet increasing demand. Today’s investment news comes on the heels of Bright Machines’ integration and go-to-market partnership with Microsoft Azure, which will enable an accessible, efficient, and data-driven manufacturing process for electronics manufacturers. 

Supporting investor quotes:

“The demand for AI is catalyzing a transformation in electronics manufacturing. Supply chains and manufacturing and assembly processes are being redesigned to drive faster product innovation and time to market. With blue-chip industry leaders solving on Bright Machine’s software-defined solutions, the team is uniquely positioned to accelerate automation within the manufacturing industry and solve a very difficult, but necessary challenge to meet the pace of innovation and deliver tangible ROI for businesses.” – Matt Singer, Managing Director, BlackRock

“There is a fundamental shift in the way electronics manufacturing must adapt to enable the rapid progress and adoption of AI. Bright Machines’ full-stack solution changes the status quo by providing flexible automation across all stages of the manufacturing life cycle from product design to assembly to disassembly. The team at Bright Machines sees the power of combining robotics and AI in the physical world and is uniquely positioned to transform the manufacturing lifecycle through automation.” – Marc Stoll, Partner, Eclipse

“It is imperative for manufacturers to keep up with the pace of technology innovation across the full spectrum of markets such as AI tech, renewables and carbon reduction, or life-saving medical devices. Bright Machines significantly reduces the time it takes to go from design to production helping companies manufacture the products of tomorrow today.” – Matt Crowley, EVP Global Business Units,  Jabil

“Physical AI is powering the next wave of digitalization applications. Bright Machines, powered by NVIDIA Omniverse core technologies, will help accelerate a new era of AI-enabled industrial digital twins — from design to operation and optimization.” – Rev Lebaredian, VP of Omniverse and Simulation Technology, NVIDIA

“There is a global need for manufacturing transformation if we are going to reap the benefits of AI innovation. Bright Machines delivers reliable access to more AI hardware and transforms its manufacturing, ensuring the ecosystem can take advantage of all that AI has to offer.” – Damian Kang, Executive Director Global Equity Team, Shinhan Securities

For more information on Bright Machines and its services, see here.

About Bright Machines
Bright Machines is an industry-leading software and robotics company that offers a full-stack automation solution for manufacturing. Bright Machines’ flexible automated assembly specializes in building the AI backbone — AI hardware infrastructure. By leveraging computer vision, machine learning, and software applications, Bright Machines transforms the way products can be designed and manufactured.

With more than 200 employees worldwide, Bright Machines is headquartered in San Francisco, California. Bright Machines has been previously named “Best AI-based Solution for Manufacturing” by AI Breakthrough, “Technology Pioneer” by the World Economic Forum, and one of “America’s Most Promising Artificial Intelligence Companies” by Forbes.

For more information, visit www.brightmachines.com.

SOURCE Bright Machines

Seasoned Investors Take New Approach to Private Equity to Drive Software Innovation Success Stories

AUSTIN, Texas, June 25, 2024 — Elsewhere Partners today announced the closing of Elsewhere Partners III, L.P. (EP Fund III), with $285 million in additional capital focused on majority investments in growth-ready B2B software companies. Because of Elsewhere Partners’ distinct investment model and strong performance, an Ivy League Endowment and several returning and new prominent institutional investors backed EP Fund III.

Since its launch in 2016 by seasoned Austin Ventures alumni Chris Pacitti and John Thornton, Elsewhere Partners has sought to redefine software investment strategies and unlock the full potential of capital-efficient software companies with proven products constrained by suboptimized go-to-market practices. With decades of experience leading early stage investments and navigating transformational investments in capital-efficient software companies together since founding Elsewhere through its first and second funds, the evolution of the firm into an early stage private equity (PE) firm has been a natural progression.

“Over the years, our vision to become a reliable feeder system for later-stage financial sponsors has crystalized due to the success of our early portfolio,” noted Chris Pacitti, Founder and Partner at Elsewhere Partners. “We found a gap in the VC/PE ecosystem and have developed a low-risk/high-reward investment model and transformational playbook to become the ‘Series A’ private equity investor for B2B software companies. With the support of our new and existing limited partners, we look forward to continuing to fuel strategic growth in the software sector in both U.S. and international markets.”

With EP Fund III, Elsewhere Partners will further sharpen its focus on majority $20 million to $50 million investments in growth-ready software companies led by strong technical founders that have scaled to $3 – 12M in revenue. The firm’s dedicated Operating Partners and extensive Operating Advisor network provide the deep bench of seasoned operational leadership and functional support required to scale effectively.

About Elsewhere Partners
Elsewhere Partners, a tech-focused private equity firm, invests in growth-ready lower middle market software companies around the globe. Elsewhere’s team of experienced investors and software operators tailor growth plans for each unique portfolio company and offer complementary support across go-to-market, product, talent, finance, and strategy functions. Based in Austin, TX, Elsewhere has invested in 17 companies throughout North America, Europe and Israel since its inception in 2016. To learn more, visit https://elsewhere.partners.  

Media Contact:
Erica Camilo
Connexa Communications for Elsewhere Partners
C: 610.639.5644
[email protected] 

SOURCE Elsewhere Partners

PALM BEACH, Fla., June 25, 2024 — Pytheas Energy, Inc is pleased to announce the addition of three producing oil and gas properties to its growing portfolio, the Andrews Crane Asset, the Bakken Asset, and the Minerva-Rockdale Asset. These represent both working and non-working interests in 620 oil and gas wells, with a combined gross current production of approximately 357 BPD.

Commenting, CEO Josh Zuker said, “We’ve grown considerably over the past three months. Today, Pytheas Energy holds interests in over 600 oil wells, which we acquired at what we believe were below-market prices. This is thanks to our proprietary, AI-enabled asset identification technology.

“In the coming weeks, we plan to start revitalizing dozens of wells, in an effort to increase our existing production by as much as four-fold in the next 12-18 months. We’re also exploring further acquisition opportunities and will continue to use our AI-based platform to identify new targets on existing properties.”

About The Acquisitions

Andrews Crane “AC” Asset
Situated among the Permian Basin, the AC Asset is located in Andrews and Crane counties in Texas. It consists of a 15% membership interest in Andrews Crane SPVI, LLC (“SPVI”), a Wyoming limited liability company, which owns a 16.9% non-operating interest in 113 conventional wells. An agreement is in place for Pytheas to acquire the remaining 85% interest in SPVI. The AC Asset currently generates 128 BPD and has a fair market value of ~$11 million. 

Management used the Company’s proprietary AI technology and industry knowledge to identify the Andrews Crane Asset as a neglected asset recently jettisoned by a large company. While no guarantees can be made, Management’s preliminary analysis estimates that the AC Asset’s BPD can be increased by as much as 120 BPD over the next 12 months, to a forecasted 200-250 BPD, thereby potentially doubling its market value.

Bakken Asset
The Bakken Asset consists of a 12% non-operating working interest in 19 wells located in North Dakota’s greater Bakken Region, the source of more than 10% of all oil produced in the U.S. This Asset has a fair market value of ~$2 million and generates an ongoing revenue stream of ~$450,000 per year via the production of approximately 19 BPD.
Management identified the Bakken Asset as having a motivated seller. As such, Pytheas was able to acquire a non-operating interest in the Asset at a discount, and with the aim of increasing the Company’s value.

Minerva-Rockdale “MR” Asset 
The MR Asset is located in the Minerva-Rockdale oil field of Milam County, Texas, and consists of a ~50% non-operating working interest in approximately 488 wells.

Based on Pytheas’s fourth-quarter 2023 internal management reports, the MR Asset has a fair market value estimated at ~$9.1 million. It generates an ongoing revenue stream of ~$8.0 million per year via the production of approximately 210 BPD from a portion of the property’s wells.

Currently, only a portion of the property’s wells are in production, producing between 100 – 150 BPD as management begins to stabilize the property and rehabilitate the wells. Management estimates that when all 488 wells are moved into production, and the entire asset is rehabilitated, the MR Asset’s production capabilities could increase by as much as four times.

Corporate Financing Update
Pytheas Energy is currently undertaking a capital raise via Regulation Crowdfunding on https://equifund.com. The offering launched in March 2024, and investors have since filled over $3.7 million of the maximum $5 million allowed in this raise. The financing is open to both accredited and non-accredited investors.

For more information on how you can invest in Pytheas Energy, please visit: https://invest.equifund.com/offering/pytheasenergy/details

About Pytheas Energy
Pytheas Energy, Inc is an oil and gas exploration and production company helping to revitalize America’s energy independence through the rehabilitation of existing wells, using its proprietary AI-enabled asset identification technology.

Contact
Hal Abraham Matheson, VP Investor Relations
620.320.3201
[email protected]

SOURCE Pytheas Energy Inc

BETHESDA, Md., June 25, 2024 — Marc Tropp, a senior managing director with Eastern Union, has arranged $10.1 million in financing toward ground-up construction of a five-story, 690-unit, self-storage facility in Davenport, FL. Davenport is situated approximately 65 miles east of Tampa.

Eastern Union, based in New York, is one of America’s largest providers of commercial mortgage brokerage and capital markets advisory services. Together with senior managing director David Merkin, Mr. Tropp oversees the firm’s Mid-Atlantic Region office in Bethesda, MD.

The climate-controlled property will have a gross square footage of 103,020 square feet and 76,431 square feet of rentable space.

“Today’s owners and developers are operating in the most challenging market environment since the crash of 2008,” said Mr. Tropp. “It’s highly difficult to secure construction financing. Eastern Union takes pride in our ability to come through for our clients under conditions like this.”

“The closing of this construction transaction directly reflects Marc Tropp’s keen familiarity with the lending marketplace,” said Abe Bergman, president and co-founder of Eastern Union. “The client’s own bankers had declined to finance this deal. Thanks to Marc Tropp’s extensive knowledge of the lender universe, Eastern Union was able to close this transaction.”

The financing carried a 65-percent loan-to-cost value. The loan’s term was four years, with four years of interest-only payments. The interest rate was set at SOFR plus 3.875 percent. The identities of neither the owner nor the lender were disclosed.

The facility will be operated by CubeSmart, a real estate company focused on the ownership, operation, acquisition, and development of self-storage facilities in the United States.  

About Eastern Union

Founded in 2001, Eastern Union is a national commercial real estate firm that provides both financing services and capital markets advisory services. It employs more than 90 real estate professionals and closes billions of dollars worth of transactions annually. Eastern Union leverages its relationships with lenders and its marketplace knowledge to secure the best available rates and terms.

The company’s Mid-Atlantic Region office, led by Marc Tropp and David Merkin, is located in Bethesda, MD.

Eastern Union secures financing for transactions of all sizes across the United States. Transactions, which can include multi-state and multi-site portfolios, encompass conventional commercial mortgages, structured debt, healthcare, hospitality, manufactured home properties, single-family rentals, investment sales, and — handled in conjunction with company affiliate Eastern Equity Advisors — equity placement.

For more information, visit www.easternunion.com.     

Media contact:
Steve Vitoff
Eastern Union
516 652 0785
[email protected] 

SOURCE Eastern Union

New programs launched to build with founders and corporations across every stage from early idea development to scaling for growth in the market

PALO ALTO, Calif. and TOKYO, June 25, 2024 — Moon Creative Lab, a venture studio that powers the creation of new businesses, today announced new programs to build new businesses with founders and corporations. These programs based out of its Palo Alto, California and Tokyo, Japan studios bring a diverse and global community of entrepreneurs and corporations together across every stage of new business creation, from idea development to scale for growth in the market.

“Moon Creative Lab was founded over 5 years ago to help Mitsui & Co., create innovative new businesses that will have exponential impact on the world,” said Kaichi Yokoyama, Chief Executive Officer, Moon Creative Lab. “We are expanding on this vision by creating new markets and discovering unforeseen business opportunities with a unique community of founders and teams from Mitsui, other corporations, and startups. It will be a powerful combination of builders working together.”

Learn
Moon’s experts in design, product, and engineering guide participants through the process of human-centered innovative business design:

• Spark is Moon’s one week, in-person business-building Make-a-Thon in Tokyo. The goal of the program is to help participants build a tangible representation of a business idea in the form of a real working website, while learning about business creation along the way – all in one week. To apply for Spark’s Summer 24 cohort which runs Wednesday, August 28 to Tuesday, September 3, visit here.
• Learning Labs is Moon’s Tokyo-based foundation-building program. Learning Labs are short-term engagements, anywhere from a few hours to 3 days, between Moon and corporate partners aimed at building foundational knowledge in business creation, product/service design, and more. To speak with Moon about Learning Labs, visit here.
• Design x AI Workshops in Palo Alto utilize emerging design and generative AI tools to help build stronger business ideas. For more information on Moon Workshops in Palo Alto, visit here.

Build
Moon works with founders and corporations to provide geo-specific support to incubate early-stage startups with a human-centered approach.

• Boost is Moon’s Tokyo-based intensive 3-month incubation program where Moon helps founders gain product market fit. Moon helps founders and corporations that have begun working on a new business idea and want to build or test prototypes with real customers. To apply for the next Boost cohort, which starts on Tuesday, September 10, 2024, visit here.
• In-Residence is Moon’s Palo-Alto based incubation program where founders and corporations can get expert advice and hands-on help for their early-stage business. Moon offers advisory, studio space, and select sprints for idea-, seed-, and early stage ventures. Applications are now open to join Moon’s Palo Alto-based In-Residence program. To apply, visit here.

Grow
Unlike other incubators/accelerators/investors, Moon has a diverse group of talent that can think creatively through a challenge or a new opportunity. We bring that innovative thought process to bear in our investment decisions. Moon aims to build large-scale businesses by working together with our community members of founders and innovators. Moon invests in pre-seed, seed-, and growth-stage startups that we believe will create new opportunities and new markets together, and will also make additional follow-on investments to help businesses grow and scale. Moon is especially interested in startups and corporations that:

• Add synergistic value to our existing portfolio and with Mitsui more broadly
• Want to expand their geographic reach, especially from the U.S. to Japan/AP and Japan/AP to the U.S.
• Need hands-on support from designers, engineers, product experts, and marketers to advance their business
• Are interested in teaming up with us to build a scalable/innovative business together in the form of joint investments and/or joint ventures

Moon Community
Moon is building a global community of founders and innovators who share a passion for unlocking their creative potential. Moon Community members gain access to:

• Moon’s Speaker Series: Every month, both Moon Palo Alto and Moon Tokyo will host an esteemed guest speaker or panel to educate and inspire
• Moon Community Lunches and Happy Hours: Moon hosts regular monthly lunches and happy hours around specific themes
• Open Office Hours: Founders can get feedback on their product, service, or business from Moon’s designers, engineers, and product managers
• Moon Lectures and Workshops: Every quarter, Moon will offer a variety of lectures or workshops to the public. Moon Community Members get advance access to sign up.

To apply to be a Moon Community member, visit here.

About Moon Creative Lab
Moon Creative Lab was first established in 2018 as a venture studio to deliver human-centered new business creation for the Mitsui & Co., group. With offices in Palo Alto, USA and Tokyo, Japan, we have established a hands-on support system with global and diverse professional human resources, including designers, engineers, product managers, and people with entrepreneurial experience, to create new businesses that will have a positive impact on the world. Based on this experience, Moon has expanded its support for new business creation beyond Mitsui & Co., to external corporations and startup teams. We aim to help teams and organizations unleash their creative potential to transform bold ideas into ventures that will have an exponential impact on the world. Visit us at www.mooncreativelab.com.

Media Contacts:
For US:
Anabelle Salom
[email protected]

For Japan:
[email protected]

SOURCE Moon Creative Lab