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The Pipeline Group Named to the 2026 Inc. 5000 List, the Most Prestigious Ranking of America’s Fastest-Growing Private Companies

This Marks the Company’s Sixth Consecutive Year on the List, Earning Its Place Among the Nation’s Most Successful Independent Businesses

SAN JOSE, Calif., Aug. 11, 2026The Pipeline Group (TPG) today announced it has been named on the 2026 Inc. 5000 list, the annual list of the fastest-growing private companies in America. The list is the most prestigious ranking of the nation’s most successful independent and entrepreneurial businesses, recognizing companies that have achieved remarkable growth while driving innovation, creating jobs, and shaping the future of the economy. Past honorees include companies such as Microsoft, Meta, Chobani, Oracle, and Patagonia.

This marks TPG’s sixth consecutive year on the Inc. 5000 list. The company has also been featured on Inc.’s Fastest Growing Companies in the Pacific list three years in a row (2024-2026) and named an Inc. 2025 Power Partner.

“No matter how many times we find ourselves on the Inc. 5000 List, we’re incredibly honored to be in conversation with such an elite group of organizations,” said Ken Jisser, Founder and CEO of TPG. “This is a reflection of our discipline, partnerships, and desire to build a superior level of performance for our clients. We’re looking forward to what the future holds.”

In 2026, TPG is focused on scalable growth, from expanding its leadership team to launching TPG Terminal, an enterprise platform created to provide revenue leaders a single source of truth for pipeline performance. The company is focused on pipeline predictability, operational discipline, and market leadership.  

This year’s Inc. 5000 recognizes a new class of companies redefining what growth looks like. From AI and advanced manufacturing to healthcare, consumer products, and professional services, these businesses are expanding their impact, creating jobs and proving that entrepreneurial ambition continues to fuel the U.S. economy. Among the 5,000 companies on the list, the median three-year revenue growth rate was 130%, and those companies have collectively added more than 627,208 jobs to the U.S. economy over the past three years.

For the full Inc. 5000 list, honoree company profiles, and a searchable database by industry and location, please visit: www.inc.com/inc5000.

“Every company on the Inc. 5000 has a story of perseverance, smart decision making, and a refusal to sit still,” says Mike Hofman, editor-in-chief of Inc. “Their growth reflects more than strong financial performance–it reflects creativity, resilience, and the customer focus required to build companies that make a lasting impact. We congratulate all honorees on this significant achievement.”

Inc. 5000 List Methodology
Companies on the 2026 Inc. 5000 are ranked according to percentage revenue growth from 2022 to 2025. To qualify, companies must have been founded and generating revenue by March 31, 2022. They must be U.S.-based, privately held, for-profit, and independent—not subsidiaries or divisions of other companies—as of December 31, 2025. (Since then, some on the list may have gone public or been acquired.) The minimum revenue required for 2022 is $100,000; the minimum for 2025 is $2 million. As always, Inc. reserves the right to decline applicants for subjective reasons.

About The Pipeline Group
The Pipeline Group (TPG) is the premier business development and pipeline performance management partner for B2B technology companies. With more than 600 employees worldwide, TPG combines rigorously trained Sales Development Representatives (SDRs), proprietary technology, and data-driven execution to deliver a predictable, high-quality pipeline. Recognized on the Inc. 5000 list for six consecutive years and named an Inc. Power Partner in 2025 and 2026, TPG is trusted by enterprise and growth-stage companies to launch new products, enter new markets, and build durable, measurable revenue engines. For more information, visit https://www.thepipelinegroup.io/about.

About Inc.
Inc. is the leading media brand and playbook for the entrepreneurs and business leaders shaping our future. Through its journalism, Inc. aims to inform, educate, and elevate the profile of its community: the risk-takers, the innovators, and the ultra-driven go-getters who are creating the future of business. Inc. is published by Mansueto Ventures LLC, along with fellow leading business publication Fast Company. For more information, visit www.inc.com.

TPG Media Contact

Bob Spoerl
[email protected]
(773) 453-2444

SOURCE The Pipeline Group

OurCrowd Names Cali Chill Chief Executive Officer, Ushering in a New Era of Discipline and Rare Access

After steadying the firm through transition and following one of its most impressive exits to date, the seven-year OurCrowd veteran will be stepping in as the company’s official CEO, appointed by OurCrowd’s board of directors    

TEL-AVIV, Israel, Aug. 11, 2026OurCrowd, the global platform that provides its community of investors with access to venture and private-market opportunities mostly reserved for venture funds and the world’s largest institutions, today announced that Cali Chill will transition from Acting CEO & COO to Chief Executive Officer. Cali stepped in as Acting CEO in mid-2025, when founder Jon Medved chose to step back from day-to-day management for medical reasons, and is now appointed by the Board to officially lead the firm into its next era.

The appointment caps a defining year. Since mid-2025, Cali and OurCrowd’s Executive Leadership Team have restored firm-wide stability, sharpened focus around fewer, higher-conviction deals, including known AI giants, launched a full assessment and monetization plan for the existing portfolio and rebuilt workflows to transition the investment and asset management platform into the age of AI-driven investing.    

Earlier this month, the company announced a mega exit of its portfolio company BioCatch, acquired by Visa in a reported $2.4 billion transaction, where OurCrowd invested early and followed on through growth. The transaction is subject to customary closing conditions, including receipt of applicable regulatory approvals; and expected to close by the end of Visa’s fiscal second quarter of 2027.

“OurCrowd was founded to bring institutional-grade access and rigor to individual accredited investors. We don’t assume access; we earn it through years of building our trusted network and disciplined diligence on every deal. Having spent seven years embedding this rigor across our firm, I am committed to scaling that discipline, delivering the responsibility and returns our investors expect. I am honoured to lead the firm forward,” said Chill in the editorial interview.

The Board has appointed Cali to continue leading the company with rigor and trust. “I am very pleased with the Company’s progress and accomplishments over the past several quarters,” said Ben Plotkin, Chairman of OurCrowd’s Board of Directors. “Since Cali took charge of the operation, the firm has been managed with increasing financial discipline and operational focus. Having worked closely with Cali since the leadership transition of 2025, I am excited about OurCrowd’s prospects, and the Board has full confidence in Cali’s ability to lead the firm through this next chapter.”

Cali Chill has spent seven years at OurCrowd, rising through senior leadership roles across legal, funds and investment strategy before being named Acting CEO and COO. He joined the firm as General Counsel, later elevated to Chief Legal Officer. He served as Head of Funds & CLO overseeing the firm’s in-house and third-party investment funds, and most recently served as Chief Investment Officer and Chair of OurCrowd’s Investment Committee, with direct oversight over the firm’s deal flow. Before OurCrowd, Cali was General Counsel of Nasdaq-listed Answers Corporation and of AFCV Holdings, a private-equity-backed technology investor. He holds a joint LLB/MBA from Bar Ilan University and is licensed to practice law in Israel and New York.

About OurCrowd

OurCrowd is a global venture investment platform built on a simple premise: the best private-market opportunities should not be reserved exclusively for the world’s largest institutions. Since 2013, OurCrowd has built one of the industry’s most extensive private investment networks – investing alongside sovereign wealth funds, leading institutions, corporations, family offices and angel investors. Access to the platform is by qualification, not by default: every investor is screened against strict accreditation and suitability criteria before joining a global club that today spans nearly 8,000 active members, globally.

Headquartered in Jerusalem, with offices in Tel Aviv and Toronto, OurCrowd raised more than $2.6 billion in commitments across 500+ portfolio companies and dozens of funds, generating 73 exits to date – including this month’s $2.4 billion reported acquisition of portfolio company BioCatch by Visa.

For more information, visit: www.ourcrowd.com

Contact: Cali Chill, [email protected]

Photo: https://mma.prnewswire.com/media/3008751/Cali_Chill_OurCrowd.jpg

SOURCE OurCrowd

EQT Life Sciences participates in Vaderis Therapeutics’ USD 152 million Series B financing

STOCKHOLM, Aug. 11, 2026

  • EQT Life Sciences is investing USD 17.5 million in Vaderis Therapeutics as part of the Swiss company’s USD 152 million Series B financing
  • The financing will support the initiation of the global Phase 3 HEROIC study evaluating engasertib, a potential first treatment for hereditary hemorrhagic telangiectasia, a rare genetic vascular disease characterized by severe nosebleeds, chronic anemia, and life-threatening vascular abnormalities, with no approved therapies
  • EQT Life Sciences will draw on its experience supporting biotechnology companies through last-stage clinical development to work alongside the management team in executing the company’s development strategy

EQT Life Sciences is pleased to announce its participation in Vaderis Therapeutics’ USD 152 million Series B financing through one of its managed funds, with a USD 17.5 million investment. The financing was co-led by Life Sciences at Goldman Sachs Alternatives and TCGX, with participation from Omega Funds, Perceptive Advisors, Kalehua Capital and existing investors Medicxi and Droia. The proceeds will support Vaderis with capital needs through potential regulatory approval of engasertib, the company’s lead program for hereditary hemorrhagic telangiectasia (HHT).

Vaderis Therapeutics is a Swiss clinical-stage biotechnology company developing targeted therapies for rare vascular diseases. Its lead program, engasertib, is being developed as a potential first treatment specifically developed for HHT, a rare inherited blood vessel disorder affecting ~1 in 3,800. HHT causes recurrent and severe nosebleeds (epistaxis), chronic anemia and potentially life-threatening vascular abnormalities for which there are currently no approved therapies.

The financing and initiation of the company’s global Phase 3 trial, HEROIC, follows publication of positive proof-of-concept and long-term extension data for engasertib in The New England Journal of Medicine, which demonstrated clinically meaningful and sustained improvements across multiple measures of disease in patients with HHT. These data established the scientific foundation for advancing engasertib into pivotal development and its potential to address the significant unmet needs of patients living with HHT.

EQT Life Sciences will support Vaderis Therapeutics as it advances engasertib through its Phase 3 development and towards potential regulatory approval. Drawing on its experience supporting biotechnology companies through last-stage clinical development, EQT Life Sciences will work alongside the management team to help execute the company’s development strategy.

Christoph Broja, CFA, Partner at EQT Life Sciences, who will join the Vaderis board as an observer, said: “HHT remains a serious, lifelong disease with no approved treatment anywhere in the world, despite affecting tens of thousands of patients. Engasertib’s proof of concept data gave us real conviction in the science, and we’re pleased to support the Vaderis team as they advance engasertib into Phase 3 with the goal of potentially bringing these patients their first dedicated therapy.”

Azmi Nabulsi, MD, MPH, President and Chief Executive Officer of Vaderis Therapeutics, said: “Today represents a defining moment for HHT patients. Closing this financing and initiating HEROIC as the first Phase 3 study utilizing a molecule specifically developed for HHT marks an exciting new chapter. This milestone reflects the dedication of our patients, investigators, study teams, and advocacy organizations, to whom we extend our deepest gratitude. We are also thankful to our investors for their confidence and support, which have been essential in bringing us to this point.”

Contact
EQT Press Office,
[email protected]

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/eqt/r/eqt-life-sciences-participates-in-vaderis-therapeutics–usd-152-million-series-b-financing,c4381729

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Vaderis Therapeutics Announces Oversubscribed $152 Million Series B Financing and Initiation of the Global Phase 3 HEROIC Study of Engasertib for Hereditary Hemorrhagic Telangiectasia

  • $152 million Series B financing by private placement to select investors, co-led by Life Sciences at Goldman Sachs Alternatives and TCGX, with participation from Omega Funds, EQT Life Sciences, Perceptive Advisors, Kalehua Capital, and existing investors Medicxi and Droia
  • Provides the company with capital needs through potential U.S. regulatory approval of engasertib
  • Marks the company’s transition into pivotal-stage development with initiation of the global Phase 3 HEROIC study evaluating engasertib, a once daily oral medication, in patients with moderate-to-severe hereditary hemorrhagic telangiectasia (HHT)

BASEL, Switzerland and LINCOLNSHIRE, Ill., Aug. 11, 2026 — Vaderis Therapeutics, a clinical-stage biopharmaceutical company focused on developing targeted therapies for rare vascular diseases, today announced the closing of a private $152 million Series B financing and initiation of HEROIC, the company’s global Phase 3 clinical study evaluating engasertib (VAD044) in patients with hereditary hemorrhagic telangiectasia (HHT).

Together, these milestones mark a significant step forward in the development of engasertib, an investigational oral allosteric AKT inhibitor. Engasertib is positioned to become the first approved therapy specifically developed for people living with HHT, a rare genetic vascular disorder that currently has no approved treatment options worldwide.

The Series B financing, supported by both new and existing investors, reflects strong confidence in the potential of engasertib to address significant unmet needs in HHT.  The proceeds from the financing are expected to fund the company’s planned operations through regulatory submissions and potential U.S. regulatory approval.

Following the closing, Vaderis’ Board of Directors comprises Giovanni Mariggi of Medicxi, Colin Walsh of Goldman Sachs Alternatives, Giuliano Marostica of TCGX, Francesco Draetta of Omega Funds, Nick Williams of Medicxi, Azmi Nabulsi, President and Chief Executive Officer of Vaderis, and Rahul Ballal, who serves as an independent director.

The financing and initiation of HEROIC follows publication of positive proof-of-concept and long-term extension data for engasertib in The New England Journal of Medicine, which demonstrated clinically meaningful and sustained improvements across multiple measures of disease in patients with HHT. These data established the scientific foundation for advancing engasertib into pivotal development and its potential to address the significant unmet needs of patients living with HHT.

“Today represents a defining moment for HHT patients,” said Azmi Nabulsi, MD, MPH, President and Chief Executive Officer of Vaderis Therapeutics. “Closing this financing and initiating HEROIC as the first Phase 3 study utilizing a molecule specifically developed for HHT marks an exciting new chapter. This milestone reflects the dedication of our patients, investigators, study teams, and advocacy organizations, to whom we extend our deepest gratitude. We are also thankful to our investors for their confidence and support, which have been essential in bringing us to this point.”

“Having partnered with Vaderis since its inception, Medicxi has seen the company consistently translate cutting-edge science into meaningful clinical progress,” said Giovanni Mariggi, co-founder and Partner, Medicxi and Chairman of Vaderis Therapeutics. “The advancement of engasertib into Phase 3 represents the culmination of years of disciplined execution, scientific innovation and close collaboration with the HHT community. Building on the important contributions of clinicians and scientists that have advanced the field, we are proud to continue supporting Vaderis as it pioneers a regulatory pathway for therapies specifically developed for HHT, while working to bring the first such treatment to patients.

“Vaderis has generated compelling clinical evidence supporting targeted AKT inhibition as a novel treatment approach for HHT,” said Colin Walsh, PhD, Managing Director, Life Sciences at Goldman Sachs Alternatives. “The company’s strong scientific foundation, disciplined execution and clear focus on addressing a significant unmet medical need gave us conviction in both the financing and the Phase 3 program.”

“We are pleased to partner with Vaderis and a high-quality investor syndicate to advance engasertib through this important stage of development,” added Giuliano Marostica, Managing Partner, TCGX.

Phase 3 HEROIC Study Now Underway

HEROIC is a global, randomized, double-blind, placebo-controlled Phase 3 clinical study designed to evaluate the efficacy and safety of once-daily oral engasertib in patients with moderate-to-severe HHT. The study is expected to enroll patients across sites in North America, South America and Europe.

“HHT remains a serious, lifelong disease that places a substantial burden on patients, yet there are still no approved therapies,” said Hanny Al-Samkari, MD, Associate Professor of Medicine at Harvard Medical School, The Peggy S. Blitz Endowed Chair in Hematology/Oncology at Mass General Brigham Cancer Institute, and Principal Investigator of the HEROIC study. “As the Principal Investigator of HEROIC, I believe this study has been thoughtfully designed to rigorously evaluate engasertib in a larger patient population and confirm the encouraging findings from the earlier proof-of-concept study.”

About Engasertib (VAD044)
Engasertib is an investigational oral selective allosteric inhibitor of AKT1/2 being developed for the treatment of hereditary hemorrhagic telangiectasia (HHT), a rare genetic vascular disorder characterized by recurrent bleeding and arteriovenous malformations. By targeting dysregulated signaling pathways implicated in vascular malformations, engasertib is designed to address the underlying pathophysiology of disease.

Engasertib has not been approved for use in any country for any indication.

About HHT
Hereditary hemorrhagic telangiectasia (HHT) is a rare genetic vascular disorder (prevalence ~1 in 3,800) characterized by recurrent severe epistaxis, anemia, and visceral arteriovenous malformations (AVMs). Despite the significant disease burden, there are currently no approved therapies for HHT globally.

About Vaderis Therapeutics
Vaderis Therapeutics is a science-driven biopharmaceutical company focused on discovering and advancing transformative treatments for rare vascular diseases. By targeting the underlying pathophysiology, the company aims to bring first-in-class targeted therapies to patients in need. Vaderis is headquartered in Basel, Switzerland with a U.S. subsidiary in Lincolnshire, Illinois. For more information, visit www.vaderis.com.

Forward-Looking Statement

This press release contains forward-looking statements regarding the development, regulatory review, and potential approval of engasertib and related programs, the anticipated initiation, timing, and execution of clinical trials, the expected use of proceeds from the financing, and the company’s anticipated operational runway. By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements, including due to risks, uncertainties, and the inherent complexities of clinical development, regulatory review, financing activities, manufacturing, and other factors.

This press release does not constitute an offer or solicitation for the purchase or disposal of, trading or any transaction in any securities of Vaderis Therapeutics in any jurisdiction.

Medical Information

Engasertib has not been approved for use in any country for any indication. Information in this press release is for medical and scientific reference only and is not intended to promote, recommend, or suggest use of this product. The safety and efficacy of engasertib have not been established by any regulatory authority.

SOURCE Vaderis Therapeutics AG

Monogram Capital Partners Closes Apollo S3-Led Continuation Vehicle for Mountaintop Beverage

Transaction returns a significant majority of Monogram Capital Partners II, L.P.’s (“Fund II”) capital to investors while providing Mountaintop with committed capital and an extended investment horizon to support a nearly 600,000-square-foot manufacturing footprint, additional capacity expansion, and strategic M&A.

Key Takeaways

  • Monogram Capital Partners has closed a single-asset continuation vehicle for Mountaintop Beverage, transferring the company from Fund II into a newly formed vehicle.
  • Apollo S3, the sponsor and secondary solutions business of Apollo Global Management (NYSE: APO), led the continuation vehicle, with participation from Partners Capital, TIFF, and H7 Capital, among other institutional investors.
  • The transaction returns a significant majority of Monogram Capital Partners’ Fund II capital to investors while Monogram Capital Partners and Mountaintop Beverage’s management team retain ownership of the company.
  • Mountaintop Beverage’s management team, board, and operating strategy remain unchanged following the transaction, with Co-Founder and Chief Executive Officer Jeff Sokal continuing to lead the company.
  • The continuation vehicle provides committed capital for a 250,000-square-foot capacity addition that will bring Mountaintop Beverage’s Morgantown, West Virgin manufacturing campus to nearly 600,000 square feet.

LOS ANGELES, Aug. 11, 2026 — Monogram Capital Partners (“Monogram”), a Los Angeles-based private equity firm investing in family-held and founder-led consumer and service businesses, today announced the closing of a single-asset continuation vehicle for Mountaintop Beverage (“Mountaintop” or the “Company”), a scaled manufacturer of low-acid aseptic and extended-shelf-life (ESL) beverages headquartered in Morgantown, West Virginia.

The transaction transfers Mountaintop from Fund II into a newly formed continuation vehicle led by Apollo S3, Apollo’s sponsor and secondary solutions business. Partners Capital, TIFF, and H7 Capital also participated in the transaction, alongside other institutional investors. The vehicle delivers significant liquidity to investors while positioning Monogram and Mountaintop’s management team to retain substantial exposure to the Company’s next phase of growth.

The vehicle also provides Mountaintop with committed capital and an extended investment horizon to fund its expansion program, including a 250,000-square-foot capacity addition that will bring the Company’s Morgantown, West Virginia, campus to nearly 600,000 square feet, as well as future acquisitions.

Monogram first invested in Mountaintop in August 2021, partnering with the Company’s seasoned founding team to build a state-of-the-art low-acid aseptic manufacturing platform in Morgantown, West Virginia. Over the ensuing five years, Monogram has supported the Company’s buildout of numerous high-speed low-acid aseptic and ESL beverage processing lines, establishing Mountaintop as a critical manufacturing partner to leading strategics and functional beverage brands of scale in the protein, coffee, dairy, plant-based milk alternatives, and tea categories.

“Mountaintop represents precisely the kind of business we seek to back – a technically complex, capacity constrained supply chain partner providing essential services to some of the fastest-growing brands in the consumer space. We believe the flywheel between category-leading consumer brands and the supply chain and service businesses that power them is where the most differentiated, proprietary opportunities are found, and Mountaintop is a powerful embodiment of that thesis,” said Jared Stein, Co-Founder and Partner at Monogram Capital Partners. “Demand for PET bottles and high-protein, functional beverages continues to outpace the industry’s constrained ability to produce them given the highly technical training required to do so, and low-acid aseptic processing is one of the hardest processes in beverage manufacturing to scale. Mountaintop has developed the technical capabilities, customer relationships, and operating foundation required to address that gap. Apollo S3’s investment provides strong institutional validation of the platform and positions the company to continue to execute on its ambitious expansion plan.”

“Monogram has been our foundational partner from inception, and this transaction gives us amplified resources and time to execute the next stage of Mountaintop’s growth,” said Jeff Sokal, Founder and Chief Executive Officer of Mountaintop. “In doing so, we are preserving the continuity that has been central to our success – the same management team, board, and operating strategy – while adding Apollo S3 as a highly experienced capital partner. With our current expansion underway and additional capital available, we believe we are well positioned to serve the high-growth needs of our customers and further extend the robust capabilities of the platform to become the largest low-acid PET bottle contract manufacturer in the country.”

“Mountaintop is a category leader with hard-to-replicate assets in a highly specialized segment of beverage manufacturing where capacity is genuinely scarce, and where patient, flexible capital can enable the company to fulfill the extensive pipeline of growth its strong operating history has catalyzed,” said Veena Isaac, Partner and Co-Head of Apollo S3. “We’re excited to partner with Monogram and management to support their efforts in building the premier low-acid aseptic contract manufacturing platform in North America.”

Houlihan Lokey served as Monogram’s advisor on the continuation vehicle in connection with the transaction, with Proskauer Rose LLP, and Massumi + Consoli LLP serving as legal counsel to Monogram. Weil, Gotshal & Manges LLP served as legal counsel to Apollo S3.

About Monogram Capital Partners

Headquartered in Los Angeles, Monogram Capital Partners manages approximately $1.9 billion in regulatory assets under management and invests in consumer businesses, business services, and the manufacturing and supply chain platforms that support them. Monogram partners with founders, family owners, and management teams, combining flexible capital with an operationally engaged approach to help businesses scale. For more information, please visit www.monogramcapital.com.

About Mountaintop Beverage

Mountaintop is a leading low-acid aseptic beverage co-manufacturing platform, providing manufacturing solutions to category-leading functional and better-for-you beverage brands. The company is headquartered in Morgantown, West Virginia. For more information on Mountaintop, please visit www.mountaintopbeverage.com.

About Apollo S3

S3 is Apollo’s Sponsor & Secondary Solutions business. S3 provides flexible capital solutions to asset managers and limited partners across the risk-reward spectrum. S3 is a natural extension of Apollo’s global investment platform, offering partner-oriented capital across asset classes including private equity, private credit, infrastructure, and real estate. The S3 platform has raised approximately $14 billion in total capital since launching in August 2022. To learn more about S3, please visit https://apollos3.com.

Note: The individuals listed above, including the Founder and CEO of Mountaintop, have not received any compensation for this feedback and did not invest in the Fund. The companies identified do not represent all of the companies purchased, sold, or recommended for portfolios advised by the Firm. The Firm’s complete track record, securities comprising the portfolio of the Fund are available upon request. The reader should not assume that all investments in the companies identified were or will be profitable. Past performance is not indicative of future performance.

SOURCE Monogram Capital Partners

Quad-C Management Announces Investment in Paradigm HSE

CHARLOTTESVILLE, Va., August 11, 2026   — Quad-C Management, Inc. (“Quad-C”), a leading middle market private equity firm, today announced its investment in Paradigm HSE (“Paradigm” or the “Company”), a leading provider of health and safety solutions to industrial customers across North America. Terms of the transaction were not disclosed.

Formed through the combination of Code Red Safety, Concept Controls, and HazTek, Paradigm has built a differentiated, tech-forward platform spanning technical safety services, safety management, and safety equipment distribution. The Company’s approximately 700 employees support customers throughout the United States and Canada.

Quad-C is partnering with Paradigm’s executive management team, who will remain in their current roles and are maintaining significant ownership in the Company. The partnership should allow Paradigm to reinvest capital to accelerate growth both organically and through strategic acquisitions.

“Paradigm has built a differentiated, client-first culture that, when paired with a commitment to technology-enabled safety solutions, has generated tremendous results” said Jack Walker, Partner at Quad-C. “Nick and his team have demonstrated an impressive track record of growth across each of Paradigm’s pillars, and we see substantial opportunity ahead. We’re excited to support the next phase of the Company’s growth.”

“Quad-C has a long history of investing in commercial and industrial services businesses, and worker safety is a theme we’ve been looking to invest behind for some time,” said Matt Sorensen, Vice President at Quad-C. “We’re excited to partner with Nick and the broader Paradigm team as they continue to build the leading platform in HSE services.”

“From our first conversations with the Quad-C team, it was clear we shared the same values and the same vision for where Paradigm can go,” said Nick Mowbray, CEO of Paradigm HSE. “Quad-C’s support gives us the resources to continue building a market-leading, full-service HSE company. We’re excited about what’s ahead and remain focused on delivering even more value to our customers every day.”

Harris Williams served as financial advisor to Paradigm HSE and Stifel served as buyside advisor to Quad-C on the transaction.

ABOUT QUAD-C MANAGEMENT
Founded in 1989 and headquartered in Charlottesville, Virginia, Quad-C is a middle market private equity firm focused on investing in established services and industrials companies. In its three-decade history, Quad-C has invested $5.3 billion of capital in 92 platform companies and over 425 add-on acquisitions. The Quad-C team is committed to partnering with entrepreneurs and management teams to accelerate growth and create long-term value. For more information, please visit www.quadc.com.

ABOUT PARADIGM HSE
Based in Houston, TX, Paradigm HSE offers safety services, products, and rentals throughout North America. Paradigm’s offerings include safety and health staffing, training and consulting, a wide range of technical safety services, as well as the distribution and rental of equipment across safety, environmental and industrial hygiene applications. As a trusted partner for providing safety, health and environmental solutions to customers, Paradigm is built on ensuring it offers exceptional service, advice, and products across its customer base. For more information, please visit www.paradigmhse.com.

SOURCE Quad-C Management, Inc.

H&MV Engineering valued at €1.4 billion in new funding transaction

Apollo S3, Pantheon and SQ Capital to join an Exponent-led continuation vehicle dedicated to H&MV Engineering

H&MV FY26 revenues expected to close at more than €1 billion, with a €2 billion order book and a €16 billion pipeline

Transaction provides long-term capital backing to support H&MV’s U.S. expansion, continued hiring, strategic acquisitions and ambition to reach €3 billion in annual revenues

Company plans to grow its global workforce to 3,000

LIMERICK, Ireland and LONDON, Aug. 11, 2026 — H&MV Engineering, a global provider of specialist high-voltage engineering and critical power infrastructure services, today announced the signing of a transaction to establish a continuation vehicle of approximately €750 million, led by existing investor Exponent.  The transaction extends Exponent’s investment in H&MV and brings in Apollo S3, Pantheon and SQ Capital as investors to support the company’s next phase of international growth.

The new investment structure provides long-term capital backing for H&MV’s continued expansion in the U.S., recruitment across its international operations, investment in new engineering capabilities and strategic acquisition opportunities.

Supported by a €2 billion order book, a €16 billion pipeline and long-standing customer relationships, the company is targeting revenues of €3 billion within five years and a global workforce of 3,000 employees. Since 2020, H&MV has increased revenue from €61 million to an expected €1 billion in FY26. During the same period, the company expanded its workforce from 300 to over 1,900 employees today.

Global demand for critical power infrastructure is accelerating as AI, electrification, battery energy storage and the energy transition reshape electricity systems worldwide. H&MV Engineering designs, builds and energises high-voltage infrastructure that enables data centres, battery energy storage and electricity networks, working with leading hyperscale technology companies, co-location providers, utilities and renewable energy developers.

As part of the next phase of its U.S. growth strategy, H&MV will open its North American headquarters in Dallas later this year. Since establishing a presence in the U.S. in late 2025, the company has continued to invest in senior leadership, engineering, project delivery and corporate development capabilities to support its growing operations across the region.

P.J. Flanagan, CEO, H&MV Engineering, said: “This transaction gives H&MV the long-term backing to scale at the pace of the markets we serve and to deliver on our five-year growth ambition. Exponent’s continued support, together with new investment from international investors, will help us accelerate our global expansion, pursue strategic acquisitions, and invest in the capabilities, technologies and people our clients need.”

“Today is a strong endorsement of what we’ve built at H&MV over almost 30 years and I’m incredibly proud of what our team has achieved. As we enter our next phase of growth, we’ll continue investing in the team, our engineering capability and the culture that has enabled us to grow while delivering for clients around the world.”

Tim Easingwood, Partner at Exponent, commented: “H&MV is exactly the kind of ambitious, entrepreneur-led business that Exponent is proud to partner with. This continuation vehicle is a significant milestone for both H&MV and Exponent, and reflects the quality of the business, its exceptional management team and the important role it plays in supporting critical infrastructure globally. We are delighted to welcome Apollo S3, Pantheon Ventures and SQ Capital alongside a high-quality group of institutional investors as we continue our partnership with P.J. and his team. We remain a committed, long-term partner and are excited by the opportunity ahead.”

John Moore, Operating Partner at Exponent and Chair of H&MV Engineering, said: “H&MV has built a unique position at the centre of some of the world’s fastest-growing infrastructure markets, where demand for specialist engineering expertise and reliable power infrastructure continues to increase. The business has built a strong platform from which to serve customers across multiple geographies, while retaining the technical excellence and customer focus that have underpinned its success. Our priority now is to build on those foundations by accelerating H&MV’s U.S. expansion, deepening relationships with global customers and continuing to invest in the people and capabilities required for the next phase of growth.”

The transaction is subject to regulatory approval and formal completion, which is expected in September 2026.

Lazard acted as financial adviser to H&MV and Exponent in connection with the transaction. Arthur Cox and White & Case acted as legal advisers to H&MV.

About H&MV Engineering

H&MV Engineering is a global leader in high-voltage electrical engineering, delivering turnkey solutions for energy, data centre, and industrial infrastructure. With a strong focus on safety, innovation, and sustainability, we are powering the transition to a greener future.

H&MV currently has over 24 GW of projects in design and construction and operates from 20 international offices across Ireland, the UK, Europe, the U.S. and Asia.

With over 1,900 employees and offices spanning three continents, we continue to set industry benchmarks while fostering a culture of safety, teamwork, and respect. For more information, visit www.hmvengineering.com.

About Exponent

Exponent is a European private equity firm that partners with ambitious management teams to accelerate the growth of established mid-market businesses. Primarily investing in family- and founder-led companies and corporate carve-outs, Exponent combines capital with sector expertise, operational insight and an extensive industrialist network to help businesses realise their full potential. From its offices in London and Dublin, Exponent works collaboratively with management teams to unlock new growth opportunities, enhance operational performance and create long-term value.

Exponent has been investing in Ireland based businesses since 2012 and this was further supported with the opening of its Dublin office in 2023. Since its inception in 2004, Exponent has raised five funds and invested in over 40 businesses across Ireland, the UK and Benelux.

To learn more, visit www.exponentpe.com.

About Apollo S3

S3 is Apollo’s Sponsor & Secondary Solutions business. S3 provides flexible capital solutions to asset managers and limited partners across the risk-reward spectrum. S3 is a natural extension of Apollo’s global investment platform, offering partner-oriented capital across asset classes including private equity, private credit, infrastructure and real estate. The S3 platform has raised approximately $14 billion in total capital since launching in August 2022. To learn more about S3, please visit https://apollos3.com/.

About Pantheon

Pantheon has been at the forefront of private markets investing for more than 40 years, earning a reputation for providing innovative solutions covering the full lifecycle of investments, from primary fund commitments to co-investments and secondary purchases, across private equity, infrastructure, and private credit. For more information, please visit www.pantheon.com

We have partnered globally with institutional investors of all sizes as well as a growing number of private wealth advisers and investors, with approximately $84bn in discretionary assets under management (as of December 31, 2025).

Leveraging our specialized experience and global team of professionals across Europe, the Americas, and Asia, we invest with purpose and lead with expertise to build secure financial futures.

About SQ Capital

SQ Capital is a modern secondaries firm designed to deliver alpha. We target best-in-class returns across GP-led and LP secondaries, focusing on the middle market. Our team draws on an elite direct investing pedigree, cutting-edge data and AI capabilities, an insider’s understanding of private equity GPs and their portfolios, and deep GP relationships. We combine these strengths with an entrepreneurial mindset to move quickly and with conviction to raise the bar in the secondary market. SQ Capital is headquartered in New York City. For more information, please visit www.SQCapital.com.

Media contacts
H&MV Engineering
Deirdre Connolly, Edelman, [email protected], +353 852449804

Exponent Ireland media enquiries:
Eavan Gannon / Colm Woods, Sodali & Co. – [email protected] 

Aureka Biotechnologies Raises US$100 Million Series B to Build a Biological World Model for Drug Discovery

The company will direct proceeds primarily toward research and large-scale training of its next generation of biological foundation models, further strengthening performance on core tasks such as de novo molecular design, biological structure modeling and function prediction. Aureka will also upgrade Lab-in-the-Loop, its experiment-centered feedback engine, strengthening the closed-loop between those models and its proprietary single-cell functional screening, high-throughput experimental validation and drug development platforms.

With its closed-loop, AI-native infrastructure already built, Aureka is now strengthening the intelligence core of that system: its foundation models. Aureka combines large-scale pre-training, project-specific post-training, AI agents and experiments that run at scale into AI-for-Science infrastructure for the life sciences. In it, models do not just solve individual drug discovery tasks; they learn the rules of biology, to understand, generate, predict and intervene in complex biological systems.

As foundation models and automated R&D converge, Aureka is shifting from using AI to make drug discovery more efficient to using AI to model living systems, pushing both the technical frontier and the commercial ceiling of AI-driven drug discovery.

Closed-Loop AI-Native Infrastructure Builds a Stronger Intelligence Core

Founded in 2023, Aureka Biotechnologies is an AI-native TechBio company developing a new generation of biological foundation models and closed-loop infrastructure that surrounds them, combining AI models, agents, digital biology and experimental platforms to redesign the drug discovery process end to end.

Biology does not yield to computation alone; it depends on feedback from the physical world. Sustained improvement in large biological models requires more than advances in compute, algorithms and model architecture. It also takes high-quality experimental data that faithfully reflects molecular function, and an experimental system able to continuously test model hypotheses, correcting model bias and feeding results into the next iteration.

Aureka therefore treats Lab-in-the-Loop as core infrastructure for model development, integrating AI agents, high-throughput digital biology, proprietary single-cell functional screening and its in-house experimental platform. The resulting loop runs from molecular generation through experimental design, functional validation and model post-training to candidate development.

In this system, the laboratory is no longer a validation step that follows model output; it is a core part of how the model learns and improves. Models propose experimentally testable molecular designs and scientific hypotheses; the experimental platform generates high-quality functional data; and that data flows back into both the foundation model and project-specific models, driving continuous iteration into the next round of design and validation.

This Lab-in-the-Loop mechanism lets Aureka generate its own large-scale, information-dense functional experimental data for use in foundation model pre-training, reinforcement learning and project-specific post-training. Compared with development paths that rely mainly on public, static datasets, Aureka’s models receive experimental feedback from live drug discovery programs and evolve through a continuous design–validation–learning cycle — a flywheel in which data, models, experiments and drug assets reinforce one another.

Foundation Model Capability Confirmed by Third-Party Evaluation

That infrastructure produced AuraIDE, Aureka’s own biological foundation model. Trained at scale on proprietary protein co-evolution data, it learns how protein sequence, structure, evolution and function relate to one another. On biomolecular structure prediction and de novo molecular design, it now ranks among the leaders.

Rather than a single-purpose algorithm, AuraIDE is built to transfer across multiple drug discovery programs through task adaptation and project-specific post-training. Its capabilities extend from protein structure modeling and molecular generation into biomolecular interaction modeling, function prediction and multi-objective optimization under complex design constraints.

OpenDDE, the open-source version of AuraIDE, ranks among the world’s leading open-source biomolecular models in independent third-party evaluations.

Together, the third-party evaluations and the wet-lab results indicate that Aureka’s models lead on protein structure prediction and de novo design, and can translate that capability into measurable molecular function. Through continuous Lab-in-the-Loop feedback, they are moving from predicting biological structure toward generating biomolecules with intended function.

Diversified Commercialization Turns Model Capability into High-Value Drug Assets

Building on its biological foundation models, proprietary single-cell functional screening platform and project-specific post-training, Aureka has produced high-value, differentiated antibodies at scale for problems that conventional approaches struggle with — from difficult target classes such as GPCRs to dual-target antibodies that require a single molecule to engage two targets.

Within a given program, Aureka post-trains its foundation model around target mechanism, functional phenotype and developability objectives, converting general biological intelligence into a dedicated model for a specific drug discovery problem. AI agents then work together across target understanding, molecular generation, computational assessment, experimental design and results analysis, with the resulting experimental data feeding back into that program’s model.

The company’s end-to-end, agentic R&D infrastructure connects molecular generation, developability assessment, experimental validation, results feedback and candidate development, allowing scientific hypotheses, model capability and experimental capacity to be converted rapidly into developable drug assets that support both internal pipeline programs and external collaborations.

Aureka has established strategic partnerships with multiple leading global pharmaceutical companies to advance the development of differentiated antibody therapeutics, and has generated tens of millions in revenue over the past two years — evidence of the platform’s delivery capability, scalability and commercial potential in live drug discovery programs.

From Step-Level Efficiency to Simulating Biological Systems: Toward a Biological World Model

“When leading biological foundation models are genuinely combined with R&D infrastructure that can run at scale, we are no longer simply making one step of drug discovery more efficient — we are building the next-generation drug discovery engine, one that can understand, generate and predict biological systems,” said Dr. Weian Zhao, Founder and Chief Executive Officer of Aureka Biotechnologies. “This is a critical step in Aureka’s progress toward a biological world model.”

On Aureka’s long-term roadmap, a biological world model does more than predict static molecular structures. It will simulate interactions between molecules, reason about the likely outcomes of molecular design and engineering, and support AI agents that plan, execute and iterate on drug design tasks autonomously.

With this financing, Aureka will further advance the co-evolution of its biological foundation models and closed-loop AI-native infrastructure, accelerate the validation and translation of model capability in live drug discovery programs, and continue to expand what generative AI can do in antibody drug development.

Investor Perspectives

Granite Asia, Yinghui Kuang:

“AI-driven drug discovery is moving beyond competition on isolated model capability and into a new phase defined by the co-evolution of data, models and experiments in a closed loop. Aureka has built complete AI-native R&D infrastructure with leading biological foundation models as its intelligence core, giving it the systemic ability to generate high-quality data continuously, iterate its models and convert them into drug assets. We are optimistic about the company’s long-term technical ceiling in generative antibody design and its potential to grow globally.”

HighLight Capital (HLC):

“We are delighted to have completed our investment in Aureka. The company is working to deeply integrate generative AI algorithms with high-throughput wet-lab platforms, with the potential to reshape the paradigm for biologics R&D. We think highly of the team’s deep technical foundation in AI-enabled drug development and the efficiency of its closed loop. Going forward, we will continue to commit resources to help the company accelerate pipeline progress and technology iteration, and to bring AI to drug innovation worldwide.”

MPCi, Yuye Wang:

“Aureka is a team we backed early and have continued to believe in. OpenDDE, the open-source all-atom model it released, demonstrates this young team’s foresight in AI drug discovery and the strength of its technical foundations. Together with the differentiated pipeline the company has now built, we believe a team that combines innovative edge with strategic discipline will keep breaking through bottlenecks in drug development and bring genuine paradigm change to the industry.”

NRL Capital:

“Aureka is defining the infrastructure standard for AI drug discovery. The open-source release of OpenDDE marks a key transition from innovation to systematic platform building, closing the loop between computational models and ultra-high-throughput automated wet-lab work and establishing Aureka’s global voice in native infrastructure for broadly accessible drug discovery. We recognize the strategic vision of Dr. Weian Zhao and his team in driving industry change through an open-source ecosystem, and we are firm believers in the exponential gains that a dry-lab/wet-lab closed loop delivers in antibody design efficiency. NRL Capital has completed a follow-on investment in this round and will continue to support the company’s global expansion and the realization of the global value of its AI infrastructure.”

About Aureka Biotechnologies

Aureka Biotechnologies is an AI-native TechBio company building next-generation biological foundation models and closed-loop AI-native infrastructure to transform the therapeutic discovery process. The company has raised nearly $200 million to date and established strategic partnerships with multiple leading global pharmaceutical companies to advance the development of novel antibody therapeutics. Aureka’s proprietary foundation model, AuraIDE, is trained on its internal protein co-evolution data and has demonstrated leading capabilities in protein folding and de novo design. Its open-source version, OpenDDE, ranks among the world’s leading open-source biomolecular models in independent third-party evaluations.

About Granite Asia

Granite Asia is Asia’s most trusted private capital platform, partnering with visionary founders and leaders to build industry champions. With USD 10 billion in assets under management and co-managed capital, the firm has invested in 127 companies valued at over USD 1 billion and supported 67 IPOs worldwide.

About HighLight Capital (HLC)

HighLight Capital (HLC) is a private investment firm dedicated to creating long-term values through promoting technology innovations. Leveraging deep expertise in chemical, biological and materials sciences and proprietary industry research, we invest in companies that enhance manufacturing efficiency and improve human wellness. HLC currently manages over US$4.2 billion.

About MPCi

Founded in 2008, MPCi is one of the leading venture capital firms focused on early stage and early growth deals in China, now managing over 70 billion RMB. MPCi mainly invests in new economy, deep technology, industrial digitalization, healthcare, frontier technology and new consumer brands. MPCi has over 40 investment professionals with deep sector knowledge. The firm also established one of the largest portfolio management teams in the market. Over 80 professionals formed 10 different functions including strategy and operation consulting, recruiting, and healthcare services, etc., to provide value added services to entrepreneurs.

About NRL Capital

NRL Capital is a long-term capital platform that unites top-tier domestic and international industry resources. The firm has built an integrated investment and fund management platform with three interconnected capabilities — direct investment, private equity secondaries, and fund-of-funds — powered by dual-currency operations in both onshore RMB and offshore USD. NRL Capital is deeply focused on pharmaceuticals, medical devices, life sciences, and advanced manufacturing.

SOURCE Aureka

NAVER D2SF Makes Follow-On Investment in NdotLight, a Physical AI Data Startup

-NdotLight builds data infrastructure that can be directly used for physical AI training simulations

-Validating its business potential and laying the foundation for global growth; actively hiring across all functions

-NAVER D2SF makes its third investment following initial investments in 2021 and 2022, continuing long-term support and exploring collaboration opportunities in physical AI data

SEONGNAM, South Korea, Aug. 10, 2026 — NAVER D2SF, the corporate venture capital arm of NAVER, has made a follow-on investment in NdotLight (CEO, Jinyoung Park), a data infrastructure company for physical AI. The KRW 15 billion funding round was led by Korea Development Bank. This marks NAVER D2SF’s third investment in NdotLight, following its participation in the company’s Pre-Series A round in 2021 and Series A round in 2022. NAVER D2SF decided to make this additional investment based on NdotLight’s potential to address data, one of the key bottlenecks in physical AI.

NdotLight has developed TRINIX, a “simulation-ready” 3D data generation solution that can be directly applied to physical AI training simulations. As data becomes increasingly critical to physical AI, various approaches such as teleoperation have been explored. However, significant gaps in data quality, slow collection speed, and high costs have remained major bottlenecks when applying such data to simulation environments where real-world AI training takes place.

NdotLight addresses this challenge through an automated pipeline that generates 3D data with detailed physical properties such as mass and friction, as well as joint structures and collision boundary information. In particular, TRINIX integrates with NVIDIA Omniverse, NVIDIA’s simulation platform, enabling the company to supply large-scale, high-quality 3D simulation datasets.

NdotLight currently provides AI training data to humanoid robotics and robotics foundation model companies, including Holiday Robotics, AeiRobot, ROBROS, and RLWRLD. The company is also participating as a data supplier in physical AI projects led by major enterprises such as Hyundai Motor Company and LG Electronics, validating its business potential as data infrastructure that can be applied in real-world industrial settings.

The NdotLight team brings strong technical and business expertise across AI and 3D graphics. CEO Jinyoung Park previously worked on 3D launcher development at Samsung Electronics, while CTO Suntae Kim led AI and 3D engine development at NAVER and Samsung Electronics. NdotLight has also been named by CB Insights, a global venture research firm, as one of the world’s notable 3D engine companies. With this latest funding, the company is actively hiring top talent across all functions.

NAVER D2SF has built long-term partnerships with frontier startups by providing venture capital at the early stage and continuing to support their growth through follow-on investments. Since its first investment in NdotLight in 2021, NAVER D2SF has worked closely with the company to build a 3D content creation environment, followed by a subsequent investment in 2022. Through this additional investment, NAVER D2SF plans to explore new collaboration opportunities with NdotLight in physical AI.

“NdotLight is a team that has built deep trust with NAVER D2SF not only through our investments, but also through close collaboration as a resident startup at NAVER 1784,” said Sanghwan Yang, Head of NAVER D2SF. “The team has consistently identified key opportunities ahead of fast-changing market shifts and moved quickly to execute on them. We expect NdotLight to take its next leap as a leading physical AI data company and achieve even greater growth.”

NAVER D2SF is NAVER’s in-house corporate venture arm, supporting sustainable growth by collaborating with startups. Founded in 1999, NAVER has maintained its position as Korea’s leading search engine for over 20 years and operates across commerce, content, fintech, and cloud services. Under the technological vision of D2SF, NAVER is actively developing new technologies and global partnerships to grow as a leading tech company. To learn more, visit https://d2sf.naver.com

SOURCE NAVER D2SF