• License will permit investment in both the equity and tokens of crypto start-ups
• Opening of Token Bay’s new offices in ADGM aligns with planned second fund

ABU DHABI, UAE, April 18, 2024 — Token Bay Capital Limited (“Token Bay”) is expanding its venture capital footprint in the capital of the UAE and has been granted an in-principle approval (IPA) from the Financial Services Regulatory Authority (FSRA) to carry out regulated activities in the ADGM. Subject to final regulatory approval for the grant of the Financial Services Permission (FSP), Token Bay brings niche capabilities to manage both token and equity investments in early-stage crypto start-ups under the FSRA’s Venture Capital Fund Manager (VCFM) framework.

Founded in 2021, Token Bay is a leading Crypto Venture Capital Fund that has adopted a regulatory-first approach from day one. Token Bay invests in start-ups building next-generation blockchain infrastructure and decentralized applications for Web3. Building on the success of its first fund, Token Bay is now launching its second fund and will continue to back outstanding entrepreneurs building infrastructure solutions for the new token economy. In addition to Abu Dhabi, Token Bay also has offices in Hong Kong, and is strategically positioned across digital assets hubs in both the Middle East and Asia.

Founder and Managing Partner of Token Bay, Lucy Gazmararian: “This marks the first phase of global expansion for Token Bay, and we’re excited to have been granted the IPA in ADGM for venture capital investment in tokens as well as in equity. Blockchain technology has the potential to drive innovation through tokenization, and as blockchain networks continue to evolve, it is important that as venture capitalists we are fully equipped to support talented founders building in Web3 by directly participating in these networks and taking an ownership stake through tokens. We extend our sincerest thanks to the regulator for their forward-thinking approach and open dialogue so that we were able to reach this important milestone and establish Token Bay in one of the world’s leading international financial centres and digital assets hub.”

ADGM’s progressive regulatory framework, English common law legal framework, status as a leading centre for financial innovation and vibrant blockchain and digital assets ecosystem have attracted Token Bay to set up offices in the capital of the UAE.

Arvind Ramamurthy, Chief of Market Development at ADGM said, “We extend a warm welcome to Token Bay Capital as they join ADGM’s international financial centre and commence their establishment in Abu Dhabi, marking the beginning of their global expansion journey. ADGM is dedicated to cultivating innovation and excellence in the financial sector, particularly within the virtual asset space. With progressive regulatory frameworks that facilitate companies like Token Bay Capital, ADGM’s vibrant ecosystem stands as the optimal platform for initiating their global growth trajectory.”

Token Bay’s Venture Funds offer institutions, multi-national companies, private banks, family offices and high-net-worth individuals the opportunity to invest in an emerging asset class right at the start of a multi-decade cycle. 

SOURCE Token Bay Capital

• Proprietary E3 ligase platform to enable protein stabilisation “at source”, thereby restoring the body’s sophisticated natural disease suppression processes
• Platform scales the assessment of E3 ligase targets while addressing the historic challenges of drugging these targets
• Pipeline of first-in-class, small molecule, E3 ligase inhibitors to stabilise proteins and treat disease in several therapeutic areas, including cancer and neurology
• Lead programme focused on hard-to-treat solid tumours
• Originates from the lab of Prof Satpal Virdee at the MRC Protein Phosphorylation and Ubiquitylation Unit at the University of Dundee

DUNDEE, Scotland , April 18, 2024 — Outrun Therapeutics (“Outrun”), the E3 ligase inhibitor and protein stabilisation specialist, today exits from stealth following a $10m seed financing round. Outrun’s platform has enabled it to rapidly build a pipeline of highly selective, small molecule, first-in-class E3 ligase inhibitors, as well as identify novel E3 ligase targets across multiple disease areas. Outrun’s lead programme is focused on hard-to-treat solid tumours.

E3 ligase inhibition in protein stabilisation is of very high interest as a therapeutic approach to treating many diseases. Cells have evolved highly sophisticated ways of keeping disease at bay, and empowering the body to take care of itself is potentially the most effective way of suppressing disease. Inhibiting targeted E3 ligases enables protein stabilisation “at source”, being directly part of the tagging mechanism involved in healthy cellular processing of destabilised, unwanted, or mis-formed proteins. This restores the body’s sophisticated natural disease suppression processes and could be applicable to a wide range of indications, including oncology and neurology.

Selective protein stabilisation by inhibiting specific E3 ligases will expand the disease indications that can be addressed with protein stabilisation and minimise side effects. There are ~700 E3 ligases representing the vast number of discrete cellular processes they control, providing potential targets for Outrun to develop effective precision medicines against.

Outrun has developed a proprietary, high throughput platform which allows robust, highly accurate, quantitative assessment of the specificity and selectivity of E3 ligase targets, thereby dramatically reducing the discovery time for E3 ligase inhibitors, improving specificity and target binding. Furthermore, the platform uses engineered protein sensors (EPS) to uncover the detailed biochemistry of E3 ligases, enabling discovery of drugs with potentially superior binding, specificity, and activity. Outrun’s approach is a scalable and modular strategy for developing next-generation small molecule drugs targeting E3 ligases, particularly inhibitors that stabilise proteins.

Dr Carolyn Porter, Chief Executive Officer of Outrun Therapeutics, said: “Protein stabilisation is the mirror image of protein degradation and seeks to maintain the levels of critical proteins that are otherwise unbalanced in certain diseases, disrupting the body’s highly sophisticated natural disease suppression processes. We are bringing our world class knowledge of E3 ligase biology and protein-to-protein interactions, combined with our proprietary discovery platform, to unlock the potential of this exciting new therapeutic area.”

Dr Jeffrey Moore, President at MP Healthcare Venture Management, commented: “We believe protein stabilisation via E3 ligase inhibition is a potentially powerful new therapeutic modality. With world leading research under the guidance of a talented management team, we are confident that Outrun has the potential to transform a variety of disease areas, such as oncology and neurology.”

Dr Bauke Anninga, Investment Director at M Ventures, added: “We are delighted to be one of the founding investors of Outrun. The Company’s novel platform enabling rapid assessment of the specificity and selectivity of E3 ligase inhibitors, provides a highly competitive edge to reduce discovery timelines and build a first in class pipeline.”

Led by a seasoned management team and a strong Board, Outrun was spun out of founder Prof. Satpal Virdee’s world-renowned MRC Protein Phosphorylation and Ubiquitylation Unit at the University of Dundee. Outrun’s Scientific Advisory Board consists of highly relevant, world-leading experts in ubiquitylation and oncology. Outrun is backed by leading venture capital investors M Ventures and MP Healthcare Venture Management.

About Outrun Therapeutics

Outrun Therapeutics is unlocking the therapeutic potential of protein stabilisation by E3 ligase inhibition to maintain levels of critical proteins that are otherwise destabilised in certain diseases, disrupting the body’s highly sophisticated natural disease suppression processes. Blocking E3 ligase activity enables protein stabilisation “at source” compared to other approaches. It is directly part of the tagging mechanism used by healthy cells to destabilise proteins that are dispensable or mis-formed. Protein stabilisation could be applicable to a wide range of indications, including oncology and neurology.

Despite the very high interest in E3 ligases as a therapeutic target, they have been challenging to drug. This is a roadblock that Outrun is addressing through its world class knowledge of E3 ligase biology and its proprietary discovery platform, which simplifies and dramatically scales the assessment of E3 ligase targets, thereby significantly reducing discovery time. Furthermore, the platform’s elegant engineered protein sensor (EPS) screen is enabling Outrun to build a pipeline of highly valuable, small molecule, first-in-class, E3 ligase inhibitors to prevent protein degradation, as well as identify novel E3 ligase targets involved in a range of diseases.

Outrun’s lead programme is a small molecule inhibitor targeting an E3 ligase that destabilises a tumour suppressor protein in hard-to-treat solid tumours.

Spun out of founder Prof. Satpal Virdee’s lab at the world-renowned MRC Protein Phosphorylation and Ubiquitylation Unit at the University of Dundee, Outrun is led by a seasoned management team with a strong track record in creating robust biopharma businesses. It is backed by M Ventures and MP Healthcare Venture Management. For more information, see: https://outruntx.com

About M Ventures

M Ventures is the strategic, corporate venture capital arm of science and technology company, Merck. From its headquarters in Germany and offices in the Netherlands, USA and Israel, M Ventures invests globally in transformational ideas driven by innovative entrepreneurs. Taking an active role in its portfolio companies, M Ventures teams up with management teams and co-investors to translate scientific discoveries into commercial success. M Ventures focuses on identifying and financing novel solutions to some of the most difficult challenges, through company creation and equity investments in fields that will impact the vitality and sustainability of Merck’s current and future businesses. For more information, see http://www.m-ventures.com/.

About MP Healthcare Venture Management, Inc.

MP Healthcare Venture Management, Inc. (“MPH”) is a Boston-based life sciences venture capital firm in the United States that invests in innovative companies developing new therapies, platform technologies, and vaccines. MPH supports business activities by investing in domestic and overseas seeds and early-stage startups. MPH is Mitsubishi Tanabe Pharma Group’s corporate venture capital business. For more information, see https://www.mp-healthcare.com/.

SOURCE Outrun Therapeutics

UOB Venture Management, Signum Capital, and YBB Capital led the funding round with Zeko Labs, backed by additional significant investments from Autonomy Capital, Cogitent Ventures, GBV, Tenzor Capital, 3Commas Capital, ArkGrow, AVID3, Cryptonauts, Nox Holdings, NxGen.xyz, SkyVision Capital (SVC), and Presto Labs.

Zeko Protocol, built in collaboration with o1Labs and Mina Foundation, aims to revolutionize the software development landscape by placing advanced zero-knowledge proof capabilities into the hands of developers, massively expanding the design space for both EVM and non-EVM applications as we know them today.

Zero-knowledge applications (zkApps) that support both end user privacy and recursive proof aggregation, are the foundation for a broad range of open, transparent, and decentralized financial or internet services, as well as gaming or AI use-cases. Through a focus on scalability, data security, and interoperability, the Zeko Protocol will empower individuals worldwide with greater control over their assets and identity while minimizing barriers to entry for developers and enterprises.

Evan Kereiakes, CEO of Zeko Labs, expressed his enthusiasm about the successful funding round: “We are thrilled to announce the completion of our funding round, which marks a significant milestone in our journey to realize the vision of the Zeko Protocol. This support from our investors underscores their confidence in our team and the transformative potential of Zeko. With this funding, we are well-positioned to accelerate the development of the Zeko Protocol and to inspire more developers to push the boundaries of what is possible with blockchain technology.”

The newly secured funding will be utilized to expand the team, accelerate product development, grow the developer community, and foster strategic partnerships within both the blockchain and traditional software sectors.

Ambitious developers and forward-thinking institutions are invited to begin using the recently released MVP, and start building the next generation of inspired zk-applications that transform our way of life. For more information about Zeko Labs and the Zeko Protocol, please visit https://zeko.io/.

About Zeko Labs:
Zeko Labs is a blockchain company focused on developing decentralized finance and software solutions powered by zero-knowledge technology. Headquartered in San Francisco, Zeko Labs is committed to decentralization and user-owned data, and their combined potential to revolutionize industries across the globe.

SOURCE Zeko Labs Inc.

Galleon Closes Pre-seed Round Led by Third Prime

NEW YORK, April 17, 2024 — Galleon, an off-market real estate marketplace and AI-enabled transaction platform, today announced it has raised $1.5 million in a pre-seed funding round led by Third Prime, and the subsequent beta launch of its independent search and transaction platform. Galleon empowers buyers and sellers in real estate transactions to transact independently from agents through digital solutions including its Marketplace and Navigator tools.

Of the more than 145 million homes in the US, only approximately 700,000 are for sale at any given moment on the MLS, or 1%. Those listings could be classified as “extremely motivated” sellers, leaving out a large number of others who would be willing to sell their homes if the price were right. Galleon’s market research indicates that almost 1 in 10 homeowners would be willing to sell if the right offer came along, leaving an unrepresented inventory of 10 million+ homes. Galleon’s off-market real estate listing tool addresses this by allowing homeowners to advertise their home to potential buyers for a price they are willing to sell it for, without the need for agents or contracts, or price compressive marks such as Days on Market. Users can simply upload pictures of their home, write a brief description with AI-inspired prompts, set the price they would be willing to sell for with Name Your Number™, and list their home for sale in under two minutes.

Furthermore, with recent lawsuits and settlements with the National Association of Realtors (NAR), the real estate transaction model is set to drastically change beginning July 2024. One of the most notable changes is the departure of standardized buyers’ agent commissions requirements set by the NAR, where buyers will now likely be on the hook for thousands of dollars in fees previously paid for by sellers. While many buyers will still rely on agents to assist in their transactions, a new era of self-represented buyers is imminent.  Currently in development, Galleon’s AI-powered navigator transaction tool seeks to assist buyers through a real estate transaction without the need for human intervention. Gone are the days of endless paperwork and bureaucracy in dealing with conglomerate aggregators and agents in transacting real estate.

“The real estate industry is undergoing the biggest change in its history following recent settlements with NAR and Galleon’s model is designed to bridge the gap to a new era of real estate transactions,” said Amanda Orson, co-founder and CEO. “As these new regulations begin to take effect, we will see a dramatic decrease in the number of buyer’s agents, a consolidation of brokerages, and a pivot in the current models of the more than 600 multiple listing services. While these changes will take months if not years to realize, Galleon is well-positioned to capitalize on the changes as a national leader in digital, unrepresented real estate transactions shifting the power back to the buyers and sellers for the first time in generations.”

Galleon’s model brings together two seemingly simple, yet foreign concepts in real estate transactions; self-representation and for sale by owner listings. In 2023, around 4.5 million people purchased a home in the United States, despite volatile market conditions, high mortgage rates, and the traditional NAR dictated transaction model. These buyers faced historically low inventories and were extremely limited in their options for conducting these transactions, until now.

More information is available at www.galleon.io.

About Galleon

Galleon is on the forefront of the new era of real estate transactions. Currently in its Beta, Galleon’s open marketplace and digital transaction tools give buyers and sellers in real estate transactions the ability to transact without the need for agents, ad-supported aggregators, or MLSs. Galleon’s no barriers-to-entry home listing platform (“Marketplace”) enables homeowners to list their home “off-market” and name the price they would be willing to sell for, without a contractual commitments or agent relationships. Conversely, the company’s AI-powered transaction tool (“Navigator”) is designed to guide buyers and sellers, either one-sided or mutually, through the complex steps of home conveyance without the need for costly agents or brokers.

Media
Kyle Porter
EVP, Virgo PR
[email protected]

SOURCE Galleon

• Funding round is led by Deep Insight and supported by a cohort of new and existing investors
• This round takes the total investment in Greeneye to more than $45M
• The next phase of Greeneye’s expansion will see dozens more systems deployed this year, targeting the 200m acres of corn, soybean and cotton grown in the U.S.

TEL AVIV, Israel, April 17, 2024   — Greeneye Technology, the pioneer of AI-enabled precision spraying technology that is proven to reduce herbicide use in farming by an average of 88%, today announces the completion of a $20m funding round led by Israeli investment company Deep Insight.

The round is supported by existing investors Syngenta Group Ventures, JVP, Orbia Ventures, and Eyal Waldman, the founder and former CEO of Mellanox (now part of Nvidia), as well as other notable new investors including Iron Nation and Amol Deshpande, the founder and former CEO of FBN. Also as part of today’s announcement, Greeneye welcomes Barak Ben Eliezer, Managing Partner at Deep Insight, to its Board of Directors.

The investment will be used to significantly scale Greeneye’s operation in the U.S. and to advance the technology’s analytical capabilities and extend its usage to new inputs and crops. The next phase of expansion will see dozens more systems deployed in farmers’ fields this year, targeting the 200m acres of corn, soybean and cotton grown in the U.S.

“Securing this round of capital in today’s challenging economic climate is further validation of Greeneye’s mission to drive mainstream adoption of precision spraying technology in the U.S. and, ultimately, globally,” comments Nadav Bocher, CEO, Greeneye Technology. “We are delighted to welcome our new investors, and I would also like to thank our existing partners for their continued support. Together, we will continue to push technological boundaries in order to solve farmers’ critical challenges, overcome environmental challenges, and protect farmland for generations to come.”

Greeneye’s mission is to significantly reduce the millions of tons of agricultural chemicals that are applied to farmers’ fields globally each year, the majority of which are sprayed onto bare soil or crops. This overuse of chemicals – the result of what has until now been a necessary reliance on broadcast spraying – results in soil and water pollution, causes weeds to develop resistance to herbicides, increases chemical levels in food, and creates a large financial burden for farmers.

Greeneye’s breakthrough solution harnesses AI in combination with cutting-edge hardware to identify weeds among crops with high accuracy and spray chemicals only where they are needed – directly onto the weeds (see video). Uniquely, it is designed to integrate with any brand, model or size of commercial sprayer, enabling farmers to seamlessly transition to precision spraying without having to invest in a costly new sprayer. In addition, its dual line/tank configuration enables precision and broadcast spraying to be carried out simultaneously, increasing both productivity and efficacy. In 2022, Greeneye became the first company to launch precision spraying technology commercially in the U.S.

Barak Ben Eliezer, Managing Partner, Deep Insight, comments: “Our mission is to invest in disruptive technologies and ambitious leadership teams that have the potential to solve the world’s biggest challenges, and Greeneye fits squarely into that category.

“Building safe and resilient food systems that are capable of feeding a growing global population is of the utmost importance, and it starts by equipping farmers with the tools they need to transition to new practices. Not only does Greeneye understand this, but it has succeeded where others have not by bringing to market a viable precision spraying solution that is easy and affordable for farmers to implement into their existing operations. From a strategic point of view, Greeneye has also proven that it has a very clear understanding of the milestones it needs to reach in order to drive mass adoption of its technology, and it has achieved those milestones time and time again. We are proud to invest in Greeneye Technology and to be part of its exciting journey.”  

Greeneye Technology is a shining example of Israeli innovation that is bringing about truly transformative change,” says Gadi Porat, General Partner, JVP. “As concerns around the level of chemicals found in our food continue to increase, the global effort to address the issue is intensifying. Not only is Greeneye’s groundbreaking technology helping to ensure that the food we eat is healthier and safer, but it also translates into significantly lower costs for farmers. We are extremely proud of the huge strides Greeneye is making to address the world’s climate and environmental crisis. With its talented founders and business leaders at the helm, and with its additional investment partners, we are confident that Greeneye will become an international category leader in its field.”

About Greeneye Technology
Greeneye Technology was founded in 2017 in Tel Aviv, Israel, with the mission to develop alternative and sustainable solutions to current crop protection practices to meet the growing global demand for food production while also increasing productivity and profitability for farmers. The company is pioneering the use of precision spraying technology by harnessing AI and deep machine learning to enable intelligent, real-time decisions in the field that are proven to cut chemical use by 88% on average and improve weed control efficacy compared to standard broadcast spraying. Its founders have worked together for 20 years since serving in the Israeli special forces and head up a multidisciplinary team with expertise in computer vision, AI, agronomy, mechanical engineering, and business. In 2022, Greeneye became the first company to launch precision spraying technology commercially in the U.S., finally making mainstream adoption of precision spraying technology a reality by overcoming previous barriers including efficacy, speed of delivery, and cost. To date, the company has raised $45m in funding.  

For more information, visit: www.greeneye.ag

Photo – https://mma.prnewswire.com/media/2389644/Greeneye_Technology_1.jpg
Photo – https://mma.prnewswire.com/media/2389645/Greeneye_Technology_Team.jpg

SOURCE Greeneye Technology

Private Equity-Backed Platform Pursues New Clinical Partnerships and Sparks Growth of Medical Aesthetics Industry Across the U.S.

CHICAGO , March 14, 2024 — Empower Aesthetics (“Empower” or “the Company”), a national medical aesthetics platform, continues its fast-paced growth while at the same time seeking new clinical partnerships to build out the platform.

Empower Aesthetics was formed in July 2023 by Shore Capital Partners (“Shore” or “Shore Capital”), a Chicago-based private equity firm focused on microcap investing. Under the leadership of Chief Executive Officer, Alyssa Rapp and Empower’s Board of Directors, the Company has solidified four recent partnerships with leading medical aesthetics practices in key U.S. markets:

• DermaTouch RN
  Founded in 2006 by Renee Moschitto, Registered Nurse and Founder of the Texas Association of Aesthetic Nurses, DermaTouch RN is a state-of-the-art aesthetic and wellness center that offers minimally invasive medical treatments. Ranked as a top 20 provider of Botox and Juvederm in the country, DermaTouch is consistently recognized as an “Advanced Injector” site and is one of the largest and highest rated providers of Botox, Juvederm and CoolSculpting® ELITE in the Houston area.
• AWSkin Co.
  Founded in 2008 in Murfreesboro, Tennessee by Board Certified Nurse Practitioner Amy Hatcher, AWSkin Co. is a medical spa and wellness center offering cosmetic injectables, advanced skincare services, wellness therapies and more. AWSkin Co. has three locations in Cool Springs, Franklin, and Murfreesboro, Tennessee.
• The Artistry of Face
  Founded in 2016 by Nurse Practitioner Kelly Heffernan, Artistry of Face offers neurotoxin procedures, dermal filler procedures, body contouring, energy and light-based treatments, as well as a wide range of facial treatments. The practice currently operates out of locations in Albany and Glen Falls, New York.
• BCRN Aesthetics
  Founded in 2012 as Rejuviface by Bri and rebranded as BCRN Aesthetics in 2017 by Registered Nurse and Galderma Aesthetic Injector Network (GAIN) Trainer Bri Collins, BCRN Aesthetics is home to Houston’s leading advanced aesthetic injectors. The practice’s always-evolving knowledge of aesthetics, combined with their unwavering dedication to exceptional customer service and top-tier medical training, makes it one of the most sought-after med spas in the Houston area.

“We are committed to building a constellation of clinical partners that are amongst the brightest stars in the space, who deliver and uphold the highest standards of clinical excellence,” said Rapp. “The prospect of establishing additional clinical partnerships in the immediate future is a source of great enthusiasm for both me, our executive leadership team and Empower’s Board of Directors.”

Empower Aesthetics is actively pursuing an acquisition strategy, looking for like-minded, growth-oriented entrepreneurs in aesthetics to join a trusted network of clinical leaders, share best practices and deliver superior clinical outcomes.

By implementing strategic and operational initiatives intended to elevate the Company’s partners, Empower Aesthetics helps clinical leaders grow their businesses, achieve their financial goals, streamline operations and connect with new clients. This private equity-backed support supplies Empower’s partners with the resources needed to help grow their businesses, invest in employees, fine-tune operations and see more patients.

To learn more about Empower Aesthetics, please visit www.empower.spa, or email [email protected].

About Empower Aesthetics
Empower Aesthetics is a national aesthetics platform that provides the tools, support and strategy to empower aesthetic owners and practices to reach new heights while maintaining the highest quality of care. With corporate presence in Chicago, Illinois and Austin, Texas, Empower is looking for providers with whom to partner and grow.  To learn more about Empower Aesthetics, please visit www.empower.spa, or email [email protected].

About Shore Capital Partners
Shore Capital, a Chicago-based private equity firm with an office in Nashville, is an investor in microcap companies in the Healthcare, Food and Beverage, Business Services, Industrial, and Real Estate industries. Shore’s strategy is to support management partners to grow faster with less risk, through access to capital; world-class board and operational resources; and unmatched networking, development, and shared learnings across the portfolio. From 2020-2023 Shore received recognition from Inc. Magazine as a 4x Top Founder-Friendly Investor and by Pitchbook for being the global leader in private equity total deal volume. Shore targets investments in proven, successful companies with superior management teams, stable cash flow, and significant potential to grow through industry consolidation and organic growth to generate value for shareholders. Shore has approximately $6 billion of assets under management through various investment vehicles. For more information, please visit www.shorecp.com.

Media Contact: Alec Miszuk | Fishman PR | [email protected] | (630) 484-0797

SOURCE Empower Aesthetics

The round was co-led by Eight Roads Ventures and Denali Growth Partners, with participation from F-Prime Capital and other investors.

BETHESDA, Md., March 14, 2024 — HiLabs, a leading provider of AI-powered solutions to manage dirty data, unlocking its hidden potential for healthcare transformation, today announced a $39 million Series B financing. The round was led by Denali Growth Partners and Eight Roads Ventures, with participation from F-Prime Capital. The capital raise follows rapid customer adoption of its healthcare data ingestion, cleansing, and enrichment platform, MCheck™, and will support continued enhancement of the technology as well as recruitment of top-tier talent and expansion of its product teams.

Founded in 2014, HiLabs’ mission is to ensure timely access to clean data for payers, providers, and patients at a time when healthcare organizations worldwide are transitioning toward data-driven decision-making. HiLabs’ cloud-based MCheck platform ingests, cleans, and enriches critical healthcare information, resulting in significant reduction in healthcare organizations’ operational costs and improvement in patient outcomes. The MCheck platform technology, featured in the Journal of the American Medical Association (“JAMA “), supports some of the largest health insurance companies in the US in their efforts to automate and improve administrative processes. The company’s provider directory management solution is live in most US states, analyzing data of over 80% of the country’s healthcare providers. It is expanding its platform capabilities to include other data types such as electronic medical records and value-based care data.

“Timely and high-quality data exchange between payers and providers is key to reducing care costs, improving outcomes,” said Amit Garg, co-founder, and CEO of HiLabs. “As we embrace this next phase of growth, we’re thankful for the backing of healthcare-focused investors. We stand poised to propel our AI-technology forward, empowering healthcare organizations to make swift, informed decisions based on data that’s not just clean, but readily available when it matters most.”

“Payors are increasingly looking for innovative technology solutions to make complex and disparate healthcare data actionable. The HiLabs team really impressed us with their vision, best-in-class product suite and strong customer traction, which is testament to their product-market fit,” says Dr. Prem Pavoor, Senior Partner, Head of India and Healthcare Investments at Eight Roads Ventures. “We have closely followed Amit’s journey over the past couple of years as he has leveraged the US-India corridor very effectively to build both a top tier leadership team and deep AI/ML talent in their India R&D centers. We look forward to partnering with him and his team in this next, exciting phase of growth.”

“We are thrilled to support HiLabs as they continue to solve critical data issues within healthcare,” states Jesse Lane, Founder and Managing Member of Denali Growth Partners. “While many discuss the potential of AI, particularly in the healthcare ecosystem, HiLabs is demonstrating real-world impact by leveraging advanced AI techniques to ingest and cleanse data for four (4) of the nation’s top ten health payers, along with numerous regional players.”

“At athenahealth and in venture, I’ve seen many approaches to applying data science to healthcare data,” said Carl Byers, Partner at F-Prime, previously the CFO of athenahealth for more than a decade. “HiLabs’ AI-driven approach to data management not only fills a critical gap in the market but it also enables transformational change among payers and providers to leverage real-time data to improve user experiences, cost, and value.”

About HiLabs
HiLabs is a leading provider of AI-powered solutions to clean dirty data, unlocking its hidden potential for healthcare transformation. HiLabs is committed to transforming the healthcare industry through innovation, collaboration, and a relentless focus on improving patient outcomes. For more information, contact [email protected].

About Denali Growth Partners
Denali Growth Partners is a Boston-based growth equity firm with more than $250 million in regulatory assets under management. DGP seeks to partner with rapidly-growing and capital-efficient businesses serving the healthcare and technology ecosystems. DGP helps management teams and companies accelerate growth through capital and strategic resources. Additional information about Denali Growth Partners is available at www.denaligrowth.com.

About Eight Roads Ventures
Eight Roads Ventures is a global proprietary investment firm backed by Fidelity managing over $11 billion of assets across offices in China, India, Japan, the UK, and the U.S. Our 50-year history of investing includes partnerships with over 300 healthcare and technology companies. In May 2022, Eight Roads launched its first dedicated $250 million healthcare and life sciences fund for India. Eight Roads’ India active and exited healthcare partner companies include Ashish Life Science, Bicara Therapeutics, Caplin Steriles, Carestack, Cipla Health, Core Diagnostics, Denali Therapeutics, Doceree, Eywa Pharma, Elucidata, Enko, Enzene Biosciences, Immuneel Therapeutics, Laurus Labs, Medwell Ventures, NOCD, Plasmagen Biosciences, Proximie, OZiva, PharmEasy, Richcore Lifesciences, Specsmakers, Spry, Toothsi, Trivitron Healthcare, and Ujala Cygnus. For more information, please visit www.eightroads.com.

SOURCE HiLabs

Investment will be used to bring Shake Smart’s nutritious, lifestyle-friendly offering to more consumers across the U.S.

RADNOR, Pa., March 14, 2024 — NewSpring (“the Firm”), a family of private equity strategies, announced today that NewSpring Franchise, the Firm’s strategy dedicated to investing in innovative franchise and multi-unit concepts in large and growing markets, has invested in Shake Smart Holdings, LLC (“Shake Smart” or the “Company”), a leading healthy fast-casual concept.

Founded in 2011 and led by Co-Founder and CEO Kevin Gelfand, Shake Smart provides healthy, nutritious, and delicious protein shakes, protein smoothies, acai bowls, wraps, nut butter and avocado toast, and more to its customers across multiple dayparts. Today, the majority of Shake Smart locations are on college campuses. Shake Smart will use the proceeds of this transaction to continue its rapid unit expansion within and outside of higher education to capitalize on growing consumer demand for convenient, healthy food options.

“Shake Smart was founded to provide healthy, delicious, and nutrient-dense food and beverages to students and consumers with increasingly on-the-go lifestyles,” said Kevin Gelfand, Co-Founder and CEO of Shake Smart. “Our team has successfully grown the concept to over 45 locations across the U.S. I am excited to partner with NewSpring Franchise founders Satya Ponnuru and Patrick Sugrue as Shake Smart looks to accelerate unit openings even further in this next phase of growth. Their investment and operating experience will be integral as we continue our expansion.” 

“Shake Smart is a leader in the growing healthy fast-casual category, establishing its brand and customer value proposition with a differentiated product offering. It represents exactly the type of company we seek to apply our proven approach to building multi-unit brands,” said Satya Ponnuru, NewSpring General Partner. “Together with our deep networks, access to human capital, and experience in the franchise restaurant industry, we hope to infuse Shake Smart with the right balance of operational expertise and infrastructure to enable its continued fast growth nationwide.”

This transaction is the third out of NSF II, NewSpring Franchise’s dedicated investment fund, and is consistent with the strategy’s approach to targeting capital-efficient, consumer-facing, multi-unit businesses with a strong customer value proposition, proven unit-level economics, and exceptional management teams in the lower-middle market. The strategy’s recent investments include Blo Blow Dry Bar, Duck Donuts, Central Bark, Federal Donuts and Chicken, and Green Home Solutions.

The Company will continue to be run by the existing executive team led by CEO Kevin Gelfand. As part of the transaction, Satya Ponnuru and Patrick Sugrue will join the Shake Smart Board of Directors.

Tecum Capital and NorthCoast Mezzanine provided mezzanine debt financing and equity co-investment for the transaction. Miller & Martin PLLC served as counsel for NewSpring, and Shake Smart management was advised by Brookwood Associates and Davis Wright Tremaine LLP. Terms of the transaction were not disclosed.

About NewSpring

NewSpring is a lower-middle market focused private equity firm that partners with the innovators, makers, and operators of high-performing companies in dynamic industries to catalyze new growth and seize compelling opportunities. The Firm manages approximately $3.5 billion across five distinct strategies covering the spectrum from growth equity and control buyouts to mezzanine debt. Having invested in over 200 companies, NewSpring brings a wealth of knowledge, experience, and resources to take growing companies to the next level and beyond. Partnering with management teams to help develop their businesses into market leaders, NewSpring identifies opportunities and builds relationships using its network of industry leaders and influencers across a wide array of operational areas and industries. To learn more, visit www.newspringcapital.com.

About Shake Smart

Shake Smart is a healthy fast-casual concept focused on better-for-you blended drinks, acai bowls, and other healthy on-the-go food options. The Company has pioneered a new segment of the blended drink industry called “functional nutrition.” With 45+ locations at universities located within student unions and recreation centers in 20+ states nationwide, Shake Smart continues to align perfectly with the growing demand by consumers for healthy and affordable options built for a fast-paced lifestyle. The Company’s offering, streamlined operations, and small on-site footprint boast well for non-traditional venues, with a strategic vision to further expand in higher education, along with airports, hospitals, and military installations across the U.S. 

About Tecum Capital Management, Inc.

Tecum Capital Management, Inc. (“Tecum”) is a Pittsburgh, Pennsylvania based private investment firm deploying capital in lower middle market companies. Tecum provides mezzanine debt and equity investments in growth-oriented middle market companies across many industries, including manufacturing, value-added distribution, and business services. Our team partners with independent sponsors, family offices, committed funds, business owners seeking succession plans, and management teams to create shared success. Tecum focuses on businesses with EBITDA greater than $3 million and will invest $5 million to $20 million in potential portfolio companies. Tecum manages two Small Business Investment Company (“SBIC”) licensed funds and is currently investing out of Tecum Capital Partners III, L.P, a $300 million fund launched in September 2021. Since 2006, the team has collectively invested more than $1.0 billion in over 100 platform and add-on acquisitions. For more information, please visit www.tecum.com.

About NorthCoast Mezzanine

Minneapolis, MN-based NorthCoast Mezzanine is a lower middle market-focused investment firm that provides subordinated debt and non-control equity to businesses in a variety of industries nationwide. NorthCoast finances leveraged acquisitions backed by private equity sponsors, management and family-driven ownership transitions, add-on acquisitions, recapitalizations, and growth initiatives. NorthCoast is currently investing out of its $285MM SBIC Fund III (2022 vintage). To learn more, visit www.northcoastmezz.com.

SOURCE NewSpring

Redefining risk adjustment in ’24, delivering an ‘AI Assistant’ approach to improve accuracy, efficiency, and compliant ROI for Audit and Retrospective reviews and Prospective gap closure at point of care.

LOUISVILLE, Ky., March 14, 2024 — In an era when healthcare technology is advancing at an unprecedented pace, RAAPID is at the forefront of applying novel Neuro-Symbolic AI, revolutionizing risk adjustment coding accuracy for payers and providers. With the introduction of its AI technology, RAAPID is setting new standards reducing historical coding variation, and appropriately surfacing and suppressing suspected care gaps in both retrospective and prospective purpose-built risk adjustment solutions. This cutting-edge technology, expert in converting unstructured to structured data while converging the already structured, is clinically trained to navigate the complex landscape of clinical data while adding reasoning to ensure that RAAPID’s solutions are advanced, intuitive, and extraordinary in its efficacy.

At the heart of RAAPID’s innovation is the ability to transform vast amounts of healthcare data, where typically 70%+ is unstructured, into actionable insights. Its Neuro-Symbolic AI is a testament to the company’s commitment to leveraging technology as an AI Assistant for Coders and providers to improve accuracy and impact healthcare outcomes. This technology, embedded as an API or in RAAPID’s workflow platform, is designed to meet the customer at their state of readiness and level of efficiency. Historically, those who carry risk contracts and its typically manual and increasingly variation-prone processes provide organizational challenges with costs, compliance, and administrative burden while lacking the tools needed to ensure appropriate reimbursements and improved patient care.  RAAPID’s single platform and core technology can serve the needs for Audit, Retrospective, and the burgeoning Prospective market needs

Adding to its technological prowess, specific to its Prospective solution offering, RAAPID has entered into a strategic partnership with Holon Solutions, a leader in healthcare information technology. This partnership aims to harness RAAPID’s ability to surface suspected and emerging care gaps and along with Holon’s renowned last-mile connectivity to reduce physician administrative burden at the point of care while improving patient outcomes. Holon’s solution, partnering with RAAPID’s Neuro-Symbolic AI ensure that the right information is delivered to care teams at the right time in their workflow, enhancing decision-making and patient care.

Chetan Parikh, CEO of RAAPID, expresses immense excitement about the partnership with Holon Solutions. “This collaboration marks a significant milestone in our mission to transform healthcare through AI-driven technologies,” says Parikh. “By joining forces with Holon, we are not just innovating for the sake of technology but driving real change that benefits patients, providers, and payers alike.”

As healthcare continues to evolve, the partnership between RAAPID and Holon Solutions symbolizes a leap towards a future where technology and human-centric care converge to create a more efficient, effective, and equitable healthcare system. With mission-driven serial entrepreneurs like Chetan Parikh steering this visionary approach and investing in safe modern technology to address real challenges in segments like risk adjustment and value-based care, the healthcare industry can look forward to a future where technology truly serves – like never before – the needs of patients, payers, and providers.

Media Contact:
Mayur Vyas
(502) 498-4018
[email protected] 

About RAAPID

At RAAPID, our ambition propels us to become the world’s leading risk adjustment solutions tailored to payers, providers, and pay-viders. Dedicated to empowering these organizations to enhance their financial and member’s well-being and health while streamlining operations, RAAPID provides a comprehensive, customizable risk adjustment platform. Utilizing the forefront of technology— Neuro symbolic AI(AI), deep learning, clinically-trained natural language processing (NLP), and intricate knowledge graphs—our platform is engineered to unlock profound insights and drive precision in risk adjustment technology.

About Holon Solutions: Holon Solutions is the leading human-centric healthcare technology company that provides relief to healthcare teams. Our intelligent platform is a place where healthcare administration becomes effortless, with personalized tools that eliminate complexity. Using patented sensor technology, we deliver key information at the point of care to help save time, improve health outcomes, and increase revenue, with robust analytics that demonstrate value for enterprises.

SOURCE RAAPID