Growing more than 30x since launching in early 2022, Nirvana brings modern insurance and cost savings to connected fleets

SAN FRANCISCO, Oct. 17, 2023 — Nirvana Insurance, provider of modern insurance for physical operations, today announced a $57 million Series B funding round. Lightspeed Venture Partners reaffirmed its commitment to Nirvana by returning to lead the round, with additional participation from General Catalyst and Valor Equity Partners. The new funding positions Nirvana to continue helping fleets utilize their IoT and sensor data to access insurance cost savings and customized risk management solutions.

“Commercial fleets today produce a tremendous amount of data, yet most insurers still insist on a cookie-cutter approach to insurance that does nothing to incentivize safety. Nirvana is bringing insurance into the modern era, changing how the industry considers risk,” said Raviraj Jain, Partner at Lightspeed Venture Partners. “Their incredible growth is a testament to the opportunities AI and data analytics are opening up in fleet insurance and beyond, especially given that the IoT fleet management market is expected to continue growing.”

Businesses in the trucking sector often operate on tight margins, and recent economic pressures like rising insurance rates are pushing many of these enterprises to the brink of closure. By collecting data points from tech-enabled fleets, Nirvana can precisely tailor its rates to individual fleets and reduce insurance costs by up to 20%. Nirvana’s policies are usage-based, so customers only pay for how much they drive and their specific risk profile.

“In the past few years, most fleets saw their insurance rates rise even though they were doing everything right. We believe they deserve better,” said Rushil Goel, co-founder and CEO of Nirvana. “Nirvana is changing the paradigm by proving how a better customer experience—lower rates, faster turnarounds for quotes, and access to a full safety platform—is better for business, reflected in our market-leading loss ratio.” 

Customers experience many initial benefits with Nirvana, like receiving quotes in days instead of weeks and upfront savings of up to 20% for safe driving. But the advantages don’t stop there: Nirvana’s approach also improves fleet safety and expedites claims processing.

Traditionally, drivers only interact with their insurance when they have a claim. Nirvana’s Safety Platform features a dashboard with AI-powered monitoring tools, enabling proactive risk-reducing and cost-saving changes that optimize routing, improve driver coaching, and help avoid fines. Additionally, through the online portal and availability of data from telematics and dashboard cameras, Nirvana decreases the time it takes to process claims, helping fleets prevent fraud and get back on the road more quickly.

“With telematics data, Nirvana is looking at the whole picture of my fleet’s performance,” said Joe Gramc, CEO of Five Star Trucking. “Are they hard-braking? Speeding? Changing lanes abruptly? Where other providers stay at arm’s length, Nirvana’s proactive safety recommendations ensure that our fleet is following local and federal safety regulations.”

Capital support from its Series B will allow Nirvana to make substantial new investments in its AI and IoT capabilities while continuing to build its customer service, underwriting, and product development teams. Nirvana aims to bring its cost-saving, risk-tailored, and safety-enhancing solution to more fleets, even while opening the door to more insurtech innovation in other geographies and segments.

About Nirvana Insurance

Nirvana was founded in early 2021 with the intent of bringing the analog commercial insurance landscape into the modern digital world, using vast troves of IoT data derived from sensors already aboard most heavy trucks. The company is using telematics data to transform the stubbornly analog world of truck insurance to help fleets mitigate risk, improve driver performance, drop costs, and make the insurance process easier for everyone. The upside is improved safety for everyone on the road.

Media Contact
[email protected]

SOURCE Nirvana Insurance

– Major investors include Korea Development Bank (KDB), K2 Investment Partners, DEVSISTERS VENTURES, SJG Partners, and OPENWATER INVESTMENT

– Distribution of ‘CART BP,’ a ring-type cuffless blood pressure monitor that enables continuous blood pressure measurement and monitoring 24/7, will be fully launched to hospitals and clinics across Korea through a distribution agreement signed with Daewoong Pharmaceutical for the Korean market

SEOUL, South Korea, Oct. 17, 2023 — The global healthcare startup Sky Labs(CEO Jack, Lee) attracted investments amounting to KRW 20.7 billion in a Series C round. The company’s cumulative investment attraction amount is around KRW 54.8 billion.

The recent investment was led by Korea Development Bank (KDB), a government-run bank in Korea, and participated in by K2 Investment Partners, DEVSISTERS VENTURES, SJG Partners, OPENWATER INVESTMENT, and others. Amid a downswing in investment sentiments and recently rare investments in the bio-healthcare sector, Sky Labs attracted more than KRW 20 billion in investments, thus proving market anticipation.

‘CART BP’ is a ring-type cuffless continuous blood pressure monitor, breaking away from the traditional cuff-based blood pressure monitor, and enables continuous blood pressure measurement and monitoring 24/7. Appropriate treatment strategies and medication dosage adjustments can be made based on diverse blood pressure data over time, including nighttime blood pressure, morning blood pressure, and blood pressure variability. CART BP also tracks how lifestyle habits, such as sleep and stress management, exercising, drinking, and reactions to taking blood pressure pills, can impact blood pressure levels. By doing so, it helps hypertension patients manage their blood pressure levels and contributes to the prevention of cardiovascular disease. A research paper on CART BP’s blood pressure measurement algorithm technology was published in ‘Nature Scientific Reports,’ a world-renowned scientific journal, reflecting recognition of our technological prowess.

Along with receiving approval from the Ministry of Food and Drug Safety for CART BP, Sky Labs signed a distribution agreement for the Korean market with Daewoong Pharmaceutical in June. Distribution of CART BP to hospitals and clinics across Korea will be launched in October. Online sales to the general consumers coming shortly afterward. Sky Labs aims to sell around KRW 70 billion worth of CART BP in the next three years in Korea alone. It plans to expand global market entry of CART BP in line with approval from the US Food and Drug Administration and CE marking in Europe next year.

Director Lee Seung-woo of DEVSISTERS VENTURES, who is a new investor in the recent investment, stated, “Sky Labs has successfully developed a wearable device for 24/7 continuous blood pressure monitoring, a capability previously lacking in existing blood pressure monitors. They have also made significant progress in AI algorithm development, clinical validation, and obtaining approvals. This will make it easier for physicians to access the information necessary for treating hypertension patients. I expect this could become a prime example of AI in healthcare, setting a new standard similar to the CGM (continuous glucose monitor).”

Sky Labs CEO Jack, Lee said, “CART BP created a new field, which is a cuffless blood pressure monitor that continuously takes long-term measurements 24/7. Based on the recent investment, we will conduct clinical research that meets levels demanded by hypertension societies in Korea and abroad and continually secure relevant grounds, in addition to strengthening our world-leading technological advantage and expediting overseas approval acquisition and overseas marketing and distribution.”

Website: https://skylabs.io/

SOURCE Sky Labs

BETHESDA, Md., Oct. 16, 2023 — Hull Street Energy has made a strategic investment in Greenskies Clean Focus (“Greenskies”). Greenskies is a vertically integrated company that develops, constructs, finances, owns, and operates distributed solar projects. Since Greenskies was founded in 2009, they have been an industry leader providing commercial and industrial customers with onsite renewable generation solutions in New England, New Jersey, and California.

With this investment, Hull Street Energy expands its footprint in critical power infrastructure that will be required to decarbonize the North American energy economy. Through collaboration with previous investors, JLC Infrastructure, and Greenskies leadership, employees and stakeholders, the firm plans to develop the Greenskies portfolio, accelerating the growth of behind the meter renewable resources throughout the United States.

Troutman Pepper acted as legal counsel to Hull Street Energy. DLA Piper LLP and KeyBank acted as legal counsel and financial adviser to JLC Infrastructure, respectively.

About Hull Street Energy, LLC
Hull Street Energy is a private equity firm that specializes in deploying capital into the power sector as it decarbonizes. Headquartered in Bethesda, Maryland, the team leverages its decades of experience and unique knowledge of North American electricity infrastructure, fundamentals, and grid operations, including fuel inputs, commodity contract structuring, renewable and fossil powered generation assets, energy storage, transmission and distribution systems, and electricity demand-side businesses to build value for stakeholders. For further information about Hull Street Energy please see www.hullstreetenergy.com.

About Greenskies Clean Focus
Greenskies Clean Focus offers a full suite of decarbonization solutions, including onsite and offsite solar, battery storage, microgrids, and CCHP. Our vertical integration delivers the most cost-competitive solutions for commercial, public sector, and utility energy users throughout the US. From beginning to end, our customers work with a single delivery team. Greenskies originates, develops, constructs, and operates, while Clean Focus finances and owns the systems. Since our founding in 2009, we have developed and constructed 314 MW of renewable energy facilities across 590 sites in 19 states. Solar Power World ranks Greenskies Clean Focus as the number one commercial solar developer in the Northeast and top three in the US, based on cumulative kW installed. For further information please see www.greenskies.com.

About JLC Infrastructure
JLC Infrastructure (“JLC”) is an investor and asset management firm focused on the transportation, communications, energy, utilities and social infrastructure sectors in the United States. The firm was formed in 2015 by Loop Capital and Magic Johnson Enterprises (“MJE”) with offices in Chicago and New York City. JLC has a broad network of long-standing relationships with municipalities, governments, infrastructure companies, investors, advisors and financing providers throughout the country. More information about JLC can be found at www.jlcinfra.com.

Media Contact
[email protected] 

SOURCE Hull Street Energy

BENTONVILLE, Ark., Oct. 16, 2023 — HeartX, powered by HealthTech Arkansas and MedAxiom along with eleven leading cardiology practices in Arkansas and around the country — has selected the five startup healthcare companies that will participate in the 2023 accelerator program. HeartX is a cardiovascular-focused healthcare accelerator that facilitates guaranteed hospital pilot projects and clinical trials for accomplished, early-stage companies bringing new cardiovascular innovations to market.

The five companies selected for the 2023 HeartX program are:

Flosonics Medical, Canada

Flosonics Medical produces the FloPatch, a wireless, wearable Doppler ultrasound that directly assesses carotid arterial pulse within seconds. Data from the FloPatch provides a window to the left ventricle, which helps clinicians determine when a patient is no longer fluid-responsive, avoiding harmful and ineffective IV fluids. Learn more at flosonicsmedical.com.

Happitech, Netherlands

Happitech offers an accessible and scalable solution for identifying patients at risk of atrial fibrillation (AF). By placing a finger on a smartphone’s camera for 90 seconds, individuals can screen for AF with a sensitivity and specificity similar to the standard of care. This is well suited for at-risk underserved populations, the elderly, and low-income individuals promoting improved health equity. Learn more at happitech.com.

MindMics, Massachusetts, United States

MindMics delivers heart monitoring through low-frequency acoustical vibrations detected in the ear canal with technology embedded in earbuds and hearing aids. The results are highly accurate regardless of skin tone, skin thickness, and body mass. The sound-based technology has been clinically validated in collaboration with leading researchers and world-renowned medical institutions. Learn more at mindmics.com.

Nanowear, New York, United States

Nanowear is an AI-based remote diagnostics tool utilizing proprietary patented cloth-based nanotechnology. The nanosensors capture over 85 medical-grade biomarkers directly from the skin, enabling a closed-loop digital system for specific machine-learning algorithms built on terabytes of unique human data. Learn more at nanowearinc.com.

SmartCardia, Switzerland

SmartCardia produces the 7L Patch, a revolutionary platform and 7-Lead ECG patch for cardiology and remote patient monitoring (RPM) that is a breakthrough 7/14 day patch offering real-time 7-Lead ECG and vitals with SaaS. A single patch serves multiple service types: Mobile Cardiac Telemetry, RPM, Holter, Extended Holter, and Event Monitoring. Learn more at smartcardia.com.

“We are excited to reveal the 2023 HeartX cohort companies, which were hand-selected by our participating cardiology practices,” said Jeff Stinson, director of HealthTech Arkansas. “With MedAxiom’s help, we’ve been able to grow the HeartX program to international prominence. Through the guaranteed clinical engagement and the national visibility provided through MedAxiom’s national network of cardiology practices, we’re now attracting the very best cardiovascular startups from around the world. We’re very grateful for this opportunity.” 

“The cardiovascular industry has been at the forefront of healthcare innovation and new technologies and solutions are arising at a rapid pace. We’re excited to partner with five companies that are transforming cardiovascular care around the world as part of the 2023 HeartX program. While the heart of the program remains in Arkansas, we’ve expanded clinical trial sites nationwide to advance innovations that promise to improve care delivery. With two cohorts and ten companies now a part of HeartX, MedAxiom and HealthTech Arkansas are committed to expanding the portfolio to provide revolutionary solutions to patients, providers and programs.” said Joe Sasson, PhD, MedAxiom’s chief commercial officer and executive vice president of Ventures.

Representatives from each of the eleven cardiology practices, plus representatives from HealthTech Arkansas and MedAxiom, interviewed applicants and selected companies with technologies that have the potential to advance cardiovascular innovation and cardiac care at their respective organizations. Each company will receive $150,000 of investment capital as well as complete and total access to clinicians and administrators while executing their pilot projects and clinical studies in the HeartX program.

More information about HeartX can be found at HeartXAccelerator.com. 

ABOUT HEALTHTECH ARKANSAS
HealthTech Arkansas helps to drive innovation for healthcare provider organizations through its accelerator programs and through internal innovation programming. Its flagship accelerator, HeartX, recruits worldwide for the most accomplished cardiovascular-focused startups in the areas of digital health, medical devices, and diagnostic platforms. Those companies accepted into the program are guaranteed at least two pilot projects or clinical trials from among the ten largest hospitals and health systems in Arkansas. More information can be found at HealthTechArkansas.com.

ABOUT MEDAXIOM
MedAxiom, an American College of Cardiology Company, is the cardiovascular community’s premier source for organizational performance solutions. MedAxiom is transforming cardiovascular care by combining the knowledge and power of hundreds of cardiovascular organization members, thousands of administrators, clinicians and revenue cycle experts, and dozens of industry partners. Through the delivery of proprietary tools, smart data and proven strategies, MedAxiom helps cardiovascular organizations achieve the Quadruple Aim of better outcomes, lower costs, improved patient experience and improved clinician experience. Learn more at MedAxiom.com.

For more information, contact:
Jeff Stinson
501.766.0633
[email protected]

SOURCE HeartX

SINGAPORE, Oct. 16, 2023 — AFFiNE proved that 10k GitHub stars could be obtained in 43 days. The company said today it has raised $8 million in Series Pre-A funding bringing its total value to nearly $40 million.

AFFiNE (https://affine.pro/) made waves in the SaaS world with its impressive debut on GitHub in August 2022. The launch of its multi-model blocks, which seamlessly integrate text, database, and whiteboard, was a game-changer that immediately caught users’ attention spanning over 100 countries. With its powerful features, AFFiNE confidently promises to revolutionize the way users write, plan, and present their ideas, eliminating the need for toggling between different collaboration tools. AFFiNE is the ultimate all-in-one solution that is set to transform the way people work.

Compared with similar companies, AFFiNE achieved greater popularity in a shorter time. Within 43 days since its first launch, AFFiNE has achieved a staggering 10,000 GitHub Stars, setting a new record for the fastest growth ever achieved on the platform. With the constant release of updated versions, AFFiNE has surpassed 20,000 GitHub Stars, cementing its position as one of the most promising collaborative tools on the market. Additionally, AFFiNE has been featured on GitHub Trending an impressive 28 times in 2022, demonstrating its exceptional potential to the world.

“AFFiNE’s ambitions and hard work never stop. We will release our ultimate platform and engine for web applications including back-end and front-end infrastructure. Small and medium teams can use our platform to release a productivity web app easily.” said by AFFiNE’s founder Jiachen He (https://www.linkedin.com/in/jiachen-he-8b0740127/), “Mature infrastructure means a lot for the prosperity of an industry. Today, the web industry needs next-gen infra urgently.”

AFFiNE has been proven to be successful by the world-wide users. Now, AFFiNE can share the underlying technical capabilities with all collaborative tools and become the generally accepted developing platform and engine.

AFFiNE is the best practice and joint-development partner of Yjs, which is the most powerful CRDTs framework. AFFiNE will never stop exploring and innovating.

Based on the brilliant performance in various open-source communities, AFFiNE has successfully raised a total of $10 million in funding over three rounds. The Series Pre-A was co- led by Redpoint Ventures, Sinovation Ventures, and CGC Ventures and followed by MiraclePlus (formerly Y Combinator China), with four investors participating.

Recently, AFFiNE announced its new financing plan in a Series A round for product development and commercial operations. The company’s stellar performance in various global open-source platforms has attracted the interest of several renowned investors, who are excited to explore opportunities to invest in AFFiNE.

Media Contact: Yipei Wei (COO, Co-Founder)
Email:  [email protected]
Official Website: https://affine.pro/
Github: https://github.com/toeverything

SOURCE AFFiNE

HONG KONG, Oct. 16, 2023 — OKX Ventures, the investment arm of leading crypto exchange and Web3 technology company OKX, today announced its participation in Celestia Lab‘s Series B funding round.

Celestia is the first modular blockchain network, meaning developers can use Celestia as a base layer for consensus and data functions, and then choose a virtual machine, such as Ethereum, Solana, zero-knowledge roll-ups or any other compatible smart contract execution layers, to build and deploy their own new blockchain. This contrasts with previous generations of blockchain infrastructure, in which Layer-1 chains perform consensus, data functions and execution altogether – a structure Celestia calls ‘monolithic.’

Celestia is also expected to be the first blockchain network to use Data Availability Sampling (DAS) when it goes live later this year. DAS is a lighter, faster way to verify blocks without requiring nodes to download all the data in a block. By allowing nodes to verify smaller, randomly selected data within a block, Celestia intends to avoid the scalability tradeoffs which have historically held back Layer-1s to date.

OKX Ventures Founder Dora Yue said: “For the sake of scalability, we see a trend towards modularity in the blockchain industry. Celestia has pioneered a modular approach that is a completely different paradigm when compared to traditional Layer-1 chains, giving developers greater customization capabilities and potentially leading blockchain infrastructure into a new era.”

Developers can receive several benefits by using Celestia as a base layer for deploying modular blockchains. These benefits include higher scalability, shared security for interoperability between apps, and the flexibility to choose between execution environments including Ethereum and Solana.

To learn more about Celestia, click here.

For further information, please contact: [email protected]

About OKX Ventures

OKX Ventures is the investment arm of leading crypto exchange and Web3 technology company OKX, with an initial capital commitment of USD 100 million. It focuses on exploring the best blockchain projects on a global scale, supporting cutting-edge blockchain technology innovation, promoting the healthy development of the global blockchain industry, and investing in long-term structural value.

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

Find out more about OKX Ventures here.

About OKX

OKX is a world-leading technology company building the future of Web3. Known as one of the fastest and most reliable crypto trading platforms for traders everywhere, OKX’s crypto exchange is the second largest globally by trading volume and is trusted by more than 50 million users.

OKX’s leading self-custody solutions include the Web3-compatible OKX Wallet, which allows users greater control of their assets while expanding access to DEXs, NFT marketplaces, DeFi, GameFi and thousands of dApps.

OKX partners with a number of the world’s top brands and athletes, including: English Premier League champions Manchester City F.C., McLaren Formula 1, The Tribeca Festival, golfer Ian Poulter, Olympian Scotty James, and F1 driver Daniel Ricciardo.

OKX is committed to transparency and security and publishes its Proof of Reserves on a monthly basis.

To learn more about OKX visit: okx.com

Disclaimer

THIS ANNOUNCEMENT IS PROVIDED FOR INFORMATIONAL PURPOSES ONLY. IT IS NOT INTENDED TO PROVIDE ANY INVESTMENT, TAX, OR LEGAL ADVICE, NOR SHOULD IT BE CONSIDERED AN OFFER TO PURCHASE, SELL, OR HOLD DIGITAL ASSETS. DIGITAL ASSETS, INCLUDING STABLECOINS, INVOLVE A HIGH DEGREE OF RISK, CAN FLUCTUATE GREATLY, AND CAN EVEN BECOME WORTHLESS. OKX IS NOT REGULATED BY THE FCA, THUS, PROTECTIONS SUCH AS THE FINANCIAL OMBUDSMAN SERVICE OR FINANCIAL SERVICES COMPENSATION SCHEME WILL NOT BE AVAILABLE. YOU SHOULD CONSIDER WHETHER YOU UNDERSTAND HOW CRYPTO WORKS AND WHETHER TRADING OR HOLDING DIGITAL ASSETS IS SUITABLE FOR YOU IN LIGHT OF YOUR FINANCIAL CONDITION. THE VALUE OF YOUR DIGITAL ASSETS, INCLUDING STABLECOINS, CAN INCREASE OR DECREASE AND PROFITS MAY BE SUBJECT TO CAPITAL GAINS TAX. PAST PERFORMANCE DOES NOT INDICATE FUTURE RESULTS. PLEASE CONSULT YOUR LEGAL/TAX/INVESTMENT PROFESSIONAL FOR QUESTIONS ABOUT YOUR SPECIFIC CIRCUMSTANCES.

SOURCE OKX Ventures

NORWALK, Conn., Oct. 13, 2023 — LifeSpan Vision Ventures, a venture capital firm dedicated to advancing the field of longevity biotech, is proud to announce the closing of its seventh investment, marking another significant step towards its mission of extending healthspan.

The newest addition to LifeSpan’s portfolio is Rejuvenation Technologies, who use lipid nanoparticles to deliver telomerase mRNA to restore telomere length and tissue regenerative capacity. This latest partnership underscores LifeSpan’s commitment to identifying and supporting companies that are on the forefront of developing cutting-edge solutions to address the challenges of aging biology and age-related diseases.

“We are excited to unveil our seventh investment as we continue to forge ahead in the field of longevity,” said Harry Robb, Analyst at LifeSpan Vision Ventures. “Our dedication to extending healthspan and enabling a longer, healthier, more fulfilling life for all remains at the core of our mission. We believe that the companies we invest in will play a pivotal role in driving forward the next wave of biotech solutions that promise a brighter future.”

LifeSpan Vision Ventures’ recent investment in Rejuvenation Technologies is the latest addition to a series of strategic investments, closely following funding rounds for pioneering companies such as LIfT Biosciences, Deciduous Therapeutics, and Fauna Bio, with further investments poised for announcement in the forthcoming weeks.

For more information about LifeSpan Vision Ventures, please visit https://www.lifespanvisionventures.com/.

About LifeSpan Vision Ventures

LifeSpan Vision Ventures is a forward-thinking venture capital firm specializing in investments within the aging and longevity space. Our mission is to support and accelerate the development of innovative therapies that extend healthspan, improve the quality of life for individuals as they age, and address age-related challenges. Through strategic partnerships and investments, we aim to shape a future where aging is met with vitality, resilience, and endless possibilities.

Contact: Harry Robb
mob: +44 7795042764
[email protected]

Photo – https://mma.prnewswire.com/media/2247122/logevitymission.jpg

SOURCE LifeSpan Vision Ventures

Having previously secured EUR 15 Million in funding, Bobnet Group is looking to expand its retail automation solutions in the Middle East, as part of the company’s global expansion

DUBAI,UAE, Oct. 13, 2023 — European start-up Bobnet, backed by NCH Capital, announces upcoming series B of EUR 50 million funding round, to address current challenges faced by major retail chains and the technological evolution of the industry towards automation and improved logistics processes.

Bobnet has already secured EUR 15 million in previous investments and is now seeking an additional EUR 50 million to expand its solutions to the Middle East, as part of the company’s global expansion, as the region’s retail industry is fast developing and embracing technological innovations.

Leading innovator in retail technology solutions, Bobnet Group, is thrilled to make its latest regional expansion announcement at this year’s GITEX Global in Dubai, where the company is set to showcase its cutting-edge retail innovation products and unveil its recent milestones. The company has developed a breakthrough digital Chain Management System aimed at streamlining operations in the retail sector, and this new investment will enable them to offer their solutions on a global scale.

The Bobnet venture startup has been working since 2018 on a series of hardware and software automation solutions, developed to overcome problems of implementing and managing large retail chains. The company has succeeded in creating a chain of 120 automated selling food and grocery free checkout machines placed in a real- life use case market, whilst testing and optimizing its advanced hardware and software solutions, to create a fully functional management system of such retail chains.

“The Bobnet Chain Management system is the first software on the market able to conduct by itself operations for retail chains with thousands and millions of sales and logistic units, which are able to communicate with a cloud based infrastructure through IoT means. Thus, with our technology, creating a live physical retail chain, which is scattered in space and still operates as a single body in a fully automated mode, is now possible by almost fully eliminating the need for human involvement in the process.”, explains Victor Popusoi, Bobnet‘s founder.

To learn more about Bobnet Group hardware and software solutions for the retail industry firsthand, visit the company’s booth at GITEX Technology Week in Dubai, located at H9-A16. The event will take place from the 16th to the 20th of October at Dubai Harbour.

For inquiries regarding investment opportunities and partnership details, please contact:

[email protected]
+ 40766 350 466 

SOURCE Bobnet Group

BOULDER, Colo., Oct. 12, 2023 — PickNik Robotics, “The Unstructured Robotics Company,” proudly announces a major milestone in its mission to bring robot arms out of factories and into our everyday lives. The company has just raised $2 million in a pre-seed investment round led by Stellar Ventures and Cypress Growth Capital, positioning itself as the dominant force in redefining the robotics industry through its innovative software platforms. The investment augments PickNik’s existing $5M in non-dilutive SBIR funding contracts with NASA JSC, NASA Ames, and Space Force.

This funding will be used to further develop their powerful robotics platform MoveIt Studio, which enables any developer or engineer to create advanced applications with robot arms. MoveIt Studio is unique in that it tackles a new and fast-growing robotics market segment: robots outside of the traditional manufacturing domain. MoveIt Studio is already being used by many companies for advanced applications like Autonomous Mobile Robots (AMR) that leverage mobile robot arms for in-situ bin picking, explosive ordnance disposal for SWAT teams, and next-gen space applications such as autonomous cargo unloading from space station re-supply capsules.

Dave Coleman, CEO of PickNik, expressed his enthusiasm for the pre-seed investment, saying, “This investment marks a pivotal moment in our journey from a bootstrapped company that could only innovate incrementally. We’re now committed to pushing the boundaries of what’s possible with robot arms faster. With Stellar Ventures and Cypress Growth Capital by our side, we have the resources and support to fully commercialize our powerful platform that enables developers everywhere to build advanced robot arm applications with less risk.”

PickNik’s unique vision makes advanced robotics accessible through both open source and open core software. Their flagship software MoveIt Studio is built on their original, highly popular open source MoveIt software that continues to be one of the top motion planning and manipulation frameworks globally. By embracing open source principles, PickNik empowers its customers to reduce R&D costs significantly and collaborate with well known de facto standards.

PickNik consistently demonstrates its leadership tackling the most challenging problems in robotics across many industries, including space, subsea, surgical, energy, AgTech, FoodTech, and personal robots. With an unparalleled commitment to solving robotics challenges outside of factories, PickNik has earned the trust and recognition from industry giants including Google, Amazon, Johnson & Johnson, Samsung, Hyundai, NASA, Sierra Space, Blue Origin, and many more.

“The robotics industry is rapidly evolving, and PickNik is at the forefront of innovation. We see immense potential in their ability to develop advanced solutions that bridge the gap between terrestrial and space robotics,” said Matt Patterson at Stellar Ventures.

Investors are drawn to PickNik’s exceptional capabilities. Their dexterous manipulator control has earned the company praise from esteemed organizations like NASA (whose multiple SBIR programs have historically funded PickNik). “There are few others in the industry of robotics with the capability of PickNik, especially capabilities as expansive as their abilities with dexterous manipulator control,” stated a robotics engineer at NASA Johnson Space Center.

“As use cases for robotics applications become more complex, PickNik’s expertise and track record of solving the most difficult robotics problems is highly differentiated in this $230B market. With MoveIt Studio, PickNik is able to leverage that experience and deliver it to an even broader customer base.” said Pat McCaffrey, Partner at Cypress Growth Capital.

PickNik is proud to be a leader of the Robot Operating System movement. The company created ROS drivers for many popular robots used globally including Universal Robotics, Kinova, ABB, and Motiv Space Systems. As a 100% robot-arm agnostic company, PickNik works with a wide range of robot brands and types, from custom hardware to off-the-shelf solutions, catering to the specific needs of its customers.

This pre-seed investment allows PickNik to further revolutionize the unstructured robotics software space with their MoveIt Studio product, and solidify its position as an industry leader, poised for a future filled with exciting possibilities.

About PickNik Robotics:
PickNik Robotics, known as “The Unstructured Robotics Company,” is a leader in solving complex robotics challenges. The company’s flagship software, MoveIt Studio, is the world’s #1 motion planning and manipulation platform, embracing open source principles to make advanced robotics accessible and cost-effective. PickNik collaborates with a wide range of industries and has a track record of excellence in developing robotic applications while mitigating open source risks.

About Stellar Ventures:
Stellar Ventures is a forward-thinking venture capital firm that initiated its journey with the launch of SV Andromeda, a $23 million fund dedicated to supporting visionary entrepreneurs at the forefront of space technology. With a commitment to fostering innovation and transformative ideas, Stellar Ventures collaborates with exceptional founders who are poised to revolutionize industries and make a lasting impact on our world.

About Cypress Growth Capital:
Cypress Growth Capital, with a twelve-year track record and a team rich in entrepreneurial experience, goes beyond traditional investment, providing invaluable guidance to portfolio companies. They assist in shaping growth strategies, offer financial expertise, aid in talent development, and facilitate mergers, acquisitions, and exits, making them a trusted partner for entrepreneurs seeking exceptional outcomes.

SOURCE PickNik Robotics