As companies increasingly use physical automation to solve labor and margin challenges, Formant’s platform delivers the data backbone that powers large-scale robotic fleets

SAN FRANCISCO, Oct. 11, 2023 — Formant, the leading robotics data and operations platform, today announced the completion of a $21 million funding round. The investment was led by BMW i Ventures, with participation from new investors Intel Capital, GS Futures and previous investors including SignalFire, Hillsven, Pelion Ventures, Holman, Ericsson, Goodyear Ventures, PICUS Capital and Thursday Ventures.

This latest fundraising round comes after a year of record growth for Formant, during which the company increased revenue by more than 500% year-over-year. Much of this growth has come from blue – chip enterprises such as Blue River Technology (a subsidiary of John Deere) and BP, as well as industry leaders like Burro, Scythe, and Knightscope. The company will use the proceeds to expand its hiring across all departments, introduce new products and features, and accelerate growth in 2023 and beyond.

“Formant is uniquely positioned to meet the business objectives and technical requirements of large enterprise companies operating at global scale looking to expand their robotics footprint,” says Jeff Linnell, CEO and Founder of Formant. “Our platform now powers tens of thousands of production robots around the world across dozens of different industries.”

In 2023 Formant expanded its focus to the enterprise, taking advantage of the accelerating adoption of intelligent robots across large organizations. Formant delivers a secure data platform to operate fleets of robots at any scale through a single pane of glass.

“Autonomous robotic systems have broken free from R&D departments and are now being deployed at scale to drive business outcomes and resilient operations,” says Kasper Sage, Managing Partner at BMW i Ventures. “Their proliferation across mission-critical functions as well as support tasks for humans in various industries underscores the urgent need for seamless data management and orchestration across robotic endpoints. Formant is the operating system underpinning the future of the automated enterprise.”

Formant’s rapid growth has been supported by a flurry of new product introductions and integrations, including enterprise-grade tools and account management features to empower enterprise customers. Earlier this year, the company launched Theopolis, the AI language interface that enables non-technical users to interact directly with robot data and build visualizations inside Formant.

“In the ever-evolving landscape of robotics and AI integration, Formant stands ready to take center stage. As industries embrace large-scale automation, the role of data becomes paramount in fleet optimization and AI model training,” says Kate MeLynda, President of Formant. “Formant’s cutting-edge platform simplifies the collection and management of robot data on a grand scale, ushering in a new era where AI seamlessly enhances physical automation.”

Formant is on a mission to underpin the intersection of robotics and AI for enterprises and robotics companies. To help teams get the most out of every robot, Formant also supports easy integrations with many of the industry’s leading tools such as ROS2, NVIDIA’s Isaac simulator, and Clearpath’s Outdoor Navigation.

About Formant
Formant is a cloud platform that helps robotics companies easily deploy, scale, and manage their fleets. Founded in 2017 by former roboticists at Google and Savioke, Formant’s platform powers tens of thousands of field-deployed robots from leading companies such as Knightscope, Scythe, and Burro.

About BMW i Ventures
BMW i Ventures is the independent venture capital firm of BMW Group, investing in startups defining the future of mobility, supply chain, and sustainability. The firm has made many successful investments over the years in companies such as Blackmore, ChargePoint, CelLink, Fox Robotics, GaN Systems, Plus One Robotics, Our Next Energy, Tekion, Xometry, and many more. BMW i Ventures invests in all stages from seed to growth with a focus on Series A/B. More information can be found at: https://www.bmwiventures.com.

Media Contact:
Shaun Juncal
[email protected]
805-245-8528

SOURCE Formant

Partnership Will Enhance Growth Opportunities, Providing Greater Financial Resources to EirTrade to Increase Market Share and Broaden Capabilities Offered

OKLAHOMA CITY and DUBLIN, Oct. 11, 2023 — EirTrade Aviation Ireland Limited (“EirTrade” or the “Company”), a leading aviation asset management solutions company, today announced that it has entered into partnership with, and received an investment from, Acorn Growth Companies, LLC (“Acorn”) to enhance its financial capabilities and become an even stronger partner to its customers, suppliers, and consignors in the aviation market. 

EirTrade’s founder, Ken Fitzgibbon, will remain Chief Executive Officer and will retain significant equity ownership in the Company. Adam Nemenyi, group CEO of Sentry Aerospares and an Acorn senior advisor specializing in aviation aftermarket investments, will serve on the Company’s Board of Directors.  EirTrade will be a new platform company within Acorn’s portfolio focused on end-of-life solutions for aviation assets. Acorn plans to augment the Company’s strong organic growth with additional capital for large and strategic asset purchases, as well as potential add-on acquisitions.

“We are excited to partner with Ken and EirTrade’s management team. Having known EirTrade for years through the industry and its interactions with our other portfolio companies, we have seen firsthand how critical the Company is to its asset-owner partners and customers,” said Rick Nagel, Managing Partner of Acorn. “The technical expertise resident within the Company is second-to-none, and we believe that EirTrade is well positioned for growth and market share capture.”

Founded in 2010 by Ken Fitzgibbon, EirTrade offers global aviation asset managers, leasing companies, airlines, and other industry participants, a full suite of end-of-life solutions for aviation assets with expertise and a robust track record across multiple aeroengine and airframe models. With facilities in Ireland and Dallas, TX, EirTrade offers its partners a complete suite of services spanning from engine storage, disassembly, repair management, and parts trading with a focus on asset value maximization. As a result of its partnership with Acorn, EirTrade will enhance its leading consignment business with increased financial capacity to purchase aviation assets.

“We are thrilled to partner with Acorn,” said Fitzgibbon. “Their sector-focus and knowledge will be additive to EirTrade as we continue to stay at the forefront of industry trends and continue to grow our business with our current consignment partners, as well as through asset acquisitions on our own balance sheet.” 

Fitzgibbon continued by saying, “EirTrade is an innovative company that prides itself on firsts – we were the first aftermarket services company to manage the disassembly and monetization of a 787, an A380, as well as other aeroengine assets. We’ve had an amazing growth trajectory absent access to significant capital resources. Now with Acorn’s assistance, we can scale the business collaboratively with our existing partners, as well as on our own balance sheet, evaluating significantly larger asset opportunities.”

In addition to Mr. Fitzgibbon, the EirTrade team is led by Lee Carey, Karl Fitzgibbon, Paul Gleeson, and Redmond Walsh in Ireland, and Bill Thompson in the United States. 

“Having known Ken and his team for years, I am delighted to welcome them into the Acorn family,” said Adam Nemenyi, incoming Board member. “As a founder who also partnered with Acorn, I am confident that this partnership will prove to be a tremendous success. The shared values, culture, and ethics of both EirTrade and Acorn are perfectly complementary. I look forward to playing an active role in helping EirTrade execute its exciting multi-year strategic plan.”

Irwin Mitchell LLP served as lead legal counsel to Acorn. Philip Lee LLP served as lead legal counsel for EirTrade. Financial terms of the transaction were not disclosed.

About Acorn Growth Companies 
Acorn Growth Companies is a middle-market private equity firm focused exclusively on Aerospace, Defense, Space, and Intelligence. Acorn invests solely in operating companies that strive to enhance global mobility and protect national interests. Acorn has a formidable reputation in the industry and is recognized for its deep understanding of the Aerospace and Defense markets, with proprietary access to the best companies within these sectors. With operational expertise and its ability to lead and manage investments through variable economic and industry cycles, Acorn works in tandem with management to build its portfolio companies into significant market leaders.

About EirTrade Aviation
EirTrade Aviation is an aviation technical asset services and trading company with operations in Ireland and the United States.  Through a full suite of asset management offerings and end-of-life solutions for aeroengines and airframes, EirTrade optimizes asset value for its clients.  EirTrade has expertise and track record across a number of engine and airframe platforms including CFM56-5B/7B, V2500, CF6, A320, A330, A380, 737, and 787.

SOURCE Acorn Growth Companies

• New investment from EQT Life Sciences and OrbiMed with participation from existing investors
  
• MinervaX will hold financial reserves of more than €125 million, following the financing
  
• The financing supports the Company’s efforts to commence a Phase III clinical trial of its Maternal Vaccine against Group B Streptococcus

COPENHAGEN, Denmark, Oct. 11, 2023 — MinervaX ApS, a privately held Danish biotechnology company developing a novel, prophylactic vaccine against Group B Streptococcus (GBS), has today announced the completion of a EUR 54 million upsized financing. The financing includes investment from new investors EQT Life Sciences and OrbiMed, with participation from existing investors Novo Holdings, Pureos Ventures, Sanofi Ventures, Trill Impact Ventures, Adjuvant Capital, Wellington Partners, Industrifonden, Sunstone LifeScience Ventures, and LF Invest. Vincent Brichard of EQT Life Sciences and Tal Zaks of OrbiMed will join the MinervaX Board of Directors.

GBS is a leading cause of life-threatening infections in newborns as well as adverse pregnancy outcomes such as preterm delivery and stillbirths. Current prophylactic measures provide insufficient protection, meaning there is an urgent need to accelerate the development of a GBS vaccine. A video describing the unmet medical need for a GBS vaccine and details of MinervaX’s novel GBS maternal vaccine can be found on the Company’s website, here: https://youtu.be/HvkRJBqsjjY.

The Company is currently progressing two Phase II clinical trials in 470 pregnant persons across Denmark, United Kingdom, Uganda and South Africa. Initial data from these clinical trials are highly positive and demonstrate that the vaccine has an acceptable safety profile, is highly immunogenic and gives rise to functionally active antibodies. Details of MinervaX’s clinical trials can be found at clinicaltrials.gov under the identifiers NCT04596878 and NCT05154578. In addition to pregnant persons, MinervaX is also pursuing Phase I development of its novel GBS vaccine in Older Adults, under identifier NCT05782179.

This financing will enable MinervaX to progress its novel GBS vaccine towards Phase III clinical trials in 2024.

Per Fischer, CEO of MinervaX, said: “The addition of EQT Life Sciences and OrbiMed to our existing investor consortium further strengthens the Company’s resolve to advance our novel GBS vaccine towards Phase III clinical trials in pregnant persons. It also provides additional validation and recognition of the acceptable safety profile and strong data demonstrated in the Phase II clinical trials.  We are delighted to welcome Vincent Brichard and Tal Zaks to the board of directors, who will bring invaluable vaccine expertise as we continue to address the pressing need for the development of a novel vaccine to address the unmet medical burden of Group B Streptococcus.”

Vincent Brichard, Venture Partner EQT Life Sciences, commented: “EQT Life Sciences is thrilled to take an active part in the MinervaX prophylactic vaccine against GBS with the hope to save newborns’ lives. We are impressed by the clinical data achieved so far, the quality of the team and the near-term milestones enabling MinervaX to start a registration trial.”

Tal Zaks, Partner at OrbiMed, added: “We recognize the unmet need for better protection against GBS disease for vulnerable populations and the potential for MinervaX’s vaccine to provide best-in-class efficacy. I look forward to working with the MinervaX team to support the full development of this program.”

About MinervaX

MinervaX is a Danish biotechnology company, established in 2010 to develop a prophylactic vaccine against Group B Streptococcus (GBS), based on research from Lund University. MinervaX is developing a GBS vaccine for maternal immunization, and now also for vaccination of older adults, with Phase II data suggesting superior efficacy compared with other GBS vaccine candidates in development. The latter are based on traditional capsular polysaccharide (CPS) conjugate technology. By contrast, MinervaX’s vaccine is a protein-only vaccine based on fusions of highly immunogenic and protective protein domains from selected surface proteins of GBS (the Alpha-like protein family). Given the broad distribution of proteins contained in the vaccine on GBS strains globally, it is expected that MinervaX’s vaccine will confer protection against virtually 100% of all GBS isolates. www.minervax.com 

About Group B Streptococcus (GBS)

GBS is responsible for nearly 50% of all life-threatening infections in newborns. At any given time, some 15-25% of women are spontaneously colonized with GBS, and they run the risk of transmitting the bacteria to their child in the womb, during birth and/or during the first months of life. GBS colonization may lead to late abortions, premature delivery, or stillbirth and, in the newborn child, may result in sepsis, pneumonia or meningitis, all of which carry a significant risk of severe morbidity, long- term disability or death.

Currently, the only preventative strategy available involves the use of intravenously delivered prophylactic antibiotics which cannot comprehensively prevent GBS infection in utero and do not protect against late-onset infection in newborns. Not only is this approach expensive and logistically challenging, it fails to cover all, including the most severe cases in the US and Europe, and is rarely available in resource- limited settings. Finally, it carries the risk for increasing antibiotics resistance, a recognized worldwide health threat.

The development of a GBS vaccine is also endorsed by Group B Strep Support and Group B Strep International, and GBS has been prioritized by several public health organizations including the WHO. Both increased uptake of immunization among pregnant women and greater awareness of the implications of GBS suggest that a safe and effective vaccine targeting GBS would be well suited to address this unmet need.

About EQT Life Sciences

EQT Life Sciences was formed in 2022 following an integration of LSP, a leading European life sciences and healthcare venture capital firm, into the EQT platform. As LSP, the firm raised over EUR 3.0 billion (USD 3.5 billion) and supported the growth of more than 150 companies since it started to invest over 30 years ago. With a dedicated team of highly experienced investment professionals, coming from backgrounds in medicine, science, business, and finance, EQT Life Sciences backs the smartest inventors who have ideas that could truly make a difference for patients.

More info: www.eqtgroup.com

Follow EQT on LinkedIn, Twitter, YouTube and Instagram

About OrbiMed

OrbiMed is a healthcare investment firm, with approximately $17 billion in assets under management. OrbiMed invests globally across the healthcare industry through a range of private equity funds, public equity funds, and royalty/credit funds. OrbiMed’s team of over 100 professionals is based in New York City, San Francisco, Shanghai, Hong Kong, Mumbai, Herzliya, London and other key global markets.

More info: www.orbimed.com

SOURCE MinervaX

SINGAPORE, Oct. 10, 2023 — REPUBLIK, a global technology company building new ways for people to interact, proudly announces the successful conclusion of its $6 Million Seed funding round. The round saw participation from leading investors, including OKX Ventures, 6th Man Ventures, Arcane Ventures, CMS Holdings, Comma3 Ventures, Define Ventures, Enjin, FBG Capital, HTX Ventures, Mirana Ventures, Oracles Investment Group, Signum Capital, Sora Ventures, and UOB Venture Management. 

The capital raised is instrumental in building REPUBLIK’s platform and developing cutting-edge, web3 creator tools on the blockchain. Currently in beta across web app, iOS, and Android platforms, REPUBLIK has garnered substantial traction, empowering creators with new ways to interact and get rewarded for their contributions to the platform.

“For too long people have given their time, attention and creativity to existing platforms for almost nothing in return. REPUBLIK is going to change that by ensuring that the value of the community is fairly distributed. We’re excited to have investors who share in our vision and partners that are helping us build a true community-owned platform,” expressed Daniel He, REPUBLIK’s CEO.

Unlike traditional social platforms, where monetization options are fragmented and often come with high fees, REPUBLIK uses Web3 technologies to streamline the entire process, drastically reducing costs borne by Creators. This results in Creators keeping a significantly larger share of their earnings, but also enables a token-based reward system that allows everyone to earn for interacting with content, referring friends and supporting Creators.

While legacy platforms capitalize on user attention without direct compensation, REPUBLIK believes that online communities have great value, and that this value should be fairly distributed to the people who helped create it. As such, XP in the app represents how much value a user brings, while RPK will be a freely traded token representing the value of the community. The more XP a user has, the more RPK will be distributed to them.

The REPUBLIK App is available on Google Play Store, Apple App Store and on browsers as a web app at https://app.republik.gg/ 

About REPUBLIK

Singapore headquartered, with additional offices in Berlin and Los Angeles, Republik is on a mission to connect creators to their communities while rewarding everyone based on their interactions. With a rapidly growing community, REPUBLIK redefines the realm of online interaction.

Media Contact:
media@republik.io 

https://republik.gg
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Telegram
Discord

SOURCE REPUBLIK

DENVER, Oct. 10, 2023 — Shakti WPL Ventures (www.shaktiwplventures.com), under the leadership of Sarah Koebel as Managing Partner, is on a mission to invest in revolutionary startups within the multi-billion dollar FemTech industry. Committed to empowering women’s health, Shakti Ventures is fully dedicated to investing in visionary founders, groundbreaking companies, and emerging technologies that better women’s health.

Koebel brings a wealth of experience to this venture from her deeply rooted background in the startup ecosystem. With a history of founding companies, successfully raising capital for multiple startups, and interviewing countless founders, Koebel boasts over a decade immersed in the world of venture capital. Her extensive track record includes playing a pivotal role in dozens of venture investments.

Reflecting on her journey, Koebel highlights the invaluable experience gained, enabling her to confidently spot innovation. When her focus shifted towards FemTech, she recognized an extraordinary opportunity often overlooked by traditional venture capitalists. Koebel shares, “The FemTech industry isn’t just an opportunity; it’s a necessity. It’s time we prioritize women’s health and encourage open conversations about their well-being, from start to finish. The technological advances in the past few years alone have been groundbreaking.” Shakti WPL Ventures is eager to invest in innovations that address health challenges uniquely or disproportionately faced by women, ensuring accessibility and empowering them to embrace these new products, services, and technologies throughout their health journey.

Today, Shakti WPL Ventures proudly announces its official launch into the FemTech sector. In a world where discussions about female health can be challenging, Shakti Ventures aims to make this dialogue more inclusive. Their mission is to empower women and men alike, encouraging them to take charge of their health and wellness through revolutionary means.

One of Shakti’s initial investments was Woo More Play, a female forward intimacy brand in the direct-to-consumer space on a mission to inspire everyone to feel confident and comfortable with themselves, as well as with their partner.

Koebel is excited to help foster an environment that encourages candid and open dialogues about women’s health and wellness.  She is eager to promote greater comfort and education in discussing all related topics, and ultimately help create products and services that address the needs of this underserved market. 

If you or someone you know is making groundbreaking strides in the FemTech space, please do not hesitate to reach out to Shakti WPL Ventures. For inquiries, please contact [email protected].

SOURCE Shakti WPL Ventures

SEATTLE, Oct. 10, 2023 — Optimize Health, one of the most trusted remote healthcare platforms in the U.S., today announced the completion of its latest financing, raising more than $18 million. The Series B round was led by Foundry and Escalate Capital Partners, with participation from Bonfire Ventures, Daher Capital, Navigate Ventures, Attento Capital, OpenView, 500 Global, SOSV, and Jumpstart Capital.

Seattle-based Optimize Health is revolutionizing the healthcare industry through its innovative technology and services to support remote care. The company leverages a leading remote patient monitoring and chronic care management software platform to improve patient outcomes, enhance clinical decision-making, and optimize operational efficiency for healthcare providers.

Optimize plans to use the additional capital to accelerate its market strategy, scale operations, expand its product portfolio, and fuel market expansion.

“We are thrilled to receive the support of well-regarded investors in securing this funding. It showcases our leading market position and highlights the power of our vision and the effect the team is making in the healthcare industry,” said Todd Haedrich, CEO of Optimize Health. “With these additional funds, we will further drive our efforts to bring transformative solutions to our healthcare partners in support of their patients.”

Since its inception, Optimize Health has been an industry leader and was named one of the fastest-growing private companies in America by Inc. 5000 in 2023. The company’s technology has gained recognition for its ability to assist physicians in preventing episodic events, providing personalized care plans, and using data among clinical teams to practice proactive medicine while empowering patients with insights into their own health metrics. Thousands of healthcare providers have leveraged Optimize Health’s software to enhance patient engagement, drive down costs, and help clinical teams create better outcomes for their patients.

About Optimize Health
Optimize Health is revolutionizing the healthcare industry through its innovative technology and patient + care team-centric approach. The company leverages Remote Patient Monitoring technology to improve patient outcomes, enhance clinical decision-making, and optimize operational efficiency for healthcare providers. Optimize Health’s mission is to transform how medical groups use technology and real-time data to treat patients outside the practice walls. As the leader in remote care solutions, the company helps physicians deliver proactive care that re-centers the patient and provider relationship and improves patients’ quality of life. For more information, visit www.optimize.health.

SOURCE Optimize Health

HOUSTON, Oct. 10, 2023 — North Hudson Resource Partners LP (“North Hudson” or the “Firm”), a Houston-based energy investment firm, announced its final closing of its fourth non-operated fund, North Hudson Production Partners II LP (“Production Partners II” or the “Fund”). The Fund closed at its hard cap with $232 million of equity commitments, inclusive of the general partner’s commitment.

Production Partners II will target individual acquisitions ranging from $3.0 to $75.0 million in active onshore U.S. Basins, including purchasing AFEs, “drill-ready” acreage, producing assets with upside, and minerals. The Fund, with other North Hudson affiliates, will also target larger strategic acquisitions with top-tier operators. The Fund will continue North Hudson’s partnership with Fortuna Operating, who has managed the acquisition and development of assets across multiple North Hudson non-operated funds.

Over the past five years, North Hudson’s non-operated funds have acquired over $650 million of assets and partnered with over 30 different operators on the development of their assets. North Hudson believes Production Partners II presents the opportunity for North Hudson to build upon the successes of its three prior non-operated funds and the Fund will seek to deploy a similar strategy.

“We are grateful for the continued support of our investors as we seek to deploy capital in a creative, low-risk approach to oil and gas investing” said Mark Bisso, Managing Partner. “We believe our significant asset base, which includes over 1,600 horizontal non-operated wells, in addition to our transaction history and network, have made us an effective partner for operators and working interest owners seeking to enhance their assets. We look forward to continuing and expanding those relationships.”

Kirkland & Ellis LLP served as legal counsel for Production Partners II.

About North Hudson

North Hudson Resource Partners LP is a Houston-based energy investment firm focused on opportunistic upstream and midstream energy investments in North America. With over $945 million of assets under management as of September 29, 2023, North Hudson’s private equity platforms own both non-operated and operated oil and gas assets. Its current portfolio includes interests in over 4,500 wells primarily located in the Permian Basin, DJ Basin, San Juan Basin, and Haynesville Shale.

SOURCE North Hudson Resource Partners

TORONTO, Oct. 10, 2023 — Scription, a dynamic player in the field of commercial maintenance, has announced the closing of $2.5 million in funding. This significant investment marks a pivotal moment in addressing a critical challenge within the industry: the prevalence of equipment breakdowns repaired at hourly labor rates, creating disincentives for efficient repairs as maintenance companies often benefit financially from equipment failures.

Scription simplifies the shift to subscription or outcome-based maintenance plans by tackling the key barrier risks: pricing and insurance. Their new program provides service companies with recurring aftermarket revenue and repairs exclusivity while the equipment owners get consistent costs, peace of mind, and experience far fewer equipment breakdowns.

Justin Villiers, CEO of Scription, said, “The vision of our programs is to align incentives and have everyone benefit from equipment uptime. We’ve assembled a team uniquely positioned to tackle this challenge by combining a balance of experience in field service, finance, insurance, and technology.”

Venture capital firm, Markd, exclusively focused on funding and partnering with transformative insurtech startups, led the funding round.

“Parker Beauchamp understood our vision from our first call. His fund and team have provided value beyond the capital, whose relationships allowed us to both establish ourselves in this industry and prepare for exponential growth.”

This funding round secures Scription’s pricing platform launch and the onboarding of anchor customer brands, providing a much-needed solution to industries transitioning from outdated break-fix contracts towards new innovative servicing models.

Markd’s Beauchamp added, “I’m so impressed by Justin, his team, and what they’ve created. They are extremely hard-working, kind, thorough, and have a great temperament, which no doubt helped them develop such a clever way to manage, protect, and serve enormous needs in an equally large market that creates wins for all involved.”

“Working with them the past year has been a pleasure. I look forward to helping them continue to thrive.”

Greenlight Re has also partnered with and is an investor in Scription, along with top funds such as Connetic Ventures, Sidedoor Ventures, Ank Partners, Hustle Fund, and Startup TNT.

About Scription
Scription is an Alberta-based Insurtech company that leverages disruptive technology and domain expertise to help companies launch new aftermarket service programs. Their platform uses historical maintenance data to intelligently price and offer insurance for maintenance contracts unique to individual pieces of equipment.

About Markd
Markd is a venture capital company focused on funding and partnering with transformative insurtechs. It pays homage to the insurance industry’s legacy while helping design its future. Markd’s mission is to power substantial work and continually inspire more ideas to prevent hurt and loss.

SOURCE Scription

The first direct-to-consumer customizable eyewear brand aims to use its latest round of funds to expand its U.S.-based lens lab and in-house manufacturing as well as grow its customer base around the world.

NEW YORK, Oct. 10, 2023 — Pair Eyewear, the first direct-to-consumer customizable eyewear brand that is completely reimagining the eyewear industry, announced today that it has raised approximately $75 million in Series C funding. The latest funding round was led by Prysm Capital, with returning investors New Enterprise Associates (NEA), Javelin Venture Partners and continued support from famed NFL player Christian McCaffrey, who also contributed to the Series B raise. To-date, the company has raised $145 million in funding.

Pair has seen revenues grow by 24x from 2020 to 2023 and is already on track to double its year-over-year revenues in 2023. The newest funds will be used to invest further in its automation technology, expand its U.S.-based lens lab to create best-in-class quality lenses, and continue to expand its product line. The company has ramped up its U.S. manufacturing and now produces all lenses at its facility in Irvine, California, where the brand employs close to 90 people. A second facility will open in the near future.

Pair Eyewear makes prescription glasses affordable at just $60, which is well below the $300 average price point. Pair customers can also change their eyewear designs as often as they change their personal styles, with customizable Top Frames starting at $25 each and new collections launching three times per month. Affordable customization encourages customers to buy multiple frames per year, in contrast with the legacy model of a single glasses purchase every three years, leading to superior unit economics and gross margins. 

“Nathan and I developed Pair with a unique premise of providing people globally with eyewear as dynamic as you are. We are beyond humbled by the love and support we’ve received from both Pair’s incredible customers and investors,” said Pair Eyewear Co-CEO and Co-Founder Sophia Edelstein. “We plan to capitalize on Pair’s brand power and innovations to continue growing with a goal of achieving household name status not only in the United States but around the world.”

Pair Eyewear is proud to keep investing in research and development on the heels of its fully integrated U.S. manufacturing facility. Since inception, the brand has developed a family of patents around customizable technology, further pushing innovation in an outdated industry. Additional patents are expected in 2024.

“At Prysm, we seek to partner with exceptional entrepreneurs and management teams who are building disruptive companies, and we have found that with Sophia, Nathan and the Pair team,” said Matt Roberts, Co-Founder and Partner at Prysm Capital. “With a differentiated and customizable product, an ecosystem of brand partnerships and a focus on community, Pair is loved by its customers. Further, the company’s continued innovation and investment in automation technology have reinforced their ability to execute on the growth opportunity ahead, and we look forward to partnering with the team on their expansion journey.”

“In addition to bringing a fresh look and business model to a legacy industry, Pair is leading its segment thanks to a vertically integrated supply chain and automated manufacturing processes. The factory has been a big factor in the company’s success,” said Rick Yang, Partner and Head of Technology at NEA. “They’re not just bringing a greater variety of better products to people. They’re doing it in a far more efficient and cost-effective way, which translates to more affordability and access for customers.”

Due to the highly interactive nature of Pair’s products, the Base Frame and Top Frame duo have become popular on social media, especially TikTok, where the brand has garnered a cult-like following, obtaining hundreds of millions of views with its hashtag #WearPair. TikTok alone drives over 25% of the brand’s total sales and millions in revenue

About Pair Eyewear:
Pair Eyewear, the first direct-to-consumer customizable eyewear brand reimagining the consumer experience for individuals with glasses, allows adults and children alike to quickly and easily customize the look of their glasses anytime, anywhere. Pair Eyewear provides the world’s first patented and high-quality, affordable glasses with an engaging digital experience for just $60 per pair, including prescription lenses. Pair Eyewear was the first company to invent fashionable switchable top frames that attach to a base pair of glasses and is recognized for its technology to bring affordable personalization and creativity to the market. The brand’s large and expanding selection of 1,000-plus customizable Top Frames includes limited edition monthly drops and licensed designs from brands such as DC, NHL, MLB, Marvel, Harry Potter, Sesame Street, The NBA, Van Gogh, Frida Kahlo, and more for optical glasses, sunglasses and blue light glasses, all available in both prescription and non-prescription models. For more information please visit www.paireyewear.com or @PairEyewear on Instagram and TikTok.

About Prysm Capital
Prysm Capital is a growth equity firm focused on partnering with founders and management teams who are disrupting industries and building category-leading companies. With offices in New York, Princeton and San Francisco, Prysm acts as a flexible source of growth capital for companies in the technology and consumer sectors. For more information, visit www.prysmcapital.com.

About NEA
New Enterprise Associates, Inc. (NEA) is a global venture capital firm focused on helping entrepreneurs build transformational businesses across multiple stages, sectors and geographies. Founded in 1977, NEA has over $25 billion in assets under management as of March 31, 2023, and invests in technology and healthcare companies at all stages in a company’s lifecycle, from seed stage through IPO. The firm’s long track record of investing includes more than 270 portfolio company IPOs and more than 450 mergers and acquisitions. For more information, please visit www.nea.com.

About Javelin Venture Partners
Founded in 2008, Javelin Venture Partners is a venture capital firm based in San Francisco, managed by former entrepreneurs who have first-hand experience developing companies from concept to thriving enterprise. Javelin invests in early-stage technology companies with large addressable markets and strong competitive advantages. The firm is an active investor with a long-term outlook, and is helping the next generation of founders build world-changing companies. Notable portfolio companies include Thumbtack, MasterClass, Niantic Labs, SmartAsset, and Carbon Health, amongst others.

Media Contact:
WLDFLWR PR
Catherine Cuello-Fuente
[email protected] 

SOURCE Pair Eyewear