RAU Capital led the funding round as the Digital Out of Home category continues to see record growth in the AdTech industry

MIAMI, July 27, 2023 — Beeyond Media, a leading programmatic Digital Out of Home (DOOH) advertising demand-side platform (DSP), today announced the close of a $10M Seed round led by Ricardo Uribe of RAU Capital and Beeyond Media board member. The latest funding will be used to scale the Beeyond business in the United States and Latin America and help Beeyond Media expand their vast connected inventory in other markets throughout 2024. This latest round of funding brings total dollars raised to $12.5M. 

Beeyond Media is offering a solution that enhances campaign reach with their unique approach to DOOH, that merges programmatic technology with a layer of curated services to maximize the results and return on ad spend of large campaigns for brands. The technology company excels in delivering high-quality out of home (OOH) advertising across a wide range of digital screens for maximum advertising impact. This seed investment will play a vital role in financing ongoing campaigns and enabling the business to grow its team in the US. In 2022 Beeyond Media’s sales increased 12X and the business projects a 10X increase from the previous year.

“As the DOOH industry grows and we continue to expand our business, the ongoing support from our investors is increasingly valuable,” said Alejandro Donzis, CEO and co-founder of Beeyond Media. “The opportunity in digital advertising is massive and Beeyond is demonstrating to the industry that there is a superior way to manage DOOH campaigns, and our growing partnerships and client base serve as proof of our success. Together, we are advancing towards a future where we redefine excellence in the industry.”  

“Beeyond Media has exceeded expectations over the last year,” said Ricardo Uribe, investor at RAU Capital and Beeyond Media board member. “We believe the company is strategically positioned to stand out as a provider of a highly valuable global solution in an industry growing at double-digit rates year over year.” 

Beeyond Media has an inventory of over 600,000 devices and screens including billboards, street furniture, airport media and more spanning across 17 countries. The company is on a mission to become the premier global DOOH company in a growing market. Most recently, the company announced a strategic partnership with Place Exchange, a supply-side platform (SSP) for programmatic OOH, extending Beeyond Media’s extensive DOOH inventory. Earlier this year, the business launched its audience segmentation tool, Beeyond TrueReach, which sources data and information from leading providers, arming clients with the insights to execute highly effective and targeted DOOH campaigns.

If you’d like to learn more about Beeyond Media, please visit: www.beeyondmedia.com 

About Beeyond Media
Beeyond Media was founded in 2019 by CEO Alejandro Donzis in an effort to bring transparency, efficiency and innovation to the classic advertising channel. After consolidating operations throughout Latin America, the DOOH company expanded into the U.S. and Canada in 2023 where they saw large opportunities for growth. This year, DOOH is projected to grow, capturing 37.2% of all OOH revenue. With access to over 600,000 devices throughout the Americas, Beeyond Media continues to usher DOOH advertising into the future and help brands like Chanel, L’oreal, American Express, and Heineken inspire people wherever they go. 

Contact: [email protected]

SOURCE Beeyond Media

Firm surpasses $1.2 billion in assets under management; changes name to Energize Capital to reflect go-forward investment strategy 

CHICAGO, July 27, 2023 — Energize Capital (formerly Energize Ventures), a leading climate software investor, today announced the close of its second growth fund, bringing the firm’s total capital commitments for its growth equity platform to $300 million. This close brings Energize’s assets under management to $1.2 billion, surpassing $860 million in total committed capital from LPs. To reflect this extension of strategy into growth equity and to position itself for future growth, the firm has changed its name to Energize Capital. Under the expanded strategy, the investment firm will continue to support enduring climate software businesses as they scale amidst significant economic tailwinds.

The official close of Energize’s growth platform comes at a time when growth capital is in high demand – especially for the climate market. According to CTVC data, more than 2,000 early-stage^[1] climate companies received institutional funding in the last 24 months. If even just 10% of those companies reach the growth stage, that means roughly 200 climate companies will be looking to raise growth capital in the next 24 months – but growth capital providers are in short supply. According to Pitchbook^[2], the demand-supply ratio of late-stage funding is at a decade high, with just $1 of funding available for every $3.24 demanded.

“As the market for climate software matures and companies grow into billion-dollar valuations, growth equity investors have access to an abundant pipeline of enduring businesses in climate for the first time,” said John Tough, managing partner of Energize Capital. “At Energize, we intend to be the go-to partner for entrepreneurs as they scale – from venture capital to growth equity and beyond.”

“Our belief when founding Energize was that access to Invenergy, its entrepreneurial culture, assets and people create a strategic advantage for an investment platform in the rapidly scaling energy transition space,” said Michael Polsky, chair of Energize’s investment committee and CEO of Invenergy, the leading sustainable energy and infrastructure developer and an anchor investor in Energize. “The expansion of Energize’s strategy validates this approach, and we look forward to continued partnership in this next phase of growth.”

Energize’s expertise is scaling asset-light digital climate solutions that enable the new energy economy. With its new growth equity strategy, Energize can continue providing capital and operational support to enduring late-stage climate software companies. To date, Energize has made seven investments out of its growth funds, including a recently announced investment in PVcase’s $100 million round, as well as follow-on investments in its venture capital portfolio companies Sitetracker, DroneDeploy, and Aurora Solar, which is one of the most valuable climate software companies today.

“When Energize was founded in 2016, our guiding thesis was that the transition to a sustainable economy represents a generational transfer of capital, and that it would require digital technologies to enable and accelerate scale,” said Tough. “Seven years later, our ambition remains unchanged, but the opportunity for climate software has skyrocketed beyond expectations. For example, our portfolio’s software revenue has grown from $100 million to nearly $400 million over the past three years. Unveiling our growth strategy and announcing the shift to Energize Capital represents our commitment to scale our strategy to grow with our entrepreneurs and the maturity of the space.”

Across its four funds spanning venture capital and growth equity, Energize is backed by a diverse set of LPs representing strategic, institutional, impact and family office investors. In addition to Invenergy, Energize LPs include CDPQ, CAPROCK, Credit Suisse, HASI, Xcel Energy, and other institutional capital providers.

To date, Energize has invested in 26 climate software companies accelerating the transition to sustainable energy through its venture capital and growth equity strategies. Energize closed its first $165 million venture fund in 2018, followed by a $330 million vehicle in 2021. In 2022, the firm added 12 new team members and deployed $260 million across its portfolio.

About Energize Capital
Energize Capital is a leading climate software investor focused on scaling sustainable innovation. Founded in 2016 and based in Chicago, to date Energize has funded 26 companies and deployed more than half a billion through its venture capital and growth equity strategies. Anchored by founding partner Invenergy, the firm is backed by strategic, institutional, and impact LPs including CDPQ, Credit Suisse, SE Ventures (corporate venture arm of Schneider Electric), GE Renewable Energy, Xcel Energy, Caterpillar, HASI and more. For more information on Energize, please visit www.energizecap.com.

Media Contact
Kelly Lassing, Head of Marketing & Communications
[email protected] 

^[1] Seed through Series B
^[2] Pitchbook-NVCA Venture Monitor Q1 2023

SOURCE Energize Capital

First light field-enabled surgical technology company secures additional institutional capital to drive adoption of its AI-driven platform

SEATTLE, July 27, 2023 — Proprio, a Seattle-based surgical technology company, today announced that it has secured $43 million in Series B funding from new and existing investors. The capital fuels commercialization to address significant demand for Proprio’s AI-driven surgical navigation platform in the US and overseas.

Proprio’s flagship surgical navigation platform, Paradigm™, achieved a significant milestone this year by obtaining 510(k) clearance from the U.S. Food and Drug Administration (FDA). Paradigm harnesses the power of light field technology and artificial intelligence to generate a real-time 3D visualization of surgery. Paradigm provides surgeons with Volumetric Intelligence™, which uniquely combines medical images with live data from Paradigm’s sensor suite.

The Paradigm system delivers many advantages for surgeons and patients. It eliminates the need for intraoperative scans, reducing radiation exposure to the patient and surgical staff. This saves up to 30 minutes per procedure, increasing the availability of care to patients. By quickly registering imaging data to the anatomy within surgical workflows, Paradigm delivers a high degree of accuracy and enables surgeons to maintain focus on the patient.

Proprio’s live, 3D, multi-modal data represents a significant upgrade over current static approaches to surgical navigation and the company plans to apply its technology to many surgical specialties beyond its first targets in spine procedures. Proprio’s Paradigm system is capable of collecting a tremendous amount of surgical data that can be utilized for the development of many applications beyond status quo approaches to surgery.

“We are just beginning to reveal the potential applications of Proprio’s technology and data,” said Gabriel Jones, CEO and co-founder of Proprio. “This investment arrives at a pivotal moment, as we perform our first-in-human cases and bring Paradigm to patients around the world. Together, these milestones are a testament to the unparalleled capabilities of the Proprio Paradigm and its potential to revolutionize surgery.”

“For some time, we have been searching for a company that has the potential to disrupt traditional medical device businesses at scale with data. Proprio represents that kind of opportunity and we are honored to join the investment group,” said Alf Grunwald, Executive Advisor of Bird B. AG, a global investment partnership with significant surgical software and medical device investments in both public and private markets.

To learn more about Proprio, visit: https://www.propriovision.com/.

ABOUT PROPRIO 

Proprio is a leading surgical technology company creating The New Way of Seeing™ in surgery. Using advancements in light field computer vision and AI, the Proprio Paradigm system synthesizes data from multiple inputs for navigating anatomy and surgical environments in 3D. Proprio’s mission is to dramatically improve clinical and economic outcomes by leveraging advanced AI and data collection capabilities with the potential to provide predictive intelligence in surgery. Proprio is backed by leading healthcare and technology investors, including DCVC, BOLD Capital Partners, Bird B. AG, Cota Capital, Intel and HTC.

SOURCE Proprio

VEIR also raises $24.9 million in series A-2 funding

WOBURN, Mass., July 27, 2023 — VEIR, a clean technology company, today announced it has completed and energized a 100-foot overhead superconductor power line with a novel cooling approach that will help meet the global need for new power transmission. This technical milestone coincides with the company securing an additional $24.9 million in series A-2 funding from investors including Breakthrough Energy Ventures, The Engine Fund, Congruent Ventures, Fine Structure Ventures, Galvanize Climate Solutions, and VXI Capital.

A significant expansion of energy transmission is critical to addressing the urgent and worsening global climate crisis. In fact, major studies indicate that the United States must double or triple the transmission capacity needed to connect more renewable energy to the electric grid and combat climate change.

VEIR’s technology provides a solution to help modernize the electric power grid, a critical need in meeting global clean energy goals. As new transmission lines become necessary, VEIR’s new superconductors will increase transmission of 5-10x more energy than the current grid, using existing rights of way and easing siting and permitting reviews for developers.

“As we work to rapidly accelerate transmission capacity and curb global greenhouse gas emissions, this outdoor demonstration validates our technology’s ability to deliver more energy in a more efficient manner,” said Tim Heidel, CEO of VEIR. “The fresh capital we’ve raised will help us to continue to move our technology to market at a time when it’s more important than ever in meeting the world’s pressing energy demands.”

VEIR’s end-to-end, low voltage, single phase outdoor demonstration follows its indoor demonstration last year that carried 4,000 Amperes of electrical current, a first ever for an overhead superconducting power line.

Other applications of superconductor technology use underground closed loop systems with mechanical refrigeration stations, an approach that hampers broadscale, long-distance grid deployment. VEIR’s innovation in how superconducting materials are cooled will allow superconductors to be installed overhead for the first time, thus making the technology commercially viable in broad market applications.

VEIR’s outdoor demonstration uses its proprietary technology to cool the superconducting line with liquid nitrogen, transmitting electricity with negligible losses that enable the lines to operate at levels of electrical current that are much higher than conventional lines. Because of that, VEIR lines can add much-needed capacity to the grid without triggering as many or as onerous and time-consuming siting and permitting requirements as conventional lines.

VEIR closed Series A funding of $10 million in March 2021 with investors Breakthrough Energy Ventures, The Engine, and Congruent Ventures. To date, VEIR has raised $36.7 million in private capital to bring its technology to the commercial market. VEIR’s series A-2 fundraise enables VEIR to rapidly develop full product specifications for each of the subsystems of the VEIR solution. Such activities will culminate in an AC overhead VEIR solution that meets all the many standards required by the electric utility industry.

“Transmission constraints represent the single largest barrier to the US’s ability to meet its electrification goals,” said Michael Kearney, Partner at The Engine Fund. “VEIR offers a far more cost-effective solution for developers and utilities, while ultimately reducing costs for consumers. Its overhead superconducting power line technology will modernize the existing electric grid by enabling capacity expansion within existing rights of way. With this capital, the team can launch full speed toward scaling product development toward commercialization.” 

“Galvanize and VEIR share a mission to rapidly accelerate solutions to mitigate and adapt to global climate change,” said Veery Maxwell, Partner and Co-Head, Innovation & Expansion at Galvanize Climate Solutions. “Galvanize is excited to partner with VEIR to quickly add the transmission capacity necessary for the clean energy transition by redefining what high-capacity transmission looks like.”

In October 2022, VEIR and National Grid, an electricity, natural gas, and clean energy delivery company with operations in the US and the UK, announced a five-year collaboration agreement to advance VEIR’s superconductor transmission solution. National Grid will help VEIR develop the solution at a utility scale, with testing expected at National Grid’s facilities in Millbury, Mass. and the UK.

VEIR, Inc. (www.VEIR.com) was founded in 2020.

ABOUT VEIR
VEIR is an early stage energy technology company working to develop the next generation of efficient, reliable electric transmission of renewable energy. Backed by Breakthrough Energy Ventures and other leading investors, the company’s technology is designed to help meet our planet’s clean energy goals and satisfy growing energy demands by efficiently delivering up to 10 times the amount of electricity from renewable sources as traditional transmission.

CONTACT: Emalie Gainey, [email protected], 508.737.1851

SOURCE VEIR

20 projects will receive funding for the creation or expansion of Makerspaces throughout Maryland

COLUMBIA, Md., July 27, 2023 — TEDCO, Maryland’s economic engine for technology companies, announced the awardees for the first round of the new Maryland Makerspace Initiative Program (“Makerspace Program“). Funding will be awarded to 20 projects spanning 11 counties and Baltimore City.

“TEDCO is always working to support and grow businesses in Maryland. This includes creating and supporting opportunities for entrepreneurs to learn, grow, create and innovate,” said Terry Rauh, TEDCO’s chief finance and operations officer. “That is why we are excited to announce the 2023 Maryland Makerspace Initiative Program financial assistance grants—these spaces are designed to provide entrepreneurs with resources to help grow their businesses, such as technologies to support prototyping and product creation as well as training and educational opportunities.”

What is the Makerspace Program?
Created through legislation passed by the Maryland General Assembly, the Makerspace Program provides grants up to $100,000 and technical assistance for qualified entities looking to establish a new Makerspace, expand an existing Makerspace, or develop Makerspace programming. The goal is to grow a state-wide community of Makerspaces that provides entrepreneurs with access to tools, technologies and knowledge to support their growth and development as well as expand workforce training.

The 20 awardees of the 2023 Makerspace Program include:

• Allegany College of Maryland
• Baltimore Jewelry Center
• Baltimore Underground Science Space
• Carroll County Public Library
• Chesapeake Arts Center
• College of Southern Maryland Foundation
• DMV Petri Dish
• Fashion Heritage Needle Trades Foundation
• Frederick County Office of Economic Development
• Howard County Library System
• Makerspace of Annapolis
• Melwood Horticultural Training Center, Inc.
• Mid-Atlantic Gigabit Innovation Collaboratory
• Morgan State University
• PaxSpace, Inc. (won twice for different Makerspace projects)
• Rockville Science Center
• Salisbury University
• Station North Tool Library, Inc.
• Washington College

For more information about the Maryland Makerspace Initiative project visit https://www.tedcomd.com/makerspace. Qualified entities may apply or reapply for financial assistance when the application process reopens in Spring 2024.

About TEDCO
TEDCO, the Maryland Technology Development Corporation, enhances economic empowerment growth through the fostering of an inclusive entrepreneurial innovation ecosystem. TEDCO identifies, invests in, and helps grow technology and life science-based companies in Maryland. Learn more at www.tedcomd.com.

Media Contact
Tammi Thomas, Chief Development & Marketing Officer, TEDCO, [email protected]

SOURCE TEDCO

The long-term partnership powers the expansion of Canyon Ranch to new markets for both its Wellness Club and Destination Resort Offerings

NEW YORK, July 27, 2023 –Canyon Ranch, a pioneer in destination wellness, today announced the Canyon Ranch–VICI Growth Partnership with VICI Properties (NYSE: VICI) (“VICI Properties”), an experiential focused real estate investment trust, aiming to expand the reach of Canyon Ranch’s integrative wellness offerings across North America and beyond. The announcement comes as Canyon Ranch sets its sights on Texas as the first location to debut both a destination resort and Canyon Ranch Wellness Clubs within one market. The inaugural Wellness Club opens this fall in Fort Worth, with a Houston location in the summer of 2024, and the Canyon Ranch Austin resort opens in 2025.

The fundamental purpose of the partnership is to add additional destination resort locations and wellness clubs in major urban markets and expand Canyon Ranch’s digital capabilities. This “ecosystem” reflects the brand’s core value of guiding people towards a well way of life.

The Canyon Ranch Ecosystem creates a reinforcing network of resorts, clubs, and digital experiences where guests can continue to deepen their engagement in a well way of life. The Canyon Ranch Austin development will be located on a beautiful hill country ranch on the shores of Lake Travis and is designed by Lake / Flato Architects. Additionally, the two Canyon Ranch Wellness Clubs in development in Fort Worth and Houston will be membership-based only. They will include state-of-the-art fitness, luxurious spa facilities, lounges and coworking spaces, lectures, and events, all with a community of like-minded peers.

“Over the last forty years, Canyon Ranch has been meeting people where they are in their pursuit of wellness. That may mean a relaxing, fun-filled weekend or a deep dive into something impactful and life-changing. With VICI’s support, we can broaden and deepen Canyon Ranch’s geographical and digital offerings and support more people than ever before,” notes Jeff Kuster, CEO of Canyon Ranch.

CEO of VICI Properties, Edward Pitoniak, said, “At VICI we seek to invest in experiential real estate centered on experiences benefitting from longer-term secular tailwinds. We believe wellness is one of the most powerful trends of our time, and Canyon Ranch is the global brand best positioned for capitalizing on the growing demand for wellness and life enhancement around the world.”

John Goff, Chairman of Canyon Ranch, added, “We are thrilled to partner with the expertise and capital resources of VICI. This partnership offers Canyon Ranch the potential to accelerate our growth in an “asset light” manner, growing our reach and expertise. VICI shares our vision for growth and our confidence that the current environment is a compelling time to invest.”

VICI’s first investment in Canyon Ranch occurred in October 2022 when it announced its commitment to providing development financing for the Canyon Ranch Austin resort, which has begun construction and is scheduled to open in 2025.

About Canyon Ranch
Canyon Ranch is a pioneer in wellness guidance with over four decades of experience inspiring guests to pursue a lifetime of well-being. A visit to a Canyon Ranch Resort is unique for each guest and can be different every time they come by accessing a selection of over 1,500 services drawing from ancient wisdom and modern technology. Guided by world-class experts who integrate services across a broad range of disciplines – including nutrition, sports & performance, spa, mental health, spirituality, and more – our guests gain personal insight, skills, and motivation that leads to true transformation long after their stay. The value of visiting Canyon Ranch goes well beyond our warm hospitality, luxurious spas, nutritious cuisine, and awe-inspiring destinations located in Tucson, Arizona; Lenox, Massachusetts; Woodside, California and Las Vegas, Nevada. For more information, visit www.canyonranch.com.

About VICI Properties 
VICI Properties Inc. is an S&P 500^® experiential real estate investment trust that owns one of the largest portfolios of market-leading gaming, hospitality, and entertainment destinations, including Caesars Palace Las Vegas, MGM Grand and the Venetian Resort Las Vegas, three of the most iconic entertainment facilities on the Las Vegas Strip. VICI Properties’ national, geographically diverse portfolio consists of 43 gaming facilities comprising over 122 million square feet and features approximately 58,700 hotel rooms and more than 450 restaurants, bars, nightclubs, and sportsbooks. Its properties are leased to industry-leading gaming and hospitality operators, including Caesars Entertainment, Inc., Century Casinos, Inc., the Eastern Band of Cherokee Indians, Hard Rock International Inc., JACK Entertainment LLC, MGM Resorts International, Penn Entertainment, Inc., and The Venetian Las Vegas. The Company has a growing array of investing and financing partnerships with leading non-gaming experiential operators, including Great Wolf Resorts, Cabot, Canyon Ranch, and Chelsea Piers. VICI Properties also owns four championship golf courses and 34 acres of undeveloped and underdeveloped land adjacent to the Las Vegas Strip. VICI Properties’ strategy is to create the nation’s highest quality and most productive experiential real estate portfolio. For additional information, please visit www.viciproperties.com. 

SOURCE Canyon Ranch

The raise will support product development and go-to-market activities for Finicast’s collaborative Financial Planning and Analysis platform

SAN MATEO, Calif., July 27, 2023 — Finicast, a modern SaaS enterprise collaborative planning platform that enables teams to work together as they model, plan, forecast, and track performance, announced today that it has raised $12.8M in seed funding, led by Celesta Capital. This will be instrumental in furthering the company’s collaborative planning platform and go-to-market strategy.

Finicast empowers organizations of all sizes and industries to unlock the true potential of their business planning. With businesses experiencing unparalleled financial pressure, it is more important than ever that efficient tools empower individuals to adapt to dynamic business needs and drive rapid results. By enabling companies to adopt multi-dimensional collaborative planning through the platform, Finicast seamlessly combines the power of traditional planning platforms with the flexibility of modern SaaS tools.

“At Finicast, we recognize the limitations of conventional planning solutions in today’s dynamic business landscape,” said Daniel Reif, CEO at Finicast. “Our aim is to equip teams with the tools they need to create and update flexible models, collaborate seamlessly across departments, and scale effortlessly to handle large-scale data sets. Through this funding, we will be able to unlock new pathways to achieve accurate forecasting and planning in a bespoke fashion.”

“Today’s dynamic business environment demands more flexible, collaborative, and easy-to-use solutions that can support companies in their strategic planning and analysis,” said Michael Marks, Founding Managing Partner at Celesta Capital. “Finicast is delivering on the clear need to bring more simplicity to this complex process. We are thrilled to support their next phase of growth.”

“We needed to move beyond spreadsheets to meet the velocity of our business, but couldn’t afford to put Hinge on pause for a long implementation,” said Peter Tatrai, Director of Strategic Planning at Hinge Health. “Finicast let us get started on the platform quickly and keep building to bring more models and departments online. I like that we can connect the different systems such as BI, legacy cost, and accounting – all coming together and merging in Finicast.”

The platform provides the fastest time-to-value with a lower price entry point, requires fewer onboarding resources, and offers a more flexible workspace compared to other solutions. Finicast allows individuals to collaborate via task management to input data directly into models based on permissions and to co-build models with advanced version control. Leveraging its proprietary PivotFrame data engine technology and intuitive user experience, Finicast delivers a centralized planning platform that empowers businesses to make precise decisions and drive organizational efficiency.

About Finicast
Finicast provides a modern SaaS enterprise planning platform to model, plan, forecast, and track performance across organizations of all sizes. Using a proprietary data engine combined with an intuitive user experience, Finicast provides a centralized planning platform for companies that have reached the limits of traditional planning solutions due to their business scale, operational complexity, and market dynamics. Based in San Mateo, CA, Finicast serves customers across many industries and sizes. To learn more, visit www.finicast.com.

About Celesta Capital
Celesta Capital is a leading deep technology venture capital firm that leverages synergies between leading centers of innovation in the US, India, and Israel to create globally impactful enterprises. The Celesta team, with deep operating experience, has built multi-billion-dollar businesses at companies such as Intel, Cisco, and Flex. The firm has funded over 90 technology companies globally and actively invests in the following verticals: software, semiconductors, intelligent systems, bioconvergence, and industry transformers. Learn more at http://celesta.vc.

SOURCE Finicast

Funds raised through private sale of its PASG token will go towards the continuous development of the Passage world building platform, built with Cosmos and integrated with Sortium’s artificial intelligence (AI) technology.

ROAD TOWN, British Virgin Islands, July 27, 2023 — Passage, a platform for creating and connecting 3D virtual worlds and experiences, today announced the completion of a $6 million private sale led by Akash Network.

Additional support for the raise came from Druid Ventures, Vitwit, Cosmostation, Hyperchain Capital, Chorus One, and Cogitent Ventures, as well as additional leading Cosmos ecosystem participants, individuals, and DAOs.

Passage will use the funding to further develop its world-building tools, which allow creators to produce and optimize high-quality virtual experiences. This is possible thanks to Unreal Engine 5 and AI partner Sortium, which will give users unlimited ability to customize their worlds and assets via seamless AI integration. Funds will also be used to build out the platform’s social dashboard, enterprise solution, and tooling for open-source contributions, as well as implement technology partnerships like Sortium.

Lex Avellino, founder and Chief Creative Officer of Passage, said: “Passage is a totally new way to connect online. It’s the only virtual platform that feels human and personal. We were able to validate this early on in 2020 when we built experiences for large brands and retail audiences. Back then, producing a 3D experience was a long, expensive process that we managed personally. Now, anyone will be able to create an immersive world using simple drag-and-drop tools in their browser. Through our partnership with Sortium AI, this is even easier, making it possible for everyone to generate beautiful 3D assets and experiences.”

PASG, the native token of the Passage ecosystem, was designed to facilitate governance and decentralized 3D assets in Passage worlds. It also incentivizes open-source development and creator contributions on the platform. The token is backed by a SaaS-style revenue model, with up to 50% of profits going directly to supporting network security through incentivizing staking.

Greg Osuri, CEO of Overclock Labs, creators of Akash Network, added: “We share a real synergy with the Passage team and are thrilled to have led the private sale. The Passage platform is going to be an incredible place to leverage decentralized cloud and AI tools for creators. Creatives and brands need more high-quality options, and Passage stands out as one of the leaders in innovating this space.”

Passage is led by a team of veterans in Web3, e-commerce, and virtual production who have produced experiences for leading brands, including Capitol Records, Amazon, Warner Brothers, and Disney.

This announcement follows the company’s recent partnership with Platinum-selling, Grammy-nominated rapper and creator Royce 5’9″, who is building the Heaven Experience on Passage. Created to engage, educate, and mentor the hip-hop community, the new world will launch in beta in Q4 of 2023.

Passage will host a public sale of the PASG token beginning on Tuesday, 29 August 2023, on StreamSwap. Details for the sale will be announced in a livestream at 4:00pm Eastern Time on Thursday, 27 July.

Users interested in joining the sale can sign-up to be notified on passage.io.

About Passage

Passage is a platform designed to revolutionize the 3D web by transforming static pages into immersive, interactive places. Built with Cosmos and leveraging cutting-edge technology like Unreal Engine 5, Passage is blockchain-agnostic and supports in-browser streaming, cross-world commerce for fungible tokens and NFTs, decentralized social functionality, and 3D communication infrastructure. The platform empowers creators to produce and optimize high-quality experiences faster with world-building tools and AI assistance. The Passage ecosystem is fueled by PASG, the native utility token used in Passage worlds. For more information, visit passage.io.

SOURCE Passage

Funding Through Newly Established Credit Facility Sets the Stage for Acceleration of Fintech’s Growth

CHARLESTON, S.C., July 27, 2023 — Breakout Capital, a leading fintech company simplifying access to capital for small businesses, announced today the completion of a $45 million credit facility in which Synovus Bank will provide the senior credit facility and an Austin, Texas-based credit fund, will provide the subordinate credit facility. Under the terms of the agreement, Breakout may now obtain funding through Synovus by accessing $35 million of committed capacity with an additional $10 million uncommitted.

“We are incredibly excited to have Synovus, a highly respected banking partner, on board to support our mission to fuel the growth of small business,” said McLean Wilson, CEO & President of Breakout Capital. This substantial facility will enable Breakout to meet the growing demand from small businesses seeking affordable and flexible capital. As the small business lending landscape continues to evolve, Breakout’s commitment to product diversity, from working capital term loans to invoice factoring, reflects the company’s dedication to catering to a wider range of clients, including those with unique financial needs, while also empowering its strategic partner network with a more reliable funding outlet. This approach not only strengthens Breakout’s position as a leader in the industry but also nurtures expansion and growth across the entire small business lending community.

“This transaction expands our on-balance sheet funding capacity and provides valuable runway for future loan growth,” said Wilson. “More importantly, it enhances our flexibility in providing best-in-class terms, prioritizing the needs of our clients. We could not be more pleased with their ability to think creatively to structure a transaction that supports our business model and look forward to building a lasting partnership together.”

Steven Safirstein, Director of Asset-Based Lending at Synovus Bank, Specialty Finance Division, said, “We are thrilled to partner with the Breakout team in their efforts to empower American entrepreneurship by providing access to capital. This transaction provides flexible capital that will help Breakout execute on its strategic growth plans.”

About Breakout Capital, LLC

Breakout Capital, headquartered in Charleston, SC, with offices in McLean, VA, is one of the fastest growing fintech companies in the nation, offering transparent and innovative small business lending solutions. As a strong advocate for small business growth, Breakout is dedicated to increased transparency and the adoption of best practices within the alternative capital industry. 

Since 2015, Breakout has provided nearly $500 million in funding to small businesses in every corner of the U.S. They are a proud member of the International Factoring Association (IFA), the world’s largest association for Factors, Asset Based Lenders, PO Finance and commercial finance companies which provides education and training to the small business lending community. To learn more, visit breakoutfinance.com, or its social media pages on LinkedIn, Facebook, Instagram and Twitter.

About Synovus Bank

Synovus Bank, a Georgia-chartered, FDIC-insured bank, provides commercial and consumer banking in addition to a full suite of specialized products and services, including private banking, treasury management, wealth management, mortgage services, premium finance, asset-based lending, structured lending, capital markets and international banking. Synovus has branches in Georgia, Alabama, South Carolina, Florida and Tennessee. Synovus is a Great Place to Work-Certified Company and is on the web at synovus.com, and on Twitter, Facebook, LinkedIn and Instagram.

SOURCE Breakout Capital