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.
ev.energy will expand its reach in North America and Europe, create a pathway to connect millions of vehicles, chargers and drivers to their Virtual Power Plant (VPP) and enable Vehicle-to-Grid (V2G) services
The funding round was led by National Grid Partners with support from Aviva Ventures, WEX Venture Capital, InMotion Ventures, the investment arm of Jaguar Land Rover (JLR), as well as existing investors Energy Impact Partners, Future Energy Ventures and ArcTern Ventures
LONDON and PALO ALTO, Calif., July 27, 2023 — ev.energy, the leading electric vehicle (EV) managed charging software platform, today announced its $33M Series B raise, bringing total funded capital to $46M. The funding round was led by National Grid Partners (NGP) with support from Aviva Ventures, WEX Venture Capital and InMotion Ventures, the investment arm of Jaguar Land Rover (JLR). The round also saw continued support from existing investors Energy Impact Partners (EIP), Future Energy Ventures (FEV) and ArcTern Ventures. ev.energy seamlessly connects electric vehicles to grid networks to make charging simpler, greener and cheaper for drivers. Their end-to-end platform intelligently manages charging for more than 120,000 EVs daily by charging vehicles at grid-friendly times.
Leveraging its Series B funding, ev.energy will continue to scale across North America and Europe to supercharge global vehicle-grid integration efforts.
The company’s software platform has become the cornerstone of vehicle-grid integration globally, with a growing partner list that includes industry leaders such as National Grid, Volkswagen Group, Maxeon and Siemens. This latest funding round provides a pathway for ev.energy to access an additional 400 million energy customers by utilizing their shareholders’ energy retail, fleet, vehicle and insurance networks.
Nick Woolley, the CEO of ev.energy, remarked, “In the next few years, total EV demand in most developed countries will surpass the energy output of even the largest power plants – for example, the behemoth Palo Verde Generating Station in the US. As more EVs come online, optimized charging and load maintenance will remain critical tools for ensuring grid stability. By being able to shape and control EV load, ev.energy can both benefit the grid and help drivers to charge using the greenest and cheapest energy.”
Since 2018, ev.energy has been on a mission to develop smart, cloud-based platforms that optimize EV charging, providing drivers with a greener, cheaper and simpler charge. Today, more than 120,000 EV drivers across North America and the UK are part of ev.energy’s Virtual Power Plant (VPP). In 2021, ev.energy launched its commercial trading demand response platform to help fortify grid resilience, while slashing carbon emissions at scale. 2023 has been a year of growth and innovation for ev.energy, which extended its VPP to include Vehicle-to-Grid (V2G) solutions, introduced its fleet management platform ‘Pando’ and evolved into the solar market with a solar home charging function, ev.energy SOLAR.
This funding round will enable ev.energy to expand its global operations while building on its rapid and sustained growth across North America and the UK. Since 2018, ev.energy has won over 30 national, regional and municipal utility contracts while forging partnerships with charging brands and auto original equipment manufacturers (OEMs) like the Volkswagen Group. ev.energy’s central position of moving, storing and discharging energy provides megawatts of flexible capacity and has helped utilities around North America and Europe tackle extreme weather conditions – from summer heat waves to winter cold snaps – with seasonal demand-response programs.
Bobby Kandaswamy, Senior Director of Pathfinding & Incubation Investments at National Grid Partners, commented, “ev.energy has benefited from years of sustainable growth, product innovation and steady leadership. This has enabled it to close a significant funding round despite a turbulent economic climate. ev.energy’s approach to providing a convenient, compelling experience for drivers to charge at home and on the road during grid-friendly times is essential for grid operators. Combined with its V2G services, ev.energy positions utilities like National Grid as an accelerant to the clean energy transition.” As part of NGP’s investment, Kandaswamy has joined the ev.energy board of directors.
Matthias Dill, CEO and Managing Partner of Energy Impact Partners, commented, “Partnering with energy utilities isn’t easy, but ev.energy has a compelling value proposition that can be quickly deployed. ev.energy is one of the most successful startup companies we’ve ever invested in when it comes to partnering with energy utilities and has enabled numerous partners to roll-out smart-charging programs.”
Alongside access to energy companies, investment from Aviva Ventures, WEX Venture Capital and InMotion Ventures has the potential to connect the ev.energy platform directly to millions of vehicles.
Mike Smeed, Managing Director at InMotion Ventures commented, “ev.energy is an exciting team at the forefront of the clean energy transition. Their market-leading technology, impressive list of partners, and ambitious roadmap are key reasons we participated in this latest round. We look forward to seeing the opportunities that will arise from ev.energy scaling up their operations.”
ev.energy will use these relationships to co-create services that leverage vehicle data, deliver smart charging and in the future realize the full potential of bi-directional charging. WEX Venture Capital’s investment will support the expansion of ev.energy’s solution to bring managed charging to fleet vehicles.
“This announcement is a significant milestone in ev.energy’s mission to support the electrification and decarbonization of transport and energy,” Nick Woolley commented. “Every person at ev.energy wakes up each day wanting to play our part, and we’re delighted to get this vote of confidence to help expand our mission.”
Beyond its work to enable a cleaner, more resilient grid, ev.energy’s B Corp certification has demonstrated its commitment to delivering broader social and environmental change. ev.energy has been a carbon-negative business for the past two years – with an estimated saving of 762 tons of carbon in 2022 alone.
For more information about ev.energy’s EV smart charging capabilities visit https://www.ev.energy/
Media contacts Mission Control Communications (North America) [email protected]
ev.energy is a Certified B Corporation® with a mission to make EV charging greener, cheaper, and smarter for utilities and their customers. Its end-to-end software platform wirelessly connects to a range of electric vehicles and chargers to intelligently manage EV charging while working with utilities to put cash back in customers’ wallets for charging at grid-friendly times. With a global base of utility, vehicle OEM and EVSE partners, ev.energy manages more than 120,000 EVs on its platform each day. Learn more at https://ev.energy/business.
About National Grid Partners
National Grid Partners (NGP) is the venture investment and innovation arm of National Grid plc, one of the largest investor-owned energy companies in the world. NGP invests for strategic and financial impact and leads companywide disruptive innovation efforts. The organization provides a multi-functional approach to building startups, including innovation (new business creation), pathfinding and incubation, corporate venture capital, business development and venture acceleration. We also convene the NextGrid Alliance (www.ngalliance.energy), a network of senior executives from more than 100 worldwide utility companies. NGP is headquartered in Silicon Valley and has offices in Boston, London, and New York. Visit ngpartners.com or follow us at www.twitter.com/@ngpartners_ and www.linkedin.com/showcase/national-grid-partners.
About InMotion Ventures
InMotion Ventures is the investment arm of JLR, and a core component of the business’ Open Innovation strategy. The fund invests in startups from Seed to Series B across electrification, connectivity, sustainability, industry 4.0 and digital services. Notable past investments include Lyft (exited in 2019), Ascend Elements, Circulor, Envisics, and Bumper. To find out more about InMotion Ventures: https://www.inmotionventures.com/
About WEX Venture Capital
WEX Venture Capital is the venture capital arm of WEX (NYSE: WEX) with an authorization of $100 million in capital focused on identifying and helping advance next-generation technology and companies focused on the energy transition. Investment areas of focus include fleet electrification, the electric vehicle (EV) charging ecosystem, energy management and optimization, and adjacent technology. WEX Venture Capital offers portfolio companies the potential to benefit from the breadth of WEX’s global fleet business and expertise, while guiding WEX fleet customers as they navigate the expected global EV transition. For more information, please visit https://vc.wexinc.com.
About ArcTern Ventures
ArcTern Ventures is a venture capital firm obsessed with helping solve the climate crisis and rethinking sustainability. ArcTern, based in Toronto with offices in Oslo and San Francisco, invests globally in breakthrough technology companies solving climate change and sustainability – we call it #earthtech. The fund was founded on the premise that accelerating the transition to a carbon-neutral economy will disrupt all industries and present an unprecedented opportunity for outsized financial returns. Solving our planet’s biggest problems will lead to big rewards—for companies, their investors, and of course, Mother Earth. https://www.arcternventures.com/
About Energy Impact Partners
Energy Impact Partners LP (EIP) is a global investment firm leading the transition to a sustainable future. EIP brings together entrepreneurs and the world’s most forward-looking energy and industrial companies to advance innovation. With over $3 billion in assets under management, EIP invests globally across venture, growth, credit, and infrastructure – and has a team of over 80 professionals based in its offices in New York, San Francisco, Washington D.C., Atlanta, Palm Beach, London, Cologne, and Oslo. For more information on EIP, please visit www.energyimpactpartners.com.
About Future Energy Ventures
Future Energy Ventures is a leading global venture capital firm investing in the energy transition. Set up in 2016, it invests in digital and digitally-enabled technologies and business models that have the potential to shape the future energy landscape with a strong focus on decarbonization. Typically focusing on digital, scalable and asset-light companies raising Series A and B funding, Future Energy Ventures seeks to transform the traditional energy value chain towards net zero while capitalizing on the investment opportunities presented by the transition to a fully renewable energy future. For more information, visit www.fev.vc
About Aviva Ventures
Aviva Ventures was set up in 2016 with an initial £100m investment, as part of Aviva’s commitment to innovation. The fund focuses on investments where Aviva can develop a strategic relationship. Investment themes include customer wellbeing, mobility, sustainability, and the opportunities created by new technology developments like Artificial Intelligence: www.aviva.com
SINGAPUR, 26 de julio de 2023 — Sunrate, una plataforma global inteligente de gestión de pagos y tesorería, anunció hoy que recaudó una cantidad adicional de capital en una ronda de financiamiento de Serie D-2 (extensión de la ronda original de Serie D) de Sequoia Capital Southeast Asia (ahora conocida como Peak XV Partners). Prosperity7 Ventures y Softbank Ventures Asia también contribuyeron en la ronda.
A través de este financiamiento, Sunrate acelerará sus planes de expansión global al impulsar el desarrollo innovador de sus tecnologías, profundizar en los productos y servicios de vanguardia, contratar a los mejores talentos de la industria y también ofrecer la flexibilidad para explorar oportunidades estratégicas adicionales.
Sunrate ofrece productos y servicios de pago globales para empresas de todo el mundo, como pagos internacionales, cobranza global, emisión de tarjetas comerciales y gestión de tesorería. Las empresas pueden realizar pagos a más de 150 países y realizar transacciones en más de 100 monedas diferentes. También disfrutan de servicios de cobranza global disponibles en más de 30 monedas, cobran en más de 10 de las principales monedas a nivel global (como si fueran pagos locales) y liquidan gastos con tarjeta en más de 15 monedas. Como parte de su visión global, que es la de impulsar la digitalización B2B, Sunrate también ofrece herramientas eficaces de gestión de tesorería como TreasuryOS y RiskOS, para permitir a las empresas gestionar y supervisar sus activos, pasivos y liquidez financiera.
Paul Meng, cofundador de Sunrate, expresó: «Iniciamos Sunrate con el modesto objetivo de mejorar la experiencia de pagos de las pequeñas y medianas empresas (“PYME”). A lo largo de los años, hemos sido testigos directos de cómo nuestros productos y servicios han beneficiado a las empresas al ofrecerles transacciones rápidas seguras y un servicio al cliente personalizado, así como costos más bajos y transparentes. Que inversionistas prestigiosos como Peak XV Partners se unan a nosotros en este viaje es testimonio de nuestro esfuerzo y desempeño, y nos consolida como la plataforma de pagos B2B transfronterizos líder a nivel mundial en los mercados emergentes. Al eliminar la fricción de los pagos comerciales y ayudar a las empresas a digitalizarse, Sunrate empodera a las empresas, permitiéndoles expandirse y crecer en diferentes países y regiones de manera eficaz y sin contratiempos».
Durante el último año, las operaciones de SUNRATE se han expandido significativamente y han adquirido un gran impulso en los mercados emergentes. SUNRATE tiene la intención de utilizar fondos de esta ronda para acelerar el crecimiento en los mercados emergentes, como el Sudeste Asiático e India, y seguir captando nuevos clientes a nivel mundial. La empresa seguirá atrayendo a los mejores talentos para estar a la altura de su trayectoria de crecimiento global general.
Abheek Anand, director general de Peak XV, expresó: “Los pagos comerciales transfronterizos sirven como base vital para el mercado mundial de comercio valuado en billones de dólares. Sunrate creó una red global de pagos propia y una diversa cartera de productos para ofrecer capacidades de pago rápidas, conformes y de bajo costo a clientes de varios mercados de Asia. Nos entusiasma asociarnos con el equipo a medida que continúan expandiéndose de manera rápida y sostenible como el líder del mercado emergente en esta enorme categoría”.
La afluencia de inversiones resulta oportuna ya que las oportunidades de mercado emergentes para Sunrate en los pagos internacionales B2B y de tarjetas siguen expandiéndose a un ritmo acelerado. Según FXC Intelligence, se espera que el mercado global de pagos transfronterizos B2B alcance un volumen total de USD 56.1 billones en 2030.
Acerca de SUNRATE
SUNRATE es una plataforma inteligente de gestión global de pagos y tesorería para empresas de todo el mundo. Desde su creación en 2016, Sunrate, reconocido como un proveedor de soluciones líder, ha permitido a las empresas operar y escalar tanto a nivel local como global en más de 150 países y regiones con su plataforma propietaria de vanguardia, su extensa red global y sus sólidas API. Con sede mundial en Singapur y oficinas en Hong Kong, Yakarta, Londres y Shanghái, SUNRATE colabora con las principales entidades financieras del mundo, como Citibank, Standard Chartered y Barclays, y es miembro principal de Mastercard y Visa. Para obtener más información sobre Sunrate, visite https://www.sunrate.com/
Acerca de Peak XV Partners (anteriormente Sequoia Capital India & SEA)
Peak XV Partners (anteriormente Sequoia Capital India & SEA) es una firma líder en inversiones de capital de riesgo y crecimiento que invierte en India, el Sudeste Asiático y más allá. Peak XV (pronunciado Peak Fifteen) era el nombre que se usaba para el Monte Everest antes de que se le llamara así. Encarna todo lo que creemos acerca de crear empresas duraderas que se mantengan firmes e inspiren la grandeza.
Durante los últimos 17 años de nuestras operaciones en la región, Peak XV ha crecido al punto de que actualmente gestiona más de USD 9,000 millones en capital en 13 fondos e invierte en más de 400 empresas. Para obtener más información, visite peakxv.com.
Nota importante: Este comunicado de prensa no es una oferta de venta ni una solicitud de una oferta de compra, si se llevará acabo ninguna venta de valores de Sunrate en ninguna jurisdicción en la que dicha oferta, promoción o venta de estos valores sea ilegal antes del registro o la calificación conforme a las leyes de valores de dicha jurisdicción.
SINGAPORE, July 27, 2023 — SUNRATE, an intelligent global payment and treasury management platform announced today that it has raised an extended Series D (Series D-2) funding round from Sequoia Capital Southeast Asia (now known as Peak XV Partners). Prosperity7 Ventures and Softbank Ventures Asia also contributed to the round.
The funding will enable SUNRATE to accelerate its global expansion plans by driving innovative development of its technologies, deepen cutting-edge products and services, hire top industry talent and also provide the flexibility to explore additional strategic opportunities.
SUNRATE provides global payment products and services for businesses worldwide, including international payments, global collection, commercial card issuance and treasury management. Businesses can make payments to more than 150 countries and transact in more than 100+ currencies. They also enjoy global collection services available in over 30 currencies, collect funds in over 10 major global currencies (as if they were local payments), and settle card spends in more than 15 currencies. As part of SUNRATE’s global vision to drive B2B digitalisation, it also offers effective treasury management tools such as TreasuryOS and RiskOS, to enable businesses to manage and oversee their financial assets, liabilities, and liquidity.
Paul Meng, Co-Founder at SUNRATE said, “We started SUNRATE with the modest goal of bettering the payments experience of small to medium-sized businesses (“SMBs”). Through the years, we have witnessed first-hand how our products and services have benefited businesses; by providing fast secure transactions, high-touch customer service as well as lower and transparent costs. Having prestigious investors like Peak XV Partners come onboard this journey with us is testament to our efforts and performance – in cementing ourselves as the go-to leading global cross-border B2B payment platform in emerging markets. By removing business payments friction and helping businesses to digitalise, SUNRATE empowers businesses — helping them to scale across borders seamlessly and effectively.”
In the last year, SUNRATE’s business has significantly scaled and achieved great momentum across emerging markets. SUNRATE intends to use funds from this round to accelerate growth in the emerging markets, such as Southeast Asia and India, and continue to onboard new customers globally. The company will continue to bring in top talents to match its overall global growth trajectory.
Abheek Anand, Managing Director at Peak XV said, “Cross-border business payments serve as a vital foundation for the multi-trillion dollar global trade market. SUNRATE has built a proprietary global payment network and a diverse product portfolio to provide fast, compliant, and low cost payment capabilities to customers across multiple markets in Asia. We’re excited to partner with the team as they continue to expand rapidly and sustainably as the emerging market leader in this massive category.”
The influx of investment is timely when the emerging market opportunities for SUNRATE in global cross-border B2B and card payments are still expanding at a rapid pace. According to FXC Intelligence, the global B2B cross-border payments market is expected to total US$56.1 trillion in volume by 2030.
About SUNRATE
SUNRATE is an intelligent global payment and treasury management platform for businesses worldwide. Since its inception in 2016, SUNRATE is recognised as a leading solution provider and has enabled companies to operate and scale both locally and globally in 150+ countries and regions with its cutting-edge proprietary platform, extensive global network, and robust APIs. With its global headquarters in Singapore and offices in Hong Kong, Jakarta, London and Shanghai, SUNRATE partners with the top global financial institutions, such as Citibank, Standard Chartered, Barclays and is the principal member of both Mastercard and Visa. To learn more about SUNRATE, visit https://www.sunrate.com/
About Peak XV Partners (Formerly Sequoia Capital India & SEA)
Peak XV Partners (formerly Sequoia Capital India & SEA) is a leading venture capital and growth investing firm investing across India, Southeast Asia and beyond. Peak XV (pronounced Peak Fifteen) was the name used for Mount Everest before it was called that. It embodies everything we believe about building long-lasting businesses that stand tall and inspire greatness.
Over the last 17 years of our operations in the region, Peak XV has grown to manage over USD 9 billion in capital across 13 funds and invested in over 400 companies. To know more, check out peakxv.com.
Important note: This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of securities of SUNRATE in any jurisdiction in which such offer, solicitation or sale of these securities would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
SINGAPORE, July 26, 2023 — Aethir, a pioneer in Decentralized Cloud Infrastructure (DCI), today announced the completion of its Pre-A funding round, bringing the total value raised to date to over USD$9 million and the company valuation to USD$150 million.
The round was led by leading global investors, including Sanctor Capital, Hashkey, Merit Circle, and CitizenX with further support from Mirana Ventures, Animoca Brands, Momentum6, Big Brain Holdings, Builder Capital, Tess Ventures, Maelstrom (Arthur Hayes) and many more.
Aethir was established in Singapore in 2021 by cloud industry veterans to build what they’ve coined Scalable Decentralized Cloud Infrastructure.
Already serving a growing customer base, including high-profile enterprises, AI companies and gaming studios, the investment enables Aethir to expedite its global expansion in key markets like South East Asia, Latin America, and North America, as well as to bolster its innovative Decentralized Cloud Infrastructure.
“The cloud sector has traditionally been a challenging industry to scale, plagued by high costs, particularly for customers requiring complex real-time rendering or streaming infrastructure – and that’s not taking into account the additional stress on the ecosystem as a result of the AI boom,” said Mark Rydon, Aethir Co-Founder and CEO. “At Aethir, we’re laser-focused on solving the cloud scalability challenge. We’ve built a global DCI network specifically to scale complex cloud infrastructure services globally; a significant milestone for the future of the gaming and AI industry. The cost and performance advantages of our DCI are significant, and when coupled with our ability to operate in developed and developing markets alike, we’re unlocking a huge amount of potential value for our customers.”
Aethir has shown consistent growth under Rydon’s stewardship, creating a scalable and secure Decentralized Physical Infrastructure Network (DePIN) service that caters to the rigorous demands of enterprise-grade gaming and AI applications.
The completion of this successful funding round follows a previous Seed round led by Framework Ventures and Infinity Ventures Crypto, underscoring the demand for Aethir’s solutions and demonstrating investors’ conviction in its potential to revolutionize the gaming and AI industry through its Decentralized Cloud Infrastructure.
Arthur Hayes,CIO of Maelstrom
“We’re backing projects that are using the blockchain to solve real-world issues. Aethir is meaningfully expanding the addressable market for gaming and other streaming content in the world’s highest-growth (but hardware-constrained) markets. Everybody wins as Aethir expands – gamers, publishers and globally distributed rendering node operators alike.”
Han Kao, CEO of Sanctor Capital
“For the metaverse to become a populated, engaging, virtual universe, the underlying infrastructure needs to support efficient, low-cost computation. Aethir is part of this next-generation infrastructure stack that unlocks the gaming and social communication possibilities we have been waiting for.”
About Aethir
Aethir builds scalable, decentralized cloud infrastructure (DCI). Their network helps gaming and AI companies – big or small – put their product directly in the hands of consumers, regardless of where they live or the hardware they own. Aethir solves market fragmentation in a way only the decentralized cloud can. The Singapore-based company boasts a team of 68 dedicated employees. For more information, please visit www.aethir.com.
LONDON, July 26, 2023 — Hikma Pharmaceuticals PLC (Hikma), the multinational pharmaceutical company, announces that its venture capital arm, Hikma Ventures, has invested in Octave Bioscience, the developer of a first-of-its-kind platform to accurately and objectively measure and help manage complex and high-cost neurodegenerative diseases, starting with multiple sclerosis (MS).
Founded by William Hagstrom, CEO, and Melinda Thomas, COO, Octave’s multimodal precision care solution provides comprehensive, objective, and actionable insights that bring scientific clarity to the patient’s disease over time.
“There is an immense unmet need within the MS space with outdated diagnostic tools, a lack of technological advancement, and limited support in addressing neurodegenerative diseases. Octave’s precision care solution is creating a new paradigm, where physicians and patients have a holistic view of a patient, their disease activity, and the impact of treatments on their disease progression,” said Lana Ghanem, Managing Director of Hikma Ventures. “By offering an end-to-end solution which optimizes and personalizes care, Octave is revolutionising the way MS is treated and managed. We’re thrilled to support their important mission, which aligns with Hikma’s role as a leading provider of MS treatments in the Middle East and North Africa.”
“We appreciate Hikma Venture’s thoughtful and collaborative approach in identifying and partnering with companies that have the potential to make a big impact in neurodegenerative diseases with novel digital health solutions,” said William Hagstrom, Founder and CEO of Octave Bioscience. “We share a vision for how digital health can improve patient care and outcomes, and we’re delighted that our partnership with Hikma will help bring our precision medicine solution to more MS patients and expand into other neurodegenerative diseases.”
MS is globally considered to be an important disease area with an underserved population and high unmet need ranging from diagnostics to care management. The challenges of this disease have been devastating and visible through misdiagnosis, difficulties in monitoring disease progression and evaluating the prescribed medication’s efficacy. This has also been reflected in high failure rates for MS R&D clinical trials, which have been notoriously difficult to conduct.
Octave Bioscience will use the proceeds to support their commercialization efforts in MS and to explore expansion opportunities into other neurodegenerative diseases such as Parkinson’s and Alzheimer’s.
About Hikma (LSE: HIK) (NASDAQ Dubai: HIK) (OTC: HKMPY) (rated BBB-/stable S&P and BBB-/positive Fitch) Hikma helps put better health within reach every day for millions of people around the world. For more than 40 years, we’ve been creating high-quality medicines and making them accessible to the people who need them. Headquartered in the UK, we are a global company with a local presence across the United States (US), the Middle East and North Africa (MENA) and Europe, and we use our unique insight and expertise to transform cutting-edge science into innovative solutions that transform people’s lives. We’re committed to our customers, and the people they care for, and by thinking creatively and acting practically, we provide them with a broad range of branded and non-branded generic medicines. Together, our 8,800 colleagues are helping to shape a healthier world that enriches all our communities. We are a leading licensing partner, and through our venture capital arm, are helping bring innovative health technologies to people around the world. For more information, please visit: www.hikma.com.
About Hikma Ventures Founded in August 2015, Hikma Ventures operates as the corporate venture capital arm of Hikma Pharmaceuticals. Hikma Ventures invests in global start-ups where Hikma’s expertise can accelerate revenue growth and enhance value creation by providing ventures with access to the resources of a multinational pharmaceutical company. For more information, please visit www.hikmaventures.com.
About Octave Octave was founded to deliver a fully-integrated precision care solution for multiple sclerosis as well as a full range of neurodegenerative diseases. The solution provides neurologists and their patients with quantitative, objective metrics to facilitate informed care and shared decision making to drive better patient outcomes.
Octave’s Precision Care Solution is the first-of-its-kind that accurately and objectively measures, and helps manage, complex and high-cost neurodegenerative diseases, starting with multiple sclerosis. Octave developed the first and only multivariate blood test to measure MS disease activity, enhanced MRI analytics and protocols, and a digital clinical program with Octave MS care partners to provide continuity of care.
Provider: The solution provides neurologists with a longitudinal and holistic perspective of the patient along with comprehensive and actionable insights, enabling more confident and informed care decisions.
Payer: The integrated and multi-dimensional approach allows payers to reduce total cost of care by optimizing healthcare medications and utilization (hospitalizations, ER visits, MRIs, labs).
Pharma: Octave enables pharma to optimize the entire lifecycle of drug discovery & development as well as clinical trials and post marketing with real world evidence.
Through purposeful problem solving and innovative technologies, Octave’s platform generates, analyzes and combines data to create a new paradigm of MS care, leading to improved patient outcomes.
MaC Venture Capital, Autotech Ventures, and Avanta Ventures invest in startup pioneering new solutions addressing market volatility-related financial exposure in auto
WASHINGTON, July 26, 2023 — Financial innovation platform Exponential Exchange today announced the successful close of an oversubscribed $7.4 million seed funding round led by MaC Venture Capital to continue building a suite of financial instruments designed to bring new risk-management solutions into the automotive ecosystem and other industries with underserved asset classes.
While industries such as agriculture, energy, and manufacturing have long been able to hedge against price risk by using derivatives, this ability has never been available to auto fleet owners and insurance companies. Exponential is on a mission to change this by creating a set of financial instruments that would allow rental car companies, auto insurers, and auto lessors to transfer their financial exposure to other market participants – the first of many industries Exponential plans to serve with this ability.
“Pioneering new financial markets involves great complexity and rigor. Having investors and strategic partners connected to each side of our multi-sided market is invaluable and will help us kickstart trading and build liquidity,” said Ryan Naughton, CEO and co-founder of Exponential Exchange. “The fact that our seed round was oversubscribed amid an extremely challenging fundraising environment is a testament to our vision and ability to execute.”
Exponential recently launched its initial product, the Exponential Used Vehicle Index, designed to offer an efficient and effective method for tracking used vehicle values using best-in-class data sets and modern data science techniques. It’s the first benchmark designed and built to serve as an underlying instrument for hedging and trading used vehicle market values. The creation of such derivatives is the next step in Exponential’s plan.
“The transportation revolution has created a fascinating array of new mobility choices for consumers, but the companies who own, finance, and insure these vehicles have limited options in managing the elevated levels of risk that come with rapid technological advancements,” said Marlon Nichols, founding managing partner of MaC Venture Capital. “Exponential is on a mission to create a more stable environment for the companies driving some of the world’s most ground-breaking innovations in auto and beyond, and we look forward to helping them launch a full array of risk management tools, similar to ones that exist in other industries.”
Other investors in the round include Autotech Ventures, an early-stage venture capital firm with a mission to solve the world’s ground transportation challenges with technology, and Avanta Ventures, the venture capital arm of CSAA Insurance Group. The round also includes participation from several other investors from the automotive, finance and derivatives trading ecosystems.
“Exponential Exchange is pioneering risk-mitigation tools in auto that have been standard in other industries for decades, unlocking unprecedented opportunities for companies and market participants across the vehicle ecosystem,” said Burak Cendek, partner at Autotech Ventures. “We believe that these solutions could create a new multibillion-dollar opportunity, and if there is a team that can make that happen, it is the Exponential Exchange team, so we are very excited to partner with them.”
Exponential is now focused on cultivating over the counter (OTC) trades as a proof of concept while building the market architecture and engagement required for futures trading. The result will be a suite of derivatives products that are cash-settled against the Exponential Used Vehicle Index. This will allow both parties in a vehicle derivatives contract to effectively hedge against the inherent volatility in used vehicle depreciation – a significant problem for rental car companies, auto insurers, and lessors.
“Current risk-mitigation approaches are inefficient for both automotive fleets and lessors who want protection against market values declining more than expected, and for insurers who want to protect themselves against volatile vehicle replacement costs,” said David Li, senior principal at Avanta Ventures. “Exponential’s products address both of those market needs.”
Exponential Exchange has now raised a total of $8.8 million, including an earlier convertible debt funding round of $1.4 million. This new infusion of capital will enable the company to execute on its plan to pilot multiple OTC transactions while building the infrastructure required for exchange-traded futures.
About Exponential Exchange
Founded by a team with decades of expertise across fintech, derivatives design, data science, risk management, and automotive finance, Exponential Exchange is creating a series of next-generation financial instruments designed to offer new levels of financial protection for participants in a variety of asset classes. These tools will allow hedgers to offset exposure to adverse price movements via derivatives that settle against Exponential-powered indices. Targeting asset classes that lack effective risk-management tools, Exponential relies on robust data sets to create their tradable financial instruments. The result is a powerful and innovative alternative to more expensive, less efficient versions of risk mitigation, offering new levels of financial protection for hedgers, while unlocking new tradable asset classes for the derivatives market. Exponential’s launch product is designed for vehicle fleet owners and auto insurers looking to hedge against used vehicle market price volatility. For more information, visit www.exponentialexchange.com.
About MaC Venture Capital
MaC Venture Capital is a seed-stage venture capital firm based in Los Angeles and Silicon Valley that invests in technology startups leveraging shifts in cultural trends and behaviors. The general partners represent diverse backgrounds in technology, business, politics, entertainment, and finance, allowing them to accelerate entrepreneurs on the verge of their breakthrough moment. The firm provides hands-on support crucial for building and scaling category-leading companies, including operations strategy, brand building, recruiting, sales development, and mission-critical introductions. MaC Venture Capital is the result of a merger between Cross Culture Ventures, co-founded by Marlon Nichols, and M Ventures, co-founded by Adrian Fenty, Michael Palank, and Charles D. King. Find MaC Venture Capital online at macventurecapital.com and @MaCVentureCap.
SAN FRANCISCO, July 26, 2023 — Collaborative Robotics, a leader in the development of practical collaborative robots (cobots), today announced it has raised $30M in Series A funding led by new anchor investor, Sequoia Capital, bringing the total amount raised to over $40M. The funds will enable Collaborative Robotics to begin scaling early field deployments and manufacturing of its novel cobot.
The company was founded in 2022 by Brad Porter, former VP of Amazon Robotics.
Sequoia Capital led the funding round, with Alfred Lin joining the board. Other contributors include Khosla Ventures and Mayo Clinic, with Calibrate, Neo, and 1984.vc expanding existing investments. Jeff Wilke, former CEO of Amazon Consumer, Fuel Capital, and MVP Ventures added to the pool.
“Our vision for a future where robots seamlessly integrate into our surroundings to enhance operational efficiency and human potential is now closer than ever,” said Porter, CEO of Collaborative Robotics. “This funding will accelerate our mission to bring the world’s first truly practical cobots to market.”
“The need for automated solutions is at an all-time high as consumer demand for e-commerce surges and turnover rates in warehouse and storage industries continue to rise,” said Alfred Lin, partner at Sequoia Capital. “Collaborative Robotics is ushering in a new frontier of human-robot interaction rooted in collaboration, which is evident in their early commercial traction. We’re thrilled to partner with the team and Brad, whose comprehensive understanding of the robotics landscape and extensive experience deploying robotics at scale is unparalleled.”
Alongside Collaborative Robotics development of their cobot, the team launched the Cobot Flywheel Program to help the world’s most innovative companies in biotech, healthcare, and logistics drive operational transformation with advanced robotics solutions. As part of its collaboration with Collaborative Robotics, Mayo Clinic has adopted the Cobot Flywheel Program to accelerate robotics initiatives.
“Mayo Clinic is working with Collaborative Robotics to redefine how healthcare approaches automation. The Cobot Flywheel model is a novel approach to driving change in a complex healthcare environment where patient safety and care are paramount,” said Stephen Fischer, Operations Administrator at Mayo Clinic.
Mayo Clinic has a financial interest in the technology referenced in this press release. Mayo Clinic will use any revenue it receives to support its not-for-profit mission in patient care, education and research.
JACKSON, Wyo., July 26, 2023 — Prime Movers Lab, a venture capital firm focused on investments in breakthrough scientific startups working to revolutionize the world’s most important industries and transform billions of lives, raised $245 million for its third early-stage fund (fourth overall fund). The fund brings the venture capital firm’s total assets under management to more than $1.2 billion.
Prime Movers Lab raised $245 million for its third early-stage fund.
Like the firm’s previous early-stage funds, the new investment vehicle is investing in companies tackling the world’s biggest problems across the energy, transportation, infrastructure, manufacturing, human augmentation, and agriculture sectors. The firm’s other funds, Prime Movers Lab Fund I (a $100 million fund), Prime Movers Lab Fund II, (a $245 million fund), and Prime Movers Lab Early-Growth Fund (a $500 million fund) have invested in breakout companies like fixed wireless technology provider Tarana Wireless, supersonic aircraft developer Boom Supersonic, commercial spaceflight pioneer Axiom Space, and sustainable satellite network creator E-Space.
“Too many venture capital investors have been chasing Web3 and generative AI startups over the last 18 months, leading to ridiculous valuations. With Prime Movers Lab Fund III, we are focused on partnering with early-stage founders who are building must-have solutions for the world’s biggest problems,” said Prime Movers Lab Founder and General Partner Dakin Sloss. “An increasingly aging population combined with high demand for sustainable energy is changing the way we live, so we need to invest in solutions to these mission-critical challenges.”
Prime Movers Lab’s access to high-quality deal flow, particularly with serial entrepreneurs, positions the firm well among breakthrough science venture firms. The firm has conducted due diligence on thousands of companies from some of the world’s leading founders and the nation’s top universities and incubators since its inception in 2018.
Prime Movers Lab has already made investments in several breakthrough science startups out of Fund III, including cislunar infrastructure provider Quantum Space, mental health therapeutics company Gilgamesh Pharmaceuticals, brain computer interface developer Paradromics and robotics innovator Robust.AI.
“Dakin and the Prime Movers Lab team provide more than just capital to their portfolio companies. They create a true partnership with founders to support them every step of the way,” said Quantum Space Co-founder and Executive Chairman Kam Ghaffarian. “I’ve never seen another venture capital fund roll up their sleeves to help a founder raise capital like Prime Movers Lab.”
“Prime Movers Lab is on the frontier of so many important breakthroughs. Its team of technical and subject matter experts helped us move into clinical trials faster than expected,” said Gilgamesh Pharmaceuticals Founder and CEO Jonathan Sporn. “The investments and portfolio support that they provide are paving the way for the future of mental health treatments.”
“There are a lot of early-stage venture capital firms that will write checks and then walk away. There are also others that will not invest in a biotech startup until there is clinical data. Prime Movers Lab plays a critical role in helping companies like Paradromics that are tackling big problems. They carry the torch for startup founders and help them get across the chasm to market,” said Paradromics CEO and Founder Matt Angle.
“From my time at iRobot to Rethink Robotics, I’ve worked with a lot of venture capital firms, and Prime Movers Lab had the most intentional and effective due diligence process that I’ve encountered,” said Robust.AI Co-founder and CTO Rodney Brooks. “They conducted comprehensive landscaping of the robotics sector with their research and deal team so they knew exactly what they were looking for in a robotics company. Once Prime Movers Lab invested in us, it sent a market signal to other investors and potential employees that helped us stand out in the middle of a very crowded robotics and artificial intelligence boom.”
About Prime Movers Lab
Prime Movers Lab invests in breakthrough scientific startups founded by Prime Movers, the inventors who transform billions of lives. We invest in companies reinventing energy, transportation, infrastructure, manufacturing, agriculture and human augmentation. Portfolio investments span fixed-wireless access, supersonic and hypersonic aircraft, space transportation, satellite constellations, batteries, brain computer interfaces, mental health treatments, nano-structured materials, wafer slicing, prosthetics, 3D printing, mobility, longevity and AI. For more information, please visit https://www.primemoverslab.com.
Media Contact: Gavin Mathis Phone: (406) 539-7277 Email: [email protected]
