PHOENIX, Oct. 14, 2025 — Trinity Capital Inc. (Nasdaq: TRIN) (the “Company”), a leading alternative asset manager, today announced the commitment of $130 million in growth capital to Candel Therapeutics, Inc. (Nasdaq: CADL) (“Candel”), a clinical-stage biopharmaceutical company focused on developing viral immunotherapies to help patients fight cancer.

Candel Therapeutics is developing a clinical pipeline of off-the-shelf cancer treatments that aim to empower a patient’s own immune system to fight cancer. The company’s leading therapies, CAN-2409 and CAN-3110, focus on treating solid tumors in a variety of cancers including prostate, pancreatic, lung, and brain cancer. Candel has been granted multiple FDA designations, including Regenerative Medicine Advanced Therapy Designation (RMAT) for the treatment of localized prostate cancer, Fast Track Designation for localized prostate cancer and non-small cell lung cancer, and dual Fast Track and Orphan Drug designations for both its pancreatic and brain cancer programs.

“As cancer incidence continues to rise, the need for truly transformative therapies has never been greater,” said Rob Lake, Senior Managing Director of Life Sciences at Trinity Capital. “We’re proud to partner with innovators like Candel, whose compelling clinical evidence proves their potential to change the treatment paradigm for patients facing critical conditions.”

Trinity’s investment will be used to support Candel’s clinical development of CAN-2409, as well as pre-commercial and launch readiness activities for CAN-2409 in prostate cancer, pending regulatory approval.

“Trinity Capital’s partnership marks a pivotal moment for Candel,” said Paul Peter Tak, MD, PhD, FMedSci, President and Chief Executive Officer of Candel Therapeutics. “This strategic financing strengthens our balance sheet and accelerates our ability to advance innovative viral immunotherapies for patients with early localized prostate cancer, non-small cell lung cancer, and glioblastoma. With Trinity’s flexible life science capital solutions, we are well positioned to drive growth, execute our commercialization strategy, and deliver long-term value for shareholders — reinforcing our commitment to leadership in oncology.”

About Trinity Capital Inc.
Trinity Capital Inc. (Nasdaq: TRIN) is an international alternative asset manager that seeks to deliver consistent returns for investors through access to private credit markets. Trinity Capital sources and structures investments in well-capitalized growth-oriented companies across five distinct lending verticals: Sponsor Finance, Equipment Finance, Tech Lending, Asset Based Lending, and Life Sciences. As a long-term, trusted partner for innovative companies seeking tailored debt solutions, Trinity Capital has deployed more than $4.7 billion across over 420 investments since inception in 2008 (As of June 30, 2025). Headquartered in Phoenix, Arizona, Trinity Capital’s dedicated team is strategically located across the United States and Europe. For more information on Trinity Capital, please visit trinitycapital.com and stay connected to the latest activity via LinkedIn and X (@trincapital).

About Candel Therapeutics
Candel is a clinical-stage biopharmaceutical company focused on developing off-the-shelf, multimodal viral immunotherapies that elicit an individualized, systemic anti-tumor immune response to help patients fight cancer. Candel has established two clinical-stage multimodal biological immunotherapy platforms based on novel, genetically modified adenovirus and herpes simplex virus (HSV) gene constructs, respectively. CAN-2409 is the lead product candidate from the adenovirus platform. The Company recently completed successful phase 2a clinical trials of CAN-2409 in non-small cell lung cancer (NSCLC) and pancreatic ductal adenocarcinoma (PDAC), and a pivotal, randomized, placebo-controlled, phase 3 clinical trial of CAN-2409 in localized prostate cancer, conducted under a Special Protocol Assessment (SPA) agreed with the FDA. CAN-2409 plus prodrug (valacyclovir) has been granted Fast Track Designation by the FDA for the treatment of PDAC, stage III/IV NSCLC in patients who are resistant to first line PD-(L)1 inhibitor therapy and who do not have activating molecular driver mutations or have progressed on directed molecular therapy and localized primary prostate cancer in combination with radiation therapy. The FDA also granted Regenerative Medicine Advanced Therapy (RMAT) Designation to CAN-2409 for the treatment of newly diagnosed localized prostate cancer in patients with intermediate-to-high-risk disease and Orphan Drug Designation to CAN-2409 for the treatment of PDAC. 

CAN-3110 is the lead product candidate from the HSV platform and is currently in an ongoing phase 1b clinical trial in recurrent high-grade glioma. Initial results were published in Nature and CAN-3110 received Fast Track Designation and Orphan Drug Designation from the FDA. Finally, Candel’s enLIGHTEN™ Discovery Platform is a systematic, iterative HSV-based discovery platform leveraging human biology and advanced analytics to create new viral immunotherapies for solid tumors. 

For more information about Candel, visit: www.candeltx.com

SOURCE Trinity Capital Inc.

“These new partners bring more than capital — they bring unique expertise, scale, and reach for our clinical-grade medical wearables and AI-driven algorithms,” says Steve Xu MD, CEO of Sibel Health. Maruho Co., Ltd. is a leading company in Asia for the development and commercialization of dermatological products. Their strategic investment adds to an existing commercial partnership with Sibel Health focused on the development of novel therapeutic digital health technologies for dermatology. “We are excited to partner with Sibel Health as we co-develop future digital health breakthroughs for skin conditions globally starting first with itch,” said Akihiko Ikoma MD PhD, Senior Medical Director, Maruho Co., Ltd.

Sibel Health’s core FDA-cleared clinical monitoring platform, ANNE^® One, already leverages Samsung mobile devices for waveform display and alarming. “Care is moving far beyond the four walls of the hospital — and we are excited to illustrate this with a growing number of hospital partners,” added Dr. Xu. “At Samsung Next, we see strong potential in Sibel’s best-in-class medical wearables paired with Samsung mobile devices. Together, they could create a differentiated product for healthcare providers and life science companies that’s both clinically validated and cost-effective,” notes Jonathan Machado, Managing Director at Samsung Next.

Sibel Health also announced two key board appointments to support its next phase of growth. Kimberly Querrey, the Chair and CEO of Gulf Shore Private Capital, LLC and a Trustee of Northwestern University serving on its Executive Committee and chairing the Nominations and Governance Committee, was elected Chairwoman having served on Sibel’s board of directors since its founding in 2018. “I look forward to leveraging my 30 years of experience in business operations, corporate governance, and board leadership to guide the CEO and Sibel Health on its exciting trajectory.” Sibel Health also welcomes a new independent board member and a personal investment from Tim Sullivan, a Co-Founder and currently Vice Chair of Madison Dearborn Partners who also serves as Chairman of the Board of Northwestern Memorial Healthcare Corporation. Both individuals bring deep expertise in innovation, healthcare, and commercial acceleration.

“From Maruho’s deep pharmaceutical and dermatology experience and Samsung Next’s global technology and innovation ecosystem, each of these new partners plays a critical role in advancing our vision of a future where continuous, real-world health data is seamlessly integrated into clinical trials and clinical care. With a deeply experienced board, we are well positioned to accelerate the transition from episodic reactive monitoring to continuous and predictive clinical intelligence with our products,” concludes Steve Xu MD.

About Sibel Health
Sibel Health is an award-winning digital health company with a mission to deliver Better Health Data for All^®. Based in Chicago with an international office in Seoul, the company’s FDA-cleared ANNE^® platform includes advanced wearable sensors, AI-enabled data analytics, and an integrated mobile software and cloud platform. The company’s Discovery platform is used by the world’s leading pharmaceutical companies for continuous data collection in the home setting for clinical trials. For more information, please visit www.sibelhealth.com and follow them on LinkedIn.

About Maruho
Maruho Co., Ltd. has its head office in Osaka and leads Japan in research and development, manufacturing and commercialization of dermatological products. Founded in 1915, Maruho has 1,620 employees (as of the end of September 2024), and net sales were approximately 86.99 billion yen in its fiscal year ended September 30, 2024. With the mission “More smiles, brighter life for you.”, Maruho aims to help realize a society where everyone can live with a smile. For more information, please visit www.maruho.co.jp/english/.

About Samsung Next
Samsung Next invests in bold and ambitious founders, focusing on transformative innovations in AI, intelligent machines, healthtech, consumer services, and frontier technology. Learn more at www.samsungnext.com.

SOURCE Sibel Health

Erie Insurance’s corporate venture capital arm expands its portfolio with two startups focused on embedded brokerage and AI-powered data solutions

ERIE, Pa., Oct. 14, 2025 — Erie Strategic Ventures, the venture capital arm of Erie Insurance (ERIE), today announced investments in two new portfolio companies:  Atomic and Feathery.

The Erie Strategic Ventures fund, launched in August 2022, focuses on investing in the personal and commercial insurance value chain, as well as adjacencies that offer potential to deliver value to ERIE, its agents and policyholders. ERIE collaborates with Cerity Partners Ventures, a corporate venture capital management firm, to help oversee and operate Erie Strategic Ventures. The two investments announced today support startups operating at the intersection of technology and financial services.

“We are excited to partner with Atomic and Feathery,” said Keith Kennedy, senior vice president for Next Level Innovation at Erie Insurance. “Erie Insurance is a relationship company, and we believe that these two relationships create numerous opportunities for mutual benefit.”

• Atomic offers a full-stack brokerage and wealth management solution purpose-built for financial institutions. Atomic’s position as a licensed RIA and broker-dealer allows financial institutions like credit unions and insurance carriers to leverage Atomic’s technology platform to offer embedded financial solutions to their clients.
• Feathery provides a flexible, AI-powered data intake platform for financial institutions. Feathery workflows allow intaking data and documents across multiple sources to be validated, formatted and connected to end systems. This unlocks insights and efficiency across traditionally manual processes such as submission intake for insurance underwriting, policy checking and proposal generation for brokers, client onboarding for RIAs and broker-dealers and more.

Erie Insurance is a Fortune 500 auto, home, business and life insurance company based in Erie, Pa. Founded in 1925, ERIE has a long-standing reputation for financial strength and customer service. ERIE is rated A (Excellent) by AM Best and serves more than seven million policyholders through a network of over 14,000 independent agents across 12 states and Washington, D.C. Beyond capital investment, Erie Strategic Ventures draws on Erie Insurance’s 100 years of industry expertise to help portfolio companies innovate and scale. As a trusted leader in insurance, ERIE serves as both a customer and strategic partner — fostering collaboration, accelerating development and advancing shared goals.

Learn more about Erie Strategic Ventures at www.erieinsurance.com/ventures.

About Erie Insurance
Erie Insurance Group, based in Erie, Pennsylvania, is the 11th largest homeowners insurer, 12th largest automobile insurer and 10th largest commercial lines insurer in the United States based on direct premiums written, according to AM Best Company. Founded in 1925, Erie Insurance is a Fortune 500 company and the 16th largest property/casualty insurer in the United States based on net premiums written. Rated A (Excellent) by AM Best, ERIE has more than 7 million policies in force and operates in 12 states and the District of Columbia. News releases and more information are available on ERIE’s website at www.erieinsurance.com

About Cerity Partners Ventures
Founded in 2009, Cerity Partners is a nationally recognized full-service wealth management firm serving high- and ultra-high-net-worth individuals and their families, businesses and their leadership teams, and nonprofit organizations. Through its merger with Touchdown Ventures in 2024, the firm formed Cerity Partners Ventures (CPV) to help corporations manage their venture capital programs. CPV works closely with each corporation to achieve the financial and strategic benefits from venture capital investments. Visit ceritypartners.com to learn more.

SOURCE Erie Indemnity Company

NEW YORK, Oct. 14, 2025 — Renew, the AI-powered platform helping multifamily and single-family apartment operators keep residents longer and reduce costly turnover, today announced a $12 million Series A financing led by Haymaker Ventures, with participation from Goldcrest Capital, Upfront Ventures, and numerous Renew customers. The funding will scale Renew’s retention platform and launch the industry’s first Resident Referral Network.

The U.S. rental market faces record pressure: operators lose nearly half of their residents every year, driving billions in vacancy loss and marketing costs, while renters struggle with rising rents, limited housing supply, and fragmented leasing processes. Renew addresses both sides of the equation by turning the renewal moment into a strategic advantage, helping operators protect portfolio performance, improving resident retention by 3%, and reducing vacancy loss by 4 days while giving residents a seamless reason to stay.

Renew’s connected ecosystem includes:

• Renewal Management System (RMS) – Automates renewals end-to-end, ensuring every offer is timely, compliant, and transparent. Site teams save hours of busywork while residents enjoy a clear, stress-free renewal experience.
• Renew Data Engine – Surfaces churn signals and renewal trends portfolio-wide, enabling predictive strategy instead of reactive reporting.
• Renew AI – Personalizes offers, optimizes timing, and answers operator questions in real time.
• Renew Marketplace – The industry’s first resident referral network, enabling in-portfolio transfers and trusted referrals across portfolios.
• Revenue Ecosystem – Monetizes the stay-or-go moment with embedded services and rewards that benefit both residents and operators.

“In 2024, NMHC Top 50 operators piloting Renew uncovered that many departing residents weren’t leaving renting—they were relocating outside their portfolio’s footprint,” said Rob Hayden, Co-Founder and CEO. “Instead of treating those move-outs as lost business, lead-sharing turned them into opportunities—delivering a better resident experience and creating an entirely new revenue stream.”

By linking renewal decisioning, retention, fraud prevention, ancillary products, and move-in/move-out workflows, Renew transforms turnover from a cost center into a revenue driver.

“In just a short period of time, we’ve seen the renewal window shrink dramatically,” said Mark Juleen, COO of J.C. Hart Company. “What used to take an average of about 45 days is now down to 10–15 days for residents to make a decision, and that’s been incredible.”

Founded in 2021 by Rob Hayden and Kevin Murphy, Renew was born out of a fundamental gap in multifamily: operators lost half their residents every year, yet no platform treated renewal as a strategic lever. The insight was simple but powerful—renters don’t churn from renting, they churn from relationships. Renew exists to close that gap and make the renewal moment central to how the industry grows.

About Renew:
Renew enables apartment owners and operators to unlock new revenue and reduce risk by transforming the resident renewal process. Its connected resident retention platform automates renewals, strengthens fraud protection, and helps residents stay loyal to a brand they trust—whether they renew, relocate, or refer. Founded in 2021 by real estate and technology veterans Rob Hayden and Kevin Murphy, Renew partners with leading owners and operators nationwide to turn retention into a revenue engine. Headquartered in New York City, the company is building the industry’s first Resident Retention Network. Learn more at www.heyrenew.com.

Media Contact:
Lauren Diaz, [email protected], tel: 518.275.2079

SOURCE Renew

The third edition of the Summit debuts the Future of Food Waste Forum, presented by Nicor Gas, spotlighting Chicagoland’s position as the nation’s #1 food manufacturing hub and a global leader in food innovation, talent, and investment.

CHICAGO, Oct. 14, 2025 — Today, Chicago Mayor Brandon Johnson launched the return of the Chicago Venture Summit Future of Food, focused on the city’s continued investment in high-growth industries.

The Chicago Venture Summit, initially founded by then-Pritzker Group Founder J.B. Pritzker in 2014 and orchestrated by World Business Chicago, has consistently been a magnet for tech and innovation leaders throughout the Midwest and across the country. Today’s summit, the third edition dedicated to the future of food, has garnered immense attention and is officially sold out. Over 600 startup CEOs, investors, Fortune 500 executives, and industry leaders are gathered at the iconic 167 N Green Street in the Fulton Market District, a convening that epitomizes the strength of the Chicago region’s dynamic and burgeoning food and agtech landscape.

“Chicago’s greatest strength has always been its people who are resilient, innovative, and determined to build a stronger future together,” said Mayor Johnson. “The sold-out Chicago Venture Summit is proof that Chicago’s spirit of collaboration and innovation continues to thrive, and we will keep investing in the ideas and industries that sustain opportunity for every community. Nowhere is that more evident than in Chicagoland’s food and beverage manufacturing industry — the largest in the nation, generating $11.8 billion annually and employing more than 72,000 people.”

This year’s sold-out Chicago Venture Summit Future of Food returns with a robust agenda spotlighting Chicago’s dominance as a hub for food manufacturing and innovation, while introducing the first-ever Future-of-Food Waste Forum. Together, these events will highlight transformation across food, agtech, and sustainability.

According to the World Business Chicago Research Center, Chicagoland is the nation’s number one food manufacturing hub. Food manufacturing is a key industry for the entire region, with nearly 40% of firms located outside of Cook County. The Chicago Business Bulletin’s “Innovation in Chicagoland’s Food & Ag Industry,” just released by the WBC Research Center, delves into the region’s role today and in the future in the region’s world-class food and ag sector, examining the current market size, trajectory, the importance of talent and capital, workforce availability, public and private investment trends, and more. (Link to report.) Each of the seven counties that make up the Chicago region has distinct assets that contribute to the region’s strengths — from farmlands to transportation networks, as well as financial and tech hubs.

“The Chicago Venture Summit has become a nationally recognized platform — the place to be for entrepreneurs, investors, and industry leaders who understand that Chicago is the global capital for food,” said Phil Clement, President & CEO, World Business Chicago. “From startups to multinationals, from R&D to logistics, the full food and agtech supply chain comes together here. That convening power reflects both the strength of our ecosystem and the momentum that makes Chicago the city with a true ‘right to win’ in this sector.”

“This summit showcases what makes Chicago unique — the scale of our food and beverage industry, the ingenuity of our entrepreneurs, and the steadfast support of our business community, said Charles Smith, Founder & CEO, CS Strategies, Inc., a division of MMA, and vice chair, World Business Chicago. “I want to thank the World Business Chicago board of directors and partners whose leadership, sponsorship, and participation make gatherings like this possible. Together, we are advancing a circular food economy that reduces waste, sparks innovation, and creates opportunity in communities that have historically been left out of growth. The Chicago Venture Summit positions Chicago as a global leader where innovation, sustainability, and industry thrive together.”

Featured speakers and keynotes include:

• Brandon Johnson, Mayor, City of Chicago
• Toni Preckwinkle, Cook County Board President
• Wendell Dallas, President & CEO, Nicor Gas
• “Silicon Valley of Sweet” — Opening Keynote with Ferrero R&D leaders
• “The Future of Ag and Nutrition” — Edelman & College of ACES at University of Illinois
• “The Future of The Grand Farm” — Microsoft & The Grand Farm
• “The Future of IoT and Food” — Verizon
• “The Future of Investing” — Cooley & S2G Investments
• “Cleveland Avenue: Today and Tomorrow” — Afternoon Keynote with Cleveland Avenue led by Founder & CEO Don Thompson
• More than a dozen startups featured via startup spotlights and the TechRise Pitch Competition, highlighting emerging founders driving the next wave of food and ag tech innovation.

“Over the years, I’ve seen the tremendous progress and impact of the Chicago Venture Summit for our local entrepreneurs and investors,” said Mark Tebbe, Chair of the Innovation and Venture Council at World Business Chicago. “With another sold-out summit, the Chicago Venture Summit continues to be one of the city’s best platforms to showcase our vibrant startup and venture ecosystem.”

Inaugural Future of Food Waste Forum by Nicor Gas

For the first time, Nicor Gas has partnered with the Chicago Venture Summit for the inaugural Future of Food Waste Forum, which will take place on the same day as the summit. Illinois stands at the threshold of a transformative opportunity to develop a circular food waste economy that could generate valuable products, create renewable energy, reduce business costs, attract investment, and foster job creation across multiple sectors, from logistics to clean energy.

The inaugural Future of Food Waste Forum, organized by Nicor Gas and World Business Chicago, will serve as a key platform for discussing strategies to capitalize on this potential. Partnering with Nicor Gas, which powers the region’s thriving food and agriculture sector, World Business Chicago is proud to support this year’s Chicago Venture Summit with the forum, aimed at advancing sustainability, innovation, and economic growth. Bringing together stakeholders from across the food waste value chain—including processing, transportation, energy, and technology—the event will focus on reducing waste, producing renewable energy and valuable byproducts such as fertilizers, and ultimately fostering job creation in Illinois.

“Nicor Gas delivers the energy that fuels our region’s robust food and agriculture sector. We’re proud to support this year’s Chicago Venture Summit with the Future of Food Waste Forum, helping to drive the conversation at the intersection of innovation, sustainability and economic opportunity in Illinois,” said Wendell Dallas, President and CEO of Nicor Gas and World Business Chicago board member. “We’re excited to bring the food waste value chain together – processing, trucking, energy, technology and more – to reimagine how we can reduce waste, produce valuable byproducts like fertilizers and renewable energy, while creating jobs.”

The Future of Food Waste Forum 2025 includes:

• Welcome Remarks: Wendell Dallas (Nicor Gas) and Toni Preckwinkle (Cook County Board President)
• Opening Fireside Chat: Nicor Gas and partners on “The Future of Energy & Food”
• Panel Discussion: “Powering the Clean Energy Transition with Food” featuring leaders from Green Era, Illinois Sustainable Technology Center, and Rheaply
• Closing Remarks: Meena Beyers, VP of Business & Community Development, Nicor Gas

Closing Reception by Executive Sponsor, Chicago Fire FC

World Business Chicago is proud to announce the Chicago Fire Football Club as the executive sponsor of the official closing reception.

“We’re incredibly proud to be part of this year’s Chicago Venture Summit, especially as sponsors of the closing ceremony,” said Dan Moriarty, Chief Marketing Officer at Chicago Fire FC. “This summit is a celebration of innovation, investment, and the future of Chicago – and that aligns perfectly with the vision of our Club and of our owner Joe Mansueto, who is making a transformative investment in the city through the development of our world-class, downtown stadium.”

Presenting Sponsors Powering the Summit & Chicago’s Food Innovation Economy

The Chicago Venture Summit Future of Food and the inaugural Future of Food Waste Forum are made possible through the generous support of sponsors and partners.

Presenting sponsors include: Cleveland Avenue, Cooley, Edelman, Ferrero, the College of Agricultural, Consumer and Environmental Sciences (ACES) of the University of Illinois Urbana-Champaign, Ingredion, Microsoft, Nicor, S2G Investments, Shapack Partners, Tilia Holdings, Verizon

Industry Leaders Share Perspectives on Innovation, Investment, & the Future of Food

“The sold-out Chicago Venture Summit Future of Food underscores the strength and momentum of Chicago’s innovation ecosystem,” said Joseph Q. McCoy, President of Cleveland Avenue, LLC. “We’re excited to join fellow leaders and entrepreneurs to shape the conversation on where the industry is headed, and we invite attendees to join us Tuesday afternoon for Cleveland Avenue Today and Tomorrow, where we’ll highlight how we’re fueling innovation.”

“Cooley is pleased to continue supporting the Chicago Venture Summit: Future of Food, a keystone event focused on innovation in food and agtech in the Midwest ecosystem,” said Winston Gu, a partner in Cooley Chicago’s Emerging Companies practice. “As long-time partners to founders and technology leaders, we’re committed to advancing the future of the industry alongside the entrepreneurs and investors driving progress.”

“For 73 years, Chicago has been the heart of Edelman’s story — a city that feeds creativity, collaboration, and innovation,” added Adelaide Feuer, Edelman US Food & Beverage Lead. “As proud partners of the World Business Chicago’s Venture Summit: Future of Food 2025, we’re excited to champion the entrepreneurs and brands reimagining how food is grown, made, and shared, from right here in Chicago.”

“The world-class talent and creative energy found in Chicago make it the perfect place for our R&D and innovation work,” stated Laurent Cremona, Head of Ferrero’s North America Innovation Center, Ferrero. “We’re looking forward to connecting with the city’s vibrant community of food innovators at the Future of Food Summit.”

“Chicago has been a hub of food and beverage innovation for more than a century, and Ingredion is proud to have been a part of that story. The Chicago Venture Summit on the Future of Food is a critical catalyst for the next chapter of Chicago’s accelerating entrepreneurial growth, which we are excited to support,” said Jim Zallie, president and CEO of Ingredion. “As a global ingredient solutions provider, we are excited to co-create with both global food brands and next generation startups to build scalable and sustainable food and beverage solutions that make healthy taste better.”

“S2G has been investing in food and agriculture for more than a decade, and we’ve seen firsthand how Chicago has become one of the most dynamic ecosystems for innovation in this space,” commented Sanjeev Krishnan, Managing Partner, S2G Investments. “This event provides a critical bridge between operators and the capital needed to scale solutions that can transform how we eat, farm, and build resilient supply chains. We’re proud to have a role in this year’s convening and to champion the next generation of food system innovators.”

“At Tilia, we’re investing in the next generation of food and agriculture companies that are transforming how the world eats and produces,” said Margaret M. Mueller, Ph.D., Managing Director, Tilia Holdings. “Tilia’s strategy is positioned at the intersection of Food x Health, investing in businesses that help to make the food supply chain safer, healthier and more sustainable. We are fortunate to be part of the Chicago community, which is at the center of this change — home to visionary entrepreneurs, strong industry anchors, and a deep talent base that fuels growth. The Chicago Venture Summit: Future of Food shines a light on the innovation and operational excellence that make this region a premier destination for scaling sustainable, high-performing businesses.”

“Illinois is uniquely positioned to lead in the future of food. At the College of ACES, we are cultivating a growing ecosystem where scientists, entrepreneurs, and investors collaborate on sustainable food systems, personalized nutrition, and biomanufacturing to create real-world impact,” stated Germán Bollero, dean of the College of Agricultural, Consumer and Environmental Sciences at the University of Illinois Urbana-Champaign. “This sold-out summit is a chance to grow new partnerships that will shape that future.”  

“Feeding the world requires bold innovation and powerful connections,” noted Steven Shaw, Community Engagement Director at Verizon. “Verizon is thrilled to support the Chicago Venture Summit in bringing together the entrepreneurs and technologies reshaping our food systems. From 5G-enabled precision agriculture to AI-driven supply chains, we’re committed to providing the infrastructure and solutions that help food innovators scale their impact.”

Additional sponsors include:

Innovation Sponsors: 1871, Clique Studios, Greater Chicagoland Economic Partnership (GCEP), and Illinois Manufacturers’ Association, JP Morgan, mHUB

Venture Partners: Barrel Ventures, Bluestein Ventures, Capitalize VC, Listen, Lofty Ventures, Naturally Chicago, Serra Ventures, Supply Change Capital, TechNexus Venture Collaborative, Valor Equity Partners

Innovation Sponsors & Venture Partners Fueling Chicago’s Startup & Food Innovation Ecosystem

“Chicago’s food and agriculture heritage runs deep, and its future is just as bold,”  stated Betsy Ziegler, CEO, 1871. “1871 is honored to partner with World Business Chicago and our community of innovators to ensure that the next wave of FoodTech breakthroughs is built right here — by local founders, for global impact.”

Ted Novak, Partner & Managing Director, Clique Studios, added: “We have been supporters of the Chicago Venture Summit since the start, because what they are doing matters, and what Chicago entrepreneurs bring to the world is worth showcasing and investing in.”

“Illinois boasts an innovative food and beverage sector, which represents the largest category of the state’s manufacturing industry. Taken together, Illinois manufacturers employ 650,000 workers and are the largest contributor of any industry to the state’s Gross Domestic Product, generating more than $580 billion for the state’s economy each year,” said Mark Denzler, President and CEO of the Illinois Manufacturers’ Association. “The Chicago Venture Summit Future of Food is a grand showcase of our state’s amazing food ecosystem, fostering collaboration and connectivity that will further inspiration and innovation.”

“Chicago’s legacy in food and agriculture, paired with its thriving innovation economy, positions the region to lead the reimagining of efficient, healthy food systems,” said Haven Allen, mHUB CEO & Co-founder and mHUB Ventures Managing Partner. “As both incubator and investor, mHUB is honored to back the Chicago Venture Summit, a signature platform fueling Chicago’s growing startup and investor ecosystem. From supply chains to water management to manufacturing, food systems are where convergence happens — we see tremendous opportunity to drive efficiency, sustainability, and growth across the entire food-tech value chain.”

“Chicago is home to countless food companies of all sizes, from small startups to multi-billion conglomerates,” commented Nate Cooper, Managing Partner, Barrel Ventures. “It makes sense that the Future of Food summit would be here. Barrel Ventures invests in the future of food- and we couldn’t be more excited to partner with WBC to bring together innovators throughout the world of food to drive the future of innovation and growth.”

“Listen backs consumer-obsessed entrepreneurs building brands at tipping points—and the Future of Food is a behavior shift we are actively investing against,” stated Rick Desai, Investments, Managing Partner, Listen. “Iconic food brands new and old call Chicago home, including our portfolio brands Factor, Fresh Factory, Go Brewing, and Cumin Club. And Chicago and the Midwest are the epicenter of food manufacturing and distribution. We’re supporting World Business Chicago and the Chicago Venture Summit because the past, present, and future of food is in Chicago.”

“Chicago is such a food town and we’re so thankful to be a part of the food & retail tech community here by backing amazing founders at startups such as Science On Call, RetailAware, Zenblen, teaBOT, Quicklly, ClearCOGS, and many others,” added Christopher Deutsch, Founder, Lofty Ventures. “Thank you, World Business Chicago for helping us catalyze the local angel community to power our next generation of business leaders.”

“We are incredibly grateful to sponsor and attend the Chicago Venture Summit Future of Food event for the last several years,” commented Tim Hoerr, CEO of Serra Ventures. “Chicagoland and the great State of Illinois have firmly established themselves as a national hub for agtech and foodtech innovation and venture investment. To be a part of this vibrant community of innovators, investors and entrepreneurs is a great privilege.”

“For two decades, TechNexus Venture Collaborative has cultivated better, more impactful relationships between corporations and startups,” added Fred Hoch, Co-founder, General Partner, TechNexus Venture Collaborative. “As a foundational builder and long-standing supporter of Chicago’s dynamic innovation ecosystem, we’re thrilled to partner with World Business Chicago on the Chicago Venture Summit: Future of Food, an event that brings together leading corporations and groundbreaking startups to drive industry reinvention. The future of food, and every industry, relies on these deeper, more strategic relationships, and we’re proud to be a catalyst for that vital progress right here in Chicago.”

The Chicago Venture Summit Future of Food — led by World Business Chicago with support from partners — is an invite-only gathering of the nation’s top founders, investors, and corporate leaders shaping the future of food. With Chicagoland recognized as the #1 food manufacturing hub in the U.S., the sold-out Summit offers media and industry a rare look inside one of the world’s most dynamic food and agtech ecosystems. To learn more, visit www.chicagoventuresummit.com or contact [email protected].

ABOUT WORLD BUSINESS CHICAGO:
World Business Chicago (WBC) serves a critical role in driving inclusive and equitable economic development throughout the city’s 77 neighborhoods, focused on high growth sectors: food production, transportation, distribution, & logistics; manufacturing; healthcare & life sciences, and our local innovation, startup, & venture ecosystem. As the City of Chicago’s economic development agency, World Business Chicago leads corporate attraction & retention, workforce & talent, community impact, and promotion of Chicago as a leading global city. Supported by a council of 300+ local leaders, World Business Chicago’s portfolio of innovation & venture programs include: the Chicago Venture Summit series, Startup Chicago, and ThinkChicago. Follow World Business Chicago on LinkedIn for news and announcements on corporate relocation and expansion, industry and ecosystem growth, U.S. and world rankings, and economic development.

SOURCE World Business Chicago

Company Will Scale Production and Accelerate Adoption of its Proprietary, Air-Stable Low-E & Solar Control Coatings for Glass, Acrylic, and Polycarbonate Applications

CANTON, Mich., Oct. 14, 2025 — NxLite™ today announced it has closed $9.2M in Series A funding to accelerate the deployment of its next-generation energy-control coatings and continue to increase capacity at its Advanced Innovation & Manufacturing (AIM) Center.

The investment round was led by Crabtree Lane Alt, LLC, a Chicago-based active financial investor, and had participation from leading manufacturers in the door and window industry and venture capital firms like Earth Foundry, MUUS, New Climate Ventures, and ACT Venture Partners of the Netherlands.

Beyond increased capacity to meet growing demand for its window and transparent surface solutions, NxLite will use the financing to bolster its commercial operations in Michigan, accelerate its go-to-market strategy, and expand strategic relationships to continue capturing high-growth market segments.

“With strategic partnerships in place, global customers, and unique offerings, the Series A investment provides us the capital to meet the growing demand of our customers,” said David Mather, Chairman and CEO of NxLite. “We have the chance to redefine energy efficiency and operating costs in every transparent application.” 

Unlike traditional solutions, NxLite’s air-stable coatings can be applied to monolithic (single-pane surfaces) applications as well as multi-pane window solutions. These applications offer unprecedented design flexibility as well as building retrofitting opportunities for a broad range of transparent materials including glass, acrylic, and polycarbonate.

Opportunities NxLite coatings address include:

• Residential and commercial windows, drastically cutting heating and cooling costs for consumers and owners.
• Refrigeration display doors, improving efficiency and reducing spoilage.
• Window inserts, used to retrofit existing buildings to modern standards. 
• Lightweight solutions for transportation, contributing to fuel efficiency, range, and more-efficient internal climate control.

The company has already secured joint development agreements and offtake purchase orders with leaders in the window manufacturing, plastics, and food & beverage industries.

“We are very impressed with NxLite’s energy-coated substrates,” said Bobby Weatherholz, Vice President of DALB Inc., a Kearneysville, West Virginia-based decorative and functional plastics manufacturing company. “We are seeing significant interest with our customers in the vending, beverage cooler, automotive, and transportation industries.”

Globally, buildings are responsible for a significant portion of energy consumption, with windows being a major culprit for heat gain and loss. According to the U.S. Department of Energy, up to 30% of building heating and cooling energy is lost through windows, presenting a massive opportunity for NxLite’s technology to make an immediate environmental and economic impact.

About NxLite
NxLite™ (pronounced “next light”) is a U.S. manufacturer bringing air-stable, energy-efficient, lightweight glass and glass-like solutions to the world. Our proprietary permanent, low-emissivity coatings—applicable to both glass and polymeric substrates—uniquely reduce energy consumption while cutting weight compared to conventional alternatives.

Partnering with leaders in the window industry, commercial refrigeration, transportation, and beyond, NxLite is scaling this breakthrough technology for global application. NxLite combines world-class expertise in materials science and advanced manufacturing with backing from premier investors to drive deployment and innovation.

Learn more at www.nxlite.com.

Contact Us
Drew Brophy, Jr.
[email protected]

SOURCE NxLite

The international round marks a key milestone, consolidating Caracol’s leadership in Europe, US, and the Middle East, supporting its exponential growth, fueling expansion into new markets, and advancing next-generation manufacturing technologies.

MILAN and AUSTIN, Texas, Oct. 14, 2025 — Caracol, one of Europe’s fastest-growing deep-tech companies and a pioneer in large-format robotic manufacturing, today announced the closing of its $40 million Series B round, co-led by Omnes Capital, Move Capital Fund I, alongside CDP Venture Capital – Large Ventures Fund, which played a key role as a catalyst for international investors. These international funds, together with leading Italian institutional investors, will accompany Caracol into its next phase of global growth, alongside continued backing from long-standing shareholders including Primo Capital SGR, Eureka! Venture SGR, and Neva SGR (the Intesa Sanpaolo Group’s venture capital company). Thanks to a massive oversubscription, this round also enabled some early investors to exit with significant returns, underscoring the strong appetite shown by institutional players to invest in Caracol’s next chapter.

This new funding will further accelerate Caracol’s global scaling and international expansion. The company will cement its leadership in Europe, the United States, and the Middle East while expanding further into high-growth markets such as Asia Pacific, building on the strong traction it has already achieved in Japan. On the technology side, Caracol will deepen the capabilities of its multi-process, multi-material platforms, with a focus on software, automation, and artificial intelligence to deliver data-driven process control and unmatched quality. The company will also intensify the ramp-up of its metal additive manufacturing technologies, particularly in highly regulated sectors such as aerospace and defense, energy, and maritime, while continuing to expand its polymer offering in key verticals such as transportation, construction, and architecture. Finally, Caracol will continue growing its global team, bringing on board top international talent to drive innovation and scale up. As of today, the company employs over 100 people, across three offices in Milan (Italy), Austin (USA), and Dubai (UAE), and has a global footprint with a presence in over 50 countries.

Over the past five years, Caracol established itself as one of the most dynamic players in advanced robotic manufacturing, building a strong track record with more than 100 robotic platforms installed worldwide and hundreds of projects delivered across industries. Revenueshave more thandoubled year-over-year, a trend that continued in H1 of 2025. The company has unlocked applications that are reshaping industrial supply chains – for example, in the maritime industry, delivering up to 70% cost savings on finished parts for leading yacht manufacturer Ferretti Group (Italy); in automotive and motorsports, cutting production lead times by 50% on carbon fiber tooling with composite expert Duqueine (France); and enabling circular economy loops and reducing waste in construction projects such as with major general contractor HITT (United States).

Recent milestones include the expansion of Caracol’s headquarters in Texas, strengthening its North American presence and creating a hub for local manufacturing of its technology for the region. The new funding also builds on the strategic acquisition of Hans Weber Maschinenfabrik GmbH’s additive robotic IP and technologies in Germany, reinforcing Caracol’s European technology base and enhancing its supply capabilities across the DACH region.

“This Series B represents a generational step for Caracol,” said Francesco De Stefano, CEO and co-founder of Caracol. “In just a few years we’ve built strong global traction, doubling revenues year after year. This round validates our vision and the outstanding execution of our team, while bringing on board some of the world’s leading deep-tech investors. With their support, we’re ready to accelerate our global scale-up and help advanced industries strengthen supply-chain and manufacturing resilience through the flexibility, efficiency, and sustainability of our technology.”

“Caracol has achieved remarkable growth by turning a technological vision into solid industrial performance. This Series B round provides Caracol the financial strength to scale its large-format robotic manufacturing globally, while consolidating its European leadership in advanced manufacturing, contributing to Europe’s deep-tech sovereignty and resilience. We are proud to support Caracol as it enters this new phase of profitable international expansion“, said François-Xavier Dedde, Partner at Omnes Capital.

“We are thrilled to invest in Caracol, a company defined by strong technological expertise, visionary leadership, and a clear commitment to sustainability. We look forward to actively supporting Caracol’s international expansion by fostering strategic alliances and partnerships, helping the team scale this next phase of growth“, said Sophie Sursock, Partner at Move Capital Fund I.

“We are excited to continue supporting Caracol on its journey, as the company demonstrates solid and consistent growth”, said Alessandro Scortecci, Head of Direct Investments at CDP Venture Capital. “From the very beginning, we believed in the team’s vision and chose to back them through the first round via our Corporate Partners I fund. Today, we are pleased to see a company that is attracting interest from international investors and successfully accelerating its expansion into new geographies, including the U.S. market, and we continue supporting its growth through our Large Ventures fund. Caracol is a concrete great example of how Italian innovation can scale globally with ambition and strong execution.”

“We’ve believed in Caracol since its very first steps, when it was a small team with just a handful of employees and only a few hundred thousand euros in revenues. Since then, we have continued to invest at every stage of its growth, as the team has consistently demonstrated the ability to deliver on its targets,” said Stefano Peroncini, CEO at Eureka! Venture SGR. “Today, our initial choice is further validated, and we are proud to support such a solid and visionary growth story with new and well established international investors, alongside current investors such as NEVA SGR (the Intesa Sanpaolo Group’s venture capital company) and CDP Venture Capital, Corporate Partners Fund I”, continued Matteo Cascinari, Partner at Primo Capital SGR. 

Caracol delivers turnkey robotic manufacturing platforms for large scale advanced parts, leveraging both polymers and metals. The company integrates proprietary hardware, software, and automation, providing customers with full end-to-end control and support. Its vision is to advance industrial manufacturing, leading the way towards a new paradigm of efficient, sustainable, and distributed production at global scale.

Caracol wishes to thank the firms that supported the successful completion of its Series B: Growth Capital acting as sole financial advisor to Caracol leading the deal structuring, negotiations, and execution, together with the law firms: Fieldfisher, which advised Caracol; Legance, which advised CDP Venture Capital SGR, Omnes Capital and Move Capital; Portolano Cavallo, which advised NEVA SGR S.p.A.; and Target Law, which advised Primo Capital SGR and Eureka! Venture SGR.

CARACOL
CARACOL is redefining advanced manufacturing through integrated technological platforms that combine proprietary hardware, advanced software, and robotics. Its solutions — including the Heron AM and Vipra AM platforms — leverage additive manufacturing of polymers and metals, along with robotics, to produce large-scale, complex industrial parts for sectors such as aerospace, marine, energy, design, and architecture. With Europe’s largest LFAM production center, a North American production hub, and offices in Dubai, Caracol is shaping the future of industrial manufacturing worldwide.

OMNES CAPITAL
Omnes is a leading private equity firm dedicated to the energy transition. With over €6.7 bn in assets under management, our teams support long-term partnerships with entrepreneurs through our four core businesses: renewable energy, sustainable cities, deeptech and co-investment. For over 20 years, Omnes has been applying its expertise to help businesses grow in more than 15 countries, with a particular focus on sustainable development. As part of its approach as a responsible investor, the company has created the Omnes Foundation to support non-profit organisations working for children and young people in the fields of education, health, social and professional integration.

For more information: www.omnescapital.com 

PRIMO CAPITAL SGR
Primo Capital SGR is the leading Italian independent platform for alternative investments focused on key technological sectors that foster economic growth. The company has over € 500 million committed over multiple funds specializing in the digital, healthcare, climate tech and space economy sectors.

www.primo.capital  |  [email protected]

EUREKA! VENTURE SGR
Eureka! Venture SGR is a leading independent Italian venture capital management company, authorized by the Bank of Italy and focused on investments in Venture Capital and Private Equity. The firm currently manages €130 million across a portfolio of specialized funds. Eureka! Fund I – Technology Transfer invests in proof-of-concept projects, spin-offs, startups, and companies aimed at transforming Italian scientific research results into market-ready innovations in Advanced Materials and, more broadly, in Materials Science and Engineering. BlackSheep Fund focuses on digital technologies, including Artificial Intelligence and Big Data, applied to the MadTech (Marketing & Advertising Technology) sector. ETA I operates in small private equity through the search fund model, supporting entrepreneurial transitions and long-term value creation within small and medium-sized enterprises.

https://www.eurekaventure.it/ 

GROWTH CAPITAL
Growth Capital is a European tech investment bank with offices in Milan, Madrid, and London. We advise startups and scaleups on cross-border fundraising (€5M–€50M) and M&A transactions (EV range €10M–€100M). We also support corporate investors, family offices, PE funds, and VC funds in identifying high-potential tech opportunities. Driving growth is at the core of what we do, providing strategic financial solutions to take innovative companies to the next level.

https://growthcapital.vc/
[email protected]

Photo – https://mma.prnewswire.com/media/2795596/Caracol_Founders.jpg

SOURCE Caracol

Enabling the Intelligent Edge Across Terrestrial and Non-Terrestrial Networks—from Urban Centers to Remote Regions, from Earth to Orbit

IRVINE, Calif. and MUSCAT, Oman, Oct. 14, 2025 — Movandi, the semiconductor and systems innovator powering next-generation wireless communications solutions, today announced it has raised $40 million in strategic funding to accelerate the global deployment of high-performance connectivity infrastructure across 5G, satellite communications, and fixed wireless access.

The round was led by a $20 million investment from ITHCA Group, the sovereign-backed technology investment firm driving innovation across the MENA region and marks a strategic expansion into the Middle East. Additional participation came from Phaistos Investment Fund and global technology leaders including VT Alliance, Murata, and Movandi’s existing investors including Cota Capital, Celesta Capital, DNX Ventures and Sierra Ventures, underscoring broad confidence in Movandi’s mission to redefine the next era of intelligent connectivity.

“This is a pivotal inflection point in Movandi’s growth,” said Maryam Rofougaran, CEO and co-founder of Movandi. “We’re expanding beyond 5G into larger markets: satcom, fixed wireless, and AI-driven connectivity, leveraging the world-class RF and mmWave technology and team. With ITHCA and our strategic investors, we’re creating a bridge between Silicon Valley and the Middle East that will enable Movandi to scale into new markets and regions.”

The investment fuels Movandi’s evolution beyond its mmWave leadership to become a foundational enabler of intelligent infrastructure across three critical domains:

• Fixed Wireless Access (FWA) leveraging cost-effective 5G and Wi-Fi-based solutions
• Non-terrestrial satellite communications (Satcom) for global, low-latency coverage
• Next-generation RF systems for high-performance terrestrial wireless networks 

MENA Expansion and Oman Innovation Hub

The investment from ITHCA signals a strategic collaboration with Oman’s Vision 2040 to build a deep-tech ecosystem rooted in AI, semiconductors, and intelligent connectivity. Movandi will open a new Oman office to access the regional talent and expertise, and cultivate an environment of technology co-development, regional deployments, and talent partnerships with local universities and research institutions.

“Our investment in Movandi reflects Oman’s strategy to partner with global semiconductor leaders, growing Oman’s talent pool and leveraging our resources” stated, Said Al Mandhari, CEO of ITHCA Group. “Movandi’s proven leadership in scaling international teams, and innovation in wireless systems, satellite communications, and 5G are aligned with our vision for building AI-capable, connected societies.”

Movandi’s RF chipsets, beamforming silicon, phased array antennas, and repeater systems have already transformed mmWave economics and performance. The company is now bringing the same technological edge to LEO satellite systems and hybrid fixed wireless access deployments, helping operators overcome cost, range, and latency barriers to scale real-world broadband across the globe.

With a proven record of powering commercial 5G networks, Movandi is delivering solutions that combine high throughput, low power, and intelligent beam steering, all in compact, easily deployable form factors.

About Movandi
Movandi is a next-generation connectivity company powering intelligent wireless infrastructure, from 5G to non-terrestrial satellite communications and fixed wireless broadband. With over 115 issued patents and a portfolio spanning chipsets, beamforming silicon, antennas, and software-defined networking, Movandi delivers scalable, high-performance, and cost-effective solutions for global operators and device makers. Founded by wireless industry pioneers from Broadcom, Movandi is headquartered in Irvine, California with new operations in Muscat, Oman. Learn more at movandi.com or follow us on LinkedIn.

SOURCE Movandi

Aker ASA (“Aker”) has finalized subscription to shares in the previously announced Series B financing round in Nscale Global Holdings Ltd. (“Nscale”). In parallel, Aker and Nscale have completed the closing of the 50/50% joint venture in Narvik, Northern Norway. The new company, “ Aker Nscale “, will deliver secure, scalable, and energy-efficient infrastructure tailored for sovereign AI workloads across Europe.

OSLO, Norway, Oct. 13, 2025 — The joint venture has already gained strong commercial traction, anchored by the previously announced five-year, multi-billion dollar off-take agreement with Microsoft, alongside the Stargate Norway project with OpenAI. These partnerships affirm the scale and strategic importance of the business, highlighting the accelerating demand for clean, sovereign AI compute capacity.

The closing of Aker Nscale follows the fulfilment of all necessary conditions, and the completion of Nscale’s Series B financing round, in which Aker became a 9.3% owner on a fully diluted basis. Aker’s 50% stake in Aker Nscale is convertible into additional Nscale shares at a future IPO, positioning Aker to benefit from long-term value creation and public market upside.

Øyvind Eriksen, President and CEO at Aker ASA, commented:

“This reflects the full scope of Aker’s strategic commitment – through our direct ownership in Nscale and our partnership in Narvik. Together, it gives us a strong position in a fast-moving market, with a structure designed to capture long-term upside. But this is also something bigger: we are finally realizing Narvik’s potential, placing Norway at the heart of a new industrial era, and doing it in partnership with the most capable technology companies in the world.”

Aker Nscale will be headquartered at Fornebu, Norway, with operational teams in Narvik. Kristian Røkke has been appointed Chief Executive Officer of the new company. He commented:

“I want to thank the people of Narvik and Northern Norway for their unwavering support and collaboration. Their commitment has been instrumental in turning a bold vision into a real, operational foundation for sovereign AI infrastructure. I’ve had the opportunity to work closely with local partners and municipalities, and to witness first-hand the capabilities and dedication that define this region. Aker Nscale is built on a clear and growing need: scalable, secure, and energy-efficient compute capacity for European AI. I’m proud to lead this effort and work alongside our teams, customers, and partners to realize its full potential.”

Media contact:
Atle Kigen, Head of Media Relations and Public Affairs
+47 90 78 48 78
[email protected]

Investor contact:
Fredrik Berge, Head of Investor Relations
+47 45 03 20 90
[email protected]

For more information about the companies, visit www.akerasa.com and www.nscale.com

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