• High unmet medical need for therapies that can reduce the substantial treatment burden affecting millions of patients globally
• Combined in-licensing and financing for a novel long-acting clinical stage monoclonal antibody targeting TSLP ligand as well as building a discovery pipeline of long-acting bispecifics
• Naveed Siddiqi, Senior Partner, Venture Investments, Novo Holdings, to join the Windward Bio Board of Directors

COPENHAGEN, Denmark, Jan. 10, 2025 — Novo Holdings, a leading life science investor, today announced that it has invested in a $200M Series A launch financing for Windward Bio. Headquartered in Switzerland, Windward Bio is a clinical-stage drug development company committed to improving outcomes for people living with advanced immunological diseases with an initial focus on severe respiratory conditions.

The oversubscribed Series A launch financing was co-led by OrbiMed, Novo Holdings and Blue Owl Healthcare Opportunities, and joined by SR One, Omega Funds, RTW Investments, Qiming Venture Partners, Quan Capital, and Pivotal bioVenture Partners.

Windward Bio’s lead candidate, WIN378, which has been in-licensed from Kelun-Biotech and Harbour BioMed, is a potential best-in-class, long-acting monoclonal antibody targeting the ligand of thymic stromal lymphopoietin (TSLP) that has the potential to be dosed every six months.

The Company is preparing to begin a Phase 2 trial investigating WIN378 in severe asthma, with initial clinical readouts expected in 2026. Additional clinical trials are planned in asthma and chronic obstructive pulmonary disease (COPD), aiming to address unmet needs in approximately 5 million advanced, uncontrolled patients in the US, Europe, and Japan.

In addition to WIN378, Windward Bio is building a discovery pipeline of long-acting bispecifics, harnessing validated targets and synergistic biology to achieve best-in-disease efficacy for immunology indications. The Series A financing supports the advancement of two undisclosed programs through Investigational New Drug (IND)–enabling studies.

“Our mission in starting Windward Bio is to discover and develop novel therapeutics for people living with serious immunological conditions,” said Luca Santarelli, MD, founder, CEO, and Chairman of Windward Bio. “Targeting the TSLP ligand is a highly validated approach in multiple immunological conditions, and WIN378 represents a significant advance in TSLP therapy by enhancing the benefits of this class with a dosing regimen of every six months, which can reduce the burden of treatment and improve outcomes for people living with severe asthma.”

Naveed Siddiqi, Senior Partner, Novo Holdings, said: “Addressing the unmet needs of patients with severe, uncontrolled asthma and COPD, particularly through innovative therapies that reduce the burden of care for both individuals and healthcare systems, represents a meaningful advancement in respiratory care. WIN378, with its best-in-class potential to provide effective treatment through a six-month dosing regimen, could transform how these challenging conditions are managed, offering both clinical and practical benefits. At Novo Holdings, we are committed to supporting innovative approaches that improve patient outcomes. We are excited to partner once again with the management team of Windward Bio, serial entrepreneurs with a proven track record of success.”

Led by CEO Luca Santarelli, Windward Bio’s founding team comprises seasoned biopharmaceutical executives with significant expertise in advancing compounds from target identification through to commercialisation. Collectively, they have contributed to over 15 product launches, executed two Nasdaq IPOs, and completed two strategic exits.

The Board of directors will initially include Luca Santarelli, MD (CEO); David Bonita, MD (OrbiMed); Naveed Siddiqi, MD (Novo Holdings); Tim Anderson (Blue Owl Healthcare Opportunities); Iqbal Mufti (SR One); and Otello Stampacchia, PhD (Omega Funds). Campbell Stewart, MD (Principal, Venture Investments, Novo Holdings), joins as Observer to the Board.

About WIN378

WIN378 is a novel, recombinant, fully human monoclonal antibody that potently binds to the TSLP ligand, which is a well-validated cytokine that plays a key role in the development and progression of a wide array of immunological diseases, including asthma and COPD. In both these diseases the inhibition of the TSLP ligand has demonstrated benefit in a myriad of inflammatory phenotypes. WIN378 has been engineered to achieve an extended half-life and effector silencing and is subcutaneously administered.

About Windward Bio AG

Windward Bio is a clinical-stage drug development company committed to improving outcomes for patients living with advanced immunological diseases with an initial focus on severe respiratory conditions. The company is led by a highly experienced team of biopharmaceutical executives with deep discovery, development, and commercialization expertise. The company is advancing a potential best-in-class TSLP monoclonal antibody into phase 2 development and creating novel, long-acting bispecific programs for immunological diseases.

About Novo Holdings A/S

Novo Holdings is a holding and investment company that is responsible for managing the assets and the wealth of the Novo Nordisk Foundation. The purpose of Novo Holdings is to improve people’s health and the sustainability of society and the planet by generating attractive long-term returns on the assets of the Novo Nordisk Foundation. Wholly owned by the Novo Nordisk Foundation, Novo Holdings is the controlling shareholder of Novo Nordisk A/S and Novonesis A/S (Novozymes A/S) and manages an investment portfolio with a long-term return perspective. In addition to managing a broad portfolio of equities, bonds, real estate, infrastructure and private equity assets, Novo Holdings is a world-leading life sciences investor. Through its Seed, Venture, Growth, Asia, Planetary Health and Principal Investments teams, Novo Holdings invests in life science companies at all stages of development. As of year-end 2023, Novo Holdings had total assets of EUR 149 billion. www.novoholdings.dk

About the Novo Nordisk Foundation

Established in Denmark in 1924, the Novo Nordisk Foundation is an enterprise foundation with philanthropic objectives. The vision of the Foundation is to improve people’s health and the sustainability of society and the planet. The Foundation’s mission is to progress research and innovation in the prevention and treatment of cardiometabolic and infectious diseases as well as to advance knowledge and solutions to support a green transformation of society.

SOURCE Novo Holdings

MINNEAPOLIS, Jan. 10, 2025 — Saluda Medical, Inc., a commercial-stage medical device company focused on developing treatments for chronic neurological conditions using a novel closed-loop, dose-control neuromodulation platform, today announced the closing of a $100 million financing.

The financing was led by existing investor Redmile Group, with additional support from existing investors Wellington Management, TPG Life Sciences Innovation, Fidelity Management & Research Company, Action Potential Venture Capital, and funds and accounts advised by T. Rowe Price Associates, Inc. New investor Piper Heartland Healthcare Capital also participated.

Net proceeds from the financing will be used primarily to advance the commercialization of the Evoke® System, the first commercial application of the Company’s proprietary closed-loop, dose-control neuromodulation platform.

The Evoke® System is a physiologic closed-loop, dose-control spinal cord stimulation (SCS) system designed for chronic pain management. Chronic pain affects an estimated 20% of the world’s population, including an estimated 67 million people in the United States alone. Although SCS is a well-established therapy for treating chronic pain, the Evoke® System is the first system designed to sense and measure neural responses to stimulation and automatically adjust therapy to achieve and continuously maintain a targeted level of neural activation. This ensures therapy remains at the patient-specific prescribed level of neural activation, providing more consistent and effective outcomes.

About Saluda Medical
Saluda Medical is a commercial-stage medical device company focused on developing treatments for chronic neurological conditions driven by a novel neuromodulation platform. The Company’s closed-loop, dose-control platform is designed to sense and measure neural responses to stimulation and automatically adjust therapy based on real-time neurophysiological feedback. The Company’s first product, the Evoke® System, is indicated as an aid in the management of chronic intractable pain of the trunk and/or limbs, including unilateral or bilateral pain associated with failed back surgery syndrome, intractable low back pain, and leg pain, and is designed to treat chronic neuropathic pain by providing spinal cord stimulation (SCS) therapy that senses and measures neural activation to optimize therapy and reduce patient and clinician burden. 12-month results from the EVOKE study, the first and only prospective, multi-center, parallel-arm, double-blind, randomized controlled pivotal study with a voluntary crossover arm in SCS, were published in The Lancet Neurology, 24-month results were published in JAMA Neurology, and 36-month data, demonstrating enduring and consistent pain relief results, were published in Regional Anesthesia and Pain Medicine. To learn more, including risks & important safety information, visit www.saludamedical.com/us/safety/.

Saluda and Evoke are registered trademarks owned by Saluda Medical Pty Ltd. 

Investor Contacts:  
Brian Johnston or Sam Bentzinger
[email protected] 
[email protected]

SOURCE Saluda Medical

Mark Nelson Will Use $100,000 Fellowship to Organize a Nuclear Restart Conference Attended by Key Stakeholders

GREENWICH, Conn., Jan. 10, 2025 — O’Shaughnessy Ventures LLC (OSV), an investment firm that empowers creators, has awarded an O’Shaughnessy Fellowship to Mark Nelson, an energy consultant based in Chicago, Illinois.

Nelson intends to persuade the German people to reverse the decision to decommission the country’s recently closed nuclear power plants. He will organize a conference, bringing together local and international leaders and experts to build trust in the value and feasibility of restarting Germany’s nuclear power program. Nelson will also conduct public opinion polling and travel around Germany visiting nuclear towns and villages. A nuclear restart could, within three years, generate power for millions of Germans and reverse the country’s industrial decline.

Nelson, who holds a Master of Philosophy in nuclear engineering from Cambridge University, has spent 10 years researching and advising on national and international energy systems. He is the founder and managing director of Radiant Energy Group, a consultancy that advises government, nonprofit and industrial clients worldwide on nuclear energy. His analytical work has been covered in The New York Times, The Wall Street Journal and leading European papers.

OSV’s founder and CEO, Jim O’Shaughnessy, commented, “Nuclear energy represents one of our most powerful yet misunderstood tools in combating climate change. Mark combines deep technical expertise with exceptional communication skills, a crucial combination for driving change.”

“German reactors were among the best in the world three short years ago, and German engineers are still the best,” said Nelson. “Restarting the reactors is the fastest way to restore German energy independence while making a better future for Europe.” 

About the Fellowship Program

The O’Shaughnessy Fellowships program, launched in 2023, discovers and empowers the world’s boldest creatives, builders and researchers. Fellows receive a $100,000 grant and access to OSV’s network of founders, investors and experts.

OSV will award 10 Fellowships in 2025. Applicants will also be considered for the O’Shaughnessy Grants program, which provides 20 additional $10,000 grants to promising innovators.

Nelson is the first Fellow of 2025. More information about the 2023 and 2024 Fellows is available on OSV’s website.

Applications for the Fellowships remain open until and including April 30, 2025. Individuals interested in applying can do so via OSV’s website.

About O’Shaughnessy Ventures

OSV is a creative investment firm that empowers and inspires creators to bring their ideas to life. Founded by Jim O’Shaughnessy, a pioneer in quantitative investing, founder of O’Shaughnessy Asset Management, and author of four books on investing, OSV aims to provide financial support and to partner in growing the next life-changing creative ideas.

OSV combines Jim’s deeply rooted interest in all things art, science, investing, and tech with his long-held desire to establish scenarios designed to help promising creators and their inspiring ideas succeed, regardless of age, location, job history, or level of education. For more information, visit www.osv.llc.

Media Contact:
Ena Gong
O’Shaughnessy Ventures LLC
(917) 355-7420
[email protected] 

SOURCE O’Shaughnessy Ventures

• nsave offers trusted dollar, sterling or euro accounts abroad to people from high inflation countries.
• Customers can now access a range of US equities, ETFs and funds.
• TQ Ventures leads $18mn financing, with participation from Sequoia Capital, Y Combinator, ACE Ventures, and Proton.

LONDON and GENEVA, Jan. 10, 2025 — nsave, the provider of trusted, compliant accounts abroad to people from countries with high inflation, has today announced the launch of an investment product, enabling people at risk of financial exclusion to protect and grow their wealth.

The company also confirmed an $18mn Series A investment led by TQ Ventures with participation from Sequoia Capital, Y Combinator, ACE Ventures, and Proton Foundation, to accelerate their growth.

Today’s means customers can access US equities, ETFs and soon funds managed by some of the world’s largest asset managlaunchers via the nsave app, subject to onboarding and compliance checks.

By working with regulated financial institutions and banking partners in the UK and Switzerland, nsave offers safe and compliant accounts abroad, democratising offshore services to millions of people affected by high inflation or economic uncertainty in their home countries.

nsave’s customers include young professionals who move abroad and face exclusionary and outdated compliance processes due to their country of birth, alongside people from high inflation economies, who fear their life savings will be wiped out.

Based in London and Geneva, nsave is led by former Rhodes Scholars Amer Baroudi and Abdallah AbuHashem.

nsave CEO Amer Baroudi said: “Our vision is to go beyond just protecting everyday people’s wealth by enabling safe and compliant accounts abroad, but to enable them to grow it, too.”

“For some of our customers, this is the first time they can access trusted investment services securely. We believe your passport shouldn’t determine your path to prosperity. Our compliance-by-design approach enables us to offer services safely to many more people.” 

TQ Ventures co-founder and co-managing partner, Schuster Tanger, said: “nsave is tapping into a massive market of individuals underserved by existing financial services who need secure, stable financial solutions.”

“From the outset, I was impressed by nsave’s unique approach and the strength of their team, no doubt a function of Amer and Abdallah’s own lived experience of these challenges. We’re thrilled to roll up our sleeves with nsave to create a more inclusive financial system.”

Contact:
[email protected]

Photo: https://mma.prnewswire.com/media/2594677/nsave_Founders_AmerandAbdallah.jpg
Logo: https://mma.prnewswire.com/media/2594678/nsave_Logo.jpg

SOURCE nsave

Mountainfield Venture Partners, a biopharmaceutical company creation firm, partners with Keymed Biosciences to form Timberlyne Therapeutics, accessing global development and commercial rights outside of greater China for CM313

Financing co-led by Abingworth, Bain Capital Life Sciences, and Venrock Healthcare Capital Partners

SAN DIEGO, Jan. 9, 2025 — Timberlyne Therapeutics, a clinical-stage biopharmaceutical company focused on the development of novel therapies for autoimmune disorders, today announced the close of a $180 million Series A financing to advance CM313, a potentially best-in-class monoclonal antibody targeting CD38, for diseases of high unmet medical needs. The financing was led by investors Abingworth, Bain Capital Life Sciences, and Venrock Healthcare Capital Partners, with participation from Boyu Capital, Lilly Asia Ventures, Braidwell LP, and 3H Health Investment. Timberlyne Therapeutics was formed by Mountainfield Venture Partners, a biopharma company creation firm, in partnership with Keymed Biosciences.

Timberlyne has obtained exclusive development and commercialization rights to CM313 worldwide outside of greater China from Keymed Biosciences, a leading drug discovery and development company. Under the terms of the licensing agreement, Keymed will receive an undisclosed upfront payment, as well as future cash milestones, royalties on any potential future net sales, and equity ownership in Timberlyne. Keymed retains development and commercialization rights in greater China.

CM313 is an IgG1 monoclonal antibody with enhanced complement-dependent cytotoxicity and has been clinically studied across numerous disease states, including immune thrombocytopenic purpura, systemic lupus erythematosus, and relapsed/refractory multiple myeloma. Across these trials, CM313 has demonstrated potentially best-in-class characteristics. The therapeutic potential of CM313 was demonstrated in a clinical study recently published in the New England Journal of Medicine, where the drug candidate achieved a 95% response rate in patients with treatment-refractory Immune Thrombocytopenia.

About Timberlyne Therapeutics

Timberlyne Therapeutics is a clinical-stage biopharmaceutical company focused on the development and commercialization of transformational therapies for high unmet medical needs. Timberlyne’s lead program is CM313, an IgG1 monoclonal antibody with enhanced complement-dependent cytotoxicity that targets CD38. By targeting CD38, which is highly expressed on plasma cells, NK cells, and other immune cells, CM313 modulates multiple immune cell types leading to both rapid and durable responses across a range of autoimmune diseases and cancers.

About Keymed Biosciences

Keymed Biosciences Inc. (HKEX: 02162) focuses on the urgent unmet clinical needs, and is committed to providing high-quality, affordable, innovative therapies for patients in China and overseas. Keymed was founded by medical and scientific experts from world-renowned universities who have strong experience in the transformation of scientific and technological achievements to commercialization at home and abroad. The core leadership team includes the inventors of the first PD-1 antibody drugs that were pioneered and approved in the United States and China. The Company was listed on the main board of Hong Kong Stock Exchange on July 8, 2021.

To accelerate the efficiency of our research and discovery, we have established a fully-integrated platform encompassing all of the key functions in the biologic drug development. These include target validation, lead molecule discovery and optimization, preclinical evaluation, process development, translational research, clinical development and manufacturing. This integrated platform has enabled us to rapidly and cost-effectively identify, build, expand and advance our diversified pipeline of innovative and differentiated antibody-based therapies, including monoclonal antibodies, antibody drug conjugates (ADCs) and bispecific antibodies.

About Mountainfield Venture Partners

Mountainfield Venture Partners is a biopharmaceutical company creation firm that builds new companies around development-stage drug candidates with the potential to transform patient care. We form our companies around in-licensed drug candidates, world-class leadership teams, and syndicated capital raises from top-tier life science institutional investors. We also develop the strategy and establish the operations for our companies based on our long track record in biopharmaceutical leadership and operational roles spanning from small start-up biotechnology companies to multi-national pharmaceutical companies.

Contacts

For Timberlyne Therapeutics:

[email protected]

For Mountainfield Venture Partners:

[email protected]

For Media:

[email protected]

SOURCE Timberlyne Therapeutics

NEW YORK, Jan. 9, 2025 — R4 Capital, a national affordable housing tax-credit syndicator, lender, and asset manager, and R4 Capital Funding (R4CF), R4’s tax-exempt lending platform, announced today in 2024 it surpassed $10.6 billion in equity and mortgage financing since inception. This was a significant year marking the most equity closed in a single year, the largest mortgage loan volume closed in a single quarter, and the largest single asset equity investment in the Company’s history.

R4 Capital closed $860 million of equity in 2024 from 50 institutional investors, including 12 new R4 clients. “This is the most capital we have deployed in a single year, which is especially gratifying in lieu of the added challenge of an election year,” noted Jason Gershwin, Managing Director and Director of Fund Management. Since 2012, R4 has raised and manages more than $6.6 billion in LIHTC equity from 138 institutional investors across 37 multi-investor funds and 13 proprietary funds.

In 2024, R4CF provided $691 million of construction and permanent mortgage capital to build or preserve 3,828 units of affordable housing. Remarked R4CF President, James Spound, “2024 represents the platform’s second largest year of capital deployed in our nine-year history. Given the industry-wide challenges of rising interest rates with severe construction cost inflation, our accomplishment speaks to R4’s commitment to providing a highly responsive, streamlined, and creative mortgage platform benefiting both our investor and developer clients.” Since inception in 2016, R4CF has provided more than $4 billion in mortgage loans, financing the construction and preservation of over 24,500 units of affordable housing across 30 states and Washington, DC.

In 2024, R4 successfully closed 56 transactions across all business lines, driven by strong collaborations with both longstanding and new developer partners. This year also marked the closing of R4’s largest LIHTC equity investment to date, for which the Company raised $100 million from six investors to finance the construction of much-needed housing in the heart of Silicon Valley.

2024 is another milestone year for R4 Capital since inception in 2011. The firm is grateful for the shared commitment and ongoing loyalty of its developer and investor partners.

About R4 Capital

R4 Capital is a national affordable housing investor with expertise in LIHTC equity syndication, underwriting, asset management, and tax-exempt lending. Our growing portfolio includes more than 70,000 units of affordable housing.

SOURCE R4 Capital LLC

NEW YORK, Jan. 9, 2025 — Rena Labs, the startup aiming to enable the next generation of autonomous and verifiable AI solutions, has announced the successful closure of a $3.3 million pre-seed funding round led by Paper Ventures. The company attracted investment from a number of high-profile venture capital firms, among them Lightspeed Faction, Eterna Capital, Lyrik Ventures, Mapleblock Capital, Selini Capital, Keyrock, and others.

Responsible for developing the first TEE (Trusted Execution Environment) abstraction middleware, Rena Labs now plans to use the capital to accelerate the development of its groundbreaking TrustEE technology and ensure the privacy, security, and scalability of AI apps. It also intends to expand its team by bringing aboard top developers and industry experts while fostering user education and community engagement around trustless AI.

“This raise marks a pivotal moment in our mission to make user-owned, verifiable AI a reality,” said Conan, co-founder at Rena Labs. “The endorsement of so many proven investors is testament to the culture of innovation that drives us every day. Rena Labs will build a future where AI systems are not just powerful but fundamentally aligned with user privacy and security. This capital allows us to make tremendous strides.”

“We see TEE as being critically important to the evolution of agentic AI, a space with enormous potential, and there’s ample evidence to suggest Rena Labs will be at the center of this transformation,” added Danish Chaudhry, Cofounder of Paper Ventures. “Few projects combine AI with blockchain technology in such a meaningful way, and we are extremely excited to support their vision.”

Rena Labs’ TrustEE abstraction stacks create the foundation for verifiable AI, establishing a trustless intelligence platform accessible to both developers and end users. The company’s high-impact applications will include a Market-Making Integrity Dashboard, Private Order Execution for DEXs, Fully Autonomous AI Agents for On-Chain Gaming, and Private Data Sales in DePIN.

To date, Rena Labs’ collaboration initiatives have spanned multiple domains and include multi-modal large language models (LLMs), autonomous AI agents, DeFi protocols, and innovative applications in gaming and social spheres. Through these efforts, the project aims to deliver impactful, secure, and scalable AI solutions in numerous verticals.

About Rena Labs
Rena Labs is building the first TEE abstraction middleware to supercharge verifiable on-chain AI use cases. Led by a core team that includes Princeton and MIT PhDs, the company empowers developers and retail users to deploy secure AI models with just a few clicks.

Media Contact: [email protected]

SOURCE Rena Labs

WASHINGTON, Jan. 9, 2025 — METIS Intelligence, a global leader in NextGen AI-driven intelligence and law enforcement solutions, has successfully raised a pivotal funding round, led by UAE-based Tau Capital. This new investment will support METIS’ ambitious plans to expand its footprint in North America, making its groundbreaking intelligence solutions accessible to law enforcement, public safety and security agencies of all sizes across the region.

With METIS, these agencies are changing the game, transforming operations, and achieving results by delivering best-in-class intelligence solutions that were previously out of reach, both financially and logistically, especially at the municipal level. Through the power of AI driven smart fusion, cognitive automation and augmented intelligence, METIS enables organizations to harness every available piece of data in “real time”—providing both relevant and actionable insights that dramatically improve the quality of decision making. Making sense of many complex and diverse data sources simultaneously, METIS empowers investigators to quickly uncover critical leads or emerging threats, solve cases faster, and improve the quality of prosecutions.

A significant highlight of this expansion is the appointment of Bill Murray, General Partner at Tau Capital, to the METIS Intelligence Board of Directors. Bill brings decades of global business, ‘Five Eyes’ intelligence, government, and policy experience, which will be instrumental in steering METIS’ growth strategy in North America.”

“This investment is a game-changer for our North American operations,” said Dr. Joseph J. Lestrange, EVP and Chief Strategy and Innovation Officer for METIS North America. “It will accelerate our ability to provide world-class intelligence solutions across the region, that empower agencies to combat crime and adapt quickly to evolving public safety challenges.”

“This investment is a pivotal moment for METIS as we expand our North American operations,” added Natan Bandler, CEO of METIS Intelligence. “With Tau Capital’s backing and our innovative AI technology, we are poised to transform the way agencies of all sizes access and utilize cutting-edge intelligence tools. This milestone aligns with our mission to make advanced technology affordable and impactful for every agency, regardless of size.”

This funding will also fuel METIS’ R&D efforts, enhance partnerships with public and private sectors, and drive the growth of its U.S.-based team, enabling greater responsiveness to the unique needs of North American agencies.

About METIS Intelligence
METIS Intelligence is a cutting-edge AI technology company founded in Israel by intelligence and technology experts. The company’s U.S. operations are based in Washington, DC, and led by former law enforcement and intelligence executives with deep industry expertise. METIS specializes in providing innovative tools that empower professionals to navigate complex challenges, streamline workflows, and deliver impactful results and is uniquely compatible with the complex and diverse tech requirements of the North American market because of its flexible deployment options, including on-prem, gov/private cloud or a SaaS model hosted by METIS!

About Tau Capital
Tau Capital, based in the UAE, invests in transformative technologies that drive innovation and secure a connected future. For more information, visit Tau Capital.

Contact Information:
For media inquiries, please contact:
Dr. Joseph J. Lestrange
EVP / Chief Strategy & Innovation Officer
METIS Intelligence North America
Email: [email protected]

For investor relations inquiries, please contact:
Natan Bandler
CEO METIS Intelligence
Email: [email protected]

SOURCE METIS Intelligence

LOS ANGELES, Jan. 9, 2025 — Phase Four, a leader in advanced in-space propulsion design and manufacturing, announced the first close of its Series C funding round, securing nearly 60% of the target raise with strong participation from new and existing investors. The round is led by Artemis Group Capital, the Oklahoma-based investment firm helmed by former NASA Administrator Jim Bridenstine, underscoring the growing confidence in Phase Four’s innovative propulsion solutions.

“This funding is a pivotal milestone for Phase Four as we scale to meet surging global demand for in-space propulsion from the government and private sector,” said Dr. Umair Siddiqui, Chief Technology Officer at Phase Four. “The supply chain simply isn’t keeping up. With this capital, we’re ramping up production of our Valkyrie family of Hall Effect Thrusters to a minimum of 250 units per year. Simultaneously, we’re advancing next-generation thruster technologies tailored for Defense and National Security customers.”

The growth of Phase Four’s manufacturing capabilities addresses a critical supply-demand gap in the space industry. As the market for small satellite constellations and in-space maneuverability grows exponentially, Phase Four’s propulsion capabilities position the company as a key supplier for commercial and government missions alike.

Phase Four is partnered with Redwire Space (RDW: NYSE) on the Valkyrie propulsion system, reflecting both companies’ view that the market for such thrusters will continue to be robust for the foreseeable future. Combining Phase Four’s technical prowess in the in-space propulsion market with Redwire’s global command of the space system market creates a stable and reliable domestic supplier for a range of high-quality Hall Effect Thrusters.

“We’re proud to scale another U.S. company to the rapidly expanding in-space propulsion market,” said Dr. Steve Kiser, Phase Four’s CEO. “As space-related supply chains around the world face geopolitical and economic risk, having another stable and domestic source for such a critical component of space power is vital.”

The company plans to close its Series C round by the end of Q1 2025, with proceeds aimed at expanding manufacturing, accelerating R&D efforts, and deepening strategic partnerships with key players in the space economy.

About Phase Four 

Phase Four is a disruptive provider of next generation in-space electric propulsion solutions. The company was founded in 2015 to address the demands of the rapid proliferation of satellite constellations and to accelerate the advancement of its radio-frequency thruster. Phase Four is now a full-spectrum in-space electric propulsion provider of hardware, software and services, teaming with a variety of constellation operators and satellite bus manufacturers to optimize mission effectiveness and control costs through creative exploration of propulsion solutions. Learn more at www.phasefour.io. 

About Artemis Group Capital 

Artemis Group Capital is an investment firm specializing in space and defense companies. Led by former NASA Administrator and U.S. Congressman Jim Bridenstine, the firm is focused on advancing national security objectives and supporting transformative technologies for the next generation space economy.   

SOURCE Phase Four, Inc.