SAN FRANCISCO, Dec. 26, 2024 — AusperBio Therapeutics, Inc. and Ausper Biopharma Co., Ltd. (collectively AusperBio), a privately held clinical-stage biotechnology company dedicated to advancing targeted oligonucleotide therapies to achieve a functional cure for chronic hepatitis B (CHB), today announced the successful completion of a USD 73 million Series B financing.

The round was led by HanKang Capital, with participation from Sherpa Capital, CDH Investments, and a strategic investor, as well as continued participation from existing investors Qiming Venture Partners, InnoPinnacle Fund, and YuanBio Venture Capital. This financing followed the company’s Series A round completed in July this year, demonstrating continued investor confidence in its proprietary platform and strategic direction.

The proceeds will fund the continued Phase 2 development of AHB-137, AusperBio’s lead investigational therapy, supporting both clinical studies in China and global trials, as well as the development of commercial-scale manufacturing processes. The funding will also facilitate the expansion of the company’s therapeutic pipeline and operational capabilities to drive sustained growth.

Dr. Guofeng Cheng, co-founder and CEO of AusperBio, stated, “ We are honored by our investors’ confidence and support. This milestone financing recognizes our scientific and clinical accomplishments to date and enables us to accelerate our clinical programs and move closer to delivering a functional cure for CHB patients in need.”

Dr. Chris Yang, co-founder and CSO, added, “AHB-137 continues to attract attention from the scientific and clinical communities, particularly after the late-breaking oral presentation at the recent AASLD conference. The promising clinical data further validates our Med-Oligo™ platform, strengthening our development of groundbreaking targeted oligonucleotide therapies for CHB and other serious chronic diseases.”

AusperBio is committed to delivering patient-centered innovations, aiming to alleviate the global health burden of CHB and transform treatment paradigms for this serious chronic disease.

About AHB-137

AHB-137, a novel unconjugated antisense oligonucleotide (ASO) developed within AusperBio’s proprietary Med-Oligo™ ASO technology platform, was designed to treat chronic hepatitis B for a functional cure. Its compelling preclinical and Phase 1 clinical data were highlighted at the 2023 EASL conference and the 2024 EASL conference, respectively. Interim Phase 2a data was presented in a late-breaking oral session at the 2024 AASLD. This novel dual-mechanism ASO has completed its global Phase 1b trial and is now undergoing multiple Phase 2 trials in China. With its global development strategy, AHB-137 is advancing rapidly toward the goal of an HBV cure.

About AusperBio.

AusperBio is a clinical-stage biopharmaceutical company with operations in the USA and China, dedicated to advancing oligonucleotide and targeted delivery technologies for transformative therapies, with an initial focus on curing chronic hepatitis B infection. The company has developed a proprietary Med-Oligo™ ASO platform which has been shown to substantially enhance the current ASO therapeutics, through novel insights into ASO design. Combining with efficient targeted delivery conjugation technologies, the modular Med-Oligo™ Platform empowers ASO therapeutics to treat a broad range of diseases, including viral infections, metabolic conditions, genetic disorders, and immune diseases.

For further information, please contact:

Media Contact
Email: [email protected]

Investor Relations Contact:
Tel: 650-888-1756 (US)
Email: [email protected]

SOURCE AusperBio Therapeutics Inc.

With over 25 years of investment experience, Jon’s role will advance Crosscut’s frontier technology strategy, supporting founders from technological breakthrough to bankable-scale commercialization

LOS ANGELES, Dec. 23, 2024 — Crosscut Ventures, an early-stage venture capital firm with deep roots in Southern California’s tech ecosystem, today announced the appointment of Jon Ylvisaker as Partner. Bringing more than 25 years of investment experience, Jon will join Crosscut to accelerate the firm’s growth and advance its commitment to scaling early stage frontier technology solutions in Crosscut fund six and beyond.

In his new role, Jon will lead Crosscut’s investment strategy in frontier energy, power, and advanced manufacturing innovations, while also supporting follow-on investments and thesis-driven strategies for growth-stage frontier tech companies. Crosscut’s approach emphasizes leveraging thesis-driven insights and targeted follow-on investments to scale portfolio leaders into market-defining companies. With a focus on transformative sectors, Crosscut identifies and supports groundbreaking technologies through both equity investments and select project finance opportunities. By accelerating commercial viability for standout companies, Jon will align his expertise in project infrastructure and finance with Crosscut’s mission to develop transformative technologies into scalable, market-ready solutions.

“The energy and industrial revolution happening outside of Silicon Valley will mark a new era for venture that is increasingly focused on atoms-based solutions. This requires catalyzing the talent that sits at the heart of California’s deep-rooted engineering ecosystem,” said Jon Ylvisaker, Crosscut Partner. “As Crosscut doubles down on this new era of Frontier Tech investment, I’m excited to play a part building on the Firm’s reputation as company builders and, most importantly, to invest in solutions improving the world for humanity. Our evolution requires new technologies that are essential for mankind and world order, namely clean and abundant energy, advanced manufacturing and resource extraction techniques on earth and in space, and next generation defense and security technologies. As the first and longest-enduring seed-stage venture firm in Los Angeles, Crosscut has paved a path to pursue this thesis and I’m confident it will uncover the next generation of visionary frontier tech entrepreneurs.”

As a Founding Partner and Managing Director of Yield Capital Partners, a firm he founded in 2013, and as Founder and Portfolio Manager at Wolfacre Global Management, a Tiger Management hedge fund, Jon’s investment experience includes startups and fully-scaled companies in sectors such as energy technologies and digital infrastructure, positioning him as a leader in fostering climate solutions.

“We’re delighted to welcome Jon to the Crosscut team as we deepen our commitment to tackling some of the most pressing issues of our time,” said Brian Garrett, Managing Director and Co-Founder of Crosscut Ventures. “Jon’s extensive experience in climate and digital infrastructure investments, coupled with his impressive track record of bringing groundbreaking technologies to market, makes him the ideal partner to help lead our focus. His leadership will be instrumental as we support founders who are reimagining energy, sustainability, and the future of technology at scale. We couldn’t be more excited to have him on board as we enter this new chapter for Crosscut.”

This appointment is aligned with Crosscut’s recent investment thesis evolution, as the firm targets frontier tech sectors including space, defense, resource extraction and the energy transition. Moving forward, Crosscut will exclusively focus its capital and company-building efforts on scalable solutions that address sustainability, security, and technological advancement on a global scale with a broader offering that includes financing solutions through growth and commercial scale. For more information, please www.crosscut.vc.

About Crosscut Ventures

Crosscut Ventures, one of LA’s longest-standing seed funds, invests in founders building solutions that provide humanity with a better future. Crosscut partners with founders focused on clean energy generation and power distribution, the commercialization of frontiers in space, the ocean, and the earth, decarbonization, and the upgrading of the U.S.’s defense systems. The firm is committed to using its 16+ years of experience, widespread connectivity, and proven playbooks to bring companies to commercial viability for the betterment of humanity.

For more information, visit www.crosscut.vc.

SOURCE Crosscut Ventures

Significant international investment defies sector trend

PHILADELPHIA, Dec. 23, 2024 — Today, GEMMA Biotherapeutics (“GEMMABio”) – a new therapeutics company founded by gene therapy pioneer Dr. Jim Wilson – announced the completion of a $34 million seed funding round to accelerate its groundbreaking gene therapy initiatives.

The $34 million seed round was co-led by Double Point Ventures, Bioluminescence Ventures and Earlybird Venture Capital, with additional backing from Savanne Life Sciences. This funding will fuel GEMMABio’s operational expansion and innovative gene therapy programs.

“We are delighted by the enthusiastic support from our engaged and high-quality partners, who share our vision for the future of gene therapy,” said Dr. Jim Wilson, President and CEO of GEMMABio. “Their involvement comes at a pivotal moment in the industry, and together, we are committed to expanding and speeding access to affordable gene therapies for the patients who need them most.”

GEMMABio is at the forefront of advancing gene therapy research, with a focus on accelerating the development and delivery of life-changing therapies to patients worldwide.

“We are excited to be part of GEMMABio’s journey from the outset, as the company is positioned for success with its technologies, continued innovation and unique partnerships,” said Campbell Murray, Senior Partner at Bioluminescence Ventures. “We are confident that GEMMABio’s patient-centered approach will not only deliver life-saving gene therapies to those who need them most but also drive meaningful value for shareholders.”

Since its launch on October 1, 2024, GEMMABio has several active programs, including a recently announced collaboration with Fiocruz, the main supplier of immunobiologics, biopharmaceuticals and diagnostics to the Brazilian Ministry of Health.

“GEMMABio’s innovative technology platform and ambitious mission to transform patient care make it a compelling partner,” said Florent Gros, Partner at Earlybird Venture Capital. “As the company accelerates the development and delivery of life-changing therapies, we are proud to support its journey to bring transformative solutions to patients worldwide.”

As GEMMABio continues to build momentum, the company is actively seeking strategic partners to collaborate on its mission to bring innovative therapies to market.

About GEMMABio

GEMMABio is a therapeutics company focused on advancing research and global access to life-changing advanced therapies for those living with rare diseases. The company will provide research and product development functions to bring gene therapy discoveries from the bench to the bedside faster and affordably.

GEMMABio is led by gene therapy industry pioneer Jim Wilson and his team of experts, who previously conducted their work in academia. Wilson is also the Chairperson of Franklin Biolabs, a Contract Research Organization that provides a full range of services from discovery to clinical vector manufacturing to the global genetic medicines industry.

For more information, please visit gemmabiotx.com.

Contacts:

Kristen Love

[email protected]

SOURCE GEMMA Biotherapeutics

Company Launches ION Marketplace for Application Developers and Integration Partners

LOS ANGELES, Dec. 23, 2024 — First Resonance, a leader in digital manufacturing solutions, announced the successful close of its latest funding round, led by Third Prime, with support from Craft Ventures, Blue Bear Capital, and E12. This investment, which brings total funding raised to $32M, marks a critical step in advancing First Resonance’s ION Factory OS platform, introducing new levels of efficiency, responsiveness, and sustainability to manufacturing. The funding will fuel product development, expand customer support, and launch the ION Marketplace — a dynamic ecosystem for application developers and integration partners to build digital solutions on ION Factory OS.

Customer Success and Industry Traction

First Resonance’s ION Factory OS platform has seen rapid adoption across diverse industries as manufacturers turn to the platform to meet modern production demands with precision and agility. The platform is a critical enabler for leading companies building advanced aircraft, advancing towards FAA certification of electric aircraft; Saronic, innovating autonomous modular boats to support America’s evolving maritime needs; and Radiant Nuclear, designing and certifying micro-nuclear reactors to address defense and civilian energy requirements. First Resonance has also partnered with established firms like Blue Canyon Technologies (RTX Corporation) and several other Fortune 500 companies seeking to elevate their manufacturing capabilities through digital solutions.

“We are proud to partner with pioneering manufacturers to help drive the future of digital manufacturing,” said Karan Talati, CEO of First Resonance. “ION Factory OS is enabling our partners to tackle complex challenges with agility and digital intelligence. Our platform isn’t just technology; it’s a tool for industry resilience, leadership, and transformation to address today’s most critical societal challenges.”

Market Tailwinds and the Imperative for Digital Transformation

The industrial landscape is at a pivotal juncture, with rising labor costs, increasing global competition, and the need for resilience underscoring the importance of digitization. As initiatives like the Inflation Reduction Act (IRA) and U.S. defense procurement priorities prompt a shift towards more agile, adaptable manufacturing, First Resonance is poised to meet these demands with solutions that accelerate automation and increase productivity.

Mr. Talati continued, “When we founded First Resonance in 2019, we anticipated the demand for more responsive, tech-enabled manufacturing. This vision is now a reality, validated by market trends and increasing customer demand across sectors.”

New Investment to Accelerate Digital Manufacturing

This recent funding round, led by Third Prime, reflects growing investor confidence in the future of manufacturing technology and the ION Factory OS platform. With participation from existing investors Craft Ventures and Blue Bear Capital, along with new investors Fortitude, Emerson Ventures, and E12, the investment underscores the venture community’s commitment to innovation in manufacturing and its potential for transformative impact.

“First Resonance’s track record of rapid customer adoption and their forward-thinking approach in launching the ION Marketplace position them as a leader at the forefront of the digital manufacturing revolution. We believe in their vision to bridge traditional manufacturing with cutting-edge technology and their unique market approach in helping companies tackle national security and the energy transition,” said Third Prime General Partner Mike Kim.

The Horizon: Introducing ION Marketplace and AI-Driven Manufacturing Workflows

First Resonance is further expanding its network of integration partners to bring digital solutions to a broader set of manufacturers, connecting the industrial base with the transformative capabilities of ION Factory OS.

With the ION Marketplace, First Resonance is establishing a hub for developers, systems integrators, and software partners to create tailored applications that enhance manufacturing operations. The marketplace will empower manufacturers to customize their digital capabilities, aligning them with specific industry needs and operational goals. Launch partners such as Silkline, Hadrian, and Duro already offer innovative solutions on the ION Factory platform, and the ION Marketplace ecosystem is open to additional developers. Application developers and integration partners are invited to sign up to list their solutions on the ION Marketplace starting today.

“Our initial launch partners and the success our customers are experiencing with their solutions validate our approach in opening up the ION Marketplace to more integration partners, as well as developers who want to build solutions for manufacturers using the data on the ION platform, providing a streamlined UX for the end-customer,” said First Resonance’s Head of Product, Manav Sanghvi.

Additionally, First Resonance is accelerating its development of AI-driven manufacturing workflows, providing customers with proactive, integrated AI capabilities that streamline operations and reduce redundant tasks. Unlike standalone AI models, First Resonance’s approach embeds intelligent automation into day-to-day workflows, enhancing productivity and responsiveness.

“AI for manufacturing goes beyond isolated models—it’s about embedding intelligence into workflows that advance operations seamlessly,” Mr. Talati noted. “With secure, proactive AI workflows, First Resonance is leading the transformation of the manufacturing industry.”

This funding will enable First Resonance to deepen customer support and enhance platform reliability while fueling continued product innovation.

About First Resonance

Founded in 2019, First Resonance is redefining manufacturing for the 21st century with ION Factory OS, a platform that enables global manufacturers to operate with agility, efficiency, and digital intelligence. Supporting over 50 manufacturers globally, the ION Factory OS empowers manufacturers across aviation, defense, energy, and more. With support from its investors and integration partners, First Resonance is committed to shaping the future of manufacturing technology and driving a safer, more sustainable industrial landscape.

For more information and to explore the ION Marketplace, please visit https://www.firstresonance.io/.

For press inquiries please contact: [email protected]

SOURCE First Resonance

WHITE PLAINS, N.Y., Dec. 23, 2024 — Royal Health Inc, a leading provider of advanced radiology software and workflow solutions, today announced the successful close of a minority investment, led by HealthQuest Capital, a leading growth capital firm focused on investing in transformative healthcare companies. Although the funding amount remains undisclosed, this recapitalization resulted in a near eightfold increase in enterprise valuation since the entry of Royal Health’s 2019 investors.

This strategic investment will enable Royal Health to scale its operations. It will also enhance the company’s technology offerings. Additionally, it will support expansion in both U.S. and international markets.

Royal Health is renowned for pioneering solutions that optimize radiology workflows and elevate patient care. The company is well-positioned to lead innovation in an industry experiencing rapid transformation.

Peter Nassif, CEO and Founder of Royal Health Inc, commented:
“This partnership with HealthQuest Capital represents a significant milestone for Royal. Their expertise and shared commitment to advancing healthcare align perfectly with our mission to revolutionize radiology with smarter, more efficient solutions. This investment will allow us to accelerate delivering exceptional value to imaging centers, healthcare providers and patients”

HealthQuest Capital’s investment reflects its confidence in Royal Health’s ability to address critical challenges in radiology, including operational efficiency, staffing shortages, and improving the patient’s experience.

Sharath Reddy, Partner at HealthQuest Capital, stated:
“Royal Health Inc is at the forefront of transforming radiology with cutting-edge technology that enhances workflows and delivers better outcomes for both patients and providers. We’re proud to support their continued growth and innovation as they redefine the future of radiology.”

The investment will drive advancements in Royal Health’s product portfolio. It will also accelerate research and development efforts. Additionally, it will enhance the company’s ability to support healthcare providers navigating complex radiology landscapes.

Peter Nassif concluded:

“This marks an exciting new chapter for Royal Health. With HealthQuest Capital’s partnership, we are poised to accelerate innovation, expand our reach, and continue delivering cutting-edge solutions that transform radiology. Together, we’ll empower providers to operate more efficiently and improve the patient experience, shaping the future of healthcare.”

About Royal Health Inc

Royal Health Inc delivers innovative, cloud-based workflow solutions tailored for healthcare providers, particularly in radiology. With a full suite of integrated tools spanning the entire radiology workflow—from pre-visit processes through to revenue cycle and analytics—Royal Health enables organizations to streamline operations and elevate quality of care. Royal Health is known for its customer-focused approach and scalable solutions. The company is dedicated to driving efficiency and reliability for healthcare providers of all sizes including both independent facilities and complex, multi-site systems.

About HealthQuest Capital

HealthQuest Capital is a private asset firm that provides capital to transformative healthcare companies. HealthQuest Capital focuses on commercial prospects that drive enhanced patient outcomes and elevate the efficiency of healthcare delivery. With approximately $2 billion in capital under management, the firm focuses on fostering innovation across the healthcare spectrum, including medical technologies, diagnostics, digital health, and innovative services. The HealthQuest Capital team combines decades of investing experience with domain expertise in the various aspects of the healthcare industry. For more information, visit www.healthquestcapital.com.

For more information, visit https://royalemr.com/ or contact 347-773-2219 or [email protected].

SOURCE Royal Health Inc

AI-Based Intelligent Automation Leader to Accelerate Innovation, Invest in Customer Success and Expand Market Reach

AUBURN, Calif., Dec. 23, 2024 — HuLoop Automation, the leader in radically simple, fast, and affordable AI-powered intelligent automation, today announced the successful closing of its Series A funding round.  While the specific terms aren’t being announced publicly, the round was led by San Francisco, California-based Mighty Capital, with significant participation from Folsom, California-based Moneta Ventures, which led HuLoop’s prior round.

This funding marks a major milestone for HuLoop as it accelerates its mission to simplify automation and empower businesses in key underserved segments like banks, credit unions, collections and retail enterprises. The investment will fuel the expansion of its team, enhance its unified automation platform, and drive customer growth and expansion.

“At HuLoop, we are committed to transforming key industries by making intelligent automation radically simple, fast, and affordable for businesses of all sizes,” said Todd P. Michaud, CEO of HuLoop Automation. “This latest round positions HuLoop to achieve even faster growth, faster innovation, and greater benefits for our customers.”

“HuLoop’s innovative approach, which blends cutting-edge AI with human-in-the-loop processes, represents the future of intelligent automation. Mighty Capital invests in companies with exceptional products because we believe the best product wins, and HuLoop is no exception,” said SC Moatti, Founder and Managing Partner at Mighty Capital.

Moatti, who also founded Products That Count, a large, global network of product managers, leverages this network to identify and invest in emerging innovation companies with strong product-focused strategies. “Our members are very focused on vertical AI solutions, particularly those centered on shaping the future-of-work and we believe that HuLoop is well-positioned to fill this market need,” said Moetti.

HuLoop defines its Unified Automation Platform as a single, integrated solution that combines multiple automation technologies—such as robotic process automation (RPA), workflow orchestration, intelligent document processing, and testing—into a cohesive system. This platform enables organizations to streamline complex business processes, reduce manual effort, and drive efficiency across the enterprise, while ensuring human-in-the-loop oversight to balance automation with human judgment.  The company has grown rapidly over the past two years, now serving more than 60 customers primarily in the financial services and commerce sectors.

“HuLoop’s success in the community banking sector reflects a pragmatic, cost-effective approach to technology adoption for productivity gains,” said Charles Potts, executive vice president and chief innovation officer for the Independent Community Bankers of America. “By combining automation with human intelligence, their human-in-the-loop process streamlines mundane tasks, allowing staff to focus on more critical customer interactions.”

The capital infusion will be primarily focused on helping HuLoop to accelerate product innovation, invest in customer success, and expand its market reach, helping customers’ companies unlock their productivity potential.

“I’d like to thank Mighty Capital, Moneta Ventures, our Founding Stakeholders, and all our investors for their belief and confidence in HuLoop. Your financial and strategic support is going to help us deliver innovative automation solutions that drive more success for our clients,” said Michaud.

About HuLoop Automation
HuLoop Automation delivers AI-powered intelligent automation solutions designed to boost productivity for companies of all sizes. Its Unified Automation platform provides businesses with tools to discover, automate, and test processes seamlessly. The platform includes three core modules: Intelligent Productivity Discovery, which empowers organizations to identify and prioritize automation opportunities with actionable insights; Intelligent Process Automation, which streamlines workflows by automating repetitive, manual tasks across systems and departments; and Intelligent Test Automation, which enhances quality assurance with automated testing for software, ensuring faster deployment cycles and higher reliability.

HuLoop’s no-code platform leverages advanced technologies such as process and task mining, robotic process automation (RPA), intelligent document processing (IDP), workflow, automated testing, using applied and generative AI, and complemented by human-in-the-loop features. These innovations enable businesses to achieve new levels of efficiency and success, empowering their workforce to focus on high-value tasks and drive transformative outcomes.

Media Contact:
Erin Leventhal
(858) 522-0357
[email protected]

SOURCE HuLoop Automation, Inc.

BROOKLYN, N.Y., Dec. 20, 2024 — Today, Brooklyn Artificial Intelligence Research (“Brooklyn“) announced the closing of a strategic funding round led by Atypical Ventures, with participation from S&P Global Ventures, the CEO of the Hantz Group, and asset and wealth management executives.

Brooklyn’s innovative multi-asset direct indexing platform enables asset managers and independent RIAs to scale personalization and tax management across equities and fixed income within a single custodian account. The platform is delivered either as a white-label technology solution or as a subadvisory service through Brooklyn Investment Group, LLC, a registered investment adviser.

“Our vision is that tech-powered managed accounts will fundamentally transform the asset management industry,” said Erkko Etula, CEO and Co-Founder of Brooklyn. “As the demand for our platform continues to accelerate, strategic alignment with investors who share this vision will strengthen our ability to serve clients and to advance the industry-wide shift toward personalized and tax-managed investing.”

“At Atypical, we invest early in transformative companies and stay deeply engaged throughout their journey. Brooklyn exemplifies our approach—a non-obvious technical advantage paired with an empathetic team that is delivering tangible client value,” said Chris Wake, Managing Partner at Atypical. “We’re proud to have catalyzed this round to scale Brooklyn’s platform and expand its positive-sum impact, empowering asset managers and growing the market for personalized, tax-managed investing.”

“Technology is the new wrapper for customized portfolios,” added Erkko Etula. “Unlike ETFs and mutual funds, our tech-powered managed accounts ecosystem enables our investment advisors to deliver customized investment solutions and tax alpha across equities and fixed income to each client, while continuing to scale growth.”

In September this year, Brooklyn Investment Group and S&P Dow Jones Indices (“S&P DJI”), a division of S&P Global, announced the launch of MyIndex, a customizable version of S&P DJI’s market-leading indices offering, on Brooklyn’s managed accounts platform.

“S&P Global is pleased to support this stage of Brooklyn Artificial Intelligence Research’s growth,” said Dan Draper, Chief Executive Officer at S&P Dow Jones Indices. “This investment aligns with our company’s commitment to power the markets of the future by offering innovative ways to expand access to our trusted benchmarks and data, addressing the evolving needs of the next generation of investors and market participants.”

Brooklyn’s client base features dozens of RIA firms, as well as asset managers whose assets total over $2 trillion.

To learn more about the BKLN, its technology, and career opportunities, visit BKLN.com, LinkedIn, or reach out to us at [email protected].

About Brooklyn Artificial Intelligence Research and Brooklyn Investment Group, LLC:

Brooklyn Investment Group is an SEC-registered investment adviser that combines artificial intelligence with institutional-grade portfolio optimization and automated tax-loss harvesting to power personalized portfolios for its clients, which include asset and wealth management firms. Registration with the SEC does not imply a certain level of skill or training, nor does it constitute an endorsement by the SEC. Brooklyn Investment Group is wholly-owned by Brooklyn Artificial Intelligence Research (d/b/a of Skopos Labs, Inc.), a technology company.

The information contained above is provided for informational and educational purposes only. It does not constitute an offer for either services or investment, and nothing contained herein should be construed as investment advice, either on behalf of a particular financial product or an overall investment strategy. By this release, Brooklyn Investment Group, its affiliates, and its licensors do not make any recommendation to buy or sell any financial product or any representation about the financial condition of any company or fund. Actual results may differ materially from those expressed or implied. Past performance is not indicative of future results, and all investment strategies involve the risk of loss. Investors should undertake their own due diligence and carefully evaluate companies before investing. ADVICE FROM A SECURITIES PROFESSIONAL IS STRONGLY ADVISED.

Media Contact: [email protected]

SOURCE Brooklyn Investment Group

The round is led by Lux Capital, with participation from Elad Gil, Anthropic & Menlo Ventures Anthology Fund, McKesson Ventures, Avichal Garg/Electric Capital, Moxxie Ventures, Carbon Silicon Ventures, and leaders in AI and life sciences – Othman Laraki (CEO Color Health), Fidji Simo (CEO Instacart, Co-founder Metrodora Institute, OpenAI Board), Mike Nohaile (CEO Prellis Biologics, previously Amgen & Novartis Executive), Kristen Fortney (CEO BioAge), Eric Morgen (COO BioAge), Qasar Younis (CEO Applied Intuition), Linus Upson (Verily), and Jeffrey Low (Life sciences investor).

“At Lux, we fund businesses that turn science fiction into fact. Bluenote is enabling exactly that type of breakthrough innovation—leveraging cutting edge AI to radically reduce the overhead and manual workflows to bring pharmaceutical products into the hands of patients sooner,” said Deena Shakir, General Partner at Lux Capital. “The team represents inimitable industry expertise and technical sophistication, and their traction and high praise from customers speak for itself.”

Bluenote’s Generative AI Technology Platform Streamlines Regulatory & Compliance Workflows

Companies in the life sciences industry are heavily regulated, and need to invest significant time and resources to fulfill their regulatory and compliance obligations. While the regulatory framework is in place to ensure patient safety, clinical efficacy, and consistent product quality, the work required to produce compliance documentation is time-consuming and largely manual. Following a clinical trial’s completion, companies typically spend 8-9 months preparing regulatory submissions¹. Across the industry, thousands of scientists, engineers, and development professionals spanning multiple functions – research, clinical, manufacturing, regulatory and quality – dedicate significant time to produce thousands of pages for regulatory filings and manage complex interdependencies between protocols, technical reports and compliance requirements. This time could instead be redirected towards scientific research and product development to bring new breakthroughs to patients.

Bluenote has developed a generative AI technology platform for life sciences companies to streamline regulatory workflows and bring their breakthroughs to patients sooner. Today, the platform’s most widely used applications focus on producing regulatory filings, technical reports, protocols, Standard Operating Procedures (SOPs), validation reports, risk analyses, manufacturing documentation and more. Bluenote has deployed 15+ applications for scientists, engineers, quality, regulatory and manufacturing teams. Bluenote has developed fine-tuned models that are 90% preferred over off-the-shelf models. The company is rapidly expanding the number of applications on its platform.

Bluenote is Increasing the Accuracy, Reliability & Timeliness of Regulatory Filings, and Helping Companies Accelerate Time to Market

“Within the healthcare industry, we face extensive regulatory requirements and documentation that must adhere to numerous guidelines and regional laws. At Guardant Health, we have been pleased with Bluenote’s generative AI capabilities to streamline these time-intensive and complex tasks—ranging from scientific research papers, study reports, and software development documentation critical to regulatory filings,” said Kenny Speer, Vice President, Bioinformatics and Software Engineering at Guardant Health. “Bluenote’s technology not only helps the accuracy, reliability, and timeliness of our documentation, but also flags areas that need human-in-the-loop review. This heightened confidence in our submissions ultimately improves completeness, reduces time-to-market, and supports better patient care outcomes.”

“Companies spend an inordinate amount of time and resources producing thousands of pages for regulatory filings. Hundreds of people are involved across R&D, clinical, manufacturing, regulatory,” said Mike Nohaile, CEO of Prellis Biologics, and previously executive at Amgen and Novartis. “Every week a process development scientist spends on documentation is a week they are not optimizing the drug product. You want your clinical teams focused on opening study sites, not filling in regulatory filings. Now companies can automate this time-intensive work with Bluenote, and focus on critical development activities.”

“Life sciences leaders are moving quickly to deploy generative AI across dozens of workflows. In this industry, every day counts. Each day a breakthrough therapy or device is not in the hands of clinicians and patients is a lost opportunity to save lives,” said Fatima Sabar, Bluenote Co-founder & CEO. “Bluenote’s AI agents are being integrated into laborious workflows to accelerate time to market and increase operational excellence.”

Bluenote has Developed a Secure Generative AI Platform that is Tailored to the Life Sciences Industry:

• Accuracy and verifiability of AI outputs
  • Bluenote’s product is engineered to include only factual details from traceable primary sources, combining guardrails with custom Large Language Models (LLMs), and inserting call-to-action placeholders for human reviewers to provide details where additional context is needed.
• Customized outputs via proprietary datasets, connectivity to data lakes & a multi-model approach
  • Bluenote developed domain-optimized Retrieval-Augmented Generation (RAG) that ingests data from various data lakes and third party applications, accurately processes the datasets, including industry-specific edge cases, and indexes them to support unique application requirements.
  • Bluenote finds that there is no one-size-fits-all model, and instead, combines the best models from Anthropic, OpenAI, Google, and its own fine-tuned models based on proprietary datasets. With new models regularly entering the market, Bluenote continuously evaluates and updates model configurations to ensure that customers are among the first to benefit from the latest advances.
• Single, secure platform that powers multiple workflows and functions
  • There are compounding benefits to having a single platform running AI applications instead of multiple vendors for each. The same proprietary knowledge base is used for multiple applications. The outputs from one workflow become inputs into another, enabling the propagation of changes. In addition, customers prefer to consolidate their proprietary data within a single, secure environment for simplicity.

With the new financing, Bluenote is rapidly expanding its platform to support additional mission-critical, time-intensive workflows, and enabling life sciences companies to bring their breakthroughs to patients sooner.

Life sciences leaders can request a demo at https://www.bluenotehealth.com/.

¹ [Article] Getting strategic about new-product submissions in the pharma industry.

Contact:
Fatima Sabar
[email protected]

SOURCE Bluenote

• The funding may increase to NIS 107M to support the expansion of the facility in collaboration with the “Tkumah” administration, post-war.
• The funding includes investments from key shareholders of the company, including CEO Alexander Rabinovich, as well as lead investors Yaron Yakobi and Tzahi Hagag who will become significant shareholders.
• Funding also includes a loan from a major Israeli bank.
• Completing the post-war damage recovery processes will enable the company to return to profitable growth without further delay, including exercising the cookies agreement and expanding international operations in Germany, the UK, and Australia.
• The Company anticipates receiving additional substantial payments from the Israeli authorities, as part of the full compensation for war related damages, including loss of profits the Company is entitled to.

NEW YORK and HERZLIYA, Israel, Dec. 20, 2024 — InterCure Ltd. (NASDAQ: INCR) (TASE: INCR) (dba Canndoc) (“InterCure” or the “Company“), is pleased to announce that further to the Company’s prior reports regarding the war-related damages and the reconstruction efforts of its facility in Kibbutz Nir Oz, the Company was successful in obtaining funding commitments of NIS 66 million (approximately USD 18.2M), which may increase to NIS 107 million (approximately USD 29.8M).

The funding includes a commitment by certain investors, including the Company’s Chief Executive Officer, Mr. Alexander Rabinovich, and two existing shareholders, Mr. Yaron Yakobi and Mr. Tzahi Hagag, who, as a result of the investment, will each hold more than 5% of the Company’s issued and outstanding share capital (collectively, the “Investors”) to purchase ordinary shares of the Company by way of a private placement (the “Private Placement”). In the Private Placement, InterCure has agreed to issue to the Investors (i) an aggregate of 7,349,896 ordinary shares of the Company, at a purchase price of NIS 4.83 (approximately USD 1.34) per ordinary share, at a premium above the opening price of InterCure’s ordinary shares on the Tel Aviv Stock Exchange on the morning of Monday, December 16, 2024, which was NIS 4.81 per share (the “Determining Date”) and (ii) warrants (the “Warrants”) to purchase up to an additional 7,349,896 ordinary shares of the Company at an exercise price equal to NIS 5.70 (approximately USD 1.58) (the “Exercise Price”), at an 18% premium above the opening price of InterCure’s ordinary shares on the Determining Date, which may further increase the proceeds from the Private Placement up to a total of approximately NIS 77 million (approximately USD 21.5M) if the Warrants are fully exercised in cash. All of the issued securities shall be restricted under the Nasdaq rules. The consideration for the allocated securities was determined through negotiations between the Company and the Investors, based on the opening share price on the Determining Date. The Private Placement is subject to certain closing conditions, which include the approval of the shareholders of the Company.

In addition, the Company received a binding commitment from one of the leading banks in Israel, to provide the Company with a loan of NIS 30M (approximately USD 8.3M), for a period of up to 24 months (the “Loan”). The Loan is subject to certain closing conditions, including closing the Private Placement.

“This investment marks a pivotal moment for InterCure, delivering the momentum needed to reignite our growth and drive us forward,” said Alexander Rabinovich, CEO of InterCure. “Following a challenging period with our Southern Facility in Kibbutz Nir Oz, this funding, represents a huge vote of confidence from investors who believe in the Company’s growth strategy, alongside one of the leading banks in Israel. We believe this investment will enable us to strengthen our position in Israel and drive our expansion into key international markets, with a focus on Europe and Germany particularly. We remain hopeful for a swift end to the ongoing war and the return of all hostages, including our employees and our close friends from the kibbutzim surrounding the Gaza strip, to their homes and we are confident in our ability to contribute significantly to the post-war recovery efforts of such area. We expect that this funding will empower us to complete our recovery, and drive InterCure’s return to growth and profitability through the year 2025.”  

Under Israeli law, the Company’s Southern Facility, located in an area impacted by the terrorist attack and the war in Gaza, is entitled to full compensation for all direct and indirect damages incurred, including loss of profits. To date, the Company has received advance payments totaling tens of millions of NIS from Israeli authorities as part of this compensation. These advances, which represent only a small portion of the Company’s total damages, have supported the initial phases of the ongoing restoration efforts. However, given the prolongation of the war and the fact that the last significant advance was received from the Israeli authorities only in April 2024, the current funding, will enable the Company to successfully advance its recovery and restoration efforts without further delays. We expect that this funding will position the Company to return to the growth and profitability rates it achieved prior to the war, during the year 2025. The Company anticipates receiving additional substantial payments from the Israeli authorities, to which the Company is entitled to, and is working closely with its professional advisors and the authorities to receive these payments.

Additionally, in collaboration with “Tkumah Administration” and other authorities in Israel, the Company is working to significantly develop and expand its Southern Facility immediately upon the conclusion of the Gaza war as part of its recovery efforts for the kibbutzim surrounding the Gaza strip. This expansion aligns with InterCure’s global growth strategy, which includes doubling production capacity in Israel and enhancing our portfolio of high-quality products using advanced technologies, targeted at developing markets globally, including Germany, the UK, Australia, and more.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the ordinary shares or warrants in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About InterCure (dba Canndoc)

InterCure (dba Canndoc) (NASDAQ: INCR) (TASE: INCR) is the leading, profitable, and fastest growing cannabis company outside of North America. Canndoc, a wholly owned subsidiary of InterCure, is Israel’s largest licensed cannabis producer and one of the first to offer Good Manufacturing Practices (GMP) certified and pharmaceutical-grade medical cannabis products. InterCure leverages its market leading distribution network, best in class international partnerships and a high-margin vertically integrated “seed-to-sale” model to lead the fastest growing cannabis global market outside of North America.

For more information, visit www.intercure.co.

Forward–Looking Statements

This press release contains forward-looking statements that are subject to substantial risks and uncertainties. Forward-looking statements may include, but are not limited to, the Company’s success of its global expansion plans, its expansion strategy to major markets worldwide, the inability to successful complete the proposed transaction; statements relating to the security events in Israel, as well as statements, other than historical facts, that address activities, events or developments that InterCure intends, expects, projects, believes or anticipates will or may occur in the future. These statements are often characterized by terminology such as “believes,” “hopes,” “may,” “anticipates,” “should,” “intends,” “plans,” “will,” “expects,” “estimates,” “projects,” “positioned,” “strategy” and similar expressions and are based on assumptions and assessments made in light of management’s experience and perception of historical trends, current conditions, expected future developments and other factors believed to be appropriate. Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such statements. Many factors could cause InterCure’s actual activities or results to differ materially from the activities and results anticipated in forward-looking statements, including, but not limited to, the following: the successful completion of the proposed transactions, the Company’s success of its global expansion plans, its continued growth, the expected operations, financial results business strategy, competitive strengths, goals and expansion and growth plans, expansion strategy to major markets worldwide, the impact of the COVID-19 pandemic, the impact of the war in Israel and the war in Ukraine and the conditions of the markets generally. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond InterCure’s control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to: changes in general economic, business and political conditions, changes in applicable laws, the U.S. regulatory landscapes and enforcement related to cannabis, changes in public opinion and perception of the cannabis industry, and reliance on the expertise and judgment of our senior management. More detailed information about the risks and uncertainties affecting us is contained under the heading “Risk Factors” included in the Company’s most recent Annual Report on Form 20-F and in other filings that we have made and may make with the Securities and Exchange Commission in the future.

Contact:

InterCure Ltd.
Amos Cohen, Chief Financial Officer
[email protected]

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SOURCE InterCure Ltd.