NEW YORK, Dec. 5, 2024 — Sage, the leading operations management platform for senior living, has raised $35 million in Series B funding led by IVP, with participation from Friends & Family Capital and PLUS Capital. Existing investors Maveron, Goldcrest Capital, Distributed Ventures, and ANIMO Ventures also participated.

With hundreds of communities across 26 states already benefiting from Sage’s platform, this funding enables Sage to expand its reach across senior living. As the first cloud-based operations system in the senior living space, Sage allows communities to instantly access actionable data, helping them drive better resident care, optimize staffing, and deliver meaningful insights to improve efficiency and quality of life.

Purpose-built by people who have had experiences with senior living, Sage is uniquely aware of industry-wide challenges such as an 85% turnover rate for senior living caregiving positions. The Sage operating team’s deep ties to the industry ensures that the platform meets the unique needs of caregivers, operators, and families alike, yielding improved outcomes for residents and reducing staff turnover by an average of 20% in communities using Sage.

“At Sage, our goal is to be the operational backbone for all long-term care communities,” says Raj Mehra, Co-Founder and CEO at Sage. “Our platform helps caregivers respond faster—decreasing response times from an average of 20 minutes to under 8 minutes. Those minutes save lives: we helped operators triage 1.3 million care events this year alone. We also provide real-time insights into caregiver activity, which previously wasn’t possible. This operational visibility allows communities to improve staffing and reward exceptional caregivers. Ultimately, Sage helps senior living operators do good and do well, creating thriving environments where both residents and caregivers feel valued.”

This year alone, Sage has launched numerous features that elevate senior living operations, from intuitive caregiver tools enabling accurate, efficient care documentation to real-time insights that power smarter, more proactive operations. Sage is committed to being a trusted innovation partner that empowers senior living providers to meet evolving needs with confidence, equipping operators with the tools and insights needed to achieve success today and prepare for the future.

“Sage is tackling a big challenge as our population ages: easing the growing demands in the understaffed senior living industry. Caregivers and senior living operators rave about Sage because they’re bringing caregiving into the 21^st century, with technology to speed up life-saving care, data to facilitate better operations, and a modern platform that caregivers enjoy using,” says Eric Liaw, General Partner at IVP. “We’re partnering with Sage because this team is making a meaningful difference in the lives of caregivers and residents – and they’re just getting started.”

The $35 million Series B brings Sage’s total capital raised to $59 million, building on the $15 million Series A secured last year. This latest round will support Sage’s team growth, allowing the company to extend its reach to more communities and develop advanced product features. Enhanced by recent breakthroughs in AI, Sage’s data insights will drive life-saving, efficient, and financially impactful improvements across senior living.

Most communities still rely on paper records, post-it notes, and walkie-talkies, which places an added burden on caregivers, especially at the end of long shifts. By automating the data entry process, Sage not only eases caregivers’ workload but also delivers valuable data to senior living community operators that they can use to deliver lifesaving and preventative care while making their communities run more efficiently. “When a community uses Sage, staff retention rises, profits increase, and the quality of care improves,” says Mehra.

Michelle, a caregiver at Waterford at Plymouth, captures Sage’s impact: “With Sage, I can help a resident, click a button, add a quick note, and be done. It’s quick and easy. Before, I’d have to write everything out, often staying late just to finish. Now, if a family member questions their loved one’s care, we can show every instance, like shower times. We can’t forget. This is a game changer, and I wish more communities could experience it.”

About Sage

Sage is reinventing care for older adults and the caregivers who serve them. The industry’s first operations management platform for senior living, Sage replaces outdated infrastructure with modern technology and AI-driven insights that save lives, improve caregiver experiences, and help operators run more efficiently. For more information, visit www.hellosage.com.

SOURCE Sage

WANT YOUR COMPANY’S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

Led by Sapphire Ventures, the round will enable Tractian to drive innovation in Manufacturing AI and expand its reach as the trusted Industrial Copilot.

ATLANTA, Dec. 5, 2024 — Tractian, a leader in Manufacturing AI, secured $120M in Series C funding led by Sapphire Ventures, with participation from General Catalyst, Next47, and NGP Capital. This latest investment solidifies the Atlanta-based company as a key player in the industrial maintenance space.

This funding will accelerate Tractian’s mission to optimize machine performance and ensure unprecedented uptime. As the Industrial Copilot, Tractian stands out by providing integrated hardware and software solutions for industrial asset monitoring, physical operations, and maintenance management, helping companies ensure zero downtime and improve technicians’ productivity.

Tractian addresses an estimated 5% of global industrial GDP. For every $1,000 produced by the world’s factories, $50 is generated in environments that rely on Tractian solutions.

“We see Tractian as a transformative force in the industrial sector, addressing one of the most expensive challenges facing manufacturers today—unplanned downtime—with an AI solution that not only predicts issues, but drives operational ROI,” says Anders Ranum, Partner at Sapphire Ventures. “We’re thrilled to back Igor and the Tractian team, whose commitment to solving this problem stems from Igor’s firsthand experience growing up with a father who worked on a factory floor. We believe this passion makes them well suited to redefine industrial efficiency as we know it.”

Tractian has also earned it a spot as the only manufacturing-focused company on the Forbes AI 50 list, which highlights the most promising artificial intelligence companies globally.

Eliminating Industrial Downtime and Closing a Massive Skills Gap

Industrial maintenance is facing a growing crisis, with unplanned downtime now costing the world’s 500 largest companies 11% of their annual revenues—equivalent to $1.4 trillion (1). Recovery times have worsened dramatically, rising from an average of 49 minutes five years ago to 81 minutes today. This surge is fueled by systemic challenges: COVID has left critical skills gaps, while shifting global supply chains, compounding delays. Adding to the strain, modern equipment breakdowns have become harder to detect and repair.

“With an aging workforce and fewer younger workers entering the field, the gap between human expertise and machine understanding widens. This loss of analog, hands-on knowledge has left industrial operations struggling to maintain efficiency.” says Igor Marinelli, Tractian CEO and co-founder. “There is growing momentum for the reshoring of manufacturing in the U.S., as companies seek to reduce dependencies and build more resilient supply chains.”

Tractian streamlines maintenance and reliability into a cost-efficient, strategic advantage. Addressing downtime’s root causes, Tractian closes the human-to-machine knowledge gap and delivers tailored insights, by combining proprietary models and LLM to cross-examine machine utilization, OEM specifications, and user-specific operational demands.

Tractian continues to drive innovation with a team of 200+ engineers dedicated to R&D across data, software, and hardware. In 2024, the company filed 12 patents, highlighting its commitment to proprietary technologies. Tractian plans to expand its portfolio of patented solutions in 2025 while attracting top-tier talent in engineering, data science, and go-to-market teams.

1. Siemens Research. “The Impact of Downtime on Industrial Productivity.”

About Tractian

Tractian is the Industrial Copilot for manufacturing leaders, with a platform that empowers businesses to prevent unplanned downtime, boost operational efficiency, and enhance maintenance capacity. The company is headquartered in Atlanta, GA, and extends its presence globally with offices in Mexico City and Sao Paulo. Learn more at tractian.com.

About Sapphire

Sapphire is a global software venture capital firm with more than $10 billion in AUM and team members across Austin, London, Menlo Park and San Francisco. For over a decade, Sapphire has partnered with visionary management teams and venture funds to back companies of consequence. Since its founding, Sapphire has invested in more than 170 companies globally resulting in more than 30 Public Listings and 45 acquisitions. The firm’s investment strategies — Sapphire Ventures, Sapphire Partners and Sapphire Sport — are focused on scaling companies and venture funds, elevating them to become category leaders. Sapphire’s Portfolio Growth team of experienced operators delivers a strategic blend of value-add services, tools and resources designed to support portfolio company leaders as they scale.

SOURCE Tractian Technologies Inc

WANT YOUR COMPANY’S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

JFFVentures invests in Besolo to help freelancers and “solopreneurs” manage benefits, reduce taxes, and streamline business operations

BOSTON, Dec. 5, 2024 — JFFVentures, today announced its investment in Besolo from Fund II, a fast-growing startup that simplifies the often time-consuming back-office tasks for the growing population of self-employed workers and “solopreneurs”. Besolo’s platform, which integrates benefits (including healthcare, retirement, life, etc.), tax filings, accounting management, and compliance, generates more than $10,000 in annual tax savings for most of its members.

“The independent workforce is one of the most diverse–and fastest growing–segments of the U.S. economy. And it tends to skew towards younger workers, immigrants, lower-wage workers who have been chronically underserved by traditional back-office technology platforms,” said Yigal Kerzenbaum, managing partner at JFFVentures. “This is about enabling more Americans to achieve economic mobility by growing businesses and achieving success on their own terms. It’s about enabling self-employed workers to focus on their business rather than the back office.”

An estimated 41 million Americans now identify as one-person company owners, including a disproportionate share of immigrant workers. A recent survey found that 81% of these self-employed individuals feel the tax system does not adequately support them, and only 22% know how to maximize deductions and write-offs.

Besolo simplifies tasks like tax management, accounting, government compliance, payroll, and S-Corp formation, but most importantly it acts as a professional employer organization (PEO) — a company that provides full-service human resource outsourcing—for solopreneurs. The PEO structure empowers Besolo to offer its members a full suite of benefits options, including healthcare, retirement, life, supplementary, and pet insurance. In addition to reducing administrative burdens, Besolo helps entrepreneurs optimize financial management and gives the same level of benefit support that most receive from a normal employer. This will make independent work more viable and attractive for a wider range of individuals.

“Our vision is to make self-employment synonymous with independence and opportunity,” said Mark Jackson, CEO and co-founder of Besolo. “Self-employed individuals often face higher taxes, tax strategy complexity, limited access to benefits, and constant administrative hurdles. JFFVentures’ support will allow us to expand our impact and provide more solo entrepreneurs with the tools they need to simplify their work and thrive. We see Besolo as the complete operational foundation for the future of independent work.”

By drawing on the expertise and extensive networks of JFF, a 40 year-old nonprofit focused on driving transformation of the U.S. education and workforce systems, JFFVentures has access to unparalleled market and policy insights to support its portfolio companies. The firm independently operates and is strategically aligned to Jobs For Future, Inc., aims to provide competitive financial returns while doubling down on impact targets. Its investment in Besolo, the latest in its Fund II, comes on the heels of an investment in PACE.AI, an AI tool designed to help immigrants improve their English to speak more confidently at work.

Everywhere Ventures, New Stack Ventures and Service Provider Capital also participated in the round.

To learn more about Besolo.io visit here

About Besolo
Besolo is a future-of-work company fixing self-employment for businesses-of-one. Besolo is both the framework and the platform for access to benefits, maximizing tax savings, and drastically simplifying admin for self-employed solo professionals, who make up 84% of all small businesses in the USA. For more information, visit https://www.besolo.io/

About JFFVentures
JFFVentures is the nation’s leading early stage impact venture fund focused exclusively on next-generation HR, education, workforce and wraparound solutions with the potential to improve economic mobility for low-income workers.Learn more at https://www.jff.org/work/jff-ventures

SOURCE JFFVentures

WANT YOUR COMPANY’S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

Funding will be used to fuel nationwide expansion, product innovation and member experience, beginning with new clinic locations in Silicon Valley, Miami, and Texas

NEW YORK, Dec. 5, 2024 — Sollis Health, the first concierge medicine provider to offer its members 24/7 access to ER-level diagnostics and capabilities, today announced the completion of a $33 million Series B funding round, led by Foresite Capital with participation from Torch Capital, Montage Ventures, Friedom Partners, Read Capital, and One Eight Capital, among others. This new investment will accelerate Sollis Health’s mission to provide unparalleled personalized care through product and service innovations, while expanding access to new markets to meet increasing demand across the U.S.

As the first and only urgent and emergency concierge care provider, Sollis Health offers an innovative membership model that eliminates wait times and the complexities often associated with conventional healthcare. The company currently has state-of-the-art centers in New York, the Hamptons, Los Angeles, San Francisco, and South Florida.

Since Sollis raised its Series A round in 2021, the company has grown its membership by over 3x and is now in a unique position to expand its portfolio of services to meet the needs of new and existing customer segments in even more markets. This funding will be used to scale operations nationwide to meet this growing demand for 24/7 concierge partnership towards the resolution of any urgent or emergency issue. 

“Sollis has demonstrated an unwavering commitment to delivering high-quality, empathic care for their members at a time when so much of our industry lacks that personalized approach,” said Stephen Peterson, Partner at Foresite Capital. “This investment reflects our confidence in their vision and our belief in the potential for Sollis to drive meaningful change in how people of all ages experience care.”

“We are thrilled to welcome Foresite Capital to our board,” said Brad Olson, CEO of Sollis Health. “This investment will allow us to accelerate expansion and to offer new, innovative services to our members, providing the immediate, seamless, and personalized care they deserve – 24 hours a day, 365 days a year – for any issue that feels urgent to them.”

Funding from this round of investment will help Sollis Health continue to innovate on its core offering after earlier this year rolling out a Family membership tier nationwide and a Family+ membership in Los Angeles (which includes concierge pediatrics alongside the core urgent and emergency care offering). This investment will also allow Sollis to build proprietary technology that enhances its high touch member experience, as well as expand its footprint – with a new flagship in Texas, as well as new centers in Miami and Silicon Valley – and to further cement its position as the premier destination for on-demand medical care.

To learn more about Sollis Health and its membership tiers, visit www.sollishealth.com.

About Sollis Health:
Sollis Health is the only medical membership on-demand 24/7, 365. Having a Sollis membership is like having a doctor in the family: we strive to be your first call and greatest partner through any medical concern.

We work to expedite your path to treatment with unlimited access to our world-class ER-trained physicians and leading specialists, plus onsite advanced imaging and diagnostic capability (on par with a hospital ER). We have centers in New York, the Hamptons, Los Angeles, San Francisco, and South Florida, and are on-demand 24/7, 365 days a year for in-person and telehealth appointments: that’s anytime, anywhere – because when you’re not feeling well, it’s an emergency for us.

Sollis’ clinical practice is guided by the expertise of our National Medical Director, Dr. Scott Braunstein, who has over 20 years of experience leading Internal and Emergency Medicine at Cedars Sinai and UCLA, respectively. Dr. Braunstein was formerly the Airway Management Physician for the LA Rams, and has contributed to countless publications on the practice of Emergency Medicine. Each Sollis region also has a supporting regional medical director, including Dr. Erick Eiting, MD, MPH, MMM, in New York, who just recently joined Sollis Health from his post as a Professor of Emergency Medicine and Vice Chair of Operations for Emergency Medicine at Mount Sinai Downtown, which includes the Emergency Department at Mount Sinai Beth Israel and the Urgent Care Center at Mount Sinai Union Square in New York City.

About Foresite Capital:
Foresite Capital is a multi-stage healthcare and life sciences investment firm with more than $3.5 billion in assets under management. The firm aims to address areas of unmet medical need by funding promising healthcare and life sciences businesses at all stages of their life cycles. Founded in 2011, Foresite Capital is based in the San Francisco Bay Area, Los Angeles, and New York City. For more information, please visit www.foresitecapital.com.

Press Contact:

Kathryn White, [email protected]

SOURCE Sollis Health

WANT YOUR COMPANY’S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

PHOENIX, Dec. 5, 2024 — Trinity Capital Inc. (NASDAQ: TRIN) (“Trinity”), a leading provider of diversified financial solutions to growth-oriented companies, today announced the commitment of $20 million in growth capital to Steno, a tech-enabled provider of legal support and court reporting services.

Steno provides tech-based tools and solutions meant to streamline the litigation process, including court-reporting services, remote deposition software, deferred payment options, and custom legal technology. Founded by a trial attorney, a computer engineer, and an entrepreneur, Steno aims to help attorneys overcome the technological and financial hurdles of existing legal processes.

“Steno’s comprehensive product suite and bespoke solutions are aimed at modernizing the legal industry, striving to making the litigation process simpler and more efficient for attorneys,” said Bob D’Acquisto, Managing Director, Tech Lending at Trinity. “We are proud to partner with Steno as the company expands its reach and enhances its product offerings.”

This new growth capital formed part of Steno’s $46 million fundraise in May of 2024, and will enable Steno to continue scaling its business.

“We’re thrilled to partner with Trinity Capital to fuel our next phase of growth,” said Steno CEO Greg Hong. “With their investment, we’ll continue to push the boundaries of innovation and deliver cutting-edge solutions like Transcript Genius. Building on our 119% year-over-year growth, we’re excited about the future.”

About Trinity Capital Inc.

Trinity Capital Inc. (Nasdaq: TRIN), an internally managed business development company, is a leading provider of diversified financial solutions to growth-stage companies with institutional equity investors. Trinity Capital’s investment objective is to generate current income and, to a lesser extent, capital appreciation through investments, including term loans and equipment financings and equity-related investments. Trinity Capital believes it is one of only a select group of specialty lenders that has the depth of knowledge, experience and track record in lending to growth stage companies. For more information, please visit the Company’s website at www.trinitycap.com.

About Steno

Founded on the simple idea that deposition services shouldn’t be an obstacle when trying to win a case, Steno is at the forefront of the court reporting and legal technology industries. Steno focuses on providing attorneys with innovative tools and options that overcome the technological and financial hurdles that arise when proving a case. As a partner in the pursuit of justice, Steno understands the unique challenges faced by legal professionals and is committed to delivering practical, impactful solutions.

To learn more about Steno or to request information about its services, visit www.steno.com‍.   

SOURCE Trinity Capital Inc.

WANT YOUR COMPANY’S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

With a proven track record in retail tech, Pereg Ventures invests in Syte’s unique proprietary technology to propel its growth under the leadership of Ziv Ben-Barouch, Pereg Co-Founder and Syte’s new CEO.

NEW YORK, Dec. 4, 2024 — Syte, the only AI-powered product recommendation engine built from the ground up for apparel eCommerce, today announced that New York-based Pereg Ventures has acquired a controlling stake in the company. This strategic investment, led by Pereg and including Magma VC, MizMaa, and Stardom Ventures, marks the start of a transformative new chapter for Syte, now under the leadership of Ziv Ben-Barouch, Co-Founder of Pereg Ventures and Syte’s newly appointed CEO.

Pereg Ventures, recognized for its expertise in retail technology, has a proven track record of identifying and nurturing innovative companies to success. Notably, Pereg Ventures was an early investor in CB4, an AI retail analytics startup that was later acquired by Gap Inc. in October 2021. This strategic foresight underscores Pereg’s ability to spot and develop companies with significant growth potential. With Syte’s advanced proprietary technology, the company has become a leader in delivering highly relevant product recommendations that boost conversions, solve out of stocks, reduce bounce rates, supercharge email marketing, and increase revenue per user. Pereg recognized a unique opportunity to scale Syte’s impact and enhance its position as a trusted partner for global brands.

“As both a Co-Founder of Pereg Ventures and now the CEO of Syte, I’m excited to guide the company into its next phase of growth,” said Ziv Ben-Barouch. “At Pereg, we’ve always believed in finding companies that provide exceptional value to their customers. Syte’s proprietary AI technology gives it a true competitive edge in a world where commoditized AI solutions fail to meet the unique needs of the apparel sector. With this partnership, we’re combining Syte’s innovative solutions with Pereg’s deep retail expertise and guidance to deliver incredible value for our clients.”

Pereg Ventures has successfully scaled companies across the retail vertical bringing decades of industry experience to this new chapter for Syte. “Syte is unlike anything else in the market,” said Itzhak Fisher, Co-Founder and Managing Partner of Pereg Ventures and a newly appointed Syte board member. “Syte’s algorithms are trained to see products like people do, and they can see why you buy. Their ability to understand the nuances of apparel—like size, fit, color, occasion, material, and style—sets them apart from one-size-fits-all AI solutions. We’re bullish about Syte’s potential to lead the future of eCommerce recommendations and deliver significant value to fashion brands worldwide.”

Syte’s proprietary recommendation engine integrates seamlessly across eCommerce ecosystems, enabling brands, retailers, and marketplaces to deliver relevant suggestions everywhere customers engage—from product pages to “shop the look” features and personalized email campaigns. With Pereg Ventures’ strategic vision and Ziv’s leadership, Syte is positioned to expand its reach, optimize key eCommerce metrics, and redefine how apparel brands connect with customers.

“This is an exciting moment for Syte,” said Ziv Ben-Barouch. “We’re doubling down on our commitment to helping apparel brands create frictionless, impactful shopping journeys that drive conversions, reduce out of stocks, and improve the overall shopping experience. With Pereg’s expertise and Syte’s technology, we’re creating a winning formula for long-term success in eCommerce.”

About Syte
Syte is the only AI-powered product recommendation engine built from the ground up for apparel eCommerce, trusted by top brands like Perry Ellis, Hibbett Sports, Monoprix, and many more to boost conversions and drive sales. Their proprietary algorithms, trained on billions of shopper interactions, can see the unique attributes that drive apparel sales—size, fit, color, style, occasion, and more—and deliver highly relevant recommendations to shoppers. Syte seamlessly integrates across the eCommerce journey, from product description pages and ‘shop the look’ features to email marketing and checkout, helping brands cross-sell, upsell, solve out-of-stock challenges, and optimize product discovery to drive measurable sales growth. With more than 100 customers worldwide in apparel, footwear, jewelry, and home decor, the company is a trusted partner to the most innovative names in eCommerce.

For more information, please visit https://www.syte.ai/.

For media inquiries, please contact:
Matthew McAlister
VP, Marketing & Business Development
[email protected]

SOURCE Syte

WANT YOUR COMPANY’S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

MINNEAPOLIS, Dec. 4, 2024 — Saltbox Mgmt, a leader in Salesforce-based B2B and D2C digital commerce and order management, today announced the successful closure of its latest funding round. Led by Salesforce Ventures with follow-on investment from Traction Capital, this investment marks a pivotal moment for Saltbox Mgmt, positioning the company to accelerate growth and deepen its impact across the Salesforce ecosystem.

“This funding represents a significant milestone for Saltbox Mgmt,” said David Blue, Founder & CEO of Saltbox Mgmt. “Having Salesforce Ventures in our corner underscores their confidence in our vision and mission. This will help us get to the future, faster,” Blue continued. “We’re going to use it to accelerate growth, expand our offerings both in services and AI, and extend our reach. Our customers, partners, and employees will all see the benefits as we continue to help our customers use Salesforce to deliver modernized, omni-channel buying experiences.”

Founded in August of 2021, Saltbox Mgmt has quickly established itself as an innovator in the Salesforce partner ecosystem, offering connected Salesforce commerce and Customer360 solutions that help businesses deliver exceptional, omni-channel buyer experiences to their customers. This capital will further fuel Saltbox’s commitment to providing these scalable and future-proof solutions that enable clients to adapt and thrive in the digital and AI age.

With the backing of this new funding, Saltbox Mgmt will focus on expanding its global team, scaling product innovation, growing its Agentforce capabilities, and strengthening its go-to-market efforts. This will help the company continue to deliver value to its growing client base and further establish itself as a premier Salesforce partner.

About Saltbox Mgmt
Saltbox is a leading Salesforce consulting and implementation services partner with headquarters in Minneapolis, MN. Saltbox delivers unrivaled cross-platform Salesforce consulting services to customers intent on future-proofing their businesses through digital transformation. With a combined 150+ years of experience working intimately with Salesforce products, people, and ecosystems, Saltbox is uniquely positioned to help teams deploy beautiful, architecturally-sound solutions that are easy to manage, built for scale, and positioned to set up our customers for long-term success. Best known for its Commerce Cloud and Order Management expertise and success, Saltbox helps customers build solutions that solve challenges throughout the entire revenue lifecycle and across all Salesforce products, including Service Cloud, Sales Cloud, Experience Cloud, and Marketing Cloud.

SOURCE Saltbox Mgmt

WANT YOUR COMPANY’S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

Torram gains Blockchain Founders Fund’s backing to drive fintech innovation and unlock Bitcoin‘s full potential for institutional DeFi.

TORONTO, Dec. 4, 2024 — Torram is excited to introduce one of its landmark early backers: Blockchain Founders Fund (BFF), a renowned supporter of groundbreaking blockchain ventures. This collaboration supercharges Torram’s mission to unlock Bitcoin‘s full potential as the foundation for institutional-grade decentralized finance (DeFi) natively on Bitcoin.

Recognized globally for catalyzing high-impact blockchain and Web3 ventures, BFF brings a vast strategic network and hands-on expertise to Torram. This collaboration is set to boost Torram’s development of secure, scalable Bitcoin-native infrastructure that bridges the gap between traditional finance (TradFi) and DeFi.

“Blockchain Founders Fund’s investment in Torram validates our thesis that the Bitcoin DeFi ecosystem will be the largest DeFi ecosystem in the world if we build the right infrastructure,” said Vakeesan Mahalingam, CEO of Torram. “With their experience and network, we are ready not just to disrupt—but redefine—what’s possible for institutional finance on Bitcoin.”

Aly Madhavji, Managing Partner at BFF, added:

“Through secure on-chain data indexing and decentralized oracle networks, Torram is unlocking Bitcoin‘s untapped potential by creating the infrastructure institutions need to efficiently access decentralized finance. Their work is setting a new benchmark for how Bitcoin can power institutional-grade solutions, and we’re thrilled to support their journey in shaping the future of finance.”

BFF has a storied track record of empowering blockchain startups that break barriers and reshape industries. As a strategic partner, BFF will amplify Torram’s ability to make Bitcoin the go-to network for secure, institutional financial solutions, ensuring that Torram stays at the forefront of the Bitcoin DeFi revolution.

Riding the Wave of Institutional Adoption

This partnership is pivotal in Bitcoin‘s evolution, with growing institutional demand for decentralized solutions. Torram’s innovative toolkit aims to harness Bitcoin‘s untapped potential to create financial systems built for the future, unlocking trillions in value natively on Bitcoin.

As the Bitcoin ecosystem matures, Torram’s visionary approach is attracting the attention of leading investors eager to capitalize on the next era of the financial industry. Torram welcomes visionary Bitcoin ecosystem partners to join its mission of building the next generation of finance on Bitcoin.

Visit torram.XYZ for early investment opportunities or to learn more about how Torram is positioning itself to lead the DeFi revolution.

About Torram

Torram is building the foundational infrastructure that enables institutional-grade DeFi and real-world asset tokenization natively on Bitcoin. Torram empowers financial institutions to leverage Bitcoin‘s

unmatched security, transparency, and $880 billion of global liquidity through its decentralized oracle network, on-chain data indexing, and institutional-grade solutions.

About Blockchain Founders Fund

Blockchain Founders Fund (BFF) is a leading venture capital firm accelerating blockchain technology and Web3 adoption. Known for its hands-on approach, BFF provides startups with capital, mentorship, and strategic insight. Its portfolio features some of the blockchain sector’s most promising projects, reflecting its commitment to empowering the next wave of decentralized innovation.

Press Contact
Mansoor Madhavji
[email protected]
+1 778-241-7860

Disclaimer

This press release contains forward-looking statements. Actual results may differ materially due to various factors. This is not an offer to sell or a solicitation to buy any securities.

The information does not constitute legal, financial, or investment advice. Readers should conduct their own research and consult with professional advisors before making any investment decisions or entering into any agreements. Torram does not guarantee any specific outcomes or returns on investment.

Torram and Blockchain Founders Fund are not responsible for any actions taken based on this communication.

SOURCE Torram

WANT YOUR COMPANY’S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

Investment Will be Leveraged to Revolutionize Bitcoin with Trust-Minimized and ZK Infrastructure Solutions

SINGAPORE, Dec. 4, 2024 — Fiamma, a Bitcoin and ZK infrastructure company transforming Bitcoin into a dynamic and programmable asset, today announced an oversubscribed $4M seed round investment led by Lightspeed Faction and L2IV. Additional participating investors include Astera Ventures, Contribution Capital, Sat Ventures, Chapter One, and FoundersHead. The investment also includes participation from key strategic investors in the Bitcoin infrastructure space, such as BOB (Build on Bitcoin), alongside various angel investors such as the founders of Satlayer and Daedalus.

The company plans to utilize this investment to scale Fiamma’s operations, accelerate product development, and drive adoption of its foundational technologies; Fiamma Bridge, the first trust-minimized Bitcoin bridge, and Fiamma Layer, the first ZK verification layer on Bitcoin powered by BitVM2.

Yovela Luo, co-founder and CEO of Fiamma, states: “Bitcoin is one of the world’s most valuable assets, yet over 98% of it remains idle. At Fiamma, we’re activating this dormant asset, utilizing it in the most trustless and secure manner. This ushers in a Bitcoin renaissance, seamlessly weaving it into everyday life.”

Fiamma’s innovations represent the first implementations of BitVM2, a breakthrough that enables Bitcoin to not only scale but also interact with other programmable blockchains in the most trustless way. The company pioneered the development and implementation of the most efficient and smallest verifiers in Bitcoin script (Fflonk and Groth16). This innovation lays the groundwork for highly optimized ZK verification, with a continued commitment to advancing and refining these verifiers.

Cyimon Chen, co-founder and CTO of Fiamma, remarks: “With seven years as a ZK enthusiast and inspired by the BitVM paper, we quickly harnessed our expertise to develop the first functional ZK verifiers for Bitcoin.”

Bitcoin‘s unmatched security and decentralized nature have long been underutilized for real-world applications. Fiamma’s groundbreaking technology unlocks Bitcoin‘s potential to power programmable financial systems, including but not limited to stablecoins, payments, lending platforms, decentralized applications, pragmatically trustless cross-chain interoperability, DeFi protocols, and other innovative use cases—all while maintaining a trust-minimized and secure architecture.

As part of a broader ecosystem effort, Fiamma is working closely with strategic partners including the ones in the ZK and Bitcoin space. These collaborations will accelerate innovation and adoption while positioning Bitcoin as the backbone of the decentralized internet and financial systems. To celebrate this milestone, Fiamma is launching The Mama Code testnet campaign, inviting users to engage with the Fiamma Bridge and explore its innovative capabilities. Early adopters can participate and earn rewards.

Investor Quotes

Clara Boh at Lightspeed Faction, said “trustless bridging infrastructure is needed to maximize the utility and functionality of Bitcoin. Fiamma’s implementation of BitVM2 via its Bitcoin-secured ZK proof verification network paves the way for trustless bridging, scalability and Bitcoin-native applications. We are excited to support the Fiamma team as they strive to refine new opportunities for the Bitcoin ecosystem.”

Kevin Lee and Weikeng Chen at L2IV, added “Fiamma represents a groundbreaking step forward in bringing additional functionality to Bitcoin. Its unique architectural design seamlessly integrates advanced off-chain computation and verification through BitVM2, unlocking programmability and scalability without compromising Bitcoin‘s core security and decentralization principles. By leveraging this innovative framework, Fiamma enables features such as trustless smart contracts and composable DeFi, previously thought unattainable on Bitcoin.

The introduction of BitVM2 is particularly transformative—it pushes the boundaries of Bitcoin‘s scripting capabilities, allowing for more expressive and flexible execution of decentralized applications. This not only enhances the utility of Bitcoin but also redefines its role within the broader blockchain ecosystem. At L2 Iterative Ventures, we are proud to lead this financing round, recognizing Fiamma as a catalyst for innovation and a pivotal force in reshaping Bitcoin‘s future. Their solution positions Bitcoin as a true hub for decentralized applications, making it a cornerstone for the next wave of blockchain adoption.”

About Fiamma
Fiamma is unlocking real-world use cases for Bitcoin, transforming it into a dynamic asset and the foundation for a decentralized internet and financial system. Backed by Lightspeed Faction and L2IV, Fiamma leads innovation with the Fiamma Bridge and Fiamma Layer, the first products to implement BitVM2. These foundational technologies are just the beginning, as Fiamma continues to develop protocols that expand Bitcoin‘s potential across programmable blockchains and real-world applications.

For more information, visit fiammachain.io or follow us on Twitter.

Contact:

[email protected]

SOURCE Fiamma

WANT YOUR COMPANY’S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In