Fintech leader strengthens position in cross-border B2B payments and trade finance, eyeing rapid growth across Asia, including China and India

AMSTERDAM and SINGAPORE, Nov. 6, 2024 — MODIFI, a leading global platform in B2B Buy Now, Pay Later (BNPL) solutions, today announced the successful completion of a $15 million funding round led by SMBC Asia Rising Fund with participation from existing investors Maersk, IntesaSanPaolo, Heliad and other top-tier global investors. Sumitomo Mitsui Banking Corporation (SMBC), one of Japan’s leading banks and a major financial force in the APAC region, brings both capital and strategic alignment to the partnership. Beyond the equity investment, MODIFI and SMBC have signed a Memorandum of Understanding (MoU) to jointly advance digital solutions that support SME exporters across Asia in expanding their international trade operations. Through a series of joint initiatives, MODIFI and SMBC aim to empower SMEs with innovative cross-border financing solutions.

The announcement comes on the sidelines of Singapore Fintech Festival, showcasing MODIFI’s drive for innovation in the global fintech landscape. This new capital infusion will accelerate MODIFI’s expansion, particularly in high-growth markets like China and India, where the company has already made significant inroads. MODIFI’s platform delivers critical liquidity and flexible payment terms to small and medium-sized enterprises (SMEs), helping them optimize cash flow and expand their international reach.

“The funding underscores the strength of our business and the confidence our investors have in our vision for the future,” said Nelson Holzner, CEO and Co-founder of MODIFI. “As global commerce evolves, MODIFI is at the forefront, providing innovative solutions that empower businesses to scale and succeed across borders.”

MODIFI’s exponential growth has solidified its position as a market leader in cross-border payments and trade finance. Recognized by Financial Times and Statista as one of the Fastest Growing European Fintech Companies in 2024, MODIFI has facilitated over $3 billion in global trade for more than 1,800 companies since it was founded in 2018. The platform offers instant working capital approval, alongside integrated risk management tools that shield businesses from buyer defaults and fraud.

“Our mission is simple: We empower SMEs to compete and thrive in the global market with fast, flexible, and secure payment solutions,” added Holzner. “With this fresh funding, we’re set to redefine global trade finance—ensuring businesses of all sizes can unlock the liquidity and get the protection they need to grow internationally.”

“By transforming cross-border supply chain finance for the digital age with their global presence, we believe MODIFI supports SMEs to scale their export businesses with ease. We look forward to collaborating with MODIFI to empower our corporate clients to expand their businesses globally with agility and financial flexibility overcoming traditional trade barriers,” said Keiji Matsunaga, General Manager of Digital Strategy Department, SMBC.

About MODIFI

MODIFI is redefining global trade finance as a leader in B2B Buy Now, Pay Later (BNPL) solutions. Trusted by businesses across 55+ countries, MODIFI provides cutting-edge tools that optimize working capital and streamline cross-border payments. Through its extensive global network, MODIFI delivers fast, flexible, and secure financial solutions, helping companies expand their international footprint with ease. By integrating advanced risk management features and seamless payment processes, MODIFI is setting new benchmarks in global commerce, empowering businesses of all sizes to thrive in a rapidly evolving market.

About SMBC and SMBC Asia Rising Fund

SMBC, one of the leading banks in Japan, co-funded SMBC Asia Rising Fund with Incubate Fund which is a corporate venture capital fund, for the purpose of accelerating business development and partnerships through investments in high potential start-ups operating actively in Asia. Through this fund, SMBC Group will enhance its business and provide clients with new solutions by uncovering/ applying new technologies via partnerships with investee firms and the development of new business models and products.

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SOURCE MODIFI B.V.

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NEW YORK, Nov. 5, 2024 — Research Grid, the AI startup that helps medical research institutions automate back-office admin for clinical trials, has raised a $6.5m seed round. The company will use the new funding to double down on its mission of making clinical trials faster and more successful.

The round was led by Fuel Ventures, with participation from Arve Capital, Ada Ventures, Morgan Stanley Inclusive Ventures Lab, Arāya Ventures, Ascension Ventures, Plug and Play Ventures, and Atomico Angels, with limited availability remaining.  

With artificial intelligence poised to rapidly accelerate the speed of drug discovery, the funding comes at a critical time for the clinical trials market, which is now seen as the major bottleneck in the drug development process. This is often caused when using legacy software systems and manual processes to manage trials, resulting in inefficiency, errors, and weak patient engagement. Delays to clinical trials are also phenomenally expensive, costing up to $400 million per year, per trial running to Phase 3, just on back-office admin.

To solve this problem, Research Grid has developed two products, Inclusive and TrialEngine, which together allow its customers to seamlessly manage the full life cycle of clinical trials in one place.

Both products are powered by Research Grid’s patented-pending AI algorithms which automate many of the administrative and data management workflows. This eliminates the monotonous work, freeing up highly qualified medical researchers to focus on more meaningful work.

Research Grid helps its customers cut months off trial timelines while dramatically reducing their costs and driving up success rates. On average, customers of Research Grid see 98% efficiency gains, 45% cost savings, and 145% increase in patient engagement.

The company will use the funding to invest in R&D, developing more AI automations and building out its engineering teams. It also plans to grow its marketing and sales functions as it expands its presence in US and Asian markets.

Products built from first-hand experience

The company was founded by Dr Amber Hill, a former medical researcher with a PhD in biomedical neuroscience and a background in AI research technology. This first-hand experience of the clinical trials means she was uniquely positioned to build a solution, with a deep understanding of the problem.

The recruitment phase is a common source of delays in clinical trials, due to the extremely manual process of sourcing representative samples of patients which are often sourced via adverts on social media. Increased pressure from the FDA to ensure representative patient panels means this has become increasingly important.

Research Grid’s Inclusive product, a patient recruitment and engagement platform, largely solves this problem, providing instant access to a vetted network of more than 91,000 global communities covering 2,050 medical conditions. It also automates all the admin, such as patient outreach, payments, and data management. 

The TrialEngine product, which connects seamlessly with Inclusive, handles the administration, data, and reporting workflows during the trial itself. It leverages Research Grid’s AI algorithms to automate tasks such as protocol generation and data extraction.

Dr Amber HIll, Founder and CEO of Research Grid, said: 

“I spent 14 years as a medical researcher, and I would spend hundreds of hours copying data from one system to another. The back-office process is completely broken. When you multiply this across the industry the costs for patients and research institutions are astronomical.  

“That’s why we’re building the automation engine for admin-free clinical trials. Whether you’re a pharmaceutical company, a CRO, or a clinical research site, we can help run faster, more successful clinical trials. We’ve already seen how AI is accelerating drug discovery and it’s time to do the same in clinical trials.

“We’re delighted to have the support of our investors. Now we’re focusing on expanding our engineering teams and scaling up our R&D efforts, allowing us to deliver more of the features our customers are asking for. We’ll also be growing our sales and marketing team so that we can take advantage of opportunities in the US and Asia.”

Shiv Patel, Partner at Fuel Ventures, said:

“We are committed to backing the most innovative and disruptive businesses in the country, and our investment into Research Grid reinforces this.

“While AI is making significant waves in drug discovery, clinical trials are still the main barrier to medicine reaching the people who need it, and Research Grid is strategically placed to exploit the urgent demand of automating clinical trials at scale. Its rapid growth has shown that the market is largely green-field, with validation from across the industry in the U.S. and Europe, including big pharma, contract research organisations and sites.

“Every investor wants to find unicorns, and with the clinical trial market expected to reach over $95 billion in the next five years, we believe in the mission, proposition and trajectory of Research Grid.”

SOURCE Research Grid Ltd

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• Serie B-financiering van $ 27,3 miljoen mede geleid door Kibo Invest en Openspace, met verdere deelname van MTR Lab, Taronga Ventures en 2150
• Ampd Energy heeft meer dan 300 slimme batterijeenheden in meer dan zeven landen ingezet, voornamelijk in de bouw. Daarmee heeft het meer dan 69.000 ton CO₂ verminderd, het equivalent van 88.000 auto’s
• In 2025 wil het uitbreiden naar nieuwe markten (mijnbouw en industrie) en regio’s (Europa, het Midden-Oosten, Zuidoost-Azië en de VS)

SINGAPORE, 5 november 2024 — Ampd Energy, een wereldwijde innovator in de energie-industrie en fabrikant van de Enertainer en Ampd Silo™ batterij-energieopslagsystemen (ESS) voor zware industrieën, kondigt vandaag aan dat het 27,3 miljoen dollar heeft opgehaald in een overtekende Serie B-financieringronde. De ronde werd mede geleid door Kibo Invest en Openspace, de grootste investeerder in deze ronde, met opmerkelijke deelname van bestaande investeerders MTR Lab, Taronga Ventures en 2150. Zij benadrukten hun steun en geloof in Ampd Energy door hun pro ratabelang te overschrijden. De fondsen zullen worden gebruikt om decarbonisatie naar nieuwe sectoren en regio’s uit te breiden.

Volgens de International Energy Agency (IEA) is de gecombineerde bouwsector verantwoordelijk voor 30% van het totale wereldwijde eindverbruik van energie en 27% van de totale uitstoot in de totale energiesector. In vergelijking met generatoren die op fossiele brandstoffen werken, verminderen de energieopslagproducten Ampd Silo en Enertainer de koolstofvoetafdruk met wel 90%, zijn ze aanzienlijk stiller, stoten ze geen luchtverontreinigende stoffen uit en elimineren ze de risico’s van het omgaan met en het gebruik van diesel.

Door te focussen op technische innovatie en commerciële haalbaarheid, heeft het bedrijf tot nu toe meer dan 300 units in zeven landen ingezet, voornamelijk in de bouw. Daarbij heeft het meer dan 69.000 ton CO₂ verminderd, wat gelijk staat aan het van de weg halen van meer dan 88.000 auto’s. De recente financiering vond plaats in een uitdagende fondsenwerving. De finalist van de 2022 Earthshot Prize is van plan deze te gebruiken om in 2025 uit te breiden naar nieuwe markten zoals mijnbouw en productie. De opbrengst gaat ook naar nieuwe regio’s, waaronder het Midden-Oosten, Europa, de Verenigde Staten en Zuidoost-Azië, ondersteund door de nieuwe samenwerking met Kibo Invest en Openspace.

“Deze nieuwe financiering is een bewijs van het harde werk van ons team. Het leveren van een commercieel levensvatbare schonere oplossing aan bedrijven wereldwijd staat bij ons centraal, waarbij onze investeerders zich inspannen om een emissievrije toekomst voor industrieën te realiseren,” aldus Anthony Stewart, CFO bij Ampd Energy. “We kijken uit naar het versnellen van onze groei, zodat wij nieuwe verticale markten kunnen betreden en nog meer innovatieve oplossingen aan onze klanten wereldwijd kunnen bieden.”

“We zijn bijzonder onder de indruk van het visionaire leiderschap van Ampd Energy en zijn scherpe focus op het uitvoeren van een duidelijke strategische routekaart,” zegt James Marshall, CEO van Kibo Invest. “Dit streven naar uitmuntendheid komt overeen met onze eigen beleggingsfilosofie. We vinden het heel spannend om Ampd Energy’s uitbreiding naar nieuwe markten en industrieën te ondersteunen, verdere groei te stimuleren en zijn positieve invloed op het wereldwijde energielandschap te vergroten. Bij Kibo Invest zijn we toegewijd aan het investeren in vooruitstrevende bedrijven die de toekomst vormgeven. Ampd Energy is een uitstekend voorbeeld van die visie in actie.”

Jessica Huang Pouleur, partner bij Openspace, beaamt dit. “We zijn blij dat we Ampd Energy kunnen steunen. Tot op vandaag heeft het een grote dynamiek getoond en het staat nog aan de wieg van zijn enorme potentieel om zijn energieopslagoplossingen in Zuidoost-Azië en wereldwijd te realiseren. De ruggengraat van het bedrijf wordt gevormd door een toegewijd en sterk managementteam, dat keer op keer heeft laten zien wat er nodig is om op een commercieel levensvatbare en toch impactvolle manier te bouwen. We kijken ernaar uit om samen te werken met Ampd Energy om de sterk verminderde afhankelijkheid van diesel te realiseren. Dit is nu mogelijk met zijn innovaties.”

Ampd Energy’s Enertainer en Ampd Silo ESS bieden een schone, betaalbare, stabiele en emissievrije toekomst voor industrieën over de hele wereld, samen met waardevolle datagestuurde inzichten. Dankzij de robuuste eigen software, levert het 24/7 realtime monitoring en probleemdiagnose.

Ga voor meer informatie over Ampd Energy en zijn Enertainer en Ampd Silo ESS naar https://www.ampd.energy.

Over Ampd Energy
Ampd Energy is de drijvende kracht achter de wereldwijde energietransitie op bouwplaatsen en in zware industrieën door het creëren van geavanceerde energieopslagsystemen (ESS), connectiviteitssoftware en datawetenschap om de industriële en bouwsectoren te elektrificeren, verbinden en optimaliseren. Brandon Ng was in 2014 medeoprichter van Ampd Energy. Het bedrijf maakt slimme, volledig geautomatiseerde, emissievrije en verbonden bouwplaatsen van de toekomst mogelijk met zeer efficiënt en schaalbaar energiebeheer. Ga voor meer informatie naar https://www.ampd.energy.

Over Kibo Invest
Kibo Invest is een investeringskantoor dat zich richt op innovatie en duurzaam rendement. Via het klimaattechnologiefonds investeert het in bedrijven die een revolutie in de industrie teweegbrengen en dringende klimaatproblemen aanpakken. Het bedrijf is gevestigd in Singapore en investeert op verschillende continenten. Het maakt gebruik van zijn wereldwijde netwerk om veelbelovende ondernemingen in kaart te brengen en te ondersteunen. www.kiboinvest.com

Over Openspace 
Openspace is een investeringsbedrijf dat zich richt op Zuidoost-Azië en die transformatieve bedrijven steunt waar technologie en leven elkaar ontmoeten. Het beheert nu meer dan 800 miljoen US dollar in vier startfondsen en één groeifonds, met kantoren in Indonesië, Singapore, Vietnam, Thailand, de Filipijnen en Maleisië. Openspace investeert in verschillende sectoren, maar richt zich steeds meer op klimaattechnologie. Het portfolio omvat GoTo, Kredivo, Love, Bonito, Igloo, Finnomena, Sarisuki en Fano. www.openspace.vc

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CHICAGO, Nov. 4, 2024 — Nurse Capital, a venture capital firm that invests in nurse-led enterprises providing innovative solutions in healthcare, is pleased to announce its first seed-round investments in two startup businesses that serve both patients and nurses with innovative, first-of-their-kind products in the medical device and digital media platform spaces.

“As we make our first investments into these two innovative nurse-owned companies, we are not only providing capital but also deploying the strength of our carefully curated network of nurse executive leaders,” stated Nurse Capital Co-founder Beth A. Brooks, PhD, RN, FACHE. “The expertise and insights of these nurse leaders will be instrumental in accelerating the growth of these ventures, helping them navigate the complexities of healthcare and scale their impact across the industry.”

The companies are:

• Chicago-based Wave Therapeutics: Founded in 2020 by Jessica Bussert, RN, CEO, Wave Therapeutics has developed the first AI-enabled, soft robotics cushioning technology to prevent and treat pressure injuries such as bedsores which afflict 3 million Americans every year. Mobility-impaired people are especially vulnerable to pressure injuries, which can be life-threatening and are the main cause of 60,000 deaths annually. Wave Therapeutics’ patented Surf Wheelchair Cushion is designed to eliminate pressure “hot spots” on the body that can develop into bedsores. It combines a pulsing mechanism with its patented analytics platform to promote better blood flow to the heart and lungs, which is believed to properly reoxygenate affected tissues and reduce the risk of damage. Learn more at www.wavetherapeuticsinc.com.
• Los Angeles-based The Nursing Beat: Described as “theSkimm for nurses,” The Nursing Beat (TNB) is a digital media platform that produces a daily digital newsletter designed for nurses, by nurses. The platform was founded in 2019 by two ER nurses—Tamara AL-Yassin, MBA, RN and Hannah W. Berns, MHI, RN—who value speed and efficiency. Their subscription-based newsletter provides a summary of the day’s most important news and information that impact nurses, and includes valuable resources on the topics they care most about. The company also produces in-person events and professional publications targeted to nurses. Learn more at www.thenursingbeat.com

“As experienced healthcare providers themselves, the team at Nurse Capital are the perfect partners for helping to grow our business because they know firsthand the daily challenges care providers face trying to prevent and treat pressure injuries like bedsores,” stated Wave Therapeutics Founder/CEO Jessica Bussert. “Their real-world experience in this area allowed them to be able to immediately recognize the life-saving technology we’ve created to solve this healthcare crisis, which costs the US economy over $30 billion annually.”

“Nurse Capital’s belief in us and their investment are a testament to the critical role nurses play in shaping the future of healthcare,” stated The Nursing Beat’s Co-founder and CEO Tamara AL-Yassin. “We’re not just growing a media platform. We’re nurturing a community that amplifies the collective voice of nurses and drives positive change in healthcare delivery.”

Noted Nurse Capital Co-founder Marla Weston, PhD, RN, FAAN: “Nurse Capital is supporting the innovative thinking nurses bring to healthcare with the business knowledge to bring ideas to life. Together, we are empowering nurse entrepreneurs to drive meaningful change in healthcare.”

About Nurse Capital

Nurse Capital is a women-founded and managed venture capital fund based in Chicago that makes early-stage investments in nurse entrepreneurs leading high-growth-potential businesses that are transforming the future of healthcare. Co-led by veteran nurses with extensive experience as practitioners, teachers, and consultants to businesses, universities, and healthcare organizations, the firm announced the close of its inaugural $1M Nurse Founders Fund in June 2024. The Fund focuses on Late Seed and Series A investments in startups founded and led by Registered Nurses (RNs) who are launching innovative products and services that improve patient health and wellness, safety and treatment approaches. Learn more at www.nursecapital.net.

To submit a pitch deck, contact Nurse Capital at https://nursecapital.net/contact/

SOURCE Nurse Capital

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• $27.3 million Series B funding co-led by Kibo Invest and Openspace, continued participation from MTR Lab, Taronga Ventures and 2150
• Ampd Energy has deployed +300 smart battery units – primarily in construction – in seven countries, abating over 69,000 tons of CO₂, the equivalent of 88,000 cars
• In 2025 expansion is planned into new markets (mining and manufacturing) and geographies (Europe, the Middle East, Southeast Asia and the USA)

SINGAPORE, Nov. 5, 2024 — Ampd Energy, a global energy industry innovator and manufacturer of the Enertainer and Ampd Silo™ battery energy storage systems (ESS) for heavy industries, today announced that it has raised $27.3 million in an oversubscribed Series B funding. The round was co-led by Kibo Invest and Openspace, the largest investor in this round, with notable participation from existing investors MTR Lab, Taronga Ventures and 2150, confirming their support and belief in Ampd Energy by participating above pro-rata. The funds will be used to further expand decarbonization across new verticals and regions.

According to the IEA, the combined building and construction sector is responsible for 30% of total global final energy consumption and 27% of total emissions in the overall energy sector. Compared to fossil fuel generators, Ampd Energy’s Ampd Silo and Enertainer energy storage products reduce carbon footprints by up to 90%, are significantly quieter, emit zero air pollutants and eliminate diesel handling and usage risks.

Focusing on technical innovation and commercial viability, the company to date has deployed more than 300 units among seven countries, primarily in construction and abated over 69,000 tons of CO₂, which is equivalent to removing over 88,000 cars from the road. The 2022 Earthshot Prize finalist plans to leverage this recent funding – secured in a challenging fundraising environment – to expand into new markets such as mining and manufacturing in 2025. Proceeds will also go toward targeting new geographies including the Middle East, Europe, United States and Southeast Asia, supported by their new partnership with Kibo Invest and Openspace.

“This new funding is a testament to the hard work of our team, our focus on being a commercially viable cleaner solution for businesses around the world, and the commitment from our investors in creating an emission-free future for industries,” said Anthony Stewart, CFO at Ampd Energy. ‘We’re looking ahead to accelerating our growth, entering new verticals and delivering even more innovative solutions to our customers globally.”

“We are particularly impressed by Ampd Energy’s visionary leadership and their sharp focus on executing a clear strategic roadmap,” said James Marshall, CEO of Kibo Invest. “Their commitment to excellence resonates with our own investment philosophy. We’re excited to support Ampd Energy’s expansion into new markets and industries, driving further growth and amplifying their positive impact on the global energy landscape. At Kibo Invest, we are dedicated to investing in forward-thinking companies that are shaping the future, and Ampd Energy is a prime example of that vision in action.”

Jessica Huang Pouleur, Partner at Openspace, agrees. “We’re pleased to back Ampd Energy, which has demonstrated impressive current traction to date and are, even now, just starting to realize the full potential of their energy storage solutions in Southeast Asia and globally. The backbone of the business is a committed and strong management team, who have shown time after time what it takes to build in a commercially viable yet impactful way. We’re looking forward to partnering with Ampd Energy to deliver the significantly reduced reliance on diesel that their innovations make possible.”

Ampd Energy’s Enertainer and Ampd Silo ESS provides clean, affordable, stable and emissions-free futures for industries all over the world, along with valuable data-driven insights, providing 24/7 real-time monitoring and problem diagnostics, thanks to their robust proprietary software.

For more information on Ampd Energy and its Enertainer and Ampd Silo ESS, go to https://www.ampd.energy.

About Ampd Energy
Ampd Energy is driving the global energy transition on construction sites and heavy industries through the creation of state-of-the-art energy storage systems (ESS), connectivity software and data science to electrify, connect and optimize the industrial and construction sectors. Brandon Ng co-founded Ampd Energy in 2014. The company enables smart, fully automated, emission-free and connected construction sites of the future with highly efficient and scalable energy management. For more information, go to https://www.ampd.energy.

About Kibo Invest
Kibo Invest is an investment office focused on driving innovation and sustainable returns. Through its climate tech fund, it invests in companies that are revolutionizing industries and addressing urgent climate challenges. Based in Singapore, and investing across continents, it leverages its global network to identify and support high-potential ventures. www.kiboinvest.com

About Openspace
Openspace is a Southeast Asia focused investment firm, backing transformative companies where tech meets life. It now manages over US$800 million across four early-stage and one growth fund, with offices in Indonesia, Singapore, Vietnam, Thailand, Philippines and Malaysia. It invests across sectors, but has a growing focus on climate-tech. Its portfolio includes GoTo, Kredivo, Love, Bonito, Igloo, Finnomena, Sarisuki and Fano. www.openspace.vc

SOURCE Ampd Energy

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SHENZHEN, China, Nov. 5, 2024 — DeepRoute.ai, the leading artificial intelligence company specializing in developing smart driving solutions, announced a strategic Series C1 funding round, raising US$100 million from prestigious Chinese automotive OEM. The funding will enhance research and development in frontier end-to-end model DeepRoute IO, help scale global automakers’ collaboration and explore future Robotaxi business, and support the recruitment of more AI-native talents.

Since August, approximately 20,000 vehicles integrated with DeepRoute IO have been delivered to customers. The company plans to release more than 10 additional series models in collaboration with selective OEM clients next year and develop the next generation DeepRoute IO, utilizing visual-language-action model, set to launch next year. DeepRoute.ai’s extensive experience in mass-production within domestic market will enhance its collaboration with global automakers.

“The strategic investment from the automaker is a significant recognition for our technology maturity and mass production capabilities. We are eager to leverage this momentum to expand our reach in global markets.” Maxwell Zhou, CEO at DeepRoute.ai says “I firmly believe autonomous driving is the most promising pathway to achieving physical AI and we will be a major player in the next AI era. We look forward to cooperating with more partners on this journey.”

As current human-supervised smart driving cars continue to gather data, DeepRoute IO will continue to iterate towards achieving full autonomy capability without human oversight. This will enable the company to explore unsupervised Robotaxis business in the future through partnerships with mobility platforms. Unlike traditional Robotaxis, which rely on pre-mapped data and restricted to specific areas, DeepRoute.ai’s Robotaxi will be more scalable and more cost-effective to deploy thanks to its end-to-end technology. This will allow people in various countries to enjoy the convenience of the latest smart driving technology.

Founded in 2019, DeepRoute.ai has made major progress with a clear technological vision and a proven record. The company initiated research and development of mapfree technology in 2020, which debuted in 2023 as the first of its kind in China, enabling vehicles to navigate from address to address on urban and highway without high-definition maps. DeepRoute.ai began road testing its end-to-end model last August and officially deployed it in mass-produced cars this year. With its deep technological insight, engineering expertise, and strong team cohesion, DeepRoute.ai is well-positioned to drive substantial advancements in the ongoing AI revolution.

About DeepRoute.ai
DeepRoute.ai is an artificial intelligence company dedicated to the research, development and application of smart driving solutions. Being the first to develop production-ready smart driving solutions and a pioneer in deploying end-to-end architecture, DeepRotue.ai aims to create artificial general intelligence in robotics through mass-produced passenger vehicles.

DeepRoute.ai is headquartered in Shenzhen, with offices in Beijing and Fremont, California. For more information, visit deeproute.ai, follow DeepRoute.ai on LinkedIn, and X, and subscribe to DeepRoute.ai on YouTube.

Media Contacts:
Corine Chen
PR Manager of DeepRoute.ai
[email protected]

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BRIARCLIFF MANOR, N.Y., Nov. 4, 2024 — Saw Mill Capital, a middle-market private equity firm focused on partnering with North American industrial services, professional services, and engineered products companies, is pleased to announce the final close of its $435 million Saw Mill Capital Partners III, LP. Fund III’s diverse and high-quality investor base includes insurance companies, consultants, public pensions, endowments, family offices, sovereign wealth funds, wealth managers and funds-of-funds across North America, Europe and around the globe. Demonstrating its commitment to aligning incentives with investors and management teams, Saw Mill’s investment team committed $50 million to Fund III.

Howard Unger, Founder and Managing Partner, remarked, “We are honored by the trust of our longstanding and new investors, who recognize the value that our differentiated approach brings to the lower middle-market space. Our tenured partnership and expanded team will continue to focus on investing in transformative, high-growth opportunities.”

Saw Mill’s oversubscribed Fund III is more than 25% deployed to date in three portfolio companies: RAFTRx, a residential roofing provider; Southern Aluminum, a manufacturer of specialty hospitality furniture; and Pro Max Fence Systems, a commercial fencing contractor. Fund III will continue to leverage Saw Mill’s partnership-driven model, focused value creation strategy, and industry research.

Scott Rivard and Tim Nelson, Partners and Investment Committee members, added, “Our investment process is powered by deep, industry-focused research, enabling us to identify high-potential businesses and create tailored strategies for growth. With Fund III, we’re excited to continue leveraging our research capabilities to support and scale businesses.”

Harris Williams served as Fund III’s placement agent. Latham & Watkins served as fund counsel for Fund III.

About Saw Mill Capital

Saw Mill Capital is a private equity firm that partners with founders and management teams of successful, entrepreneurial industrial services, professional services, and engineered products businesses with enterprise values up to $200 million. We are growth-focused partners with a long-term mindset to build enduring value and preserve legacy in the businesses in which we invest. Leveraging our dedicated investment research team and curated operational approach, we invest aggressively in our portfolio companies to accelerate growth and build market-leading businesses. For more information, visit www.sawmillcapital.com.

Media Contact: Saw Mill Capital, [email protected]

SOURCE Saw Mill Capital

CHICAGO, Nov. 4, 2024 — Moderne Ventures, a strategic venture capital and growth equity firm investing in technology companies in and around the industries of real estate, finance, insurance and sustainability, announced its 2024 Fall Moderne Passport Class. The Moderne Passport Program is an intensive six-month industry immersion program providing its participants with education, exposure, insight, and relationships to drive customer growth.

“At Moderne, we take a generalist approach to vertical investing, looking outside of our core industries to find technologies that can be applicable within them,” said Constance Freedman, Founder and Managing Partner at Moderne Ventures. “This latest Passport class includes everything from energy storage and affordable housing systems to a suite of technology tools and applications for property owners to increase productivity and boost revenue.”

The Moderne Passport program hosts companies of all stages – in this cohort, companies range from seed to Series B and have raised over $50M+ in aggregate of funding with collective valuations of $243M and $13M in revenue to date. The companies are:

• Amptricity (amptricity.com) – (Dallas, TX): An all-in-one energy storage system and solid-state battery offering unparalleled safety and performance for residential and commercial use.
• Break Sports (breaksports.com) – (New York, NY): A booking platform to increase revenue from properties’ underutilized sports, fitness, and wellness amenities.
• Darabase (darabase.com) – (Toronto, CA): A registry and marketplace for property owners to protect, control, and monetize how their properties are used in augmented and virtual reality.
• Nestment (nestment.com) – (San Francisco, CA): An ecosystem of tools, processes, and partners supporting alternative homeownership models.
• V7 (v7labs.com) – (London, UK):  AI training platform enables companies to build intelligent products that automate knowledge work through no-code workflows using their own data.

“We celebrate this class as our 20th Moderne Passport cohort, having guided over 150 startups through our program. Our program unlocks new distribution channels by leveraging our extensive network of industry partners who are excited to work with these innovative startups,” notes Carolyn Kwon, Moderne Ventures’ Head of Platform.

Moderne Ventures accepts Passport applications on a rolling basis with the next class launching in January.

About Moderne Ventures

Moderne Ventures is a strategic venture capital and growth equity firm with more than $500M assets under management and a 16-year track record generating top-tier returns across multiple funds. Moderne is a generalist investor with a vertical approach focused on technology companies in and around the multi-trillion-dollar industries like real estate, finance, insurance, and sustainability – which make up ~20% of the US GDP and are ripe for innovation and disruption. The Fund focuses on companies that pertain both to these verticals and that can also expand beyond these industries to capture larger markets and top-tier venture returns.

Moderne differentiates itself by bringing customers to its portfolio companies. Moderne has both a Fund and an Industry Immersion Program, the Moderne Passport, designed to foster innovation, partnership and growth between industry partners and emerging technology companies. Moderne has built an extraordinary network of over 1,500 executives and corporations within its core industries and programmatically connects its portfolio to the industry network to help generate growth for the portfolio. Moderne has invested in over 150 companies across three funds and built a stellar track record through investing in companies like DocuSign, Caribou, Homesnap, ICON, Measurabl, Proof, Porch, Qloo, and Xeal.

Media contact: Carolyn Kwon, [email protected] 

SOURCE Moderne Ventures

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NEW YORK, Nov. 4, 2024 — Evolution Equity Partners, is pleased to announce its investment in the Series B Round of Augment Inc., a pioneering AI coding assistance startup. Augment Inc. emerged from stealth earlier this year and announced its $227 million Series B round with investments from Sutter Hill Ventures, Index Ventures, Innovation Endeavors, Lightspeed Venture Partners and Meritech Capital. Augment will use the capital infusion to accelerate product development and build out its product, engineering and go-to-market functions as the company gears up for rapid growth.

The company is founded by Igor Ostrovsky, former chief architect at Pure Storage and software engineer at Microsoft, and Guy Gur-Ari, an AI researcher who hails from Google. It is led by industry veterans Scott Dietzen, whose previous leadership experience includes Pure Storage, Yahoo! and WebLogic / BEA Systems. Augment’s engineering team boasts deep AI and systems expertise, with alumni from Google, Meta, NVIDIA, Microsoft, Databricks, Snowflake, VMware and Pure Storage.

“We are excited about Evolution Equity Partners’ investment in Augment. We value their cybersecurity expertise, especially looking forward to collaborating with Michal Pechoucek, Partner at Evolution and former CTO of cybersecurity giants Gen Digital Inc. and Avast PLC.”, said Scott Dietzen, CEO of Augment.

About Augment Inc.

Founded in 2022, Augment Inc. emerged from stealth in 2024 to bring AI coding assistance innovations to developers and software teams. The company is backed by Sutter Hill Ventures, Index Ventures, Lightspeed Venture Partners, Evolution Equity Partners, Innovation Endeavors and Meritech Capital. Augment’s expert understanding of each codebase and dependencies removes the toil in developers’ workdays, so teams can once again experience the joy of coding.

About Evolution Equity Partners

Evolution Equity Partners, headquartered in New York City, partners with rapidly growing cybersecurity and enterprise software companies that safeguard our digital world. The firm was founded by investor and technology entrepreneurs Richard Seewald and Dennis Smith, who manage and lead the firm, and its partners have been involved as founders, investors and as senior operating executives in leading software companies around the world. Evolution has invested in over fifty cybersecurity and enterprise software companies, building a growing portfolio of market leaders. Learn more at www.evolutionequity.com and follow us on LinkedIn and Twitter.

SOURCE Evolution Equity Partners

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