SAN DIEGO, Oct. 16, 2024 — Cymbiotika, a leading wellness and supplement brand committed to revolutionizing health through innovative, science-backed formulations, has announced the successful completion of a $30 million debt financing round. The financing was led by RevTek Capital, an industry-leading capital provider specializing in strategic debt financing for high-growth companies.

The partnership with RevTek Capital allows Cymbiotika to strengthen its balance sheet and provides the necessary working capital to support key initiatives, including expansion into retail, entering the Canadian market, and enhancing infrastructure and automation. These efforts are expected to drive exponential revenue and EBITDA growth in 2025 and beyond.

Cymbiotika selected RevTek Capital due to their proven ability to offer flexible financing solutions tailored to high-growth companies. This funding will not only accelerate the company’s product innovation pipeline but also fortify Cymbiotika’s operational efficiency and support continued investment in delivering premium, high-quality supplements to its rapidly expanding customer base.

“The successful completion of this financing round signifies the strength of our brand, the value of our products, and our immense potential in the market,” said Shahab Elmi, CEO and Co-Founder of Cymbiotika. “RevTek Capital made the entire process incredibly smooth and easy for us. Their team’s deep knowledge and expertise were evident every step of the way, and they provided invaluable guidance in structuring this financing. This partnership allows us to further scale our operations, enter new markets, and drive long-term sustainable growth. We’re excited for the road ahead and our continued mission to empower individuals to take control of their health.”

The financing will also provide Cymbiotika with the resources to optimize its supply chain and scale its digital and omnichannel marketing efforts, ensuring the company is well-positioned to meet both its immediate and long-term growth goals.

Scott Peters, CEO and Founder of RevTek Capital, added, “Cymbiotika is a remarkable company that has grown rapidly by staying true to its mission of delivering premium wellness products. At RevTek, we are proud to partner with forward-thinking companies like Cymbiotika that are making a meaningful impact on people’s lives. We look forward to supporting their continued success and growth.”

About Cymbiotika:
Cymbiotika is a premier wellness company dedicated to creating clean, natural products that enhance overall health and longevity. With a focus on scientifically advanced formulations, Cymbiotika combines cutting-edge research with high-quality ingredients to help customers achieve optimal health.

For more information, visit www.cymbiotika.com.

About RevTek Capital:
RevTek Capital is an industry-leading capital provider offering strategic debt financing of $2 million to $20 million+ in tranches to innovative companies with predictable annual recurring revenue (ARR) of $5 million to $75 million. The funding is used for accelerating organic sales growth and enhancing infrastructure for rapidly scaling operations. RevTek is an excellent alternative to equity, while customizing each company’s debt structure based on its unique accomplishments and circumstances.

With years of lending and entrepreneurial experience, RevTek delivers tailored credit solutions to growing companies nationwide, helping entrepreneurs scale their businesses while maximizing enterprise value for owners, management teams, and shareholders. Additionally, RevTek’s professional team brings extensive marketing and operations expertise to assist their clients in achieving success.

SOURCE Cymbiotika

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

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

FORT LAUDERDALE, Fla., Oct. 16, 2024 — DoveHill, known for its hospitality-centric unique approach in the real estate space, is announcing the first close of its DoveHill Opportunity Fund 2 (Fund 2), an investment vehicle focused on two competitive-edge strategies: 1) Preferred Equity and 2) Experiential Hotels.

With Fund 2, DoveHill aims to further capitalize on its highly differentiated strategies, which seize the unique advantages of both on- and off-market deals and the ability to invest directly with a vertically integrated investment manager.

Fund 2 was founded on DoveHill’s Fund I model, where preferred equity investments made within Fund I represented 50% of the Fund’s investments, and 100% of the assets in the Fund were sourced through our proprietary off-market network.

Jake Wurzak, Founder and CEO, states, “With Fund 2, we’re prioritizing preferred equity, especially in this market cycle where we’re seeing opportunities for asymmetric returns. Our ability to craft tailored preferred equity deals and serve as a strategic partner allows us to capitalize on these unique opportunities.”

Building on the success of Fund I, Fund 2 will continue to focus on opportunistic off-market acquisitions, structured equity, and experiential hospitality in markets with high barriers to entry and strong leisure demand. The post-pandemic landscape has permanently reshaped travel patterns, with a growing preference for unique, non-commoditized hotels that offer distinctive experiences. These properties give investors a prime opportunity to achieve outsized returns, leveraging both the intrinsic real estate value and the operational challenges that limit competition in these high-demand properties.

Charles Paloux, Chief Investment Officer, adds, “Post-pandemic, more than ever, travel experiences are prioritized over many other discretionary personal and corporate expenditures, which will result in significant value creation opportunities for non-commoditized hotels.”

With Wurzak Hotel Group, DoveHill’s affiliate management company, the company has boots-on-the-ground oversight on every deal and strategic relationship. DoveHill distinguishes itself as an investor by creating operational leverage through its vertically integrated value-added skill set.

About DoveHill

Founded in 2011 and headquartered in Fort Lauderdale, Florida, DoveHill is a vertically integrated hospitality investment and development firm with a proven track record across market cycles.

DoveHill excels in sourcing off-market deals and leveraging its extensive industry relationships to access exclusive opportunities. Specializing in identifying and transforming distinctive hospitality properties, the firm creates both operational efficiencies and exceptional guest experiences.

DoveHill’s competitive edge lies in its expertise in creative financing and flexible deal structuring, allowing it to reposition assets and unlock value for investors and partners. This ability to combine innovative financial strategies with visionary design enables DoveHill to consistently deliver strong, long-term results in high-barrier markets and experiential hospitality sectors.

For more information about DoveHill and Fund 2:

Visit: www.dovehillcos.com

Investor Relations Contact: [email protected]

Media Contact, Meaghan Peeler: [email protected] 215-689-0245

SOURCE DoveHill Capital Management, LLC

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

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

NEW YORK, Oct. 16, 2024 — Herald, the leading digital infrastructure provider for commercial insurance, announced a $12 million Series A funding round co-led by Lightspeed Venture Partners and Brewer Lane Ventures with participation from Afore Capital and Underscore Venture Capital. The funding will accelerate Herald’s development of a unified API that digitally connects insurance brokers with carriers, while enhancing the platform’s AI capabilities to streamline commercial insurance workflows.

Brokerages digitizing the manual process of placement integrate Herald’s API into their existing workflows, including their Agency Management System (AMS), Customer Relationship Management system (CRM) or custom-built platform, to enable their brokers to quote and bind insurance in real time. Herald works with eight of the top-25 largest brokerages and collaborates with services and technology partners who build innovative offerings for brokerages.

Herald enables brokerages to connect with 80+ insurance products from 35+ carrier partners along a number of lines of business, such as Cyber Insurance, Management Liability, Professional Liability, Business Owners Policy (BOP), General Liability (GL), and Workers’ Compensation. This diverse product offering allows carriers to reach brokers efficiently and expand their digital distribution channels.

“Our API gives brokers the flexibility to work within their preferred workflows, whether it’s in a CRM or a custom-built platform,” said Matt Antoszyk, CEO of Herald. “This funding allows us to accelerate our mission of making broker-carrier connectivity more seamless, while expanding our capabilities to serve both sides of the market.”

Building an Open Data Standard for the Insurance Industry

As the insurance industry continues to modernize, disconnected systems, duplicative data entry and inconsistent data standards have long hindered efficiency. Herald is realizing its vision of establishing a modern, open data standard for the industry. The platform eliminates redundant data entry and simplifies workflows, allowing brokers to provide more accurate information while enabling carriers to underwrite with greater precision. Herald’s approach is redefining data interoperability across the insurance ecosystem, setting a new industry benchmark.

“Herald’s work in building an open data standard is a crucial step toward streamlining the entire industry,” said Rohan Malhotra of Brewer Lane Ventures. “By standardizing data flows between brokers and carriers, Herald is making insurance processes faster, more efficient, and more accurate. We’re proud to co-lead this round and support this transformative vision.”

The Role of AI

Brokers selling commercial insurance handle a high volume of complex transactions, often across disparate, disconnected systems, leading to inefficiencies. Herald’s AI-powered capabilities enable brokerages and carriers to extract, transform, and load data from various formats – such as PDFs and spreadsheets – into a unified transaction standard. By automating these processes, Herald speeds up workflows and removes the burden of human input.

“Herald’s focus on AI and flexible connectivity solutions is exactly what the industry needs,” said Yoni Cheifetz, Partner at Lightspeed Venture Partners. “Their technology ensures brokers can maintain their existing processes while benefiting from real-time data and faster, more accurate decisions, transforming the way carriers and brokers collaborate.”

With this latest funding round, Herald plans to expand its AI capabilities, add new products, and further strengthen its relationships with carriers, positioning itself as a key driver of innovation in the digital transformation of commercial insurance.

About Herald

Herald provides the API infrastructure for connecting brokers to a wide range of insurance carriers, enabling them to quote, bind, and issue insurance products efficiently across various verticals. Herald’s platform is agnostic, making it adaptable to any front-end system.

Learn more at heraldapi.com.

SOURCE Herald

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

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

Series A round led by Punja Global Ventures with participation from AXA XL, Prosegur/SegTech and HCS Capital

BOSTON, Oct. 16, 2024 — DeNexus, a leader in end-to-end cyber risk management for operational technology (OT), today announced it has raised $17.5 million in a Series A funding round, positioning DeNexus to accelerate its growth and expand its innovative product offerings and markets.

The funding round was led by Punja Global Ventures, with investment also from AXA XL, Prosegur/SegTech and HCS Capital. As part of this investment, Rimmo Jolly, co-founder at Punja Global Ventures, will join DeNexus’ Board of Directors, while Libby Benet, Global Chief Underwriter Officer at AXA XL, will join as a Board Observer. With this new funding, DeNexus is well-positioned to address the growing need for comprehensive cyber risk management in industrial environments, helping organizations navigate the complex landscape of cybersecurity threats and regulations.

“This investment is a strong vote of confidence in DeNexus’ vision and our ability to address the critical cybersecurity challenges faced by industrial enterprises and physical critical infrastructures,” said Jose Seara, CEO of DeNexus. “We’re poised to expand our go-to-market team, enhance our product offerings, and continue delivering on our commitment to provide a full-stack, end-to-end cyber risk management solution to our customers.”

DeNexus has demonstrated significant traction, with its solutions currently deployed at over 200 sites across the USA, UK, and Europe. Building on its product offering from the initial customers in the power electricity sector, the company has also successfully implemented its technology with a top data center hyperscaler, as well as a global manufacturer, and has secured contracts to serve one of the world’s largest airport owners and operators.  The company is contributing to the cyber risk management of these critical activities and infrastructures at the backbone of our civilization.

“DeNexus is at the forefront of a crucial shift towards risk-based cybersecurity management,” said Rimmo Jolly of Punja Global Ventures. “Their approach aligns perfectly with new cybersecurity regulations in the U.S., EMEA and APAC, which demand that corporations report on how they manage and govern cyber risk. We’re excited to support DeNexus as they continue to innovate in this critical space.”

The cybersecurity market is at an inflection point, with enterprises spending over $200 billion on cybersecurity solutions and cyber insurance, yet still feeling vulnerable especially in OT infrastructures. DeNexus addresses this challenge by empowering organizations to make data-driven, evidence-based decisions about cyber risk, and whether to mitigate, accept, avoid, or transfer it using its state-of-the-art, AI/ML-powered flagship product DeRISK^™.

“As cyber threats to critical infrastructures continue to evolve, it’s crucial that we support innovative solutions that can protect these vital systems, including proper affirmative insurance protection,” said Libby Benet of AXA XL. “DeNexus’ approach to cyber risk management is both timely and essential to build resilience in industrial companies and physical critical infrastructures, and we’re proud to be part of their journey.”

“In industrial environments, the boundaries between physical and cybersecurity get rapidly blurred,” says Barbara Albizuri, Director at Prosegur Tech Ventures. “Prosegur’s partnership with DeNexus reinforces our joint commitment to safeguarding critical infrastructure by combining cutting-edge cyber risk management technology with physical security expertise.”

DeNexus’ Board of Directors includes industry veterans Jose Seara, Alex Horvitz, Herb Madan, Rosa Kariger and Rimmo Jolly, bringing a wealth of experience to guide the company’s strategic direction. 

“The insights generated by DeNexus’ technology open tremendous opportunities to improve the security in OT environments and to transfer risks from industrial operators to risk carries in the insurance and reinsurance market,” said Alex Horvitz, CEO of HCS Capital and Board Member of DeNexus.

For more information about DeNexus’, please visit https://www.denexus.io/contact

About DeNexus^™
DeNexus is the leading provider in end-to-end cyber risk management for industrial networks. The company aims to establish the global standard in industrial cyber risk management for risk owners, shareholders, investors, boards, and the risk transfer market. Employing advanced simulation, AI, ML, and internal OT network data in its flagship product DeRISK^™, DeNexus forecasts incident probabilities, translating them into quantifiable financial risks. Trusted by Global 1000 companies in sectors like energy, manufacturing, transportation, and data center operations, DeNexus provides an evidence-based approach to tailor cybersecurity programs and optimize risk reduction investments. https://www.denexus.io

DeNexus press contact:
ICR/Lumina Communications for DeNexus
Danielle Scotto, Account Director
[email protected]
917-622-4688

SOURCE DeNexus

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

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

DURANGO, Colo., Oct. 16, 2024 — King Energy, a pioneering provider of solar energy solutions for multi-tenant commercial properties, announced today the successful close of a $10 million funding round led by ArcTern Ventures with $7 million and an additional $3 million from existing investors Blackhorn Ventures, Active Impact Investments, and Next Frontier Capital, underscoring the continued confidence in King Energy’s mission and market leadership.

The investment will fuel King Energy’s expansion of its innovative solar financing and billing platform that brings renewable energy to multi-tenant commercial buildings, providing economic value to both tenants and property owners alike. The additional capital will support scaling of operations, hiring, and technology enhancements, furthering King Energy’s reach across North America.

John Witchel is the CEO of King Energy with a strong record of building and scaling successful companies. He co-founded Prosper Marketplace, a pioneer in peer-to-peer lending, served as Senior Technical Architect at SolarCity during its rapid growth, President of GitPrime leading to its successful acquisition by Pluralsight. He currently serves on the board of Wunder Capital, La Plata Electric, and recently on the board of Colorado Solar and Storage Association. Witchel’s experience in finance, renewable energy enabled him to build an exceptional leadership team of seasoned industry experts to lead King Energy’s expansion.

John Witchel, CEO of King Energy, expressed genuine gratitude for the ArcTern partnership. “We are incredibly honored by ArcTern’s investment, which stands as a strong endorsement of our mission to transform how commercial properties benefit from renewable energy.”

ArcTern Ventures is a global venture capital firm dedicated to backing companies that address critical sustainability challenges. With a proven history of supporting transformative technologies across energy, transportation, and food systems, ArcTern’s investment in King Energy highlights its commitment to advancing impactful clean-tech innovation. As part of this partnership, ArcTern Partner Mira Inbar will join King Energy’s board, bringing valuable insight and expertise to the team from her time in the C&I renewable sector.

“King Energy brings a much-needed renewable solution to the multi-tenant commercial real estate, an enormous and underserved market,” said Mira Inbar, Partner at ArcTern Ventures. “Sustainability progress happens when it makes economic sense, and King Energy has cracked the split incentive problem so that everyone wins. We look forward to supporting their next phase of growth as they create real value for building owners and tenants eager for energy efficiency and cost savings.”

About King Energy
King Energy manages nearly 200 energy programs at multi-tenant commercial properties, serving more than 25 million square feet of tenant space. Their vision is to bring solar to every commercial rooftop by providing clear financial value to both property owners and their tenants. With their innovative OneBill software platform, King Energy optimizes the allocation and billing of energy to a commercial property’s tenants. By combining OneBill with project financing, solar program installation, and long-term management, King Energy serves as a single source solar partner that adds material financial value to commercial properties. This turnkey approach allows businesses to easily adopt clean energy, reducing both operational costs and carbon footprints without the upfront expenses or complexities typically associated with solar power.

King Energy is committed to making solar energy accessible, reliable, and profitable for all stakeholders, paving the way for a more sustainable future. Discover how King Energy is transforming commercial rooftops into valuable energy assets at www.kingenergy.com.

About ArcTern Ventures
ArcTern Ventures is a venture capital firm committed to addressing the climate crisis and advancing sustainability. Headquartered in Toronto, with offices in Oslo and San Francisco, ArcTern invests globally in innovative technology companies focused on climate action and sustainability—what we call Earthtech. The firm was founded on the premise that accelerating the transition to a carbon-neutral economy can disrupt industries and present an unprecedented opportunity for outsized financial returns, benefiting companies, investors, and the planet. ArcTern’s latest fund, Fund III, closed in January 2024 with US$337M from leading institutional investors, with a focus on Series A and B startups. Visit www.arcternventures.com to learn more.

For further inquiries, please contact:

King Energy
Tori Moon
1-800-781-1765
[email protected]

SOURCE King Energy

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

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

BRIDGEWATER, N.J., Oct. 16, 2024 — Openstream.ai, a leader in Conversational AI, has received a new patent for its Multimodal Collaborative Plan-Based Dialogue System. This innovation enhances its AI platform, Eva (Enterprise Virtual Assistant), by using a unique combination of neuro-symbolic AI to prevent AI hallucinations—errors where AI generates false or misleading information.

Businesses need AI systems that can accurately interact with users and carry out tasks reliably. Eva’s neuro-symbolic AI combines the data-processing power of Neural AI with the logical reasoning of Symbolic AI. This ensures the AI operates based on known facts, providing clear and transparent responses without the risks associated with traditional AI models.

Magnus Revang, Chief Product Officer at Openstream.ai, said, “This advancement allows enterprises to use Multimodal AI agents that learn and improve with every interaction, delivering fast and accurate results augmenting large language models (LLMs).”

Eva’s approach ensures that AI-driven systems make decisions grounded in real data, making it particularly useful for industries like Healthcare, Finance, Insurance, and Government, where accuracy and compliance are critical.

David Stark, Chief Marketing Officer, added, “With Eva, companies get Multimodal AI agents that can act with empathy based on facts, avoiding the risks and costs tied to less reliable AI models. Eva provides the perfect balance of scalability, quality, and safety.”

AI Agents and autonomous systems built with Eva seamlessly interpret and respond to natural language and multimodal inputs, while recognizing intricate patterns in user behavior. They can reason with abstract concepts and relationships, leveraging knowledge graphs to retain information gathered across complex, multi-turn conversations. These systems engage in empathetic interactions with users and collaborate effectively with other AI agents, ensuring a deeper, more intuitive understanding of the humans they serve.

Eva’s Multimodal AI agents can understand natural language, and facial expressions, recognize patterns in user behavior, and engage in complex conversations. These systems are ideal for enterprises looking to improve the quality of engagement, reduce risks, stay compliant, and maintain transparency.

This patent marks another significant achievement for Openstream.ai and follows a series of other notable milestones in 2024. The company recently secured additional patents for its Multimodal AI-Driven Digital Twins of Humans and for Multimodal AI Agents That Can Plan, Reason, And Explain. Openstream.ai was also recognized as an Artificial Intelligence Finalist in the 17th Annual Ventana (ISG) Research Digital Innovation Awards and won Top Provider Winner for AI Bots in Metrigy’s 2024 MetriStar Customer Experience Awards. Further honors include being named to the 2024 KMWorld 100 Companies that Matter in Knowledge Management, recognized as an AI Trailblazer on the 2024 KM World AI 100, and listed as an AI Visionary on the eWeek Top 150 Top AI Companies of 2024. Openstream.ai has also been included in over 20 Gartner research reports in 2024 and earned the distinction of being the sole Visionary in the 2023 Gartner Magic Quadrant for Enterprise Conversational AI.

ABOUT OPENSTREAM.AI
Openstream.ai empowers enterprises to create seamless, dynamic conversations with their audiences across multiple modalities, channels, and languages through its innovative Conversational AI platform, Eva (Enterprise Virtual Assistant). Eva features a portfolio of patented multimodal AI technologies and advanced Generative AI models, combining the latest AI techniques to deliver exceptional conversational experiences. Tailored to meet the specific needs of enterprises, the platform emphasizes Trust, Explainability, Data Governance, and Privacy Protection. Headquartered in Bridgewater, NJ, Openstream.ai provides cutting-edge solutions and expertise to forward-thinking enterprises worldwide.

MEDIA CONTACT:
(908) 685-5844
[email protected]

SOURCE Openstream.ai

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

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

“The interest from real estate companies in what we’ve built has been incredibly rewarding after perfecting the technology for nearly a decade in our lab,” said Tarek Rakha, CEO of Lamarr.AI and Associate Professor at Georgia Tech’s School of Architecture. “We are leveraging advances in drones, thermal imaging, and AI to autonomously detect building defects at scale, and with unprecedented accuracy. This innovation is enabling property owners to address faults before they become expensive headaches or environmentally unsustainable threats.”

The startup has already worked with numerous building owners and facilities managers to save more than $1M in engineering and construction costs by automatically identifying problems like deteriorated window seals and leaky roofs, in addition to helping effectively plan and scope large building envelope retrofits. The use of novel AI to automate the analysis of thermal images captured by drones enables the company to provide actionable insights from building envelope inspections significantly faster, cheaper, and more accurately than manual audits. Further, the team can quantify the impact of defects on energy loss through whole Building Energy Modeling (BEM), allowing for ROI modeling that drives capex decision-making.

“We’re excited to lead Lamarr.AI’s first pre-seed round,” said Roger Poirier, Co-Founder of Hazelview Ventures.  “We back startups that can directly drive value in Hazelview’s core real estate business. Lamarr.AI’s innovative inspection service has already had an impact on our operations and is an excellent example of the types of new approaches the industry needs to accelerate the journey to net zero in a financially sustainable way.” Sebastian Barriga, Co-founder of milemark•capital –who connected with the Lamarr.AI team at MIT over two years ago– added: “Lamarr.AI has developed game-changing technology capable of unlocking efficiency gains at scale, which will effectively reshape how we design and operate building performance and energy use.”

About Lamarr.AI

Lamarr.AI is pioneering automated solutions for building envelope diagnostics and retrofitting. Leveraging drones, thermal imaging, and AI-based analytics, we make detecting, diagnosing, and fixing envelope defects faster, cheaper, and more accurate than traditional methods. We work with building owners and facilities managers to reduce emissions, energy costs, and long-term maintenance expenses.

For more information, visit www.lamarr.ai

SOURCE Lamarr.AI

Healthtech Investments Surpass Pre-Pandemic Levels, Stabilizing Between $3.5B and $4.5B Per Quarter in 2024

SAN FRANCISCO, Oct. 16, 2024 — The healthtech sector is experiencing a recalibration in valuations, as the industry is showing signs of early recovery with investments stabilizing and artificial intelligence (AI) driving new growth, according to the 2024 Future of Healthtech Report from Silicon Valley Bank (SVB), a division of First Citizens Bank. Despite ongoing market volatility and macroeconomic uncertainty, healthtech investment in 2024 is on a positive trajectory, hovering between $4.0 billion and $4.5 billion per quarter and surpassing pre-pandemic levels.

The 5^th edition of SVB’s Future of Healthtech Report provides a detailed analysis of the healthtech market, including investment trends, sector evolution, and the growing importance of AI and value-based care in reshaping healthcare. It also explores the challenges companies face in finding their next round of capital or an exit as investors and acquirers have become more discerning.  Despite these challenges, the report indicates that healthtech remains a hotbed for innovation, with investments in Provider Operations and Alternative Care leading the sector. 

“We are witnessing a transition from the inflated valuations of 2021 and 1H-2022 to more sustainable investment practices,” stated Julie Betts Ebert, Managing Director of Life Sciences and Healthcare Banking at Silicon Valley Bank. “AI is playing a crucial role in streamlining administrative workflows, and companies that can demonstrate a clear return on investment are driving the sector forward.”

Additional findings from the Future of Healthtech 2024 report include:

Healthtech Key Data Points

• Dollars raised in the first eight months of 2024 (January through August) have already exceeded the totals for all of 2019.
• In 2024, 42% of healthtech investment rounds were seed rounds, up from 21% in 2019, with a median deal size of $3.8M.
• Of all US healthtech deals $5M and above, 35% were undisclosed and at least 12% were down rounds, the highest proportion in recent years.
• Thus far in 2024, we have yet to see a deal over $500M, where each of the prior five years had at least one deal of $500M or more.

AI Investment by the Numbers

• Overall funding for AI-focused healthtech attracted $4.8 billion, with AI-focused administrative healthtech generating 2.4 billion in funding.
• 50% of 2024 healthtech AI investment has been administrative, compared to 37% clinical, and 13% R&D.
• There have already been more investments in healthtech companies leveraging AI in 2024 than in any prior year. AI valuations in healthtech are up 50% from 2019 values.
• Tempus, with its $411M IPO in June 2024, showed that taking a significant valuation haircut could be a worthwhile price of admission into the public markets. Since going public, Tempus has seen total returns of 48% as of August.

Ebert, along with Jackie Spencer, Head of US Relationship Management for Life Science and Healthcare and other SVB leaders, will be at the upcoming 2024 HLTH conference. 

Learn More
To read the complete Future of Healthtech 2025 report, click here:
The Future of Healthtech Report 2024 | Silicon Valley Bank (svb.com)

A leader in providing market insights about the innovation economy, SVB has produced 10 new market reports to date in 2024. For the complete library of SVB’s signature reports, please visit Market Research Industry Trends & Insights | Silicon Valley Bank (svb.com)

About Silicon Valley Bank
Silicon Valley Bank (SVB), a division of First Citizens Bank, is the bank of some of the world’s most innovative companies and investors. SVB provides commercial and private banking to individuals and companies in the technology, life science and healthcare, private equity, venture capital and premium wine industries. SVB operates in centers of innovation throughout the United States, serving the unique needs of its dynamic clients with deep sector expertise, insights and connections. SVB’s parent company, First Citizens BancShares, Inc. (NASDAQ: FCNCA), is a top 20 U.S. financial institution with more than $200 billion in assets. First Citizens Bank, Member FDIC. Learn more at svb.com.

SOURCE Silicon Valley Bank

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

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

SUZHOU, China, Oct. 16, 2024 — TenNor Therapeutics, a clinical stage company dedicated to developing new therapies to address unmet needs in infectious diseases, announced today the initial closing of a Series E financing round for more than 300 million RMB. New investor AMR Action Fund joined Zhongshan Venture Capital and other existing investors in the round. The proceeds will be used to support the development and to seek regulatory approval in China of rifasutenizol, which could become the first new drug developed specifically for Helicobacter pylori infection in more than 30 years.  

“We are extremely glad to have the financial support from AMR Action Fund, Zhongshan Venture Capital, and other existing investors,” said Dr. Zhenkun Ma, Founder and CEO of TenNor Therapeutics. “TenNor is dedicated to addressing the challenges of drug-resistant infections in China and around the world by innovating solutions for diseases currently without adequate therapies. With the additional funding, TenNor is well positioned to seek regulatory approval and bring to market rifasutenizol, a novel therapy for Helicobacter pylori infections, while also advancing a second product that will target prosthetic joint infections and similar infections associated with medical devices.”  

“The global burden of drug-resistant bacterial infections is staggering and only getting worse, with recent data in The Lancet indicating that nearly 40 million people will die from antimicrobial resistance by 2050,” said AMR Action Fund Chief Executive Officer Henry Skinnner, PhD. “We are pleased to support the team at TenNor as they advance the development of novel antibiotics that could save the lives of patients around the world and significantly reduce the suffering associated with these intractable infections.”

“TenNor is a leading company with multiple assets in late-stage of clinical development for the treatment of diseases associated with bacterial infections and metabolism,” said Cheng Zhang, Chairman of Zhongshan Venture Capital, “TenNor adopts a first-line strategy to address major unmet needs in China. The products TenNor is developing has significant market potential in China and around the world. We are very glad to support this round of investment together with AMR Action Fund, a global leader in the antimicrobial space.”

TenNor develops differentiated products for diseases associated with bacterial infections and metabolism that currently lack adequate therapeutic options. The company adopts a business strategy to develop first-line therapies for indications with clear unmet medical needs and major market potential to ensure commercial success.

TNP-2198 (rifasutenizol) is a novel multi-targeting drug candidate with a synergistic mechanism of action against anaerobic and microaerophile bacteria. It has potential to become the first new drug developed specifically for Helicobacter pylori infection in more than 30 years. TNP-2198 could play an important role in supporting the large-scale screening-and-eradication strategy to prevent gastric cancers in regions with high gastric cancer rate.  TenNor is completing a phase 3 clinical trial of TNP-2198 in China and has received Qualified Infectious Disease Product (QIDP) and Fast Track designations from the U.S. Food and Drug Administration (FDA).

TNP-2092 (rifaquizinone) is a novel triple targeting drug candidate designed to address the dual challenges of antimicrobial resistance and persistence associated with medical device infections. TenNor has completed six phase 1 and phase 2 clinical trials for TNP-2092 for injection and is planning for a phase 3 multiregional clinical trial for the treatment of prosthetic joint infections. TNP-2092 has received QIDP, Fast Track and Orphan Drug designations from the U.S. FDA.

About TenNor Therapeutics

TenNor Therapeutics is a clinical-stage company specialized in the discovery and development of differentiated new drug products against diseases associated with bacterial infection and metabolism. TenNor possesses a unique multi-targeting drug conjugate technology platform and a strong new drug development portfolio with global IP protection. Several products are currently in late-stage of clinical development targeting H. pylori infection, medical device infections, hepatic encephalopathy and irritable bowel syndrome with diarrhea. The company is committed to address the unmet needs in the disease area and provide safe and effective therapies for patients in China and around the world.

For more information please visit: www.tennorx.com.

SOURCE TenNor Therapeutics (Suzhou) Limited

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

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In