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

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Funding accelerates momentum after product launch and leadership team hires

BEND, Ore., Oct. 15, 2024 — Platformr, a CloudOps platform that automates how companies migrate, build, and deploy technology solutions on AWS Amazon Web Services (AWS), announced today it has secured a $2.5M Seed Round. The funding will support the expansion of its AWS CloudOps solutions and further accelerate the company’s momentum following a recent product launch and leadership team hires.

Platformr’s prescriptive platform simplifies and accelerates the path to AWS in less than an hour, empowering organizations to deliver scalable, reliable products and features to the market faster. Purpose-built for AWS, the solution is designed for companies who are ready to migrate to AWS but facing time to market pressure, cloud governance challenges, scalability issues, unknown security risks, and regulatory compliance requirements.

‍The $2.5 Seed Round is led by Oregon Venture Fund (OVF) with participation from Cascade Seed Fund and several other investors.

“Oregon Venture Fund (OVF) is excited to lead this investment into such a strong technical team working on such a big opportunity,” said Jon Maroney, General Partner at the Oregon Venture Fund. “AWS represents a large and rapidly growing opportunity that desperately needs the easy-to-use orchestration and impactful functionality that Platformr provides.”

Platformr CEO Ryan Comingdeer noted the significant advantage of having experienced and proven investors lead the funding round. “We’re extremely grateful to OVF for their confidence in our vision,” he said. “Their insight and guidance will be invaluable as we navigate our growth trajectory.”

Robert Pease, Managing Director of Cascade Seed Fund highlighted Platformr’s leadership experience and AWS expertise. “We put significant emphasis on founders when evaluating potential early stage investments,” he asserted. “The talent on the team at Platformr is world-class and uniquely understands the challenges and opportunities of migrating and modernizing on AWS.”

About Platformr
Platformr revolutionizes CloudOps and accelerates the journey to the AWS Cloud by automating how companies migrate, build, and deploy reliable, well architected technology solutions. Purpose-built for AWS best practices, Platformr configures AWS infrastructure and sets up AWS Landing Zones in minutes with a secure foundation architecture designed for reliability, scalability, cost optimization, performance efficiency, and continuous compliance. For more information, visit www.platformr.cloud.

About Oregon Venture Fund (OVF)
The Oregon Venture Fund (OVF), based in Portland, Oregon, is the largest venture capital firm between Seattle and the Bay Area. OVF is backed by business and technology leaders and dozens of institutional investors, including the State of Oregon, Business Oregon, Oregon Community Foundation, and University of Oregon Foundation. The fund provides capital and support to locally based teams building world-class growth companies regardless of stage or sector. With over $200M in assets under management, OVF invests locally to scale globally. OVF’s performance is consistently in the top 25% of all venture funds (2024, Pitchbook).

About Cascade Seed Fund
Cascade Seed Fund is a venture capital fund backing great founders at the earliest of stages. We serve as coach, mentor, and believer from the beginning. We invest in software companies in the Pacific Northwest and rising entrepreneurial hubs throughout the US.

Media Contact
Jennifer Houston
[email protected]

SOURCE Platformr

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• American Heart Association Ventures invests in MDisrupt
• Lisa Suennen, Managing Partner of American Heart Association Ventures and longtime healthcare veteran, joins the MDisrupt board
• MDisrupt’s marketplace will be made available to thousands of the American Heart Association’s professional members
• The American Heart Association and MDisrupt collaborate to expand the AI-Powered Health Expert Marketplace

AUSTIN, Texas, Oct. 15, 2024 — MDisrupt, the premier expert marketplace for the health tech and life sciences industries, today announced it has received a milestone-based $1 million investment from American Heart Association Ventures, the newly established venture arm that leads and coordinates the Association’s venture capital investments. In addition, the American Heart Association entered into a services agreement with MDisrupt.

The investment will support expanded adoption of MDisrupt’s recently launched Artificial Intelligence (AI)-Powered Health Expert Marketplace. The marketplace is designed to meet the growing demand by small and large companies for fast and reliable access to vetted clinical, commercial, and scientific experts to advise around designing, building, commercializing, and scaling healthcare products and services. 

In addition, MDisrupt will add new features to the marketplace platform through a strategic collaboration with the Association to meet the needs of its members, providing new ways for them to engage with the health technology, health services, medical device and life sciences sectors. This collaboration will enable members to advance the Association’s mission of spreading evidence-based, high-quality scientific expertise across the healthcare ecosystem.

“Healthcare experts are the catalysts behind scalable, science-based innovation. This strategic investment from American Heart Association Ventures accelerates our mission to provide health care and life sciences companies with unparalleled access to top clinicians and scientists, including those specializing in cardiovascular and brain health,” said Ruby Gadelrab, Founder and CEO of MDisrupt. “Our collaboration with the Association will create valuable opportunities for thousands of members to engage with industry, apply their expertise in new roles, and shape the future of healthcare technology.”

Healthcare industry veteran Lisa Suennen, Managing Partner of American Heart Association Ventures, also joined MDisrupt’s Board of Directors, bringing decades of leadership experience and a proven track record in health innovation to support MDisrupt’s continued growth. 

“We are excited about this relationship because it allows us to bring even more value to the American Heart Association members and to further disseminate our members’ impressive knowledge to advance solutions that are scientifically validated, evidence-based and essential for the healthcare industry,” Suennen said. “We are thrilled to make this strategic investment in MDisrupt and to have this opportunity to support our members and the healthcare and life sciences marketplace by matching needs with expertise in a way that benefits all. Through this collaboration, MDisrupt will help give Association members a unique opportunity to shape the next generation of healthcare solutions.”

American Heart Association Ventures is an investment platform that leads and coordinates the venture capital programs of the Association, building upon the overall mission by funding programs that ensure the translation of high quality, evidence-based science, research and clinical know-how into actionable, meaningful, equitable and sustainable positive impact for patients and the health care system.

Suennen added, “The collaboration with MDisrupt will help us deliver on our mission to be a relentless force for a world of longer, healthier lives. Building on more than 100 years of trusted leadership in cardiovascular and brain health, the American Heart Association is focused on driving breakthroughs and helping advance proven solutions that advance health and hope for everyone, everywhere.”

Healthcare Experts – the Critical Factor for Success in New Healthcare Products and Services 

While health tech, tech-enabled services, medical devices and life sciences are abundant with innovation, the path to success is challenging. For instance, in the United States, 75 percent of medical device start-ups fail, and 98 percent of digital health startups don’t survive.  The landscape for connected devices and apps is similarly daunting, with an astonishing 350,000 health apps available and more than 90,000 released in 2020 alone – yet about 53 percent are uninstalled within 30 days. Early-stage healthcare companies frequently falter because they lack clinical, regulatory, and commercialization expertise; they also face significant post-market hurdles such as recalls, reimbursement challenges, or poor market performance.

“Too many promising companies struggle not due to a lack of innovation but because they can’t access deeply specialized healthcare expertise when it’s needed most. Whether it’s navigating complex regulations, generating evidence, commercialization,  or engaging with payers and health systems, the nuanced, healthcare-specific guidance we provide through MDisrupt is critical. Unlike general expert platforms, we focus exclusively on every aspect of health care, offering vetted, curated experts who can accelerate a company’s path to market. Our marketplace delivers the right expertise at the right time, empowering companies to move faster and more responsibly,” said Gadelrab.

The MDisrupt marketplace currently provides access to more than 2,500 vetted experts who worked at established healthcare enterprises, such as Blue Cross Blue Shield, Walgreens, CVS, Willis Towers Watson, U.S. FDA, Optum, Humana, Kaiser, Cleveland Clinic, and more.

MDisrupt’s AI-Powered Health Expert Marketplace connects health tech and life sciences companies, as well as venture and private equity funds, with vetted experts whose skills are highly specific and nuanced to meet healthcare’s unique challenges. The platform’s precision matching ensures that companies find the exact experts they need, whether for clinical, commercial, regulatory or reimbursement expertise. Companies can engage these experts in various ways, from hourly consultations and advisory boards to fractional, part-time, or full-time roles, ensuring flexibility and tailored expertise for every stage of their growth.

MDisrupt was founded by Gadelrab, a seasoned health tech executive who has successfully commercialized healthcare and life sciences, served on the executive team at 23andMe, and advised many leading companies in the biotech and genetics sectors. MDisrupt has raised $6.6 million to date, including its most recent $3 million in seed funding. Notable investors include The Venture Collective, Capita3, The Good Science Fund, Zane Venture Fund, Growth Factory, Susan Solinsky, Matthew Holt, and other strategic investors and industry leaders in the healthcare and technology sectors.

About MDisrupt

MDisrupt is the premier expert marketplace for the health tech and life sciences industry, connecting companies with over 2,500 top-tier professionals, including clinicians, health system executives, and payor leaders. The company’s AI-powered platform streamlines access to essential expertise, enabling rapid product development and validation. By uniting the best minds in healthcare, MDisrupt ensures that health innovations are built on a foundation of clinical rigor and are ready for market success acceleration. For more information, visit www.mdisrupt.com, and follow on LinkedIn. 

Media Contact:
Rob Mazzini
PR for MDisrupt
(646) 599-3502
[email protected]

SOURCE MDisrupt

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SAN CARLOS, Calif., Oct. 15, 2024 — Beacon AI, a Silicon Valley-based aviation intelligence startup, announced it raised $15 million in Series A funding, led by Costanoa Ventures, with significant participation from Scout Ventures, joining numerous new and existing investors including Sam Altman, and JetBlue Ventures – raising the total venture funding to $20M.

Beacon is on a mission to put AI assistance in every professional flight deck to improve flight safety and efficiency for defense and commercial operators. Beacon is focused primarily on aircraft represented in the commercial market and their defense twins. The adaptable platform presents a `dual-use` opportunity by being able to serve both markets on similar aircraft. The Series A investment will allow Beacon to expand its team, deliver on existing DOD and commercial engagements, and accelerate the deployment of its flagship products: Murdock, an AI-powered pilot assistant akin to R2-D2 for pilots, and Lighthouse, its data platform and flight management system.

“From our start, we’ve had the goal of augmenting pilots with advanced technology that helps them perform their jobs more efficiently and safely,” said Matt Cox, CEO of Beacon AI. “Everyone in aviation is under pressure to improve safety, and planes’ flight decks and pilots remain underserved. We are building something I wish I had in my decade as a naval aviator and 20 years as a pilot.”

“There is no better team to bring AI into the flight deck for commercial and military pilots,” said Greg Sands, founder and Managing Partner of Costanoa Ventures. “They have already proven themselves in the most high-stakes cockpits in the world, which is why we’re excited to see their progress with commercial pilots.”

Beacon AI has gained significant traction with ten Department of Defense (DOD) contracts and agreements and is seeing rapidly growing commercial interest. The funding will support the company’s expansion to meet high demand and deploy its first product to customers. While slots for 2024 are currently full, the company is opening beta sign-ups for 2025.

“When we first met Beacon AI, what stood out the most was the team and how laser-focused they are on building for their customer.  Being led by a team of subject matter experts with countless flight hours in the cockpit allows for an unparalleled understanding of this dual-use technology, and their approach resonated with us. We are proud to be backing a top-tier entrepreneur, Matt Cox, and supporting the entire Beacon AI Team,” said Brad Harrison, founder and Managing Partner of Scout Ventures.

Beacon AI is currently hiring across all departments as it scales to bring its vision of safer, more efficient flight to the world.

About Beacon AI:
Beacon AI is a California-based aviation software technology company specializing in developing advanced AI systems to augment commercial and defense pilots. The company’s mission is to enhance the future of flight by making flight operations safer and more efficient. Beacon’s innovative solutions address the complex challenges faced by the aviation sector, backed by leading investors such as Costanoa Ventures, Scout Ventures, Sam Altman through Apollo Projects and Hydrazine Capital, and JetBlue Ventures, and guided by aviation industry advisors including Hon. Robert Sumwalt (former Chairman of the NTSB) and Ali Bahrami (former Associate Administrator of the FAA).

For more information, please visit https://beaconai.co/ contact [email protected], or follow us on LinkedIn.

About Costanoa Ventures:
Founded in 2012, Costanoa Ventures partners with builders as early as company formation, with a focus on B2B in applied AI, data & developer infrastructure, security, defense, and fintech. Costanoa is a long-term, boutique partner to entrepreneurs from the earliest stages of company building with expertise from its BuilderOps team. For more information, please visit www.costanoa.vc.

SOURCE Beacon AI Inc.

Series A Allocated for Accelerated Studio Growth & Creating Console/PC Quality RPGs on Mobile Devices for Western Audiences

SACRAMENTO, Calif., Oct. 15, 2024 — Azra Games, a Sacramento-based company founded in 2022 and dedicated to creating the next generation of mobile role-playing games (RPGs) with thrilling gameplay, visceral combat, and immersive storylines, is thrilled to announce the successful completion of its $42.7 million Series A round. The round was led by Pantera Capital (Franklin Bi), with participation from a16z crypto (Arianna Simpson), A16Z GAMES (Jonathan Lai), and NFX (Gigi Levy-Weiss). This brings Azra’s total funding to date to $68.3 million.

The funding will be instrumental in accelerating the growth of Azra Games and advancing its various projects that are currently in development, including its flagship ground-breaking game, currently code-named “Project Legends.” The funding underscores investors’ confidence in Azra Games’ vision and potential to revolutionize the mobile RPG genre across all platforms, paving the way for the future.

Azra Games was founded by veteran 0-to-1 game designer Mark Otero, known for Electronic Arts’ top-grossing Star Wars: Galaxy of Heroes (his 8th RPG), and backed by a talented team of seasoned experts. The vast potential of mobile RPGs delivers impressive margins and accounts for one-third of total mobile games revenue. These games have evolved through several generational cycles and are now poised for the most significant paradigm shift in their history. 

“We aim to define what I call the 4th generation of mobile RPGs. The first generation emerged with mobile app stores, characterized by text-based RPGs with 2D graphics constrained by limited memory and weak processors. The second generation saw enhancements in UI, richer icons, and auto battles with basic animations. The third capitalized on advanced smartphone technology, offering 3D graphics, interactive turn-based battles, and more sophisticated controls,” said Otero. “I believe the 4th generation of mobile RPGs is competing with PC and console RPGs, featuring open worlds, over-the-shoulder camera perspectives, real-time battles, and extended PvE campaigns. It signifies a significant paradigm shift in mobile gaming. With our expanding expert team and robust funding, we are excited to bring Western gamers true console/PC-quality PRG experiences on their mobile devices.”

In addition to mobile game projects, the $42.7 million funding will enable Azra Games to expand its global team and strategic initiatives including the growth of Azra Labs. Azra Labs is a small research and development team led by co-founder and CTO, Travis Boudreaux, in the application of artificial intelligence to accelerate the development of AAA mobile content at scale by industrializing the RPG development process. The studio is actively seeking world-class talent with an innovative spirit to transform the development and launch of mobile RPGs. Please visit https://azragames.com/careers/ to join the team.

“We’re thrilled to partner with Azra Games to build a new generation of RPGs, built on deep storytelling, mobile-native combat, and immersive economies. Mark is the rare entrepreneur who has successfully navigated multiple industry shifts and built billion-dollar franchises in gaming,” said Franklin Bi, General Partner at Pantera Capital. “Today, Mark is building a truly special team at Azra to define a new standard for mobile roleplaying games, open-world economies, and player empowerment. I can’t wait for the world to see what’s coming and officially join the Azra universe.”

“The team at Azra Games has the incredible opportunity and vision to trailblaze the fourth generation of mobile RPG games that combines the creativity of new gaming formats and experiences with the digital ownership of blockchain,” said Arianna Simpson, General Partner at a16z crypto. “Mark has an incredible ability to bring out the best in his team, and we can’t wait to see Azra’s vision come to life over the coming months.”

“We believe the Azra Games team has the unique ability to lead the charge into the next generation of mobile RPGs. Their artistic vision has excellent moment-to-moment gameplay, gripping narratives, immersive experiences, and compelling progression. Mark possesses the reality distortion field so rare amongst leaders, and we eagerly anticipate seeing Azra’s vision materialize over the next few years,” said Robin Guo, Partner at A16Z GAMES

Azra is poised to set new standards in the gaming industry by leveraging this significant investment to bring its groundbreaking ideas to life. Azra Games’ unwavering dedication to crafting unforgettable gaming experiences, which is at the heart of its ambitious plans for the future, will surely excite players worldwide.

For more information about Azra Games’ upcoming projects, please visit www.azragames.com.

About Azra Games
Azra Games is pioneering the fourth generation of RPGs with a focus on mobile. Based in Sacramento, CA, the studio was founded by former EA and BioWare executive Mark Otero, best known as the developer of the hit game Star Wars: Galaxy of Heroes.

SOURCE Azra Games

Investors in the upcycled cacao brand revolutionizing the cacao supply chain include Zintinus, The Hershey Company, Whole Foods Market, and other institutional investors with additional support from Celebrity Chef, Nick DiGiovanni, who joins as a Brand Ambassador

NEW YORK, Oct. 15, 2024 — Blue Stripes, the whole cacao brand on a mission to create a more ecologically and economically sustainable cocoa supply chain, closes their Series B round at $20 million led by Zintinus, The Hershey Company and Whole Foods Market, among others. Blue Stripes’ line of delicious, environmentally conscious, and nutrient dense products includes: Cacao Water, Whole Cacao Chocolate Bars, Whole Cacao Granola, Whole Cacao Trail Mix, Chocolate Covered Cacao Beans, and Dried Cacao Fruit. Blue Stripes’ innovative ingredient and production approach reduces cacao fruit waste, increases the value of the cacao fruit, and creates a meaningful income increase for cocoa farmers by utilizing 70% of the fruit that is typically thrown away in the traditional chocolate making process.

Blue Stripes was founded in 2018 by Oded Brenner, who also founded the global chocolate retail chain Max Brenner, and who has been referred to as a real life Willy Wonka. Oded and Co-Founder Aviv Schwietzer, are on a mission to revolutionize the chocolate industry with their innovative and sustainable whole cacao approach. The brand aims to create an entirely new category within the chocolate space by unlocking the untapped potential of the cacao superfruit (antioxidants, minerals, fiber, etc.)

“For the last two decades of my career I focused on showing people the whimsical and romantic side of chocolate,” says Blue Stripes Founder, Oded Brenner. “In this next chapter, I am on a mission to change what happens behind the scenes of the cacao industry – reducing the negative cacao industry impact on the environment, improving the economic value cacao farmers receive for their work, and sharing the incredible functional benefits that the cacao superfruit has with the world.”

The Series B capital raise’s lead investor, Zintinus, supports brands that develop innovative technologies in the food industry while adhering to a high standard of environmental responsibility, social equity, and strong governance practices. Zintinus’ investment support was bolstered with investment from The Hershey Company, one of the largest chocolate manufacturers in the world, Whole Foods Market, the leading natural and organic foods retailer, as well as additional investors including DMG Ventures, Hamilton Lane, and Praesidium. The investment proceeds will be used to continue to advance the company’s whole cacao process technologies, develop new products, increase distribution, and raise consumer awareness around the nutritional benefits of the cacao superfruit for the chocolate industry as a whole.

To uplift the brand’s mission to create a more sustainable future for the chocolate industry, Blue Stripes has appointed Nick DiGiovanni, celebrity chef, entertainer and digital megastar with over 33 million followers across YouTube, TikTok, and Instagram, as a Brand Ambassador. In this role, Nick will leverage his social platform to educate consumers about the cacao fruit including its various use cases and functional benefits.

“I’ve known Oded for many years and have always described him to others as the ‘modern day Willy Wonka,'” says Nick DiGiovanni. “Over the years I’ve learned so much about the cacao industry, so I’m excited to be a part of the Blue Stripes team to show the world that cacao is so much more than just chocolate.”

Blue Stripes is available nationally through their website (www.bluestripes.com), and with retailers including Whole Foods Market, Fresh Market, Sprouts, and Amazon, as well as in small premium grocers like Happier Grocery in NYC.

Media Contact:
Lia B
9498706667
[email protected]

SOURCE Blue Stripes

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Smith Point Capital leads financing to accelerate the adoption of groundbreaking Service Resolution Intelligence AI solution in a growing roster of Fortune 1000 companies

SAN JOSE, Calif., Oct. 15, 2024 — Neuron7.ai, the pioneer in Service Resolution Intelligence, today announced it has raised $44 million in Series B funding led by Smith Point Capital, the firm founded by former Salesforce Co-CEO Keith Block. Existing investors Nexus Venture Partners and Battery Ventures joined the oversubscribed funding round, bringing the total capital raised to date to more than $63 million.

Neuron7 resolves issues in complex service environments. In the last 12 months, it has increased annual recurring revenue (ARR) by 300% while adding top-tier enterprise customers from the medical device, high-tech device, and industrial equipment industries.

The new funding will accelerate Neuron7’s product innovation and enterprise-focused go-to-market growth initiatives. These will enable the delivery of sophisticated AI-powered use cases to resolve issues in complex service environments and support deeper integration into a host of CRM applications, chat, and other service workflows.

“Neuron7 is redefining service with AI that delivers fast, accurate resolutions at Fortune 1000 companies. Our Smart Resolution Hub is the future of service, bringing together knowledge from data and people to power better decisions and faster resolutions at every point of the service continuum,” said Neuron7.ai CEO and Co-Founder Niken Patel. “We are grateful for our investors’ support and thrilled to welcome Smith Point and the expertise of enterprise software stalwarts like Keith Block to the Neuron7 business. Their extensive industry experience validates our approach and will help propel us forward as we continue to address the toughest challenges in service and support.”

Charting a New Course with Service Resolution Intelligence

Neuron7 addresses the core challenge faced by complex service organizations: resolving customer issues is a struggle because knowledge is spread across vast data sources and in the minds of individuals. Compounding the issue, many service organizations are rapidly losing institutional knowledge as employees retire or change careers. The Service Council noted that workforce and talent shortages were the most significant external challenge impacting service, with more than 45% of front line agents stating that they did not plan to or were unsure about remaining in field service careers. These persistent challenges impede successful service delivery, increase costs, reduce uptime, and lead to lower overall customer satisfaction.

“Neuron7 represents the next great leap forward for the service industry,” said Keith Block, CEO and Founder of Smith Point Capital. “We’ve had a front-row seat to the industry’s evolution over the last few decades and were immediately drawn to Niken’s vision to establish a service-focused, AI-driven intelligence layer. Neuron7 delivers industry-leading, domain-specific results to an impressive roster of customers and establishes impressive strategic partnerships with major cloud platforms – milestones rarely seen in a company at this stage. We are excited to partner with Neuron7 on its next chapter of growth.”

Today’s service organizations must support increasingly sophisticated technology – from wireless communications and point-of-sale systems to MRI machines and industrial machinery – for customers that cannot afford downtime when something goes wrong. Yet, the industry has seen little innovation, with many organizations still relying heavily on articles and manuals that are out of date and difficult to find and use effectively. Service Council research revealed that 86% of field service engineers noted their work requires greater technology knowledge, as a result of servicing more complex products, and 81% say they phone a friend when they’re stuck. Neuron7 solves these challenges by providing accurate resolutions to help customers improve first-time fix rate, parts prediction, next likely error prediction, and onboarding times, while capturing knowledge.

“NCR Atleos is responsible for maintaining over 600,000 ATMs across 60 countries in multiple languages, with a critical commitment to keeping our customers’ businesses running seamlessly,” said Bill Girzone, Senior Vice President, Global Field Services of NCR Atleos. “Neuron7’s solutions have been instrumental in transforming the quality of service we deliver to our global customers. With its AI-powered Service Resolution Intelligence deployed to more than 6,000 users worldwide, handling 1.4 million cases per year, we’ve been able to drive significant improvements in first-time resolve and resolution time.”

According to Gartner^®, global spending on AI software will grow to $297 billion by 2027, with customer service as one of the areas predicted to integrate AI tools. The goal of customer service is to resolve issues, cases, and incidents. Neuron7’s use cases are at the heart of service, with AI solutions that are able to perform on industry-specific, deep-domain data to provide fast, accurate resolutions at scale.

Neuron7 is 21% to 38% more accurate than industry-standard large language models (LLMs) and reduces hallucinations by more than 50% compared to industry standards. This accuracy is the key to delivering Service Resolution Intelligence, which is in production at Fortune 1000 customers, providing accurate resolution paths with turn-by-turn guidance that improve with usage.

“Neuron7 solutions support our strategy to empower service technicians to diagnose and repair more efficiently by leveraging service data, expert knowledge, and smart-instrument telemetry data,” said John Page, President of Global Services at Keysight. “By integrating the solutions into our service delivery platforms, we achieve daily efficiencies that enhance customer service, enabling our customers to innovate at speed and achieve sustained positive outcomes with Keysight products and solutions.”

About Neuron7.ai
Neuron7 is the pioneer in Service Resolution Intelligence, helping customers achieve 90% plus resolution accuracy faster by bringing together knowledge from vast data sources, people, and interactions into a Smart Resolution Hub. Neuron7 seamlessly integrates into your CRM or chat in partnership with Salesforce, ServiceNow, Microsoft, and SAP to provide answers in seconds and turn-by-turn guidance to resolve issues faster, the first time. Neuron7 solutions are purpose-built for complex service environments, including medical devices, high-tech, and industrial equipment. Neuron7 is backed by Smith Point Capital, Nexus Venture Partners, Battery Ventures, and ServiceNow Ventures. Learn more at www.neuron7.ai.

About Smith Point Capital
Smith Point Capital is redefining growth equity by integrating deep investment expertise with extensive operational experience. The firm was founded in 2022 to focus exclusively on investing in the next generation of enterprise software companies driving digital transformation. Smith Point’s operator-led approach combines hands-on operational support with strategic capital, empowering companies to accelerate growth and maximize market impact. Backed by a team with over 100 years of combined experience and more than 200 software transactions representing $10 billion in enterprise value, Smith Point partners with entrepreneurs to achieve exceptional financial and operational outcomes. For more information, visit www.smithpointcapital.com.

SOURCE Neuron7.ai

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“Michael’s experience in sophisticated corporate transactions and his hands-on, business-savvy approach aligns closely with our commitment to delivering high-quality and efficient legal counsel to our clients,” said Catherine Kemnitz, Managing Director of Axiom Advice & Counsel. “Our clients will immediately benefit from his ability to address both the daily legal needs of portfolio companies and the complex capital requirements of PE and VC sponsors, as his experience working hand-in-hand with companies and their investors enables him to effectively manage their interconnected legal and business challenges.”

With extensive experience in complex corporate transactions and corporate law matters across multiple industries, particularly PE- and VC-backed companies, Michael addresses the diverse legal challenges for businesses at various growth stages. His approach balances risk management with operational efficiency, enabling companies to navigate complex legal landscapes while maintaining transaction readiness.

“AA&C’s innovative approach to legal services aligns with my belief in providing clients with the legal counsel they need at an efficient rate structure,” said Michael. “This approach is particularly valuable for growing companies with diverse legal needs but limited internal resources. By combining deep industry knowledge with flexible service models, we can help these businesses navigate complex legal landscapes while optimizing their legal spend and focusing on growth and value creation.”

Michael holds a J.D., cum laude, from The University of Arizona James E. Rogers College of Law, where he received the CALI Award for Law, Entrepreneurship & Innovation and served as a teaching fellow for 1L contracts courses. He earned his B.A. in Psychology from Indiana University – Bloomington, graduating from the Hutton Honors College.

For more information or to talk to an Axiom Advice & Counsel (AA&C) representative, visit our website, and network with us on LinkedIn.

Related Axiom News

About Axiom Advice & Counsel

Located in Arizona, Axiom Advice & Counsel (AA&C) is setting a new standard for the modern law firm. From prioritizing clients and the lawyer experience, to finding the right legal talent for the right legal matter, AA&C’s approach to the law firm model provides clients with better value for every dollar spent on outside counsel. AA&C represents a diverse set of clients, ranging from growing mid-market businesses to global multinationals with large in-house teams. The firm focuses on corporate law including general counsel services, real estate, labor and employment, mergers and acquisitions, data privacy, intellectual property, and regulatory matters. For more information, please visit https://www.axiomadviceandcounsel.com.

About Axiom

Axiom is where high-caliber legal talent meets full-service law firm work. We invented the alternative legal services industry 24 years ago and now serve more than 1,500 legal departments globally, including 68% of the Fortune 100, with 95% client satisfaction. Axiom gives small, mid-market, and enterprise clients a single trusted provider who can deliver a full spectrum of legal solutions and services across more than a dozen practice areas and all major industries at rates up to 50% less than national law firms. To learn how Axiom can help your legal departments do more for less, visit axiomlaw.com.

SOURCE Axiom Advice & Counsel

LOS ANGELES, Oct. 15, 2024 — Ghost, the B2B marketplace connecting the world’s leading brands and retailers, today announced it has raised $40 million in Series C funding led by L Catterton, a leading global consumer-focused investment firm, with participation from existing investors including USV, Cathay Innovation, Equal Ventures, and Eniac.

Ghost’s tech-enabled marketplace provides a seamless digital experience to more than 6,000+ members on its platform, which include some of the world’s most iconic brands and category-leading retailers in apparel, footwear, beauty, home goods, and beyond. Its proprietary platform serves as a one-stop solution for brands, allowing them to enter into new channels and geographies by connecting them with a broad range of vetted buyers around the world who are seeking access to both surplus and wholesale inventory. As a trusted partner, Ghost ensures sellers can maintain brand control and integrity, while developing relationships with hard-to-reach global partners. Ghost provides efficiency and certainty in moving large volumes at higher recovery values.

Since completing its Series B funding round in August 2023, Ghost has significantly scaled its platform through investments in infrastructure, AI, and international expansion.

“We are highly focused on advancing our mission to be the most trusted inventory solution for the world’s best brands,” said Josh Kaplan, Co-CEO of Ghost. “Ghost has continued to grow and expand our focus to be the true partner of choice for leading brands and retailers looking for efficient inventory management and channel opportunities. This investment from L Catterton – a world-class partner with relationships with some of the most beloved consumer brands globally – will allow us to build on our momentum and capitalize on a number of compelling product and geographic expansion opportunities.”

“L Catterton’s global network and deep expertise in retail, technology, and sustainable growth will significantly support our efforts to innovate and continue growing the Ghost ecosystem as we solve some of the largest pain points for our members,” said Dee Murthy, Co-CEO of Ghost. “We are confident this partnership will allow us – and most importantly, our members – to unlock new opportunities while positioning Ghost for long-term success.”

“Ghost’s customers shared with us that they love the platform’s user-friendly interface, advanced matching technology, and ability to maintain brand control over where their products end up,” said Ian Friedman, Partner and Managing Director in L Catterton’s Growth Fund. “After seeing such demonstrable customer love for Ghost as a trusted partner and high dependence on the platform, we had a strong desire to partner with the Ghost team to solve the massive pain points facing companies in managing surplus inventory and see tremendous opportunity ahead for the business.”

About Ghost
Ghost is the world’s leading B2B platform for brands and retailers to buy and sell surplus and wholesale inventory. The members-only marketplace solves the frustrations that have held back brands for far too long. By combining user-friendly technology with industry data, Ghost is shaping the future of retail and offering an all-in-one solution for buying and selling goods effortlessly.

About L Catterton
L Catterton is a market-leading consumer-focused investment firm, managing approximately $35 billion of equity capital and three multi-product platforms: private equity, credit, and real estate. The firm’s funds have the ability to invest between $5 million and $5 billion, across the capital structure, in well-positioned consumer businesses. Leveraging deep category insight, operational excellence, and a broad network of strategic relationships, L Catterton’s team of more than 200 investment and operating professionals across 17 offices partners with management teams to drive differentiated value creation across its portfolio. Founded in 1989, the firm has made over 275 investments in some of the world’s most iconic consumer brands. For more information about L Catterton, please visit lcatterton.com.

Contacts:

Ghost
Helen Joel
[email protected]

L Catterton
Julie Hamilton
[email protected] 
+1 203 742 5185

SOURCE L Catterton

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