Led by Frist Cressey Ventures, the round will help drive MD Ally’s mission to enhance public safety and health care systems

NEW YORK, Aug. 13, 2024 — MD Ally, a leader in 911 diversion, care, and navigation solutions, announced the successful completion of a $14 million Series A funding round. This brings MD Ally’s total funding to $25 million.

This round was led by Frist Cressey Ventures, founded by Senator Bill Frist and Bryan Cressey, and anchored by General Catalyst, with participation from Techstars, Seae Ventures, Red & Blue Ventures, and Alumni Ventures.

MD Ally is tackling a critical issue in emergency medical services, the overwhelming influx of millions of non-emergency 911 calls. These calls strain EMS systems, increase ambulance wait times, overcrowd emergency rooms and drive unnecessary healthcare costs. By collaborating with public safety systems and health insurance payors, MD Ally’s 911 virtual care program ensures that callers with non-emergency concerns receive timely, appropriate, and convenient care.

“We are excited to partner with Shanel Fields and the MD Ally team to identify and expand public safety collaborations and improve emergency services. The MD Ally model is nationally unique and highly effective in ensuring more patients receive personalized care, along with comprehensive care navigation and coordinated follow up care,” said Senator Bill Frist, M.D., co-founder and managing partner of Frist Cressey Ventures.

In addition to saving $2,280 in healthcare costs on average, callers also receive a “personal assistant” level of support to tackle treatment plan tasks and ensure adherence for better long-term patient care outcomes. This approach not only delivers more personalized care to patients but also keeps ambulances available for true emergencies.

“The nice thing about MD Ally is they have this blanket system that works for any agency,” said Colin Johnson, Lee County, Florida’s Deputy Chief of EMS during a recent interview with Bloomberg News.

MD Ally was also recently recognized as the “Most Innovative Civic Tech Company” by the US Conference of Mayors.

The company is partnering with some of the largest cities in the US like Phoenix, AZ and implementing several national payor partnerships across Florida, Arizona, and California to serve over 5 million patients. The newly secured funding will enable MD Ally to open up access to its solution to other forward-thinking public safety and payor partners that have been waiting to achieve similar outcomes. This growth will further enhance the company’s 911 and EMS-integrated technology, expand clinical services, and extend downstream care coordination partnerships.

“This funding marks a key milestone for MD Ally,” said Shanel Fields, Founder & CEO of MD Ally. “Our goal is to implement revolutionary, non-emergency 911 care pathways, ensuring that patients receive the right level of care quickly and efficiently. We’re “officiating” historic partnerships between public safety systems and payors that have already significantly improved patient outcomes. With the support of new partners like Frist Cressey, and continued support from existing investors like General Catalyst, we are poised to recruit even more incredible talent, expand our impact nationwide, and successfully tackle a challenge that drives over $31.5B in excess costs every year.”

About MD Ally

Founded in 2018 by the daughter of an EMT volunteer, MD Ally is focused on eliminating the logistical barriers that often prevent impactful partnerships between 9-1-1 and the broader healthcare ecosystem. With MD Ally, medical dispatch and response systems are able to implement a 9-1-1 telehealth solution that expands the scope of services they can provide to their community. To learn more about MD Ally, visit www.mdally.com.

About Frist Cressey Ventures

Frist Cressey Ventures (FCV) is a leading healthcare venture capital firm focused on accelerating the growth of high potential healthcare companies through value-added partnerships. Our mission is simple: to transform healthcare to improve lives. We invest in early-stage startups that build technology or services that advance quality of care, system integration, patient outcomes, affordability, and access. To learn more about Frist Cressey Ventures, visit our website at www.fcventures.com.

SOURCE MD Ally

Both companies are exhibiting at the upcoming AI Summit

SILICON VALLEY, Calif., Aug. 13, 2024 — Movellus today announced that it has joined the Silicon Catalyst ecosystem as the newest member of their In-Kind Partner (IKP) network.  Silicon Catalyst is the only incubator + accelerator focused on the global semiconductor industry including Chips, Chiplets, Materials, IP and Silicon fabrication-based Photonics, MEMS, Sensors, Life Science and Quantum. The Silicon Catalyst IKPs provides technical and business support to the Portfolio Companies in the incubator + accelerator, enabling them to tap into the products and services available to enhance the growth of their companies.

Silicon Catalyst Portfolio Companies will now have access to the Movellus high-performance energy and performance-optimized infrastructure IP for their complex SoCs. The Movellus Aeonic™ Digital IP platform comprises product families targeted at: on-die sensing to provide visibility required to solve significant challenges like SDC (Silent Data Corruption), digital clocking which allows for architectural innovation through novel strategies like per-core distributed clocking or fine-grained DVFS (Digital Voltage and Frequency Scaling), and on-die power delivery to maximize energy savings through per-core DVFS. End applications range from ultra-low power edge AI devices to performance-centric cloud datacenter compute and AI offerings.

Lee Vick, Vice President of Strategic Marketing, Movellus
“Movellus is excited to be working with the incredible community of start-ups that Silicon Catalyst has enabled. The inevitable migration from yesterday’s analog clocking approaches to the smaller, distributed, observable digital clocking architectures that feed silicon lifecycle analytics platforms is happening now. It is the forward-thinking companies in the Silicon Catalyst portfolio that are leading the charge for innovative architectures required to develop modern AI chips and other leading-edge SoCs.”

Pete Rodriguez, CEO, Silicon Catalyst
“Adding Movellus as our latest IKP extends our ability to provide the most advanced IP available to our start-ups. The billions of transistors required to develop industry leading solutions will necessitate modular digital designs, and Movellus is the undisputed leader in digital clocking technologies. This collaboration with Movellus will help tool the next generation of silicon startups with observable and energy-optimized infrastructure IP.”

Silicon Catalyst has developed an unparalleled support ecosystem for its semiconductor start-ups, providing a strong network of financiers, business advisors, and industry professionals who help companies to launch and scale in the market. In addition, the incubator provides privileged access to services, expertise, and intellectual property from the comprehensive network of In-Kind Partners that can empower their companies’ technological innovation and business growth.

AI Hardware Summit Exhibition – September 10-12, 2024 in San Jose
To learn more about Movellus and Silicon Catalyst, meet us at the upcoming AI Hardware and Edge AI Summit, https://aihwedgesummit.com/events/aihwedgesummit

Movellus will be showcasing its award-winning IP portfolio for energy optimization at Booth 68. Silicon Catalyst will be exhibiting in the AI Innovation Village, with personnel from the incubator and the Silicon Catalyst Ventures team to meet with attendees. The show floor will be open from September 10^th to 12^th at the Signia by Hilton in San Jose, California.

Silicon Catalyst is pleased to offer a specially arranged discount to attend this important industry event; Discount Code: SILICONCATALYST15 for 15% off the conference registration fee. This limited time offer expires August 19, 2024.

About Movellus
Movellus provides critical infrastructure IP for complex SoCs in the AI era.  Movellus IP is integrated into an array of applications ranging from edge AI devices to performance-centric cloud datacenter compute and networking offerings. The company is headquartered in Sunnyvale, CA, with R&D centers in Michigan and Toronto. Visit us at: www.movellus.com

Movellus, the Movellus logo, Aeonic, Aeonic Generate, Aeonic Power, Elevating Silicon, Aeonic Insight, and Intelligent Clock Networks are among the trademarks of Movellus. The term “Movellus” refers to Movellus Circuits Inc and/or its subsidiaries. Other trademarks are the property of their respective owners.

About Silicon Catalyst “It’s about what’s next”
Silicon Catalyst is the world’s only incubator focused exclusively on accelerating semiconductor solutions, built on a comprehensive coalition of in-kind and strategic partners to dramatically reduce the cost and complexity of development. More than 1200 startup companies worldwide have engaged with Silicon Catalyst over the past 9 years and the company has admitted over 100 exciting companies. Silicon Catalyst supplies startups with access to design tools, silicon devices, networking, and a path to funding, banking and marketing acumen to successfully launch and grow their companies’ novel technology solutions. The Silicon Catalyst model has been proven to dramatically accelerate a startup’s trajectory while at the same time de-risking the equation for investors. With a world-class network of mentors to advise startups, Silicon Catalyst is helping new semiconductor companies address the challenges in moving from idea to realization.

The Silicon Catalyst Angels was established in July 2019 as a separate organization to provide access to seed and Series A funding for Silicon Catalyst portfolio companies. Additionally, the Silicon Catalyst Venture group was recently launched to provide funding to newly admitted companies to the Silicon Catalyst incubator + accelerator. More information is available at www.siliconcatalyst.com, www.siliconcatalyst.uk, www.siliconcatalystangels.com and www.sicatalystvc.com

Press Contacts

Movellus
Anika Karvat
(503) 545-6320
[email protected] 

Silicon Catalyst
Richard Curtin
[email protected] 

SOURCE Movellus

• Inclusive trial recruiting women and men with androgenetic alopecia to evaluate safety and preliminary efficacy of PP405, a topical treatment designed to reactivate dormant hair follicle stem cells
• $14M financing led by GV (Google Ventures) to accelerate Phase 2 clinical program
• Leaders in dermatology join Clinical Advisory Board (CAB) to advance clinical development

LOS ANGELES, Aug. 13, 2024 — Pelage Pharmaceuticals, a clinical-stage regenerative medicine company pioneering a new generation of treatments for hair loss, today announced that the first patients have been dosed in its Phase 2a clinical trial evaluating the safety and efficacy of PP405, a novel topical small molecule, for the treatment of androgenetic alopecia (pattern baldness). The company is enrolling 60 women and men for the clinical study. PP405 is designed to reactivate dormant hair follicle stem cells to stimulate hair growth.

Pelage also raised a $14 million Series A-1, led by GV, following an initial $16.75 million Series A financing announced in February 2024. The Series A-1 follows positive Phase 1 data, which demonstrated proof of mechanism and target engagement in patients with androgenetic alopecia, supporting a Phase 2 study.

“The advancement of our lead program, PP405, into Phase 2a is a pivotal moment in our journey to deliver a non-invasive, innovative treatment for androgenetic alopecia across all genders, skin types, and hair types,” said Qing Yu Christina Weng, M.D., Chief Medical Officer, Pelage Pharmaceuticals. “We are excited to include women and men of all skin tones and hair textures, which has not always been the case in hair loss studies.”

PP405 addresses the metabolic processes that regulate activation of hair follicle stem cells. In androgenetic alopecia, the normal growth cycle of hair is disrupted due to a combination of genetics, age, hormones, and environmental factors, but the follicles and stem cells remain intact. PP405 is based on the discovery of a molecular switch that specifically targets hair follicle stem cells to reactivate dormant processes and restore the growth cycle of hair.

The Phase 2a trial (NCT06393452) is a randomized, placebo-controlled study of PP405 in women and men with androgenetic alopecia. Also known as pattern balding, it is the most common form of alopecia and will affect most people throughout their lives. Study participants will receive a daily topical application of PP405 or a placebo. Participants of all skin phototypes and hair types and textures are eligible. Those interested in participating can find the information at this link.

“GV is encouraged by Pelage’s prior Phase 1 data readouts and robust clinical safety profile,” said Cathy Friedman, Executive Venture Partner, GV and Board Director, Pelage Pharmaceuticals. “We believe the expert team at Pelage is well-positioned to advance this novel and innovative hair loss research, providing a potential alternative to existing treatments that simply slow hair loss.”

Along with the Phase 2a trial, Pelage has announced the formation of its Clinical Advisory Board (CAB), which will support the company’s strategic initiatives as it advances its clinical programs. 

The newly appointed members are:

• Mathew Avram, M.D., J.D., F.A.A.D., Director, Massachusetts General Hospital Dermatology Laser & Cosmetic Center and Associate Professor of Dermatology, Harvard Medical School
• Amelia K. Hausauer, M.D., F.A.A.D., Director of Dermatology and Minimally Invasive Aesthetics at Aesthetx
• Amy McMichael, M.D., F.A.A.D., Professor and past Chair, Department of Dermatology at Wake Forest School of Medicine
• Arash Mostaghimi, M.D., M.P.A., M.P.H., F.A.A.D., Associate Professor of Dermatology, Vice Chair of Clinical Trials and Innovation, and Director of the Dermatology Inpatient Service at Brigham & Women’s Hospital/Harvard Medical School

“The compelling science behind Pelage’s approach signals an exciting opportunity to potentially reverse the effects of alopecia, an issue I see daily in my clinical practice,” said Dr. Avram. “Hair loss impacts an incredibly diverse patient population, which should be reflected in early clinical trials. We’re focused on guiding the study design to support the inclusion of participants that reflect the diversity of people affected by hair loss.”

About Pelage Pharmaceuticals

Pelage Pharmaceuticals is a clinical-stage regenerative medicine company developing novel treatments for hair loss including androgenetic alopecia and chemotherapy-induced-alopecia. With a focus on molecular and stem cell biology, Pelage is advancing a new class of treatments designed to reactivate dormant hair follicle stem cells and restore the body’s ability to naturally grow hair. Its lead program, PP405, is currently in clinical trials. Through its rigorous scientific foundation, Pelage is pioneering first-in-class hair growth solutions for people of all hair types experiencing hair loss.

About PP405

PP405 is a novel, non-invasive, topical small molecule designed to reactivate dormant hair follicle stem cells and restart hair growth. Through a regenerative medicine approach, the treatment focuses on addressing the metabolic processes that regulate the activation and inactivation phases of hair follicle stem cells. Early results from a Phase 1 trial show that PP405 was well-tolerated and demonstrated statistically significant activation of hair follicle stem cells. In 2018, Pelage Pharmaceuticals licensed the intellectual property to PP405 and related topical small molecules from the University of California. PP405 is currently in Phase 2a clinical evaluation to assess safety and preliminary efficacy in adults with androgenetic alopecia (NCT06393452).

SOURCE Pelage Pharmaceuticals

Strategic Investment to Accelerate PROBIS’ AI-Powered Financial Management Solutions for Real Estate Development and Support Global Expansion

CHICAGO, Aug. 13, 2024 — JLL today announced that its corporate venture capital arm, JLL Spark Global Ventures, has led the Series A investment round in PROBIS, a company specializing in financial management for real estate development through AI and benchmark technology.

PROBIS aims to advance the real estate industry by replacing outdated financial management systems. The PROBIS platform offers comprehensive financial control of development projects and enhances cost and revenue management through advanced AI-based technology. JLL Spark’s investment helps position PROBIS for substantial growth in the cloud-based project controlling sector.

“JLL’s investment is a continuation of our global expansion strategy,” said Moritz Koppe, CEO of PROBIS. “Their involvement enables us to grow and offer our customers additional cloud-based AI functions that expand our capabilities in multi-project controlling and the provision of real-time data for real estate lenders and developers.”

JLL Spark focuses on investing in PropTech companies that deliver innovative solutions to the real estate industry. The strategic investment in PROBIS aims to drive digital transformation and efficiency within the industry. The partnership will enable PROBIS to leverage JLL’s extensive resources and JLL Spark’s expertise in PropTech and FinTech, further advancing its software solutions.

“After extensive evaluation, we determined that PROBIS’ financial management technology represented a great fit for JLL and its clients, as well as a highly compelling investment opportunity for JLL Spark,” said Sean Wright, Principal at JLL Spark in EMEA. “We’re excited about the prospects of this partnership and look forward to working with the PROBIS team in the years ahead.”

“The investment in PROBIS marks a pivotal step in JLL’s digital transformation within our Project & Development Services,” said Dunja Nigrin, Head of Project & Development Services DACH at JLL. “By combining PROBIS’ AI-driven solutions with our industry expertise, we are poised to redefine project and development management, offering clients efficient, automated oversight from planning to completion. This collaboration underscores our commitment to establishing new standards in ESG, revenue, and construction cost control, ultimately delivering enhanced value and savings for our clients.”

The Series A funding round underscores PROBIS’ commitment to leveraging technology for enhanced AI-based financial control and calculations. This partnership promises substantial progress in the digitalization of the real estate industry.

About PROBIS

PROBIS, headquartered in Munich, provides a scalable cloud-based platform for efficient and transparent financial process management, targeting real estate owners, banks, project developers, and investors. Founded in 2022, PROBIS has rapidly become a leading multi-project controlling software in the real estate and finance sectors, known for ensuring cost security and control from early project stages. With up to 1,000 completed projects annually and a management team with 20 years of experience in digital cost control for major developments like airports, hotels, soccer stadiums, and office buildings, PROBIS is a trusted partner. The platform’s comprehensive services and user-friendly processes facilitate seamless planning, control, and optimization of projects and portfolios. For more information, visit https://en.prob.is/. 

About JLL Spark 

JLL Spark Global Ventures is the corporate venture arm of JLL and a part of the JLL Technologies division. Founded in 2017, JLL Spark offers JLL the ability to provide innovative products and data-driven solutions to real estate owners, occupiers, and users. The JLL Spark fund is run by experienced Silicon Valley VCs and entrepreneurs with successful track records building and investing in tech companies. JLL Spark has invested over $390 million since June 2018 in more than 50 early-stage PropTech startups with underlying investment themes of data and sustainability, across construction tech, financial tech, smart buildings, future of work, and industrial tech. For more information, please visit https://spark.jllt.com. 

About JLL

For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500 company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 110,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY^SM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.

Contact: Lesley Mirkowski
Phone: +1 312 228 2112
Email: [email protected]

SOURCE JLL

PALO ALTO, Calif., Aug. 12, 2024 — NEXT Insurance, a leading digital insurer transforming small business insurance, announced it has been named to CNBC’s inaugural list of the World’s Top Insurtech Companies of 2024 in the digital insurer category. The global list is published by CNBC in partnership with market research firm Statista.

“Our recognition from CNBC underscores the transformative power of our early investment in technology to revolutionize small business insurance and address a critical market gap in the industry,” said Guy Goldstein, CEO of NEXT Insurance. “As a digital-first insurance provider, we’re well underway to lead the market into a new era and to deliver outstanding products and services to our customers, partners and agent ecosystem.”

CNBC’s list of The World’s Top Insurtech Companies of 2024 highlights the top insurtech companies globally and includes companies from six different market categories: Underwriting & Risk Analysis, Policy Administration & AdminTech, Claim & Fraud Management, Marketing, Sales, and Distribution, Digital Brokerage & Comparison Platforms, and Digital Insurers. To select the top companies, Statista analysts conducted in-depth research into relevant KPIs for over 1,000 eligible companies between March and May 2024. The digital insurer category includes insurance carriers and Managing General Agents (MGAs) that use technology to offer a personalized, flexible insurance experience online.

NEXT helps over half a million small businesses nationwide thrive by providing simple and tailored business insurance. As a vertically integrated, technology-led, full-stack insurer, NEXT provides an end-to-end digital experience for customers that includes writing policies, claims handling, pricing, servicing, and underwriting. The company has raised over $1.1 billion in venture capital funding, including a recent $265 million strategic investment from Allstate and Allianz X.

About NEXT Insurance
NEXT Insurance is transforming small business insurance with simple, digital coverage tailored to the self-employed. Trusted by over 500,000 business owners, NEXT offers policies that are easy to buy and provides 24/7 access to Certificates of Insurance, additional insured, and more, with no extra fees. Revolutionizing a historically complicated insurance industry, NEXT utilizes AI and machine learning to simplify the purchasing process. Founded in 2016, the company is headquartered in Palo Alto, has received a total of $1.1 billion in venture capital funding, is rated “A- Excellent” by AM Best and has been recognized by CNBC Disruptor 50, Forbes Fintech 50, Inc.’s Best-Led Companies, and Forbes Best StartUp Employers. For more information, visit NEXTInsurance.com. Stay up to date on the latest with NEXT on Twitter, LinkedIn, Facebook and our blog.

Media Contact
Kerry Ogata
Director of Corporate Communications
301-717-4224
[email protected]

SOURCE NEXT Insurance

$5.5M in Seed Funding from Craft Ventures, Valor, Saga VC and Chapter One

SAN FRANCISCO, Aug. 12, 2024 — Today we are announcing Ragie, a new AI company that enables developers to build AI applications connected to their own data with outstanding results in record time. Now available to the general public, Ragie was built by industry veterans Bob Remeika and Mohammed Rafiq. Ragie has raised $5.5M in funding led by Craft Ventures, Saga VC, Chapter One, and Valor.

Most companies rely on LLM providers like OpenAI and Anthropic combined with a technique called RAG (Retrieval Augmented Generation) for their AI applications. RAG leverages a company’s own data to generate more insightful content than can be generated based on what models have been trained on alone. To do this, companies ingest and index their data in a vector database, feed it into a prompt, and generate more thorough and accurate content.

However, the process of building production applications using RAG is very tedious. Developers must:

• Connect and sync multiple data sources including knowledge base applications and cloud file stores
• Extract meaningful data from a variety of file formats and media types like PDFs, Microsoft Office documents and images
• Implement constantly evolving techniques for chunking and retrieval
• Build a scalable data processing pipeline that is resilient and fast
• Avoid hallucinations and ensure that generated content is accurate
• Use open source frameworks that can be time consuming to learn and set up

Building a homegrown solution like this is time consuming and, despite a team’s best efforts, produces brittle applications.

Ragie solves this by providing a fully managed RAG-as-a-Service platform for developers. Originally developed as a solution for Glue, David Sacks’s new chat application, Ragie implements a robust data ingest pipeline and retrieval API that uses the latest techniques in RAG for chunking, searching, and re-ranking. Through a streamlined developer experience, developers can connect and sync their applications with data in Google Drive, Notion, and Confluence.

In addition to offering the core functionality developers need for RAG, Ragie also offers advanced features such as “Summary Index” to avoid document affinity problems and “Entity Extraction” for extracting structured data from unstructured documents.

Ragie’s straightforward pricing aligns with the way apps are developed, deployed, and scaled. Ragie includes a free tier for developers to get started building their applications, a pro plan for production, and enterprise for scale.

Sign up for Ragie for free and get started in minutes using the TypeScript and Python SDKs. For a limited time to celebrate the launch, Ragie is offering a free month of Pro. Learn more at Ragie.ai

SOURCE Ragie

SAN FRANCISCO, Aug. 12, 2024 — Copec WIND Ventures today announced the inaugural TailWIND Awards, celebrating trailblazing startups that have successfully expanded into the dynamic Latin American market. The list recognizes VC-backed tech companies that have demonstrated impressive traction in their home countries while also making significant and successful expansions into Latin America.

Latin America presents an opportunity for startups from around the world. With double the population and urbanization equal to the United States, Latin America is experiencing a massive digital and innovation transformation. Over the last few years, the region has quickly become a vibrant and growing tech ecosystem and has emerged as a growth market for technology companies and start-ups. This is due to high smartphone penetration, a rapidly growing middle class yearning for better mobility, retail, and other sectors experiences, abundant advantages in solar, wind, and hydro resources, and clean energy elements such as copper and lithium.

The TailWIND Awards shine a spotlight on innovative private companies based outside Latin America that have recognized the opportunity and expanded into the region, contributing to its transformation in meaningful ways. They honor these exemplary startups that embody the spirit of innovation and expansion.

The following companies are being recognized for this year’s award:

• Busbud (Quebec, Canada) – Online Marketplace
• Caban Systems (Burlingame, California) – Energy
• Cabify (Madrid, Spain) – Mobility
• MineSense Technologies (Vancouver, Canada) – Mining
• Optibus (Tel Aviv, Israel) – Transportation
• PayJoy (San Francisco, California) – Fintech
• Turntide Technologies (Sunnyvale, California) – Energy Efficiency
• Revolut (London, UK) – Fintech

The full report can be viewed here:  https://s3.sa-east-1.amazonaws.com/windventures.vc-static-files/TailWIND+Report.pdf

Brian Walsh, the Head of Copec WIND Ventures, expressed his enthusiasm about the awards: “We are excited to recognize and celebrate these innovative startups that are making a significant impact in Latin America. Their expansions are not only contributing to the region’s digital and economic transformation but also fostering a more sustainable and connected future. The TailWIND Awards are a testament to the entrepreneurial spirit and vision of these companies, and we look forward to seeing their continued growth and success in Latin America.”

Started in 2020 and backed by Copec, WIND Ventures aims to invest in start-ups and scale-ups across the world, transforming the energy, mobility, and retail sectors and granting entrepreneurs with ‘unfair’ access to the rapidly growing Latin America region. The firm has deployed over $110 million in capital and completed three exits to date. It manages 20 active portfolio companies and continues to deliver distinctive value to global founders in partnership with COPEC S.A. Investments include Ineratec, SOURCE Global, Wallbox, Grabango, and Resonant Link.

For more information about the TailWIND Awards and Copec WIND Ventures, please visit our website at www.copecwindventures.com.

About Copec WIND Ventures:

Copec WIND Ventures is based in San Francisco and serves as the CVC arm of Copec, one of the leading energy, mobility, and retail companies in Central and South America. Copec is also one of the most valued brands throughout Latin America. WIND Ventures leverages Copec’s significant resources to accelerate growth, primarily within Latin America, for startups and scaleups across the world within the new mobility, energy, and retail sectors.

For more information, visit windventures.vc or follow us on LinkedIn and Twitter.

Media Contact:
Mary Magnani
CodePR
[email protected]

SOURCE Copec WIND Ventures

Series A Fund Boosts AI-Driven Plant Monitoring in U.S. Industrial Sector

HOUSTON, Aug. 12, 2024 — UptimeAI, the world’s first AI-based plant monitoring software for industrial businesses announces it has raised $14 million in Series A funding to boost its North American operations. WestBridge Capital led the round, with participation from Emergent Ventures and Aditya Birla Ventures. This funding will accelerate UptimeAI’s mission to revolutionize U.S. industrial plant monitoring and maintenance with advanced AI technology, following a stellar 400% growth in FY2023.

Meeting Industry Needs with Advanced AI

The global AI market for heavy industries is projected to grow from $10.6 billion in 2024 to $47.8 billion in 2029 at a CAGR of 35.1%. Global manufacturing leaders are increasingly leveraging AI to achieve more than basic pattern recognition and predictive analytics. They seek intelligent applications that can automatically identify root causes, extract best practices, and drive continuous improvement.

However, assessments by Forbes, McKinsey, and other industry bodies indicate a failure rate of 70-95% for such digital initiatives, compelling enterprises to develop their own scalable AI solutions.

Delivering ROI with Minimal Site Involvement

UptimeAI’s solutions deliver a 10-15X ROI within nine months, requiring minimal site team involvement. Its patented system model design approach eliminates the need for continuous AI model training by data scientists.

Consequently, nine out of ten customers have already scaled the UptimeAI solution across all sites within a 12-month period. This has resulted in significant savings in energy and maintenance costs, which in turn have driven a positive IRR for industrial plants.

“UptimeAI offers an enterprise-grade, AI-enabled Operational Excellence platform, which has achieved a 100% success rate in improving the profitability of process and manufacturing operations across six industries. This funding will enable UptimeAI to further assist large industrial enterprises to succeed in their digital transformation journey by optimizing their reliability, process efficiency, and maintenance cost.” stated Rishit Desai, Partner at WestBridge Capital.

US Operation Expansion

This latest round of funding will significantly support UptimeAI’s rapid expansion plans across North America and will help position the company as the market leader in boosting efficiency and reliability in U.S. manufacturing and processing sectors.

Jagadish Gattu, CEO, UptimeAI, said, “Our vision is to embed the expertise of a seasoned Subject Matter Expert (SME) into a self-learning AI solution, making this invaluable knowledge accessible to every engineer aiming for operational excellence. With 90% of our revenues already generated from the US and Middle East markets, and with our current profitability, this new funding validates our go-to-market and product strategy. It will further enable us to expand our AI Expert OEx platform offerings in these key regions.”

Aryaman Vikram Birla, Founder, Aditya Birla Ventures, concluded, “AI-enabled operational efficiency solutions can significantly impact industries. UptimeAI, with deep domain expertise is demonstrating strong ROI impact across large enterprise clients in US and India with its AI solutions.  We have strong belief in the capabilities of the founding team and the investment is in line with our vision to back outstanding founding teams, building businesses of tomorrow. Our endeavor is to open up ABG’s global ecosystem and network for the growth of our portfolio companies.”

Founded in 2019 by Jagadish Gattu and Vamsi Yalamanchili, UptimeAI secured $3.5 million in seed funding in December 2022. The company empowers manufacturing leaders to achieve peak capacity utilization and drive AI-enabled operational excellence across all sites.

About UptimeAI

UptimeAI is a San Francisco-based technology provider offering operational excellence capabilities via its AI Expert OEx platform. The company supports firms in the chemical, oil and gas, and utility sectors, helping them understand the relationships between asset performance and process anomalies to drive operational excellence. Many global industrial customers have implemented UptimeAI’s solutions across North America, the Middle East, and India.

Notes to editors:
Media contact: [email protected] 

Data References:

SOURCE UptimeAI

GRAND RAPIDS, Mich., Aug. 12, 2024 — cultivate(MD), a leading medical device venture capital company announced today its participation in the successful Series A extension round of Prana Thoracic, a Houston-based medtech startup.

The round, which was oversubscribed by 30%, secured an additional $3 million, bringing Prana Thoracic’s total funding to $9 million. This achievement underscores the strong confidence in Prana Thoracic’s mission to revolutionize lung cancer intervention through precision surgical solutions.

“We are excited to support Prana Thoracic in their mission to improve lung cancer treatment. Their innovative approach has the potential to significantly impact patient outcomes,” said R. Sean Churchill,MD, MBA – Managing Director of cultivate(MD).

Prana Thoracic’s cutting-edge approach to lung cancer treatment aligns with cultivate(MD)’s commitment to investing in transformative healthcare technologies. The company’s pioneering work in developing minimally invasive techniques for lung tissue excision has the potential to dramatically improve patient outcomes, offering earlier and more precise interventions for those affected by lung cancer.

“We are grateful for the overwhelming support from our investors in this financing round. Their confidence in our mission and plan is motivating,” said Joanna Nathan, Chief Executive Officer and Co-Founder of Prana Thoracic. “This additional funding will enable us to accelerate our efforts in bringing precision surgical solutions to lung cancer patients worldwide.”

“The team has made remarkable progress in developing this novel and minimally invasive technique for lung tissue excision, which has the potential to transform the diagnosis and treatment of early-stage lung cancer,” said Edward M. Boyle, MD, Founder and Director of Prana Thoracic. “Beyond lung applications, they are pioneering new methods to use this technology for other soft tissues and are actively exploring integration with ablation and robotic systems, aligning with the future direction of these fields.”

In addition to the investment from cultivate(MD), this fundraising round was supported by new investors GenHenn Capital, and Houston Angel Network, with participation from prior lead investor New World Angels. Existing investors include Johnson & Johnson Development Corp, Texas Medical Center Venture Fund, and the Cancer Prevention & Research Institute of Texas (CPRIT).

The funds from this oversubscribed round will be instrumental in accelerating Prana Thoracic’s product development and advancing its clinical and regulatory milestones, bringing the company closer to its goal of transforming lung cancer intervention.

About cultivate(MD)

cultivate(MD) is a medical device venture capital firm dedicated to advancing healthcare innovation. With a keen focus on cutting-edge medical technologies, cultivate(MD) supports companies that show the potential to revolutionize healthcare delivery and patient care.

For more information, visit: https://cultivate-md.com

About Prana Thoracic

Prana Thoracic was founded with a vision to transform lung cancer intervention through precision surgical solutions. We aim to right-size interventions for those patients seeking earlier options in the management of their disease. Our flagship product, the Prana System, has been meticulously designed to enable image-guided, minimally invasive surgery, conserving healthy tissue and driving personalized treatment plans in a range of conditions including lung cancer. Our team of leading surgeons, engineers, and entrepreneurs is obsessed with developing technologies that raise the bar for physicians and patients alike.

For more information, visit: https://www.pranathoracic.com

Cautionary Note Regarding Forward-Looking Statements

This communication contains statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding our plans, beliefs, expectations, assumptions, and other statements that are not necessarily historical facts. You are cautioned that these forward-looking statements are only predictions and involve risks and uncertainties. Further, any forward-looking statement speaks only as of the date on which it is made, and we do not intend to update or revise any forward-looking statements. This communication also contains market data related to our business and industry which includes projections that are based on several assumptions we believe are reasonable and most significant to the projections as of the date of this communication. If any of our assumptions prove to be incorrect, our actual results may significantly differ from our projections based on these assumptions.

SOURCE cultivate(MD)