• Undisclosed Investment From Binance Labs Follows Movement’s $38M Series A Funding Round

SAN FRANCISCO, May 1, 2024 — Movement Labs, a San Francisco-based blockchain development team, today announced an investment from Binance Labs. These investments closely follow Movement Labs’ successful $38m Series A funding round as the company continues to gain momentum in its mission to bring ‘Move Everywhere.’

Founded in 2022, Movement is building an ecosystem of Modular Move-based blockchains, starting with M2, the first Move Virtual Machine L2 for Ethereum. Movement will use the funds to expand its suite of open-source tooling, frameworks, and protocols to facilitate the adoption of the Move programming language across broader blockchain ecosystems. With Movement, developers can launch secure, performant, and high-throughput Move VM rollups as easily as they do smart contracts.

As part of its global expansion strategy, Movement Labs is placing a strong emphasis on the Asia-Pacific (APAC) region, recognizing the immense potential and talent within the Move development community. The company is committed to championing and supporting Asian Move developers, providing them with the resources, education, and opportunities needed to showcase their exceptional work and contribute to the growth of the Move ecosystem.

“We are thrilled to welcome Binance Labs as an investor,” said Rushi Manche, Co-Founder of Movement Labs. “Their support and expertise will be invaluable as we continue to execute our ‘Move Everywhere’ strategy, starting with a focus on the vibrant and innovative APAC market. By empowering and collaborating with the talented Move developers in the region, we aim to accelerate the adoption of Move and unlock new possibilities for the entire ecosystem.”

For more information about Movement Labs and a guide to participate in its devnet, please visit: movementlabs.xyz and follow on X @movementlabsxyz and on Discord. Connect with us at movementlabs.xyz  to discuss global business opportunities.

About Movement Labs:
Co-founders, Rushi Manche and Cooper Scanlon, early builders in the Move ecosystem, founded Movement Labs in 2022 as the first integrated blockchain network, powering the fastest and most secure Layer 2 on Ethereum. Designed to pair smart contract security and parallelization with EVM liquidity and user bases, Movement is bringing the MoveVM to Ethereum through its flagship L2 and connected rollups with the Move Stack.

About Binance Labs
As the venture capital arm and accelerator of Binance, Binance Labs has now grown to be worth over $10 billion. Its portfolio covers 250 projects from over 25 countries across six continents and has a return on investment rate of over 14X. Fifty of Binance Labs’ portfolio companies are projects that have gone through our incubation programs. For more information, follow Binance Labs on X.

SOURCE Movement Labs

AUSTIN, Texas, May 1, 2024 — Scout Ventures, a leading venture capital firm focused on frontier and dual-use technologies built by hard-to-access founders, announced the successful closing of Fund IV at $94 million.

“We are humbled by the overwhelming support we’ve received for Fund IV,” said Brad Harrison, Managing Partner at Scout Ventures. “The continued trust from our existing investors, like the New Mexico State Investment Council, is invaluable. We’re also excited to welcome a distinguished group of new partners to the Scout family, including J.P. Morgan Asset Management, Vanderbilt University Endowment, USAA, and many others.”

This strong closing signifies the growing confidence in Scout Ventures’ unique investment approach. The firm focuses on identifying and backing innovative companies developing frontier and dual-use critical technologies – technologies with both commercial and national security applications.

“Scout Ventures’ commitment to entrepreneurs, often veterans, building early-stage, high-impact companies aligns with our investment strategy,” said Jamie Kramer, Chair of Spark Investment Committee at J.P. Morgan Asset Management. “We are confident that Fund IV will continue to meet our objectives and foster groundbreaking advancements in frontier technologies while supporting the veteran community.”

Fund IV has already demonstrated strong momentum, with nine portfolio investments with early positive performance and valuation markups. Additionally, Scout recently sold Fund III portfolio company Tomahawk Robotics to AeroVironment, resulting in a cash distribution to our Fund III Limited Partners.

“Scout Ventures’ investment in our company has been instrumental in accelerating our development of our high-altitude solar powered aircraft ,” said James Thomas, Founder/CEO of Radical Aero. “Their deep understanding of dual-use, frontier technology and their commitment to building long-standing partnerships with their portfolio companies make them a truly valuable capital partner.”

“We are excited to leverage this new capital to continue fueling the growth of exceptional entrepreneurs who are tackling the world’s most pressing challenges,” concluded Harrison.

About Scout Ventures

Scout’s team consists of venture professionals with deep domain expertise in a variety of sectors. Scout consistently assists entrepreneurs with business development, hiring, sales strategies, and more. Scout focuses on the sectors where the team’s experience helps companies grow: Frontier Technologies (AI & Data Science, Robotics, Drones, Autonomous Mobility, AR/VR, Advanced Materials, Physical and Cybersecurity, Quantum Computing, Space) and Enterprise SaaS.

Contact:

Cody Huggins
Head of Capital Formation

[email protected]

SOURCE Scout Ventures

Darrow Taps Former Dealpath CRO To Lead Next Phase Of Revenue Growth

TEL AVIV, Israel and NEW YORK, May 1, 2024 — Darrow, the leading AI-powered justice intelligence platform, today announced the appointment of Mathew Keshav Lewis as its first Chief Revenue Officer and US General Manager. Lewis brings over 20 years of experience driving revenue and growth for high-profile legal and technology companies – including SaaS platform Dealpath, alternative investment platform Yieldstreet, and legal services pioneer Axiom Law – and will be responsible for helping Darrow scale as it continues an accelerated growth trajectory.

“Mathew’s arrival at Darrow opens enterprise-level deals to all plaintiff law firms, previously accessible only to a select few,” said Evyatar Ben Artzi, CEO and Co-Founder of Darrow. “His expertise from YieldStreet and Axiom empowers our partners to leverage AI, driving unprecedented growth and innovation.”

Lewis, who will be based in Darrow’s New York headquarters, joins Darrow after serving as the first Chief Revenue Officer of Dealpath, a real estate deal management platform. He also previously held the role of Chief Revenue Officer and GM, Investments at Yieldstreet, where he drove record revenue and growth for the investment platform.

“I’m delighted to join a team of tremendously talented individuals at Darrow, who have already disrupted the legal technology space and forged the path ahead,” said Mathew Keshav Lewis, Chief Revenue Officer & US General Manager of Darrow. “I am inspired by Darrow’s progress to date, and I look forward to working alongside Darrow’s growing team to expand the company’s footprint.”

This announcement comes at a period of rapid growth for the company, which completed its $35 million Series B funding round last year. Darrow currently works on active litigation valued over $10 billion across legal domains such as privacy, consumer protection, and antitrust.

About Darrow: Founded in 2020, Darrow is a LegalTech company on a mission to fuel law firm growth and deliver justice for victims of class and mass action lawsuits. Darrow’s AI-powered justice intelligence platform leverages generative AI and world-class legal experts and technologists to uncover egregious violations across legal domains spanning privacy and data breach, consumer protection, securities and financial fraud, environment, and employment. Darrow is based out of New York City and Tel Aviv. For more information, visit: darrow.ai. 

SOURCE Darrow

With this investment, the startup will accelerate the development and implementation of artificial intelligence on the ‘plant floor’ and supply chains.

SÃO PAULO, April 30, 2024 — Cogtive, a startup that enhances the productivity of Manufacturing industries through IoT technologies, digital twins, and artificial intelligence, receives a R$ 10 million investment from Indicator Capital, the largest early-stage venture capital firm in Latin America specializing in the Internet of Things (IoT). This investment aims to help the company address a significant challenge in the industrial sector: ensuring that factories operate at their maximum capacity by mapping inefficiencies in the production process and delivering tools for optimization.

Most of the seed investment, a modality applied to early-stage expanding startups, will be directed toward product development and commercial expansion. “We want to expand our presence by positioning ourselves as the number 1 solution for productivity gains in Manufacturing, especially for industrial segments such as pharmaceuticals, animal health, cosmetics, food and beverages, paints, and chemicals in Latin America,” says Cogtive CEO, Reginaldo Ribeiro.

Cogtive’s technology maximizes the management capacity of production teams and operational excellence in manufacturing industries of various sizes and levels of maturity. From beginners in the digital journey who do not yet collect data to those with more advanced tools. The solution provided a comprehensive view of the plant floor through data integration, analyzing machine efficiency individually, and ensuring an understanding of all areas of the production flow.

Leadership in Artificial Intelligence

The ability to integrate all stages quickly and ‘plug and play’ is enhanced with the robustness of a generative and discriminative artificial intelligence, named TÆLOR. “With it,” explains Ribeiro, “a production manager will be able to know, in natural language, if they will be able to meet the monthly plan and what actions they need to take for that to happen.” “It’s a milestone in manufacturing history,” he reinforces.

Indicator Capital co-founder Thomas Bittar emphasizes: “Cogtive, through sensors connected to machines, fits perfectly into our Internet of Things 4.0 industry thesis. Embedded in an industrial environment representing almost a quarter of the country’s GDP, the company has enormous potential to be explored in the national market.”

Investment focused on growth and expansion

The startup’s rapid growth – doubling the number of clients in the last 12 months – and the results achieved were determining factors in the investment decision. Indicator Capital will support Cogtive’s team in various business areas through its Building Value Together® methodology.

The connection between Cogtive and Indicator Capital was facilitated by Cubo Itaú. CEO Paulo Costa explains: “Reginaldo already knew about Indicator’s work, had participated in some events, and knew about the potential and synergy. So, during an event our hub promoted, there was a conversation, and everything progressed.”

SOURCE Cogtive

Project Will Use Realistic Market Simulation Model To Efficiently Integrate New Technologies

VALLEY FORGE, Pa., April 30, 2024 — A collaborative project among PJM Interconnection, Penn State and ISO New England has won funding from a U.S. Department of Energy program designed to develop and improve wholesale electricity markets.

Following its first round of funding, the Wholesale Market Studies and Engagements Program (WMSE) has announced six recipients that will share more than $10 million.

Penn State was awarded up to $815,959 in a three-year grant to identify market design changes to efficiently integrate batteries and other nontraditional resources that operate with changing real-time constraints on a grid that is experiencing more uncertainty in electricity demand, or load. The project will use a realistic market simulation model with PJM and ISO-NE to achieve the best performance across the objectives of reliability, efficiency and investment incentives.

“We look forward to collaborating with Penn State and ISO New England on this important program,” said Stu Bresler, PJM Executive Vice President – Market Services and Strategy. “This is the exact work needed to enhance the reliability of the grid amid an evolving resource mix.”

The changing resource mix is increasing the variability of load and generation, leading to both larger and more frequent changes in electricity demand and to increased forecast error. At the same time, the growing contributions from battery energy storage units must be managed in real time to efficiently use their limited energy and meet their charging schedule.

“The current operational structure, which is designed to respond instantly in five-minute increments, now must also think 12 hours ahead,” said Mort Webster, Professor of Energy Engineering at Penn State and principal investigator, who will be working with the grid operators. “This is high-priority concern among regional transmission organizations like PJM and ISO-NE.”

“Innovative ideas and collaboration are vital to a successful clean energy transition,” said Matthew White, Vice President, Market Development and Settlements, and Chief Economist at ISO New England. “ISO New England is proud to partner with Penn State and our colleagues at PJM on this exciting project.”

In the past, the mostly thermal generation-dominated grid functioned well under market designs that dispatched each interval without regard to subsequent periods and managed uncertainty with simple reserve product designs.

Creating more flexible and efficient markets will not only ensure a reliable supply of electricity, but also help keep costs competitive for consumers.

PJM’s project addresses two related questions:

• What is an optimal portfolio design of multiple reserve products on different timescales that can manage the increasing variability and uncertainty throughout the operating day from load and renewable generation?
• How should day-ahead and real-time markets be structured to efficiently utilize batteries and other resources with binding constraints under net load uncertainty that changes throughout the day?

The other five projects cover Southwest Power Pool, California Independent System Operator and New York Independent System Operator (NYISO) markets as well as non-market areas, such as the Western Interconnection.

PJM Interconnection, founded in 1927, ensures the reliability of the high-voltage electric power system serving 65 million people in all or parts of Delaware, Illinois, Indiana, Kentucky, Maryland, Michigan, New Jersey, North Carolina, Ohio, Pennsylvania, Tennessee, Virginia, West Virginia and the District of Columbia. PJM coordinates and directs the operation of the region’s transmission grid, which includes 88,115 miles of transmission lines; administers a competitive wholesale electricity market; and plans regional transmission expansion improvements to maintain grid reliability and relieve congestion. PJM’s regional grid and market operations produce annual savings of $3.2 billion to $4 billion. For the latest news about PJM, visit PJM Inside Lines at insidelines.pjm.com.

SOURCE PJM Interconnection

CHICAGO, April 30, 2024 — Aequum Capital recently completed a two-stage senior Term Loan facility to refinance venture debt of $6MM including exit fees plus additional debt capital for acquisitions of up to $2.5MM for BrightWorks IT, a portfolio company of Cloud Equity Group.

BrightWorks IT is a leading provider of managed IT services, offering businesses a comprehensive suite of solutions to optimize their technology infrastructure. The Company offers state-of-the-art managed services, as well as cloud, hosting, security, and business continuity IT solutions for small to medium-sized companies.

BrightWorks IT has acquired seven smaller MSP’s nationally, as it continues to support and expand its Sponsor-backed platform. The Delayed Draw Term Loan (DDTL) allows the Company to be nimble and competitive through the LOI stage increasing speed and certainty of closing. 

Gary Li, CFO, stated, “We were immediately impressed as the team was familiar with our industry and the intricacies of providing IT services to small and mid-size businesses. They very quickly and aggressively put together a financing solution to support our needs today, as well as future growth. Aequum Capital provides us the flexibility and capability to move quickly when we identify a potential company to purchase. The partnership with Aequum will be a key component to us reaching our long-term growth goals.”

Aequum Capital Financial is a specialty finance lender providing fast and innovative senior asset-backed and cash flow debt facilities of up to $25 million to small and medium-sized businesses throughout the U.S. 

For more information, please go to https://aequumcapital.com or contact Rick Kaufmann at [email protected]. 

SOURCE Aequum Capital Financial LLC

WESTBOROUGH, Mass., April 30, 2024 — EG America raised $657,000 for the American Red Cross during its nationwide in-store fundraiser in March, in recognition of Red Cross Month.

Throughout the month, guests at EG America’s Certified Oil, Cumberland Farms, Fastrac, Kwik Shop, Loaf ‘N Jug, Minit Mart, Quik Stop, Sprint Food Stores, Tom Thumb, and Turkey Hill stores were able to donate $1, $5 or an amount of their choosing to the American Red Cross. EG America then matched the amounts raised by the top store in each banner to increase the donation total.

“We are proud to champion the American Red Cross’ mission of helping those in need,” said John Carey, President and CEO of EG America. “We are equally moved by the overwhelming generosity of our guests who contributed to this worthy cause.”

The American Red Cross assists individuals and communities in crisis. Donations enable the organization to respond immediately and deliver lifesaving support to those in need.

“The American Red Cross is grateful to be among the causes that EG America and its customers support,” said Bill Andrews, Division Fundraising Vice President. “The funds raised will be used by our volunteers to power our mission and life-saving work.”

About EG America

With more than 1,600 retail locations and 18,000+ team members across the U.S., EG America is one of the fastest-growing convenience store retailers in the country. As the operator of Certified Oil, Cumberland Farms, Fastrac, Kwik Shop, Loaf N’ Jug, Minit Mart, Quik Stop, Sprint Food Stores, Tom Thumb, and Turkey Hill stores, we are committed to becoming America’s preferred ‘one-stop’ destination by focusing on superior guest experience, high-quality grocery and fuel products, and supporting the communities in which we live and work. EG America is owned by EG Group, a UK-based fuel station and convenience store retailer with more than 50,000 team members across the UK & Ireland, Europe, Australia, and the US. For more information about EG America, visit us at eg-america.com or follow us on LinkedIn.

Contact: Julia Demopoulos, [email protected], 978-319-5856

SOURCE EG Group

MINNEAPOLIS, April 30, 2024 — Integrity Orthopaedics, Inc., a company pioneering next generation solutions for soft tissue repair, has successfully closed on a Series B financing of $20.6 million. The financing was co-led by Piper Sandler Merchant Banking and an undisclosed existing investor. The company intends to use the capital to expand the US commercial launch of its initial product in the rotator cuff repair market. This milestone advances the company’s vision of revolutionizing soft tissue repair with its patented technology, aiming for stronger surgical repair and enhanced long-term healing.

Integrity Orthopaedics was co-founded in 2020 by Thomas Westling, a veteran executive in medtech and previously Founder and CEO of Rotation Medical, David Crompton, Chief IP and General Counsel, and distinguished orthopaedic surgeons Dr. Patrick Connor, Dr. Howard Harris, and Dr. Marc Labbe.

“We are pleased to co-lead the Series B financing,” said Tom Schnettler, Managing Director, Piper Sandler Merchant Banking. “Tom Westling is a proven entrepreneur and outstanding biomedical engineer. We see significant opportunities for Integrity Orthopaedics to transform the rotator cuff repair space, with the potential for this system to become a platform technology with broad applicability for soft tissue repairs across the human body.”

“We are grateful for the support of our shareholders, who we view as a strategic asset,” stated Thomas Westling, Co-Founder and Chief Executive Officer of Integrity Orthopaedics. “We have been blessed with an extraordinary set of investors, many with deep health care expertise and connections throughout the health care ecosystem, and they have consistently given us valuable counsel since our founding.”

The Integrity Orthopaedics system is designed to address the biggest unmet need in rotator cuff repairs, reducing the occurrence of cuff re-tears following surgical repair. Current surgical techniques have a structural failure rate that typically averages 20-40%, with rates ranging from 8-94% in specific studies (Young, et al., 2023).

The Integrity Orthopaedics system was FDA cleared in early 2023 and initially utilized by a small group of surgeons in a limited launch. This system uses patented micro-anchors, a continuous, locking stitch, a patented instrument for anchor installation and unique operative techniques to enable physicians to dramatically improve the fixation and healing of torn tendons. The Company has begun a paced expansion of its field sales team, with the goal of working with innovative orthopedists in select markets throughout the country. This roll out is expected to broaden over time, as the Company ramps up its staffing, production volumes and physician education resources.

“The keys to maximizing the environment for rotator cuff healing are a strong initial repair coupled with a technique that allows the tendon access to the patient’s biology for long-term healing,” said Dr. Patrick Connor, orthopaedic shoulder surgeon at OrthoCarolina in Charlotte, Chief of Sports Medicine and Shoulder & Elbow Surgery at Atrium Health, and Co-Founder of Integrity Orthopedics. “This technology achieves both goals with more fixation points than any other solution on the market. My experience using this device has shown that it not only creates a more consistent and efficient repair than other techniques, it also uniquely improves both the strength and the overall healing environment at the time of surgery. Based on the substantial increased strength of the repair and restoration of the entire rotator cuff footprint, surgeons may be more comfortable reducing postoperative sling immobilization for their patients which will lead to their faster and more complete recovery.”

About Integrity Orthopaedics

Integrity Orthopaedics is committed to redefining the landscape of soft tissue repair. Its initial focus is on revolutionizing the approach to rotator cuff repair, overcoming limitations of traditional techniques by enabling robust initial repair strength while fostering an optimal environment for healing. The company was founded in 2020 and is headquartered in Maple Plain, MN.

www.integrity-ortho.com

About Piper Sandler Merchant Banking

Piper Sandler Merchant Banking (PSMB) is the growth equity investment arm of Piper Sandler Companies (NYSE: PIPR). The PSMB team strives to partner with founders and CEOs of growing, commercial stage businesses that can benefit by leveraging Piper Sandler’s knowledge, experience, capital and relationships to build market leading enterprises. PSMB provides investment advisory services through the affiliated registered investment adviser, PSC Capital Partners LLC. Learn more about Piper Sandler Merchant Banking.

References:

Young BL, Bitzer A, Odum S, Hamid N, Shiffern S, Connor PM. Healthcare costs of failed rotator cuff repairs. JSES Rev Rep Tech. 2023 Apr 25;3(3):318-323.

Contact:
Michael Rodriguez
Director of Marketing & Sales Operations
[email protected]

SOURCE Integrity Orthopaedics

The company closed a $17 million funding round led by 7wireVentures to accelerate their proven ability to unleash the power of human connection in communities, amplifying social impact and outcomes

TAMPA, Fla., April 30, 2024 — GroundGame.Health, a proven social impact solution that fulfills unmet social and care needs for people everywhere, has merged with SameSky Health, a cultural experience company that builds trust and deepens engagement with members. The combined company will accelerate a shared mission to improve health and advance health equity by closing the loop around health-related social needs and gaps in care at scale. GroundGame.Health closed a $17 million funding round led by 7wireVentures after the companies joined. Together, their coverage spans 50 states.

GroundGame.Health has pioneered an innovative model that builds trust between Managed Care Organizations (MCOs), Community-Based Organizations (CBOs), and members to Connect the Unconnected.™ GroundGame.Health delivers last mile services that give people the help they need most, whether delivering meals to their homes, meeting other health-related social needs, providing other health resources, or addressing underlying challenges such as health literacy. SameSky Health pioneered a model for culturally-tailored outreach and engagement focused on personalizing the member experience to increase access to care. SameSky Health will increase GroundGame.Health’s ability to scale its reach, efficiency, and impact.

“Abner (CEO and founder of SameSky Health) has built a talented, impact-driven team at SameSky Health, and we are excited to leverage their expertise and technology to deepen our trust with members,” said Susan Rawlings Molina, CEO and Co-Founder of GroundGame.Health. “We don’t do this alone. By leaning into trusted connections with members, MCOs, and CBOs, GroundGame.Health has been fundamentally changing how people access and understand care—and we will now take that work to the next level.”

GroundGame.Health has fulfilled over 180,000 social impact needs to date, and has powered the flow of over $26 million from MCOs to CBOs to provide ongoing, sustainable funding for the local organizations best positioned to meet those needs. SameSky Health has engaged over 2.8 million members, and the combined company will continue to deliver outcomes around meeting members’ needs, closing gaps in care, and reducing the cost of care.

“We’re thrilled for the opportunity to join GroundGame.Health and drive even greater impact in this sector,” said Abner Mason, Chief Strategy and Transformation Officer of GroundGame.Health and previously the CEO and Founder of SameSky Health. “Our shared vision of combining sensitive, purpose-built technology with trusted human relationships positions us to help even the most challenging-to-reach populations.”

“We are excited about the impact GroundGame.Health and SameSky Health will have as they deliver hyperlocal, individualized experiences to help people overcome the barriers that prevent them from accessing the care they need to improve their health,” said Robert Garber, a Partner at 7wireVentures. “Closing social and healthcare gaps is difficult, mission-critical work and they have a proven model that can scale to meet these needs.”

About GroundGame.Health
GroundGame.Health manages the complex connections between health plans, members, and Community-Based Organizations to fulfill unmet social and care needs for people everywhere. Our closed-loop, HITRUST-certified platform and trusted, local relationships allow health plans to connect their most challenging-to-reach members with the care and help they need—and drive more health and equity as a result.

To date, we have met over 180,000 social impact needs and have powered the flow of over $26 million from MCOs to CBOs. In 2023, we were recognized by Inc. Magazine as one of the 5,000 fastest growing companies in America, ranking #692. Learn more at www.groundgame.health.

About SameSky Health 
SameSky Health is a cultural experience company that removes barriers to care and forms meaningful relationships to bring people to health. We guide health plan members on their annual wellness journeys by building trusted relationships that encourage dignity, autonomy, and companionship as they navigate disparate life experiences within a complex healthcare system.

Launched in 2017, SameSky Health engages 2.8 million+ members across 50 states and 3 US territories, in 25+ different languages. The company’s cultural expertise and technology-based solutions enable health plans to grow member engagement, improve quality measures, and increase overall health outcomes. We are on a mission to create cultural connections for a healthier, more equitable world. SameSky Health is based in North Hollywood, CA. To learn more, visit www.sameskyhealth.com.

For More Information:
John Gonda
[email protected]
616-309-4888

SOURCE GroundGame.Health