With Fund III, Tola Capital will invest $230 million to fuel early-stage AI startups that change the way the world works

SEATTLE, Nov. 29, 2023 — Tola Capital, a venture capital firm investing in the next generation of enterprise software enabled by artificial intelligence (AI), today announced the close of Tola Capital III, LP at $230 million. The fund will be deployed to Seed and early-stage startups that are revolutionizing the enterprise software industry with the use of AI. The latest fund brings Tola Capital’s total funds raised to date to $688 million.

Tola Capital backs early-stage founders who are building the next wave of AI companies. The team has overseen more than a dozen exits from its portfolio companies, including Clipchamp (acquired by Microsoft), OSIsoft (acquired by AVEVA), hybris (acquired by SAP), and has sold portfolio companies to numerous other enterprise players including Oracle, Cisco, Verizon, Mastercard, and Rapid7.

Tola Capital was founded in 2010 by experienced software operators at the forefront of cloud computing’s rise. Prior to co-founding Tola Capital, managing director Sheila Gulati owned the enterprise IT strategy for Microsoft, launched the Microsoft Azure cloud platform, and ran the database and developer tools businesses. Gulati uses her deep knowledge of how software can change and grow businesses to help drive the growth of AI companies alongside her team. The Tola team is composed of former operators who built and led cloud and enterprise software businesses at Microsoft and also invested in, partnered with, or acquired dozens of now-leading enterprise software companies.

IDC forecasts the overall AI software market will approach $791.5 billion in revenue in 2025. Tola has been at the forefront of the rise of AI since its founding and invested in startups leveraging AI, including Pulumi, Klarity, Simpplr, and Nooks. Going forward the firm will use the new capital to invest in companies specializing in multiple areas of AI, including enterprise scaffolding for AI, responsible AI, AI security, app layer AI as well as others.

“The cloud was the catalyst for incredible value creation over the past decade. Having been at the forefront of that shift and opportunity, I foresee the same potential when it comes to AI, along with some key differences,” said Sheila Gulati, co-founder and managing director of Tola Capital. “AI will have a much broader impact – changing the way that we all work, creating tremendous productivity gains. It will also happen in a much faster timeframe. At Tola Capital, we are partnering with founders who are leading this transformation and ushering in the new world of work.”

Alexander Dreiling is the founder and CEO of Tola portfolio company Clipchamp which was acquired by Microsoft in 2021 and is now Microsoft’s core video product. Like many Founders in the Tola portfolio who have experienced liquidity events, Alexander is now an investor in Tola. “The Tola team was a true partner in our journey with Clipchamp, providing guidance and resources as we built out our go-to-market function and product roadmap for the enterprise. I am excited for the additional companies that will benefit from Tola’s third fund and expertise, just as we did.”

With its third fund, Tola Capital is aiming to invest in 25 to 30 companies globally. The average check size will range from $1 million to $4 million for Seed stage companies and $5 million to $15 million for Series A and B. The firm has already deployed capital to nine companies: Arcus, Bluebean, ESG Flo, FeatureByte, Fetcher, Holistic AI, Langsafe, Lumeus, and Zilla.

To learn more about Tola Capital, please visit www.tolacapital.com

About Tola Capital
Tola Capital is a venture capital firm that believes in the power of software, data, and AI to transform the way the world works. Founded in 2010 by experienced software operators at the forefront of cloud computing’s rise, the firm backs entrepreneurs who have enterprise technology experience and are building disruptive, industry transforming solutions with diverse teams. Tola Capital has successfully exited numerous startups, and continues to evolve as it supports founders into the era of AI. Visit www.tolacapital.com for more information.

SOURCE Tola Capital

LONDON, Nov. 29, 2023 — Paysend, a global fintech leader in international money transfers, has successfully raised an impressive $65 million in its latest funding round.

The investment round follows the partnership with Mastercard announced earlier this year, through which Paysend will enhance cross-border payments for SME’s via its Open Payments Network (OPN). In addition, Paysend has secured a strategic partnership with TelevisaUnivision, the world’s largest Spanish language media company. This innovative partnership is designed to target the lucrative USA–Latin America money-transfer corridors, and will see Paysend’s advertising featured on TelevisaUnivision’s network for the next three years, enhancing Paysend’s visibility and reach across the Hispanic community in the USA.

Existing investors, including Infravia Growth Capital, One Peak, and Hermes GPE Innovation Fund, also participated in the funding round, underscoring their continued confidence in Paysend’s mission and growth trajectory.

Since its inception in 2017, Paysend has experienced rapid expansion. The company’s integrated cross-border platform for businesses and consumers positions Paysend to capitalize on the $133 trillion market opportunity. Earlier this year, Paysend announced a number of strategic expansions, including the provision of digital payments for Western Union’s global consumer business.

Ronnie Millar, Co-Founder and CEO of Paysend, expressed gratitude for the continued support, stating, “This significant investment is a testament to the strength of Paysend’s vision: to build the best-in-class cross-borders solution for businesses and consumers, making money transfer simple for everyone. We are thrilled to welcome our new stakeholders, and we appreciate the unwavering support from our existing investors.”

Paysend’s latest funding round builds upon the success of its previous Series B round, where the company secured $125 million to accelerate the expansion of its global payments platform.

For media inquiries, please contact:

For further information visit https://paysend.com.
Media contact for Paysend: Rupert Bedell, [email protected] 

About Paysend
Paysend is a next-generation integrated global payment ecosystem, enabling consumers and businesses to pay and send money online anywhere, anyhow and in any currency. Paysend is UK-based and has global reach having been created in April 2017 with the clear mission to make money transfer simpler for everyone. Paysend now has over 8m registered customers and can send money to over 180 countries worldwide. As a global end-to-end payment platform, Paysend has its own global network of banks and international and local payment systems and has partnerships with the major international card networks as a principal member and certified processor.

SOURCE Paysend

The capital will accelerate Revela’s mission to deliver tech-powered solutions for owners and property managers of all sizes.

DETROIT, Nov. 29, 2023 — Revela, a leading property management solution, today announced that it has raised a $9 million Series A funding round to expand its product suite and meet the evolving needs of the real estate and property management industry.

FirstMark Capital led the round, with additional participation from Detroit Venture Partners, MetaProp, and Assurant Ventures. This marks Revela’s inaugural fundraising initiative since its founding. As a fully bootstrapped company, Revela has doubled its revenue each year for the past three years and maintained profitability despite market challenges.

This funding round validates Revela’s differentiated, proprietary solution that fills a clear gap in the market for owners and property managers. Revela offers the only comprehensive software solution in the space with a comprehensive API system, making the platform uniquely positioned to handle the complex and essential needs of the industry.

“Building our platform over the past decade allowed us to deeply understand the needs of our early customers and revealed an industry-wide hunger for accessible capital,” said Grant Drzyzga, Founder and CEO of Revela. “With this funding, we’re poised to provide essential liquidity into a traditionally illiquid market, ensuring owners get quick access to capital when they need it most – a pledge with the power to create a monumental impact.”

The funds will be used to strengthen existing operations and establish a unique banking-as-a-service platform and other financial products, making Revela the first and only property management software to offer lending capabilities embedded directly in the platform.

“Revela’s robust API has empowered us to rethink how we leverage data and how we want to share that data with our clients,” said William Dickson, President of Marketplace Homes and customer of Revela. “Offering extensive insights into nearly every part of our clients’ operations has proven invaluable to powering their growth.”

“We’re looking forward to supporting Revela’s growth as they shape the future of the industry,” said Adam Nelson, Partner at FirstMark. “By adding embedded fintech capabilities, Revela is breaking down the traditional barriers between capital and core business operations, and, in turn, creating a more valuable product to all stakeholders in the ecosystem with a fundamentally superior business model.”

About Revela
Revela is a leading property management solution designed to grow every corner of the property management industry. The only software in the space with a comprehensive API, Revela’s all-in-one platform provides access to an extensive suite of tools that power operations, portfolio growth, real-time insights into customer analytics, and more. For more information, visit www.revela.co.

SOURCE Revela

Led by Clarke Capital, the new funding round will accelerate the company’s drug discovery pipeline

AMERICAN FORK, Utah, Nov. 29, 2023 — Biolexis Therapeutics, Inc., a clinical stage AI-driven drug discovery company, announced today the successful closure of a $10 million Series A funding round. The investment was led by Clarke Capital, a prominent institutional investor and alternative investment firm.

The new funding will advance Biolexis’ development pipeline which includes a range of promising metabolic drug candidates. These drugs have the potential to tackle various metabolic disorders that affect millions of people worldwide and are linked to significant health complications such as obesity and diabetes.

“This financial backing from Clarke Capital is a testament to the potential of our metabolic drug portfolio,” said David Bearss, CEO of Biolexis. “Our science is on point and our team is ready to tackle the unmet needs within the metabolic disorder spectrum. With Clarke Capital’s support, we’re in a strong position to accelerate our drug development pipeline and move closer to bringing our solutions to patients.”

The Series A funding marks a significant milestone for Biolexis but also marks Clarke’s return to partner with Drs. Bearss and Vankayalapati, having been a major investor in their first company, Montigen Pharmaceuticals, a decade and a half ago before it was sold to a publicly traded company. The reteaming will allow the company to expand its operations and accelerate the clinical development of its key drug candidates. With the prevalence of metabolic diseases on the rise and current treatments in limited supply, the need for new and effective treatment options is more urgent than ever.

“At Clarke Capital, we’re committed to investing in companies poised to make a significant impact on healthcare,” said James Clarke, CEO of Clarke Capital. “Biolexis’ impressive approach to addressing metabolic disorders and other treatment-resistant conditions has the potential to change lives. We are overjoyed to support their mission and look forward to seeing the results of their groundbreaking work.”

To date, Drs. Bearss and Vankayalapati have filed more than 20 Investigational New Drugs (INDs) and have secured more than 100 patents. Using its unique AI-driven MolecuLern™ process, Biolexis has 40 active programs in discovery and 10 pipeline programs in the IND-enabling stages of development. The process, which targets any class of protein to identify novel chemical entities (NCEs) with drug-like characteristics and real wet-lab data validation, reduces the discovery and development timeline from years to months.

To learn more about Biolexis visit www.biolexistx.com.

About Biolexis

Biolexis Therapeutics is a privately held clinical-stage biopharmaceutical company dedicated to developing small molecules targeting cancers, immune-mediated, neurodegenerative, auto-immune, metabolic, and inflammatory diseases. Biolexis rapidly discovers and develops novel clinical candidates with unprecedented speed and accuracy through their proprietary MolecuLern AI-enabled drug discovery process.

About Clarke Capital

Clarke Capital is an alternative asset investment firm with a robust portfolio of successful companies. Clarke takes a “hands on” approach when partnering with visionary entrepreneurs with an aim to create and grow high-potential, industry transformative companies.

SOURCE Biolexis Therapeutics

Funding Will Help Meet the Growing Demand for BeCause Solutions from Global Travel Brands and Enterprise Companies

COPENHAGEN, Denmark, Nov. 29, 2023 — BeCause, the Danish start-up transforming how the global hospitality, travel and tourism industries manage their sustainability data, announced today that it has secured $1.9 million (€1.75M) in seed funding from investors. The round, co-led by Denmark’s Ugly Duckling Ventures and Estonia’s Superangel.io, includes a $708,000 (€650K) open tail-end and the $1.9 million for strategic investors to join on equal terms.

“We have retained the possibility of adding another investor to this round and hope to find a partner that has experience with high-growth startups in the impact space, particularly those with a background in B2B SaaS models, travel and big data API, to help accelerate our mission even further” explains Frederik Steensgaard, BeCause co-founder and CEO.

With a $450,000 angel investment from earlier this year, BeCause has raised $2.6 million (€2.4M) to date. This latest installment will allow the company to grow at an accelerated pace as it continues to meet the demand for its solutions from major enterprise organizations and global travel brands, such as Booking.com, easyJet, Google, Radisson Hotels and TUI.

A Transformative Solution for Sustainability Data in Travel

In an era of heightened consumer scrutiny and regulatory compliance, BeCause enables hotels, travel brands and marketplaces to streamline, simplify and reduce the costs of managing their sustainability data. Backed by an AI-powered platform, BeCause eliminates repetitive, error-prone tasks such as manual data collection at the individual property level and automates communication between hotels, industry organizations, green certification entities and booking platforms, freeing up valuable resources and leading to greater transparency between stakeholders and consumers.

Serving as a centralized hub for all sustainability data, BeCause results in a sixfold faster return on sustainability investments, amounting to a potential savings of millions of dollars for a typical hotel chain in the first year alone.

“We’re very excited about BeCause’s ability to improve sustainability data collection and reporting for the hospitality and tourism industries. It’s a massive addressable market which thus far has lacked a purpose-built solution with the analytical capabilities to help players supercharge their positive impact on the people, planet, and profits,” says Andreas Green Rasmussen, General Partner at Ugly Duckling Ventures.

According to a June forecast from research and advisory company Forrester, the cumulative global green market spend is expected to total $325 trillion from now until 2050, with travel and transportation commanding 35% or about $114 trillion of that spend by the end of this period. By adopting the BeCause platform, hospitality, travel and tourism brands can responsibly capitalize on this demand.

“We came in as a co-lead on this fundraising round because we believe in the power of BeCause to increase certified sustainability and decrease greenwashing in the accommodations sector. We are also very impressed by how fast the team has built a product that some of the world’s biggest brands are comfortable using,” explains Kärt Siilats, Venture Partner, Superangel.io.

An Impressive and Growing Roster of Clients

BeCause currently has over 20,000 hotels streaming sustainability data through its platform. It also counts over 50 certifiers, including GreenKey, and 15 travel booking marketplaces, including Booking.com, amongst its users.

“This newest round of funding allows us to continue our work with stakeholders in the hospitality industry and gives us the ability to respond to the massive interest in our sustainability data hub from adjacent industries like corporate travel and destinations and meetings,” says Steensgaard.

“We’re thankful to Ugly Duckling Ventures, Superangel and all our investors for putting their faith in us and our solution, which is critical to making travel greener and reducing its impact on the environment,” he adds.

Additional investors in this round include serial exit entrepreneur Sean Brown (UK); Director, Business Development and Partnerships for fintech unicorn Circle.com, Sean Evans (UK); and private investor Patrick Patrong (DK).

Securing Funding in a Precarious Climate

The nearly $2 million raise for BeCause comes at a challenging time for start-ups, with the amount of capital down 38% from Q2 to Q3. Carta, the equity management platform, also recently revealed that it had had the worst quarter on record for company shutdowns. BeCause is flying in the face of that trend.

“Though we are just beginning our journey, the fact that we have signed some of the biggest names in travel and are more than anything preoccupied with handling non-stop demand reflects the pressing need for a solution like BeCause. We’re proud that through better sustainability data management, we can do our part to reduce the harmful impacts of travel on the planet and instead help sustainable choices flow effortlessly,” said Steensgaard.

For more information about BeCause or to speak with CEO and Co-founder Frederik Steensgaard, please get in touch with Vanessa Horwell at [email protected].

About BeCause

BeCause is an enterprise software company that streamlines the flow of sustainability data and creates synergies between different stakeholders in the travel, tourism, and hospitality industries, empowering them to make decisions that result in positive, responsible change for people, the planet, and their profits. BeCause works with over 20,000 hotels, including brands like Radisson, certification entities like GreenKey, industry partners like the Global Sustainable Tourism Council, and marketplaces like Booking.com. For more information, visit because.eco.

SOURCE BeCause

Sustainability accounting, electric vehicles, battery tech and agritech key growth drivers

SINGAPORE, Nov. 29, 2023 — As the landmark COP28 (28th United Nations Climate Change conference) kicks off this week, the development of climate tech to bring the region closer to the 2015 Paris Agreement targets is in the spotlight. Golden Gate Ventures, a venture capital (VC) fund in Southeast Asia (SEA) founded by Silicon Valley natives, and Venture East, one of India’s longest-standing VC firms, have co-authored “The Essence of Climate Tech for India and Southeast Asia“ report.

The report dives deep into how economics, stakeholders, government policies and business models have aligned in recent years, culminating in a rare inflection point that will see key verticals in the climate tech sector grow dramatically along the sustainability road to 2030. In 2022, over US$70 billion was pumped into climate tech investments, nearly double 2021’s record total^[1]. SEA and India net a humble 7 percent, but this is set to change dramatically in the next 5 years.

“We are witnessing an unprecedented moment in the history of climate tech. Every single government in SEA and India is doubling down on market-making policy shifts for the first time; key technologies like sustainability accounting, vertical farming, energy efficiency, and electric mobility will reach mainstream adoption in the next five years, and one-fifth of the world’s largest corporations with commitments to net-zero emissions are making impactful changes to their operations. We are on the threshold of a climate tech boom in SEA and India,” said Michael Lints, Partner at Golden Gate Ventures. 

“This report gives investors and the startup community the ‘what’ and the ‘why’ of climate tech. From policies to players to the right climate tech propositions, this is literally a blueprint to succeed in the climate tech boom,” said Rishika Madan, Investment Analyst at Venture East.

Cracking the Code for Sustainability Accounting

Across SEA and India, the strong regulatory momentum that started in 2019 has taken hold. Tougher requirements on sustainability accounting affect close to 5000 major corporations, creating huge opportunities in developing tools for measurement and reporting. Water, waste and carbon accounting are complex, data-driven areas where there is strong demand for more efficient technologies and services to enable corporations to measure more accurately and frequently.

The policy changes and gradual shifting to a uniform carbon trading system in SEA and India have started a positive chain reaction across the carbon market ecosystem. The total global carbon market is slightly over US$3 billion today and is estimated to grow to a whopping US$33 billion by 2030. Globally, offset demand today is US$1 billion and will grow to US$25 billion by 2030, with India and SEA accounting for US$10 billion^[2].

New Opportunities in Electric Mobility and Battery Technology

Regulators across India and SEA are rolling out a range of both demand and supply-side incentives and increasing charging infrastructure with a clear goal of not only increasing adoption but making electric mobility mainstream. The electric vehicle market is disrupting the traditional automotive market, creating a more level playing field for new market entrants when it comes to the entire electric vehicle value chain – from parts production to battery technology. The report dives deep into the regulatory environment in each market in SEA and India, and the consumption patterns, bringing into focus immediate growth opportunities, including the development of the two-wheeler and light commercial vehicle categories. 

The demand for battery technology is rising in tandem with the growing electric vehicle market, with some bright spots for India and SEA. Global metal reserves are primarily concentrated in specific regions with India claiming the limelight as the second-largest aluminium producer in the world; Indonesia emerging as the world’s largest producer of nickel and the second-largest producer of cobalt; and Philippines contributing a growing proportion of the global cobalt supply.

With governments across SEA and India offering incentives to boost battery production and recycling, apart from materials mining, opportunities are emerging in the region for battery management software, materials extraction in batter recycling and second life applications.

Inefficiencies in SEA’s Agriculture Industry are Creating New Opportunities 

The climate discussion has put new pressures on agritech to be more efficient and for food security to increase in sophistication at speed – creating new areas for growth in the region.

Agriculture contributes approximately 10 per cent of the GDP in SEA but employs over 20 per cent of the population; agri-related emissions in the region have grown by a whopping 140 per cent in the last 50 years. The inefficiencies that are rife across the agriculture value chain in SEA are creating new opportunities in improving agricultural inputs to farmers, more environmentally efficient B2B market linkages for produce, and farm advisory services to adapt and even pre-empt climate change impact on output and resources.

Agricultural inputs, outputs and farm advisory services are estimated to be a US$50 billion underserved market in SEA alone based on 2022 estimations^[3]. Policy tailwinds driving market access, improvements in agricultural productivity and adoption of more sophisticated technology will further propel SEA’s agritech sector.

“The underlying theme across the report is that the climate tech discussion has created a demand for greater sophistication in sustainability accounting, electric mobility and agritech – the green gold of India and Southeast Asia for the next decade,” said Michael Lints.

Note: The following is the link to download a copy of “The Essence of Climate Tech for India and Southeast Asia” report: https://drive.google.com/file/d/1tWAph9XKxxTGn5KE2Tt7R-c1MH0tqgkA/view?usp=drivesdk 

About Golden Gate Ventures

Golden Gate Ventures is a global venture capital firm powering technology and innovation from Southeast Asia. Founded in 2011, Golden Gate Ventures combines the knowledge and experience of Silicon Valley with the passion and dynamism of Southeast Asia. For over a decade we’ve proudly backed some of the region’s most audacious founders and companies behind Southeast Asia’s incredible growth story, such as Carousell, Coda Payments, Carro, Xendit, Paper.id, Alodokter, Homage, Hijra, Rukita, and Locofy. We empower the audacious. For more information, visit goldengate.vc.

SOURCE Golden Gate Ventures

PARIS, Nov. 29, 2023 — With its unique eco-friendly liquid-liquid direct lithium extraction (DLE) process, ADIONICS has once again captivated investors, raising $27 million in its Series B funding round. Adionics’ historical stakeholders took part in this operation, along with newcomer strategic investor SQM, a mining leader in lithium production from brines. This move is supported by returning investors, including Bpifrance, via the PSIM funds managed on behalf of the French state as part of the France 2030 program, Supernova Invest, Céleste Management and Ovive, who are reaffirming their trust in Adionics.

Founded in 2012, Adionics has been developing a DLE process that improves global lithium production. This technology not only increases the productivity of lithium mining but also streamlines the associated value chain and allows a significant reduction of the overall environmental footprint of Li-ion battery manufacturing and the recycling industry. Adionics is confirming its ambition to become the leader in DLE technologies.

“We are delighted to welcome SQM as a strategic investor in Adionics. This partnership marks a significant milestone in our development and is a testimonial to the quality of Adionics’ technology and the dedication of our team. With SQM’s investment, we are ready to execute the exciting phase of industrialization. Our three pre-industrial pilots are already making an impact and we look forward to scaling-up to serve an even broader global customer base. Importantly, this partnership with SQM, leader in lithium production from brines, enhances our capabilities while we maintain our independence in the marketplace. This autonomy is critical as we continue to partner with other mining companies and innovate in the lithium extraction industry to be the DLE leader.”, – Gabriel Toffani, Adionics CEO.

“Our partnership with Adionics is a strategic step in the development of our «Salar Futuro” project. We look forward to working together with the Adionics team on further development and industrial testing of their breakthrough technology, which has already demonstrated outstanding results in lithium yield and purity” – Carlos Diaz, SQM Executive-VP Lithium.

From R&D Excellence to Global Industrialization

Adionics has led a successful deployment of pre-industrial size pilots with major actors of the Lithium world and checked, in real conditions, the validity of its process, as well as the purity of lithium salt directly extracted from brine (up to 99 % of Li purity & yield). With the completion of its Series B financing, Adionics is now ready to make the critical leap from an R&D-focused company to an industrialization-focused company. This shift is not just a new chapter in the business development, but also the embodiment of the company’s core mission.

The secured funding will fuel Adionics’ ambitious strategy, including:

• Commercial expansion – with a particular focus on the lithium triangle of Argentina, Chile and Bolivia, as well as extending our reach to North America and Europe.
• R&D continuation – to ensure continuous improvement in product quality and environmental performance. This increased focus on innovation is designed to further reduce energy and freshwater consumption, underscoring the company’s commitment to sustainability.
• Workforce growth – Growing the team from 50 to 80 employees by 2024 to complement its R&D efforts in new applications and to go further. Adionics is embarking on a robust hiring plan to strengthen its business and project development capabilities to fulfill the requirements of the industrialization phase.

Revolutionizing Global Mining Performance

Adionics is transforming the mining industry with a technology that significantly improves the operational efficiency and promotes environmental sustainability. The company’s proprietary process can recover up to 99% of lithium chloride from brines – a leap forward in resource valorization.

Adionics remains committed to an environmentally friendly process, with following guidelines:

• A significantly lower freshwater consumption.
• A lower energy requirement.
• A lithium depletion of brine without any other change in the brine composition.
• A smaller environmental footprint for extraction facilities.

Looking to the future, Adionics plans to expand the reach of its technology into additional applications over the next three years.

ABOUT ADIONICS

ADIONICS is at the forefront of lithium extraction advancements, offering a revolutionary approach that meets the needs of today’s mining professionals. Our company specializes in a closed-loop, liquid-liquid extraction process that efficiently and sustainably recovers lithium salts from various brines, including continental, geothermal or produced water. What sets our technology apart is the use of our proprietary Flionex^® system, a highly customized fluid that acts like a key to unlock and extract lithium without the need for traditional reagents. This patented process not only achieves high lithium recovery rates but does so with minimal water usage and environmental impact, marking a new era in resource recovery. Our commitment to reagent-free, sustainable technology ensures a cleaner, greener approach to lithium mining.

About SQM

SQM is a global company that is listed on the New York Stock Exchange and the Santiago Stock Exchange (NYSE: SQM; Santiago Stock Exchange: SQM-B, SQM-A). SQM develops and produces diverse products for several industries essential for human progress, such as health, nutrition, renewable energy and technology through innovation and technological development. We aim to maintain our leading world position in the lithium, potassium nitrate, iodine and thermo-solar salts markets.

Contact press: Khloé Lewis – [email protected]

SOURCE Adionics

• Investors in oversubscribed financing include Synergy Ventures, Life Science Angels, and AlwaysraiseVC
• SavageMed’s groundbreaking ColoSeal System™ enables minimally invasive colorectal tumor removal, eliminating the need for 2 open surgeries in today’s standard of care
• Founding team former Spiracur executives who raised $76M from Kleiner Perkins, New Leaf Ventures and others prior to being successfully acquired (now 3M Science)

SAN FRANCISCO, Nov. 28, 2023 — Savage Medical, Inc. (“SavageMed”, “Company”, “We”, or “Us”), a San Francisco Bay Area-based, clinical-stage medical technology company enabling minimally invasive colorectal tumor removal, today announced a launch out of stealth with over $3 million in total funding, including oversubscribed financing from leading early-stage medical technology investors including Synergy Ventures, Life Science Angels and AlwaysraiseVC. Capital raised contributes to SavageMed’s ongoing clinical trial of its groundbreaking ColoSeal™ System. SavageMed’s ColoSeal™ has been successfully tested in human clinical trials with positive results.

“Today, surgery for colorectal tumors frequently requires up to 3 surgical procedures to remove the tumor and avoid the side effects of the tumor removal, including the dreaded need for a temporary ostomy bag,” said Ankit Sarin, M.D., M.H.A., Chief, Division of Colorectal Surgery, Vice Chair of Robotics & New Technologies, Department of Surgery, UC Davis Health. “ColoSeal allows a one-time, minimally invasive procedure after the tumor removal that potentially eliminates the need for the additional surgical procedures and avoids need for an ostomy.”

“Every year, there are 1.9 million people diagnosed with colorectal cancer. 35% of these patients have localized tumors which require surgery to remove,” said Kenton Fong, M.D., Chief Executive Officer of Savage Medical, Inc. “We are thrilled to close this latest financing to continue advancing the ColoSeal System through clinical trials. Our vision is to replace the multiple surgical procedures and complications that hundreds of thousands of colorectal patients endure each year with a minimally invasive solution.”

About Savage Medical, Inc.
Savage Medical, Inc (“SavageMed”) is a clinical-stage, San Francisco Bay Area-based medical technology company founded by former Spiracur (now 3M Science) executives developing the ColoSeal™ System to enable minimally invasive colorectal tumor removal. SavageMed has been selected as a UCSF Rosenman Innovator company, a MedTech Innovator company, and has been the recipient of both U.S. National Cancer Institute (NCI) and U.S. National Science Foundation (NSF) Small Business Innovation Research (SBIR) grants. Existing investors include Synergy Ventures, Life Science Angels, and AlwaysraiseVC. To learn more, visit www.savagemed.com.

Contacts:
Kenton Fong, Chief Executive Officer
[email protected] 
510-206-0549

SOURCE Savage Medical, Inc.

Every.io launches out of stealth with the first all-in-one back office stack for startups

SAN FRANCISCO, Nov. 28, 2023 — Every.io (dba Every), the all-in-one back office stack for startups, today announced its coming out of stealth alongside $9.5 million in seed funding. The round was led by Base10, with participation from Y Combinator, Formus Capital and Rex Salisbury’s Cambrian Ventures. Every provides bank accounts, corporate cards, bill payments, corporate treasury, HR, payroll, benefits, accounting, and taxes all in one platform, allowing founders to save time and money. Following their successful launch in YC’s S23 batch, Every hit $1M ARR in 6 months and grew to 75 customers.

Every was founded by serial entrepreneur, Rajeev Behera, who previously raised $100M for his last venture, Reflektive, in the HR B2B SaaS space, scaling it to 250 employees.

The inspiration came from Behera’s experience as the founding CEO at Reflektive, noting “When I started my last company, I made a lot of costly errors setting up my back office. Founders just want to focus on building. They don’t have time to learn complex subjects like payroll, taxes and accounting.”

For this reason, on top of being a platform, Every provides not just a great suite of products, but also top notch professional services. Founders get a dedicated accountant and payroll specialist for expert guidance, who can provide support filing state taxes, choosing the best healthcare plan and creating a custom treasury management plan that maximizes yield and fund safety.

“We had some complicated situations with paying our contractors, and Every handled them super well. We were literally set up within an hour for contractors and within a day for W2 payroll,” George Wang, Co-Founder and CEO at Stellar Sleep (YC S23).

“As a founder, the last thing I need is to be thinking about all these details. Finding a single trusted source to handle all of them (well + efficiently), so I can focus on our customers & product is so valuable.” – Luke Groesbeck, Co-Founder and CEO at Foundation (YC S23).

Every’s AI automates workflows across it’s highly integrated product suite saving founders time and money while delivering a superior experience. For example, Every’s in-house general ledger sits across banking, payroll and treasury allowing the Bookkeeper AI to seamlessly pull and automatically categorizes transaction data, delivering bookkeeping at 50% the cost of competitors.

“We are thrilled to lead this seed funding round and are excited how Every is leveraging AI to reimagine the full back office stack to simplify complex workflows so they are more founder friendly,” said Rexhi Dollaku, General Partner at Base10 Partners. “We look forward to partnering with Every as they continue to save founders hundreds of hours managing Finance and HR.”

To learn more or sign up for a demo, check out the website at every.io.

About Every
Every is the first all-in-one finance and HR suite that combines Banking, Cards, Bill Payments, Corporate Treasury, Bookkeeping, Tax, HR, Payroll, and Benefits in one platform. Every saves founders time by consolidating all their back office work in one place with 10x better workflows using AI. With funding by Base10 and Y Combinator, Every has over 75 customers.

About Base10
Founded by Adeyemi Ajao and TJ Nahigian, Base10 is a San Francisco-based venture capital fund investing in founders who believe purpose is key profits and companies that are automating sectors of the Real Economy, including transportation, healthcare, retail, logistics, and construction. The Advancement Initiative, Base10’s growth-stage fund, donates 50% of profits to Historically Black Colleges and Universities to support financial aid and other key initiatives. Portfolio companies include Notion, Figma, Nubank, Nowports, Motive, Chili Piper, and Popmenu. Connect via base10.vc.

SOURCE Every, Inc.