By using AI technology, Treads enables predictive maintenance options on an all-in-one mobile application

PARK CITY, Utah, Nov. 2, 2023 — Treads, an AI-powered car maintenance subscription, announced it has raised a $4.6 million seed funding round led by Mucker Capital with participating investors including Kickstart Seed Fund, Peak Ventures, Royal Street Ventures, and Convoi Ventures. The funds will support Treads’ expansion into 16 additional cities in the U.S., making Treads available in 34 cities by the end of 2023.

Motor vehicle repair prices increased by 20% in the past year due to new technology in cars, older vehicles, and fewer auto repair technicians, making it more difficult to maintain a car’s condition. Routine maintenance is not only important for the everyday car owner but also for gig economy workers like Uber or Lyft drivers who rely on their cars as their primary source of income. Treads is simplifying vehicle maintenance through its all-in-one subscription mobile app that offers subscriptions on tire replacement, wheel alignment, oil changes, and wiper blades. Customers can now have new tires delivered and installed at their home or work, in addition to brick-and-mortar service centers that are part of the Treads Service Network.

“Maintaining a car these days can be a real inconvenience and drain on your wallet, especially if you neglect regular upkeep, which can lead to bigger issues down the road,” said Zach Olson, the CEO and Founder of Treads. “Our goal is to change the way people think about car ownership and maintenance by leveraging advanced AI, introducing emerging auto-tech to consumers, and making car maintenance more affordable through an accessible subscription. With this funding, We look forward to reaching new markets and giving drivers peace of mind knowing that Treads has their tire needs and services covered quickly and more efficiently.

Treads’ subscription helps customers pay for new tires on a monthly basis rather than all at once, making it easier to budget and manage what maintenance is needed from their mobile device. Subscribers can save on average $679 and 16 hours over the lifespan of their tires by using Treads. The company uses AI to provide predictive maintenance updates and visual machine learning to determine when tires are repairable if damaged or when they need to be replaced. Customers scan their tires using the camera on their smartphone through the Treads app and they will automatically receive tire information including size, tread depth, and condition, etc.

“Zach and the team at Treads have executed incredibly over the last couple of years from concept to now growing significantly and thoughtfully into 20+ cities, “said Jon Broscious from Mucker Capital. “The subscription and product have been well received and in high demand from customers; Zach and team have built a quintessential business with great unit economics, a compelling product for consumers, and valuable partnerships with industry leaders. We are excited about this next stage of growth under Zach’s leadership as Treads continues to expand across more cities in the U.S.”

A Treads subscription offers compatibility with all types of vehicles, from traditional gasoline cars to electric and smart vehicles. The platform features an extensive selection of top-tier tire brands, such as Goodyear, Michelin, Pirelli, and more. Additionally, its Auto Insurance Marketplace tailors insurance recommendations to your specific car model and budget. Committed to environmental responsibility, Treads allocates 1% of its revenue to initiatives aimed at reducing vehicle carbon emissions, since launching Treads’ contribution is the equivalent of removing the emissions of 29.9 cars for a full year.

To learn more about the Treads subscription, please visit treads.app and download the application from the Apple App Store or Google Play for Android users.

About Treads
Treads is an AI-powered car management subscription designed to make car ownership more enjoyable by eliminating the hassle of car maintenance while making the roads safer for everyone. Treads has users covered for tires, alignments, oil changes, wiper blades, and even auto insurance. The company has raised a total of $4.6 million from Mucker Capital, Kickstart Seed Fund, Peak Ventures, Royal Street Ventures, and Convoi Ventures.

Media Contact
BAM for Treads
[email protected] 

SOURCE Treads App, LLC

SAN FRANCISCO, Nov. 2, 2023 — Govly, a market network for public sector procurement, today announced $9.5 million in Series A funding, bringing its total capital raised since 2019 to $13.1 million. Global software investor Insight Partners led the funding round with participation from YCombinator, FundersClub, and NordicEye. Govly will use the funding to build new products that further its mission of making selling to governments simple and transparent.

The federal procurement process is fraught with red tape, siloed information, and manual processes. Many contracts are not published or available to the public, and those that are end up buried within byzantine government portals. To address this problem, Govly built a platform that is democratizing access to these contracts and creating opportunities for companies operating within the US federal government procurement supply chain.

Govly’s platform makes it easy for users to find, track, and analyze contract requirements across disparate sources, as well as uncover new partners and coordinate stakeholder action throughout procurement processes, from initial solicitation to award. Companies like Hewlett Packard Enterprise, Nutanix, and CDW-G rely on Govly to identify opportunities to sell to the government and to collaborate with their channel partners to prepare and submit bids. Govly plans to extend the platform to serve the US SLED (State, Local, Education) market and government contractors outside the United States.

“Government contracting has remained stagnant for too long. Modernizing this process has been a vision of ours for many years, and as shown by our customers and product adoption, it’s a vision that others working with the federal government are excited about,” said Mike Weiland, Founder and CEO of Govly. “With Insight Partners as an investor, Govly will make big strides in facilitating simple, transparent, and competitive interactions between industry and governments, ultimately benefiting the collective taxpayer.”

“The U.S. federal government acquisition process is complicated and opaque, even to companies already serving government. Using Govly’s platform, companies can make simpler work of identifying contract opportunities, finding partners, and submitting bids,” said Nick Sinai, Senior Advisor at Insight Partners. “We’re excited to work with the Govly team as they continue scaling their platform and drive even more value for the government, suppliers, and the American people.”

About Govly
Founded in 2021, Govly was created with the mission of making public sector procurement simple, transparent and competitive. Over 200 companies use Govly to network with partners, identify opportunities and collaborate on submitting bids. To learn more about Govly, visit www.govly.com.

About Insight Partners
Insight Partners is a global software investor partnering with high-growth technology, software, and Internet startup and ScaleUp companies that are driving transformative change in their industries. As of June 30, 2023, the firm has over $80B in regulatory assets under management. Insight Partners has invested in more than 800 companies worldwide and has seen over 55 portfolio companies achieve an IPO. Headquartered in New York City, Insight has offices in London, Tel Aviv, and the Bay Area. Insight’s mission is to find, fund, and work successfully with visionary executives, providing them with tailored, hands-on software expertise along their growth journey, from their first investment to IPO. For more information on Insight and all its investments, visit insightpartners.com or follow us on Twitter @insightpartners. 

SOURCE Govly

PFAS, often referred to as “forever chemicals” due to their persistent nature in the environment, have become a major concern worldwide due to their detrimental impact on ecosystems and human health. Aclarity’s Octa™ system offers a sustainable solution for the complete eradication of PFAS contaminants, heralding a new era in wastewater treatment and environmental remediation for landfills, water and wastewater treatment plants, and industrial facilities – where PFAS is particularly prevalent. 

Over the last year, Aclarity has deployed mobile systems with full-scale reactors across the country to destroy PFAS chemicals continuously. This has allowed the team to successfully treat PFAS in waters ranging from low ng/Ls in tap water, all the way to landfill leachate treated by foam fractionation with PFAS concentrations of milligrams per liter, including short-chain compounds like PFBS and demonstrating real time PFAS destruction in the field. Aclarity’s achievements have garnered the attention of groups such as Frost & Sullivan, who awarded Aclarity their Company of the Year Best Practices award for 2023 in the North American PFAS treatment industry. With the support of this investment, Aclarity has broadened its pipeline across several industries requiring PFAS destruction such as the waste industry as well as food and beverage manufacturing and the pulp and paper industry. The Series A funds will play a pivotal role in scaling up manufacturing and supply chain capabilities, further increasing market penetration, and advancing partnerships to address PFAS contamination challenges on a global scale. 

“The industry is overwhelmingly demanding a solution to the PFAS problem, responding to existing and pending regulations. We are extremely grateful for the enthusiastic support from our investors and the confidence they have shown in our mission to combat the widespread issue of PFAS contamination,” said Julie Bliss Mullen, Founder and CEO of Aclarity. “The Series A funding is already enabling us to grow our team, build more PFAS destruction skids and bring them to more communities and industries, ultimately making a lasting positive impact on public health and the environment.”

Aclarity’s innovative approach to PFAS destruction has garnered attention and support from both investors and environmental advocates alike. The technology boasts several key advantages, including its cost-effectiveness, environmental safety, and efficiency in eliminating PFAS compounds, offering a sustainable alternative to conventional remediation methods.

“Aclarity has the potential to revolutionize the field of environmental remediation and solve one of the most pressing environmental challenges of our time. We are confident that they will deliver on this promise,” said Jiten Manglani, Aqualateral’s Chief Investment Officer. “The Aclarity team has the capacity and vision to deliver far-reaching transformative results to communities across the globe.”

As Aclarity continues to make strides in the fight against PFAS pollution, the company remains committed to its core mission of destroying PFAS to safeguard the environment and public health. The Series A funding will be instrumental in driving Aclarity’s growth and accelerating the deployment of its groundbreaking technology to communities and industries in need.

For more information about Aclarity and its PFAS destruction technology, please visit www.aclaritywater.com

About Aclarity Inc.

Aclarity is revolutionizing the elimination of persistent and hazardous “forever chemicals” known as PFAS, which accumulate in human and animal tissues and persist indefinitely in our environment. Aclarity’s Octa™ PFAS destruction systems employ innovative proprietary technology to disrupt the ongoing PFAS contamination cycle. The conventional approach for removing and disposing of PFAS has led to concentrated PFAS materials being reintroduced into the environment through methods like landfill disposal, incineration, and deep well disposal, recontaminating the air, soil, and water. PFAS compounds are inherently resilient due to their strong molecular bonds. Until now, the prevailing method of “remediating” PFAS has involved a perilous cycle of extraction and disposal, either by returning the extracted PFAS to landfills or by incinerating it and emitting toxic aerosols into the atmosphere. Aclarity’s technology employs electricity to sever the carbon and fluorine bonds that give PFAS compounds their durability, thus putting an end to the perpetual PFAS contamination cycle.

SOURCE Aclarity

The tech-focused fund, backed by investors from Pitango,Viola, IGP, SilverTech and more, is raising funds to ensure the continuity of promising Israeli startups

TEL AVIV, Israel, Nov. 2, 2023 — Iron Nation, a volunteer emergency impact fund ensuring the continuity of early-stage Israeli start-ups, today announced its launch. The fund collects no management fee or carried interest and is aiming to raise 20M USD to support post-seed VC-backed startups impacted by the recent attack by Hamas and the ensuing war. This initiative is backed by a team of exceptional volunteers from the venture community including Chemi Peres of Pitango Ventures, Charlie Federman of SilverTech Ventures, Danny Cohen of Viola Ventures, Moshe Lichtman of IGP Capital, Aaron Applbaum of MizMaa, and Calanit Valfer of the Elah Fund who joined the investment committee pro-bono.

The recent Israel-Hamas war and the subsequent callup of 15-20% of the tech workforce to reserves caused early-stage start-ups in Israel to face unprecedented challenges. Iron Nation’s mission is to ensure that highly promising Israeli tech startups with established venture backing, a critical part of the tech ecosystem, can continue to grow during and after this crisis.

Renowned New York-based venture capitalist Charlie Federman of Silvertech Ventures was among the first to join the Iron Nation investment committee. Supported by the Silverstein family, who rebuilt the World Trade Center that now is home to dozens of Israeli related tech companies through their accelerator and fund, Federman felt a particular calling to support Israeli startups in their time of need.

“In the wake of the 9/11 terror attack, we saw New York at its finest. Thousands stopped what they were doing and simply showed up to volunteer. Israel has just suffered its 9/11 and I am proud to join the ranks of those working to ensure that the Israeli tech industry bounces back to the booming center it was before October 7^th,” Federman said.

Eligible startups can apply via Iron Nation’s website. Applications will be processed and vetted within two weeks by the investment committee. Iron Nation will actively amplify its investment with a dedicated investment-matching program of the Israel Innovation Authority, as well as the startups’ existing investors.

“Young startups that were primed for an exciting journey are facing unprecedented challenges.  Young men and women have been forced to set aside their dreams as an act of duty to their country,” said Chemi Peres, Managing Partner of Pitango Ventures and Chairman of the Peres Centre for Peace and Innovation. “The investor community refuses to allow them to be another casualty of this war. Their widespread support speaks not only to the resilience of the tech ecosystem but to the belief that we can save a critical segment of the Israeli tech economy while creating a sustainable double-bottom line for investors.” 

“We chose to focus our efforts to support this particular segment of the startup ecosystem because of the enormous potential they have shown, and we are committed to ensuring that they have the resources to reach that potential. We collect no management fees and no carried interest and our volunteer-based approach allows us to maximize the support we provide,” said Gil Friedlander, Co-founder of Iron Nation. “We are overwhelmed thus far by the spirit of collaboration and the commitment to drive the Israeli tech ecosystem forward not only in Israel but also abroad. The tech economy is critical to our nation and we encourage more to join us through investment, donation, or contribution.”

How to Get Involved

Iron Nation invites individuals, donors, organizations, and investors to join this noble cause. Contributions can be made through the official website at https://www.ironnation.org/

About Iron Nation

Iron Nation is an emergency impact fund ensuring the continuity of early-stage Israeli start-ups in the wake of the October 7^th massacre. Iron Nation was co-founded by seasoned entrepreneurs Chen Linchevski,Gil Friedlander, and Jason Wolf and is a wholly volunteer-driven organization comprised of leading entrepreneurs and investors including Chemi Peres of Pitango, Charlie Federman of SilverTech Ventures, Danny Cohen of Viola Ventures, Aaron Applbaum of MizMaa, Calanit Valfer of the Elah Fund, Moshe Lichtman of IGP Capital, and others. The organization is also supported pro-bono by leading companies including Meitar, Start-Up Nation Central, InNegev, and others.

The Iron Nation fund utilizes general solicitation and is compliant with the requirements of US Securities Act Rule 506(c) and is open to US investors who qualify as “accredited investors”. 

Iron Nation is also a 501(c)(3) organization and all donations are tax deductible. 

For Press Inquiries:
David Hoffman
Headline Media
[email protected]
+972-52-842-1955

SOURCE Iron Nation

NEW YORK, Nov. 2, 2023 — ProJenX, Inc., a clinical-stage biotechnology company developing novel, brain-penetrant therapies targeting biologically-defined pathways for the treatment of amyotrophic lateral sclerosis (ALS) and other debilitating brain diseases, today announced the initial closing of a $15 million Series A financing. Led by Medical Excellence Capital, which also led the company’s seed financing round and created ProJenX in collaboration with Project ALS and researchers at Columbia University, the Series A will fund the continued development of ProJenX’s lead compound, prosetin, for the treatment of ALS.

In addition, ProJenX announced the appointment of Rick Hartz to its board of directors. Rick is currently Senior Vice President, Global Pharma & Human Health Business Development at Merck & Co., Inc. Rick has more than 30 years of commercial, marketing, and business development leadership experience across multiple therapeutic areas. At Merck, he leads a global commercial team responsible for cardiovascular, respiratory, metabolic, infectious disease, hospital/specialty, immunology, and neuroscience. Previous positions at Merck include SVP for Global Oncology Partnerships, SVP US Managed Markets and Chief Marketing Officer, US Market. He earned a bachelor’s degree in economics from Dickinson College and an MBA from The Wharton School of the University of Pennsylvania.

“We are focused on accelerating the development of prosetin to meet the critical need for new treatments for people living with ALS,” said Stan Abel, the company’s president and CEO. “We are encouraged by the therapeutic window emerging from our phase 1 trial and ongoing nonclinical studies and are looking forward to advancing prosetin to people living with ALS in early 2024. We are also thrilled to welcome Rick to our board and know that he will add tremendous value given his extensive global commercial and business development experience at Merck.”

“I am excited to join the ProJenX Board and contribute to its mission to advance promising therapies for ALS and other neurodegenerative diseases,” added Mr. Hartz. “With an orphan drug designation, prosetin is poised to advance toward a global pivotal trial next year and I look forward to working with my fellow board members and the ProJenX team to help guide the growth of the company.”

Prosetin is a first-in-class, novel, selective, oral, brain-penetrant, mitogen-activated protein kinase kinase kinase kinase (MAP4K) inhibitor. MAP4Ks were discovered as critical regulators of neuronal survival in a patient-specific, cell-based discovery platform developed by ProJenX co-founders at Columbia University, and prosetin was optimized for potency against MAP4Ks, efficacy in motor neuron rescue, and preferential distribution to the CNS. Prosetin is an investigational new drug and has not been approved by the FDA.

About ProJenX

ProJenX is a clinical-stage biotechnology company developing novel, brain-penetrant, targeted therapies to address untreatable brain diseases, with an initial focus on ALS. ProJenX was created out of a long-term research collaboration between Project ALS and researchers at Columbia University to rapidly develop and commercialize its lead therapy candidate, prosetin, for people living with ALS. At the heart of ProJenX’s approach is an innovative, patient-specific, cell-based drug discovery platform that can be leveraged for research and drug development for ALS and other debilitating brain diseases. For more information, visit projenx.com.

Editor’s Note: Photograph of Rick Hartz available on request

SOURCE ProJenX

Life Sciences Pioneer Todd Dickinson, Ph.D., Appointed as CEO; Spatial Biology Innovator Ye Fu, PhD., Appointed as CTO

BOSTON, Nov. 2, 2023 — Stellaromics, a leading provider of in situ spatial multi-omics technology, today announced that the company has raised $25 million in a Series A financing round. The Series A financing round included Plaisance Capital Management and a private family office based in Silicon Valley. Founded in 2022, the company is developing next-generation spatial technology that promises to accelerate the development of fundamentally novel drug treatments, including for autoimmune diseases, cancer, neuropsychiatric disorders, and infectious diseases.

In tandem with the fundraise, Stellaromics has appointed Todd Dickinson, Ph.D., as President & CEO. Dickinson is a life sciences industry pioneer, with more than 20 years of experience developing and commercializing disruptive genomics technologies. He was an early scientist of Illumina, and held a variety of technical and commercial executive roles both at Illumina, Bionano Genomics, and most recently as CEO of Cantata Bio (formerly Dovetail Genomics and Arc Bio).

In addition, Ye Fu, Ph.D., has been appointed as CTO. Fu most recently served as Principal at Plaisance Capital Management, where he was a founding team member at several breakthrough biotech companies and a co-founder of Stellaromics. He is widely published, including first author articles in Cell and Nature Chemical Biology, with more than 18,000 citations. His PhD thesis opened the field of reversible RNA modifications, which is the foundational work for the 2023 Wolf Prize in Chemistry, one of the most prestigious international chemistry awards.

Founding Team Defining the Next Generation of Spatial Technology
Stellaromics Scientific Co-Founders are world-renowned scientists Karl Deisseroth, M.D., Ph.D., and Xiao Wang, Ph.D. Together, they patented the company’s proprietary technology, STARmap (Spatially-resolved Transcript Amplicon Readout mapping), capable of measuring expression levels of thousands of genes within intact tissue, at the sub-cellular, single molecule level. Most recently, Wang has developed a breakthrough RIBOmap (ribosome-bound mRNA mapping) technology to measure protein synthesis at single-cell and spatial resolution. Stellaromics technology is based on their ground-breaking research and innovations, as published in Science, Nature, and Cell.

“Stellaromics is on a mission to propel biomedical research forward by setting a new standard in in situ spatial analysis. Spatial biology has quickly established itself as one of the most exciting biological technologies of this decade. But today’s approaches remain constrained to two-dimensional tissue profiles, and limited largely to expression of a handful of genes at a single point in time.  Our goal is to enable scientists to capture ultra high-resolution, three-dimensional, multi-omic information from thick tissue samples, mapping not only gene expression patterns, but also revealing those genes that are being translated to proteins. By generating a far richer, functional readout of each cell in its native state across a broad range of different samples, from tumors to neurological disease samples, our technology will enable a new level of insight into the mechanisms of disease and how to treat them,” said CEO Dickinson. “With this round of funding, we are entering an exciting growth phase as we expand our team, invest in both innovation and product development, and begin commercialization of what we believe will be a transformative in situ 3D profiling technology.”

With a clear vision to simplify and automate the process of capturing high resolution 3D information inside in situ tissue, this latest round of financing will be used to fortify the business and establish a new company headquarters to house its growing team of innovators. The company will continue to focus on advancing the development of its revolutionary Plexa™ products; the alpha version is expected to be available via a Technology Access Program in early 2024.  

About Stellaromics

Stellaromics, founded in 2022 and based in Boston, is advancing biomedical research with patented technology that deciphers intricate 3D transcription and translation patterns in native biological tissue. Their flagship product, STARmap (Spatially-resolved Transcript Amplicon Readout mapping), reveals gene expression patterns within intact tissue, aiding in the identification of treatment targets and supporting biomedical research. Stellaromics is in late-stage product development on its Plexa™ suite of products, designed to enable researchers and clinicians to create detailed cellular maps for enhanced disease understanding. For more information, visit stellaromics.com.

Media inquiries:
stellaromics@oakstreetcommunications.com

SOURCE Stellaromics

Financing led by Ampersand Capital Partners with significant support from Genezen’s management team and advisors

Proceeds from financing will enable expansion of Genezen’s viral vector development and manufacturing capacity and capabilities

Pipeline of multiple client programs are fueling the newly developed AAV GMP manufacturing group and the established lenti/retroviral team

FISHERS, Ind. and BOSTON, Nov. 2, 2023 — Genezen, a leading cell and gene therapy Contract Development and Manufacturing Organization (CDMO), today announced the closing of an $18.5 million follow-on growth equity investment led by Ampersand Capital Partners. The financing will accelerate Genezen’s growth trajectory in retroviral, lentiviral and adeno-associated viral (AAV) vector manufacturing and support the execution of a robust pipeline of customer projects for innovators developing groundbreaking cell and gene therapies.

Steven Favaloro, President and CEO of Genezen, said “This is an exciting development for Genezen, continuing its momentum towards becoming a premier CDMO for cell and gene therapy innovators. A decade of experience in advanced therapies has helped us identify the need for a versatile, scientifically rigorous, and technically focused CDMO partner like Genezen. With Ampersand’s strong partnership and support, Genezen will continue to deliver best-in-class development and manufacturing solutions for cell and gene therapies, accelerating the delivery of life-saving treatments to patients across the globe.”

Genezen recently completed qualification of its 25,000 sq ft GMP viral vector facility in Fishers, Indiana. Favaloro added, “We are pleased to see that our LVV and AAV capabilities have generated so much attention in the market. This capital infusion will enable us to accelerate our growth and expansion plans at our Fishers site, including further technology investments, and build-out of additional state-of-the-art laboratories, manufacturing suites, and support areas, which will complement our current capacity and allow us to support additional cell and gene therapy innovators.”

David Anderson, General Partner at Ampersand Capital Partners, added, “Given the ongoing rapid growth of the cell and gene therapy sector, we are excited to continue our support of Genezen. With its state-of-the-art GMP facility, the entire Genezen team has demonstrated a unique ability to develop robust capabilities that resonate with the market. Clients are drawn to the team’s scientific expertise, and this equity financing will enable continued development and growth for Genezen.”

About Genezen
Genezen is a contract development and manufacturing organization (CDMO) with a decade’s experience at the heart of the rapid growth in the gene and cell therapy market. Genezen is a leader in the supply of retroviral vectors, lentiviral vectors, and AAV. Led by an extremely experienced team, a science-first approach influences continual investment in scalable, high-yield manufacturing processes and best-in-class technologies. For more information about Genezen, please visit genezen.com.

About Ampersand Capital Partners
Founded in 1988, Ampersand is a middle market private equity firm with $3 billion of assets under management dedicated to growth-oriented investments in the healthcare sector. With offices in Boston, MA and Amsterdam, Netherlands, Ampersand leverages a unique blend of private equity and operating experience to build value and drive long-term performance alongside its portfolio company management teams. Ampersand has helped build numerous market-leading companies across each of the firm’s core healthcare sectors. For additional information, visit www.ampersandcapital.com or follow us on LinkedIn.

Media Contact
Connor Halverson
That’s Nice LLC
Tel: +1 212-366-4455
Email: [email protected]

SOURCE Genezen

$ 8,0 MILJARD KPS SPECIAL SITUATIONS FUND VI EN 
$1,7 MILJARD KPS SPECIAL SITUATIONS MID-CAP FUND II

NEW YORK, 1 november 2023 — KPS Capital Partners, LP (“KPS”) kondigde vandaag aan dat op 25 oktober 2023 de definitieve sluiting van KPS Special Situations FUND VI (“FUND VI”) en KPS Special Situations Mid-Cap Fund II (“Mid-Cap Fund II”) gelijktijdig plaatsvond. FUND VI en Mid-Cap Fund II, met in totaal $9,7 miljard aan kapitaaltoezeggingen, zullen de meer dan 25-jarige focus van KPS op het doen van controlerend belang beleggingen in zeer complexe bedrijfsafsplitsingen (carve-outs), turnarounds, herstructureringen en andere speciale situaties voortzetten.

FUND VI en Mid-Cap Fund II waren overtekend met in totaal meer dan 36% meer kapitaaltoezeggingen dan hun voorgangers, met in totaal $7,1 miljard aan kapitaaltoezeggingen.

Michael Psaros en David Shapiro, medeoprichters en managing partners van KPS, zeiden: “We zijn vereerd door de vraag van de wereldwijde beleggersgemeenschap naar FUND VI en Mid-Cap Fund II. We danken vele van’s werelds toonaangevende institutionele beleggers voor hun vertrouwen in en steun aan ons bedrijf.”

“Het succes van deze fondsenwerving is een teken van het langdurige partnership dat we gedurende tientallen jaren met onze investeerders hebben opgebouwd. We zijn blij met de voortdurende steun van de blijvende commanditaire vennoten en verwelkomen veel nieuwe commanditaire vennoten. Met investeerders uit 30 landen weerspiegelt onze investeerdersbasis het wereldwijde karakter van ons bedrijf en zijn portefeuillebedrijven.”

“We zijn trots op ons vermogen om echte waarde te creëren door waarde te zien waar andere investeerders dat niet zien, door goed aankoopbeleid en door bedrijven beter te maken – door de decennia, sectoren en financiële, zakelijke en economische cycli heen. We geloven dat ons succes en de sterke beleggingsrendementen van de afgelopen 25 jaar te danken zijn aan de duur en continuïteit van ons partnerschap, de kracht van ons kerninvesteringsteam en onze bedrijfsgerichte investeringsstrategie.”

Raquel Palmer, Co-Managing Partner en voorzitter van het Investeringscomité van KPS, voegde hieraan toe: “We hebben vandaag $13,6 miljard aan aandelenkapitaal om te investeren in ons KPS-platform. We hebben FUND VI en Mid-Cap Fund II op precies het juiste moment, in precies de juiste markt ingebracht, en kijken ernaar uit om op met kracht gebruik te maken van de immense investeringskansen die ons nog te wachten staan.”

Het investeringsteam van FUND VI zal worden geleid door Co-Managing Partners Michael Psaros, David Shapiro en Raquel Palmer, en Partners Jay Bernstein, Ryan Baker, Kyle Mumford en Rahul Sevani, die samen een team van ervaren en getalenteerde professionals leiden.

Mid-Cap Fund II zal zich richten op investeringen aan de onderkant van de mid-market, die over het algemeen minder dan ongeveer $ 200 miljoen aan initieel aandelenkapitaal beslaan. KPS Mid-Cap richt zich op hetzelfde type investeringsmogelijkheden en maakt gebruik van dezelfde investeringsstrategie die de flagship funds van KPS al meer dan 25 jaar hanteren. KPS Mid-Cap maakt gebruik van KPS’ wereldwijde platform, reputatie, track record, infrastructuur, best practices, kennis en ervaring. Het investeringsteam van Mid-Cap Fund II zal worden geleid door Partners Pierre de Villeméjane en Ryan Harrison, die een team van ervaren en getalenteerde professionals leiden.

Kirkland & Ellis LLP trad op als juridisch adviseur voor FUND VI en Mid-Cap Fund II.

Over KPS Capital Partners, LP

KPS is, via haar gelieerde beheermaatschappijen, de beheerder van de KPS Special Situations Funds, een familie van beleggingsfondsen met ongeveer $21,6 miljard aan vermogen onder beheer (per 30 juni 2023, pro forma voor de final close van FUND VI en Mid-Cap Fund II).¹ Gedurende meer dan drie decennia hebben de partners van KPS zich uitsluitend toegelegd op het realiseren van aanzienlijke vermogensgroei door het doen van aandelenbeleggingen met meerderheidsbelang in productie- en industriële bedrijven in een breed scala aan sectoren, waaronder basismaterialen, merkartikelen voor de consument, gezondheidszorg en luxeproducten, automaterialen, kapitaalgoederen en algemene fabricage. KPS creëert waarde voor haar beleggers door constructief samen te werken met getalenteerde managementteams om bedrijven beter te maken, en genereert beleggingsrendementen door de strategische positie, het concurrentievermogen en de winstgevendheid van haar portefeuillebedrijven structureel te verbeteren, in plaats van voornamelijk te vertrouwen op financiële leveraging. De portfoliobedrijven van de KPS Funds genereren momenteel een totale jaaromzet van ongeveer $20,4 miljard, exploiteren 223 productiefaciliteiten in 26 landen en hebben wereldwijd ongeveer 48.000 werknemers, rechtstreeks en via joint ventures (per 30 september 2023). De beleggingsstrategie en portefeuillebedrijven van KPS zijn in detail beschreven op www.kpsfund.com.

Logo – https://mma.prnewswire.com/media/1023167/4374275/KPS_Logo.jpg

SOURCE KPS Capital Partners, LP

Quantum Corridor, one of the world’s fastest, most secure quantum networks, creates new opportunities for exponential breakthroughs in defense, financial, biotech, AI and more

HAMMOND, Ind., Nov. 1, 2023 — Quantum Corridor launched one of the fastest, most secure fiber-optic networks in the Western Hemisphere on Oct. 24, 2023 with its first transmissions from the Chicago ORD 10 Data Center at 350 E. Cermak Rd. to a data center in Hammond, Indiana. At a speed 1,000 times faster than traditional networksⁱ, Quantum Corridor’s network will enable regional businesses and institutions to achieve breakthroughs in defense, financial modeling, biotech, cybersecurity, machine learning, research and more. This comes on the heels of the Biden-Harris administration’s Oct. 23 designation of the Chicago MSA as a U.S. Regional Technology and Innovation Hub.

Formed in 2021 as a public-private partnership with the state of Indiana, Quantum Corridor was established to enable advanced Illinois and Indiana tech innovators to exchange data nearly instantaneously and achieve frontline breakthroughs. Funded through a $4.0 million grant from the state of Indiana’s READI grant program and with the cooperation of the Indiana Department of Transportation and Northwest Indiana Forum, Quantum Corridor will utilize 263 miles of new and existing fiber-optic cable beneath the Indiana Toll Road to link data centers, quantum research facilities, life sciences and genome scientists and hyperscalers with industry-shattering speeds and throughput.

With its first transmissions, Quantum Corridor achieved a latency of 0.266 milliseconds of information exchange over its current 12-mile network—a transmission speed 500 times faster than the blink of an eye and far exceeding the average network’s existing 12-times-longer latency. The combination of near-instantaneous transmissions paired with massive throughput is expected to enable exponential breakthroughs in modeling and problem solving across myriad industries.

Quantum Corridor will continue to expand its mileage and connect research facilities over the next nine months. By that time, the network will have the capacity to transmit nearly the entire current content load of the internet in a single transmission.

Why It’s Critical to Build a Quantum Networking Superhighway

“What our team and partners have accomplished has never been done in North America. The nearly instantaneous communication that quantum networking provides will support every industry in the United States by enabling them to work more efficiently, safely and securely,” Quantum Corridor’s President and Chief Technology Officer Ryan Lafler said. “This will expedite the evolution of the internet and has the potential to increase our nation’s competitiveness at a time when it has dropped significantly in many of the world’s most important rankings.

“For example, it will enable the Department of Defense to send critical data faster and more securely to avoid interception by foreign adversaries, manufacturing labs to execute complex simulations, and autonomous vehicles to transmit information to edge computing clusters and achieve faster reaction times,” Lafler added.

“There are applications we can’t even fathom yet in quantum research and development, quantum computing, quantum networking and quantum commercialization,” Quantum Corridor CEO Tom Dakich said. “We’re already fielding questions from space exploration ventures, AI entrepreneurs and e-commerce hyperscalers who are eager to use our network to support their work.”

Once completed, Quantum Corridor will run from the Chicago ORD 10 Data Center at 350 E. Cermak Rd. south along Chicago’s Martin Luther King Dr., connecting to the Chicago Quantum Exchange (CQE) at the University of Chicago then going south and east along the Indiana Toll Road to Westville, Indiana near Purdue University’s Northwest Campus. It will also branch south to West Lafayette, Indiana. Ciena, a global leader in networking systems, services and software, and C1, an engineering and technology implementation provider, serve as key collaborators in solution design and tech implementation, respectively, in building the entire 263-mile path.

How Quantum Networking Can Increase Competitiveness

Quantum Corridor is the first network in North America to achieve a capacity of 40 terabits per second (Tbps), making it one of the fastest Tier One networks on the continent. For reference, 40 Tbps is the equivalent of transmitting 1 million photo files or 1,500 hours of high-quality video per second. At this speed, Quantum Corridor can transmit the equivalent of the entire printed collection at the Library of Congress every two seconds.

Because computers solve problems through rapid trial and error, faster speed enables innovators to solve many more problems. Through its exponentially faster transmissions, quantum networking facilitates advanced problem solving with astounding speed. While research facilities and data centers have used quantum computers for 25 years, most computing and transmissions occur in individual labs not connected to other labs via near-instantaneous communication. Quantum Corridor will make it possible to connect individual quantum research facilities and data centers to one another almost instantaneously.

Ultimately the network will be scalable to 1.2 petabits per second (Pbps), which is equal to 600 billion pages of text transmitted every second. Today, the collective data rate of every user combined globally across the internet is 1.7 Pbps, or the equivalent of sharing 22.6 years of HD video across the internet every second. Once it reaches 1.2 Pbps, Quantum Corridor will be able to throughput the amount of data that Google processes globally each day in under 17 seconds. The nearly instantaneous computing and communications capabilities will position Chicago and Indiana as one of the most quantum-capable regions in the world.

Cultivating a Quantum Crossroads in the Midwest

With its cluster of significant economic and intellectual assets—from world-class universities and research institutions to Fortune 500 companies and hyperscalers to a deep talent pipeline and competitive cost of living—Quantum Corridor will facilitate meaningful economic development and growth in the Chicago MSA. Inspired by rail systems that have fiber-optic cable beneath their tracks, the state of Indiana ordered fiber-optic cable to be laid under the toll road during renovations over the last two decades, creating a 172-mile-long line of fiber-optic cable ready for eventual use. 

The move was prescient for several reasons. First, laying new fiber is extremely cost prohibitive; by pairing the work with existing fiber beneath the Toll Road much of the foundation was already laid for the network. Second, quantum computers housed in research facilities and data centers must utilize vast amounts of power to run the systems and water to cool them, and nearby power plants along Lake Michigan served as resources in this endeavor. Finally, real estate along Lake Michigan is far more economical than that along the East and West Coasts and is expected to play a role in attracting tech companies seeking to utilize this new infrastructure.

Industry-Leading Collaborations Made the Project Possible

Ciena worked with Quantum Corridor to design a solution to make the secure transmission of sensitive and confidential data possible. Its innovative 6500 Reconfigurable Line System (RLS) and WaveLogic 5 Extreme coherent optics are bringing unparalleled bandwidth to this vanguard network.

“Quantum computing will be a catalyst for driving unprecedented economic and technological advancements, and our collaboration with Quantum Corridor and C1 provides the foundation for universities, research centers, data centers and other institutions to more quickly put into action the transformative power of quantum technology,” said Kevin Sheehan, CTO of the Americas, Ciena.

C1 has been instrumental in this monumental tech project by providing oversight and operating as an extension of Quantum Corridor’s engineering arm. Equipped with some of the best trained Juniper and Ciena engineers in the country, the C1 team has worked around the clock in staging, implementing, provisioning and full-scale deployment of the network.

“Quantum Corridor will traverse many Northwest Indiana counties with underserved communities. This is a significant milestone in our shared commitment to fostering economic growth and bridging the Digital Divide,” said C1 Chief Revenue Officer John DeLozier. “We’re set to unleash the power of connected experiences, creating numerous job opportunities and driving local economic development. Moreover, our collaboration paves the way for quantum research in real world environments, propelling Quantum Corridor’s customers into a brighter and connected future.”

For more information, visit www.quantumcorridor.io.

About Quantum Corridor, LLC
Quantum Corridor, LLC, was formed by Chicago-area technology innovators to drive tech infrastructure to Indiana and create an information-sharing platform for institutions such as Chicago Quantum Exchange, defense contractors, research hubs and universities. It is a member of the Bloch Tech Hub, a coalition of industry, academic, government and nonprofit stakeholders led by the Chicago Quantum Exchange, one of 31 U.S. Regional and Innovation Technology Hubs designated for quantum technologies by the Biden-Harris administration. Generally restricted to the largest research and education centers and to entities that can use this level of bandwidth, Quantum Corridor will stretch 263 miles and be the nation’s largest quantum computing superhighway. Visit www.quantumcorridor.io for more information.

About C1
C1 is transforming the industry by creating connected experiences that make a lasting impact on customers, our teams, and our communities. More than 10,000 customers use C1 every day to help them build meaningful connections through innovative and secure experiences. C1 collaborates with most of the Fortune 100 companies along with other key global industry partners to deliver solutions with a total lifecycle approach. C1 holds more than 5,600 technical certifications across thousands of engineers throughout North America including three Customer Success Centers. Learn more at onec1.com.

ⁱ The fastest competitive networks advertise multi-Gbps, while Quantum Corridor advertises multi-Tbps. 1 Tbps = 1,000 Gbps

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SOURCE Quantum Corridor