The funds will be used to help address social and political justice and boost wealth creation through entrepreneurism for the Black Community

WASHINGTON, Oct. 6, 2023 — The Executive Leadership Council announced today that it will launch a $1M community impact investment geared towards boosting entrepreneurship and addressing social and economic justice. Recipients include the Russell Innovation Center for Entrepreneurs, Legal Defense Fund, and the Joint Center for Political and Economic Studies.

The announcement was made during the organization’s annual recognition gala, a celebration that wraps up ELC Week, an energizing and enriching week of programming geared towards fostering growth and prosperity for the next generation of Black business leaders through programs like its CEO GameChanger Conference and Mid-level Managers Symposium.

This year’s event hosted nearly 4000 guests, including corporate CEOs, executives and up-and-coming business leaders from the largest global corporations at the Gaylord National Resort and Convention Center Oct. 3 – 6. The closing event featured a star performance from R&B legends Boyz II Men and honored Black leaders in Corporate America including Ariel Investments Co-CEO Mellody Hobson, independent board member and corporate executive Arlene Isaacs-Lowe and Synchrony.

Click to download photos from Imagine Photography.

A focal point of the week for attendees was the The ELC Scholars Annual Honors Symposium which provided a record-breaking $3M in scholarships and brought together 138 collegiates from 67 academic institutions, including 40 historically Black colleges and universities (HBCUs). During the symposium, scholars had the opportunity to receive professional development and participate in workshops hosted by corporate sponsors including “Executive Presence: Gravitas Like a Boss,” hosted by Bank of America, “Your Network is Your Net Worth – Leveraging Sponsors & Mentors,” hosted by Amazon, and “Navigating The Interview & Cultivating a Confident You,” hosted by Synchrony, among others.

This year’s scholarships were made possible by 3M, ADM, Amazon, Bank of America, Bristol Myers Squibb, Brunswick, Chevron, ExxonMobil, Hewlett-Packard, HSBC, Johnson & Johnson, Lowe’s, Moody’s, Nationwide, Otis, Otsuka, Raytheon, Synchrony, The Coca-Cola Foundation, and UnitedHealth Group.

ABOUT THE ELC:
The Executive Leadership Council opens channels of opportunity for the development of Black executives to positively impact business and our communities. An independent non-profit 501(c)(3) founded in 1986, The ELC is the pre-eminent membership organization committed to increasing the number of global Black executives in C-suites, on corporate boards and in global enterprises. Comprising more than 800 current and former Black CEOs, senior executives and board directors at Fortune 1000 and Global 500 companies and entrepreneurs at top-tier firms, its members work to build an inclusive business leadership pipeline that empowers global Black leaders to make impactful contributions to the marketplace and the global communities they serve. For more information, please visit www.elcinfo.com.

SOURCE The Executive Leadership Council

Funding arrives on the heels of Glydways and its partners being awarded both San Jose Mineta Airport – Diridon Station Connector and Contra Costa Transportation Authority/Tri Delta Transit’s Dynamic Personal Micro Transit projects

Glydways total funding to date now exceeds $70 million

SOUTH SAN FRANCISCO, Calif., Oct. 6, 2023 — Glydways, a leader in developing on-demand Personal Rapid Transit (PRT), today announced it’s $56 million Series B round, including the conversion of notes valued at more than $28 million and led by New Science Ventures with participation from The ACS Group and Gates Frontier. Khosla Ventures, Glydways first investor, is also participating in this latest round. The company has raised more than $70 million to date.

In addition to this recent funding, Glydways has been selected by Contra Costa Transportation Authority and Tri Delta Transit (Authorities) for the initial, vital segment of the Dynamic Personal Micro Transit project to increase public transit accessibility for the fast-growing communities of Pittsburg, Antioch, Oakley and Brentwood. The Project will be jointly administered by the Authorities and is designed to complement, enhance and expand existing public transportation options to create a meaningful multi-modal system. This is the second significant project Glydways has been awarded already this year, with the first being the City of San Jose’s project connecting San Jose Mineta International Airport to the City’s downtown Diridon Station, both located in California.

“We are thrilled and grateful to welcome this brilliant group of investors to the Glydways team,” said Gokul Hemmady, CEO of Glydways. “Investing in a new form of public mobility requires both vision and a belief in the future we are building together with our customers and their communities. These three partners, along with Khosla Ventures, understand the complex dynamics around public transit and are the perfect team to help guide us as we develop and refine our technology to revolutionize urban mass transit.”    

Somu Subramaniam, NSV Managing Partner added, “Glydways is leading a revolution in urban mass transit. We are very impressed with the company’s momentum and the technologies they have developed. We’re believers in Glydways’ compelling value proposition to enable their solution to become a new mode of transit for city planners across the world.”

Nuria Haltiwanger, CEO for ACS Infrastructure also added “As a world leading infrastructure business, we can see the strategic value of Glydways and how it will transform public transit for the benefit of the communities it will serve.”

There are 4,037 cities around the world that have the population density whereby mass transit systems are needed and can be supported. Yet, only 194 (4.8%) of them actually have a rail or metro system. Glydways has developed a revolutionary approach to urban mass transit that is much more affordable and accessible for the 95% of cities around the world that have no solution – a Personal Rapid Transit (PRT) system of on-demand, personal, autonomous, battery-operated electric vehicles traveling on small, dedicated rights of way that can be built at-grade, elevated, or tunneled and integrates with any public transportation options. 

The vehicles, called Glydcars, exclusively use these lanes with no crossings and no other vehicles which means Glydcars travel unimpeded with no stops or slowdowns. The system can move up to 10,000 people per hour per lane/direction, which means larger numbers of riders will move more comfortably, sustainably and affordably than ever before, all for the cost of a transit fare. This approach offers net-new capacity, which means vehicle trips are removed from city streets, thus reducing overall traffic congestion. The CAPEX requirements for the Glydways system is a fraction of the cost to build rail or bus lanes, and because the system is on-demand, its OPEX is also significantly smaller too. The Glydways system generates zero emissions. Each car is electric battery powered and bi-directional.  We have thoughtfully designed the Glydcar to optimize its range (weight, resistance, features), which makes Glydways one of the most climate-friendly mobility systems in the world.

New Science Ventures, LLC (NSV) is a leading venture capital firm focused on building companies that leverage breakthrough science to create extraordinary value. NSV invests in companies using science-based innovations to address market needs in the life sciences and information technology sectors.

The ACS Group is a strategic infrastructure partner to Glydways and is focused on building a better future through the development and operation of infrastructure that helps the economic and social progress of the countries where they operate.

About Glydways
Glydways was founded in 2016 by Mark Seeger and its mission is to revolutionize urban mobility and provide more equitable access to affordable housing, jobs, education, healthcare, and community.  We accomplish this via our innovative approach of a closed-road, fully autonomous, high capacity personal rapid transit system. Closed-road means dedicated lanes, with no traffic or congestion. This allows Glydcars to perform a service on demand, anytime 24/7, continuously moving with no slowing or stopping until the passenger reaches their destination, all with no emissions. Dedicated lanes also mean an easier and faster certification path than Level 5 open road autonomy. Additionally, unlike autonomous automobiles, our vehicles never share the road with human-driven vehicles, which is actually proving to increase congestion, drive times, and accident rates, not decrease them. Our customer experience is like ride hailing, but at public transit prices.

Contacts:

Craig Berman, Glydways
Corporate Communictions
[email protected]
(425) 829-1767

Lindy Johnson
Director of External Affairs Contra Costa Transportation Authority
[email protected]
(925) 256-4702

SOURCE Glydways

HOUSTON, Oct. 6, 2023 — Mitchell Capital, a growth equity investment firm, announced today that it has made an investment in KAP Project Services located in Deer Park, Texas. Mitchell’s investment will fund KAP’s growth strategy by expanding the company’s professional services offering and launching the new STOlogix platform. The KAP Project Services team provides transformational STO solutions that change the way clients plan and execute an STO event. The company’s software solutions offer a complete maintenance event management platform customized for each client’s specific needs. By optimizing the scoping and planning process, KAP increases efficiencies and significantly improves the project controls effort through all phases.

“In 2005, KAP Project Services was launched with one simple goal – to be the best project controls company in the business. That goal has not changed. We challenge ourselves every day to reach higher, work harder, learn more and push the status quo in every direction,” said Scott Kammerer, CEO of KAP Project Services. “Over the past 18 years, we built a complete technology enabled project controls solution to solve the complex scheduling, planning and resource management aspects of STOs, capital projects and maintenance events.”

Mitchell Capital’s investment in KAP Project Services continues the firm’s strategy of growth through technology enabled service companies, as well as their focus on industry leaders in the petrochemical, energy and related sectors.

“KAP provides exceptional professional services, world-class technology, excited clients, and a proven record of solving complex problems for companies of any size. Their ability to improve productivity and efficiencies through experienced professionals, best-in-class service and turnkey solutions provide the springboard for major growth,” said Paul Tyree, CEO of Mitchell Capital.

About KAP Project Services:
KAP Project Services is one of the largest privately held technology enabled project controls providers in North America. KAP Project Services was started in 2005 by several industry veterans who knew there was a better way to support and execute STOs. The team prioritized taking care of its employees and were able to attract and retain the industry’s best project controls personnel. Today, KAP has built a fit-for-purpose project controls platform called STOlogix that is role-based, client-defined, and customer-configured for planning and executing STO events. From start to finish, manage STOs in five modules that come together to form one powerhouse STO platform. For more information, visit https://www.kapproservices.com.

About Mitchell Capital:
Mitchell Capital provides growth equity that empowers technology enabled service providers with the resources, strategies, and relationships to spark innovation that helps change the world and create a smarter future. For more information, visit https://www.mitchellgrowthequity.com.

SOURCE Mitchell Capital

CAZ continues to invest in innovative managers with new approaches to generating alpha

HOUSTON and NEW YORK, Oct. 6, 2023 — CAZ Investments (“CAZ”), a Houston-based investment manager, and Grafine Partners (“Grafine”), an investment management firm that identifies differentiated sources of alpha by investing in new firms led by experienced private equity investors, today announced that CAZ has made a $200 million commitment to Grafine.

Grafine was formed in 2019 by Elizabeth Weymouth to meet the needs of sophisticated investors seeking new and innovative approaches to invest private capital across sectors, geographies and capital structures. The firm’s investment strategy seeks differentiated sources of alpha by partnering with experienced private market investors in establishing new firms, accelerating their growth and institutionalizing their businesses. Grafine’s partnerships with talented, experienced dealmakers provide the firm’s investors with direct access to de-risked, differentiated off-market opportunities. In partnership with its entrepreneur and family office network, RedBird Capital Partners (“RedBird”) was an early backer of Grafine. RedBird is a private investment firm focused on building high-growth companies with flexible, long-term capital.

“We are excited to announce our commitment to Grafine and grateful for the long-term strategic partnership we have established with Elizabeth and her team,” said Christopher Zook, Chairman and CIO at CAZ. “We believe Grafine’s strategy of generating exclusive co-investment opportunities through backing the next generation of private equity leaders offers significant differentiation in private market investing. Grafine’s commitment to creating more attractive risk/reward opportunities for investors through innovative structuring is highly aligned with the core values of CAZ.”

Elizabeth Weymouth, Founder and Managing Partner of Grafine, said: “We are grateful for the support and trust Christopher and his team at CAZ Investments has placed in us and in our strategy. We believe this is an exceptionally compelling time to be investing in new private equity managers and diversified return streams and we are poised to capitalize on this exciting opportunity.”

About CAZ

CAZ is a Houston-based asset manager with a focus on sourcing complex, thematic opportunities for its own proprietary investment and for its ecosystem of shareholder-owners and unaffiliated investment partners. CAZ has a 20+ year track record of curating attractive thematic opportunities spanning GP stakes, professional sports, disruptive technology, private credit, short sub-prime, among many others.

CAZ Investments’ proprietary research and network identifies and reviews ~1,500 private, thematic investment opportunities per year across public and private markets, typically making significant investments in less than ten. Among CAZ Investments’ guiding principles is that it will align its interests with its partners, meaning the firm will invest its capital first in every investment it makes.

CAZ is widely known as one of the largest investors in the world in minority stakes in private market investment firms. www.cazinvestments.com

About Grafine Partners
Grafine Partners, founded by Elizabeth Weymouth, is an alternative investment management firm created to meet the needs of sophisticated institutional investors seeking innovative approaches to invest private capital with a focus on alignment of incentives. Grafine’s differentiated focus allows it to source unique investment opportunities and execute on alpha-generating direct deals across a range of industry sectors, geographies, and capital structures that align with the evolving needs of its institutional investor network. Through a pioneering investment approach, Grafine acts as a principal investor to seed and build private investment firms alongside the next generation of talented private market investors and operating partners. www.grafine.com

Media Contacts

For CAZ Investments:
Justin Goodrum
JConnelly
[email protected]

For Grafine:
Zach Kouwe/Doug Allen
Dukas Linden Public Relations
646 722-6530
[email protected]

SOURCE CAZ Investments

Assiduous prepares aspiring growth companies such as Olus Education for efficient and credible market engagement and capital raising 

DUBLIN, Oct. 6, 2023 — Assiduous Corp Ltd. (“Assiduous”), the corporate finance autopilot making aspiring growth companies financeable, is pleased to announce the first successful financing completed by an Assiduous client.

Today, Olus Academy Ltd., trading as Olus Education, the leading provider of digital literacy education in Irish schools and homes secures its first external funding round. The equity investment from a syndicate of private investors, co-funded by Enterprise Ireland from its Innovative HPSU Fund, was raised to finance the first steps of the business’ expansion into the UK market.

Assiduous was recently launched by experienced capital markets executives Fergal Meegan and Barry Murphy to develop a digital platform to prepare business owners for efficient and credible market engagement and capital raising.

Diarmuid Ó Muirgheasa, Chief Executive Officer at Olus Education, commented “Assiduous made an invaluable contribution to enabling myself and Gavin to close this investment round. With support from our new investors, Enterprise Ireland and from Assiduous, we feel strongly positioned to execute on the next phase of our growth plan, building our distribution channels for the UK market and continuing to invest in our learning platform”.

Fergal Meegan, Chief Executive Officer at Assiduous commented “We are privileged to support Diarmuid and Gavin make the investment case for bringing their digital literacy solution to an international audience. We are building Assiduous to provide persistent support to business owners through their entire lifecycle so that access to finance is not a barrier for them in fulfilling their growth potential.” 

About Olus Education

At-home or in-school, Olus Education supports digital learning wherever it happens. Our mission is to empower students and teachers to use digital tools effectively – transforming digital literacy for the next generation. Olus Education gives teachers the tools to make learning digital skills easy and fun for students, regardless of the teachers’ own skills or confidence around technology, leading to impactful learning opportunities for students and reduced workload for teachers.

For more information, visit https://www.olus.education/

Follow Olus on https://www.linkedin.com/company/olus-education/.

About Assiduous

Assiduous is the corporate finance autopilot making aspiring growth companies financeable. Assiduous is a capital markets technology company dedicated to helping business owners of aspiring growth companies build valuable businesses and achieve financial independence. Assiduous is developing a digital platform to do the heavy lifting to prepare business owners and executive teams for efficient and credible market engagement and capital raising.

For more information, visit www.assiduous.tech

Follow Assiduous on https://www.linkedin.com/company/assiduous

SOURCE Assiduous

The Series B Funding brings Stoke’s Total Investment to $175 million.
Investment to Fund Further Development of its Fully Reusable Rocket and New Construction at Launch Complex 14 at Cape Canaveral Space Force Station, Fla.

DALLAS, Oct. 5, 2023 — Stoke Space, the rocket company building the world’s most efficient fully and rapidly reusable rocket, announced today $100 million in new Series B investment to drive continued growth and innovation. This investment more than doubles the company’s total funding, which now sits at $175 million. The company also announced the official name of its first rocket: Nova.

The funding round was led by Industrious Ventures with participation from the University of Michigan, Sparta Group, Long Journey, and others. Existing investors Breakthrough Energy, YCombinator, Point72 Ventures, NFX, MaC Ventures, Toyota Ventures, and In-Q-Tel also participated. This latest funding round is evidence of strong demand for Stoke’s services, its growing success, and the confidence of investors in its future. As part of this round of fundraising Steve Angel, Chairman of the Board, Linde plc, will join Stoke’s Board of Directors. Angel is also the former CEO of Linde and a member of the Board of Directors of GE.  “Stoke Space has a track record that speaks for itself,” Angel said. “I look forward to working alongside the team in order to support the development of a new space economy.”

Stoke intends to use the funding to finance the development of its first stage rocket engine and structure, the orbital version of its reusable second stage, and new construction at the historic Launch Complex 14 at Cape Canaveral Space Force Station, Fla. Launch Complex 14 is most well known as the launch site of NASA’s Mercury-Atlas 6 flight in 1962, piloted by NASA Astronaut John Glenn as part of NASA’s Project Mercury. Glenn was the first American to orbit the Earth. Stoke has been granted dedicated use of Launch Complex 14 by the US Space Force for its orbital flights.

“With our unique second stage design, our team at Stoke is attempting to build the most robust fully reusable rocket in the world – one that turns around in 24 hours throughout a long service life,” said Andy Lapsa, CEO and Co-Founder, Stoke Space. “This new round of funding is a huge vote of confidence in our team and the progress we’ve made,” Lapsa added. “We will now continue moving through our development program by increasing focus on our reusable first stage.”

In addition to announcing new funding in Stoke, Lapsa revealed the name of the company’s rocket: Nova. The term “nova” refers to an astronomical event in which a new star is born from the combination of remnants of old stars, “Our vehicle designs build on the ideas and achievements of prior generations. The name Nova is a way to honor that past heritage while looking ahead to a very exciting future,” Lapsa explained.

Lapsa made today’s announcements during remarks delivered at the UP.Summit in Dallas, an invitation-only gathering of 250 of the world’s most innovative minds rethinking the future of transportation. Investors in attendance represent over $1T worth of investable capital.

The investment comes on the heels of the company’s successful vertical takeoff and vertical landing (VTVL) developmental test flight of its reusable second stage conducted Sept. 17 at Stoke’s testing facility in Moses Lake, Wash. The test successfully demonstrated Stoke’s novel hydrogen/oxygen engine, regeneratively cooled heat shield, and differential throttle thrust vector control system, as well as its avionics, software, and ground systems.

About Stoke Space

Stoke is scaling the space economy by providing low-cost, on-demand transport to, through, and from space. It’s developing fully and rapidly reusable rockets and space vehicles designed to operate with aircraft-like frequency. Stoke’s technology development has been funded by the U.S. Space Force, NASA, the National Science Foundation, and other government and private partners.

About UP.Summit

UP.Summit is an annual, invitation-only gathering of the world’s most innovative minds rethinking the future of transportation. Some of the most impactful investors, entrepreneurs, and leaders in policy, defense, transportation and mobility companies gather at the summit each year with the goal of moving people and goods in cleaner, faster, safer, and at lower-cost ways – on the ground, in the air, on the sea, and in space. UP.Summit was founded in 2017 and is jointly organized by UP.Partners, Tom and Steuart Walton, and Ross Perot Jr.

SOURCE Stoke Space Technologies, Inc.

Raises $4 Million in New Equity Funding

ALBSTADT, Germany, Oct. 5, 2023 — Inovedis GmbH, a medical technology start-up dedicated to offering innovative solutions that contribute both to optimized patient care as well as minimizing the complexity of surgical interventions, announced the successful close of a Series A funding round totaling $4 million. This funding was supported by participation from all of Inovedis’s initial seed round investors including High-Tech Gründerfonds, MBG Mittelständische Beteiligungsgesellschaft Baden-Württemberg, Volksbank Albstadt ChancenKapital, Start-UP BW Innovation Fonds, angel investors, and an initial investment by Renolit SE, the current manufacturer of the SINEFIX implant.   

Inovedis will use the recent funding to support the commercial launch of the SINEFIX® implant system in the United States where there are over 1 million rotator cuff surgeries each year. The funding will also go towards sponsoring a clinical study taking place in Germany to generate data needed in support of CE marking and expansion of sales into Europe.

SINEFIX allows refixation of the rotator cuff tendon to bone with a simplified surgical technique optimized for minimally invasive surgery. The new technique requires minimal instrumentation, and removes the complexity of suture management and knot tying which is time-consuming, and requires an extensive range of instruments.

According to Prof. Dr. Philip Kasten, orthopedic surgeon and lead investigator in the SINEFIX CE mark clinical study, “Approximately 70% of all patients have a partial thickness rotator cuff tear, while only 28% have a full thickness tear. SINEFIX offers an effective treatment solution for small and partial thickness tears. In contrast to current treatment options, there is no need to detach the tendon completely prior to reattachment and fills an important gap in treating rotator cuff patients.”

“The SINEFIX surgical technique will shorten the procedure time and potentially improve the tendon to bone fixation while using less implants,” says Dr. Stefan Welte, inventor of SINEFIX and co-founder. “This is due to the higher pull-out forces than double row fixation with suture anchors allowing the implant to be used in porous bones. This simplified technique is designed to reduce the risk of complications due to surgical errors and significantly shortens surgery time, contributing to time and cost savings in clinical surgeries.”

“The new funding brings significant financial capital to accelerate the launch of SINEFIX and innovations that promote improvements in the way rotator cuff tears are treated today,” says Lukas Flöss, Founder and CEO. “We are looking forward to starting a limited market release in the U.S. to begin gathering experience around SINEFIX and working on future product generations.”

ABOUT INOVEDIS

Inovedis GmbH is a medical technology start-up dedicated to offering innovative solutions that contribute both to optimized patient care as well as minimizing the complexity of surgical interventions.  Since its founding in 2019, Inovedis has been developing SINEFIX™ to simplify rotator cuff tear surgery and improve patient outcomes. SINEFIX received FDA clearance in 2023.

SINEFIX is not approved for sale outside the U.S.

To learn more, visit our website and follow us on LinkedIn.

MEDIA CONTACT:
Lukas Flöss, Founder and CEO
[email protected]
Phone: +49 (0) 7432 – 13099 20

Logo –  https://mma.prnewswire.com/media/2148161/4324657/Inovedis_GmbH_Logo.jpg

SOURCE Inovedis GmbH

HOUSTON, Oct. 5, 2023 — Konect.ai, a pioneering SaaS company at the forefront of conversational AI technology for the automotive retail industry, is thrilled to announce a $5.5 million seed investment from Silverton Partners, a prominent venture capital firm based in Austin, Texas. This investment will fuel Konect.ai’s mission to transform the way auto dealerships and auto tech companies engage with their customers through advanced AI-driven communication.

This investment marks a significant milestone for Konect.ai, enabling the company to further its mission of revolutionizing the way auto dealerships and auto tech companies interact with their customers. With features like acquisition lead management, outbound SMS campaigns, and after-hours support, Konect.ai is committed to enhancing the customer experience and helping clients achieve their sales goals.

Cole Kutschinski, President/CEO of Konect.ai, expressed his enthusiasm for the partnership, stating, “This investment from Silverton Partners is a strong validation of our vision and the hard work of our talented team. With this support, we are poised to accelerate our growth and continue to innovate, bringing the most advanced conversational AI products to the automotive retail industry.”

Rob Taylor, Operating Partner at Silverton Partners, also shared his thoughts on the investment, saying, “We at Silverton are excited to partner with and support the Konect.ai team as they accelerate their growth. We were drawn not just to the incredible business they have already built, but also to their forward vision of utilizing machine intelligence innovation to create delightful experiences for all parties across the automotive retail ecosystem.”

The funds raised will be used to expand Konect.ai’s product offerings, enhance research and development, and grow the company’s presence in key markets. This investment solidifies Konect.ai’s position as a leader in the automotive retail technology sector and sets the stage for continued success.

For more information about Konect.ai and its innovative solutions, please visit www.konect.ai.

About Konect.ai

Konect.ai, a forward-thinking SaaS provider, provides an AI-powered communication platform tailored for the automotive retail sector. Utilizing advanced natural language processing, Konect.ai significantly boosts contact rates with automotive customers via immediate lead responses, persistent follow-ups, and 24/7 appointment scheduling. Aimed at elevating the customer experience and aiding clients in meeting sales targets, Konect.ai features include adept inbound lead engagement, targeted outbound SMS campaigns, and reliable after-hours support, setting a new benchmark in automotive client interactions.

About Silverton Partners

Silverton Partners invests in entrepreneurs who are dedicated to tackling growth markets and building lasting companies. In partnering with Silverton, companies benefit from its vast network and expertise from decades of growing and investing in successful businesses. Silverton Partners is based in Austin, TX, and was the initial institutional investor for AlertMedia, Apprentice, Billie, Convio, SailPoint, Silicon Labs, Storable, Self Financial, SpyCloud, TrendKite, TurnKey Vacation Rentals, Wheel, WP Engine and The Zebra among others. Silverton Partners is Texas’s most active early-stage investment group with seven funds and over $668 million assets under management.

Media Contact:
Laurie Halter
Charisma! Communications
503-816-2474
[email protected]

SOURCE Konect.ai

Velostics’ cloud based solution helps shippers reduce costs and increase efficiency

HOUSTON, Oct. 5, 2023 — Velostics, Inc., a software-as-a-service (SaaS) company specializing in unified scheduling, has announced it raised $1.95 million in a seed+ round to expand its platform and reach even further with shippers across the supply chain. The company defines unified scheduling as the orchestration of inbound and outbound truck scheduling for shippers across their supply chain from vendors to end customers.

Unified scheduling is important as research shows manual scheduling costs brokers up to $15 per shipment and shippers up to $50,000 per facility due to detention costs, labor inefficiencies, and increased freight costs. There are 800 million shipments nationwide – most are scheduled manually. 

Gaurav Khandelwal, Founder and CEO of Velostics said: “Scheduling is a major headache for all parties focused on reducing cost and delivering on high customer expectations – our solution is designed to go live in 1 day with no apps required”. He further added they are excited about partnering with carriers, brokers and freight forwarders providing them unified inbound/outbound scheduling from manufacturing floor to distribution center through final warehouse for all parties involved.

Mark Barineau, Co-Founder and Managing Partner at Starboard Star Venture Capital said: “We are delighted with the continued success Velostics has shown in terms of growth and the impact it is having on its existing client base”.

The round was led by current investors Starboard Star with participation from Flyover Capital, Small Ventures USA and new investor Capital Mazapil. Velostics will use these funds to grow their network of shippers and their brokers, freight forwarders and 3PL providers.

Keith Molzer, founding partner at Flyover Capital added, “At a time where costs are increasing, Velostics has a proven solution that brings real cost savings and more importantly, increased capacity to manufacturing facilities, warehouses and fuel terminals.”

To learn more, visit www.velostics.com.

About Velostics
Velostics is a logistics Software-as-a-Service (SaaS) company specializing in unified scheduling of appointments, dock and yard management and digitizing the gate in/out process for shippers, brokers, freight forwarders and end customers. Their platform automates communication between carriers and shippers’ warehouse and plant systems and logistics teams to schedule, check-in, and load vehicles faster and error-free. Velostics solutions have a proven track record of minimizing manual tasks, errors, delays and demurrage, and increasing operational efficiency and throughput.

CONTACT: Tara Gallagher, [email protected] 

SOURCE Velostics