Leading social AI platform Chai empowers the community to create and experience the world’s most entertaining chat AI.

PALO ALTO, Calif., Oct. 2, 2023 — AI platform Chai today announced that it has closed a strategic investment with CoreWeave, a specialized cloud provider of large-scale GPU-accelerated workloads.

The deal caps Chai’s valuation at $450 million and follows several months on from Chai’s pre-seed round in which it raised $2 million to further the company’s mission of creating a more open and democratic AI platform.

CoreWeave’s strategic investment in Chai will go towards powering one of the first large-scale AI language model competitions, where competitors submit language models to compete for user engagement in Chai’s popular entertainment app. Winners in the competition are rewarded with cash prizes and the prestige of the title.

Chai has also deployed its service on top of CoreWeave’s infrastructure, meaning every message sent on the platform goes through CoreWeave’s cloud.

“CoreWeave has the best insight into the inner workings of our business out of everyone”, said Chai CEO William Beauchamp. “As our user base continues to grow, so will our demand for CoreWeave’s infrastructure offerings”.

For more information visit, https://www.chai-research.com/ or https://twitter.com/chai_research

Press Contact:

Joe Nelson
+1 (626) 594-8966

SOURCE Chai

The partnership supports affordable, resilient power projects across the US

CHICAGO, Oct. 2, 2023 — Cultivate Power, a distributed solar and storage project developer committed to strengthening communities, the grid, and climate stability, today announced it has secured a corporate equity investment of $10 million from Generate Capital, a leading sustainable investment and operating company driving the infrastructure transition. This investment demonstrates the companies’ shared commitment to deploying distributed clean energy projects that deliver affordable power to communities across the country and boost local economies.

“We have worked with the founders of Cultivate Power for many years and are thrilled to invest in the company to support its growth. Cultivate Power’s strong project portfolio, experienced leadership team and focus on distributed clean power projects align with Generate’s mission to accelerate the infrastructure transition,” said Peggy Flannery, Managing Director at Generate Capital.

The corporate equity commitment from Generate Capital provides Cultivate Power with the resources needed to grow its business. The investment will be used to expand the development of solar and storage projects, recruit top talent, and support local partnerships that benefit the environment and local communities, including scholarship and workforce development programs. 

Led by long-time colleagues and renewable energy development professionals Brian Matthay and Noah Hyte, Cultivate Power develops 10- to 50-acre distributed solar and storage projects that generate substantial social and economic impacts in rural communities. Cultivate Power believes that to maximize climate and community benefits, project development must start locally in collaboration with each community.

“Generate is a perfect fit for us. They have a strong track record dating back to their early investment and innovation in community solar markets. They share our belief that carefully developed clean power projects can provide significant community benefits such as low-cost power, increased tax revenue, job training programs, and a wide variety of partnerships and funding for community organizations,” said Noah Hyte, Managing Director of Cultivate Power.

Cultivate Power is headquartered in Chicago, Illinois, with local development teams throughout the Midwest and California. To learn more about Cultivate Power, please visit www.cultivate-power.com. For more information on  Generate Capital, please visit https://generatecapital.com/.

About Cultivate Power
Cultivate Power is a distributed solar and storage project developer committed to strengthening communities, the grid, and climate stability. The company is uniquely focused on developing 10- to 50-acre solar and storage projects on farmland and infill. Led by long-time renewable energy professionals Brian Matthay and Noah Hyte, Cultivate Power and its in-market development teams operate with the belief that climate challenges can be better addressed by prioritizing the local benefits of distributed clean power. For more information, please visit www.cultivate-power.com. 

Media Contact
Amanda Billingham
[email protected]

SOURCE Cultivate Power

Investment will drive expansion of new AI platform, in use by Houston Methodist and additional health systems

BOSTON, Oct. 2, 2023 — Health Data Analytics Institute (HDAI)— an artificial intelligence (AI) company focused on empowering clinicians, optimizing care pathways, and improving patient outcomes — today announced an oversubscribed Series C financing to scale its predictive risk platform.

“We are grateful for the continued support of our investors, who recognize the value to be unlocked by transforming huge volumes of health data into actionable insights,” said Nassib Chamoun, Founder and CEO of HDAI. “HDAI is committed to improving patient outcomes and clinician experiences through its broad platform of predictive analytics and AI technologies, and we are thrilled to have secured this additional funding which will allow us to drive continued implementation of our unique HealthVision™ product within top health systems nationwide.”

Several preeminent health systems including Houston Methodist, Cleveland Clinic, and Dana-Farber Cancer Institute, are collaborating with HDAI on various initiatives. HDAI’s implementation at Houston Methodist is one of the most comprehensive, system-wide AI/machine learning (ML) care optimization solutions in production enabling data-informed actions by clinicians at the point of care and by population health managers at the system level. It also represents one of the largest deployments of Generative AI within healthcare. HDAI has additional collaborations with over 40 Medicare Accountable Care Organizations (ACOs) through which it collectively generates 50 million weekly predictions for one million patients.

“While the swirling hype about AI in healthcare continues to generate exciting claims but little of genuine impact, the HDAI team is actively working with leading healthcare organizations and clinicians to improve care in ways that deliver better outcomes,” said Ed Kania, HDAI board member and longtime healthcare investor. “I am increasingly convinced that the Company’s broad-based enterprise platform and remarkably cost-efficient business model can transform healthcare in the US.”

At the core of HDAI’s technology platform is an AI-optimized engine that incorporates explainable machine learning (ML) and Generative AI to quantify patient and population risks and pinpoint actionable clinical improvement opportunities. The platform forecasts health risk at patient, practice, institution and/or regional levels and supports clinicians and institutions in driving performance improvements. For example, HealthVision™ generates customizable lists of patients who would benefit from general case management or specific interventions. It provides a granular analysis of healthcare outcomes and costs as compared to peer practices and institutions. It also provides physicians with a highly synthesized view of individual patients’ medical histories including detailed risk profiles, allowing them to spend more time developing individualized treatment plans and less time searching for information. HDAI augments the direct capabilities of HealthVision™ with experienced clinical teams who provide guidance and support to clinicians and case managers in the development of AI guided workflows. 

”HDAI has firmly established itself through key partnerships with some of the top health systems in the country. We are confident that the company has the technology, resources, and team to deliver on the promise of AI in healthcare,” said Philippe Amouyal, managing director at Invus and a lead investor in HDAI. “We look forward to HDAI advancing its mission to enable system-wide efficiencies and improved patient care.”

On Sunday, October 8^th, Chamoun will be speaking at the HLTH industry conference in Las Vegas, with Roberta Schwartz, EVP and Chief Innovation Officer of Houston Methodist. In their talk titled “Deploying Clinical AI at Scale,” they will describe Houston Methodist’s system-level embedded predictive AI implementation and related Generative AI capabilities.

Health Data Analytics Institute (HDAI) is a care optimization, decision support and provider enablement company powered by big data, AI-powered analytics, expert insights and point of care technology solutions. The company’s HealthVision™ platform uses predictive analytics and generative AI to analyze a patient’s medical history, including unstructured clinical notes and administrative data, to create a concise summary of the patient’s clinical chart, state of health, and to quantify and prioritize specific clinical risks. HDAI collaborates with leading health systems, value-based care Organizations, physician groups, and payers to improve care delivery, population health and reduce cost and make efficient use of scarce clinical resources. For more information, please visit: www.hda-institute.com.

Invus is an evergreen equity investment platform with approximately 10 billion of capital under management and principal offices in New York, Paris, and Hong Kong. The firm partners with owner-managers who aspire to transform their industries. For more information, please visit: www.invus.com.

Company Contact
Carola Endicott
[email protected]
617-699-0725

Media Contact
Parveen Singh
[email protected]
929-339-4637

SOURCE Health Data Analytics Institute

• Additional financing brings Series B Funding Round Total to $30.8 million
• Kafene recently surpassed $100 million in customer financing and upsized its credit facility to finance more consumers

NEW YORK, Oct. 2, 2023 — Kafene, a point-of-sale financing platform that helps offer underserved consumers more flexible purchase options through transparent lease-to-own (LTO) agreements, today announced it extended its Series B round to include an additional $12.6 million in new equity capital. This brings Kafene’s Series B total to nearly $31 million. Kafene had previously announced its initial $18 million Series B fundraise in September 2022. Third Prime led the initial fundraise as well as the extension alongside existing investors. 

Kafene, which recently added its first ever Chief Revenue Officer, Jonathan Kurzner, will use the capital to further accelerate its merchant partnerships and its overall commercial business while underwriting more consumers to leverage an opportunity created by broader market retreat among consumer financing companies.

“When we announced our initial Series B, we were confident in our ability to underwrite a consumer whose conditions are inherently recessionary. Our plan continues to be to double down on point-of-sale merchant partnerships as others retreat,” said Neal Desai, Chief Executive Officer, Kafene. “The thesis is playing out as predicted with unit economics turning positive late last year and consumer credit quality rising to the highest it’s been since inception. Credit performance remains strong, the balance sheet has grown, and we continue to gain traction while others pull back. This is a very exciting time in the evolution of Kafene.”

“We’re very proud of what Kafene has been able to accomplish over the past four years and we believe strongly in its growth trajectory as it seizes on a significant market opportunity,” said Wes Barton, Co-Founder and General Partner, Third Prime. “What Kafene offers is a clear win-win proposition for both retailers and consumers, helping it generate continued momentum and accelerating enterprise value.”

Kafene has financed more than $100 million in lease-to-own agreements in less than three years after the product first launched. The product is structured in a way that is simple, consumer-friendly, and transparent, serving the more than 100 million consumers in America who are unable to access sufficient credit on fair terms. Kafene focuses on the largest unmet needs in big ticket categories such as furniture, appliances, electronics, tires and other durable goods.

For more information on Kafene please visit www.kafene.com.

About Kafene
Kafene is a point-of-sale financing platform utilized by merchants to help offer underserved consumers more flexible purchase options through transparent lease-to-own (LTO) agreements that help retailers of furniture, appliances, electronics, tires and other goods meaningfully broaden their addressable market. Kafene utilizes more than 20,000 data inputs in tandem with best-in-class artificial intelligence and machine learning technologies to underwrite, approve, use efficient risk-based pricing, and enable payment in a near-instantaneous manner while creating a best-in-class customer experience. To learn more about Kafene please visit www.kafene.com, and to learn more about Kafene’s commitment to customer experience and consumer protection, please visit here: https://kafene.com/consumer-friendly-commitments

Media Contact:
Roger Sauerhaft
914-804-9670
[email protected]

SOURCE Kafene

TAIPEI, Oct. 2, 2023 — Flat Medical, the leading medtech company specializing in innovative safety solutions for anesthesia, pain medicine, critical care and emergency medicine, is thrilled to announce the successful closing of its Series C funding round. The round was led by renowned investor Taiwania Capital, with significant participation from ITIC (Industrial Technology Investment Corporation), Fidelitas Corporation, and several individual investors. With this recent infusion of capital, Flat Medical is now strategically positioned to accelerate its growth and expand its presence in key markets across the United States, Europe, and the Asia-Pacific region (APAC).

EpiFaith and EpiFaith CV, the flagship products of Flat Medical, have revolutionized safety measures for epidural and central line procedures, earning widespread acclaim from medical professionals and healthcare institutions globally. By integrating cutting-edge technology and a patient-centric approach, Flat Medical’s solutions have significantly reduced complications and enhanced patient outcomes in critical medical procedures.

The successful closing of the Series C funding round speaks volumes about the investors’ confidence in Flat Medical’s business model and the promising potential of its innovative product offerings, the funding will be directed towards fueling expansion initiatives and further research and development efforts.

“We are extremely honored to have Taiwania Capital as our lead investor. Together with ITIC and Fidelitas Corporation, we are excited to make a lasting impact on patient safety and medical outcomes worldwide,” said Dr. Joseph Luo, CEO and Co-founder of Flat Medical. “This funding marks a significant milestone for our company, empowering us to expand our market presence and accelerate the development of cutting-edge medical technologies, with the goal of becoming synonymous with safe punctures.”

Flat Medical’s expansion plan entails intensifying efforts to enter key markets in the United States, Europe, and APAC, where there is a growing demand for advanced medical solutions that prioritize patient safety. The company is actively engaging with key stakeholders in the medical industry, forging partnerships with clinicians and healthcare facilities, and obtaining regulatory approvals to introduce EpiFaith and EpiFaith CV to new markets.

“We believe that Flat Medical’s breakthrough products have the potential to revolutionize patient care in anesthesia, critical care and emergency medicine,” stated by Michael Huang, the Managing Partner of Taiwania Capital. “Their commitment to improving patient outcomes aligns perfectly with our investment philosophy, and we are proud to be part of their journey as they make strides in the medtech sector.”

Flat Medical is working with several top tier academic hospitals on collecting real-world evidences for its EpiFaith® Technology in epidural and central line placements, aiming to have the products included in clinical guidelines in the near future. The company is also partnering with sales and marketing partners to build a trustable brand with mind of innovation and reliable service. With this capital infusion, the company is poised to achieve new heights in innovation, expansion, and ultimately make a positive impact on patient care globally.

About Flat Medical:

Flat Medical is a pioneering medtech company dedicated to developing innovative safety solutions for epidural and central line placements. Its flagship products, EpiFaith and EpiFaith CV, are at the forefront of patient safety, providing medical professionals with advanced tools to ensure successful and secure procedures. Headquartered in Taipei City, Taiwan, Flat Medical is committed to making a difference in the healthcare industry by creating groundbreaking medical technologies that prioritize patient outcomes.

SOURCE Flat Medical Co., Ltd.

JUSTIN, Texas, Oct. 2, 2023 — Canoo (NASDAQ: GOEV), a leading high-tech advanced mobility company, announced today that it has entered into a purchase agreement with a foreign strategic institutional investor, for an investment of $45 million.  Canoo and the investor agreed to work together in good faith to negotiate one or more additional investments for up to $150 million. The closing and sale are expected to occur as promptly as practicable, subject to customary closing conditions.

Tony Aquila, Chairman, Investor, and CEO, commented, “The capital raised through this convertible preferred stock supports Canoo’s mission and demonstrates our disciplined, milestone driven approach to capital is aligned with the phased manufacturing capacity ramp required to satisfy our customer demand.”

Under the purchase agreement, the investor agreed to purchase, $45 million of Series B Cumulative Perpetual Reedemable Preferred Stock (“Preferred Stock”). The Preferred Stock ranks senior to the common stock. Each share of Preferred Stock has a stated value of $1,000 and dividends on the Preferred Stock may be paid in either cash, in kind or, at the option of the holders, in shares of common stock. The company will pay dividends at an annual rate of 7.50% from the original issuance date through the fifth anniversary of the closing date.  After that date, the dividend rate will increase by 1.50%; provided, however, the maximum dividend rate on the Preferred Stock shall be capped at 12.0% per annum. The investor has the right, at its option, to convert its Preferred Stock into common stock at a conversion price of 120% of the average closing prices per share of the common stock over the preceding ten (10) trading days.  In connection with the purchase agreement, the company issued to the investor warrants to purchase 22.96 million shares of common stock.

Additional details regarding the terms are included in a Form 8-K filed by Canoo with the Securities and Exchange Commission. Subsequent tranches and terms are to be mutually agreed upon by the parties at a future date.

About Canoo

Canoo’s mission is to bring EVs to Everyone. The company has developed breakthrough electric vehicles that are reinventing the automotive landscape with bold innovations in design, pioneering technologies, and a unique business model that spans the full lifecycle of the vehicle. Distinguished by its experienced team from leading technology and automotive companies – Canoo has designed a modular electric platform purpose-built to deliver maximum vehicle interior space that is customizable across all owners in the vehicle lifecycle to support a wide range of vehicle applications for consumers and businesses.  

Canoo has teams in California, Texas, Michigan, Oklahoma, and Arkansas. For more information, please visit www.canoo.com. For Canoo press materials, including photos, please visit press.canoo.com. For investors, please visit www.investors.canoo.com. 

Forward-Looking Statements

The information in this press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward- looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of financial and performance metrics, expectations and timing related to commercial product launches and the achievement of operational milestones, including the ability to meet and/or accelerate anticipated production timelines, Canoo’s ability to capitalize on commercial opportunities, current or anticipated customer orders, and expectations regarding the development of facilities. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of Canoo’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Canoo. These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, market, financial, political and legal conditions; Canoo’s ability to access future capital, via debt or equity markets, or other sources; the rollout of Canoo’s business and the timing of expected business milestones and commercial launch; future market adoption of Canoo’s offerings; risks related to Canoo’s go-to-market strategy and manufacturing strategy; the effects of competition on Canoo’s future business, and those factors discussed under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Canoo’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022 filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 30, 2023, as well as its past and future Quarterly Reports on Form 10-Q and other filings with the SEC, copies of which may be obtained by visiting Canoo’s Investors Relations website at investors.canoo.com or the SEC’s website at www.sec.gov. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that Canoo does not presently know or that Canoo currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Canoo’s expectations, plans or forecasts of future events and views as of the date of this press release. Canoo anticipates that subsequent events and developments will cause Canoo’s assessments to change.

However, while Canoo may elect to update these forward-looking statements at some point in the future, Canoo specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Canoo’s assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.

SOURCE Canoo

BEACHWOOD, Ohio, Oct. 2, 2023 — Health Data Innovations, LLC (HDI), a leading healthcare data integration platform serving value-based care providers and payers, announced today a strategic investment from Hughes & Company, a Chicago-based private equity firm focused on healthcare software and technology-enabled services. Bowen acted as the exclusive financial advisor to HDI.

The investment will support HDI’s delivery of its differentiated data integration offering to a broader market of healthcare providers and payers. With growing demand for HDI’s claims data management from value-based care stakeholders – including population health software providers –  the investment will enable HDI to pursue and support additional strategic partnerships.

“This is an exciting time for HDI’s clients, employees, and strategic partners,” said Jonathan Kaye, CEO and Founder of HDI. Mr. Kaye continued, “This investment will allow us to build on our success with access to additional resources. It was important that we find a partner who shares our vision and focus on delivering real results for clients. We are delighted to be working with Hughes & Company for our next phase of growth.”

“When we look for investments, we are looking for businesses like HDI and founders like Jonathan,” said Matt Simas, Managing Partner of Hughes & Company. “HDI identified a market need and were uncompromising in the creation and delivery of a solution. We look forward to supporting Jonathan and his team with our firm’s resources, expertise, and network to allow more people to benefit from HDI’s platform.”

“A deep understanding of the market, excellence in execution, and the ability to bring perspectives from both sides of the table are the foundational elements of Bowen’s 10+ year-old healthcare practice,” said Paul Bowen, Bowen’s Founder & CEO. “This engagement is a testament to Bowen’s dedication to delivering value to our clients and helping founder-owned companies achieve liquidity with great partners to build on their success.”

About HDI. A trailblazer in healthcare data management, HDI leverages its proprietary software platform to deliver data acquisition, standardization, and integration services to value-based care providers, payers, and other technology vendors. Through their exclusive focus and purpose-built technology, HDI delivers differentiated claims data management that enables successful value-based care initiatives.

About Bowen.  Bowen partners with growth tech companies to drive value creation within the innovation economy. The firm provides M&A advisory, private capital and principal investment services. For more than two decades, Bowen’s entrepreneurial focus, integrity and commitment to excellence have guided their strategic and client-centric advice. Bowen’s track record of exceptional transaction execution, deep industry knowledge and longstanding relationships set them apart.

About Hughes & Company.  Hughes & Company is a private equity firm investing in growth and later stage healthcare software and technology-enabled service companies. Hughes & Company works closely with its portfolio companies on initiatives to accelerate growth, enhance customer value propositions and increase long-term retention by applying institutional best practices and disciplined execution.

For More Information:

John Gonda
616-309-4888
[email protected]

SOURCE Hughes & Company

HO CHI MINH CITY, Vietnam, Oct. 2, 2023 — Masan Group Corporation (HOSE: MSN, “Masan” or the “Company”) today announced that Bain Capital, a leading private investment firm with approximately US$180 billion of assets under management, has agreed to invest into Masan Group at least US$200 million in equity capital at price of VND85,000 per share (the “Transaction”). Proceeds from the Transaction will be used to strengthen the Company’s financial position and de-lever its balance sheet. This marks Bain Capital’s first-ever investment in Vietnam and underscores its confidence in Masan’s ability to realize the immense opportunity to fulfill 100 million Vietnamese consumers’ daily grocery, financial, and other life needs.

Vietnam is the fastest consumption growth market in Southeast Asia with forecasted annual growth of 7.7% between 2022 and 2040, underpinned by increasing urbanization and an exploding consumer class with higher disposable income and evolving demands extending beyond basic needs to lifestyle and financial ones. A leader in the Vietnamese consumer market, Masan has been transforming from a pure branded products company into an integrated consumer-retail platform to consolidate the growth potential across the consumer value chain. In that respect, Masan has identified 3 multi-year secular growth trends:

• Premiumization and health-led innovations, served by its fast-moving consumer goods (“FMCG”) business, Masan Consumer Holdings; 
• Transition from unbranded to branded and increasing demand for higher-quality animal protein, provided by Masan MEATLife; and
• Shift from general trade (“GT”) to modern trade (“MT”), accelerated by its retail platform, WinCommerce.
• At the center of Masan’s platform is WIN Membership – the platform connecting brands and consumers – which has reached 7 million members and is targeted to reach 10 million members by year-end and 30 million members by 2025. The WIN Membership platform allows Masan to provide more personalized, targeted products and services to better serve the Vietnamese consumers and will serve as the critical growth engine for the Company’s businesses.

Danny Le, CEO of Masan Group, commented on the transaction: “In the face of a challenging consumer environment, Masan has continued to invest in our platform and breakthrough innovations to position ourselves for the consumer upswing. We aim to be a profitable multiplier on Vietnam’s golden consumption era. Bain Capital’s partnership is a strong validation of all the consumer-centric investments and transformation we have made over the past 18 months to win 80% of the consumer wallet. We look forward to working with Bain to accelerate our vision to be the one-stop shop for consumer daily needs.” 

“We are thrilled to partner with Masan for an important investment in Vietnam and believe that Masan has the right fundamentals, reach, and growth strategy to succeed in a high-growth and compelling consumer market.  Masan is one of the most trusted brands in Vietnam with significant reach to households with the ability to anticipate consumer tastes and build out an innovative product pipeline to meet those needs. We see a significant opportunity to invest behind Masan’s continued growth and first-class management team,” said Barnaby Lyons, a Partner at Bain Capital.

Bain Capital has deep experience in investing to support the growth and leadership of a diversified set of consumer and retail businesses in Asia, including Schwan’s Company and Carver Korea.

Masan expects the Transaction to close by end of 2023 and continues to explore other strategic alternatives for equity capital, including diluting its interest in non-core businesses, to bolster its liquidity profile and achieve a sustainable Net Debt to EBITDA ratio below 3.5x on a steady-state basis.

Jefferies Singapore Limited acted as the financial advisor to Masan Group. The Transaction is subject to customary corporate and regulatory approvals.

Transaction Details

• The Transaction is an equity investment in the form of Convertible Dividend Preference Share (“CDPS”) to be issued at a price of VND85,000 per share which can be converted into ordinary shares at a 1:1 conversion ratio
• In addition to the normal dividends payable (if any) to the Company’s shareholders, the CDPS has no preference dividend for the first five years, then followed by a 10% preference dividend at par value of each outstanding CDPS per annum from the sixth anniversary onwards
• On the tenth anniversary of the issuance, the outstanding CDPS will be mandatorily converted into ordinary shares of Masan Group
• Masan is also in discussion with other investors to upsize the investments to up to US$500 million which is subject to prevailing market conditions and the Company’s capital needs

MASAN GROUP CORPORATION

Masan Group Corporation believes in doing well by doing good. The Company’s mission is to provide better products and services to the 100 million people of Vietnam, so that they can pay less for their daily essentials. Masan aims to achieve this by driving productivity with technological innovations, trusted brands, and focusing on fewer but bigger opportunities that impact the most lives.

Masan Group’s member companies and associates are industry leaders in branded fast moving consumer goods, branded meat, modern retail, F&B retail, financial services, telecommunications, and value-add chemical processing, altogether representing segments of Vietnam’s economy that are experiencing the most transformational growth.

BAIN CAPITAL

Bain Capital is one of the world’s leading private investment firms with approximately $180 billion of assets under management that creates lasting impact for our investors, teams, businesses, and the communities in which we live.

Since our founding in 1984, we’ve applied our insight and experience to organically expand into several asset classes including private equity, credit, special situations, public equity, venture capital and real estate. We leverage our shared platform to capture cross-asset class opportunities in strategic areas of focus. With offices on four continents, our global team aligns our interests with those of our investors for lasting impact.

Contact:
Investors/Analysts
Phu Duong
E: [email protected] 

This press release contains forward-looking statements regarding Masan’s expectations, intentions or strategies that may involve risks and uncertainties. These forward-looking statements, including Masan’s expectations, involve known and unknown risks, uncertainties, and other factors, some of which are beyond Masan’s control, which may cause Masan’s actual results of operations, financial condition, performance, or achievements to be materially different from those expressed or implied by the forward-looking statements. You should not rely upon forward-looking statements as predictions, future events or promises of future performance.

SOURCE Masan Group

SANDNES, Norway, Oct. 2, 2023 — Desert Control (OSE: DSRT) closed Q3-2023 with an announcement of completing a capital raise of NOK 67.50 Million on 28 September 2023. This achievement follows a recent strategic review that unlocked approx. NOK 40 Million in liquidity combined with reductions in annual operating costs of more than NOK 15 Million. The combined accomplishments secure funding for the company’s commercialization phase through to H1-2025, correlating with the anticipated timeline for reaching cashflow-positive operations.

Desert Control reports a strengthened position and positive trajectory as the company nears the end of 2023. Some of the recent highlights include:

Successful Capital Raise with U.S. Lead Investor and Board Expansion:

Signifying the company’s strategic focus on the United States, seasoned U.S. investor Woods End Interests LLC, helmed by James Thomas, took a lead investor role in the recent capital round. With James Thomas’s anticipated election to the Board of Directors, the move exemplifies a strong belief in Desert Control’s vision and strategy, further confirmed by a solid base of existing shareholders participating in the round.

Momentum Building Based on Successful Strategic Review:

Desert Control’s strategic review completed in Q2-2023 identified significant efficiencies by transitioning to a licensed operator model for the Middle East, resulting in annual cost reductions of over NOK 15 million and unlocking approx. NOK 40 Million in cash. Combined with the recent capital raise and potential funds from the subsequent offering, the company’s total cash influx from these activities is anticipated to reach NOK 110-120 million, fortifying the company’s financial position.

Progress in the Middle East Driven by New Go-to-Market Model:

The transition to the licensed operator model is progressing, and the revised Go-to-Market model has set a pathway for streamlined operations and spurred a positive pivot in commercial traction. The regulatory approvals secured in the UAE during July further contribute to opening new opportunities, and our partners are optimistic about a growing sales potential in the coming quarters. In collaboration with our partners, several opportunities are advancing, affirming the positive impact of the recent strategic shift.

Commercial Traction and Consistent Execution in the United States:

The U.S. team continued its consistent execution of the sales strategy and customer conversion model. Five new pilot projects were secured in the third quarter, marking three consecutive quarters of on-target achievement. The pipeline reveals a promising trend, and the company remains confident in continuing to secure a minimum of five new pilots per quarter, targeting a conversion rate of at least 50% to larger projects. The company further maintains its objective of securing the inaugural contract for large-scale deployment around the end of the year.

Outlook:

With a robust financial position secured to support the company’s plans through H1-2025, Desert Control is poised to advance its mission. As commercial traction grows in the Middle East and the United States, Desert Control is steadily strengthening its position as a secure and reliable choice for clients, partners, and other stakeholders.

“Raising capital demands significant time and effort. With this milestone achieved, we are excited to channel this energy into what we’re most passionate about, namely customers and driving the commercialization, development, and growth of our business”, said Ole Kristian Sivertsen, CEO of Desert Control. “Our team is passionate about our mission, and we’re ready to accelerate our impact.”

CONTACT: 
Ole Kristian Sivertsen
President and Group CEO

Email: [email protected]
Mobile (NOR): +47 957 77 777
Mobile (USA): +1 650 643 6136
Mobile (UAE): +971 52 521 7049

The following files are available for download:

SOURCE Desert Control AS