Huntsville-based defense contractor delivers key capabilities to our warfighters, while providing high-tech jobs and fueling the entrepreneurial economy

HUNTSVILLE, Ala., Aug. 2, 2023 — IERUS Technologies, Inc., an established defense contractor headquartered in Huntsville, Alabama, has been selected as an awardee of the prestigious TETRAS II contract from the Air Force Test Center, with a ceiling approaching $1 billion. The award is focused on specialized tech development, supporting Department of Defense (DoD) test systems and facilities for the next generation weapons and cyber systems.

The primary objective of TETRAS II is to provide DoD customers with the capability to develop and modify Test and Evaluation systems and facilities and to support mandatory radio frequency (RF) spectrum transition plans to ensure the performance of 5th generation weapons and cyber systems and to transition to 6th generation technologies.

IERUS is no stranger to receiving awards from the DoD. In 2015, it was one of only 14 defense contractors to receive the TETRAS IDIQ award, the predecessor to TETRAS II.  In the first half of 2023, IERUS was awarded over $30 million in new work from the Department of Defense and Department of Energy (DOE).  A rapidly growing company, IERUS is on-track to having a $60 million award year in 2023, with 28% growth since 2022. 

“I am very proud of our talented team, our mission to enable those who protect the United States, and our ability to support a growing research community of Huntsville, AL” says Jason Keen, CEO and co-founder of IERUS.

One of the more recent 2023 SBIRs awarded to IERUS includes development of AI-based multi-intelligence, multi-attribute metadata. In response to the Navy’s need for an AI-enabled multi-attribute generation system, IERUS will determine the technical feasibility for a fully integrated system to monitor and track developing activities/signals in all operational domains.

With 200+ employees and growing, IERUS is a pillar of the Huntsville economy. Selected nine years in a row as a finalist for “Best Places to Work” award from Huntsville–Madison County Chamber of Commerce, IERUS continues to innovate.

Stretching its wings outside of the defense sector and into the world of high-tech startups, IERUS spun-off its first commercial startup, Nullspace Inc in March 2023.  Based in Irvine, California, Nullspace develops and commercializes electromagnetic (EM) simulation software for aerospace, defense, quantum computing, and communications industries. The company is currently offering 3 products commercially: Nullspace EM – an EM simulation solver for large-scale optimization problems; Nullspace Prep – CAD and meshing pre-processor that integrates with Nullspace EM; as well as Nullspace ES – the world’s only commercial solver for extremely large-scale design and analysis for quantum computing.

“Nullspace is well-positioned for success with support from IERUS,” says Dr. Daniel Faircloth, CTO and co-founder of both IERUS and Nullspace. “Aside from the seed funding, IERUS will continuously supply Nullspace with new and innovative software IP developed under IERUS’s SBIR grants. This creates a unique and beneficial support structure not typically available to technology start-ups.”

As an example, another 2023 SBIR awarded to IERUS focuses on development of multiphysics software. Current multiphysics, electromagnetics, and high-performance computing (HPC) software require substantial expertise to be used effectively. IERUS will focus on making HPC-enabled simulations more accessible to non-expert users while democratizing engineering simulation capability. IERUS will be able to transfer this technology to Nullspace in the future.

Both IERUS Technologies and Nullspace will be exhibiting in Booth 615 at the upcoming Space and Missile Defense Symposium taking place August 8 – 10, 2023 in Huntsville, Ala. 

For more information: https://www.ierustech.com/ and www.nullspaceinc.com

Contact:
Xenia Moore
[email protected].com
619-275-0185 (ph)

SOURCE IERUS Technologies

OSCEOLA, Ark., Aug. 2, 2023 — Hybar, a newly formed company, announced today that it successfully raised $700 million of debt and equity financing to build, start up and operate a technologically advanced, environmentally sustainable scrap metal recycling steel rebar mill. The equity portion of the financing was led by TPG Rise Climate, the dedicated climate investing strategy of TPG’s global impact investing platform TPG Rise, and Global Principal Partners, the investment entity used by Hybar’s senior management team.

Of the $700 million raised, $470 million will be spent to build the rebar mill. The remainder of the financing will be used to start up and operate the mill and pay certain debt service costs during construction. The mill, which is expected to take 22 months to construct, is being built in northeast Arkansas on a 1,300-acre greenfield site with direct access to barge, rail and truck transportation options. The mill will produce a full complement of high-yielding rebar that will primarily be used in large infrastructure projects, including projects supported by the Infrastructure Investment and Jobs Act and the Inflation Reduction Act.

Hybar’s mill technology, including the water treatment facility, is being supplied by SMS group. The substation is being supplied by Primetals Technologies. Hybar’s technology is designed to significantly reduce the amount of energy needed to produce rebar, especially when compared to other rebar mills in North America, many of which were built more than thirty years ago. Hybar’s technology will also greatly limit greenhouse gas emissions. Hybar expects its greenhouse gas emissions to be the lowest among all North American steel producers, and likely the lowest in the world’s steel making community.

Hybar’s ability to drastically reduce energy use while simultaneously limiting greenhouse gas emissions were key drivers leading to Hybar being the first steel company globally to be certified to issue Climate Bonds. Climate Bonds demonstrate compliance with the international Paris Agreement’s greenhouse gas emissions targets.

“The Climate Bond certification aligns perfectly with Hybar’s plan to offer our customers competitively priced rebar that is also the greenest rebar in the market,” said Dave Stickler, Hybar’s chief executive officer.

Goldman Sachs & Co. LLC served as lead underwriter for the Climate Bond offering and Truist Securities and Crews & Associates acted as co-managers. BakerHostetler and Latham & Watkins served as counsel to Hybar, and Mitchell Williams served as local counsel.

Stickler and his colleague, Ari Levy, Hybar’s chief financial officer, have a long and successful track record of investing in, building and operating some of the finest scrap metal recycling steel mills in North America and elsewhere in the world. When commenting on Hybar’s investor group, Levy said, “It says a lot about the Hybar project given that we have the same high-profile financial providers that have invested alongside Dave and me on prior projects, including the highly successful Big River Steel flat-rolled steel mill, which is located two miles away from the Hybar site.”

After setting industry leading environmental sustainability, labor efficiency and profitability standards, Big River Steel was sold to U. S. Steel (NYSE: X).

“We look forward to building on the deep relationship and successful partnership we’ve had with Dave and Ari over many years,” said Mike Stone, partner at TPG. “Our investment in Hybar not only reflects the trust we have in this talented management team but our thematic focus on sustainable materials broadly, and on green steel production specifically. The global steel industry accounts for 7-9% of global CO2 emissions today, which creates a massive opportunity for Hybar to drive decarbonization at scale.”

Hybar’s mill will be directly connected to an adjacent solar facility. This will allow the company to know with certainty that during certain periods of the day the electricity being used to run the mill is being generated from 100% renewable sources. No other steel mill in North America is directly connected to a solar field that can supply 100% of its power needs. Hybar also has a special rate power contract with Entergy Arkansas, under which Hybar will be able to buy electrical power to supplement the adjacent solar generated power when needed.

Hybar plans to produce 630,000 tons of rebar annually with approximately 154 employees (4,090 tons of rebar production per year per employee). The 154-employee figure includes all employees, not just operating employees. Hybar expects to be the most labor efficient steel rebar producer in the world.

This press release shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.  

This press release may contain forward-looking statements, including, but not limited to, the expansion project and financing plans, including the offering of the bonds and equity financing. Forward-looking statements may generally be identified by the use of the words “anticipates,” “expects,” “intends,” “plans,” “should,” “could,” “would,” “may,” “will,” “believes,” “estimates,” “potential,” “target,” or “continue” and variations or similar expressions. These statements are based upon the current expectations and beliefs of management and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Readers are cautioned not to place undue reliance on any of these forward-looking statements. These forward-looking statements speak only as of the date hereof. We undertake no obligation to update any of these forward-looking statements to reflect events or circumstances after the date of this press release or to reflect actual outcomes, except as required by law.

SOURCE Hybar LLC

ATLANTA, Aug. 2, 2023 — Cyble, the fastest-growing threat intelligence provider that blends cybersecurity and artificial intelligence to develop state-of-the-art threat intelligence solutions, announced a $24 million injection of capital through Series B funding. 

Cyble has been steadily gaining recognition as the favored solution for Dark Web and Threat Intelligence among cybersecurity specialists, solidifying its position as the champion of a secure digital future with advanced AI technologies.

The funding round, co-led by Blackbird Ventures and King River Capital with participation from Spider Capital, January Capital, Summit Peak Ventures, and others, will fuel Cyble’s technical roadmap, particularly in enhancing its AI-driven security solutions and furthering its global expansion.

New investor Zeb Rice, co-founder at King River Capital and the newest member on the Cyble board, commented, “From our extensive work in AI over the last 15 years, it’s evident Cyble is deploying this groundbreaking tech in a way that is revolutionizing cyber security. Its platform can identify and guard against diverse threats from across the web on an unprecedented scale. And the growth and caliber of its customer base stand testament to the global recognition from companies needing best-in-class protection in an ever-evolving and intricate digital landscape. We’re delighted to partner with Cyble at such a pivotal time.” 

Returning investor, Blackbird Venture’s Tom Humphrey, says, “Cyble’s growth has been remarkable to observe. In just a year’s time, the company has seen its team double in size, its customer base surge almost fourfold, and its footprint expand into the Middle East, Europe, and Latin America. Beenu and Manish have emerged as leaders and built a strong leadership team around them.” 

With employees based in 11 countries, Cyble’s global influence extends across developed and emerging markets. Cyble has built customized threat intelligence solutions for everything from government entities to Fortune 50 companies to agile startups.

Talking about the Series B funding, the founders, who are alumni of Columbia Business School and London Business School, expressed their views. Beenu Arora, Cyble’s CEO and Co-Founder, says, “This investment is a testament to the hard work our team has been investing to execute toward our vision. At Cyble, our mission is bold: to democratize cybersecurity. Through innovative solutions like Cyble Vision, Cyble Hawk, AmIBreached, Cyble Odin, and The Cyber Express, we aim to ensure the path to digital safety is accessible to all. As Artificial Intelligence continues to evolve, so do the imperatives of cyber defense. At Cyble, we are committed to providing businesses and individuals with the most advanced insights and AI tools needed to secure their digital territories.”

Manish Chachada, Cyble’s COO and Co-Founder, added, “Following the Russian invasion of Ukraine, a surge in global cyber warfare has underscored the crucial need for companies to heighten their security measures and monitor dark web activities. Threat Intelligence has never been more important.”

About Cyble

‍Cyble (YC W21) is a prominent global leader in AI-powered cyber threat intelligence, specializing in the Deep Web, Dark Web, and Surface Web. Cyble’s commitment to excellence and innovation has earned it prestigious accolades, including recognition among America’s Best Startup Employers by Forbes and multiple wins at the Global InfoSec Awards 2023. It has also been honored as one of the Fastest-growing Cybersecurity Companies-2023 in North America by the Cybersecurity Excellence Awards. With a strong emphasis on workplace satisfaction, Cyble has been named one of the Most Preferred Workplaces in 2023 by Team Marksmen. 

To learn more about Cyble, visit: www.cyble.com/request-demo

Media Contact:
Cyble Inc
[email protected]
Ph: +1 678 379 3241 

Photo: https://mma.prnewswire.com/media/2165547/Manish_and_Beenu.jpg

SOURCE Cyble Inc.

BEIJING, Aug. 2, 2023 — Recently, Atantares announced the completion of Pre-A and Pre-A+ financing all around RMB100 million. The Pre-A round is led by Asia Green Fund, followed by Fosun Health Capital and existing investors Frees Fund, Qiming Venture Partners, Next Capital, and NeuX Capital; Pre-A+ is exclusively invested by Alibaba Health. The fund will mainly go towards the R&D of products, service operation, and capacity expansion.

Founded in 2021, Atantares’ vision is to develop molecular chips by using integrated circuits or other semiconductor technologies to drive the semiconductor of biotechnology. The first application of the company is high-throughput DNA synthesis, aiming at exponentially reducing the cost of DNA synthesis through the gene synthesis technology of CMOS chips. Nowadays the first generation of short-chain CMOS chips independently developed by Atantares has been successfully taped out. In addition, Atantares has also strategically laid out the enzymatic biological method. These two methods are complementary paths for DNA synthesis. At present, the company is developing new controllable strategies to improve enzyme efficiency and automatic methods to adapt to enzymatic synthesis.

Dr. Kuan Huang, Managing Director of Asia Green Fund, said: “The combination of semiconductor and biotechnology makes gene synthesis and sequencing, these underlying technologies evolve at a speed exceeding ‘Moore’s Law’, which is the core driving force for the rapid development of bio-manufacturing in the 21st century. Atantares has integrated the worldwide top teams in the fields of semiconductor, microfluidic and molecular biology, demonstrated excellent execution in commercialization and service capabilities, and has successfully taped out the first generation of self-developed gene synthesis chip in China. At the same time, through the ultra-high throughput biochip, biological R&D has made massive improvements in reagent use efficiency, waste discharge, and recycling, which is an important driving force for the green and sustainable development of bio-manufacturing. We expect Atantares to continue to overcome difficulties and become a global leader in the strategic competition for underlying technologies like long-chain DNA synthesis and gene storage, etc. “

SOURCE Asia Green Fund

Brain-penetrant medicines allows firm to confront diseases head-on

TUCSON, Ariz., Aug. 1, 2023 — Reglagene, Inc., researching breakthrough treatments for brain diseases, received a key investment from nationally known Tech Coast Angels (TCA) Orange County, allowing the firm to advance critical studies required by the U.S. Food and Drug Administration (FDA).

“TCA Orange County invested in our future,” said Richard Austin, Ph.D., Reglagene’s CEO. “This internationally respected group did very thorough diligence on our company before deciding it was a wise investment. In addition to the appreciation for the medical advances and life-changing benefits from our work, it’s also nice to be recognized as a solid investment for financial return.”

The substantial investment by TCA Orange County will support the studies required by the FDA for Reglagene to file an Investigational New Drug application. This step confirms the safety and pharmacological activity exhibited by a drug for commercial development and paves the way to the next step: the initiation of human clinical trials.

TCA Orange County’s leadership are equally pleased about the collaboration.

“As TCA Orange County’s President, I am thrilled to announce our investment in Reglagene,” Lisa Walker said. “TCA Orange County is highly regarded for our expertise in early-stage investments and our commitment to seeking out projects with the highest potential for returns. We believe that Reglagene’s unique and novel approach will positively impact quality of life for many people, and we are excited to be a part of their journey. We are confident in Reglagene’s ability to deliver on their promise to bring groundbreaking advancements in the treatment of brain diseases.”

Dr. Austin has built a formidable team of seasoned experts who are well positioned for an extraordinary journey of innovation and success. Their collective dedication to advancing pharmaceutical research and development underscores Reglagene’s commitment to transforming patient care and addressing unmet medical needs. As the company continues to push boundaries and explore new frontiers in drug discovery and development, it reaffirms their promise to deliver groundbreaking therapeutic solutions with the potential to shape the future of healthcare worldwide.

Reglagene, Inc.: Reglagene is a ground-breaking therapeutics company designing small-molecule treatments that will pass through the blood-brain barrier. With brain cancer survival rates at barely a year using current treatment methods, Reglagene’s new medicine is expected to revolutionize the care of high-grade gliomas, metastatic brain cancers and neurological disorders. The firm’s core expertise lies in the design and development of brain-penetrant medicines, allowing them to confront these diseases head-on. Connect with Reglagene on its website (www.reglagene.com) and follow Reglagene on LinkedIn at https://www.linkedin.com/company/reglagene/.

Tech Coast Angels: Founded in 1997, Tech Coast Angels (TCA) has invested more than $270 million in more than 520 companies and has helped attract more than $2.2 billion in additional capital/follow-on rounds. One of the largest and most active angel investor groups in the nation, TCA has steadily remained one of the top three angel groups nationally–in number of funded deals, amounts invested in those companies, and number of members–for over two decades. From 2019 – 2022, TCA invested more than $15 – 21 million in 40 – 55 companies each year. 

The Tech Coast Angels network is comprised of more than 400 members within TCA Los Angeles, TCA Orange County, TCA Inland Empire, and licensees including Pasadena Angels and MEDA Angels. TCA is a leading source of funding for seed-stage and early-stage companies, and its members are founders and business leaders, all accredited investors with extensive knowledge in the investment process and world-class business practices. That real-world experience allows TCA members to provide companies with benefits beyond capital: counsel, mentoring, and access to an extensive network of investors and other resources. Connect with Tech Coast Angels on its website (www.techcoastangels.com), and on Twitter, Facebook, and LinkedIn. 

For further inquiries or collaboration opportunities with Reglagene, visit https://www.reglagene.com or contact [email protected].

Contact:
Reglagene: Michael Abrahamson, 520-352-9599, [email protected]
TCA OC: Lisa Walker, 949-275-1830, [email protected]

SOURCE Reglagene

• Tranche 2 upsized by $7 million to provide enhanced financial runway to support Atento’s restructuring following substantial interest from existing investors
• Participation in Tranche 2 reflects incremental support for the Restructuring Support Agreement
• Upsizing of Tranche 2 financing brings total committed interim funding to the $37 million originally contemplated

NEW YORK, Aug. 1, 2023 — Atento S.A. (NYSE: ATTO, “Atento” or the “Company”), one of the world’s largest providers of customer relationship and business process outsourcing (CRM/BPO) services and an industry leader in Latin America, today announced that it has received $17 million in tranche 2 funding under its interim financing arrangements announced on 23 June 2023, through the issuance of additional new money notes due 2025.

The originally contemplated tranche 2 funding of $10 million was upsized by $7 million as a result of substantial additional interest among existing creditors to participate in the transaction. This brings the total committed interim funding to the $37 million originally contemplated. The tranche 2 funding provides enhanced liquidity and financial runway to Atento to support the implementation of the comprehensive restructuring of the business via a restructuring plan (the “Restructuring“). The Restructuring is expected to deleverage Atento’s balance sheet significantly and allow the business to raise substantial new funding to facilitate future growth, in line with the Restructuring Support Agreement (the “RSA“) announced on 3 July 2023. Upon Completion, the Restructuring is expected to drive Atento to a net debt leverage ratio of approximately 1.0x or lower.

Expanded participation in the tranche 2 funding reflects the continuing support of the Restructuring by Atento’s financial stakeholders, with increased accession to the RSA by additional parties bringing the number of the supportive holders of Atento’s senior secured notes due 2026 (the “2026 Notes“) to approximately 52 % of the principal amount of those notes. Atento remains in discussions with a number of additional holders of the 2026 Notes, with a view to obtaining further support for the Restructuring in the coming weeks, including the potential participation of such holders in the exit financing contemplated by the RSA upon consummation of the Restructuring. To date Atento has received substantial interest in participating in the exit financing from both supportive holders of the 2026 Notes and from other holders of 2026 Notes.

Atento, with the unanimous support of the supportive holders of Atento’s 2026 Notes, has also extended the term of Mark Nelson-Smith, who was appointed as a Non-Executive Director of the Company on May 23, 2023, through the consummation of the Restructuring to facilitate implementation of the Restructuring.

Atento continues to focus on executing its transformation plan, including geographical expansion and the development of new Artificial Intelligence capabilities, as it remains on track to fulfilling the key milestones under the RSA towards the implementation of the Restructuring.

About Atento

Atento is the largest provider of customer relationship management and business process outsourcing (“CRM BPO”) services in Latin America and one of the leading providers worldwide. Atento is also one of the leading providers of nearshoring CRM BPO services for companies operating in the United States. Since 1999, the Company has developed its business model in 16 countries, employing approximately 135,000 people. Atento has more than 400 clients, offering a wide range of CRM BPO services through multiple channels. Atento’s clients are mostly leading multinational companies in telecommunications, banking and financial services, healthcare, retail and public administration sectors. In 2019, Atento was named one of the 25 best multinational companies in the world and one of the best multinationals to work for in Latin America by Great Place to Work®. In addition, in 2021, Everest named Atento as a “star performer”. Gartner has named the Company two consecutive years a leader in its Magic Quadrant since 2021. For more information visit www.atento.com 

Media Contact
[email protected]

Forward-Looking Statements

This press release contains forward-looking statements. Forward-looking statements can be identified by the use of words such as “may,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “intends,” “continue” or similar terminology. These statements reflect only Atento’s current expectations and are not guarantees of future events. These statements are subject to risks and uncertainties that could cause actual results and events to differ materially from those contained in the forward-looking statements. Such risks and uncertainties include, but are not limited to: Atento’s ability to negotiate and execute any further definitive documentation with respect to the restructuring transaction and to satisfy all the conditions of the restructuring support agreement; ultimate outcome of the restructuring proceedings, the trading price and volatility of the Atento’s common stock and warrants and the effects of the expected delisting from the NYSE; actions by Atento’s lenders and other financing sources, including any creditor actions that could impact Atento’s operations; Atento’s ability to improve its capital structure and to address its debt service obligations through the proposed restructuring transaction, including potential adverse effects of any potential bankruptcy proceedings on Atento’s liquidity and results of operations; Atento’s future cash requirements; competition in Atento’s highly competitive industries; increases in the cost of voice and data services or significant interruptions in these services; Atento’s ability to keep pace with its clients’ needs for rapid technological change and systems availability; the continued deployment and adoption of emerging technologies; the loss, financial difficulties or bankruptcy of any key clients; the effects of global economic trends on the businesses of Atento’s clients; the non-exclusive nature of Atento’s client contracts and the absence of revenue commitments; security and privacy breaches of the systems Atento uses to protect personal data; the cost of pending and future litigation; the cost of defending Atento against intellectual property infringement claims; extensive regulation affecting many of Atento’s businesses; Atento’s ability to protect its proprietary information or technology; service interruptions to Atento’s data and operation centers; Atento’s ability to retain key personnel and attract a sufficient number of qualified employees; increases in labor costs and turnover rates; the political, economic and other conditions in the countries where Atento operates; changes in foreign exchange rates; Atento’s ability to complete future acquisitions and integrate or achieve the objectives of its recent and future acquisitions; future impairments of Atento’s substantial goodwill, intangible assets, or other long-lived assets; and Atento’s ability to recover consumer receivables on behalf of its clients. Atento is also subject to other risk factors described in documents filed by the Company with the United States Securities and Exchange Commission. These forward-looking statements speak only as of the date on which the statements were made. Atento undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

SOURCE Atento S.A.

LEWES, Del., Aug. 1, 2023 — Airalo, the pioneering eSIM marketplace revolutionizing global connectivity, announced today the successful completion of its Series B financing round, raising an impressive $60 million. Led by e& capital, the investment arm of e&, the global technology group, this brings Airalo’s total funding to $67.3 million. Antler Elevate, Liberty Global, Orange, T.Capital, Rakuten Capital, Singtel Innov8, Telefónica Ventures, Sequoia Capital India and SEA’s (now known as Peak XV Partners) Surge, KPN Ventures, and I2BF Global Ventures were among the prestigious group of investors who also participated. This diverse consortium of investors reflects the industry-wide recognition of Airalo’s transformative work in making global connectivity accessible and affordable for travelers worldwide.

This significant capital injection will propel Airalo’s growth plans, including expanding its community of millions of users, amplifying its global team, and introducing Airalo Partners—an innovative connectivity solution for businesses and organizations. Combining cutting-edge technology and a user-centric approach, Airalo continues to empower travelers with seamless access to mobile networks, transforming their journeys into unforgettable experiences.

Co-founders Abraham Burak and Bahadir Ozdemir expressed their gratitude, stating, “Over the past years, Airalo has alleviated the pain points and improved the experience of millions of travelers by providing very affordable and accessible connectivity all around the world. This new consortium of investors will further enable us on our quest to build the gateway to instant connectivity worldwide.”

With coverage spanning over 200 countries and regions, Airalo has garnered the trust of millions of users worldwide. The company’s remote-first approach has fostered a diverse team of over 250 professionals in 44 countries. Testament to its global appeal, the Airalo website and app are available in 22 languages, with plans to expand to 53 in the near future. The Airalo app boasts a rating of 4.7 stars on the App Store and 4.6 stars on the Google Play Store, while being the #1 travel app in multiple countries, further affirming its user satisfaction.

Airalo’s remarkable growth trajectory and unwavering commitment to transforming the travel experience have positioned it as a trailblazer and travel essential. With the infusion of new capital and strategic partnerships, Airalo is poised to accelerate its expansion, ensuring that travelers around the world can stay seamlessly connected, wherever they travel.

For media inquiries, contact [email protected].

SOURCE Airalo

By the end of 2023, over 1 million square feet of industrial cold storage warehouse space will use SnoFox to improve operational efficiency, eliminate waste, and reduce energy usage for a sustainable cold chain

NEW YORK, Aug. 1, 2023 — SnoFox, the leading business intelligence tool that provides data analytics for the global cold chain, today announced its $4.5M Seed round led by Voyager Ventures, bringing total funding to date to $5.7M. The round also includes participation from Pale Blue Dot, Ponderosa Ventures, and Mudcake. SnoFox will use the funds to reach new customers in more markets across the US, as well as hire new talent as demand for energy efficiency grows within the global cold chain. The company is officially launching from stealth mode and already has a strong track record of delivering value to customers.

The cold supply chain plays a vital role in combating food insecurity, medication storage, reducing energy waste, and bolstering agricultural livelihoods and economies. But current cold chain technology is outdated. The average cold storage facility is 42 years old, and 78% of those facilities were built prior to 2000. An estimated 14% of all food produced for human consumption is lost before it even reaches consumers with inefficient refrigeration being the primary factor. Outdated facilities are not equipped with modern intelligence tools to leverage machine learning and deep analytics for precise system maintenance and measurement. The SnoFox software platform leverages existing refrigeration data, proprietary algorithms, and remote technology to extract insights, enhancing cold storage warehouse efficiency without the need for any additional hardware.

“Every consumer in America relies on the cold supply chain, whether they realize it or not. From food to vaccines, so many valuable resources are wasted due to energy inefficiency. By optimizing the energy consumption within the cold chain, we can significantly reduce waste, ensuring that precious resources are utilized efficiently and sustainably,” said Ben Rubin, CEO and co-founder of SnoFox. “I am incredibly proud of our exceptional team at SnoFox, whose relentless dedication and innovative solutions have paved the way for a greener, more sustainable future. With the support of our investors, partners, and our remarkable team, SnoFox is poised to revolutionize the global cold chain and usher in a future where sustainability and efficiency go hand in hand.”

A cold storage facility can spend over $1 million a year on electricity. Cooling processes alone can account for 60-70% of the total electricity demands in a warehouse. It is crucial, both for financial and environmental reasons, to enhance efficiency and reduce the energy expended on temperature control. Leveraging existing facility data and their proprietary algorithms, SnoFox provides advanced analytics solutions that precisely identify areas within cooling systems that can be improved to significantly increase energy efficiency, ultimately reducing waste and creating a sustainable cold chain.

“We were impressed with SnoFox’s innovative approach to harnessing real-time insights and predictive analytics, and are thrilled to invest in the company as it transforms the entire logistics landscape,” said Sarah Sclarsic, Founding Partner at Voyager Ventures. “With its unique capabilities, SnoFox is addressing critical pain points and unlocking tremendous value for stakeholders across the supply chain. We are excited to propel SnoFox’s vision to enable customers to save energy and slash carbon emissions and costs, and to support their journey in driving the future of cold chain analytics.”

SnoFox plans to soon have 10 facilities across 7 U.S. states pioneering its technology for advanced machine learning and business intelligence in their warehouses. With SnoFox’s data-driven insights, cold storage facilities are empowered to make changes that improve facility cooling efficiency by up to 40%. For more information, please visit snofox.com.

About SnoFox
SnoFox is a business intelligence tool for the cold supply chain. The SnoFox software platform leverages existing refrigeration data, proprietary algorithms, and remote technology to extract insights that enhance cold storage warehouse efficiency and reduce energy usage without the need for any additional hardware.

Founded in 2020, the company has raised $5.7M in funding from lead investor Voyager, as well as Pale Blue Dot, Ponderosa, and Trellis Road. Over 1 million square feet of industrial cold storage warehouse space across seven states use SnoFox to improve operational efficiency, eliminate waste and reduce energy usage to create a sustainable cold chain. Visit snofox.com to learn more.

CONTACT: BAM for SnoFox, [email protected] 

SOURCE SnoFox

MINNEAPOLIS , Aug. 1, 2023 — Francis Medical, Inc., a privately held medical device company developing an innovative and proprietary water vapor ablation therapy for the treatment of prostate, kidney and bladder cancer, today announced that the U.S. Food and Drug Administration (FDA) has granted Breakthrough Device Designation for its Vanquish minimally invasive water vapor ablation therapy.

Breakthrough Device Designation expedites the review of innovative technologies that provide for more effective treatment or diagnosis of life-threatening or irreversibly debilitating diseases or conditions. To qualify for a Breakthrough Device Designation, a device technology must show that it has the potential to provide a more effective treatment than current standards of care. The goal of the program is to help patients have more timely access to these medical devices by expediting their development, assessment and review.

As the second most common cancer in U.S. men, the American Cancer Society estimates one in eight American men will be diagnosed with prostate cancer during their lifetime. Prostate cancer is a serious disease often treated with therapies that cause complications, such as urinary incontinence and erectile dysfunction. Francis Medical’s Vanquish water vapor technology applies the thermal energy stored in a few drops of sterile water to deliver targeted treatments to the cancerous tissue through a simple transurethral procedure. The therapy is designed to ablate cancer cells while protecting surrounding structures, lessening the likelihood of life-altering side effects common with other prostate cancer treatments.

“The goal of Francis Medical is to become the first line therapy of choice for patients with prostate cancer,” said Michael Kujak, Francis Medical president and chief executive officer. “We are excited that the FDA has recognized the potential of our technology to be a breakthrough for patients who today face the difficult choice between addressing their cancer and avoiding the debilitating morbidities often associated with current standards of care.” 

The company is currently in the process of initiating their VAPOR 2 pivotal study in support of an FDA submission for U.S. market clearance. The VAPOR 2 study will treat 235 patients with localized, intermediate-risk prostate cancer at up to 30 centers in the U.S. Further information on the VAPOR 2 clinical study can be found at clinicaltrials.gov (NCT05683691).

About Francis Medical:

Francis Medical is committed to developing urological cancer treatments that are tough on cancer and gentle on patients, with a compassionate belief that minimally invasive therapies can effectively treat cancerous tissue. The company’s foundation is a tribute to and legacy of the inventor’s father, Francis Hoey, who endured prostate cancer treatments that had harsh implications on his everyday living before the disease took his life in 1991. Unfortunately, current prostate cancer treatments are not much different from what Francis Hoey encountered, with the typical side effects including urinary incontinence and erectile dysfunction. In contrast, water vapor technology applies the thermal energy stored in sterile water vapor to cancerous tissue via a simple transurethral procedure, potentially minimizing life-altering side effects. For more information on Francis Medical, visit www.francismedical.com or call (763) 951-0370.

Contact: Michael Kujak, CEO
612-910-9790
Hyedi Nelson, Bellmont Partners
651-757-7054

SOURCE Francis Medical