Talented, diverse, and experienced leaders tapped to support Maryland’s economic engine for technology companies

COLUMBIA, Md., July 20, 2023 — TEDCO, Maryland’s economic engine for technology companies, held its annual election for the board of directors’ executive officers, reaffirming another term for Chair Omar Muhammad of Morgan State University (MSU).

TEDCO’s full slate of executive officers are:

“I’m excited to continue serving on the board of directors. Our work has focused on supporting TEDCO’s mission of creating an enhanced, diverse and inclusive ecosystem throughout the state, and we look forward to continuing this mission through the various resources and programs TEDCO has to offer,” said Omar Muhammad, chair of the board. “In particular, I am excited to move forward with the Cultivate Maryland initiative, a major project that will support the growth of a diverse innovation economy thereby increasing Maryland’s competitiveness as an innovation economy and supporting larger retention and attraction of trained workers.”

“Our board continues to bring invaluable experience and perspectives to TEDCO,” said Troy LeMaile-Stovall, TEDCO CEO. “We thank last year’s executive officers for the service and dedication they offered. To returning members, we cannot wait to continue working with you—together, I know we can achieve a more diverse and sustainable innovation ecosystem in Maryland.”

TEDCO is managed by a 19-member Board of Directors, 14 of whom are appointed by the Governor, two appointed by the President of the Maryland Senate; and two appointed by the Speaker of the Maryland House of Delegates – each to staggered 4-year terms. The 19th member is the Maryland Secretary of Commerce, who serves ex officio.  Each member appointed by the Governor is confirmed by the Senate.

TEDCO’s full board of directors are: Chair, Omar S. Muhammad, MSU; Vice Chair, Ellen Flowers-Fields, College of Southern Maryland; Secretary, Kathie Callahan Brady, FITCI; Treasurer, Jeffrey Rhoda; Assistant Treasurer, Eben Smith, Three|E Consulting Group; Rondall Allen, University of Maryland Eastern Shore; John Bohanan, Cornerstone Government Affairs; Clifford Coppersmith, Chesapeake College; Kevin Anderson, Maryland Department of Commerce; Matthew Lee, FASTech; Myra Norton, Arena Analytics; Amita Shukla, Vitamita; Chung Hei Sing, Applied Derivative Research; David Tohn, BTS Software Solutions; Robert Wells, Baker Donelson; and Thomas Bundy III, Lawrence & Bundy.

Omar S. Muhammad serves as the director and EN-TRE-PRE-NEUR for the EDAC at Morgan State University (MSU) and has been actively involved in entrepreneurship since the age of 12, served as a vice president for a non-profit organization where he operated a $4 million small business loan fund within Baltimore’s Empowerment Zone, provided small business counseling and entrepreneurial training for women and other budding and existing entrepreneurs.

Ellen Flowers-Fields has more than 25 years of experience in workforce development and human capital management and is currently serves as associate vice president for Continuing Education and Workforce Development at the College of Southern Maryland. In this position, she is responsible for overseeing all areas of the non-credit economic and community development programming including the Center for Trades and Energy Training, Maryland Center for Environmental Training, the Workforce Center, the SBDC, the Non-Profit Institute, the Transportation Center and adult basic education.

Kathie Callahan Brady has been president and CEO of Frederick Innovative Technology Center, Inc. (FITCI) since 2016. Prior to this position, Callahan Brady founded four successful companies in various industries and has over 30 years’ executive-level experience in IT, real estate and business development, which she draws upon to help others achieve success.

Jeffrey Rhoda has spent more than 40 years in the technology industry with IBM in areas including sales, marketing, channels, and ibm.com. Prior to retiring in June 2019, Rhoda was the general manager, of the Greater China Group located in Beijing and responsible for IBM’s business in China. He has extensive global experience having lived in Shanghai, Singapore, Sydney, Seoul and Beijing in addition to his native country, the United States of America.

Eben Smith is president of Three E Consulting Group with two decades of business management experience in both the public and private sector with key emphasis in supplier diversity, strategic sourcing, economic development, community engagement and contracting and procurement. Over the last 20 years he has worked closely with other regional, state and local leaders to create jobs, grow the economy and create capacity in the minority business community.

Rondall Allen, Ph.D, is the chief academic policymaker at the University of Maryland Eastern Shore (UMES). Allen has over 30 years of experience in the profession of pharmacy and has practiced in a variety of settings to include community pharmacy, acute care, ambulatory care, and the pharmaceutical industry. As a clinician, he developed and implemented two outpatient anticoagulation clinics in which he managed patients with deep vein thrombosis, pulmonary emboli, atrial fibrillation and other clotting disorders.

Commerce Secretary Kevin Anderson is Founder & CEO of Cardinal Atlantic Holdings (CAH), an economic and community development firm targeting scaled social impact and investment in urban centers. With specializations in real estate and education technology, CAH advises funds, corporations and governments on economic and community development strategies and projects.

Former Delegate John L. Bohanan, Jr. joined Cornerstone Government Affairs in October 2015. He served on the staff of U.S. House Majority Leader Steny Hoyer for 22 years and as a member of the Maryland House of Delegates for St. Mary’s County from 1999 until 2015. For 21 years, John was principally responsible for interfacing with the Congressional District’s two largest military installations – Patuxent River Naval Air Station and Indian Head Naval Surface Warfare Center. 

Thomas Bundy III is TEDCO’s newest Board member. A partner at Lawrence & Bundy, he regularly represents Fortune 500 companies across the country in numerous trials, arbitrations and alternative forms of dispute resolution. While his practice is commercial in nature, Bundy focuses on traditional employment issues such as: civil rights litigation, including discrimination and harassment; wage and hour disputes; whistleblower claims; trade secret protections; Employee Retirement Income Security Act (ERISA) litigation; Worker Adjustment and Retraining Notification (WARN) Act, Fair Labor Standards Act (FLSA), Dodd-Frank compliance; and employment due diligence and audits.

Clifford Coppersmith, a military veteran and former intelligence officer with the Central Intelligence Agency, is now in his fifth year as the president of Chesapeake College where he focuses on the mission to provide liberal arts transfer and workforce training programs for the region.

Chung Hei Sing is the CEO of Applied Derivative Research, an impact-oriented research platform leveraging technology to preserve and grow wealth in a way that positively impacts society. Passionate about impact, he is an advisor to AARP, an aging-focused nonprofit, and board member to Corporate Esports Association, an esports for charity and HR-solutions focused organization.

Matthew Lee founded FASTech Inc. a business offering a wide range of services including custom application and database design, network engineering and desktop support, web technologies, digital audiovisual technologies, and cybersecurity. Prior to this, Lee served as an electronics engineer at the Army Research Laboratory where he managed custom hybrid products.

Myra Norton is the president & CEO of Arena, a technology company that helps organizations vitalize, stabilize, and diversify their workforces to improve organizational performance and impact. She serves as Immediate Past Chair on the Executive Committee of TEDCO.

Amita Shukla is the founder and CEO of Vitamita, which focuses on developing transformative ideas for human well-being, and the author of Enduring Edge: Transforming How We Think, Create and Change. Prior to Vitamita, she spent close to nine years at the venture capital firm New Enterprise Associates (NEA) where she evaluated and invested in healthcare innovations. Before NEA, she helped found and lead several startups. Shukla was first appointed to the TEDCO board in 2010 and is currently its longest-serving member.

David Tohn is a retired Army Colonel with over 24 years’ leadership experience in tactical and strategic intelligence, command, operations, strategic planning and, as a plank-holder in Army full-spectrum cyber operations, policy, planning, and capabilities development; currently, Tohn serves as the CEO of BTS Software Solutions.

Robert Wells is a shareholder in Baker Donelson’s Baltimore office where he represents clients in health care regulatory and corporate matters. He handles complex legal and operational matters, such as the development and implementation of corporate compliance programs that involve the integration of corporate governance, business operations, risk management, and compliance; and the challenging regulatory issues governing pharmaceutical and medical device companies.

About TEDCO
TEDCO, the Maryland Technology Development Corporation, enhances economic empowerment growth through the fostering of an inclusive entrepreneurial innovation ecosystem. TEDCO identifies, invests in, and helps grow technology and life science-based companies in Maryland. Learn more at www.tedcomd.com.

Media Contact
Tammi Thomas, Chief Development & Marketing Officer, TEDCO, [email protected]

SOURCE TEDCO

The company’s patented technology helps to drastically reduce CO2 emissions from Earth’s atmosphere.

MIAMISBURG, Ohio, July 20, 2023 — An innovative solution to the problem of carbon emissions is about to get a lot more funding. Aeroseal, a climate-tech startup with a system to reduce energy leaks to almost zero in some buildings, is receiving a $67 million Series B funding round led by Breakthrough Energy Ventures and Climate Investment.

“Buildings are a critical, yet hard to decarbonize, sector, and Aeroseal’s technology is quickly making an immediate impact on emissions,” says Carmichael Roberts, Breakthrough Energy Ventures. “The company’s solution will make it easier to electrify both new and existing buildings by significantly reducing HVAC demand and mitigating wasted energy from conventional heating and cooling systems.”

With support from several top U.S. home builders and a network of specialized HVAC dealers in the U.S. and Canada, Aeroseal has sealed 260,000 buildings (residential and commercial) since its inception. Company CEO Amit Gupta says that with the new funding, Aeroseal hopes to secure that many buildings annually within three years.

“We expect our momentum to continue with the world’s increased demand for healthier energy-efficient spaces, tighter regulations, and greater incentives tied to adopting newer codes,” Gupta says. “This is just the beginning.”

Buildings contribute approximately 40% of the world’s carbon emissions, according to the World Green Building Council.  Furthermore, almost half of the energy used to heat or cool a building gets wasted due to leaks in its air duct system.  

Aeroseal’s technology delivers sticky polymers into a building’s air ducts and envelopes to create seals where manual sealing methods can’t. Studies show homeowners can save thousands of dollars on energy bills in a short period with an Aeroseal-treated house.

“Aeroseal’s approach to reducing energy consumption in buildings by addressing air leakage is truly innovative and industry-leading,” says Marc Van Den Berg, Global Managing Director for Ventures at Climate Investment. “Its products have been proven to reduce energy consumption by an average of 30%, significantly impacting the environment and building operations. We are proud to have Aeroseal as a valued member of our Climate Investment portfolio.”

Learn more about Aeroseal and this funding round by reading the company’s full news release here. 

About Aeroseal, LLC
Aeroseal is changing the definition of what makes a healthy, energy-efficient building. Its one-of-a-kind carbon dioxide removal technology produces a gum that seals air ducts and building envelopes more efficiently than any other method. The application requires no lifestyle change for building tenants, no building renovation, and can be done in a single afternoon. Aeroseal’s patented methods are one of the best ways to reduce energy loss from buildings and improve HVAC system performance. The company is dedicated to removing one gigaton of carbon dioxide from the earth’s atmosphere annually. That’s enough to fully load 10,000 U.S. aircraft carriers or equal the mass of all non-human land mammals worldwide. Aeroseal has over 200 employees in Dayton, Ohio, who serve contractors, builders, and building owners by sealing ducts and walls in their homes and properties. Visit www.aeroseal.com for more information.

SOURCE Aeroseal, LLC

CAMBRIDGE, Mass. and SAN JOSE, Calif., July 20, 2023 — Converge, led by Nilanjana Bhowmik and Maia Heymann — two of the region’s most highly-regarded venture capitalists — today announced the addition of Anshu Agarwal as a General Partner to launch the firm’s Silicon Valley presence.

In the premier technology market of the world, known for its hyper-competitiveness and winner-take-all attitude, Agarwal built four successful B2B startups as a founding member or early executive, successfully exiting each to a publicly traded company, and leveraged that expertise and network to found her own startup as a CEO, successfully selling it in under three years to a public company.

Ahead of a seismic shift in cloud computing, Agarwal co-founded Nimbella, leading the company as CEO from ideation to exit.  Nimbella, a Converge portfolio company, pioneered serverless computing, and was acquired in 2021 by DigitalOcean. Post-acquisition, Agarwal served as the VP and GM of DigitalOcean’s Serverless & Kubernetes business unit, driving the product adoption to DigitalOcean’s more than 600,000 customers.

From 2000 to 2018, Agarwal was an executive or founding member of four successful Silicon Valley B2B startups: Speedera Networks, a content-delivery-network pioneer acquired in 2005 by Akamai, Ankeena, a high performance media delivery solution acquired in 2010 by Juniper Networks, ConteXtream, a software-defined-networking and network-function-virtualization pioneer acquired in 2015 by HP, and Cedexis, a cloud infrastructure provider acquired in 2018 by Citrix Systems. At each company, Agarwal oversaw product strategy and product marketing, critical functions that shape new tech markets, and helped drive each company to a successful acquisition by a large public company.

Prior to embarking on her entrepreneurial journey, Agarwal was a leading AI researcher in speech at Motorola Research Labs and her graduate thesis was in neural networks for speech and image recognition.

Startup Experience and VC Know-How Capitalize on Pivotal Industry Shifts

Agarwal’s depth of operational expertise is complemented by Bhowmik and Heymann’s considerable investment prowess. Investing at the earliest stages of B2B company formation in Pre Seed, Seed and Series A rounds, the Converge portfolio includes Chainalysis, a blockchain data platform that raised a Series F round led by GIC valuing the company at $8.6B; BlueConic, a customer data platform majority acquired by Vista Equity Partners; and several other fast growth B2B tech companies including TrustCloud, RevenueBase and Amper.

“When you have the opportunity to work with an A+ player and bring them to your team, you grab it,” said Heymann, Converge General Partner. “Anshu’s rare five times successful startup-to-exit experience makes her a unique partner to the founders we back.”

“As a founder, I had the opportunity to work with Nilanjana and Maia when I started Nimbella. They were a unique firm: they gave me their invaluable support, connections and advice when I needed them – both during the challenging times of Covid, as well as the acquisition opportunities that came our way, while respecting my role as the CEO,” said Agarwal. “Now, as an investor, I am excited to fund companies with them that are disrupting markets and to support founders in their journey through my experience while adding our Valley boots on the ground.”   

About Converge
Led by seasoned venture capital veterans and experienced company builders, Converge invests principally in the bi-coastal tech centers of Boston, New York and Silicon Valley, and in select technology markets including Toronto and Israel in early stage B2B technologies, including Artificial Intelligence (AI), cloud and blockchain infrastructure and edge computing, and Robotics.

Learn more at www.converge.vc 

Media Contact:  
Sarah Fraser
[email protected]
650-743-0660

SOURCE Converge

GNL’s Board has Refused to Commit to Important Governance Enhancements Unless Shareholders Approve the Proposed Merger

NEW YORK, July 20, 2023 — Orange Capital Ventures, LP (“Orange Capital”), a New York-based investment firm, today issued the following statement outlining its serious concerns about what it believes are blatantly coercive tactics employed by the Global Net Lease, Inc. (NYSE: GNL) (“GNL” or the “Company”) Board of Directors (the “Board”) regarding the proposed merger (the “Merger”) with Necessity Retail REIT (Nasdaq: RTL) (“RTL”). 

We are alarmed that to date the Board has failed to commit to enacting its own proposed governance enhancements absent shareholders approving what we believe will be a highly contested vote on the proposed merger with RTL. It is our judgement that the Board is deploying coercive tactics in an attempt to force long-suffering GNL shareholders to approve the Merger to gain access to much-needed and long-overdue governance reform.

Even GNL’s Chair of the Board has been publicly enthusiastic about the proposed governance changes, stating “GNL Post-closing’s enhanced corporate governance is highlighted by a majority-independent, declassified Board, as well as other enhancements that we are proud to institute.”

To our knowledge, if and only if GNL shareholders approve the Merger, upon closing the Board has committed to enact certain governance improvements, including: declassify the Board so that seven of the nine directors would stand for election to annual terms at the 2024 annual meeting of stockholders, opt out of the Maryland Unsolicited Takeover Act, repeal the Company’s Stockholder’s Rights Plan (Poison Pill), and amend the bylaws to delete the requirement that up to two Board members be “managing directors.”

Orange Capital strongly believes there are far better value creating alternatives for shareholders than the Merger, and that GNL shareholders should be afforded the opportunity to vote on the Merger based solely on the strategic merits of the combination with RTL.

Orange Capital believes the Board should have made these governance changes long before the announcement of the Merger instead of using the promise of better corporate governance practices as leverage in what we believe will be a highly contested vote. Given these coercive actions, along with the enrichment of Blackwells Capital in its settlement agreement in June, we believe the Board anticipates significant shareholder challenges to the Merger as well.

Once again, we call on the Board to publicly commit to making these governance changes – regardless of the outcome of the Merger vote.

Orange Capital delivered a formal inquiry to the Board on July 14, 2023 seeking clarity on its commitment to governance reform regardless of the outcome of the Merger vote, to which the Board has failed to respond. The full text of the letter can be found here.

Orange Capital is being advised by LDG Advisory, LLC and represented by Norton Rose Fulbright LLP.

About Orange Capital

Orange Capital Ventures GP, LP is a New York based investment manager in private and public equity and debt. Orange Capital LLC was founded in 2004. Mr. Daniel Lewis is the founder and Managing Partner.

Contacts:
Daniel Lewis
[email protected]

Media Contacts
ASC Advisors
Steve Bruce / Taylor Ingraham
[email protected] / [email protected]
203 992 1230

SOURCE Orange Capital Ventures, LP

Seasoned investors Ross Berman and Randall Winn are welcomed to HealthBird’s cap table as early bridge-round investors as the company continues to focus on growth.

MIAMI, July 20, 2023 — The growth of Miami-based HealthBird, a rising InsurTech startup, has reached a new plateau. The company will soon close its Bridge Round and has added Ross Berman and Randall Winn as early-stage investors. 

This important milestone continues to add credence from the investment community as a recognition of HealthBird’s fast growth and tremendous growth potential, as the company keeps adding new users and driving more sales through its platform for end consumers to shop and buy health insurance.

“Along with the additional investments we were able to secure through this Bridge Round, we are truly delighted to announce that these two very prominent investors and highly experienced business minds have joined our company as investors. Their confidence in the future of HealthBird, backed by their capital, makes us feel very proud of what we are accomplishing, and even more committed to keep developing the work that we are doing for health insurance consumers,” said CEO and Co-founder Ariel Dominguez.

Ross Berman’s background includes over 25 years in public and private capital markets, along with deep experience in direct-to-consumer business models. Randall Winn has founded and been part of the growth of a series of successful companies in the business services and data and analytics space.

“Gaining the confidence of these two investors is yet another testament to the incredible momentum HealthBird has gained in its first year, as it continues to disrupt and redefine the health insurance experience for the customer,” adds HealthBird’s Board Member Davor Rom.

The Expedia of Health Insurance has a unique value proposition that draws increasing attention from users and investors. In a universe that may easily feel overwhelming, HealthBird helps health insurance consumers to make the most efficient and beneficial use of their insurance, assisting them as they navigate this complex world and extract all the value that insurance can offer.

Through its desktop version and mobile app available on the App Store and Google Play, HealthBird is using data analytics, AI, and other advanced technology to streamline how people browse, compare and purchase health insurance. 

HealthBird focuses on individuals aged from 26 to 64 who do not have health insurance provided by the company they work for, or from a family member. 

HealthBird is on a mission to provide a seamless and cost-effective service to health insurance consumers in the United States. 

With a strong emphasis on simplicity, efficiency, and user-friendliness, the platform offers an intuitive interface that enables every consumer to make informed decisions about their health insurance coverage, tailored to their specific needs.

Press Contact
Irena Tigranyan
COO & Co-founder
[email protected]
17867418265

https://wefunder.com/healthbird/
https://www.healthbird.com/

SOURCE HealthBird

KYIV, Ukraine, July 20, 2023 — Horizon Capital, a U.S. private equity firm investing primarily in fast-growing tech and export oriented companies in Ukraine, announced an investment into Ukrainian-founded Preply, a leading global online language learning platform. This transaction marks the first investment from Horizon Capital’s latest fund, Horizon Capital Growth Fund IV (HCGF IV), which reached $254 million at its Interim Closing on April 28, 2023.

Founded in 2012 by three Ukrainian founders Kirill Bigai, Serge Lukyanov, and Dmytro Voloshyn, Preply has become a global e-learning powerhouse, connecting 35,000 tutors with the world’s largest live language learning community. Preply revenues have grown tenfold over the last three years, largely due to significant enhancements in product experience for both tutors and learners. The B2B business has also accelerated, with over 200 new deals signed this past year. 

Horizon Capital led Preply’s $70 million capital raise, also backed by Reach Capital, Hoxton Ventures, and other existing investors. The new investor bench will provide a valuable balance of growth stage experience and Edtech expertise to help power the next leg of Preply’s journey.

Lenna Koszarny, Horizon Capital’s Founding Partner and CEO, said: “We are excited to partner with Preply’s exceptional founders and superb leadership team in delivering on their mission of unlocking human potential through learning. Preply fits perfectly into our investment thesis of backing Ukraine’s new generation of visionary entrepreneurs, while paving the way for others inspired to create their own global champion powered from Ukraine that the entire nation can take pride in. We believe the best is yet to come and are delighted that our capital will fuel future R&D, driving growth as well as high impact by creating jobs, promoting entrepreneurship, supporting tech sector development, and contributing to Ukraine’s ongoing economic resilience.”

Kirill Bigai, Co-founder and CEO of Preply, said: “It is a great achievement to have secured this capital injection while we still have plenty of runway and the majority of the previous raise in the bank; a result of rigorous capital efficiency and a laser focus on performance. The additional funds will enable us to extend our leadership in the category through AI-powered human tutors, providing a learning experience which is quickly becoming a game changer.  Though the team today is truly global, as a Ukrainian founded company with significant R&D in Ukraine, this is a milestone to be celebrated. One that echoes the resilience and determination of the Ukrainian tech sector and all Ukrainians.”

Dmytro Boroday, Partner at Horizon Capital, added: “I first met Kirill in 2012 at the start of Preply’s journey, beginning from a 10-page Powerpoint presentation and now a world-class educational technology company, fueled by bold vision and unwavering determination. Kirill, Dmytro, and Serge have executed meticulously on their vision, and a decade after our first meeting, we are proud to back Preply as a leading global edtech platform in the language learning space. We look forward to our long-term partnership resulting in Preply reaching new heights, grounded in their strong culture of operational excellence and superb performance.”

About Preply
Preply is an online language learning marketplace, connecting tutors to hundreds of thousands of learners in 180 countries worldwide. More than 35,000 tutors teach over 50 languages, powered by a machine-learning algorithm that recommends the best tutors for each learner. Founded in the United States in 2012 by three Ukrainian founders Kirill Bigai, Serge Lukyanov, and Dmytro Voloshyn, Preply has grown from a team of 3 to a company of almost 500 employees of 60 different nationalities. With offices in Barcelona, New York, and Kyiv, employees work across 30 countries in Europe, USA, Africa, Asia and Latin America.

About Horizon Capital
Horizon Capital is the leading private equity firm in Emerging Europe with $1.4 billion in assets from investors with a capital base exceeding $630 billion, raising over $700 million in growth capital to back visionary entrepreneurs from Ukraine and Moldova in just over 5 years. Horizon Capital-managed funds have invested in over 160 companies employing more than 77,000 people in the region.

Media Contact – Alona Kotsiubynska, [email protected], +380932979487

Logo – https://mma.prnewswire.com/media/1906660/3678499/Horizon_Capital_Logo.jpg

SOURCE Horizon Capital

LONDON, July 20, 2023 — Greenbrook, the specialist communications advisor to the investment industry, with particular expertise in private equity, venture capital, private debt, hedge funds and special situations, is pleased to announce that it has been ranked the #1 communications advisor by number of M&A transactions completed in the UK and EMEA, by Mergermarket for H1 2023.

Greenbrook successfully advised on 67 M&A transactions, collectively valued at nearly $15 billion, in the first half of 2023. The volume of deals also secured Greenbrook 5^th spot on the global league table.

Andrew Honnor, Managing Partner of Greenbrook, commented: “We are delighted to see Greenbrook ranked #1 for M&A deals in the UK and EMEA. It is a testament to the strength of our team and the reputation we have built advising on some of the most complex cross-border M&A situations. This momentum has continued into the early part of 2H23 giving us confidence in delivering another strong year.” 

Mergermarket’s Global & Regional League Tables 1H23 derive their data from its M&A deal database, including transactions valued at over $5 million.

Contact details

Demi Kurban
Greenbrook
+44 20 7952 2000 / [email protected]

SOURCE Greenbrook

WEST PALM BEACH, Fla., July 19, 2023 — IronGate Capital Advisors, a venture capital investment firm focused on dual-use national security technologies, announced today the final closing and full allocation of its first discretionary fund with $25mm of commitments.

These funds enable IronGate’s mission to invest private capital into early-stage companies and venture capital partnerships to support technologies which are dual-use and dual-benefit. These technologies strengthen the national security of the U.S. and its allies while creating industries, jobs, and innovative civilian applications that are reshaping every facet of society.

The fund has been successfully deployed into direct and partnership investments in IronGate’s six target investment segments: (i) robotics, unmanned systems, and hypersonics; (ii) ISR and integrated sensors; (iii) cybersecurity; (iv) artificial intelligence, advanced processing, and human-machine interface; (v) space; and (vi) critical infrastructure and key resources protection.

Hon. Tidal McCoy, Co-Founder and Chairman at IronGate (Washington, DC), said:

“IronGate was conceived and built upon the premise that nations which ignore the competition paradigm for new technologies will be overtaken by adversaries. Such awareness must be achieved through a rigorous process of discovery, then organized, funded, and executed in an agile fashion so as to ensure that the most advanced dual-use technologies will safeguard security and prosperity. IronGate is leading the way in renewing this vital process through our public statements, discovery, and funding of advanced technologies.”

Andrew Magliochetti, Co-Founder and Managing Partner at IronGate (Chicago, IL), said:

“The successful closing and deployment of our first discretionary fund further establishes a strong foundation for IronGate’s future. We intend to build upon this foundation to the benefit of our investors, our nation, and our allies. Private investment in cutting-edge, dual-use technologies enhances our intelligence and warfighting capabilities, protects our nation and allies, and strengthens our economic future.”

Ryan Morfin, Co-Founder and Managing Partner at IronGate (Dallas, TX), said:

“This important milestone enables us to broaden our mission of ensuring that the United States and its allies can achieve peace through strength, and strength through innovation. The nations that achieve primacy in developing and deploying the most effective and advanced technologies will not only guide the geopolitical future, but also reap economic benefits on a massive scale. It is imperative that we not allow our adversaries to outflank us in the battle for transformational science and technology.”

Hamlet Yousef, Co-Founder and Managing Partner at IronGate (West Palm Beach, FL), said:

“Since 2018, we’ve been a leading voice in calling for private capital investment in dual-use technologies that enhance our national security and economic interests. In the face of nation-states that are growing increasingly adversarial and hostile towards the U.S. and its allies, it is essential that we create and support strategic innovation.”

About IronGate

Founded in 2018, IronGate’s mission is to direct capital to the highest-performing ventures in the advanced technology arena, with a specific focus on innovations in aerospace, defense and intelligence, and national security that have dual-use applications in the civilian economy. IronGate is managed by a multidisciplinary team of experts in finance, national security, and technology. IronGate’s investment approach provides investors with a diversified venture capital portfolio while supporting the early-stage companies that are poised to meet the most demanding national security requirements. For more information, visit IronGateVC.com.

Contact 
[email protected]com

SOURCE IronGate Capital Advisors

• Company has evolved from a technology platform company to a full-service technology-enabled care delivery enterprise
• Digital clinical trials and care delivery programs to drive U.S. expansion and a focus on growth, profitability and mission of access to care, anywhere

BOSTON, July 19, 2023 — Biofourmis, a leading global technology-enabled care delivery provider, is marking the first anniversary of the close of its $320-million Series D funding round with a look back at its major business and clinical milestones as well as a go-forward plan focused on an agile growth strategy across its digital clinical trials and care-at-home verticals.

Biofourmis, following its Series D funding last year, continues to build out its Biofourmis Care and Connect verticals with the expansion of health system, hospital, provider group and biopharma customers. The company has deployed its solutions with over 65 customers, including multi-year collaborations and strategic partnerships with leading pharmaceutical companies, health systems, hospitals and risk-based organizations.

At this stage in Biofourmis’ growth trajectory, company leaders recognize that continuing to scale requires an agile approach and the right infrastructure.

“In a report last week, Rock Health indicated that ‘digital health’s course-correction is proving challenging but necessary to right-size the sector toward a sustainable future,’ ” said Kuldeep Singh Rajput, Biofourmis CEO and founder. “While Biofourmis remains well-capitalized and is positioned for success with a strong pipeline of new solutions and customers, we are executing our new strategic growth plan with an eye on the current market environment and a commitment to being good stewards of our funding.”

In the year ahead, Biofourmis will be laser-focused on achieving key strategic objectives: optimizing its market-leading solutions; driving deeper market penetration within biopharma and healthcare; and increasing the volume of patients supported by the company’s connected solution that spans the continuum from drug life cycle development to care-at-home.

“We will be intensely focused on growth, profitability and our mission of access to care, anywhere,” Rajput said. “Additionally, we have assessed our organizational structure and strategically redesigned key areas to position us for growth. This next step in our corporate evolution will enable us to execute even more strongly in delivering innovative and value-added solutions to our life sciences and healthcare customers and their patients.”

Well-Positioned for Accelerated Growth
Looking back at Biofourmis’ milestones since last year’s Series D as well as the overall trajectory since its inception in 2015, Rajput says his focus has always been on “solving problems no one else solves.” The company does this with the market’s only singular, connected platform that spans the full continuum from drug development to commercialization with the ability to scale as life science and healthcare partners grow their programs.

Since 2022, Biofourmis has:

• Evolved from a technology platform company to a full-service technology-enabled care delivery enterprise
• Launched a technology-enabled, scalable clinical research platform that supports trial decentralization, precision participant recruitment, and equitable access to treatment options
• Launched a comprehensive in-home services ecosystem to enable clinical trials at home and to help health systems build and scale care-at-home programs or discharge patients more promptly by continuing care in the home
• Begun offering 24/7 virtual clinical care teams comprised of nurses, health navigators and other providers to help extend care where labor shortages exist
• Expanded the development of care pathways that now apply to 70+ clinical conditions and include intervention protocols such as care team outreach, vital sign checks, and symptom-specific feedback
• Built out an expansive library of digital biomarkers and expanded and optimized AI-driven, FDA-cleared algorithms to treat broader conditions
• Enabled electronic health record (EHR) connectivity for Cerner, Epic and other systems for an embedded and seamless workflow experience
• Built out a virtual care delivery network across 25 states that fully integrates remote management tools into the care model
• Reached a milestone of enabling technology-enabled remote care for more than 100,000 patients worldwide, with a robust data lake fueled by the capture of more than 4 million data points per patient per day (for continuously monitored patients) to drive precise, personalized care

Biofourmis has also continued to work closely with its partners to deliver clinical and financial ROI, including: 

• A 48% decrease in 30-day readmission rates, a 66% decrease in 90-day COPD readmission and a significant reduction in clinician resource demand¹
• 3.7-day reduction in average length of stay²
• 64% lower Emergency Department (ED) utilization rate³
• 46% reduction in ICU admissions⁴
• 53% reduction in hospital days⁵
• $70.6 million saved in patient bed-day costs and 38% in overall cost reduction for patients enrolled in a hospital-level care-at-home program

The company also has prioritized expanding care access and reducing health disparities among underserved populations. Evidence of this dedication can be found in Biofourmis’ involvement in the nationwide Rural Home Hospital Project, a multi-year clinical trial that will serve as a model for rural care in the home in the future.

“Biofourmis has remained focused on our vision to create a healthful future where equitable access to care is a reality for all,” Rajput said. “Health equity, clinical validation, and making a difference for clinicians and patients are just as important as our business successes. As we focus on our path forward, I have never been more confident in our future and our team. Our success as a company relies on our ability to work together to deliver the right care to every patient—no matter where they are—and we are well-positioned to do that.”

¹ As of 12/12/22 all-time patients on Biofourmis platform. Data on file.
² Outcomes data using Biofourmis solution, from health plan administrator providing managed care services to over 3.5 million beneficiaries
³ Outcomes data using Biofourmis solution, from health plan administrator providing managed care services to over 3.5 million beneficiaries
⁴ Outcomes data from health system partner that has used Biofourmis’ remote patient management solution to manage 23,000 patients in their homes to decrease the risk of adverse health events for transitional care or complex conditions
⁵ Outcomes data from health system partner that has used Biofourmis’ remote patient management solution to manage 23,000 patients in their homes to decrease the risk of adverse health events for transitional care or complex conditions

About Biofourmis

Biofourmis brings the right care to every person, no matter where they are. The company’s AI-driven solution collects and analyzes patient data in real time and identifies shifts that require proactive interventions. This vital innovation provides people everywhere with connected access to hospital-level services, virtual provider networks for remote care, and life-changing clinical trials—all without leaving their homes. Trusted by leading health systems, payers, biopharma companies and patients alike, Biofourmis’ connected platform improves patient outcomes, prevents hospital readmissions, accelerates drug development, and closes critical gaps in care—ultimately making science smarter, healthcare simpler, and patients healthier. Biofourmis is a global technology company enabling care delivery, with headquarters in Boston and key offices in Singapore and India. For more information, visit biofourmis.com and follow Biofourmis on LinkedIn, Twitter and YouTube.

Media Contact:
Tara Stultz
Amendola Communications for Biofourmis
440.225.9595
[email protected]

SOURCE Biofourmis