$3 Million Series A Extension Continues Validation of Company’s Commercial Strategy.

ATLANTA, May 10, 2023 — Micron Biomedical, a life science company developing first-in-class dissolvable microarray-based products that are simplifying and advancing the delivery and administration of drugs and vaccines, today announced it has secured an additional $3 million investment from J2 Ventures, bringing its total Series A funding to $17 million. Announced originally in November 2022, the Series A was led by Global Health Investment Corporation (GHIC) and LTS Lohmann with participation from GRA Venture Fund.

The Series A extension will further support efforts to bring the company’s dissolvable microarray-based drug and vaccine products to markets globally, providing convenience and access in high income markets, including a focus on national health security, and meeting the needs of under-served populations in low- and middle-income countries. J2 Ventures Partner and former Chief Medical Officer of the Defense Innovation Unit, US Department of Defense, Dr. Matt Goldman, will join Micron’s board as an observer.

Micron’s patented microarray technology allows drugs and vaccines that today require cold storage and administration through injection to be self-administered or caregiver administered within minutes, without the need for refrigeration or administration by a skilled health professional. The technology significantly expands access by simplifying transport, storage and administration and eliminates traditional injection sharps waste. Completed trials show clinical efficacy and strong patient preference for Micron’s technology over injections.

“We’re excited by J2 Ventures’ support of our commercial strategy to bring important drug and vaccine products to markets globally,” said Micron CEO, Steven Damon. “We’ve been speaking with the team since they learned about us after our initial financing, and their participation coincides with significant commercial interest from their network, helping to further our goal of making this technology widely available to patients.”

“Our fund specializes in working with best-in-class deep technology that is primed to scale with government and Micron Biomedical is an obvious fit,” said Alexander Harstrick, Co-Founder and Managing Partner at J2 Ventures. “We are thrilled to support Micron’s efforts that have the potential to radically disrupt the most significant logistical obstacles in delivering pharmaceutical and vaccine products to both private sectors and the government. Products that utilize the Micron technology have the potential to accelerate positive global impact including national security and veteran health.” 

About Micron Biomedical 
Micron Biomedical is the leader in the field of dissolvable microarray-based, drug and vaccine administration technology. Micron Biomedical is a clinical stage life science company on a rapid path to commercializing its proprietary applicator-free, dissolvable, microarray technology. Micron’s technology is designed to improve access and achieve better health outcomes globally through injection free, painless, and simple and/or self administration of drugs and vaccines, and by eliminating or reducing the need for cold chain transport and storage, enhancing safety and efficacy, and improving patient compliance. Micron has partnered with or received funding from private and public pharmaceutical and biotech companies, the Bill & Melinda Gates Foundation, the Centers for Disease Control and Prevention (CDC), UNICEF, PATH and the Georgia Research Alliance. For more information visit www.micronbiomedical.com 

About J2 Ventures
J2 Ventures is an early-stage venture-capital firm that specializes in companies looking to bring transformational technologies to the private sector while also serving the unmet needs of the U.S. government. The firm focuses on areas such as artificial intelligence and machine learning, healthcare and material science. Formed in 2020 by Alexander Harstrick and Jonathan Bronson, J2 Ventures has had a meteoric rise in the VC landscape, known for building strong relationships with the management teams of its portfolio companies and creating value by leveraging the firm’s significant resources and network. The firm’s partners have invested over $4 billion in venture, private equity and defense, and approach each investment with a “whole-firm” mindset that ensures the firm brings the best to the entrepreneur. J2 Ventures is based in Boston, Massachusetts with additional presences in Washington, DC, San Francisco, California and London, England. Learn more at www.j2vp.com.

Media Inquiries:
Micron Biomedical, Inc
Public Relations
[email protected]

SOURCE Micron Biomedical, Inc.

Raises $4.5M Seed round, led by Pear VC and NEA, to reshape how work gets done

SUNNYVALE, Calif., May 10, 2023 — Today Orby AI (“Orby”) has announced that it emerged from stealth to further develop its AI platform designed to democratize the use of Generative AI to automate repetitive human processes. The company also announced that it has raised $4.5M in seed funding from lead investors Pear VC and New Enterprise Associates, Inc. (NEA), with additional investment from Wing VC. The funding will be used to continue growing the team and further the research and development. Through its beta-stage development thus far, Orby has partnered with some of the world’s largest tech enterprises and other medium-sized companies.

According to a McKinsey Future of Work report, 60% of jobs have at least 30% of the work that is repetitive and automatable¹. Much of that work entails processing payments across finance and accounting departments, ticket resolution for customer support, and inputting lead management data for sales teams. Orby provides a unique “observe, learn, and automate” end-to-end experience. Orby observes a user’s activities, identifies repetitive work steps, and automatically generates code that ultimately automates these tasks. Moreover, Orby works behind the scenes to continuously learn from human feedback, becoming smarter over time with no coding involved whatsoever.

“If we think about an abacus, a computer, or any software, we have always learned to use tools to help us do our work,” shared Bella Liu, Orby AI’s Co-Founder and CEO, and Will Lu, Orby AI’s Co-Founder and Chief Technology Officer. “What if AI can learn from us and then just do the work for us?”

They continued, “With the continual breakthroughs in AI, especially foundation models, and Orby’s world-class AI/ML talent team, we are excited to push the boundaries of what AI can do to revolutionize how people interact with AI.”

“Upon meeting Orby AI’s team, our views on AI automation’s potential found a perfect match. Our partnership has led to a world-class team that exceeds expectations, forging the future of AI observation and actions. Orby’s technology, already trusted by large enterprises, enables robust workflow automation at the speed of innovation for both enterprises and end users — a game-changer. We’re thrilled to partner with Orby AI, ushering in this transformative future.” said Arash Afrakhteh, Partner at Pear VC who also joined Orby’s board of directors.

“The Orby AI founding team has a clear vision, deep domain knowledge, and technical expertise in building state-of-the-art AI systems. We are impressed with their lightning speed to productize AI research capability and iterate based on real customers’ feedback. We are excited to partner with this team to see them fundamentally change how people get their work done.” said Scott Sandell, Managing General Partner at NEA. 

Orby AI’s founding team has spent the last decade in the AI automation industry and deeply understands the problem and solution space firsthand. Bella Liu led the AI product team at UiPath, a leading software automation company, from the early stage to post-IPO. Will Lu led the engineering team at Google Cloud AI and built state-of-the-art AI systems from scratch, including Knowledge Service, Doc AI, and Enterprise Knowledge Graph. Working with Liu and Lu at Orby is a deeply knowledgeable team consisting of world-class AI/ML researchers and engineers from Google, Stanford, and other leading AI startups.

About Orby AI

Orby AI is building the next-generation AI platform to bring the “auto-complete” experience to everyday business users and automate all mundane and repetitive tasks. Orby AI is backed by top-tier VCs with a track record of investing in category-defining companies. The company is founded by and employs a strong team with deep AI domain expertise. The Orby AI team is creating a future in which everyone can use AI to save time and achieve their full potential. To learn more, please visit www.orby.ai.

To sign up for the private beta waitlist, please fill in a short form here. The team is growing and open to hiring more talent to join the mission. Please visit the link here for more details or directly reach out to the team.

Orby AI Contact:

[email protected]

Sources:

1. McKinsey Global Institute. “A Future That Works: Automation, Employment and Productivity” January, 2017.

SOURCE Orby AI

Qarbon Technologies announces close of US$5.5 million seed funding round and launch of world’s first SaaS-based orchestration platform for secure, seamless integration of data center infrastructure and customers’ existing business applications.

SINGAPORE, May 10, 2023 — Qarbon Technologies Pte. Ltd., a Singapore headquartered enterprise technology company, today announced the official launch of its innovative SaaS solutions to transform the global data center industry. Qarbon’s founders include data center, telecom, and technology veterans with more than a century of combined global experience.

Today, almost every data center in the world runs a unique infrastructure stack, making customers contend with a nearly endless array of data sources across their operations, including connectivity, power, water, air conditioning, monitoring, security, and inventory. Customers must employ dedicated resources to access, aggregate, clean, convert, and integrate this data into their own business systems. This highly manual workflow makes it nearly impossible for customers to monitor, manage, or automate their data center operations in real time, thereby increasing costs, creating service challenges, and generating audit issues for their businesses. Despite huge investments in digital transformation, accessing the data about the data center remains a highly manual process.

Qarbon will transform the status quo for digital infrastructure customers.

Qarbon enables the true digital transformation of data centers, from real estate to technology platforms ready for infrastructure-as-code, by creating the world’s first open, neutral, standards-based orchestration platform for data centers and their customers.

Qarbon is making its industry debut at the 16th International Telecoms Week (ITW) trade show (the premier event for the digital infrastructure industry) in Maryland, USA from 14 to 17 May.

Ahead of the conference, Qarbon’s Founder and CEO, Robert Davidson said, “Qarbon transforms the data center experience for operators and customers globally, making it more efficient and secure, and enabling true, real-time automation and infrastructure-as-code. We are developing a category-creating enterprise SaaS solution that gives customers seamless access to the data they need about every data center they use. Qarbon enables customers to use the data center solutions they want, when they want, where they want.”

“Qarbon’s solutions are needed today and will be essential to the global data center industry in three years’ time,” said Randy Brouckman, CEO of EdgeConnex. “Multiple industry megatrends, from AI to IoT and hybrid cloud services are causing a deluge for the data center ecosystem, which will make secure, fully automated and auditable workflows critical moving forward.”

Qarbon’s first product, LATTICE™, is in trials with multiple industry-leading early adopters and is scheduled for a beta release in Q3 of 2023. The SaaS-based platform onboards the entire tech stack of each data center, providing users with a single, ubiquitous interface between the operator and their business systems which eliminates the complexity, friction, cost, security, and observability issues caused by today’s predominantly manual workflows.

LATTICE™ will launch with cross-connect order orchestration and a roadmap to automate (including integrating AI/ML) all the data generated by data center infrastructure. This will include power, water, security, air conditioning, temperature, humidity, inventory, along with the physical connections and operating processes that tie it all together.

In addition to cost-savings, automation, enhanced security, and auditability, LATTICE™ will also enable seamless, standardized reporting of ESG data, including Scope I and II CO₂ emissions. Customers will be able to access real-time, standardized power, water, and CO₂ data, for their data center related ESG reporting through a button-click.

Qarbon’s public launch follows the close of its US$5.5 million seed funding round, led by Meta Technology Capital, the technology investing arm of a prominent Singapore-based family office. “We could not be more pleased to have raised US$5.5 million of seed capital for Qarbon, particularly given the current challenges in the funding environment, and are excited to partner with Meta Technology Capital; we look forward to delivering great results for them, our customers, and our other stakeholders,” said Mark Smith, Co-Founder and Executive Chairman of Qarbon. Prior to co-founding Qarbon, Mark led Digital Realty’s business in Asia-Pacific, and is a thirty-plus-year veteran of the technology, telecom, cloud, and data center industries.

Qarbon also unveiled an Industry Advisory Board of data center and telecom industry heavyweights, welcoming as Senior Advisors Randy Brouckman, CEO of EdgeConneX; Marc Halbfinger, CEO of PCCW Global; Pieter Poll, former CTO of CenturyLink; and Tony Rossabi, Co-Founder of OCOLO and former Managing Director at Digital Realty / Telx.

About Qarbon Technologies

Qarbon is creating the world’s first SaaS-based orchestration platform for secure, seamless integration of data center infrastructure and customers’ existing business applications. It unlocks data contained in a multitude of data center infrastructure systems and seamlessly integrates it with customer’s business applications like ServiceNow and Salesforce. Qarbon’s first product, Qarbon LATTICE™, provides customers with a single, ubiquitous interface between their data centers and their business systems, eliminating the current complexity, friction, cost, security, and observability issues caused by existing manual workflows and enabling secure, plug-and-play workflow automation. Whether to reduce energy costs, increase operating efficiency, track inventory, comply with ESG reporting, or anything else—Qarbon is your solution for data about the data center.

To learn more about Qarbon, please visit www.qarbontech.io or follow us on LinkedIn or Twitter.

SOURCE Qarbon Technologies Pte. Ltd.

Global Venture Capital Firm Hires Boatsetter Founder to Play Leading Role in Its Ambitious Growth Plans

MIAMI, May 9, 2023 — Today, IDC Ventures (IDCV) announced the appointment of Jaclyn Baumgarten as a Miami-based Managing Partner and the head of its US operations. Baumgarten, a seasoned tech entrepreneur, will spearhead the Copenhagen-based venture capital firm’s expansion into the US market.

Previously, Baumgarten founded IDCV-backed Boatsetter, a technology- and data-driven global marketplace that aims to make on-demand boating accessible and affordable to anyone, anywhere.

Baumgarten will bring her experience and expertise in scaling this global business to IDC Ventures and its portfolio companies. With her proven entrepreneurial track record, Baumgarten is poised to play a pivotal role in IDCV’s growth strategy as the platform expands its operations in the United States.

“I am honored and excited to join the team at IDC Ventures,” said Baumgarten. “I have had the pleasure of working with IDCV for years through their investment in Boatsetter, and have seen firsthand how they are focused on adding value for their portfolio companies. I very much appreciate IDCV’s win-win approach to long-term partnerships, its founder-first culture, and its global network of top entrepreneurs and investors. I am passionate about supporting innovative startups, and I am eager to contribute my experience and insights to help IDC Ventures and its portfolio companies.”

At Boatsetter, Baumgarten led the startup’s rapid growth – including M&A activity, multiple rounds of funding, and partnerships with major brands such as Geico. Her vision and strategic direction helped Boatsetter become a leader in the sharing economy, revolutionizing the boat rental industry.

“We are delighted to welcome Jaclyn to our team as a Managing Partner,” commented Bobby Aitkenhead, Managing Director of IDC Ventures. “Her entrepreneurial spirit, deep industry knowledge, and strong leadership skills make her the perfect fit for our organization as we continue to drive innovation across the marketplace and fintech sectors. I look forward to working closely with Jaclyn as we grow our funds in the US.”

In her role as Managing Partner, Baumgarten will be instrumental in identifying and nurturing innovative startups, developing strategic partnerships, fundraising, and driving value creation for portfolio companies. Her deep understanding of the startup ecosystem and her ability to identify promising investment opportunities will be invaluable as IDC Ventures expands its presence in the United States.

For more information, please visit www.idcventures.com.

About IDC Ventures
By entrepreneurs, for entrepreneurs, IDC Ventures (IDCV) seeks to identify, invest in, support, and propel disruptive companies at the forefront of digital innovation. IDCV backs industry-defining founders from Series A to growth stages in Europe, the US, and Latin America – and primarily in the verticals of fintech and marketplaces. IDC Ventures is the venture capital arm of the IDC Network, a multi-fund platform.

Learn more here.

Media Contact:
Benito Besada
[email protected]

SOURCE IDC Ventures

Consumer Growth Equity Firm, Co-Founded by Aaron Rodgers, Expands Its Platform and
Adds Additional Celebrity Investors

ORANGE COUNTY, Calif., May 9, 2023 — RX3 Growth Partners today announced the close of its second fund, oversubscribed at nearly $150 million. RX3 is now one of the largest talent-backed dedicated consumer growth equity firms. The firm augments its investment strategy with value-add capabilities in growth-stage companies across the consumer landscape.

Four-time NFL MVP, Super Bowl Champion and new NY Jets Quarterback Aaron Rodgers co-founded the firm and serves as a General Partner. He is joined by fellow co-founders Nate Raabe, Managing Partner, and Byron Roth, Executive Chairman of ROTH MKM.

“This marks an exciting time for all of us at RX3,” said Co-Founder Aaron Rodgers. “Our family of athletes, musicians, actors and business leaders not only adds to the unique RX3 community we have built, but also allows us to invest in and support category leading growth-stage, consumer brands,” he continued.

With this second fund, RX3 has successfully expanded its roster of influential Limited Partners to include a diverse group of celebrities and athletes, including Christina Aguilera, Colson Baker (Machine Gun Kelly), Jared Goff, Josh Allen, Josh Duhamel, Marshmello, Michael Phelps, Miles Teller, and Thomas Rhett, to name just a few. These additions create even more opportunities for the fund to enter new categories in which RX3’s authentic value-add is uniquely aligned.

In addition to its Limited Partners, Fund II is supported by prominent advisors, including Vanessa Hudgens and Kevin Hart’s Hartbeat Ventures, who bring deep industry relationships and expertise to RX3.

RX3 Growth Partners seeks to partner with companies who are well-positioned to benefit from the firm’s innovative, full-funnel approach to drive growth through authentic talent and brand-oriented partnerships. The RX3 team identifies a mix of growth and later-stage investment opportunities across the consumer market where RX3 partners and investors can provide access and value beyond capital. RX3 seeks to foster authentic relationships where celebrities are stakeholders in a brand’s long-term success.

“We are grateful for the continued support from our existing and new Limited Partners who have embraced our differentiated investment platform,” said RX3’s co-founder and Managing Partner, Nate Raabe. “We believe our oversubscribed Fund II is a testament to the quality of our team, partners, value-add strategy, and track record,” he added.

For more information, please visit: https://www.rx3growthpartners.com/

About RX3 Growth Partners
RX3 Growth Partners, an institutional growth equity firm, was founded in 2018 and is backed by a community of athletes, celebrities, and professional investors. The firm seeks to align itself with high-quality brands that resonate with its investor network to help drive consumer awareness and long-term growth. This differentiated strategy allows the firm to offer value beyond capital to the next generation of leading consumer brands.

SOURCE RX3 Growth Partners

SAN FRANCISCO, May 9, 2023 — GrubMarket today announced that it has been named to the 2023 CNBC Disruptor 50 list, a highly prestigious honor awarded to the fastest-growing and most innovative private companies disrupting their industries and changing the world through technology. This recognition is a testament to GrubMarket’s commitment to being one of the most important global technology enablers and digital transformers for the food industry.

This honor comes on the heels of a remarkable period of company growth that includes several significant milestones – launching the transformative GrubPay payment platform; establishing GrubMarket’s “Sustainable California“ initiative to support agricultural sustainability across the country; and surpassing $1.5 billion in revenue while improving on profitability in 2022.

“We are proud to be among the select few recognized on the 2023 CNBC Disruptor 50 list,” said Mike Xu, Founder and CEO of GrubMarket. “Our inclusion is a reflection of our team’s hard work and incredible dedication to digitizing the food supply chain in order to create a more sustainable and equitable food system. As we continue to build on our trajectory as a mission-driven technology enabler and driver of digital transformation for the food industry, we will cement our position as one of the world’s fastest-growing and most profitable food tech companies for years to come.”

The CNBC Disruptor 50 list highlights today’s most forward-thinking and ambitious companies that are fundamentally changing their industries. GrubMarket joins a venerable group of companies that have been featured on the list over the years, including Snowflake, Airbnb, Uber, and SpaceX. All submissions were subject to a comprehensive and rigorous process of research and evaluation across a wide range of quantitative and qualitative criteria, as well as feedback from CNBC’s editorial staff and a global pool of entrepreneurial experts from around the world. For the full list of Disruptor 50 companies, please visit www.cnbc.com/cnbc-disruptors.

About GrubMarket

Founded in 2014, GrubMarket is a San Francisco-based food technology company operating in the space of food supply chain eCommerce for both business customers and end consumers, as well as providing related software-as-a-service solutions to digitally transform the American and global food supply chain. Currently, GrubMarket operates in all 50 U.S. States; Ontario and British Columbia (Canada); Argentina, Chile, and Colombia (South America); Egypt, India, Mexico, South Africa, and Spain, with plans to expand to the rest of the U.S., Canada, South America, and other parts of the world.

For Media Inquiries:

GrubMarket Media Team
[email protected]
(415) 986-0523

GrubMarket
1925 Jerrold Ave.
San Francisco, CA. 94124

SOURCE GrubMarket

Cutting-edge virtual power plant (VPP) company poised to accelerate growth and expand market share with support of Deal Box’s capital raise technology

CARLSBAD, Calif., May 9, 2023 — Deal Box, a capital markets advisory and secure token offering packaging platform, today announced that Swan Innovations, a cutting-edge virtual power plant (VPP) company utilizing electric vehicles (EVs) to transform the energy industry, is launching a $3.25 million seed round using Deal Box’s capital raise technology. With this, Swan Innovations is poised to accelerate growth and expand audience reach, further cementing its position as a leader in the energy industry. Deal Box’s digital security-focused investment packaging and capital raising technology will allow Swan Innovations to efficiently and effectively get in front of interested investors, to secure the necessary capital to foster maximum growth into new markets.

The global virtual power plant market is projected to reach a valuation of $6.47 billion USD by 2028, a tremendous growth rate of 32.89%. Accelerated demand for renewable energy resources and support from government organizations in the development of such technologies, positions Swan Innovations to lead this market growth with cutting-edge innovation. As an early adopter in this emerging industry, Swan Innovation’s mission critical goal is to focus on developing and implementing advanced technology solutions in the VPP and EV space. The company aims to create a fleet of EVs that can be used as part of a VPP to provide reliable and economic value to the grid, which requires advanced technology solutions such as smart grid technologies and energy storage systems.

“Swan Innovations’ growth capital round represents a unique opportunity for investors to get in on the ground floor of a company that is poised for success,” said Thomas Carter, CEO and Chairman of Deal Box. “The company’s innovative technology, experienced management team, and strong track record of success, puts Swan Innovations in the best position to drive significant value for its investors over the long-term utilizing Deal Box’s capital raise technology.”

“We are thrilled to announce this expansion funding round, facilitated by Deal Box’s advanced capital raising technology,” said Kolin Cunningham, CEO and Founder of Swan Innovations. “Deal Box’s platform not only simplifies our fundraising efforts while providing greater access to funds, but also connects us with like-minded investors who share our enthusiasm for breakthrough technologies in sustainable green transportation and energy industry. Deal Box has been instrumental in crafting a clear pathway to access capital, enabling us to collaborate with the community and expedite the scaling of our innovative solutions.”

To learn more about Deal Box and its investment packaging services, visit here. You can also click here to learn more about Swan Innovations and the energy solutions it’s pioneering.

About Deal Box 
Deal Box is a digital assets platform transforming venture investments. Since 2017, Deal Box has rigorously vetted and digitized over $250M of assets, embedding transparency and compliance into thousands of venture transactions. From deal structuring to digitizing company shares, Deal Box manages the entire asset lifecycle to deliver investors a secure and seamless ownership experience. In addition to its digital assets platform, Deal Box provides comprehensive capital advisory services through Investment Packaging™. Spanning data room creation, financial modeling, and valuation analysis, Investment Packaging™ is a six-week process that helps issuers avoid painfully lengthy or canceled investment timelines, giving investors an efficient diligence process and a streamlined investment experience.

About Swan Innovations

Swan Innovations and its subsidiaries, Swan Energy and Swan Car, were founded in 2020 as a green technology and transportation company. The mission of Swan Innovations is to grow a community that utilizes renewable energy. Through a virtual energy grid and car sharing platform, Swan Innovations is unlocking the benefits of sustainable transportation for all. Swan Innovations is committed to returning power to the hands of local communities through sustainable and collaborative practices.

For Media Enquiries
Sena McGrand/Michael Gallo
Lumina Communications
[email protected] 

SOURCE Deal Box

• Hanaco VC, General Motors, CarMax, W.R. Berkley Corporation and F.I.T. Ventures L.P. among UVeye’s Series D funding-round investors
• Funding to support further growth in sales and launch new manufacturing operations in North America

DETROIT, May 9, 2023 — UVeye, a pioneer in the development of automated vehicle-inspection systems for the auto industry, has secured $100 million in additional funding to support major new sales and manufacturing initiatives in North America.

The company’s recently completed Series D investment round was led by Hanaco VC, a venture-capital firm based in New York and Tel Aviv with $1.5 billion in assets under management, including investments in companies such as Digital Ocean, Yotpo and Divvy. The firm’s mobility focus includes investments in Moovit and Via Transportation.

Existing investors who also participated in the Series D round included GM Ventures, CarMax, W.R. Berkley Corporation, F.I.T. Ventures L.P. and Israeli institutional investors.

Series D funding will be used to start production of UVeye inspection systems in North America, support further sales growth in the U.S. and fuel new-market expansion efforts.

“UVeye’s goal is to both revolutionize and standardize how the auto industry detects vehicle damage and mechanical issues,” said Amir Hever, the company’s CEO and co-founder. “Our patent-protected technology provides automakers, dealers and fleet operators with unmatched solutions for quickly and accurately identifying vehicle problems while setting new quality standards for the industry.”

He added that “The confidence that Hanaco VC and our other strategic investors have shown in UVeye will allow us to further scale our operations and introduce industry-first inspection technology at thousands of dealerships, used-car auctions and fleets throughout the United States within the next three years.”

UVeye currently has facilities in North America, Europe and the Asia Pacific region, including offices in Israel, Japan, Germany and the United States. Since its founding in 2016, the company has raised $200 million in investment capital and formed strategic partnerships with numerous automakers, dealership groups and used-car auctions.

Lior Prosor, partner at Hanaco VC, noted “Automated inspection of vehicles enabled by advanced computer vision and AI is in its first innings, but will completely transform the auto industry.

“As electric and autonomous vehicles become more and more complex and fleets become more difficult to manage, low-cost and high-frequency predictive maintenance will become an essential part of any auto stack. We have spent the last 24 months looking for the right player to back in this market and believe UVeye is best positioned to become the long-term category leader in the space.”

Headquartered in Teaneck, New Jersey and in Tel Aviv, Israel, UVeye offers industry-first vehicle-inspection systems based on advanced artificial intelligence, computer-vision and machine-learning technologies for both the automotive and homeland security industries.

During 2022 and early 2023 UVeye announced major programs in the United States involving more than 5,000 dealerships, used-car auctions and fleets including commercial agreements with General Motors, Volvo Cars USA and CarMax to introduce UVeye technology throughout their wholesale networks.

“Our agreements with leading players in the U.S. market will lead to the installation of thousands of new UVeye inspection systems within the next two-to-three years and generate an exponential jump in sales,” Hever said.

The company currently produces three high-speed vehicle-inspection systems suited for use at new- and used-car dealerships, used-car auctions and major fleets. The rapid drive-through systems include:

• Helios – An underbody scanner that detects a wide variety of problems including frame damage, missing parts and fluid leaks, as well as brake- and exhaust-system issues.
• Artemis – A system that checks tire quality. Within seconds it identifies tire brand, technical specifications, air pressure, tread depth, sidewall damage, whether or not a vehicle’s tires are mismatched and alignment issues.
• Atlas – A 360-degree vehicle-exterior detection system that checks sheet metal and other external body components such as bumpers, door locks, grilles and windows.

About UVeye

UVeye has created the world’s first fully-automated suite of vehicle-inspection systems.

Utilizing a unique combination of proprietary algorithms, cloud architecture, artificial intelligence, machine learning and sensor-fusion technologies, the company’s groundbreaking drive-thru systems can detect external or mechanical flaws and identify anomalies, modifications or foreign objects under and around any side of a vehicle within seconds.

UVeye technology can detect a virtually limitless list of vehicle problems, including oil leaks, exterior damage such as scratches and dents, tire sidewall and tread issues and numerous forms of underbody damage.

Originally developed for use in the homeland security industry, UVeye expanded its technology applications to the auto industry, revolutionizing multipoint inspection processes and improving the customer experience by scanning for and identifying a wide variety of quality and repair concerns. Additional information is available at www.uveye.com.

SOURCE UVeye

INDIANAPOLIS, May 9, 2023 — Eli Lilly and Company (NYSE: LLY) has allocated an additional $50 million to its now $300 million Social Impact Venture Capital Portfolio, reflecting the company’s commitment to going beyond the medicines it makes to have a positive impact on patients and society through for-profit investments.

The portfolio is aligned with Lilly’s efforts to combat racial injustice and its effects on Black Americans and historically marginalized communities in the U.S., as well as Lilly 30×30, a global initiative to improve access to quality healthcare for 30 million people living in limited-resource settings annually by 2030.

“Lilly is pleased to announce the expansion of our inclusive, for-profit Social Impact Venture Capital Portfolio aimed at leveraging Lilly’s resources to invest with purpose,” said Anat Ashkenazi, Lilly’s executive vice president and chief financial officer. “Through this investing strategy, we are not only taking into account the potential for monetary returns but also a fund’s impact on people’s lives, livelihoods, health and wellbeing.”   

The additional $50 million will go towards venture capital firms that specialize in near- and long-term healthcare solutions for patients in low- and middle-income countries, such as hospital systems, pharmacies, medical devices, digital health, diagnostics, therapeutics and more.

Included in this allocation is a recent commitment to LeapFrog Emerging Consumer Fund IV. LeapFrog is an impact growth equity fund investing in South and Southeast Asian and African businesses that, among other priorities, provide innovative healthcare solutions to low-income consumers by offering relevant and affordable products to promote wellness and help prevent and manage chronic diseases.

Lilly launched the Social Impact Venture Capital Portfolio in 2020 with a $100 million commitment to the AMR Action Fund, which aims to bring two to four new antibiotics to patients by 2030 to provide the next line of defense against multi-drug resistant pathogens. In April 2023, the AMR Action Fund announced its latest investments in biotech companies targeting a range of infections.  

Since 2020, Lilly has allocated $150 million as part of its Racial Justice Commitment, $110 million of which has already been committed to eight newly formed U.S.-based Black and minority-led venture capital firms, four of which are led by women.

Through these investments, Lilly has indirectly funded over 50 U.S.-based start-ups, many of which are focused on building healthcare solutions ranging from increasing clinical trial diversity, emphasizing women’s health care, promoting culturally competent care, and increasing healthcare accessibility and affordability for marginalized communities. 

About Lilly
Lilly unites caring with discovery to create medicines that make life better for people around the world. We’ve been pioneering life-changing discoveries for nearly 150 years, and today our medicines help more than 51 million people across the globe. Harnessing the power of biotechnology, chemistry and genetic medicine, our scientists are urgently advancing new discoveries to solve some of the world’s most significant health challenges, redefining diabetes care, treating obesity and curtailing its most devastating long-term effects, advancing the fight against Alzheimer’s disease, providing solutions to some of the most debilitating immune system disorders, and transforming the most difficult-to-treat cancers into manageable diseases. With each step toward a healthier world, we’re motivated by one thing: making life better for millions more people. That includes delivering innovative clinical trials that reflect the diversity of our world and working to ensure our medicines are accessible and affordable. To learn more, visit Lilly.com and Lilly.com/newsroom or follow us on Facebook, Instagram, Twitter and LinkedIn. I-LLY

Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements (as that term is defined in the Private Securities Litigation Reform Act of 1995) about Lilly’s Social Impact Venture Capital Portfolio and reflects Lilly’s current beliefs and expectations. However, there can be no assurance that Lilly’s Social Impact Venture Capital Portfolio or the related investments will achieve Lilly’s objectives or that Lilly will execute its strategy as planned. For further discussion of risks and uncertainties relevant to Lilly’s business that could cause actual results to differ from Lilly’s expectations, see Lilly’s Form 10-K and Form 10-Q filings with the United States Securities and Exchange Commission. Except as required by law, Lilly undertakes no duty to update forward-looking statements to reflect events after the date of this release.

Refer to:  Carrie Munk, [email protected]; 317-416-2393

SOURCE Eli Lilly and Company