– Funds will be utilised to acquire long-term licenses of international fashion and lifestyle brands and expand company’s proprietary technology stack

BENGALURU, India, May 5, 2023 — ace turtle, new India’s leading technology-native retail company spearheading the retail industry’s next phase of transformation, today announced that it has raised USD 34 million as part of its Series B funding. The fundraise demonstrated significant interest from existing and new investors. The Series B round was led by new investors Vertex Growth, SBI Investment Co. Ltd., Farglory, Lesing Nine, Stride Ventures, Tuscan Ventures and Trifecta Capital. The existing investors Vertex Southeast Asia & India and InnoVen Capital also participated in this round.

Commenting on the funding, Nitin Chhabra, CEO, ace turtle said, “Our aim is to lead the next phase of retail in India and scale it to new heights through vertical commerce. The funds will be utilised to develop cutting-edge technological tools that ensure seamless omnichannel operations, acquire licenses for new fashion and lifestyle brands, and recruit skilled talent across all levels to support the aggressive growth plans. This will help us to expand our brand portfolio and solidify our competitive edge in the market.” 

ace turtle grew significantly in the financial year 2022-23 by doubling its revenue and becoming EBITDA-positive. ace turtle aims to sustain this impressive growth trajectory in the coming years. Its portfolio of licensed brands currently comprises Lee®, Wrangler®, Toys”R”Us® and Babies”R”Us®.  

James Lee, General Partner of Vertex Growth said, “We are delighted to be a part of India’s massive consumer upgrade story. We are fully committed to partnering with exceptional and promising organisations that are on the brink of growth. The asset-light approach of ace turtle, their deep domain expertise in product supply chain and utilisation of data-driven insights in understanding consumer behaviour and demand, present significant opportunities for the integration of cutting-edge omnichannel tech solutions into brand operations, thereby facilitating substantial growth in the foreseeable future.”

Yoshitaka Kitao, Chairman and President of SBI Investment said, “One of the key investment themes for us has been Asia’s domestic consumption. We believe India will be a leading source of global growth in the decades ahead, supported by positive demographics, a growing middle class and deepening internet penetration. This investment in ace turtle builds on our program to provide long-term capital to innovative companies transforming industries at scale. We look forward to supporting ace turtle’s efforts in enabling the growth of India’s retail market through technology.” 

Bengaluru and Singapore-based ace turtle is vertically integrated from design, local manufacturing and marketing to reach consumers directly. ace turtle is powered by its proprietary technology which uses data science from design to fulfilment to meet ever-evolving consumer expectations.

About Vertex Growth:

Vertex Growth is dedicated to partnering with exceptional entrepreneurs and promising companies on the cusp of growth. The firm provides the expansion capital to realise the companies’ vision of creating a category champion that is enduring and transformational. Vertex Growth is part of Vertex’s global network of venture capital funds comprised of affiliates in China, Israel, Southeast Asia and India, and the US. Through the Vertex network, Vertex Growth accesses opportunities emerging from the leading innovation hubs across the world and drive significant value by working closely with the Vertex ecosystem of portfolio companies and partners.

About SBI Investment Co., Ltd.

SBI Investment Co., Ltd. is the major VC arm of SBI Holdings. Over the last 20 years, it has invested in over 1000 companies and has 190+ exits. SBI Investment invests from USD1–20m in various sectors including Fintech, AI, Consumer tech, SaaS, B2B commerce and supply chain, deep tech, etc. SBI Holdings is a financial services company group based in Tokyo, Japan. The group’s businesses and companies are held primarily at SBI Holdings. The company provides financial services in various categories, including securities, asset management, banking and insurance and has formed an Internet-based financial conglomerate. The group also has a biotechnology-related business line which develops cosmetics, health foods and drug discovery. Furthermore, the group operates the business school SBI Graduate School. SBI is listed on the first section of the Tokyo Stock Exchange and Osaka Securities Exchange.

About Farglory: 

Founded in 1969 by Chairman Teng-Hsiung Chao, Farglory has earned a reputation of excellence for its dedication to ambitious international projects distinguished by quality craftsmanship and modern, sustainability-minded design. The Taiwan-based company operates across diversified industries that spread to construction, insurance, finance, hospitality, entertainment and medical care. A trusted developer with over 600 completed projects comprising over 200 million square feet, Farglory is transforming landscapes and shaping lives, one landmark at a time.

Photo: https://mma.prnewswire.com/media/2070507/Nitin_Chhabra.jpg

SOURCE Ace Turtle

Global Tier 1 Supplier Gains Exclusive Business, Innovation, Technology Access

DETROIT, May 5, 2023 — American Axle & Manufacturing Holdings, Inc. (AAM), (NYSE: AXL), a leader in driveline and metal forming technology, today announced a $10 million investment in the Global Strategic Mobility Fund (GSMF), a venture capital fund managed by EnerTech Capital. As a strategic partner, AAM gains access to EnerTech’s vast network of business alliances and emerging technology, all supporting mobility innovation that can help enhance AAM’s products and operations.

“AAM is committed to continuing our leadership as a Tier 1 global mobility supplier,” said David C. Dauch, AAM Chairman and Chief Executive Officer. “We look forward to working with EnerTech and its global alliances to support AAM’s mission of bringing the future faster and developing the next generation of mobility innovation.”

EnerTech, founded in 1996, has a long history of working with corporate strategic investors like AAM and is dedicated to providing companies across the mobility landscape with investment capital expertise, and strategic support. EnerTech’s GSMF supports the vision and ingenuity of those driving creation and positive change, specifically as it relates to emerging mobility innovations and growing global decarbonization targets.

AAM’s investment in GSMF provides the company with access to new startup and fully vetted high-tech companies that are advancing automotive technologies in the electrification, connectivity, autonomy and digitization sectors. This includes exposure to academic research, market intelligence, new business development opportunities and data from public-private coalitions accelerating innovation in the clean mobility space. 

About AAM: As a leading global Tier 1 Automotive and Mobility Supplier, AAM (NYSE: AXL) designs, engineers and manufactures Driveline and Metal Forming technologies to support electric, hybrid and internal combustion vehicles. Headquartered in Detroit with over 80 facilities in 18 countries, AAM is Bringing the Future Faster for a safer and more sustainable tomorrow. To learn more, visit aam.com.

About EnerTech Capital: EnerTech Capital is a globally recognized venture capital firm that has been investing and partnering with innovators since 1996, empowering entrepreneurs to build transformative technology companies. EnerTech’s current platform has a significant focus on emerging opportunities in the mobility space across electrification, connectivity, autonomy, and digitization sectors. The firm has a long history of working with corporate strategic investors and providing value added insights and partnership opportunities to support growth and innovation objectives. To learn more, visit EnerTechCapital.com. 

SOURCE American Axle & Manufacturing Holdings, Inc.

The round was co-led by defy.vc and LDV Partners 

SEATTLE, May 4, 2023 — Genemod, a cloud-based workspace collaboration software for biopharma R&D teams, today announced it raised $4.5 million in seed funding, co-led by defy.vc and LDV Partners, with participation from Dolby Family Ventures and Vulcan/Cercano Ventures.

In the past year, Genemod has expanded into the biopharma R&D space working with teams from startups to enterprise companies including AstraZeneca, Bristol-Myers, Merck, and more. Working across siloed spreadsheets, updating data in real time and collaborating on projects in disparate geographical locations are just a few examples of how teams using Genemod are able to eliminate busywork and other barriers so they can focus on developments in biopharma. 

“We believe that scientists must be empowered with tools to discover and develop medicines and ultimately get them to market faster than ever before,” said Jacob Lee, CEO and Co-founder of Genemod. “That’s why we built Genemod – to transform the way biopharma companies operate.”

Legacy R&D software and other traditional methods are decentralized, disorganized and inefficient, ultimately resulting in higher healthcare costs. Genemod is working to be the solution to this problem by building a dynamic cloud-based research platform designed for research teams to house their entire R&D lifecycle: from data acquisition and project documentation to inventory management and reporting. The intuitive interface allows users to easily visualize their data and track progress and updates – including what changes are made by whom.

“Genemod aims to be the go-to standard for research scientists just as how designers use Figma and engineers use Jira,” said Jin Choe, Co-founder at Genemod.

Genemod is also working to solve the “reproducibility crisis”: an ongoing phenomenon that continues to plague research scientists. Reproducibility is the ability to recreate the same experiment to achieve the same results. While this might sound simple in theory, disorganized data and a chronic lack of cloud-based organizational tools (among other issues) mean that experiment results continue to be inconsistent – costing the US government and researchers billions per year.

Discovery and clinical translation are no longer driven from siloed one-off experimentation but rather are compounding from accelerating gains in scale of data, reproducibility, and fidelity of experiment.

The COVID-19 pandemic has played a pivotal role in accelerating Genemod’s innovation and development, with Genemod playing an important role in aiding pandemic-related research. The pandemic overall led to collaboration between an increasing number of companies and research teams in a variety of industries. This includes the pharmaceutical and biotech business, which are leaning into dynamic, market-driven solutions in order to meet ever-increasing global healthcare and environmental challenges. 

“Biotechnology is one of the fastest growing industries in existence, and the software that powers efficiency and communication in labs has the potential to radically transform the world,” said Neil Sequeira, Founder and Partner at defy.vc. “Genemod is positioned to solve some of the world’s most pressing problems in the coming decades, from pandemics and other diseases to climate change. We are pleased to be investing in this great team and company and look forward to partnering with them as they continue to scale and grow.”

About defy.vc 
Founded in 2016, defy.vc is a Silicon Valley based early stage venture capital firm. Defy was founded to invest in entrepreneurs and companies looking to solve complex problems. Defy’s focus is to help early stage companies mature and scale into companies ready for growth capital. The firm’s team has more than 50 years of venture experience, successful operating backgrounds and actively helps successful entrepreneurs grow companies from inception through exit. Connect with defy at https://defy.vc/ and @defyvc.

About LDV Partners 
We chose to name our firm LDV Partners in honor of Leonardo Da Vinci. Da Vinci mastered and combined multiple disciplines to create groundbreaking innovations. We believe that technologies can only disrupt markets by combining multiple disciplines. Based in Silicon Valley, the LDVP team seeks to partner with talented entrepreneurs working on deep technologies and innovative business models to build a world-class company.

LDV Partners is a team of experienced company builders, industry leaders and anchor investors. We provide experience, insights and connections needed to find and support visionaries who are changing the world.

Media Contact
[email protected]

SOURCE Genemod

The Unique Strength Training Workout Strengthens its Presence in Key Markets

WASHINGTON, May 4, 2023 — [solidcore] celebrated a major milestone today — opening its 100^th studio in Santa Monica, CA — on the heels of securing new strategic funding from leading private equity firm Kohlberg & Company (“Kohlberg”). This investment, coupled with the continued support of existing investors VMG Partners and Peterson Partners, will catapult [solidcore] across the map to expand in new cities.

“We are thankful for our partners who continue to see [solidcore] as a leader within the fitness industry and a brand that’s making a lasting impact,” said Bryan Myers, President & CEO. “With this new strategic investment, it reinforces [solidcore]’s strength, especially since there has been no other premium-boutique fitness player to receive this type of investment in a post-pandemic environment.”

Building upon the 100^th studio opening, [solidcore] is focused on even further growth in 2023 to meet the demand of the brand’s rapidly growing clientele with plans to open ~[25] total studios this year and 250+ studios globally in the next three to five years, including potential expansion into international markets.

“We are excited to partner with VMG and Peterson to support Bryan and the [solidcore] team as they continue to execute at an exceptional level,” said Eric Bilmes, Partner & Head of Strategic Equity of Kohlberg. “[solidcore] has truly differentiated itself as a proven national leader in the boutique fitness industry, and we are delighted that Kohlberg’s strategic equity investment can help the company to continue to grow its footprint and serve its loyal membership base.”

“We’ve been thrilled with how [solidcore] has performed since we first invested just over two years ago. All the credit for that goes to Bryan and the [solidcore] team for how they’ve executed,” said McConnell Smith of VMG. “We’re really fortunate to be able to partner with Kohlberg and for the complementary experience they bring. There’s so much opportunity ahead of the business and we couldn’t be more excited to continue supporting [solidcore] through this next stage of growth.”

[solidcore] is a high-intensity, low-impact workout on a one-of-a-kind Pilates-inspired reformer called sweatlana. The rapidly growing 50-minute full-body workout has made its mark as an industry pioneer by way of encouraging clients to create the strongest version of themselves. [solidcore] is for those who want to be pushed to their limits and want to find joy in the work. The workout utilizes slow and controlled movements scientifically designed to break down muscles to failure so they build back stronger, leaving those who come to class feeling mentally and physically stronger.

“In 2023, the goal is to meet consumers where they are, in all senses of the phrase,” said Myers. “This means bringing new studios to communities where the workout doesn’t have a presence yet, tailoring the experiences for current clientele, optimizing packages and memberships to what clients are looking for, and innovating the workout to meet the needs of an even broader consumer set who can create the strongest version of themselves,” said Myers.

For more information about [solidcore], visit https://www.solidcore.co/.

About [solidcore]

[solidcore] is a 50-minute, full-body, strength-training workout that uses slow, controlled movements to break down the slow-twitch muscle fibers so that they build back stronger and leaner. [solidcore] differentiates itself by bringing different levels of intensity and efficiency to the workout and the overall experience – attracting those who believe that the joy is in the work, and that there is always work to be done. With a focus on empowering [communities] and creating a space where everyone feels inspired, included, and seen, [solidcore] is on a mission to help people create the strongest version of themselves.

About VMG Partners:

VMG Partners (https://www.vmgpartners.com/) is focused on partnering with entrepreneurs and managers to support the growth and strategic development of leading branded consumer products and services. Since its inception in 2005, VMG has provided financial resources and strategic guidance to drive growth and value creation in more than 40 companies.

About Kohlberg & Company

Kohlberg is a leading U.S. middle market private equity firm based in Mount Kisco, New York. Over the firm’s 35 year history, the firm has organized eleven private equity vehicles totaling in aggregate over $14 billion. Since inception, the firm’s private equity investments have generated over $10 billion in realized returns with no realized losses since 2007. The firm invests in leading middle market businesses that are identified through its rigorous White Paper Program in its six core practice areas.

About Peterson Partners 

At Peterson Partners, our mission is to help great people build great businesses. We roll up our sleeves in supporting exceptional entrepreneurs and management teams in building enduring enterprises and have invested across industries in more than 300 companies, including Allbirds, Packsize, Lucid Software, SmartAsset, Rails, and Glowbar. Typically, Peterson Partners provides the first equity capital in a business, and we participate for a chapter of growth, usually 5-10 years, during which we work hard as a trusted coach and advisor in driving growth and building brands, systems, and human capital. Peterson Partners is an independent investment firm with more than $2.0 billion under management across Private Equity, Venture Capital, and Search strategies. To learn more about Peterson Partners, please visit https://petersonpartners.com.

CONTACT: Kristin Adomaitis, [email protected]

SOURCE [solidcore]

CHICAGO, May 4, 2023 — The Chicago Venture Summit Future-of-Food, the flagship event of the region’s venture and startup community, which has garnered a national reputation as one of the premier venture conferences in North America, is bringing together over 1000 investors, founders, innovators, and corporate executives for three days of discussions and networking at 167 Green Street in Chicago’s Fulton Market District. The event, led by World Business Chicago, and opened by Chicago Mayor Lori E. Lightfoot, focuses on the future of food, a topic of growing importance in the global venture landscape.

“As we open the 2023 Chicago Venture Summit Future of Food, I am reminded of the limitless potential that exists within our city’s entrepreneurial ecosystem,” said Chicago Mayor Lori E. Lightfoot. “This summit is a testament to our unwavering commitment to supporting local startups and providing them with the resources they need to thrive. I am confident that the ideas and innovations that will be shared here over the next few days will continue to cement Chicago’s status as a global leader in food innovation and startup investment.”

The Chicago region has once again been confirmed to be not just the largest metro area for food production, but the leading hub for food bioengineering and production in the United States, according to the latest report published by the World Business Chicago Research Center today. The report features data from Pitchbook™ that highlights some 60% of Chicago-based startups receiving seed funding, since Q1 2022, have developed innovative food products utilizing biotechnology for food production. The World Business Chicago Research Center, Future of Food Issue 11, provides in depth coverage of the significant role Chicagoland plays in the innovation and production in the food industry.

“Since the first summit in 2014, our city’s flagship startup and venture capital conference has evolved to a premier global convening for startups, industry, and investors,” said Mark Tebbe, Innovation and Venture Council Chair of World Business Chicago. “Now as a sector-focused, multi-summit series, our Chicago Venture Summits continues to bring investors from around the world to explore significant investment opportunities and deals across Chicagoland.”

More than 1000 participants have registered to attend this year’s Chicago Venture Summit, representing more than 450 unique corporations, startups, financial and investment firms, universities, and other business and innovation ecosystem entities. This includes more than 100 financial, investment, and venture capital firms, and more than 20 countries represented via Consulate Generals, trade offices, and other international participants. The official Chicago Venture Summit startup portfolio includes 156 participating startups. 66% of startup portfolio companies are led by a founder of color. Nearly half of the startup portfolio companies are led by a female founder. 64% of the portfolio is headquartered in Chicagoland and Illinois, with 26% from outside-of-Illinois. This year’s startup portfolio includes the greatest representation of outside-of-Illinois startups, showing the global demand of the Chicago Venture Summit series.

Among the highlights of the Chicago Venture Summit, Future of Food 2023, include:

• Opening keynote by Alanna Cotton, President and Chief Business Officer for North America for Ferrero.
• Closing keynote by Kristin Kroepfl, Chief Marketing Officer for Quaker Foods North America.
• Keynote remarks by Hiroshi Shiragami, Chief Innovation Officer for Ajinomoto.
• Future-of-Startups Panel featuring Clever Carnivore, Dom’s Kitchen & Market, Forty Aces Fresh Market, Hyfe, and LatinxVC.
• Future-of-Markets Panel featuring Cooley, SWAT Equity Partners, and Supply Change Capital.
• Future-of-Corporate-Innovation Panel featuring DLA Piper, Edelman, Kraft Heinz, Mars Wrigley, and Microsoft.
• Greater Chicagoland Economic Partnership (GCEP) Remarks by Cook County Board President Toni Preckwinkle.
• A Chicago Food Pop-up led by Here Here Market.
• Partner events led by Naturally Chicago, Food Foundry, and Chicago startups Drip and FOODe.
• And the newest expansion to the Chicago Venture Summit experience: “Startup & VC Day” taking place a Life Time Work on Friday, May 5.

“The Chicago Venture Summit is the epitome of our unwavering commitment to diversity and inclusivity in economic development,” said Michael Fassnacht, CEO & President of World Business Chicago and Chief Marketing Officer of the City of Chicago. “With a record-breaking 156 innovative startups in this summit’s portfolio, nearly half of which are led by female-identifying founders and 66 percent led by founders of color, we’re proud to be leading the charge in creating a more equitable and inclusive future. This exceptional display of diversity and talent is a clear indication that our competitive advantage lies in uplifting and amplifying diverse voices and perspectives to drive innovation, growth, and expansion. As a global leader in food and agtech, we’re excited to continue pushing the boundaries of what’s possible and creating a brighter future for all.”

Chicago Venture Summit Future-of-Food is proud to announce the support of 53 unique sponsors, including valuable contributions from its presenting sponsors BMO, Cleveland Avenue, Cooley, Edelman, Ferrero, Mars Wrigley, Microsoft, Quakers Foods North America, and Shapack, without whom this premier event for food innovation would not be possible.

• “As we navigate the evolving food industry, entrepreneurship plays a critical role in its continued growth. Here in Chicago, we have the distinct advantage of being the center for innovation in the food and agriculture sector, an industry that BMO has been committed to supporting for generations,” said David Casper, U.S. CEO of BMO, and World Business Chicago board member. “Our partnership with World Business Chicago continues to drive progress in this vital industry and reinforces our dedication to supporting this thriving entrepreneurial community.”
• At Cleveland Avenue, we believe if you give entrepreneurs the support they need, amazing things will happen.  We are proud supporters of World Business Chicago and through the Chicago Venture Summit, we celebrate Chicago’s tremendous food community,” said Don Thompson, Founder & CEO, Cleveland Avenue, LLC, and World Business Chicago board member. “Chicago continues to lead the hospitality and food industry and is brimming with opportunity in every community – our team is committed to invest in and support these amazingly innovative entrepreneurs.”
• “With a long history of supporting leading-edge startups and venture investors across sectors and through many economic cycles, Cooley continues to see a bright future for innovative food and agtech companies.  We think this is particularly true in Chicago, as evidenced by this year’s Future of Food Summit being the biggest one yet,” said Laurie Bauer, co-founding partner and co-head of the corporate group for Cooley Chicago. “We are thrilled to part of Chicago’s thriving food and agriculture ecosystem. Supporting the Venture Summit is an opportunity for both the firm and the city to lead in this important sector.”
• “Edelman has been at the forefront of food and beverage innovation in Chicago for more than 70 years,” said Alison Borgmeyer, MS, RD, Chair US Food & Beverage for Edelman. “Innovation starts with each of us and we believe Chicago is the heart for creating systemic positive change in our food system.”
• “Ferrero is driven by the entrepreneurial spirit of our founders and continually seeks out opportunities to foster ingenuity in our communities,” said Alanna Cotton, President and Chief Business Officer for Ferrero North America, and World Business Chicago board member “That’s why we are thrilled to join World Business Chicago and bring the food startup community together, helping to further strengthen Chicago’s position as a place where new food companies and ideas thrive.”
• “At Mars Wrigley, we’re proud to have played role in helping to build the food capital of the world from the ground up. Chicago has been our home for over 100-years and we’re doubling down on our commitment to this great city with the opening of a brand new $40 million innovation center later this year,” said Fabiano Lima, Global Vice President for Corporate Affairs for Mars Wrigley, and a World Business Chicago board member. An investment that will create jobs and make Chicago our largest innovation hub in the world. Our commitment to the community doesn’t stop at our front door, though, we have cumulatively provided nearly $30M in funding to the Chicago community and will continue to invest including $1M this year alone.”
• At Microsoft, we are dedicated to using technology to revolutionize the food sector and make a positive impact,” said Nisaini Rexach, Head of Community Engagement for Microsoft in Chicago. “We are proud to be part of this journey with World Business Chicago with the Chicago Venture Summit series. As an presenting sponsor, we are thrilled to support World Business Chicago in this capacity.”
• “Quaker has over 100 years of history in Chicago and continues to thrive in this city thanks to its location and as a hub for talent in the food industry. As a result, we have delivered strong growth and innovation at Quaker,” said Robbert Rietbroek, General Manager and Senior Vice President of Quaker Foods North America, a subsidiary of PepsiCo, and World Business Chicago Board Member. “Quaker looks forward to connecting and collaborating with local entrepreneurs, innovators, and food industry experts at this year’s Chicago Future of Food Venture Summit.”
• “We are thrilled to host the Chicago Venture Summit Future of Food for the second consecutive year at 167 N Green, in Fulton Market District,” said Jeff Shapack, Founder and CEO of Shapack Partners and World Business Chicago board member. “As we navigate the challenges of sustainably feeding a growing global population, the summit serves as a vital platform for the future of the food industry. We look forward to hosting visionaries from around the world to the neighborhood. Fulton Market is synonymous with food and beverage, once a US hub of meatpacking and market produce and now one of the most desired destinations for restaurants and food innovation companies to share ideas, explore innovative solutions, and shape the future of food.”

World Business Chicago recognizes that the success of the Chicago Venture Summit Future-of-Food, the region’s flagship venture summit, is due in large part to the generous support of our partners and sponsors. Without their invaluable contributions, this event would not enjoy the national reputation it has as the premier convening of startups and investors in the food innovation industry. Innovation Sponsors include all seven members of the Greater Chicagoland Economic Partnership (GCEP): Cook County, Choose DuPage, Kane County, Kendall County, Lake County Partners, McHenry County Economic Development Corporation, and the Will County Center for Economic Development. Additional Innovation Sponsors include: 1871, College of Agricultural, Consumer and Environmental Sciences of the University of Illinois Urbana-Champaign, The Desire Company, GET Cities, Here Here Market, JLL, Midwest House, Savills, and SRS Acquiom. Startup Sponsor include: 2112 Creatives Industries Incubator, Chicagoland Food and Beverage Network, Clique Studios, Food Foundry, Grow Greater Englewood, Naturally Chicago, Illinois Science and Technology Coalition, Institute for Food Safety and Health of the Illinois Institute of Technology, Institute for Food Technologists, P33, S2G Ventures, and Valor Equity Partners. Venture Partners include: 81 Collection Fund, All Raise, BLCK VC, Bluestein Ventures, Chicago:Blend, Dom Capital Group, Founder Familia, HPA, Gen Z VCs, LatinxVC, Lofty Ventures, Serra Ventures, Supply Change Capital, Tilia, TMX, and VC Familia.

For the fourth time since 2021, the Chicago Venture Summit returns to 167 Green in Chicago’s Fulton Market District. The 640,000 square foot office building, developed by Shapack Partners and Focus and owned in partnership with Walton Street Capital, is a testament to its location and design. Recently, CCC Information Services, Foxtrot, and others have announced their headquarters’ relocation to the building, joining Kroll, WeWork and other innovative companies located at 167 Green in the Fulton Market District. 167 Green features one of Chicago’s largest town hall spaces, which doubles as a full-size basketball court on the top floor of the building, along with a rooftop terrace, sitting room, game room and gym.

As part of WBC’s mission to drive inclusive economic growth, a portion of the proceeds from this year’s Chicago Venture Summit will be donated to Don’s Chicago Dream, the Greater Chatham Initiative, and La Casa Norte. You can learn more about the Chicago Venture Summit Future-of-Food 2023 at www.ChicagoVentureSummit.com. Follow World Business Chicago on Twitter and LinkedIn for live updates from the summit.

ABOUT WORLD BUSINESS CHICAGO:
World Business Chicago serves a critical role in driving inclusive and equitable recovery throughout the city’s 77 neighborhoods, focused on high growth sectors: transportation, distribution, & logistics; manufacturing; healthcare & life sciences, and our local innovation, startup, & venture ecosystem. As the City of Chicago’s economic development agency, World Business Chicago leads corporate attraction & retention, workforce & talent, community impact, and promotion of Chicago as a leading global city. Supported by a council of 300+ local leaders, World Business Chicago’s portfolio of innovation & venture programs include: the Chicago Venture Summit series, Startup Chicago, ThinkChicago, and Venture Engine with the Illinois Science and Technology Coalition (ISTC).

SOURCE World Business Chicago

Investment will fuel adoption of the company’s signature OR Black Box^® technology, which is already used by leading academic healthcare centers across North America and Europe

TORONTO and NEW YORK, May 4, 2023 — Surgical Safety Technologies (SST), a medical technology company that engineered the OR Black Box® platform for hospitals, has today announced $15 Million in Series A funding. The round was led by U.S. Venture Partners and Santé Ventures, and will be used to accelerate the company’s automation initiatives and commercial efforts. SST’s platform leverages AI both to inform real-time decision making and provide analytical insight in the areas of safety, compliance and efficiency, which drastically improves patient outcomes and reduces hospital costs.

SST has nearly 60 employees across its Toronto and New York offices and operates with a single mission in mind: to make healthcare safer globally through improved knowledge of clinical practices. The company currently has its Black Box® platform and analytic products deployed in critical interventional hospital environments such as surgical operating rooms, trauma centers and simulation centers – powering better analytics, benchmarking and process improvement. The various Black Box technologies are in use within many of the leading academic healthcare providers in the United States, Canada, and Western Europe, and provide novel insights that result in reduced errors, improved safety, and significant cost savings.

“I am honored to have this support and confidence as we continue our mission of making healthcare safer and more cost-effective,” noted Teodor Grantcharov, founder of Surgical Safety Technologies. “Raising this round of financing offers incredible validation for our approach as a company, but most importantly, it helps get this technology into more operating rooms where it is needed most. There is more work yet to be done and we hope that our technology continues to play a direct role in saving many more lives in the future.”

Dafina Toncheva, General Partner at U.S. Venture Partners, adds that “USVP is thrilled to partner with SST as it grows its commercial footprint. SST’s novel enterprise software and analytic platform provides unique insights which are utilized by major hospitals across North America and Europe to improve patient outcomes and increase operating efficiency. It is our expectation that every hospital will need SST’s solutions for continuous improvement in surgical, trauma and interventional procedural outcomes to compete effectively and to secure accreditation in the future.”

Clinical studies have demonstrated that use of the OR Black Box® platform significantly improves compliance to standard operating procedures (such as the World Health Organization’s surgical safety checklist) as well as clinical performance, and has resulted in dramatic reduction of never events and improved patient safety outcomes. Initial results have also demonstrated opportunities for significant cost reductions as a consequence of equipment standardization, and data-driven scheduling and OR utilization.

“We are pleased to support SST and bring their extraordinary technology into more operating rooms across the country,” noted Dennis McWilliams, partner at Santé Ventures. “We have been following a number of companies in this space, and found SST to be a leader in both technology and business model given their unique value proposition to hospital systems. Surgical Safety Technologies is developing the operating room of the future, with products that are consistent with Santé’s mission of investing in health technologies making meaningful patient impact.”

For more information about SST and how the company is improving surgical outcomes for patients across the world, please visit www.surgicalsafety.com.

About Surgical Safety Technologies
Surgical Safety Technologies Inc. (SST) is a mission-driven organization that utilizes disruptive technologies to make healthcare safer globally. SST is the developer of The Black Box platform for healthcare and a suite of software and analytic products, necessary for continuous quality improvement and delivery of value-based care. SST’s products have been deployed in the leading healthcare centers in North America and Europe and high-quality evidence has demonstrated their effectiveness in reducing costs and improving patient outcomes. More information can be found at www.surgicalsafety.com.

About US Venture Partners
U.S. Venture Partners (USVP) is a leading Silicon Valley venture capital firm, partnering with entrepreneurs to transform their ideas into world-changing companies. USVP has invested in over 500 companies spanning four decades, including: Arkose Labs, Box, Carrot Fertility, Cato Networks, Check Point Software, Guidewire, Happy Returns, HeartFlow, HotelTonight, Human Interest, Imperva, Inari Medical, Inspire Medical Systems, Intersect ENT, Kenna, Medigate, Omada Health, Pluto TV, Standard Bariatrics, ThreatMetrix, Trunk Club, Trusteer, Yammer and Zerto. USVP focuses on early-stage start-ups that transform cybersecurity, enterprise software, consumer and healthcare. The USVP team consists of former entrepreneurs, technologists, corporate executives, and financial professionals who assist with strategy, scaling, team building, product development, and business development. USVP is based in Menlo Park, California. More information can be found at www.usvp.com.

About Santé Ventures
Founded in 2006, Santé Ventures is a specialized healthcare and life sciences investment firm with roughly $800M in capital under management. The firm invests in early-stage companies developing innovative new medical technologies, biotechnologies, and digitally enabled healthcare services. Recent Santé successes include Farapulse (Boston Scientific), Claret Medical (Boston Scientific), TVA Medical (Becton Dickinson), Millipede Medical (Boston Scientific), Molecular Templates (MTEM), AbVitro (Celgene), and Explorys (IBM Corp). Santé invests nationally and has offices in Austin, TX, and Boston, MA. For more information, please visit www.sante.com.

Media Contact
Ryan Walker
R.J. Walker & Co.
[email protected]

SOURCE Surgical Safety Technologies

Submitted claims are now under review and smart contracts will begin to be signed as claims are approved

LOS ANGELES, May 4, 2023 — The XPLA Blockchain, a next generation of Web3 mainnet developed with gamers at the core of its design, today announced it is in the final stages for the relief fund for $XPLA holders with tokens frozen due to the FTX situation.

The relief fund was unanimously approved by a community vote in January. $XPLA holders had until April 19, 2023, to submit claims for review. The review process included comparing submitted documentation to the records maintained by Kroll for the FTX incident. Once reviews are approved – contracts for $XPLA holders will be issued. 

“XPLA is the first blockchain to support its individual holders concerning the FTX incident by offering practical support. Several blockchain projects attempted to support its holders after the FTX incident, but unfortunately, none of the projects led to actual compensation. Team XPLA will continue our effort to make our holders whole again and to expand our ecosystem in a stable manner. Our team believes that we can set a positive example throughout the Web3 industry.” stated XPLA Leader Paul Kim. “From the vote to establish this fund through the actual support to holders will be less than six months – our team has seen how important this effort is to the community and we wanted to provide relief quickly.”

The relief fund includes a total of 19,600,000 $XPLA which was transferred to the Relief Fund Support Contract assigned from the Reserve Wallet. The legal process for submitting claims ran from April 7 – 19, 2023. XPLA is the first blockchain to develop and approve a Relief Fund for individual holders concerning the FTX incident.

About XPLA

XPLA is a global Mainnet encompassing NFT marketplace, metaverse, and entertainment. The XPLA ecosystem exhibits various DApps and protocols that facilitate the seamless Web3 adoption through XPLA GAMES, an all-in-one blockchain gaming platform and X-PLANET, the NFT marketplace which showcases games, entertainment, and digital art to the global Web3 market. To date, several games have been successfully brought onboard to the XPLA Mainnet, and more Web3 games including Summoners War: Chronicles, Ace Fishing: CREW, as well as  MiniGame Party are scheduled to join in 2023. XPLA is run by a network of global Web3 project teams, including YGG, Cosmostation, Ozys, 0x&, Animoca Brands, and Dexlab along with Com2uS Group.

For more information, please visit https://xpla.io

MEDIA CONTACT:

M Group Strategic Communications
[email protected]

SOURCE XPLA

LONDON, May 4, 2023 — OpenTrade has raised an oversubscribed funding round led by Sino Global Capital, with participation from other leading Web3 organizations including Circle Ventures, Kronos Research, Kyber Ventures, Polygon Ventures, and Outlier Ventures.

OpenTrade’s platform will provide users seamless access to a suite of on-chain structured financial products that are backed by investment grade, liquid financial assets. It is secured using time-tested, bankruptcy remote legal structures that ensure investors are fully protected off-chain, while allowing them to continue to operate entirely on-chain.

OpenTrade’s initial products will include liquidity pools for U.S. Treasury Bills, investment grade commercial paper, and investment grade supply chain finance. The supply chain finance products embed USDC payments and financing directly in B2B networks and platforms to make internet-native, on-demand financing available to businesses of all sizes from a global network of non-bank liquidity providers.

OpenTrade was founded earlier this year by a team of blockchain, engineering, and finance veterans, including Dave Sutter and Jeff Handler, previously of Centre, the consortium founded by Circle and Coinbase to provide standards governance for USDC, Tom Niermann, formerly of Google and Meta, Michael Harte, former COO/CIO at Barclays and Santander and Michele Biscelgia, previously a Partner at AGFE.

OpenTrade’s founding team’s collective experience across Web3, stablecoins, and traditional finance prompted them to work towards building a platform that could serve the evolving needs of Web3 businesses, funds, and investors, who need access to on-chain investments that earn stable, predictable returns, and global supply chains that need access to non-bank financing options.

As part of the company’s formation, OpenTrade’s co-founder Michele Bisceglia and advisor Steve White launched a new dedicated structured finance and investment advisory firm, Five Sigma, that has been spun out of AGFE to manage all of OpenTrade’s ‘off-chain’ operations. Five Sigma has retained a fully staffed team of experienced financial professionals, and currently has over $700M USD in assets under management. Working with Five Sigma allows OpenTrade to function as DeFi’s first truly vertically integrated platform for on-chain investments into tokenized real-world financial assets, which drives lower costs for end-users and allows OpenTrade to dynamically originate, underwrite, and structure products across a wide variety of asset classes.

OpenTrade’s DeFi protocol is built on Circle’s payments infrastructure, runs on Polygon and Ethereum, and is established on widely accepted open-source standards and battle hardened technology infrastructure that has supported trillions of dollars in on-chain transactions. The use of composable and programmable dollars like USDC lowers costs, complexity, and risk across the entire transaction lifecycle for both investors and borrowers.

OpenTrade will leverage the funds from this funding round to scale its operations, and plans to launch in the second half of this year.

“Thrilled to back the OpenTrade team as they build the necessary infrastructure to bring real-world financial assets onto the blockchain.  In the next decade, we expect that a majority of assets will be brought onto public blockchains.  OpenTrade is leading this paradigm shift and we look forward to being day one customers.” – Ian Wittkopp, Sino Global Capital, Head of Investment

“OpenTrade is a team that has identified real use cases where the utility value of USDC and DeFi can drive broader usage of these technologies across global supply chains and finance providers. We are excited to invest in OpenTrade as they help unlock the utility value of USDC in structured and supply chain finance.” – Wyatt Lonergan, Head of Circle Ventures 

“We see that the tokenization of real-world financial assets as a key growth area across DeFi now and moving forward, and believe that the combination of OpenTrade’s experienced team, unique operating mode, and strong product / tech capabilities positions them to become a leader in this promising area.” – Jason Brannigan, General Partner at Kronos Ventures

“The growing trend of tokenizing real-world assets (RWAs) is opening up new possibilities for generating yield as the lines between decentralized finance (DeFi) and traditional finance (TradFi) become increasingly blurred. The future of institutional DeFi relies on the development of on-chain structured financial products that can bridge the gap between these two worlds. OpenTrade, with its experienced team and proven track record, is well-positioned to lead the next wave of DeFi innovation, and we are excited to support their mission.” – Loi Luu, Chairman, Kyber Ventures

About OpenTrade

OpenTrade is an enterprise grade treasury management platform that provides seamless access to a suite of on-chain structured financial products backed by investment grade, liquid financial assets. This provides Web3 institutions, businesses, and investors the ability to preserve capital, maintain liquidity, and earn stable, predictable returns that are uncorrelated to crypto price volatility, all while ensuring they can continue to operate entirely on-chain. The company was launched out of stealth in February 2023 and has operations in both London and Palo Alto.

For more information, please visit the OpenTrade website at: https://www.open-trade.io/

SOURCE OpenTrade

Funding round led by fintech-focused growth equity firm Ten Coves Capital brings total raised to date to more than $43 million

NEW HAVEN, Conn., May 4, 2023 — Inbox Health, a leading patient billing communications platform, announced today that it has completed a $22.5 million Series B financing round, bringing total capital raised to more than $43 million since inception. The Series B was led by Ten Coves Capital with participation from existing investors including Commerce Ventures, CT Innovations, Vertical Venture Partners, Healthy Ventures, and Fairview Capital.

Today, more than 2,600 medical practices across the U.S. rely on Inbox Health, and more than 3.5 million patients have used the platform to pay a healthcare bill. The Series B announcement follows news that Inbox Health’s billing technology was awarded a patent by the U.S. Patent and Trademark Office in April 2023.The new growth capital will further accelerate Inbox Health’s strategic growth as it continues to improve and modernize the billing, support, and payment experience for even more patients and healthcare organizations.

Inbox Health’s data-driven platform makes it easy to automate and personalize patient billing communications, modernizing long-standing industry norms of 30/60/90-day paper statement billing cycles. Patients can receive easy-to-understand medical bills via their preferred communication channel with convenient payment and support options like text, email, and live chat. This patient-first billing experience removes ambiguity around an often-complex component of the healthcare system and provides an efficient way for medical practices to manage patient collections.

Inbox Health’s platform manages billions of dollars in patient care by leveraging its growing suite of proprietary integrations with various practice management and electronic health record systems. This facilitates communication between practices, patients, and billing teams. Such flexibility allows Inbox Health’s software to seamlessly manage multiple practice groups from a single portal.

“It’s tremendous to see the impact our team has been able to have on the patient experience of millions of people over the last few years,” said Blake Walker, co-founder and CEO of Inbox Health. “It’s humbling to recognize the number of patients who still struggle with frustrating billing experiences and see how many providers and billers continue to navigate inefficient workflows. We have an opportunity to use this funding to magnify our impact and reach millions more patients, and that is motivating for our team.”

Billing companies and practices utilizing Inbox Health’s platform benefit from a data-driven approach that engages patients in a more efficient way, resulting in stronger financial results.

“Inbox Health has built a mission-critical solution addressing a large and growing pain point within the healthcare payments space, thereby bringing modern and efficient solutions to millions of patients and thousands of providers,” said Steven Piaker, Managing Partner at Ten Coves Capital. “We believe that Inbox Health’s leading solution delivers tangible value to all key players in the patient care process and are excited to partner with the Inbox Health team during its next phase of growth.”

As part of the investment, Piaker is joining the Inbox Health Board of Directors.

About Inbox Health
Inbox Health directly addresses one of the fastest-growing problems in healthcare—the challenge of patient A/R. Built for medical billers, Inbox Health automates patient billing and patient payments and modernizes the patient support experience. Inbox Health improves patient engagement by providing clear medical bills immediately after service, choice of payment methods and communication channels, and fast, empathetic support through the phone and live chat. By improving the patient experience, billers see an increase in profitability, cash flow, and collection speeds. With Inbox Health, billing companies report a 60% increase in collection speeds in the first 60 days. Inbox Health provides billing companies an automated, streamlined platform that saves time, reduces paper statement costs, and results in fewer patient phone calls. Inbox Health currently serves over 2,500 healthcare practices and has supported over 3.5 million patients. Headquartered in New Haven, Conn., Inbox Health was recently named to the Inc. 5000 list of fastest-growing private companies in America. More information can be found at www.inboxhealth.com.

About Ten Coves Capital
Ten Coves Capital backs high growth B2B software companies across the FinTech ecosystem where its capital, network, and decades of experience can help accelerate growth and value creation. Investing across payments, banking & lending, asset management, capital markets, and insurance & benefits (among other segments), the Ten Coves team has helped scale 40+ companies that are solving industry pain points, enabling workflows, and providing critical infrastructure to the largest financial institutions down to SMBs. For more information, visit tencoves.com.

SOURCE Inbox Health