M12 - Microsoft's Venture Fund

AI-based solutions for evolving digital threats

Next-gen Cybersecurity

<div>
 
 Aqua Security&rsquo;s cloud-native application protection platform (CNAAP) provides security during the entire application lifecycle from development to production, allowing developers security wherever a build is deployed. The Aqua Platform is an integrated interface that provides access to threat analysis, cloud security posture management, and cloud workload protection capabilities.
 
 
 Aqua&rsquo;s paying customer base doubled in 2020 including more than six customers with annual recurring revenue (ARR) of over USD 1 million each. The company benefited from continued investment in sales, marketing, and customer success teams as well as an expansion into emerging technologies such as serverless computing. It also expanded features through acquisitions, including the container scanning software Trivy Vulnerability Scanner and cloud security posture management (CSPM) company CloudSploit. As of March 2021, the company had 400 customers across financial services, software, media, manufacturing, and retail industries. As of November 2021, the company&rsquo;s financial services revenue increased more than two-fold year-over-year (YoY). The company also counted 10 of the top 20 global banks and over 25% of the Fortune 100 among its customers.
 
 
 In July 2021, Aqua Security announced the acquisition of tfsec to expand its open-source cloud security portfolio which includes Tracee, Starboard, Kube-bench, and Kube-hunter. Aqua Security will also provide its existing users the ability to perform functions such as penetration testing, viewing runtimes, and forensic analysis using tfsec&rsquo;s platform. Aqua Security also announced the acquisition of the Israel-based supply chain security startup Argon, for &ldquo;tens of millions&rdquo; of dollars in December 2021. The acquisition expanded Aqua Securities&rsquo; Cloud-Native Application Protection Platform (CNAPP) capabilities, which includes vulnerability management and infrastructure-as-code (IaC) security. Aqua Security&rsquo;s Dynamic Threat Analysis (DTA) solution, which secures containerized applications, was also integrated with Argon&rsquo;s supply chain protection technology to secure all stages of software build and release as well as ensure end-to-end integrity of cloud-native applications.
 
 
 The company raised USD 135 million in Series E funding in March 2021 at a valuation of USD 1 billion. The round was led by ION Crossover partners to help Aqua develop its product, increase go-to-market activities, and expand geographical coverage. Aqua Security also reported plans to make more acquisitions in the future. In November 2021, the company secured an undisclosed amount from Capital One Ventures, and expects to utilize the funds to strengthen its product offering for enterprise cloud security.
 
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 Valence Security provides a zero-trust security platform to protect SaaS and self-hosted applications interconnected by APIs, SaaS platforms, and third-party applications such as Workato and Zapier. Valence continuously alerts businesses on potential vulnerabilities by providing actionable insights and enforcing policy controls such as least privilege to protect business applications against supply chain attacks, misconfigurations, anomalous activities, data exposure, over-provisioned privileges, and unauthorized access.
 
 
 In June 2023, 
 <a href="https://sp-edge.com/updates/19568">
 the company launched a generative AI assistant 
 </a>
 for its SaaS security platform, reportedly an industry first. Valence&rsquo;s AI fills the information gaps needed to navigate the various SaaS platforms and services of modern enterprise tech stacks. 
 
 
 Valence Security had an employee headcount of 25 in Israel, as of October 2022.
 
 
 Key customers and partnerships
 
 
 The company&rsquo;s platform is currently used by several global enterprises including Akamai, Zscaler, and Bank of America.
 
 
 Funding and financials
 
 
 In October 2022, the company 
 <a href="https://sp-edge.com/updates/14069">
 raised USD 25 million
 </a>
 in a Series A funding round led by Microsoft&rsquo;s M12 venture fund. The funds were utilized to accelerate its programs in the US and the growth of its go-to-market and R&amp;D teams.
 
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<div>
 
 Ox Security is an Israel-based supply chain security startup that provides a security platform that incorporates a new standard&ndash;pipeline bill of materials (PBOMs)&ndash;that covers the entire development phase of the final software. This provides developer and security teams with complete visibility and control over the attack surface, including source code, pipeline, artifacts, container images, runtime assets, and applications, automatically blocking any vulnerabilities in the pipeline.
 
 
 The platform continuously monitors security changes in an organization&rsquo;s infrastructure to ensure that the software supply chain is in its original secure state and also provides remediation strategies through a list of prioritized risks and recommendations by considering the business context and objectives. The company reduces the threat exposure during the building stages to minimize the company&rsquo;s attack surface without impeding developer agility.
 
 
 Ox Security covers use cases including CI/CD security posture, CI/CD workflow automation, production integrity, security tools marketplace, application security orchestration and correlation (ASOC), asset and risk visibility, maturity assessment and compliance, and shift left security. The company offers its platform under a freemium model for USD 25 per month for over 20 developers and also includes a free basic plan for less than 20 developers.
 
 
 Ox Security operates in Israel and the US.
 
 
 Key customers and partnerships
 
 
 As of September 2022, the platform was used by 30 customers, including Kaltura and Bloomreach.
 
 
 Funding and financials
 
 
 In September 2022, the company 
 <a href="https://sp-edge.com/updates/13421">
 raised USD 34 million
 </a>
 in a seed funding round co-led by Evolution Equity Partners, Team8, and M12 (Microsoft). The company expected to utilize the funds to double its 30-employee headcount by the end of 2023.
 
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<div>
 
 Hunters provides an extended detection and response (XDR) platform which uses machine learning to collect and process data from a company's entire network, in order to facilitate real-time threat detection, investigation, and response. The XDR platform logs events and telemetry from various data sources on-premise and in the cloud which include endpoint detection and response tools (EDR), network detection and response tools (NDR), and firewalls. The platform offers a comprehensive summary with insights such as context, path, target, and potential impact. Hunters serves Fortune 500 and Global 2000 organizations, spanning across financial services, technology, retail, manufacturing and media industries. Notable customers include Booking.com, Snowflake, Netgear, Cimpress, TripActions, and Sika. The company&rsquo;s notable integrations with cloud, endpoint security, network and email providers include Microsoft Active Directory, Azure and Office 365, Amazon Web Services, Cisco Systems, CloudFlare, Google Cloud Platform and Workspace, CrowdStrike, Snowflake, and Palo Alto Networks.
 
 
 Hunter Security&rsquo;s annual recurring revenue (ARR) rose by more than 4x, and its employee headcount doubled in size over 2021.
 
 
 In March 2020, Hunters partnered with CrowdStrike to offer XDR capabilities to users of the latter&rsquo;s endpoint protection platform.
 
 
 In January 2022, the company raised USD 68 million in a Series C funding round led by Stripe. The funding was expected to be utilized to further develop the platform and services, strengthen sales and partnership efforts across North America and EMEA regions, and more than double its current headcount of 110 over 2023.
 
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Ensuring the right people access the right resources at the right time

Identity & Access Management

<div>
 
 Trusona provides passwordless identity authentication for enterprises and digital businesses. Its core offering, Trusona Authentication Cloud, is an authentication-as-a-service solution that enables users to authenticate without passwords using their smartphones, laptops, or desktop computers. Leveraging the FIDO and WebAuthn standards, Trusona Authentication Cloud delivers a simple &quot;tap and go&quot; sign-in experience designed to improve business growth and profitability.
 
 
 Trusona Authentication Cloud features a low-code, cloud-based architecture that integrates into customer environments. It also provides visibility into all authentication traffic metrics.
 
 
 Funding and financials
 
 
 In January 2022, Trusona raised USD 20 million in a Series C funding round led by Georgian Partners with participation from Kleiner Perkins, M12, and OurCrowd, among others. The funds were earmarked for development efforts and to increase business reach.
 
 
 
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<div>
 
 Onfido provides identity verification solutions designed to support businesses in establishing trust with their customers during onboarding and beyond. The company's core offering, the Real Identity Platform, is an end-to-end solution that combines a suite of products for identity verification, fraud detection, and compliance management.
 
 
 Its Verification Suite employs technologies such as document and biometric verification, trusted data sources, and fraud detection signals to validate user identities accurately. This suite is complemented by Smart Capture SDKs, which enable seamless integration of capture experiences into web and mobile applications, ensuring a user-friendly and accessible identity verification process.
 
 
 Onfido's platform is powered by Atlas AI, an AI engine that delivers near real-time identity verification results, reducing manual effort and increasing automation at the onboarding stage.&nbsp;
 
 
 The platform allows Onfido's clients to remain compliant with KYC and AML regulations worldwide while effectively preventing fraud and minimizing costs associated with manual review processes.
 
 
 Key customers and partnerships
 
 
 As of September 2022, Onfido supported over 2,500 identification documents across 195 countries.&nbsp;
 
 
 Funding and financials
 
 
 In April 2020, Onfido raised USD 100 million in a funding round led by TPG Growth. The funds were raised to further invest in machine learning technology, consolidate existing markets and move into new ones.
 
 
 
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LoginRadius is a leading cloud-based Consumer Identity and Access Management solution that empowers businesses to provide a seamless experience for their consumers. The developer-friendly Identity Platform comes with a comprehensive set of APIs to enable authentication, identity verification, single sign-on (SSO), user management, and accountprotection capabilities such as MFA on web and mobile applications. The company offers open source SDKs, integrations with over 150 third-party applications, pre-designed, and customizable login interfaces, and top-notch data security products. The platform is currently utilized by over 3000 business organizations and has a monthly reach of 1.17 billion consumers worldwide. The company has been named as an industry player in Consumer Identity and Access Management (CIAM), by Gartner, KuppingerCole, and Computer Weekly. Microsoft is a major technology partner and investor.

SpyCloud operates a cybersecurity platform that helps organizations prevent and investigate identity-based cyberattacks. The company's technology transforms data recaptured from breaches, malware-infected devices, and dark web sources into actionable insights to protect against ransomware, account takeover, session hijacking, and online fraud. The platform detects when employee login credentials are compromised by scanning for exposed passwords associated with internal supply chain applications and identifying compromised cookies that could enable session hijacking. In 2023, SpyCloud recaptured 43.7 billion distinct identity assets, including over 32 billion pieces of personally identifiable information. The company found that 61% of all data breaches in 2023 were malware-related, involving over 343 million stolen credentials. The platform seamlessly integrates with various identity response and orchestration systems including Active Directory, Okta, Microsoft Sentinel, Splunk, and Palo Alto Networks Cortex XSOAR.
Key customers and partnerships
SpyCloud serves more than 550 customers globally, including half of the Fortune 10 companies. Notable customers include Uber, Canva, LendingTree, Atlassian, Zscaler, Samsonite, Mailchimp, and the University of Oklahoma. The company also works with two of the top five US banks and the largest US-based cryptocurrency exchange. In March 2024, SpyCloud introduced an enhanced version of its Check Your Exposure tool with a new Consumers' Risk Module, providing financial institutions and consumer-facing businesses with summaries of their consumers' darknet exposures.

Artificial intelligence is identifying and testing new therapies faster than ever.

AI Drug Discovery

<div>
 
 Envisagenics, a spinoff of the Cold Spring Harbor Laboratory (CSHL), focuses on the discovery and development of RNA splicing therapeutics using its AI-driven platform, SpliceCore. The platform identifies novel RNA splicing events that cause cancer and other genetic diseases, which can then be used for target discovery, biomarker discovery, and identification/testing of potential therapeutics (internally and in partnership with other institutions).&nbsp;
 
 
 As of February 2024, the company had seven programs targeting oncology and neurogenerative diseases, all of which were in their research and preclinical stages.&nbsp;
 
 
 Key customers and partnerships
 
 
 Envisagenics partnered with 
 <a href="https://sp-edge.com/updates/14960">
 Bristol-Myers Squibb
 </a>
 in November 2022 to accelerate the identification of alternative splicing-derived targets for cancer. Prior to that, in May 2021, the company partnered with 
 <a href="https://investors.biogen.com/news-releases/news-release-details/biogen-and-envisagenics-announce-collaboration-advance-rna">
 Biogen
 </a>
 to advance ribonucleic acid (RNA) splicing research for central nervous system (CNS) diseases and 
 <a href="https://www.envisagenics.com/2020/04/21/envisagenics-announces-research-program-with-the-lung-cancer-initiative-at-johnson-johnson/">
 Johnson &amp; Johnson
 </a>
 in April 2020 to build predictive models for lung cancer progression and risk.
 
 
 Funding and financials
 
 
 In August 2022, the company received a USD 2 million Small Business Innovation Research (SBIR) grant from the National Cancer Institute (NCI) (as part of the National Institutes of Health [NIH]) to accelerate the commercialization of the company&rsquo;s AI platform, SpliceIO, and advance the company&rsquo;s pipeline of immuno-oncology targets.
 
</div>

<div>
 
 Based in the UK, Intelligent Lab on Fiber (iLoF) builds digital, cloud-based libraries of biomarkers and biological profiles by leveraging AI and photonics. The AI platform gathers large sets of biological data in the form of optical signals—collected via blood samples including frozen samples—that are converted into phenotypic signatures. It creates digital twins of biological profiles and disease subtypes and screens through its database to identify any matches, potentially expediting the drug discovery and development of novel personalized medicines by pharma and biotech companies. iLoF’s platform is reportedly capable of delivering results in less than 10 seconds and also enables the samples to be used multiple times. With initial focus on Alzheimer’s disease, the company intends to expand its potential to other diseases. iLoF’s laboratory is based in Poland. 
 
 
 Funding and financials
 
 
 In July 2022, iLoF raised EUR 4 million (USD 4.1 million) in a seed funding round led by Faber, with participation from Microsoft's venture fund, M12. It also secured a USD 0.1 million grant from the European Regional Development Fund (ERDF), bringing the company’s total funds raised to date to USD 8 million. The funds were earmarked for accelerating the company’s global partnerships and advancing its drug development platform. 
 
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<div>
 
 Ozette, a company spun out of a collaboration between the Fred Hutchinson Cancer Research Center and the Allen Institute for Artificial Intelligence (AI2) in 2020, is developing an immunity monitoring platform that helps scientists make decisions to improve patient care and outcomes through insights generated from single-cell data. The high-resolution platform leverages AI and machine learning technologies.
 
 
 The company offers three solutions: 1) Discovery, to advance target discovery and R&amp;D efforts; 2) Endpoints, to deliver real-time automated biomarker endpoint analysis for flow cytometry data; and 3) Ozette Lab, which offers immune profiling assays and analysis technology.
 
 
 Key customers and partnerships
 
 
 Ozette&rsquo;s customers include small and large biopharma companies developing therapies in oncology, autoimmune disorders and infectious disease. These include partnerships with companies like Umoja Biopharma to expand access to immunotherapies and advance the field of CAR T-cell therapy (
 <a href="https://www.businesswire.com/news/home/20230621470098/en/Ozette-Technologies-Announces-New-Collaboration-with-Umoja-Biopharma-to-Accelerate-Biomarker-Discovery-in-Preclinical-Studies">
 June 2023
 </a>
 ) and Bloodworks Northwest to advance cell therapies using Ozette&rsquo;s technologies (
 <a href="https://www.biospace.com/article/releases/ozette-technologies-and-bloodworks-northwest-announce-new-partnership-to-deliver-insights-into-healthy-donor-immune-profiles-to-help-advance-new-therapeutics/">
 September 2023
 </a>
 ).&nbsp;
 
 
 Funding and financials
 
 
 In
 <a href="https://sp-edge.com/updates/11927">
 July 2022
 </a>
 , the company raised USD 26 million in a Series A funding round led by Madrona Venture Group. The proceeds were directed to advancing the capabilities of its technology with single-cell proteomics and transcriptomics. It is also expected to be used to fuel the company&rsquo;s growth efforts.
 
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New data privacy regulations have opened up space for a new wave of compliance-focused startups.

Digital Privacy Tools

Private AI uses natural language processing (NLP) to automatically identify and redact personally identifiable information (PII) such as name, age, address, and blood type, to protect sensitive data, in line with privacy regulations such as the GDPR, without the use of 3rd party cloud providers or new infrastructure. The company’s solution integrates with clients’ existing workflows and infrastructure—on-premises, web, or mobile, using only three lines of code. Private AI’s NLP model de-identifies over 30 different categories of PII in 7 languages.In May 2023, <a href="https://sp-edge.com/updates/18169">Private AI launched “PrivateGPT”</a>, a privacy protection solution for LLM powered AI chatbots, including OpenAI’s ChatGPT, based on the company’s NLP de-identification technology. PrivateGPT acts as a privacy “layer” between the user and chatbot, and redacts over 50 types of PII from a user’s prompt before submitting the query to the AI.Key Customers and Partners&nbsp;Private AI saw a sixfold increase in revenue since January 2021 and reports that it serves companies ranging from startups to multi-billion-dollar enterprises. The company’s customers as of September 2024 included RBC, BDC, Forethought, Got It AI, Holmusk, Indico Data, Inbenta, Innovate Cities, Data.world, Actineo, Genesys, and Autumn.The company <a href="https://sp-edge.com/updates/18888">partnered with Replica Analytics</a> in May 2023 to develop a solution to enable healthcare providers to use patient data for analytics and insights while maintaining privacy.

Hazy leverages advanced AI/ML techniques to generate smart synthetic data that helps to remove privacy and compliance issues from sensitive raw data. The company trains its advanced generative algorithms with differential privacy to understand and extract signals in data and generate synthetic data to safeguard privacy. It allows users to conduct data analysis, monetize data, or share data freely from governance restrictions without compromising user privacy.Hazy’s software comprises three primary components: the synthesiser, hub, and client. The synthesiser trains and evaluates generative models, the hub acts as the web-based management interface, control plane and generator registry, and the client works with generators.&nbsp;Key customers and partners&nbsp;Hazy serves customers across the financial services, technology, automobile, government, and software sectors. Notable customers as of September 2024 included Accenture, BMW Group, and Nationwide.

Relyance AI offers a platform that connects to enterprise code repositories, infrastructure tools, and vendor APIs to map data flows and privacy compliance risks before an application goes into production. The platform also enables automatic record-keeping for data processing to enhance compliance with privacy regulations. Relyance launched the beta version of its platform in February 2021, with sales having commenced a month after. The company’s customer base includes companies such as Dialpad, Patreon, Samsara, and True. As of September 2021, the company employed 32 staff.Key customers and partnershipsRelyance’s customers as of September 2024 included Snowflake, Prove, Prodege, Postscript, and Notion.

Modern tools to train and motivate staff, and bridge emerging skill gaps.

EdTech: Corporate Learning

<div>
 
 Founded in 2019 by Dan Terner, Izhak Kedar, and Omer Glass, GrowthSpace uses an algorithm-powered system backed by skill mapping to match enterprise employees with more than 1,500 experts available on the platform. This network of global experts provides personalized training, in over 40 languages, based on each employee&rsquo;s specific challenges and professional goals. Additionally, the platform provides digital training, lectures, and workshops that integrate more than 300 hard and soft competencies, to companies such as Intel, Monday.com, EY, and Siemens, across 30 countries. The company claims that more than 95% of employees who have participated in a GrowthSpace program and 90% of their direct managers reported improvement in the desired business KPIs.&nbsp;
 
 
 In September 2022, the company unveiled the multi-experience talent development platform, an all-in-one suite designed to provide employees with personalized programs to reduce onboarding time, enhance performance, and deliver long-term impact. Additionally, with AI-driven analytics, HR can guide employees to impactful programs and also increase the business value of HR within the firm. 
 
 
 In October 2022, the firm announced that it has expanded its operation to the UK and Europe and hired Nick Koutris (former alumni of LinkedIn and Coachhub) as the director of sales for the region.&nbsp;&nbsp;&nbsp;
 
 
 Funding and financials
 
 
 In August 2022, the company raised 
 <a href="https://sp-edge.com/updates/12502">
 USD 25 million in a Series B funding
 </a>
 round led by Zeev Ventures. It planned to use the funds to scale its global operations to meet the increasing demand for G2 category leaders. The round follows its 
 <a href="https://sp-edge.com/updates/5638">
 USD 15 million Series A funding
 </a>
 in September 2021. &nbsp; 
 
</div>

<div>
 
 Founded in 2012 and based in Norway, Kahoot! is a free game-based learning platform offering premium features for a fee. User-generated multiple-choice quizzes on Kahoot! can be used to review students' knowledge (formative assessment) or for fun. The product is used by schools (for traditional learning) and by businesses (for training). The company reports that its active users include 50% of all US students and 47% of all US teachers. As of March 2021, Kahoot! reported more than 7 million educators and hundreds of millions of students worldwide using its service.
 
 
 &ldquo;Kahoot!+&rdquo; is a series of paid subscription products (+ Home, + Family, and + Premier launched in November 2020) to help children learn and play concurrently. Teams and players can compete in-person or virtually with league play and leaderboards, and also form their own virtual study groups. Meanwhile, the &ldquo;Kahoot!+ AccessPass&rdquo; subscription plan (introduced in December 2021) offers access to an expanded library of premium kahoots, courses, and other resources.
 
 
 Kahoot! has expanded its list of features and overall portfolio through a series of acquisitions. It strengthened its corporate learning and engagement tool &lsquo;Kahoot! 360&rsquo; by integrating Actimo, an employee engagement tool, in September 2020.The acquisition of Drops in November 2020, its largest to date, allowed Kahoot! to integrate its language-learning content (which uses short picture- and word-based games) on the Kahoot! platform and add Kahoot! features to Drops&rsquo; apps.Moreover, in line with Kahoot!&rsquo;s plans to expand its platform to include learning and engagement tools for teachers and learners, it acquired Digital Teaching Tools Finland Ltd., the company behind Whiteboard.fi, an online whiteboard tool for teachers and classrooms, in February 2021.In May 2021, Kahoot! acquired Clever, a digital learning platform used by several schools across the US, strengthening its US presence. Clever will operate as an independent company, remain an open platform, and continue to operate under the Clever brand.
 
 
 The platform has regularly added new features and undergone enhancements. In May 2021, the platform added a read-aloud game option to enhance the self-study experience with the app reading aloud questions and answer alternatives assisting young learners and those with reading and visual impairments. The company launched Kahoot Zapp, a new version of the Kahoot! app made for Zoom, in July 2021, allowing users to access, host, and play Kahoot! games directly in Zoom meetings. In April 2023, the firm launched &quot;Story,&quot; a mobile-first interactive storytelling format for its Kahoot! 360 offering, aimed at enhancing online knowledge sharing for business professionals.
 
 
 Key customers and partnerships
 
 
 Kahoot!&rsquo;s integration with Snap, Inc.'s Bitmoji (in November 2020) allows users to add Bitmoji avatars to Kahoot! learning games. In February 2021, Kahoot! announced integrations with Google services. The Google Classroom add-on will allow educators to access Kahoot! features, share Kahoot! games with students, and launch live Kahoot! games in-person, or via video conferencing. Further, Google Search results will include a sample of practice problems from Kahoot! Academy, Kahoot!&rsquo;s knowledge platform and online teacher community, made available to Kahoot! and Google users. Kahoot! also announced an integration with Microsoft PowerPoint in May 2021 that will allow users to host games without leaving their presentations. In November 2021, the company partnered with Mojang, developer of Minecraft: Education Edition, to launch free learning content as part of Minecraft&rsquo;s &ldquo;Hour of Code: TimeCraft&rdquo; program, which will offer interactive learning experiences within the world of Minecraft and on Kahoot!. In September 2021, the company partnered with Disney to add Star Wars characters to its educational material in a series of free quizzes and games to teach kids about STEM, leadership, and creativity.
 
 
 Funding and financials
 
 
 In October 2020, Kahoot! raised USD 215 million from SoftBank Group, a Japanese multinational conglomerate holding company, through a private placement of 43 million new shares to one of its subsidiaries, SB Management Limited. The company intends to use the funding for acquisitions and further product expansion. In December 2020, SoftBank purchased 12 million shares in Kahoot! from Northzone, a venture capital fund. With 60 million shares in total, 13.45% of the company, SoftBank became Kahoot&rsquo;s largest shareholder. In March 2021, it was rumored that Kahoot! was considering expanding beyond its key markets of North America and Europe, into Asia, on the back of SoftBank&rsquo;s increased investment. In May 2021, the company completed a private placement of 25 million shares at a price of NOK 68 (approx. USD 8) per share, raising NOK 1.7 billion (USD 203 million) in gross proceeds. The funds were used to partially finance the acquisition of Clever.
 
 
 In March 2021, Kahoot! started trading on the Oslo Stock Exchange under the ticker KAHOT.OL after being listed on Oslo's Euronext Growth market since October 2019. The listing had made the company's shares available to a larger, global investor base. Additionally, the company had been considering a secondary listing, potentially in the US, to capitalize on the surge of pandemic-driven interest in stock trading. However, in July 2023, the company announced an 
 <a href="https://sp-edge.com/updates/20160">
 all-cash private equity deal
 </a>
 led by Goldman Sachs, which valued the company at USD 1.72 billion. As a result of this acquisition, Kahoot! has now become a private company, enabling it to concentrate on long-term expansion and innovation without being publicly traded.
 
 
 For the
 <a href="https://sp-edge.com/updates/16706">
 full-year 2022,
 </a>
 Kahoot!&rsquo;s recognized revenue increased 60% YoY to USD 146 million and invoiced revenue grew 58% YoY to USD 169 million.&nbsp; For FY2023, Kahoot! expected to achieve double-digit YoY growth in billings, with recognized revenues surpassing USD 170 million and moderate yearly growth in operational costs. The company also expected an adjusted EBITDA growth exceeding 40% YoY and solid free cash flow. 
 
</div>

<div>
 
 Founded in 2015 by Andrew Barnes, Vu Tran, Chris Eigeland, and Chris Hood, Australian firm Go1 aggregates and curates learning content for businesses. The platform&rsquo;s library hosts about 150,000 pieces of content from around 1,000 sources including Pearson, EdX, Coursera, Skillsoft, Blinkist, Harvard Business Review and Harvard Business Publishing. Content providers receive royalties based on the consumption of their content. Go1 also offers curated bundles of content called &ldquo;playlists&rdquo; created by the platform or by customers. 
 In February 2024, Go1 launched Go1 AI, a suite of AI-powered personalized learning capabilities that helps L&amp;D administrators discover and recommend the best content for each learner from their library.
 
 
 
 
 The company aims to provide businesses with a single platform to access materials from different publishers and creators without requiring multiple subscriptions. It also seeks to integrate into businesses&rsquo; existing education or training platforms whether it be SAP, Workday, Salesforce or a Microsoft-based platform.&nbsp;
 
 
 In February 2022, the company acquired Education Changemakers, an Australian educational consultant firm that provides professional learning workshops and personalized support for teachers and administrators. More recently, in April 2022, Go1 acquired Switzerland-based Coorpacademy, a learning experience platform, to extend its French and German language content. In January 2023, the firm 
 <a href="https://sp-edge.com/updates/15775">
 acquired Anders Pink,
 </a>
 a content curation provider, to further strengthen its content aggregation and content curation tools. In May 2023, the firm 
 <a href="https://sp-edge.com/updates/18388">
 acquired Blinkist,
 </a>
 a mobile learning app, to strengthen the company&rsquo;s mobile learning capabilities and expand its presence in the corporate learning market.&nbsp;
 
 
 As of June 2022, the platform served 5 million+ users across more than 1,600 businesses. As of July 2021, the company&rsquo;s user base reportedly has grown by more than 300% over the past year.&nbsp;
 
 
 Key customers and partnerships
 
 
 In August 2021, Go1 announced a collaborative investment of AUD 330,000 (USD 244,500) in Noa, a Dublin-based audio journalism platform. The partnership will allow Go1 to add Noa&rsquo;s content to its existing content library so users can stay updated on relevant news from trusted sources while learning. The company also partnered with Adobe to provide users of Adobe Captivate Prime LMS access to Go1's online library within a content marketplace. In September 2021, the company partnered with Harvard Business Publishing Corporate Learning to provide Go1 users with access to Harvard ManageMentor to build skills in leadership and management. The company deepened its partnership with LMS365 in November 2021 to allow joint customers to push curated content playlists directly from Go1 into LMS365 catalogs.
 
 
 Funding and financials
 
 
 In June 2022, Go1 raised 
 <a href="https://sp-edge.com/updates/10923">
 USD 100 million (~AUD 139 million)
 </a>
 in a funding round that values the company at USD 2 billion. The round follows its 
 <a href="https://sp-edge.com/updates/4397">
 USD 200 million Series D
 </a>
 funding round raised in July 2021. The most recent funds will be allocated toward platform development, mainly focusing on new content and resources. 
 
</div>

Data Infrastructure & Analytics

DatologyAI is a startup that provides automated data curation tools to streamline the process of training large AI models like OpenAI's ChatGPT and Google's Gemini. The company's platform identifies the most relevant data within a dataset based on the model's intended application, suggests ways to augment the dataset, and optimizes batch processing during training. DatologyAI's technology can handle petabytes of data in various formats, including text, images, video, audio, tabular, genomic, and geospatial data. The company aims to improve the efficiency, performance, and domain knowledge of AI models while reducing computational costs and model sizes.

Unstructured specializes in developing data preprocessing solutions, allowing organizations to convert their unstructured data into formats usable by LLMs. It automates the transformation of natural language data from various sources, like PDFs, PPTX, and HTML files. Its two key offerings are Unstructured Enterprise Platform and Unstructured SaaS API, along with RAG support.The Unstructured Enterprise Platform is a no-code solution for managing unstructured data to ensure it's continuously integrated into LLMs. The platform enables companies to transform their disorganized internal data into formats compatible with advanced AI models, such as ChatGPT and other chatbots capable of generating human-like responses and content. Its platform is uniquely designed to expedite the pre-processing of unstructured data, with a particular emphasis on natural language data.The Unstructured SaaS API facilitates the transformation of data for document preprocessing without the need for custom code. The API has the capability to process more than 20 different natural language file types, converting them into data ready for LLMs and enterprise-level data connectors. These data connectors include support for Azure Blob, Microsoft's OneDrive, Amazon Web Services (AWS) S3, Google's Cloud Storage and Drive, Dropbox, and Elasticsearch. Pricing is based on consumption, with a specific rate per hour of compute.Key customers and partnershipsUnstructured Technologies serves a diverse range of sectors including finance, healthcare, logistics, energy, and government. As of July 2024, the company served around 50,000 companies.The company has received Phase I and II Small Business Innovation and Research contracts from the US Air Force and Space Force. Unstructured Technologies also lent its services to the US Special Operations Command (SOCOM), which led to the creation of the first independent system using an LLM in conjunction with critical data for the US armed forces.

Incorta is an open data delivery platform that simplifies access to data from complex enterprise systems, enabling organizations to unlock the full value of their data for analysis. The platform offers a direct data approach that eliminates the need for traditional data warehousing and ETL processes. Incorta's technology uses direct data mapping to preserve the original structure of source data, allowing real-time analytics on transactional data commonly found in ERP systems. This approach enables users to analyze data without pre-aggregation or pre-calculation, significantly reducing the time and complexity typically associated with data preparation.The platform integrates data acquisition, storage, analysis, visualization, and reporting into a single solution. It supports multiple workloads through a built-in Spark engine, including Big Data processing, data enrichment, and machine learning. Incorta's query engine allows ultra-fast data querying, enabling users to perform complex analyses on large datasets efficiently. The platform also incorporates AI and machine learning functionalities, as seen in the Incorta X release announced in January 2024, which includes features such as an AI assistant for dashboard creation, Machine Learning Notebooks, and a Query Accelerator for complex queries.In July 2022, Incorta reported that it had doubled annual recurring revenue (ARR) in 1H 2022 compared to 1H 2021, and even surpassed its total FY2021 ARR in the first of the year. The company also reported it had doubled its customer growth rate in the same period and disclosed growth in its partner ecosystem.Key customers and partnershipsIncorta's customer base includes large, enterprise-level organizations, such as Comcast, Broadcom, Shutterfly, Henkel, and Redstone​​​​​​​​​​.The company formed partnerships with various global cloud services, systems integrators, technology partners, and channel partners focused on developing solutions to current data trends and challenges​​​​​​. Notable partners include Accenture, Amazon Web Services, BlackLine, Google Cloud, Holland Parker, Infosys, Azure, and Workday.

Empowering Tomorrow's Innovations with Generative AI Infrastructure

Generative AI Infrastructure

d-Matrix is a chip design company specializing in the creation of chips optimized for GenAI applications. The company's core innovation lies in its ability to develop chips that significantly reduce energy consumption while managing the substantial computational demands of AI processing.&nbsp;d-Matrix’s first generation of AI hardware products includes the Nighthawk, Jayhawk-I, and Jayhawk II chiplets. These were succeeded by the Corsair C8 compute card, introduced in September 2023. d-Matrix claims the Corsair C8 compute card outperforms NVIDIA’s H100 GPU by a factor of nine in GenAI tasks. This AI accelerator utilizes d-Matrix's proprietary digital-in-memory computer (DIMC) technology, providing ample memory capacity for AI models. d-Matrix claims that a cluster of Corsair C8 cards can deliver 20x better power efficiency, 20x lower latency, and up to 30x lower costs compared to similar NVIDIA solutions.In&nbsp;<a href="https://sp-edge.com/updates/36641">November 2024</a>, announced Corsair, an AI inference computing platform for data centers. The platform comes in a PCIe Gen5 full-height, full-length card form factor and will be broadly available in Q2 2025.Key customers and partnershipsIn November 2022, d-Matrix partnered with Microsoft to utilize Microsoft's Project Bonsai, a low-code reinforcement learning (RL) platform, to develop an AI-trained compiler for d-Matrix's DIMC products.

<div>
 
 Unstructured specializes in developing open-source libraries and APIs to construct custom preprocessing pipelines for labeling, training, or production machine-learning pipelines.&nbsp;
 
 
 Unstructured was established in 2022 by Brian Raymond, an analyst from the US Central Intelligence Agency. The development of Unstructured's technology involved collaborating with the open-source community, commercial enterprises, and select US government defense and intelligence organizations.&nbsp;
 
 
 The two key offerings of Unstructured Technologies are its Unstructured Enterprise Platform, Unstructured SaaS API, and RAG support. The Unstructured Enterprise Platform is a no-code solution for managing unstructured data to ensure it's continuously integrated into LLMs. The platform enables companies to transform their disorganized internal data into formats compatible with advanced AI models, such as ChatGPT and other chatbots capable of generating human-like responses and content. Its platform is uniquely designed to expedite the pre-processing of unstructured data, with a particular emphasis on natural language data.
 
 
 The Unstructured SaaS API facilitates the transformation of data for document preprocessing without the need for custom code. The API has the capability to process more than 20 different natural language file types, converting them into data ready for LLMs and enterprise-level data connectors. These data connectors include support for Azure Blob, Microsoft's OneDrive, Amazon Web Services (AWS) S3, Google's Cloud Storage and Drive, Dropbox, and Elasticsearch. Pricing is based on consumption, with a specific rate per hour of compute.
 
 
 In partnership with LangChain, Unstructured&rsquo;s RAG support service provides consultancy services led by Unstructured&rsquo;s engineers to provide advisory, and prototyping services to streamline the production and deployment of context-aware GenAI applications utilizing LangChain Retrieval-Augmented Generation (RAG) tools.
 
 
 Key customers and partnerships
 
 
 Unstructured Technologies serves a diverse range of sectors including finance, healthcare, logistics, energy, and government.&nbsp;
 
 
 The company has received Phase I and II Small Business Innovation and Research contracts from the US Air Force and Space Force.
 
 
 Unstructured Technologies also lent its services to the US Special Operations Command (SOCOM), which led to the creation of the first independent system using an LLM in conjunction with critical data for the US armed forces.
 
 
 Funding and financials
 
 
 In 
 <a href="https://sp-edge.com/updates/27620">
 March 2024
 </a>
 , the firm raised USD 40 million in Series B funding led by Menlo Ventures. The funding was to be used to expand its team and for the development of its proprietary data preprocessing tools. In July 2023, it raised USD 25 million in a funding round led by Bain Capital Venture Associates LLC. The funds were earmarked for expanding the company's operations and enhancing its business reach, focusing on LLM data processing.&nbsp;
 
</div>

Co-founded in 2023 by Ari Marcos, an ex-Google DeepMind and Meta AI employee, Bogdan Gaza, and Matthew Leavitt, Datology AI provides a data-curation-as-a-service solution that automatically optimizes every step of the data curation process, from retrieving data in blob storage to the data loader used for training code in LLMs. Datology AI's platform claims it can handle petabytes of data in various formats, including text, video, images, audio, tabular, genomic, and geospatial. It also claims that the platform can support unlabeled data and can dynamically adopt to eveery dataset. The solution can be deployed on a user’s own infrastructure, either on-premise or on virtual private networks (VPC).The solution is currently being tested with select customers. The firm had initially planned to make it generally available by late 2023. As of Augsut 2024, the solution has yet to be launched.

The tools that power remote work are define the next generation of enterprise software.

Remote Work Tools

<div>
 
 Deployed offers a comprehensive project management solution by providing a centralized hub with two main services&mdash;Work Author and Work Assessor. Work Author is a collaborative writing platform that supports the creation of statements of work (SoWs). It offers real-time collaboration, integrated guidance notes, and pre-approved clause libraries for fast and compliant SoWs. Work Assessor is an advanced decision engine that triages service requests, guides users to effective and compliant work methods, and provides real-time visibility over organizational demand, spending, and risk.
 
 
 Key customers and partnerships
 
 
 Deployed&rsquo;s customer base includes enterprise clients such as Randstad Sourceright, Talent Solutions TAPFIN, and Roche.
 
 
 Funding and financials
 
 
 In 
 <a href="https://sp-edge.com/updates/18717">
 May 2023
 </a>
 , Deployed raised USD 4 million in a seed funding round with backing from Microsoft's venture capital arm M12 Microsoft Ventures and Amrock Ventures, among others. The funding was allocated to enhance its feature development, incorporate assisted writing and generative AI, expand its client base, and increase its workforce.&nbsp;
 
</div>

<div>
 
 Parabol, founded in 2015 by Jordan Husney, is a tool designed for agile product development teams to be used for retrospective meetings and check-ins. The tool allows participants to exchange ideas and feedback on development processes and aims to make collaboration more productive and less dependent on scrum masters.
 
 
 Jordan&rsquo;s experience in managing distributed teams and corporate advisory led to two observations: 1) the emergence of collaboration tools leading to a shift to remote teams 2) and consequently, the challenge of holding productive meetings remotely. Ultimately, the idea for Parabol came into effect.
 
 
 Parabol&rsquo;s product is directly aimed at agile software and product development teams, mainly in the small and medium enterprise (SME) and large enterprise category which employ two or more remote members. Its peer customer profiles also include large enterprises such as Microsoft, Thomson Reuters, Airbus, Amazon, and Adobe. As of March 2021, the platform has 100,000 users across 3,000 companies worldwide.
 
 
 In March 2021, the company raised USD 8 million in a Series A funding round led by Microsoft&rsquo;s venture fund, M12. The round included participation from Techstars, CRV, and Haystack. According to the CEO, Jordan Husney, the round will give the company about a 24-month runway during which he plans to triple the team headcount to 30. The company plans to grow its revenue 4x in 2021 and 3x in 2022. Additionally, it has hefty goals for its user growth, aiming to grow fivefold to 500,000 in 2021 and to 1 million users in 2022.
 
</div>

The innovative cost dynamics of serverless computing allow more customers onto the cloud without breaking the bank.

Serverless Computing

Webiny offers open source solutions for developers to build and deploy serverless apps and websites. The platform has two main offerings: 1) a content management system (CMS), and 2) the framework to build the CMS. The self-hosted CMS offers a GraphQL application programming interface (API) and a no-code builder which lets even non-technical developers build static pages and forms. The framework, on the other hand, offers the architecture to build and deploy custom apps, microservices, internal apps, and multi-database solutions, among others.&nbsp;As of August 2021, the framework was solely integrated with Amazon cloud and serverless services (such as AWS Lambda and Amazon S3).Additionally, the framework can also be integrated with third-party databases such as DynamoDB and MongoDB, and deployment services such as Pulumi.The company uses a freemium model with custom enterprise plans. It offers both its CMS and framework (even in the free tier), while the paid tier includes advanced training and support.&nbsp;

Neon offers an open-source serverless database management system based on Postgres that provides autoscaling, multi-cloud compatibility, and unlimited storage for developers to efficiently scale their applications. The solution’s architecture separates storage and computation to enable developers to reduce costs. This is done by activating incoming connections only when required and offloading data that is rarely accessed to third-party services such as Amazon S3.The company also plans to implement a “copy-on-write” technique that delivers checkpointing, branching, and “point-in-time” restore. This enables users to create branches of databases for test environments every time new code is deployed.Key customers and partnershipsThe company had 130,000 databases in use as of August 2023.

Artificial intelligence is helping sales teams manage relationships and optimize the customer lifecycle.

Sales Engagement Platforms

Databook is an AI-powered sales platform designed to improve B2B sales strategies by providing real-time, data-driven insights. Its technology leverages AI to deliver <a href="https://sp-edge.com/updates/17465">Strategic Relationship Management (SRM) </a>that helps sales teams understand the unique needs of individual buyers and tailor their approach accordingly. Databook's key offerings include account planning, territory management, and sales engagement tools that automate and streamline sales workflows, enabling salespeople to create personalized, high-impact messages. The platform integrates with existing sales tools, such as DatabookGPT, and serves as an AI sales advisor, increasing productivity and pipeline generation while ensuring data accuracy and compliance with enterprise security standards. As of February 2022, Databook consists of global data assets of 44,000 public and private enterprises.&nbsp;The company claims to help achieve up to 300% more pipeline, 200% larger deals, and 150% faster cycle times.

Outreach is a sales execution platform designed to optimize and enhance sales processes across organizations. Its technology leverages AI and data-driven insights to improve sales performance, streamline workflows, and improve productivity. Its suite of solutions includesSales Engagement: Outreach provides tools to structure and automate sales outreach, ensuring that sales reps send timely, relevant messages to the right peopleDeal Management: The platform simplifies deal management by helping sales teams track deal progress, spot potential risks, and identify the best actions to maintain momentum and close dealsPipeline Management: Outreach offers comprehensive pipeline management features, including advanced forecasting and modeling capabilities to predict revenue needs and build more accurate forecastsConversation Intelligence: Powered by Kaia, a voice-based AI sales assistant, this feature analyzes sales conversations to provide actionable insights and coachingRep Coaching: Outreach supports real-time coaching by identifying skill gaps and providing feedback, which helps in enhancing the effectiveness of sales reps and aligning their activities with best practicesDeal Insights: The platform provides detailed insights into deal performance, helping sales teams understand why deals are won or lost and what actions are needed to increase success ratesMutual Action Plans: Outreach facilitates the creation of mutual action plans that align the sales team and the customer on the next steps, ensuring a clear path to closing dealsSales Forecasting: The platform uses AI to generate accurate sales forecasts, helping teams better plan and allocate resources based on predictive data and historical trends.The platform integrates with popular customer relationship management (CRM) platforms such as HubSpot, Salesforce, and LeanData. The company is deeply integrated with third-party apps to attract large enterprise customers and has a network of 1,200+ partners.&nbsp;Outreach's machine learning model claims to predict deal closure with 81% accuracy and recommends actions to keep deals on track by analyzing unique engagement signals from emails, calls, and meetings.The company also opted to bolster its product offering by acquiring revenue intelligence platform Canopy.io in October 2021. With this acquisition, Outreach strengthens its sales analytics and forecasting capabilities. Canopy.io will be the foundation of “Outreach Commit,” a new forecasting tool under Outreach’s suite of products. Key customers and partnershipsAs of August 2024, the platform served more than 6,000 companies, including Zoom, Databricks, ELSEVIER, Okta, and Siemens.In March 2023, the company <a href="https://sp-edge.com/updates/17465?industryIds=27">expanded its partnership with Snowflake, </a>a data platform, to introduce a new offering called “Outreach Data Sharing,” which enables organizations to connect Outreach's datasets with other enterprise data and improve sales cycle.&nbsp;&nbsp;

Generating, collecting, and analyzing enterprise data will never be the same.

Edge Computing

Armada offers a full-stack edge computing and platform that enables users to deploy and manage edge applications and AI on premises and via the cloud.Users across a range of industries, such as utilities, infrastructure, military, and mining, can support data analytics and processing at the edge of their networks by leveraging the company’s satellite connectivity to Starlink or via edge data centers.The company’s suite of products include: 1) Commander, an edge observability platform that enables users to manage a range of edge operations such as the purchase of Starlink terminals, deployment of data centers, and unification of IoT device data; 2) Armada Connect, a dedicated operating system for Starlink and IoT devices; 3) Galleon, a range of modular edge data centers designed to support multiple data-processing and AI applications; and 4) EdgeAI solutions for custom industrial applications, such as real-time visual inspection, assistive agents, predictive maintenance, robotics, autonomous vehicle operations, and emissions monitoring.Moreover, the platform offers the “Commander AI Assistant,” which provides real-time contextual alerts, diagnostics, and troubleshooting support, as well as a marketplace of pre-built, industry-specific applications for computer vision, predictive maintenance, robotics, autonomous vehicle operation, and compliance, among others.

Syntiant offers edge-focused deep learning solutions via a combination of specialized processor architecture, an edge-optimized data platform, and a training pipeline for always-on edge AI applications. Syntiant’s “Neural Decision” neural network processors (NDPs) combine low power with high performance to support edge AI applications across a wide range of consumer and industrial use cases, such as earbuds, wearables, smartphones, smart speakers, laptops, automobiles, and internet-of-things (IoT).The company claims that its NDPs typically offer more than 100x efficiency improvement while providing a greater than 10x increase in throughput compared to other low-power MCU-based solutions. As of March 2022, the company reported that it had over 50 customer engagements.Key customers and partnershipsAs of March 2022, the company reported that it had over 50 customer engagements in smart electronic devices, automobiles, and IoT.Syntiant has partnered with several companies to launch industry-focused solutions. It partnered with Renesas Electronics to develop a voice-controlled multimodal solution for image processing in vision AI-based IoT and edge systems (July 2021), with CeramicSpeed to develop low-power autonomous sensors for Industrial IoT applications (January 2022) and with Eatron Technologies to deliver an AI-Ready battery management system (November 2022). Syntiant has also partnered with Tekro to grow its sales in South Korea (August 2021) .Funding and financialsIn March 2022, Syntiant <a href="https://sp-edge.com/updates/9397">raised USD 55 million in new funding </a>to invest in enhancing software capabilities and accelerating deployment of the company’s third-generation Syntiant Core 3 architecture (which was expected to launch in 2023).

Making banking work, without the paperwork

Neobanks

BlueVine offers banking services to small businesses via a web portal and mobile app. The company offers both checking accounts and loans, in addition to direct payment services.The company’s checking accounts, inclusive of a debit card, do not require a minimum deposit or balance and do not charge monthly service fees. The company offers a 2.00% APY on checking accounts with balances up to USD 250,000. Moreover, customers have the option to choose between checking accounts that offer FDIC insurance up to USD 3 million or the standard USD 250,000. Under its credit segment, BlueVine offers invoice factoring, lines of credit, and term loans. Invoice factoring is offered for values up to USD 5 million, with interest rates starting at 0.25% per week. Meanwhile, lines of credit are offered for values up to USD 250,000, with interest rates starting at 4.8% bi-annually, with durations of six months or one year. In addition, it introduced <a href="https://sp-edge.com/updates/23835">BlueVine Premier</a> in November 2023, a new subscription plan priced at USD 95 per month. This plan offers Business Checking account users a high yield, along with 50% discounts on most standard payment fees, priority customer support, and additional benefits such as access to commercial services typically reserved for large corporations.Key customers and partnershipsThe company offers its banking services in partnership with Coastal Community Bank and Celtic Bank.In August 2021, the company ventured into the insurance segment by partnering with Next Insurance, a small business insurance provider, to offer insurance policies to BlueVine’s customers. This includes coverage for general liability, professional liability, and workers’ compensation, among others.As of December 2023, the company served over 500,000 small business owners, managed over USD 1 billion in deposits, and issued USD 14 billion in loans.Funding and financialsIn September 2020, the company received USD 75 million in funding from Atalaya Capital Management, in the form of a revolving credit facility. The funding was expected to be used to further enhance its product offering, particularly within the credit space.

Brazil-based Neon is a digital bank serving retail and micro-entrepreneur individuals (MEI). The bank serves its retail customers through its mobile app, which provides access to a digital account, credit and debit card, and a digital wallet. In addition, customers will be able to conduct PIX payments, an account-to-account payment mechanism created by the Central Bank of Brazil. The bank also offers investment products, where customers can either save in fixed amounts or through daily or monthly installments. Neon Bank does not charge any annual fees on its credit cards and allows its customers to make unlimited payments and transfers for free as well. It also provides personal and payroll loans facilities, and customers are also eligible for three free ATM withdrawals per month. Moreover, Neon had plans to venture into new verticals such as insurance and other credit alternatives such as loans and guarantees in the future.Neon serves its micro-entrepreneur customers through its mobile MEI Fácil app and helps them obtain a CNPJ (tax registration number). MEI is a regulation by the Central Bank of Brazil that allows micro-entrepreneurs to pay fewer taxes and enjoy other benefits. To be eligible to open the account, a micro-entrepreneur’s annual revenue is required to be below BRL 81,000, it should employ at least one worker, and it should be engaged in a permitted activity. Through the MEI Fácil account, Neon’s customers can order a POS machine (costing BRL 78 with no monthly fees), which is linked to the digital account allowing customers to track sales, accept PIX and card payments, and issue invoices. Businesses are also given a debt and credit card with a limit of BRL 15,000 with no monthly fees. Customers can also use the app to pay bills and monthly taxes, and conduct one free withdrawal (ATM or outside bank transfer) per month, with additional withdrawals costing BRL 6.90 per transaction. In addition, Neon provides accounting services (BRL 69.90 per year) and educational content to its micro-entrepreneurs.Neon’s rapid expansion can be attributed to a series of strategic acquisitions made in recent years. In September 2019, it made its first acquisition–MEI Fácil, expanding its services to micro-entrepreneurs. Furthermore, it expanded its product offerings to private payroll loans in November 2020 with the acquisition of ConsigaMais+, which had more than 430,000 customers and a loan portfolio worth BRL 150 million (USD 28 million). To further consolidate its foothold in the payroll loan segment, it acquired Biorc in January 2022, and the bank claimed it is the largest payroll loan provider in Brazil as of May 2022.Key customers and partnershipsAs of August 2023, Neon had ~20 million customers, consisting primarily of retail customers (~70%). Its debit and credit cards are provided in partnership with Visa.Funding and financialsIn February 2022, Neon raised USD 300 million from a Series D funding at a valuation of USD 1.6 billion from existing investor Banco BBVA, through its VC fund–Propel, thereby increasing its stake to 29.7%. Neon was expected to use the fresh capital to launch new products and improve its technological and marketing capabilities.In FY2021, Neon reported a financial income of BRL 152.5 million (USD 28.3 million), net financial operating profit of BRL 5.7 million (USD 1.1 million), and a net loss of BRL 542.2 million (USD 100.6 million).

Using AI to automate, enhance and optimize marketing activities

Marketing Automation

Typeface is a GenAI platform designed for enterprises that focuses on enhancing personalized content creation across various departments, particularly in marketing. Its technology integrates multimodal AI models to generate text, visuals, video, and audio tailored to specific brands, audiences, and platforms. The platform includes products like Arc, a content workflow tool for campaign creation; Hub, a multimodal content hub for personalization; Copilot, which accelerates content production; Blend for scalable personalization; Connect for data integration; and Safe for ensuring responsible AI use. It supports use cases like email marketing, ad campaigns, SEO, ecommerce, and talent outreach.In <a href="https://sp-edge.com/updates/33617">September 2024,</a> the company acquired Treat, a company that uses AI to create personalized photo products, and Narrato, an AI-powered content creation and management platform, to help build its visual and text capabilities and further develop its portfolio.Key customers and partnershipsIn August 2023, Typeface announced a <a href="https://sp-edge.com/updates/21422">collaborative solution </a>with marketing technology company GrowthLoop and Google Cloud’s BigQuery and foundation models to allow marketers to personalize GenAI-based end-to-end campaign creation. In June 2023, the company partnered with Salesforce to integrate its brand-personalized GenAI capabilities with Salesforce Marketing GPT.

GroundTruth (formerly known as Xad) is a location-based technology, providing brick-and-mortar firms the ability to send personalized ads to potential customers via mobile, connected TV or desktop. GroundTruth offers proprietary mapping technology “BluePrints” that provides verified location data on many topics. These include demographics, weather, and location data in 21 countries gathered from several sources including weather sensors, geo sensors, and human mappers. GroundTruth offers both a “self-serve” ad manager platform as well as a “full service”, where advertising campaigns can be fully managed by GroundTruth’s marketing experts.In August 2021, GroundTruth received accreditation for its location, place, and visitation data sets from the Media Rating Council (MRC).GroundTruth expanded its services in 2020 to add location-based ad targeting for connected TV and desktop. It further enhanced this service in August 2021 with the introduction of geo contextual targeting for these mediums.&nbsp;GroundTruth made two acquisitions; the most recent was in March 2021, when it acquired Addy, a self-serve ad marketplace for local advertisements targeted at small businesses, for an undisclosed amount.Key customers and partnerships&nbsp;In March 2022, GroundTruth partnered with Flowcode, a QR code platform for measuring conversions, to launch GT QR Codes, the first intent-based quick response ad solution for linear TV, addressable TV, and CTV, enabling marketers to create interactive connections with consumers through TV ads and measure engagement.

Autonomous and connected technologies shaping the future of the auto industry

Auto Tech

<div>
 
 ClearMotion develops proactive suspension and road-sensing hardware and software to mitigate vehicle motion across uneven terrain. Its patented flagship product, &ldquo;ClearMotion1&rdquo; (CM1), incorporates high-bandwidth, active suspension technology that can cancel unwanted motion in the car. It is pitched as an alternative chassis for vehicle manufacturers that could replace traditional physical shock absorbers with digital, software-driven adaptive actuators. It also offers &ldquo;Roadmotion,&rdquo; a software that analyzes road surfaces for better chassis control.
 
 
 In September 2023, ClearMotion announced that its intellectual property portfolio had surpassed 500 patents and applications in the field.
 
 
 The company has offices in Boston (US), Birmingham (UK), and Shanghai (China). It also started constructing its first production facility in Changshu, China 
 <a href="https://sp-edge.com/updates/21108">
 in August 2023
 </a>
 (to be operational by Q1 2024).
 
 
 Key customers and partnerships
 
 
 ClearMotion has customers including Volkswagen-owned car brand Porsche 
 <a href="https://sp-edge.com/updates/28326">
 (April 2024),
 </a>
 EV maker NIO (for 3 million units; 
 <a href="https://sp-edge.com/updates/25061">
 December 2023),
 </a>
 and another undisclosed EV manufacturer company (to be rolled out in 2024; 
 <a href="https://sp-edge.com/updates/18795">
 May 2023).
 </a>
 The company also has partnerships with parties including Bridgestone to jointly develop new solutions for the automotive industry (2017), United States Seating Company (USSC) to license out ClearMotion&rsquo;s system (2018), and with BWI Group to supply full-active suspension components and subsystems to an EV manufacturer 
 <a href="https://sp-edge.com/updates/20000">
 (July 2023).
 </a>
 
 
 ClearMotion also acquired Bose Ride, Bose Corporation&rsquo;s active motion control business, in 2017 to complement its product offering. 
 
 
 Funding and financials
 
 
 <a href="https://sp-edge.com/updates/18795">
 In May 2023,
 </a>
 ClearMotion raised USD 32 million in venture capital to commercialize its technology. Previously, the company raised USD 39 million led by NIO Capital&mdash;also to launch the product in 2024, with plans to expand globally.
 
 
 Key competitors: None comparable 
 (ClearMotion is the only startup covered in the Auto Tech hub that develops suspension technology.)
 
 
 
</div>

Applied Intuition offers a development platform and a vehicle software platform to streamline the creation and implementation of advanced driver-assistance systems (ADAS) and autonomous driving systems. Its solutions cover the development cycle, from simulation and data exploration to validation, enhancing the safety, efficiency, and speed of deploying and updating the technologies. Its products are pitched toward the automotive, trucking, construction and mining, agriculture, and defense industries, among others.The company is headquartered in California, with offices in Michigan, Washington, Germany, Sweden, South Korea, and Japan, and serves customers globally.The company has made several M&amp;A deals, including 1) a merger with autonomous truck developer Embark Trucks (for USD 71 million;&nbsp;<a href="https://sp-edge.com/updates/18902">May 2023);</a> 2) the acquisition of SceneBox, a data management and operations platform built specifically for machine learning (March 2023); and 3) the acquisition of Mechanical Simulation Corporation, a provider of vehicle dynamics simulation software (March 2022). The company also acquired the patent portfolio of Ghost Autonomy&nbsp;<a href="https://sp-edge.com/updates/35109">in October 2024,</a> which were in relation to next-generation vehicle technology and autonomous driving software.Key customers and partnershipsAs of April 2024, Applied Intuition’s customers included 18 of the top 20 global automakers. Its key customers include <a href="https://sp-edge.com/updates/19471">Nissan,</a> Daimler, Audi, GM, Porsche, Volkswagen, Valeo, Luminar, May Mobility, Motional, and Ambarella.

Powering digital transformation for businesses

Low-code Platforms

Zenity is a Tel Aviv-based cybersecurity company founded in 2021 that provides a security governance platform for low-code/no-code applications and enterprise AI copilots. The company's platform aims to help organizations secure and govern the growing use of low-code/no-code development tools and AI assistants within enterprises. Zenity's solution connects to various low-code/no-code platforms and continuously assesses the security state of applications and components built using these tools. It provides capabilities such as cross-platform inventory, business logic vulnerability discovery, suspicious activity detection, remediation guidance, and automated policy enforcement. Key features of Zenity's platform include application security posture management, AI security posture management, vulnerability management, software composition analysis, and secrets scanning. The company's technology is designed to address security risks in low-code/no-code applications like privilege escalation, data leakage, insecure authentication, misconfigurations, and oversharing. Zenity's platform is agent-less and compliant with SOC 2 Type two and GDPR standards.
Key customers and partnerships
Zenity works with several Fortune 500 enterprises to help them understand and secure applications built by business users across their low-code and AI copilot environments. In July 2024, the company received a strategic investment from M12, Microsoft's venture fund, which will allow Zenity to work closely with Microsoft on a joint go-to-market strategy to enhance security for mutual customers. Zenity has also partnered with large enterprises, including Fortune 500 companies, to implement its security governance solution.

ToolJet is an open-source low-code platform designed for building custom internal tools and applications with minimal coding. Founded in April 2021 by Navaneeth PK, ToolJet allows users to connect to various data sources, including databases like PostgreSQL, MongoDB, MS SQL Server, Snowflake, and BigQuery, as well as SaaS tools such as Airtable, Stripe, and Google Sheets. The platform features a visual App Builder that enables users to drag and drop components, creating interactive interfaces with tables, charts, forms, and other UI widgets.
ToolJet's framework supports both JavaScript and Python for writing custom business logic, allowing developers to manipulate data, perform calculations, and handle user interactions. The platform includes a built-in database called ToolJet DB, which is based on PostgreSQL, for secure internal data management. Users can run queries to fetch or update data, and display information using various UI components.
As of January 2022, ToolJet had been adopted by hundreds of software teams since its open-source version was released in 2021. The company offers both a cloud-hosted solution and self-hosted options for deployment, catering to different organizational needs. ToolJet's commercial version provides additional features such as advanced user access controls and other security capabilities.
Key customers and partnerships
François Xavier Lecarpentier, Head of Research Production Management, reported that ToolJet significantly shortened their design and development time for internal tools. James Bender, Director of IT at a midsize firm, praised ToolJet for enabling them to build apps to solve business requirements without dedicated developers. Liron Hanania, Head of DevOps at Atera, highlighted ToolJet's ease of deployment, time-saving capabilities, and cost-effective nature.

Tools for streamlining or improving one or more aspects of contractual agreements

Contract Management Tools

PandaDoc is a document management and automation platform that streamlines the process of creating, editing, and sharing documents. It offers a user-friendly drag-and-drop interface and customizable templates, enabling users to create media-rich documents 50% faster than traditional methods. PandaDoc's key product offerings include real-time, multi-person document editing capabilities, approval workflows, signing orders, and automated follow-ups.
One of PandaDoc's standout features is its seamless integration with popular Customer Relationship Management (CRM) systems. This integration allows users to import data and products from their CRM directly into documents, creating interactive pricing tables with just a few clicks. By keeping the CRM as the single source of truth, PandaDoc eliminates the need for manual data entry, reducing the risk of errors and saving time.
PandaDoc also provides powerful workflow management tools, such as the ability to lock content, restrict editing permissions, and create custom roles with corresponding access levels. These features help organizations maintain control over their documents and ensure a smooth, conflict-free workflow.
In terms of business impact, PandaDoc's customers have reported an 87% increase in completed documents every month and up to a 36% improvement in close rates. Additionally, some customers have experienced a 65% reduction in document creation time and a 30% reduction in time-to-close.

Evisort is a no-code contract intelligence platform that leverages proprietary artificial intelligence (AI) to streamline contract management processes for legal, IT, procurement, and operations teams. At its core, Evisort utilizes advanced AI models to automatically extract critical data points and clauses from contracts, providing valuable legal and business insights. This capability accelerates deals, enhances decision-making, and drives enterprise-wide workflows by seamlessly integrating contract data across various systems and departments.
Evisort's AI technology is built upon a robust foundation, trained on over 11 million contracts and 1 billion data points. This extensive training enables accurate parsing and understanding of the nuanced context and meaning of legal language. The platform offers a suite of powerful features, including customizable AI-powered analytics, advanced search and filtering, conversational AI interfaces, and seamless reporting capabilities.
In addition to its core AI-driven contract analysis capabilities, Evisort simplifies the entire contract lifecycle management process. It streamlines tasks such as ticketing, drafting, editing, negotiation, and storage through AI-powered workflows, risk analysis, automated redlining, and complete visibility and accountability.
Evisort has made significant advancements in its AI capabilities, introducing groundbreaking innovations like the industry's first large language model (LLM) specifically designed for legal agreements and generative AI for contract drafting and negotiation. These cutting-edge developments enable legal professionals to leverage AI for automated contract creation, redlining, and negotiation, ultimately accelerating deal cycles and driving revenue growth.
Evisort's commitment to security and privacy is also noteworthy. As the first AI-native contract lifecycle management (CLM) company to achieve ISO 27001 and 27701 certifications, as well as SOC two Type two certification, Evisort ensures the utmost confidentiality and protection of client data.

Promises increased productivity, cost-efficiency, and competitiveness in the legal industry

LegalTech

Evisort is an artificial intelligence (AI) powered contract lifecycle management (CLM) platform that enables organizations to streamline and automate various stages of the contract management process. At its core, Evisort leverages proprietary AI trained on millions of contracts to extract and analyze critical data points and clauses from agreements. This provides users with valuable insights, identifies risks and opportunities, and facilitates data-driven decision-making.
Evisort's flagship offering, Document X-Ray, is a generative AI solution that allows organizations to customize their AI models based on natural language queries. By simply posing questions like "Are any rebates or discounts available?", users can train the AI to automatically populate relevant data fields across their contract portfolio. Document X-Ray goes beyond traditional clause extraction by generating summaries, calculating dates and amounts, assigning risk scores, and more.
Complementing its AI capabilities, Evisort provides a comprehensive suite of features spanning the entire contract lifecycle. This includes intelligent contract drafting with clause libraries and in-app editing, automated workflows for approvals and negotiations, e-signature integration, and robust reporting dashboards. Evisort seamlessly connects with enterprise systems like Salesforce, ServiceNow, and SAP Ariba, enabling organizations to share contract data across departments and drive strategic business decisions.
In December 2023, Evisort achieved a significant milestone by creating the first large language model (LLM) specifically designed for legal agreements, further elevating its AI prowess in the contract intelligence space. The company has garnered recognition from industry leaders, with Microsoft lauding its ability to train custom algorithms, and Workday highlighting its effectiveness in rapidly extracting and sharing contract data.
Key customers and partnerships
Evisort boasts an impressive client roster that includes prominent global corporations such as Microsoft, BNY Mellon, NetApp, Western Union, and Workday. These industry leaders have leveraged Evisort's AI-powered platform to streamline their contract management processes, gain visibility into contractual obligations, and drive strategic business decisions.
In May 2023, Evisort announced a strategic integration with ServiceNow's Legal Service Delivery application. This collaboration combines Evisort's innovative contract data extraction capabilities with ServiceNow's advanced workflow capabilities, enabling enterprises to automate manual processes, deliver valuable contract data across departments, and drive enterprise-wide business workflows powered by AI-driven connected contract data.

Definely is a legal technology company that provides an AI-powered suite of tools to assist lawyers in drafting, proofreading, and comprehending legal documents efficiently. Their flagship product, Vault, utilizes large language models and proprietary contract repositories to help lawyers surface and insert precedent clauses and information seamlessly within their documents. Draft, another tool in their suite, enables lawyers to access and edit information across legal documents without navigating away from the specific clause or provision under review. Definely also offers Proof, an AI-driven legal proofreader that automates hundreds of proofreading checks with a single click, ensuring contracts are watertight and eliminating the need for manual proofreading.
Definely's technology aims to address the challenges lawyers face when referencing complex legal documents, which often involve scattered phrases and terminology across different sections. Their solutions allow lawyers to stay focused on the same page, reducing the time and cognitive load associated with traditional methods like using Ctrl+F, multiple monitors, or referencing hard copy documents.
As of May 2024, Definely has over 40,000 active users, including some of the largest companies and law firms in the UK, US, Canada, and Australia. Their client base includes prominent firms like Allen & Overy (now A&O Shearman), Slaughter & May, Dentons, Deloitte, and P&O Cruises.

Creating affordable content for the digital age

Content Creation Tools

LottieFiles is a platform that provides solutions for creating, editing, and implementing lightweight Lottie animations across websites, apps, and social media. The company's product portfolio includes 1) Lottie Creator, a web-based tool for creating Lottie animations, 2) Lottie Editor for customizing animations, 3) an animation library, and 4) developer tools for previewing, testing, optimization, and integration. The platform offers 400,000+ animations for its users.As of September 2024, LottieFiles has integrated with Adobe After Effects, Figma, Webflow, Canva, Framer, and WordPress.&nbsp;In February 2021, LottieFiles acquired<a href="https://iconscout.com/blog/iconscout-acquired-by-lottiefiles"> Iconscout</a>, a design asset marketplace, to expand its design portfolio.Key customers and partnershipsAs of September 2024, the company’s notable customers include Google, TikTok, Disney, Uber, Airbnb, Duolingo, BBC, Airbnb, and Netflix.&nbsp;

Typeface is a generative AI platform that enables enterprises to create personalized, on-brand content across various mediums, including text, images, and videos. The company's core offering, Typeface Blend, is an Affinity AI technology that self-learns and customizes content to align with each enterprise's unique voice, brand elements, and digital assets. Typeface provides self-serve solutions for complete lifecycle content development, empowering employees to craft captivating content with ease, speed, and brand authenticity.Typeface's platform offers a multimodal content hub called Graph, where users can upload visual assets, style guides, messaging, and other brand elements. The Blend technology then customizes AI-generated content based on these assets, ensuring brand consistency across various use cases, such as rapid ideation, cross-team collaboration, and personalized product campaigns. Additionally, Typeface provides self-serve workflows, templates, and enterprise-grade security and compliance features.In May 2023, Typeface unveiled new capabilities like Image Studio for high-resolution product photography, video-to-text conversion, and selective image editing and regeneration. The company has gained strong customer traction across diverse industries, including digital-native brands and Fortune 500 companies, demonstrating its ability to rapidly personalize content at scale while maintaining brand integrity.In January 2024, Typeface announced the acquisition of TensorTour, integrating advanced AI algorithms, domain-specific models, and expertise in multimedia AI content creation. This strategic move aimed to accelerate Typeface's multimodal AI roadmap and invest in specialized enterprise workflows for video, audio, and 3D content.Key customers and partnershipsTypeface has established notable partnerships with industry leaders to extend its reach and integration capabilities. In June 2023, the company announced collaborations with Salesforce and Google Cloud, enabling customers of Salesforce Marketing GPT, Google Cloud, and Google Workspace to create highly customized content within their existing workflows. Additionally, Typeface partnered with ActionIQ, a leading enterprise customer data platform, to merge audience insights with Typeface's personalized AI content engine, facilitating tailored content across all ActionIQ audience segments.Prominent customers leveraging Typeface's solutions include LG Electronics, where the company's SVP of Digital Commerce &amp; Marketing Solutions praised Typeface's ability to generate personalized, on-brand images spanning multiple markets, significantly reducing production time and enabling a unified brand approach across business units.

Tools that streamline software development

DevOps Toolchain

Codefresh is an enterprise-grade CI/CD and GitOps platform designed for cloud-native applications. Founded in 2017, Codefresh offers a modern approach to software delivery, leveraging Argo, an open-source project for Kubernetes-native continuous deployment. The platform provides intuitive and scalable pipelines with advanced deployment capabilities, helping teams deliver software faster and with higher quality. Codefresh's technology focuses on streamlining Kubernetes, Helm, and serverless deployments, offering code-to-cloud visibility through a unified CI/CD platform.
The company's platform is built to address the challenges of microservices, containers, and Kubernetes environments. It offers features such as lightning-quick builds powered by advanced build caching and parallelization, progressive delivery with automated rollbacks, and build-to-deployment visibility for efficient troubleshooting. Codefresh also emphasizes developer experience, providing instant access to logs, environment states, and quick feedback on commits. The platform includes innovative approaches to reduce pipeline sprawl, such as flexible templates and pipeline inheritance, enabling teams to maintain DRY (Don't Repeat Yourself) principles in their CI/CD processes.
In February 2024, Codefresh was acquired by Octopus Deploy, a move aimed at strengthening Octopus's support for Kubernetes and creating a comprehensive CD solution at scale. This acquisition brings together Codefresh's cloud-native GitOps capabilities with Octopus Deploy's existing CD platform, positioning the combined entity as a leader in the DevOps sector.

Split Software is a feature management and experimentation provider that offers solutions to help development teams control and innovate their software releases. The company's Feature Data Platform enables teams to set up feature flags, safely deploy to production, and control feature visibility. Split's platform connects every flag to contextual data, allowing teams to assess feature performance and react quickly to issues. It also facilitates feature experiments such as A/B tests without slowing down the development process. Split's technology aims to give development teams the confidence to accelerate with control and the freedom to innovate with ease. The company's solutions support various aspects of the software development lifecycle, including building, deploying, and releasing software while running experiments to measure feature adoption. Split's customer base includes enterprises such as Comcast, SAP, Rocket Mortgage, and Salesforce. In June 2024, Split Software was acquired by Harness, a move that aimed to create a more comprehensive software delivery platform.
Key customers and partnerships
Split Software's key customers include major enterprises such as Comcast, SAP, Rocket Mortgage, and Salesforce. The company has also partnered with Harness, leading to its acquisition in June 2024. This partnership aims to integrate Split's feature management and experimentation capabilities into Harness's software delivery platform, providing a more comprehensive solution for software development teams.

Threat Prevention Toolchain

Valence Security is a cybersecurity company that provides solutions for securing Software-as-a-Service (SaaS) applications and infrastructure. Founded in 2021, the company offers a SaaS Security Platform that combines SaaS Security Posture Management (SSPM) capabilities with advanced risk remediation and Identity Threat Detection and Response (ITDR) features. Valence's platform is designed to address the growing security challenges posed by the widespread adoption of SaaS applications in enterprises.
The company's technology focuses on identifying and mitigating risks associated with SaaS applications, including misconfigurations, identity management issues, data protection concerns, and SaaS-to-SaaS integration vulnerabilities. Valence's platform provides visibility into an organization's SaaS environment, allowing security teams to detect and remediate potential security gaps. It offers capabilities such as shadow SaaS discovery, strong authentication enforcement, identity management for both human and non-human users, and management of SaaS misconfigurations.
Valence's approach emphasizes collaboration with business users to ensure that security measures are implemented without impeding SaaS adoption and usage. The platform enables automated and decentralized remediation workflows, allowing organizations to address SaaS security risks efficiently. As of August 2024, Valence was recognized as a "Leader" and "Fast Mover" in GigaOm's first annual report for SaaS Security Posture Management, highlighting its comprehensive range of capabilities and strong automated remediation features.
Key customers and partnerships
Valence Security has established partnerships with several prominent technology companies. The company is a member of the Microsoft Intelligent Security Association (MISA) and has integrated its platform with Microsoft security products, including Microsoft Entra ID and Microsoft Sentinel. This integration enhances customers' capabilities to manage SaaS risks and respond to SaaS breaches.
In March 2024, Valence announced its participation in the Partner Private Preview of Microsoft Copilot for Security, collaborating with Microsoft to shape the development of this AI-powered security tool. The company also partners with Orca Security to provide a comprehensive view of Infrastructure-as-a-Service (IaaS) environments for their mutual customers.
Valence's platform is available for purchase through the Azure Marketplace, further expanding its reach to potential customers.

Synack is a cybersecurity company that provides on-demand security testing through its premier platform. The company's core offering combines software with a global community of vetted security researchers, known as the Synack Red Team, to deliver continuous penetration testing and vulnerability management services. Synack's platform enables organizations to launch tests rapidly, often within days, to identify and address critical vulnerabilities before adversaries can exploit them. The company's approach goes beyond traditional bug bounty programs by offering controlled, on-demand access to its community of ethical hackers.
Synack's platform incorporates various features to enhance security testing. It includes asset discovery to maintain current inventories of web, host, and FQDN assets. The platform provides actionable insights on testing status, vulnerabilities, and other security risks. It combines automated and human-led vulnerability discovery with both point-in-time and continuous penetration testing options. Additionally, Synack offers remediation guidance and patch verification to aid in vulnerability mitigation. The platform generates real-time and customizable reports tailored for security teams, CISOs, and auditors.
In January 2022, Synack implemented VMware Horizon on Google Cloud VMware Engine to enhance its LaunchPoint platform, which is used for penetration testing projects. This implementation allowed Synack to maintain stricter control over its researchers' activities and provide clients with increased confidence in policy enforcement. The use of VMware technologies, including vCenter, vSAN, and NSX, has improved Synack's ability to manage virtual environments, scale operations, and ensure network security and isolation between client engagements.
Key customers and partnerships
Synack's client base includes global banks, federal agencies, and Fortune 500 and Global 2000 companies. As of June 2022, the company reported protecting more than USD 6 trillion in Fortune 500 and Global 2000 revenue. Synack has also worked with the US Department of Defense, securing classified assets.
In January 2022, Synack partnered with Google Cloud, leveraging Google Cloud VMware Engine to enhance its security testing platform. This collaboration allowed Synack to improve its network segmentation capabilities and adopt Google's high-security model and best practices.

Building future-ready applications in the cloud

Cloud-native Tech

Codefresh is a Continuous Integration/Continuous Delivery (CI/CD) platform for cloud-native applications, powered by Argo.Codefresh offers a suite of DevOps and CI/CD tools for building, testing, and deploying containerized applications. Key features include automated workflows, version control integration, container registry, Kubernetes deployment, and a visual pipeline builder.Codefresh stands out with its native Kubernetes integration, providing a seamless experience for managing containerized applications. It emphasizes speed and efficiency in the CI/CD pipeline, enabling teams to deliver software faster and more reliably.Codefresh’s sales model is usage-based and is priced per developer/code committer who triggers a pipeline or deployment within the Codefresh platform.In <a href="https://sp-edge.com/updates/27008">February 2024</a>, Octopus Deploy, a continuous delivery solutions provider, acquired Codefresh for an undisclosed sum. It hopes to enhance its services by incorporating Codefresh's technology and expertise.Key customers and partnershipsCodefresh’s customer base includes Crux, Pismo, Kandji, Recurly, GoodRx, Sama, SkillShare, Hover, and ParkHub.Its partners include Google Cloud Platform (GCP), Amazon Web Services (AWS), Argo, and Microsoft Azure. Codefresh also integrates with Slack, GitLab, Telegram, Microsoft Teams, Docker Hub, Bitbucket, and more.

Isovalent is a software company specializing in eBPF-based (extended Berkeley Packet Filter) networking and security solutions for cloud-native environments.Its main products include Cilium and Hubble, which address challenges in Kubernetes networking and observability. Cilium provides enhanced network connectivity, security, and load balancing within Kubernetes clusters, while Hubble offers network visibility and monitoring capabilities.Isovalent has played a significant role in the development and advancement of eBPF. It co-maintains the eBPF codebase upstream in the Linux kernel with ongoing development, and thus ensure its compatibility with mainstream Linux distributions.Isovalent follows a direct sales model.In <a href="https://sp-edge.com/updates/25490">December 2023 </a>, Cisco announced its intent to acquire Isovalent for an undisclosed sum. The transaction is expected to close in the third quarter of the 2024 fiscal year.Key customers and partnershipsIsovalent serves companies from startups to large enterprises across various industries. This list includes HP Enterprise, Polish Railways, University Hospital Basel, Comcast, and Daily Motion.Isovalent has alliances with many prominent companies in the industry, either as an application partnership (Veeam, Splunk, Oracle, Philips, and Rubrik) or a Cloud Partnership (AWS, Google Cloud Platform, Microsoft Azure, and Wasabi).Funding and financialsAs of June 2023, Isovalent’s latest fundraising was in 2022 from a USD 40 million Series B round led by Thomvest Ventures. The funds raised were to advance the development of Cilium and eBPF, expand Isovalent’s team, strengthen partnerships, and provide enhanced products and support to enterprise customers.

Using data and automation to achieve 24/7 production.

Smart Factory

Wandelbots is a German provider of robotic software that allows non-programmers to program robotic workflows using no-code technology. The platform, which was due to launch in November 2024, would provide pre-built tools and services to allow developers to optimize and complement platform services as well as an agnostic driver system for streamlined hardware integration. Moreover, users can virtualize and simulate their automation environment and test a number of factors such as physical limitations and material conditions via an integration into the Nvidia Omniverse.&nbsp;The company began operations by offering the TracePen, a hardware component used by operator/programmers to perform the desired movement, which is recorded through high-precision sensors to create a 3D robotic visualization on the Wandelbots App. The app, which is installed on an iPad, acts as the user interface that allows the path performed and recorded by the TracePen to create the robotic process to be edited. In 2023, this solution was discontinued in favor of a robot-agnostic software platform that enables users to create their own robotic applications.&nbsp;

Now anyone can become a software developer.

No-code Software

<div>
 
 Builder.io offers a no-code drag-and-drop interface for users to build frontend digital content experiences for ecommerce websites, landing pages, and mobile apps. The company enables a &ldquo;headless&rdquo; approach, where the content management team can update the frontend without the updates impacting backend tech stacks (which will continue to be managed by technical developers). The company claims the platform can be integrated with any backend tech stack or platform including Contentstack, Klaviyo, and Shopify.
 
 
 The platform also offers universal connectors for ecommerce companies to integrate with headless commerce platforms or API, and for developers to build connectors to data sources.
 
 
 Key customers and partnerships
 
 
 Builder.io&rsquo;s customer base has grown sixfold over January&ndash;October 2021 to reach 400 enterprises. As of February 2024, the company&rsquo;s customer base included Vimeo, Everlane, Alo Yoga, J Crew, Harry&rsquo;s, and Vistaprint.&nbsp;
 
 
 Funding and financials
 
 
 In October 2021, Builder.io raised USD 14 million in funding led by Greylock to expand its operations and business reach. 
 
 
 
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Distributed workforces require new solutions for office operations, HR, payment, and more.

Remote Work Infrastructure

Workboard offers objective and key results (OKR) software for large enterprises and startups to help align and track goals and outcomes across divisions. The company provides Trello-like Kanban boards for organizing tasks, due dates, and statuses.&nbsp; Workboard also offers GenAI-backed tools (launched in May 2023) to suggest key results based on OKRs, setting relationships between workstreams, publishing progress summaries and summarizing team ideas.&nbsp; &nbsp;The platform is also deeply integrated with Microsoft Teams with options to automate status updates, celebrate weekly results, automatically calculate progress toward targets and implement calendar agendas, among other features. Further, the platform integrates with Azure DevOps (auto updating the team’s key results) and Office 365 (create smart meeting agendas), alongside other third party applications (Jira, Slack, etc). Other services offered include OKR coaching including relevant courses and certifications and management programs.In&nbsp;<a href="https://sp-edge.com/updates/34350">October 2024</a>, WorkBoard extended its AI capabilities for productivity improvement and performance assessmentKey customers and partnershipsWorkboard stated that it had ‘hundreds’ of clients (May 2021), across a range of industries, notably including Comcast, Microsoft, Cisco and Workday, among others.&nbsp;

Facial recognition delivers incredible convenience to consumers, as well as serious risks.

Facial Recognition

London-based Onfido provides virtual identity verification solutions. The company’s technology uses AI to read a person’s identity documents, and, based on facial recognition, verifies that the person present online is the person they claim to be. In online payments, for example, Onfido's technology helps verify that the person making the transaction is the owner of the document, helping to reduce the use of stolen cards. To do this, the payee has to take and submit a selfie or a short video, which is also checked for liveness. Onfido's product can be used in various scenarios where identity verification is required, such as KYC, driver registration, user onboarding, and age verification and is currently used in many industries such as financial services, gaming, transportation, retail, healthcare, and telecommunications. In October 2021, with the acquisition of biometric identity verification solutions provider EYN, the company added acoustic facial liveness detection technology, which uses ultrasound signals through the phone's speaker to detect whether it is a live person or someone trying to impersonate (spoof) a photo or video playback. In May 2023, the company also acquired&nbsp;<a href="https://sp-edge.com/updates/18823">Airside</a>, a developer of digital identity sharing technology, to expand its product offering.In February 2024, Entrust, a provider of identity-based security software and services, was in discussions to&nbsp;<a href="https://sp-edge.com/updates/27133">acquire</a> Onfido in order to integrate Onfido's identity verification methods, such as AI-driven biometric and document IDV technology, into its range of identity solutions. The acquisition was completed in April 2024.Key customers and partnershipsAs of November 2024, the company was used by over 1,000 global businesses, including Revolut, Millennium Bank, Union Bank, and Deliveroo.&nbsp;

Remote learning is driving an education technology revolution.

EdTech: K-12

<div>
 
 Founded in 2012 and based in Norway, Kahoot! is a free game-based learning platform offering premium features for a fee. User-generated multiple-choice quizzes on Kahoot! can be used to review students' knowledge (formative assessment) or for fun. The product is used by schools (for traditional learning) and by businesses (for training). The company reports that its active users include 50% of all US students and 47% of all US teachers. As of March 2021, Kahoot! reported more than 7 million educators and hundreds of millions of students worldwide using its service.
 
 
 &ldquo;Kahoot!+&rdquo; is a series of paid subscription products (+ Home, + Family, and + Premier launched in November 2020) to help children learn and play concurrently. Teams and players can compete in-person or virtually with league play and leaderboards, and also form their own virtual study groups. Meanwhile, the &ldquo;Kahoot!+ AccessPass&rdquo; subscription plan (introduced in December 2021) offers access to an expanded library of premium kahoots, courses, and other resources.
 
 
 Kahoot! has expanded its list of features and overall portfolio through a series of acquisitions. It strengthened its corporate learning and engagement tool &lsquo;Kahoot! 360&rsquo; by integrating Actimo, an employee engagement tool, in September 2020.The acquisition of Drops in November 2020, its largest to date, allowed Kahoot! to integrate its language-learning content (which uses short picture- and word-based games) on the Kahoot! platform and add Kahoot! features to Drops&rsquo; apps.Moreover, in line with Kahoot!&rsquo;s plans to expand its platform to include learning and engagement tools for teachers and learners, it acquired Digital Teaching Tools Finland Ltd., the company behind Whiteboard.fi, an online whiteboard tool for teachers and classrooms, in February 2021.In May 2021, Kahoot! acquired Clever, a digital learning platform used by several schools across the US, strengthening its US presence. Clever will operate as an independent company, remain an open platform, and continue to operate under the Clever brand.
 
 
 The platform has regularly added new features and undergone enhancements. In May 2021, the platform added a read-aloud game option to enhance the self-study experience with the app reading aloud questions and answer alternatives assisting young learners and those with reading and visual impairments. The company launched Kahoot Zapp, a new version of the Kahoot! app made for Zoom, in July 2021, allowing users to access, host, and play Kahoot! games directly in Zoom meetings.&nbsp;
 
 
 Key customers and partnerships
 
 
 Kahoot!&rsquo;s integration with Snap, Inc.'s Bitmoji (in November 2020) allows users to add Bitmoji avatars to Kahoot! learning games. In February 2021, Kahoot! announced integrations with Google services. The Google Classroom add-on will allow educators to access Kahoot! features, share Kahoot! games with students, and launch live Kahoot! games in-person, or via video conferencing. Further, Google Search results will include a sample of practice problems from Kahoot! Academy, Kahoot!&rsquo;s knowledge platform and online teacher community, made available to Kahoot! and Google users. Kahoot! also announced an integration with Microsoft PowerPoint in May 2021 that will allow users to host games without leaving their presentations. In November 2021, the company partnered with Mojang, developer of Minecraft: Education Edition, to launch free learning content as part of Minecraft&rsquo;s &ldquo;Hour of Code: TimeCraft&rdquo; program, which will offer interactive learning experiences within the world of Minecraft and on Kahoot!. In September 2021, the company partnered with Disney to add Star Wars characters to its educational material in a series of free quizzes and games to teach kids about STEM, leadership, and creativity.
 
 
 Funding and financials
 
 
 In October 2020, Kahoot! raised USD 215 million from SoftBank Group, a Japanese multinational conglomerate holding company, through a private placement of 43 million new shares to one of its subsidiaries, SB Management Limited. The company intends to use the funding for acquisitions and further product expansion. In December 2020, SoftBank purchased 12 million shares in Kahoot! from Northzone, a venture capital fund. With 60 million shares in total, 13.45% of the company, SoftBank became Kahoot&rsquo;s largest shareholder. In March 2021, it was rumored that Kahoot! was considering expanding beyond its key markets of North America and Europe, into Asia, on the back of SoftBank&rsquo;s increased investment. In May 2021, the company completed a private placement of 25 million shares at a price of NOK 68 (approx. USD 8) per share, raising NOK 1.7 billion (USD 203 million) in gross proceeds. The funds were used to partially finance the acquisition of Clever.
 
 
 In March 2021, Kahoot! started trading on the Oslo Stock Exchange under the ticker KAHOT.OL after being listed on Oslo's Euronext Growth market since October 2019. The listing had made the company's shares available to a larger, global investor base. Additionally, the company had been considering a secondary listing, potentially in the US, to capitalize on the surge of pandemic-driven interest in stock trading. However, in July 2023, the company announced an&nbsp;all-cash private equity deal&nbsp;led by Goldman Sachs, which valued the company at USD 1.72 billion. As a result of this acquisition, Kahoot! has now become a private company, enabling it to concentrate on long-term expansion and innovation without being publicly traded.
 
 
 For the
 <a href="https://sp-edge.com/updates/16706">
 full-year 2022,
 </a>
 Kahoot!&rsquo;s recognized revenue increased 60% YoY to USD 146 million and invoiced revenue grew 58% YoY to USD 169 million. For FY2023, Kahoot! expected to achieve double-digit YoY growth in billings, with recognized revenues surpassing USD 170 million and moderate yearly growth in operational costs. The company also expected an adjusted EBITDA growth exceeding 40% YoY and solid free cash flow. 
 
</div>

Quantum information processing is slowly becoming a reality, ushering in a new technological era.

Quantum Computing

PsiQuantum develops general-purpose quantum computers based on the silicon photonic approach, a relatively new method that is capable of using the existing silicon supply chain of conventional electronics. This will help the company keep production costs low and provide scalability. Its semiconductor roadmap involves interconnecting multiple quantum processor chips with optical fibers and high-performance optical switches to enable teleportation and entanglement of single-photon operations between chips.PsiQuantum's technology uses individual photons, particles of light, as qubits. This approach offers several advantages, including the ability to operate at higher temperatures compared to other qubit technologies, compatibility with fiber-optic networks, and resistance to electromagnetic interference. Additionally, photons can maintain quantum states for relatively long periods, allowing more quantum operations and increased computational power.The company aims to build a fault-tolerant quantum computer with one million physical qubits by the end of 2027, enabling error correction and addressing complex problems across various industries.In <a href="https://www.psiquantum.com/news-import/psiquantum-opens-uk-based-research-facility-to-develop-next-generation-high-power-cryogenic-systems-for-large-scale-quantum-computing">March 2023</a>, PsiQuantum opened an advanced R&amp;D facility at the Daresbury Laboratory in the UK, backed by GBP 9 million from the UK Government's Department for Science, Innovation, and Technology. This facility provides access to one of Europe's largest liquid-helium cryogenic plants, essential for testing PsiQuantum's approach to storing quantum chips at extremely low temperatures.Key customers and partnershipsWorking toward its goal, in May 2021, PsiQuantum entered a partnership with global chip manufacturer <a href="https://sp-edge.com/updates/2245">GlobalFoundries</a> (GF) to build an integrated, silicon photonics-based quantum system called the “Q1 system” by manufacturing quantum chips in GF’s semiconductor foundry. This partnership also received US federal funding of <a href="https://www.schumer.senate.gov/newsroom/press-releases/schumer-announces-25-million-for-globalfoundries-and-psiquantum-to-develop-the-next-generation-of-quantum-computers-at-rome-air-force-research-lab-and-malta-campus-fed-funding-will-strengthen-national-security-supercharge-us-technological-competitiveness_ensure-upstate-new-york-continues-to-lead-quantum-technology">USD 25 million</a> in April 2022.&nbsp;In <a href="https://sp-edge.com/updates/13868">October 2022</a>, the company secured a USD 22.5 million contract from the US Air Force Research Lab (AFRL) to co-design advanced quantum photonic chips that will be manufactured by GF. The company partnered with Japanese quantum software company <a href="https://sp-edge.com/updates/7246">QunaSys</a> in December 2021 to research quantum-based industrial chemistry and material science solutions and partnered with the UK-based Science and Technology Facilities Council (STFC) <a href="https://sp-edge.com/updates/22518">Hartree Centre</a> in October 2023 to develop Fault-Tolerant Quantum Computing (FTQC) applications in the UK. In January 2024, PsiQuantum and <a href="https://sp-edge.com/updates/25972">Mitsubishi UFJ </a>Financial Group (MUFG) entered PsiQuantum's Qlimate initiative project with Mitsubishi Chemical to research energy-efficient materials to promote a low-carbon economy.In May 2023, PsiQuantum received a USD 25 million grant from the US Department of Defense, through the Air Force Research Laboratory, for tooling and further development of its photonic quantum computer.Funding and financialsIn <a href="https://sp-edge.com/updates/29499">April 2024</a>, the company secured AUD 940 million (USD 620 million) from the Australian Commonwealth and Queensland Governments to establish the first utility-scale, fault-tolerant quantum computer in Australia. Notably, PsiQuantum is one of the highest privately funded startup in the industry.

More important now than ever, telehealth will long outlast the pandemic that drove its growth.

Telehealth

Andor Health is a telehealth technology service provider that operates a B2B platform, Think Andor, to provide team collaboration across the entire care continuum including acute, ambulatory and post-acute care. The platform uses AI and collaboration suites (such as Microsoft Teams) to do so. It is used by medical providers to enable patient data sharing for secure messaging via audio, video, and text across the care team. The platform also offers patient triage solutions, supports remote patient monitoring, and uses AI to track a large number of patient conditions simultaneously.The platform is offered via both desktop and mobile and can also support additional monitoring scenarios such as Virtual Rounding (connecting clinicians and patients virtually) and Telesitting (where clinical technician monitors video feeds of patients using the service)&nbsp;Key customers and partnershipsIn March 2022, the Florida-based company announced a partnership with Microsoft to expand the reach and accessibility of Andor Health’s services. Through the Microsoft Teams platform, Microsoft will help Andor Health offer its services on other devices including Windows-based technology, iOS devices, and Android devices. Andor has plans to use the MedTech services available on Microsoft’s Azure Health Data Services to enable the collection of patient data from medical devices.Most recently, in April 2024, the company partnered with Augmedix, an AI-based automation platform, to fully integrate Augmedix’s platform with Andor's ThinkAndor platform. Through the partnership the integration allowed for immediate, post-virtual visit availability of physician notes within ThinkAndor, powered by Augmedix’s AI.

A concentration of wealth and a willingness to adopt age-in-place technologies present new opportunities.

Age Tech

Israel-based Voiceitt provides a speech recognition API that enables users with speech disabilities to communicate with others. The software can be trained with on-screen prompts, an edge device, or integrated with other automatic speech recognition systems or applications. Voiceitt was designed for individuals with dysarthria, a speech disability caused by various conditions, such as cerebral palsy, Parkinson’s disease, stroke, Down’s syndrome, multiple sclerosis, head injury, or brain tumors. Voiceitt uses AI to translate non-standard speech into standard speech that can be understood by others and also allows users to dictate text, communicate via email or messaging, and talk to ChatGPT.Voiceitt is accessible on a website and is therefore operating system-agnostic. The company operates on a subscription basis, charging users a monthly fee for use of its platform. Key customers and partnerships In August 2023, Voiceitt partnered with RAZ Mobility to release Voiceitt 2, an application developed for individuals with speech disabilities. The partnership entailed RAZ handling the distribution of the application. The application was initially released in English across North America, with releases in the UK and Australia and other language options slated for 2024.Prior to this, Voiceitt partnered with Webex by Cisco in May 2023 to make video meetings more accessible for people with disabilities. Through this partnership, Voiceitt’s application was integrated into Webex’s platform, allowing it to be used during meetings hosted on Webex’s platform.Voiceitt also partnered with Amazon in October 2020 to make Amazon’s Alexa more accessible to users with disabilities. Through this partnership, individuals with speech impairments were able to use the Voiceitt mobile app to access and interact with Amazon's Alexa.

Giving creators the power of content monetization and audience engagement.

Creator Economy

Palm NFT Studio is a technology company focused on creating, trading, and managing non-fungible tokens (NFTs) more efficiently. Founded in 2021, the company operates the Palm network, an Ethereum sidechain designed to serve as the foundation for a scalable and sustainable NFT ecosystem. The Palm network utilizes the IBFT-2 consensus mechanism, a rotating proof-of-authority method, and is fully EVM-compatible, allowing developers to deploy Solidity smart contracts. Palm NFT Studio has developed a generative art tool called "Palm Generative Art Maker," which enables creators to design generative assets, including 3D and motion graphics, without advanced coding skills. The tool is available as a plug-in for Epic Games' Unreal Engine.
The company collaborates with leading artists, creatives, IP owners, and entertainment companies to redefine fan engagement through NFTs. Palm NFT Studio has worked on several high-profile projects, including launching Pace Gallery's metaverse platform Pace Verso, and delivering NFT experiences for Universal Music Group, Warner Bros., and DC Comics. In March 2022, Palm NFT Studio assisted in launching a 200,000-piece Batman cowl NFT collection for DC, drawing influence from 83 years of Batman's history. As of December 2021, more than three million NFTs had been minted on the Palm network.
Key customers and partnerships
Palm NFT Studio has established partnerships with several prominent organizations in the blockchain and entertainment industries. The company collaborated with Damien Hirst and HENI to build "The Currency" NFT collection. Palm NFT Studio has also worked with DC Comics to create the brand's primary and secondary NFT marketplace. In April 2022, the company partnered with Hyperledger Foundation to publish a report on the carbon footprint of NFTs, emphasizing their commitment to sustainability in blockchain technology.
The company has formed a strategic collaboration with Chainlink Labs to improve and simplify how enterprises issue NFTs across blockchains. This partnership aims to establish an efficient multi-chain NFT abstraction layer for enterprises to monitor, track, and manage NFTs. Palm NFT Studio has integrated several Chainlink oracle services, including Price Feeds, Verifiable Random Function (VRF), and the Cross-Chain Interoperability Protocol (CCIP).
In June 2023, Palm NFT Studio merged with Candy Digital, another leading licensed digital collectible provider. The combined entity operates under the Candy Digital name, with Palm NFT Studio's co-founder and CEO Daniel Heyman serving as president of the merged company. This merger aims to expand licensed NFT projects across sports, entertainment, art, and culture, leveraging partnerships with major brands such as Major League Baseball, NASCAR, WWE, Netflix, and Warner Bros Discovery.

Earth-friendly biotech solutions for the textile, packaging and construction industries.

Bio-based Materials

Based in California, Huue develops bio-based dyes for denims using microbes. The company uses an enzymatic digestion process&nbsp; that uses microbes to convert sugar into dye, and claims that its process mimics how colors are produced in nature. The company is initially developing indigo-blue dyes for denims claiming to offer a similar performance to conventionally produced dyes and is also compatible with existing denim manufacturing processes while reducing toxic chemical usage such as cyanide and formaldehyde by 5x. Huue states that its dyes can also have applications in the food and beverage and the personal care industries in the future. As of June 2024, Huue has not commercialized its product and is still in the product development stage. Key customers and partnershipsThe company partnered with Massachusetts-based cell programming platform Ginkgo Bioworks in August 2021 to leverage Ginkgo's platform to optimize microbe strains and planned to accelerate production of its dyes for its partners in 2021 and 2022. In <a href="https://sp-edge.com/updates/22956">October 2023</a>, the company partnered with AGI Denim to use Huue Indigo to dye denim and jeans. Funding and financials<a href="https://sp-edge.com/updates/11910">In July 2022,</a> Huue raised USD 14.6 million in Series A funding, led by Material Impact VC, to launch commercial pilot projects and scale up production with partnered denim manufacturers.

Using online platforms, autonomy, electric and fuel-cell tech solutions to shape the future of trucking.

Truck Industry Tech

Netradyne is a technology company specializing in AI and edge computing solutions designed to enhance fleet safety and driver performance. Its flagship product, Driver•i, combines AI-powered fleet camera systems with advanced video telematics and deep vision technologies to monitor and improve driver behavior, enhance compliance, and manage fleet operations efficiently. Its product offerings on the platform include1) <a href="https://sp-edge.com/updates/22883">“Driver•i One”</a> (lauched in October 2023): A comprehensive fleet safety solution that provides a unified view of fleet operations through real-time video monitoring, GPS tracking, and advanced driver coaching tools. This device is designed to enhance fleet safety and efficiency by offering features such as event-triggered video recording, vehicle alerts, and the ability to assess driver performance using Netradyne's GreenZone score​.2) <a href="https://sp-edge.com/updates/8059">“Driver•i Hub-X’</a> (launched in February 2021; upgraded in January 2022): An advanced fleet safety solution that supports up to four external cameras, providing a comprehensive 360-degree view of the vehicle. This system enhances fleet monitoring capabilities by ensuring complete visibility inside and outside the vehicle through high-definition video feeds.Its products are accessible under a subscription model​​.As of July 2024, the company had offices in the US and India, with a focus on markets across North America, Europe, and Asia. It generated revenue of over USD 73 million in FY2023 (year ending March).Key customers and partnershipsNetradyne had 1,000+ customers as of May 2022. Its customers include Vascor Transportation, Sharp Transport, Titan Freight Systems, Amazon, Savage, First School, Aim Transportation Solutions, J&amp;M Tank Lines, and <a href="https://sp-edge.com/updates/25674">GreenLine Mobility Solutions.</a>Furthermore, in December 2018, NetraDyne partnered with Hyundai MnSoft, Hyundai’s vehicle infotainment company, to develop HD maps for autonomous vehicles. In <a href="https://sp-edge.com/updates/28722">April 2024</a>, NetraDyne partnered with Intelex, a provider of a fleet tracking platform named “Fleetly,” to expand operations into the UK market.

The latest line of defense against rising cyber attacks

Cyber Insurance

At-Bay provides cyber insurance cover against business interruption, system failure, ransomware extortions, and reputational damage resulting from cybersecurity incidents. It provides a coverage limit of up to USD 10 million for businesses with up to USD 5 billion in revenue. At-Bay also offers technology errors and omission (E&amp;O) insurance to protect organizations from legal liability resulting from errors in technology products they sell with similar coverage limits as cyber insurance (restricted to organizations with up to USD 2 billion in revenue). At-Bay’s insurance policies are backed by HSB Specialty Insurance Company, which is part of insurance giant MunichRe.At-Bay also monitors client systems for security vulnerabilities both at the time of quoting policies and on an ongoing basis for the policy duration. It helps clients identify risks and take remedial actions which, in turn, helps At-Bay reduce risk and minimize insurance payouts.In April 2023 <a href="https://sp-edge.com/updates/17888">At-bay launched “At-Bay Stance”</a>, a cyber-risk solution for small and medium businesses that offers risk posture analysis solutions, expert risk mitigation, and incident response capability through At-Bay’s insurance policy.At-Bay also <a href="https://sp-edge.com/updates/23621">launched</a> a new managed detection and response (MDR) platform, Stance, in October 2023, catering to small and medium businesses (SMBs). The new solution included services such as proactive threat detection, organization specific customization, and cyber insurance premium incentives based on security posture.In August 2022, the company <a href="https://sp-edge.com/updates/12592">acquired</a> the specialty insurance digital distribution startup, Relay. Relay provides a platform for brokers and agents to add multiple specialty commercial lines including cyber insurance, to their quotes. At-Bay <a href="https://sp-edge.com/updates/15963">acquired</a> the licensed property and casualty (P&amp;C) insurance carrier, At-Bay Specialty Insurance Company from XL Insurance America in January 2023. The company began writing cyber and tech E&amp;O insurance <a href="https://sp-edge.com/updates/20925">on its own excess and surplus (E&amp;S) paper</a> through At-Bay Specialty in August 2023, completing its transition to a full-stack carrier model.Key customers and partnershipsAt-Bay entered into a partnership with Microsoft in September 2021 in order to streamline the sharing of information on a company’s cybersecurity posture through Microsoft’s products. The company <a href="https://sp-edge.com/updates/13139">partnered</a> with the insurance software company Guidewire, to use the latter’s cyber risk modeling and analytics solution, Cyence. At-Bay leveraged Cyence’s advanced risk modeling and aggregated risk scenarios with its active risk monitoring and claims experience. This enhanced its underwriting and cyber portfolio aggregation risk management decisions to deliver a strong loss performance.Funding and financialsIn July 2021, At-Bay raised USD 185 million in Series D funding at a valuation of USD 1.35 billion. The round was co-led by Icon Ventures and Lightspeed Venture Partners. The company was to use the funding to launch new products, expand into new markets, and grow its team. At-Bay’s Series D was extended in October 2021 by USD 20 million from ION Crossover Partners.At-Bay recorded an annual recurring gross written premium for over USD 360 million in 2022.

Disrupting the traditional financial system using blockchain

Decentralized Finance (DeFi)

Fordefi offers a multi-party computing (MPC) wallet platform and Web3 gateway that enables institutions to store cryptocurrencies and connect to dApps securely across a range of chains including Cosmos, Ethereum, and Solana. Developers can also embed wallets directly into their applications to provide access to end users via the platform’s wallet-as-a-service application programming interface (API). The platform also offers a range of additional tools including self-serve policy controls, smart contract address verification, transaction simulation, and real-time risk alerts, as well as a full-stack developer suite of native APIs and software development kits (SDKs).. The company has offices in New York and Tel Aviv, Israel.In November 2022, the company launched its MPC wallet and Web3 gateway for crypto-native funds, which the company claims were industry-firsts.Key customers and financialsAs of April 2024, the platform served several enterprise clients such as Backed, Starkware, DWF Labs, Pantera Stratos, and Wintermute.In August 2024, Fordefi <a href="https://sp-edge.com/updates/33027">partnered with Sui</a>, a Layer 1 blockchain, to bring its institutional-grade multiparty computation (MPC) technology t o the Sui Network. The partnership will enable the company to integrate both its wallet platform and Web3 gateway with Sui, allowing institutional users to securely self-custody private keys and connect to dApps across various blockchains.Funding and financialsIn February 2024, Fordefi <a href="https://sp-edge.com/updates/26582">raised USD 10 million</a> in venture capital funding led by Electric Capital, to extend its institutional-focused wallet offering to retail-facing platforms such as exchanges and fintech platforms.

Technologies bringing about a new reality

Extended Reality

Inworld AI is a developer platform for creating dialog and behavior patterns in AI-powered non-playable characters (NPCs) that mimic the social nature of human interactions and express nuanced emotions within virtual worlds and enterprise applications.The company’s offerings include “Inworld Studio,” a no-code platform that enables writers, creators, and designers to calibrate elements of cognition and behavior for previously developed NPCs, such as goals, motivations, speech patterns, memories, knowledge, and voices using generative AI in the form of text-to-character prompts. Dialog patterns can be tested in the Inworld Arcade and Studio. The platform also features integrations with game engine Unity and Unreal to deploy characters into game environments and a software development kit (SDK) integration with Node.js. In <a href="https://sp-edge.com/updates/29760">May 2024</a>, the company launched “Inworld Voice” which offers latency, rhythm, intonation, pitch variation, and pausing. Users can select from 58 AI-enhanced voices that mimic human speech patterns. Following this, the company added multilingual support for Mandarin, Japanese, and Korean for game localization (<a href="https://sp-edge.com/updates/32112">July 2024</a>).Games built using the platform include Origins, a neo-noir detective game, where players use microphones to question NPCs powered by Inworld AI and solve a case, among others. In January 2023, Inworld planned to launch Roblox as an Inworld integration to allow developers to add AI characters to their own experiences.Inworld AI generates revenue through pay-as-you-go pricing schemes, which charge customers based on API interaction usage.Key customers and partnershipsIn <a href="https://sp-edge.com/updates/17686">April 2023</a>, Inworld AI partnered with AR software provider Geenee AR to bring the company’s generative AI features in Inworld Studio to the Geenee AR platform.In September 2022, Inworld AI became a Unity Verified Solutions partner, which allowed developers to access Inworld AI through the Unity store. Furthermore, the company offered a grant of up to USD 1 million for creators to build experiences with AI characters.Funding and financialsIn <a href="https://sp-edge.com/updates/20615">August 2023</a>, the company raised USD 50 million in a funding round led by Lightspeed Venture Partners, bringing the company’s valuation to over USD 500 million. Funds were utilized to bolster R&amp;D efforts, senior headcount expansions, infrastructure investments, and to launch an open-source version of its character engine.Previously, in August 2022, the company raised USD 50 million in a Series A funding round led by Section 32 and Intel Capital. The company was also part of the 2022 Disney Accelerator, Disney’s startup incubator.

Additive manufacturing makes objects by systematically adding material via a CAD program

Additive Manufacturing

<div>
 
 Markforged is a seller of 3D printers with material and software solutions for tooling, fixtures, functional prototyping, and high-value end-use production. It targets various industries including aerospace, automotive, consumer packaged goods, electronics manufacturing, medical, and industrial equipment. The company launched an 
 <a href="https://sp-edge.com/updates/22057">
 on-demand parts platform
 </a>
 called Digital Source in September 2023, which facilitates the licensing and 3D printing of manufacturer-certified parts, eliminating the need for physical inventory management for manufacturers.
 
 
 Markforged&rsquo;s line of 3D printers includes a metal printer, a series of industrial composite printers, and a series of desktop composite printers, using metal (a range of metals from stainless steel to copper), plastics, and continuous fiber. The company also offers several software solutions including Eiger, a cloud-based digital repository, and Blacksmith, which connects part design, production, and inspection using AI. It also offers software to scale up AM operations by giving role-based access control to team members. In November 2022, Markforged introduced 
 <a href="https://sp-edge.com/updates/14613">
 new simulation features 
 </a>
 for its software, the Digital Forge, enabling customers to replace tooling and end-use metal parts with optimized 3D-printed advanced composite parts.
 
 
 Markforged uses several patented technologies. For example, for thermoplastic printing, the company uses a combination of fused filament fabrication (FFF) printing and continuous fiber fabrication (CFF) technologies that harness the heat of the nozzle to make a thermoplastic layer; for metal printing, it uses atomic diffusion additive manufacturing (ADAM), which is a specialized form of FFF.
 
 
 In April 2022, Markforged acquired engineering software developer Teton Simulation to expand its AM solutions by integrating technologies. In August 2022, it also 
 <a href="https://sp-edge.com/updates/12725">
 acquired Digital Metal,
 </a>
 a Swedish developer of binder jetting technology, to enable Markforged to produce high-throughput metal additive parts.
 
 
 Key customers and partnerships
 
 
 Markforged claims to own the largest fleet of cloud-based industrial 3D printers (with a 13,000+ connected installed base and 10 million+ parts printed, as of January 2024). Markforged has served the top nine global manufacturing companies and top 10 aerospace companies, including notable clients (disclosed) including RPG industries, Caldwell, and Cashco, Inc. Another notable customer is Phillips Corporation, which became the first customer of Markforged&rsquo;s FX20 industrial composite printer, introduced in November 2021. Markforged also entered into technology partnerships with Siemens and Indian tech company TechNova. It has remote teams in over 70 countries and 100+ channel partners across the US, Canada, Europe, UK, Asia, and Australia.&nbsp;
 
 
 Funding and financials
 
 
 Markforged was listed on the NYSE (MKFG) in July 2021 through a SPAC deal, receiving approximately USD 361 million in gross proceeds. The company had planned to use the new funding to accelerate innovation and expand its customer base.&nbsp;
 
 
 In 2022, Markforged achieved a revenue of USD 
 <a href="https://sp-edge.com/updates/16891?industryIds=71">
 101.0 million,
 </a>
 recording a growth of 10.7% YoY. Revenue growth was driven by strong demand for the FX20 printer which was commercialized in 2022. However, it reported an operating loss of USD 87.1 million in 2022 compared to a loss of USD 61.0 million in 2021 on the back of increased spending on research and marketing activities. Markforged guided revenue in 2023 to reach USD 90 million&ndash;95 million. The company also expects to achieve an operating loss of USD 59 million&ndash;61 million translating to a loss per share of USD 0.26&ndash;0.28 in 2023.
 
 
 In November 2023, Markforged announced that it has undergone a 
 <a href="https://sp-edge.com/updates/23946">
 restructuring
 </a>
 process, along with other cost-cutting measures, citing ongoing economic challenges, projected to result in operating cost savings ranging from USD 9 million to USD 12 million in 2024. The majority of these savings were attributed to a reduction in headcount by around 10%.
 
 
 
</div>

Enabling the health systems to seamlessly connect, exchange, and interpret shared data

Hospital Interoperability

Innovaccer is a cloud-based healthcare IT platform that provides digital solutions to improve clinical outcomes and patient satisfaction. The company offers the Innovaccer Health Cloud, an AI-powered platform that unifies patient data across electronic health records (EHRs), claims systems, and other sources. The platform enables physician practices, hospitals, health systems, and other healthcare providers to collect, analyze, and gain insights from patient health data. Key features include care management, referral management, patient engagement, and data activation capabilities. Innovaccer's solutions are designed to help healthcare organizations streamline workflows, drive value-based care delivery, enhance reimbursement, and generate comprehensive analytics and reporting for contract negotiations with payers.
Key customers and partnerships
Innovaccer has established partnerships and serves numerous key customers across the healthcare ecosystem, including UpStream, Chess Health, Banner Health, MercyOne, Hartford healthcare, and CHI Health Partners. The company's solutions have been deployed at over 1,600 care settings in the US, enabling more than 96,000 providers to transform care delivery. Innovaccer collaborates with technology companies like Microsoft and Wolters Kluwer to enhance its platform capabilities and drive healthcare data innovation. Additionally, Innovaccer partners with advisory firms, consulting organizations, cloud providers, and independent software vendors (ISVs) to expand its offerings and ecosystem.

AI, robotics, and IoT to streamline the flow of goods and information

Logistics Tech

inVia Robotics offers warehouse automation solutions for ecommerce retailers. The company’s solutions include1) “ inVia Picker Robots ,” autonomous mobile robots (AMRs) powered by AI2) “inVia PickerWall,” a dynamic pick-and-put wall system3) “inVia PickMate,” a hardware-agnostic software with a color-based interface that uses a pick-to-color warehouse order-picking technology to make the process of identifying stock-keeping units (SKUs) in the right locations easier4) “ inVia Logic ,” an AI-powered Warehouse Execution System (WES) software and a full-service robotics operations center5) <a href="https://sp-edge.com/updates/30017">“Twin IQ,”</a> an intelligent warehouse simulation platform to streamline operations. The company operates on a subscription-based robotics-as-a-service (RaaS) business model. Key customers and partnershipsinVia Robotics’ customers include Scholastic Canada, ShipHero, Mohawk Industries, Gnarlywood, Stord, Cargo Cove, Fulfyld, Kantsu, SICK, and CarParts.com. The company’s products partnerships include Cubiscan to develop warehouse automating systems (November 2022) and Rufus Labs, a provider of intelligent wearable warehouse technology and workforce analytics software, to offer advanced products with combined technologies (June 2021).

Deriving insights from uncommon data streams

Alternative Data

GroundTruth is a media and advertising platform that leverages location data to drive in-store visits and other tangible business outcomes. Founded in 2003, the company's advertising platform utilizes proprietary location data to enable advertisers to model their campaigns based on real-world information, such as store visits. GroundTruth's technology, known as Blueprints, maps the real world in a virtual environment with high accuracy and precision, allowing for audience building, real-time targeting, and visit measurement.
The company offers various targeting options, including proximity, audiences, DMA, state, zip code, weather triggering, and customizable audiences. Advertisers can access GroundTruth's capabilities through self-serve platforms, managed services, partnerships, or programmatic channels. The platform provides media solutions across multiple screens and channels, aiming to connect with customers at various points along their path to purchase. GroundTruth's offerings include over 1,500 audience segments built from real-world behaviors, which are refreshed every 30 days and can be activated in any demand-side platform (DSP).
In 2016, GroundTruth acquired WeatherBug, a consumer app with more than 20 million users, which serves as both an advertising platform and a source of anonymized data. The company has worked with brands such as Hooters, The Florida Keys, and Giltuss, as well as media companies like iHeart Radio, Cox, and Scripps.
In August 2022, Rosie O'Meara was appointed as CEO of GroundTruth, bringing her experience as the former Chief Revenue Officer to accelerate the company's growth.

Clean, congestion-free air travel gets liftoff

Passenger eVTOL Aircraft

Vertical Aerospace, a UK-based global aerospace and technology company, specializes in the design, manufacturing, and sale of eVTOL aircraft with zero operating emissions with a primary focus on catering to the Advanced Air Mobility (AAM) market. The company built and flew two prototype eVTOL aircraft in 2018 and 2019 and was developing and progressing toward the certification of its flagship eVTOL, the VX4. As of March 2023, the company had engaged with various regulatory bodies, including the UK Civil Aviation Authority (CAA), the European Union Aviation Safety Agency (EASA), the US Federal Aviation Administration (FAA), and the Japan Civil Aviation Bureau (JCAB), to obtain certification, and claimed to be one of the only eVTOL designers and original equipment manufacturers (OEM) actively seeking certification from the CAA or the EASA for a winged aircraft.The VX4 eVTOL developed by Vertical Aerospace is designed to transport a pilot and accommodate up to four passengers, enabling travel distances of up to 100 miles at a cruise speed of 150 miles per hour. As of March 2023, the VX4 prototype had successfully completed piloted flight tests and was progressing to the next stages of the flight test program. These upcoming phases would involve reaching higher altitudes and speeds, as well as demonstrating the transition from vertical to horizontal flight. The company has invested in certain proprietary features of its aircraft, including the battery system and propeller design. <a href="https://sp-edge.com/updates/35955">In November 2024</a>, Vertical Aerospace launched Flightpath 2030, the company's strategy for its eVTOL aircraft.Key customers and partnershipsThe company has collaborations with renowned aerospace and engineering companies like Rolls-Royce (electric propulsion unit), Honeywell (avionics and flight control), Microsoft (digital systems), GKN (wing), Leonardo (fuselage), and Solvay (composite materials). Vertical Aerospace would leverage their extensive R&amp;D expertise, which allows Vertical Aerospace to enhance its own capabilities, minimize operational risks, and streamline the certification process for its aircraft.As of March 2023, Vertical Aerospace had a pre-order backlog of more than 1,400 aircraft from a wide array of customers around the globe, opening up opportunities for market entry in the near future. The customer base includes renowned entities like American Airlines, Virgin Atlantic, Avolon, Bristow, Marubeni, Iberojet, FLYINGGROUP, Japan Airlines (JAL), Gol, Air Greenland, Gozen Holding, and AirAsia. Furthermore, Avolon's VX4 placements contribute to the expanding list of influential partners collaborating with Vertical Aerospace.

Bringing the benefits of blockchain to the enterprise

Enterprise Blockchain Solutions

Space and Time offers a decentralized data warehouse, pre-loaded with indexed blockchain data from major chains such as Ethereum, Polygon, BNB Chain, Sui, and Avalanche. This warehouse enables the joining of tamper-proof on-chain data with off-chain data sets in an SQL format. The result can be published in smart contracts, decentralized applications, dashboards, business intelligence tools, and machine-learning models. A key component of Space and Time's technology is the Proof of SQL, a novel zero-knowledge cryptography that ensures the queries that run in its system are verifiably tamperproof​.The company claims the protocol can “execute analytic queries across over 100,000-row tables in less than a second on a single GPU." Proof of SQL can also be integrated with ZK virtual machines (zkVMs) and any SQL database (such as Google BigQuery) to provide verifiable source data. In June 2024, Space and Time <a href="https://sp-edge.com/updates/30404">launched “Proof of SQL” on GitHub</a>.Key customers and partnershipsSpace and Time announced a partnership in March 2023 with Bitget, a crypto copy-trading platform, enabling Bitget to offer users higher levels of transparency of exchange operations with a verifiable audit trail of data and calculations. In April 2023, Space and Time announced a partnership with Microsoft to enable real-time blockchain data to be available to developers directly from Microsoft’s Azure Marketplace.The company went on to <a href="https://sp-edge.com/updates/22336">integrate Chainlink,</a> a blockchain middleware infrastructure provider, with its Proof of SQL cryptography technology in October 2023. Space and Time leveraged the Chainlink Network to run its zero-knowledge verifier natively on its nodes and provide consensus on the proof results. It expanded on its proof of SQL technology again in March 2024, via a <a href="https://sp-edge.com/updates/27636">partnership with Matter Labs</a>, developer of the zkSync scaling solution for Ethereum. The company leveraged the partnership to launch its network as a zero-knowledge proof (ZKP) verifiable compute layer (VCL) on a zkSync hyperchain. Moreover, the partnership reportedly makes zkSync the first SQL-compatible smart contract platform.In April 2024, the company <a href="https://sp-edge.com/updates/28295">expanded its partnership with Sui</a>, a layer-1 blockchain initially developed by <a href="https://sp-edge.com/companies/1730181">Mysten Labs</a> and the Sui Foundation, to enhance data accessibility in the Sui ecosystem. The company leveraged the partnership to integrate Sui’s RPC 2.0 service, which uses GraphQL, into its existing data management solution and enable developers to index data from the Sui blockchain in real-time.Funding and financialsThe company raised USD 20 million in venture funding in September 2022, led by Microsoft’s M12 venture fund and other venture capital funds. The proceeds were used for product development and customer acquisition.

Using AI to mimic and understand human language

Natural Language Processing Tools

Unbabel, founded in 2013, is a language operations platform that combines artificial intelligence with human expertise to provide fast, efficient, and high-quality translation services. The company's proprietary technology, the Unbabel Language Engine, blends advanced machine learning algorithms with a network of human editors to translate content across various formats, including websites, newsletters, apps, and marketing materials. Unbabel's solution allows businesses to communicate with customers in multiple languages, enabling global expansion and multilingual customer support at scale. The platform seamlessly integrates with existing workflows and popular applications, minimizing disruption to clients' operations. Unbabel's approach addresses the growing demand for efficient and reliable translation services in an increasingly globalized business environment, particularly for content types previously considered challenging to translate, such as emails and chat conversations. In October 2023, Unbabel reported having clients in 190 countries across 22 industries.

Targeting complex diseases with complex molecules

Large-molecule Therapeutics

1910 Genetics is a biotechnology company founded in 2018 that is focused on accelerating drug discovery through the use of AI, computation, and laboratory automation. The company has developed a multimodal AI platform that can design both small molecule drugs, which make up 90% of currently approved drugs, as well as large molecule therapeutics.
1910 Genetics generates three proprietary data streams at scale to address the pharmaceutical industry's data scarcity problem - computational data using atomistic modeling and simulations, wet lab proxy biological data using next-generation sequencing, and wet lab ground truth biological data from biochemical, cellular, and in vivo assays. The company's state-of-the-art laboratory, powered by robotics and automation, integrates this massive parallel data with AI in an iterative loop for training and testing drug candidates.
For pharmaceutical R&D teams, 1910 Genetics' platform significantly reduces the time and cost of designing novel lead molecules across various therapeutic targets like proteases, kinases, transmembrane receptors, and disease areas such as neuroscience, infectious diseases, autoimmune diseases, and cancer. In March 2024, the company announced a five-year commercial agreement with Microsoft to integrate its drug discovery platform with Azure Quantum Elements, a cloud-based system that uses AI and high-performance computing to accelerate scientific discovery.

Using autonomous, green, IoT, and digital technologies to shape the future of ocean-based transportation

Shipping Tech

Nautilus Labs is a maritime technology company specializing in decarbonizing the ocean supply chain. Their flagship solution, Voyage Optimization, leverages machine learning to analyze internet of Things (IoT) data, weather patterns, arrival and departure times, and commercial requirements. This empowers clients to reduce fuel waste, emissions, and optimize commercial returns. Nautilus Labs creates digital twin vessel models to accurately simulate vessel performance, enabling voyage optimization for improved Carbon Intensity Indicator (CII) ratings, emissions tracking, and efficiency gains. Their offerings include Fleet Essentials for fleet performance management, Voyage Optimizer for charterers and operators, Boil-off Gas management solutions, and Green Charter for transforming traditional charter party agreements. In October 2022, Nautilus Labs partnered with OrbitMI to provide an integrated solution encompassing data integration, operational processes, and maritime optimizations. In October 2023, they announced a strategic integration with Dataloy to blend data resources and deliver actionable insights for enhanced decision-making.
Key customers and partnerships
In June 2023, Nautilus Labs launched Green Charter to establish new legal frameworks in charter party agreements, fostering transparency and collaboration between ship owners and charterers. They have partnered with industry leaders like TotalEnergies, Eastern Pacific Shipping, Emirates Shipping Line, and Diamond Bulk Carriers to optimize voyage planning, vessel performance monitoring, and emissions reduction. Executives from these companies have praised Nautilus Labs for providing accurate real-time insights, seamless integration, cross-departmental collaboration, and driving internal behavior change toward sustainability goals.

A decentralized version of the web powered by the blockchain

Web3 Ecosystem

Fordefi offers a multi-party computing (MPC) wallet platform and Web3 gateway that enables institutions to connect to dApps securely across various chains. The company also offers Wallet-as-a-Service (Waas), which allows developers to integrate a non-custodial wallet into their dApps. In addition, Fordefi offers DeFi trading and staking solutions and crypto treasury management services to institutional investors.Key customers and partnershipsIts notable customers include Theia, Liquibit Capital, Ouroboros Capital, Keyrock, and DeFiance Capital.The company reported that its products were designed in collaboration with partners such as Electric Capital, JumpCapital, DeFinance Capital, ARC, Combine, and NIMA Capital.Funding and financialsIn February 2024, Fordefi raised USD 10 million in <a href="https://sp-edge.com/updates/26599">venture capital</a> led by Electric Capital, to extend its institutional-focused wallet offering to retail-facing platforms such as exchanges and FinTech platforms.

Using real-time data to create dynamic virtual representations of the real world

Digital Twin

Blackshark.ai has developed a digital twin platform to replicate the planet. The geospatial platform obtains data from global satellites and aerial imagery using ML and AI to create a digital twin for visualization, simulation, and mapping. The company provides various solutions to users including flight simulators (for realistic 3D flight experience), digital airports (to simulate any airport on the globe), and geospatial analytics (called Orca to extract detailed data about buildings, roads, or vegetation).&nbsp;&nbsp;&nbsp;Key customers and partnershipsThe company targets industries such as gaming, cinema, government, training schools, and insurance.In February 2023, the company partnered with <a href="https://sp-edge.com/updates/16654">Maxar Technologies</a> to launch SYNTH3D, our Earth’s synthetic digital twin. Further, in August 2020, the company collaborated with Microsoft to build Microsoft’s Flight Simulator using its digital twin platform by replicating 1.5 billion buildings from 2D satellite images.&nbsp;Funding and financialsIn <a href="https://sp-edge.com/updates/24060">November 2023</a>, the company raised USD 15 million in a Series A extension round, bringing the total Series A funding to USD 35 million. The round was led by Point72 Ventures, Maxar, M12 Microsoft's Venture Fund, and In-Q-Tel. The funds were allocated towards enhancing its 3D mapping and geospatial intelligence capabilities, and to strengthen its sales and marketing efforts.

Empowering efficiency, visibility and collaboration throughout supply networks

Supply Chain Tech

<div>
 
 PAXAFE specializes in smart packaging technology for high-value products. The company also offers real-time shipment tracking solutions, primarily focusing on de-risking B2B shipments and enabling intelligent cargo insurance. The company&rsquo;s flagship B2B SaaS platform, CONTXT, which is an AI-enabled, device-agnostic risk management platform, enables its users to reduce product loss, enhancing operational efficiency and optimizing decision-making for perishables shippers and service providers. Key industries served by PAXAFE include pharmaceuticals, food and beverage, and the cold chain.
 
 
 
 
 PAXAFE differentiates itself from other sensor-enabled visibility providers by offering a solution that not only collects data but also contextualizes it, thereby converting raw data into valuable insights and predictions.
 
 
 
 
 Key customers and partnerships
 
 
 
 
 In October 2023, PAXAFE entered a strategic partnership with Transposafe, a leader in supply chain security. The partnership aimed to develop a comprehensive solution that will provide real-time tracking and actionable insights for shipments, reducing the risk of losses. Earlier, in September 2023, the company collaborated with Carrier, a leader in the cold chain industry to leverage PAXAFE's AI capabilities to improve Carrier's Lynx platform by enhancing visibility and intelligence.
 
 
 
 
 Funding and financials
 
 
 
 
 In May 2024, PAXAFE raised USD 9 million in a Series A funding round led by Framework Venture Partners with participation from new investors M12, Rosecliff Ventures, Elevate Ventures, Gaingels, Mana Ventures, AngelList Quant Fund, and maintaining investors Ubiquity Ventures and Venture53. The company aimed to use the new funds to fulfill the soaring customer demand, drive product development, and bolster its worldwide operations and partner ecosystems. With the latest funding, the company's total fundraising amounted to USD 14 million.
 
</div>

Reinventing how computers think based on biological neural networks

Neuromorphic Computing

Syntiant is a deep learning chip technology company founded in 2017 and headquartered in Irvine, California. The company specializes in developing ultra-low-power, high-performance deep neural network processors called Neural Decision Processors (NDPs) for edge AI applications. Syntiant's technology combines deep learning with semiconductor design to enable AI functionality in battery-powered devices without relying on cloud connections.
Syntiant's NDPs are designed to execute deep neural networks natively on various topologies, including Convolutional Neural Networks (CNNs), Recurrent Neural Networks (RNNs), and fully connected networks. The company's chips typically offer 100x efficiency improvement and a 10x increase in throughput compared to traditional low-power microcontroller-based solutions. This allows for larger networks at significantly lower power consumption, extending battery life and reducing infrastructure costs.
The company's product lineup includes the NDP100, NDP101, NDP200, and NDP115 processors. The NDP200, built on the Syntiant Core 2 architecture, provides 25 times the tensor throughput of the Syntiant Core 1 found in the NDP100. The latest NDP115, introduced at CES 2023, is designed for ultra-power and size-constrained applications, capable of running speech inferences at 280 microwatts.
Syntiant has achieved significant milestones in its short history. By January 2021, the company had shipped over 10 million of its NDP100 and NDP101 processors. This number increased to more than 20 million processors shipped by March 2022. As of May 2023, Syntiant has expanded its offerings to include hardware-agnostic deep learning computer vision models that can be deployed on various platforms, including the Renesas RZ/V2L microprocessor.
Key customers and partnerships
Syntiant's technology has found applications across various industries and devices. The company's Neural Decision Processors are being used in earbuds, wearables, smartphones, smart speakers, laptops, vehicles, and other IoT consumer and industrial use cases.
Syntiant has established partnerships with several prominent companies in the tech industry. In July 2021, Syntiant announced a collaboration with Renesas Electronics Corporation for a voice-controlled multimodal solution combining Renesas' RZ/V Series MPUs and Syntiant's NDP120 Neural Decision Processor. This partnership aims to enable low-power contactless operation for image processing in vision AI-based IoT and edge systems.
The company has also worked with Infineon Technologies, signing a smart microphone reference design agreement in 2018. This collaboration aimed to complement Syntiant's NDPs with Infineon's high-performance microphone technology.

The toolkit to build machine learning applications at scale

Machine Learning Infrastructure

d-Matrix specializes in the development of computing platforms tailored for managing GenAI inferencing workloads within data centers. It aims to overcome memory limitations prevalent in AI computing by advancing high-efficiency digital-in memory compute (DIMC) chips.&nbsp;Its flagship product Corsair, scheduled for commercial release in&nbsp;<a href="https://sp-edge.com/updates/36641">Q2 2025</a>, serves as an in-memory compute engine engineered to accommodate the entire AI model within the memory, giving developers the flexibility to deploy AI models. Further, the platform offers 2400 TFLOPs of eight-bit peak compute, 2 GB of integrated performance memory, up to 256 GB of off-chip capacity memory, and delivers ultra-high memory bandwidth of 150 Tbps.

A new generation of building blocks for emerging tech

Next-gen Semiconductors

Syntiant Corp., founded in 2017 and headquartered in Irvine, California, is a leader in delivering end-to-end deep learning solutions for edge AI applications. The company specializes in developing ultra-low-power, high-performance neural decision processors that enable always-on voice, audio, sensor, and vision applications across various consumer and industrial use cases. Syntiant's technology combines deep learning with semiconductor design to produce Neural Decision Processors (NDPs) that can run multiple neural networks concurrently at extremely low power levels.
The company's flagship products include the NDP series, such as the NDP200, which is designed for always-on edge AI vision applications and can run multiple independent networks concurrently at powers less than 2mW. Syntiant's processors are capable of executing deep neural networks natively on various architectures, including Convolutional Neural Networks (CNNs), Recurrent Neural Networks (RNNs), and fully connected networks. The company's solutions typically offer more than 100x efficiency improvement and a 10x increase in throughput compared to current low-power MCU-based alternatives.
Syntiant's technology is applicable to a wide range of devices, including earbuds, wearables, smartphones, smart speakers, laptops, automobiles, and other IoT consumer and industrial applications. The company's processors enable edge devices to hear, speak, see, and feel, bringing cloud-free advanced machine learning solutions to the edge of the network. This allows for mission-critical and time-sensitive decisions to be made faster, more reliably, and with greater security.
As of March 2022, Syntiant had shipped over 20 million of its Neural Decision Processors. The company continues to innovate, with plans to introduce its third-generation Syntiant Core 3 architecture in the future.
Key customers and partnerships
Syntiant has established partnerships with several prominent companies in the technology industry. In July 2021, Syntiant announced a collaboration with Renesas Electronics Corporation for a voice-controlled multimodal solution combining Renesas' RZ/V Series MPUs and Syntiant's NDP120 Neural Decision Processor. This partnership aims to enable low-power contactless operation for image processing in vision AI-based IoT and edge systems.

Exploring the limitless possibilities of AI

Generative AI Applications

Inworld is a no-code developer platform that enables the creation of AI characters for games, virtual worlds, metaverse, and brand experiences. The company’s characters are intended to mimic the personalities, memories, and behaviors of real humans, enabling more immersive interactions with non-player characters (NPCs) and computer-controlled inhabitants of virtual worlds. Inworld focuses on the personalities or “brains” of these AI characters as it aims to be compatible with any character models or visuals, integrating with various game engines to generate avatars. Inworld’s AI characters are suitable for several use cases, including:1) Gaming: For more immersive non-player characters, capable of unscripted interaction, contextual awareness, and human emotion2) Brands: To power virtual brand ambassadors, mascots, chatbots, and customer service assistants, allowing more engaging interactions with customers3) Training: Versatile AI teachers with customizable knowledge bases and a variety of teaching stylesUsers can input the character’s desired personality, knowledge, and behavior as text fields. Inworld also allows the fine-tuning of all its AI characters to ensure they remain on-brand and within the context of a game or virtual world, providing safety measures such as profanity, hate speech, and sexual content filters. The AI characters are powered by 20 distinct machine-learning models, including OpenAI’s GPT-3 large language model (LLM) for speech content, alongside multimodal models, including an AI character engine and “contextual mesh” for character behavior, personality, expressions, gestures, and voice synthesis. In May 2024, it launched Inworld Voice, a new service that offers AI-generated, expressive voices designed primarily for use in video games, audiobooks, and voice assistants. It offers several features, including latency, rhythm, intonation, pitch variation, and pausing. In July 2024, the company introduced <a href="https://sp-edge.com/updates/32111">multilingual</a> support for Mandarin (simplified Chinese), Japanese, and Korean, allowing game creators to localize their games.The company was a part of the 2022 Disney Accelerator, Disney’s startup incubator.Key customers and partnershipsIn November 2023, Mictrosoft’s Xbox <a href="https://sp-edge.com/updates/23541">partnered</a> with Inworld AI to develop AI dialogue and narrative tools for video games. In September 2022, the company partnered with Unity Verified, an integrated software solution, to make its solutions available in the Unity asset store after being verified as a game developer tool.In June 2024, Inworld partnered with <a href="https://sp-edge.com/updates/30009">NVIDIA</a> to develop Covert Protocol, an application aimed at facilitating advanced social simulation capabilities within gaming environments.

Technology for a regenerative future in agriculture

Regenerative Agriculture Platforms

Regrow Ag is a climate-focused software company that provides enterprise solutions to drive the transformation to climate-smart, regenerative agriculture across the agrifood supply chain. Founded in 2018, Regrow offers a Measurement, Reporting, and Verification (MRV) platform and a Sustainability Insights platform that enable food and agriculture companies to quantify soil carbon and greenhouse gas emissions baselines and reductions in their farm supply chains. The company's technology leverages satellite imagery, weather data, soil sampling, and machine learning to monitor agricultural practices and model their environmental impacts at scale.
Regrow's core products include its MRV software, which allows companies to credibly measure, report, and verify the adoption of regenerative farming practices and associated emissions reductions. The Sustainability Insights platform enables scenario planning and impact assessment of different agricultural practices. Regrow's technology can monitor practices like cover crop adoption, reduced tillage, and nutrient management across millions of acres. The company uses remote sensing, crop detection, and soil modeling to generate field-level insights that can be aggregated to provide supply chain-wide emissions data and carbon sequestration estimates.
In March 2023, Regrow was named Fast Company's #1 Most Innovative Company in Agriculture and #41 overall on the World's 50 Most Innovative Companies list. The company's MRV platform has been approved by carbon credit standards like the Climate Action Reserve. Regrow works with major food and agriculture companies including General Mills, Cargill, PepsiCo, Kellogg's, and Unilever to help them baseline emissions, implement regenerative agriculture programs, and credibly report on environmental outcomes.
Key customers and partnerships
Regrow has partnered with several major food and agriculture companies to implement its technology. In June 2022, General Mills announced a multi-year partnership with Regrow to monitor agricultural practices across 175 million acres of farmland in North America, Europe and South America. This supports General Mills' commitments around regenerative agriculture and emissions reductions.
Other key customers include Cargill, PepsiCo, Kellogg's, and Unilever. In March 2024, Unilever launched an initiative using Regrow's MRV platform to contract 300,000 hectares for climate-smart farming programs. Regrow is providing measurement and reporting for Unilever's rapeseed supply chain projects in Canada and Europe.
The company has also partnered with carbon project developer South Pole to scale adoption of regenerative agriculture practices. Through this partnership announced in September 2022, Regrow is contributing to the design of South Pole's project monitoring protocols and verifying adoption of regenerative farming practices.

Making cold chains faster, smarter, and cooler.

Cold Chain Innovation

PAXAFE is a B2B software company that provides AI-powered decision support for cold chain logistics. Founded in 2018, the company offers a SaaS platform called CONTXT that leverages artificial intelligence to quantify strategic and operational risks in the supply chain, particularly for temperature-sensitive products. PAXAFE's technology contextualizes data from IoT sensors, third-party sources, and enterprise resource planning systems to provide actionable insights and predictions. The platform helps customers reduce product loss, improve operational efficiency, and optimize decision-making in perishable goods transportation and storage.
CONTXT utilizes PAXAFE's proprietary ATHENA LLM (Large Language Model) to analyze supply chain data and generate proactive recommendations. The system can predict adverse events such as temperature excursions hours before they occur, with a 95% accuracy rate for predicting arrival times. This capability is particularly valuable in industries like pharmaceuticals and food and beverage, where temperature control is critical. PAXAFE's solution addresses significant challenges in these sectors, considering that the pharmaceutical industry faces significant losses due to temperature-related issues.
As of May 2024, PAXAFE had raised a total of USD 14 million in funding, including a USD 9 million Series A round. The company is headquartered in Indianapolis, Indiana, with a global presence and a team of 33 employees split between the US and India. PAXAFE's innovative approach to cold chain logistics has positioned it as a leader in applying AI to supply chain risk management.
Key customers and partnerships
PAXAFE has established partnerships with several major players in the cold chain logistics industry. In September 2023, the company announced a collaboration with Carrier, a global leader in intelligent climate and energy solutions, to enhance cold chain monitoring and intelligence capabilities. This partnership aims to provide customers with greater visibility and proactive decision-making tools across their cold chain operations.
The company also works with Transposafe, a subsidiary of Brady Corporation and a leader in supply chain security. This partnership, announced in October 2023, combines PAXAFE's AI expertise with Transposafe's global distribution and specialized packaging capabilities to offer comprehensive solutions for industries such as pharmaceuticals and food and beverage.
PAXAFE's customer base includes high-profile pharmaceutical and produce manufacturers, as well as cold chain service providers. As of May 2024, PAXAFE noted that its recurring revenue was growing at a rate of 330% year over year, indicating strong market traction and customer adoption of its AI-powered risk management platform in the cold chain logistics sector.

Imbuing emotion into human-digital interactions

Digital Humans

Inworld AI is a developer platform for creating AI-driven virtual characters for gaming, metaverse, and interactive experiences. Founded in July 2021 by Ilya Gelfenbeyn, Michael Ermolenko, and Kylan Gibbs, the company offers a Character Engine that uses advanced AI to build generative characters with personalities, thoughts, memories, and behaviors designed to mimic human interaction. Inworld's no-code studio allows writers, designers, and creators to easily develop AI characters that can be integrated into popular game engines like Unreal and Unity.
The company's technology goes beyond existing large language models and chatbots, orchestrating multiple machine learning models to enable multimodal character expression. Inworld's AI characters can learn, adapt, navigate relationships with emotional intelligence, have memory and recall, and autonomously initiate goals and actions. This allows for more dynamic and immersive experiences compared to traditional scripted non-player characters (NPCs) in games and virtual worlds. As of August 2023, Inworld AI had raised approximately USD 120 million in funding and was valued at over USD 500 million. The company plans to launch an open-source version of its Character Engine to further innovation in the gaming industry.
Key customers and partnerships
Inworld AI has worked with several notable companies and projects to implement its AI character technology. The company has created AI-driven NPC experiences for Team Miaozi (NetEase Games), Niantic 8th Wall, LG UPlus, and Alpine Electronics. Inworld's technology has also been used in community-created mods for popular games like Skyrim, Stardew Valley, and Grand Theft Auto V. In 2022, as part of the Disney Accelerator program, Inworld demonstrated a 'Droid Maker' prototype created in collaboration with ILM Immersive. The company's Character Engine is featured in Unity's AI Marketplace as a Unity Verified Solution, and Inworld has received an Epic MegaGrant from Epic Games. Additionally, Inworld AI has integrated its technology with Unreal Engine's MetaHumans to enhance character creation capabilities.

Fastino provides enterprise AI developers with high-performance, task-optimized language models built to scale.

Conduktor provides an Apache Kafka enterprise platform that simplifies working with real time data in the Apache Kafka ecosystem. Its native desktop application can plug directly into Kafka and ease the development and management of users’ Apache Kafka data clusters, applications and microservices. Conduktor can be used across industries by companies with a few or thousands of users to significantly improve how their teams work. Conduktor was established in March, 2020 by Nicolas Orban in New York, United States.

Moondream builts a vision-language model that operates with 1.6 billion parameters.

Relyance AI provides a comprehensive platform for data compliance and governance, ensuring that businesses meet regulatory obligations. The service enables visibility into data processing activities while helping to manage risks associated with data security and privacy. This integrated approach supports sales teams in making informed decisions that drive business growth.

Web3-native data warehouse. Built from the ground up as a multichain data platform for dapps and developers in Gaming/DeFi, or any project needing next-gen analytics. We deliver fully decentralized yet enterprise-scale SQL + APIs to join on-chain and off-chain data in a single query

Allstacks develops a software engineering intelligence platform for enterprise software organizations to predict forecasting and risk management. Its mission is to build organizational trust through software delivery with predictive forecasting and risk analysis.

CRUXOCM enables the autonomous control room of tomorrow, operating within the safety constraints of today. RIPA (Robotic Industrial Process Automation) for control room operators of major energy assets.

Neon is a cloud-native, fully managed Postgres as a service. By separating storage from computing, Neon offers autoscaling, branching, and bottomless storage to give developers a simple, reliable, and powerful experience. Neon aims to provide a highly performant and cost-effective database infrastructure by leveraging cloud-native technologies and innovative architectural features.

Neon is a Brazilian fintech founded in 2016. The company emerged after the indignation of Neon's founder, Pedro Conrade, who after blowing R$ 1.00 from his checking account, discovered that his bank would charge R$ 46.00 of fee to start using the overdraft. When investigating his bills, Pedro realized that every year he spent his monthly salary on bank fees per month. Indignant, Pedro thought about the thousands of Brazilians who lose their money every year with abusive fees, from there Neon, the first digital account in Brazil, emerged. Over the years, Neon has consolidated itself as one of the largest fintechs in the world, offering customers a complete portfolio with debit and credit cards without annuity, personal loans, payroll loans, investments in a simple way in CDB and CDI, cashback in debit, various forms of payment, among other products designed for Brazilian workers and without abusive fees. In addition, with MEI Fácil, the company offers financial services and education to individual micro-entrepreneurs throughout Brazil. Today Neon has more than 1,600 employees and 15 million customers. The company grew its revenue three times in 2021 and the expectation for this year is to continue growing at an accelerated pace.

Low-Code/No-Code and AI development has experienced rapid adoption and is today mainstream in large enterprises, where business-led initiatives are developed by business users who address their needs on their own, without waiting for IT or development resource allocation. On one hand, this is an amazing step forward and another wave of IT decentralization to enable organizations to push forward with digital transformation. On the other- business users are not part of traditional secure development practices nor do they have technical/security knowledge required to build secure applications. Zenity has built the first security governance platform to secure the development of low-code/no-code and AI applications. Zenity's platform is used by application security professionals who are looking to secure business application development that is taking place with low-code/no-code platforms, such that takes place in major SaaS platforms like Microsoft, Salesforce, ServiceNow and UiPath. Zenity's platform offering is focused on 3 main pillars: (1) Visibility, (2) Risk Assessment, (3) Governance.

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