SoftBank Vision Fund

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

AI Drug Discovery

<div>
 
 Relay Therapeutics (Relay) is a biotechnology company engaged in developing precision medicine evaluating the movement of proteins (protein motion) with the help of AI and a supercomputer-powered platform. The company&rsquo;s initial focus is on precision oncology, but it believes its platform will have applications in other areas of precision medicine such as genetic diseases. Its platform, Dynamo, uses a custom-built supercomputer engineered by David E. Shaw, one of the company&rsquo;s co-founders. Dynamo can be mainly used in target identification, lead generation, and lead optimization.
 
 
 As of March 2024, Relay had six drug candidates in its pipeline. Three of its drug candidates were in the early stage of the drug development process for treating solid tumors. These include 1) RLY-4008, which is a selective inhibitor of fibroblast growth factor receptor 2 (FGFR2), 2) RLY-2608, which is an allosteric, pan-mutant, and isoform-selective PI3K&alpha; inhibitor, and 3) RLY-5836, a selective PI3K&alpha; inhibitor. In addition to these, Relay also has more than five programs at the discovery stage across precision oncology and genetic diseases.
 
 
 Key customers and partnerships
 
 
 In September 2022, Relay partnered with Foundation Medicine to develop a companion diagnostic (CDx) using the FoundationOne CDx next-generation sequencing panel for its RLY-4008 drug program. In December 2020, the company entered a license agreement with Genentech (a member of the Roche Group) for the commercialization and development of RLY-1971, a potent inhibitor of SHP2.
 
 
 Funding and financials
 
 
 Relay went public in July 2020, raising USD 425 million, one of biotech&rsquo;s largest IPOs of 2020. In 
 <a href="https://sp-edge.com/updates/26186">
 January 2024,
 </a>
 Relay secured a private investment of USD 30 million from Nextech in return for 2.5 million shares sold at a price of USD 12.00 per share. The proceeds were allocated to expand the development of RLY-2608 and to cover working capital and other corporate needs.
 
 
 For 
 <a href="https://www.globenewswire.com/news-release/2024/02/22/2834093/0/en/Relay-Therapeutics-Reports-Fourth-Quarter-and-Full-Year-2023-Financial-Results-and-Corporate-Highlights.html">
 FY2023
 </a>
 , the company reported a revenue of USD 25.5 million (USD 1.4 million in FY2022) generated through its license agreement with Genentech. However, its net losses increased by 17.7% YoY to USD 342 million.
 
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<div>
 
 XtalPi is an American-Chinese company operating the Inclusive Digital Drug Discovery and Development (ID4) platform that uses AI, quantum physics, and high-performance cloud computing algorithms to enhance the pharmaceutical research and development process. It provides predictions on physiochemical and pharmaceutical properties of small-molecule candidates for drug design, solid-form selection, and other aspects of drug development. As of March 2024, the company developed over 200 proprietary AI models that assess crucial drug-like properties.&nbsp;
 
 
 The ID4 platform provides solutions for the entire drug discovery and development pipeline, with key components that tnclude, 1) XtalCryo for target confirmation, 2) XcelaHit, which assists in compound design, 3)XceptionOp, which evaluates druggability, and 4) XcelDev, which optimizes development processes.
 
 
 The company&rsquo;s head office is based in Boston, while its R&amp;D center, AI research center, and an experimental center are in China. Its high-performance computing (HPC) cloud can deploy up to one million cores across Amazon Web Services (AWS), Tencent Cloud, Google Cloud, and Alibaba Cloud.
 
 
 Key customers and partnerships
 
 
 The company&rsquo;s customers include notable pharmaceutical companies, including 
 <a href="https://www.pharmaceutical-technology.com/news/xtalpi-pfizer-develop-ai-software-identify-new-drugs/">
 Pfizer
 </a>
 (May 2018), 
 <a href="https://sp-edge.com/updates/6267">
 Signet Therapeutics
 </a>
 (October 2021), 
 <a href="https://www.prnewswire.com/news-releases/xtalpi-announces-strategic-collaboration-with-porton-to-offer-prediction-guided-crystallization-and-drug-solid-state-research-services-301021700.html">
 Porton Pharma Solutions
 </a>
 (March 2020), 
 <a href="https://www.prnewswire.com/news-releases/xtalpi-and-ck-life-sciences-to-collaborate-in-ai-empowered-tumour-vaccine-research-and-development-opening-a-new-paradigm-for-scientific-innovation-301686858.html">
 CK Life Sciences
 </a>
 (November 2022), 
 <a href="https://sp-edge.com/updates/19101">
 Eli Lilly
 </a>
 (May 2023), 
 <a href="https://sp-edge.com/updates/21353">
 Edelweiss Connect
 </a>
 (August 2023), 
 <a href="https://sp-edge.com/updates/21556">
 Parthenon Therapeutics
 </a>
 (September 2023), Singapore&rsquo;s Experimental Drug Development Centre (
 <a href="https://sp-edge.com/updates/24251">
 EDDC
 </a>
 ) (November 2023), 
 <a href="https://www.prnewswire.com/apac/news-releases/xtalpi-and-hkus-advanced-biomedical-instrumentation-centre-sign-mou-to-accelerate-deep-tech-commercialization-301997939.html">
 Advanced Biomedical Instrumentation Centre at HKU 
 </a>
 (November 2023), and 
 <a href="https://sp-edge.com/updates/24984">
 JW C&amp;C Research Laboratories
 </a>
 (December 2023).
 
 
 The company also partnered with 
 <a href="https://sp-edge.com/updates/25072">
 ABB
 </a>
 (December 2023) to create automated laboratory workstations in China using ABB&rsquo;s GoFa cobots.&nbsp;
 
 
 Funding and financials
 
 
 In August 2021, the company raised USD 400 million in a 
 <a href="https://sp-edge.com/updates/4903">
 Series D
 </a>
 funding round, reportedly ahead of a potential initial public offering (IPO). The proceeds were earmarked for corporate expansion plans. The company has also attracted investments from Google, Tencent, and Sequoia China. 
 
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<div>
 
 Insitro leverages ML and high-throughput biology to develop new medicines, focusing on metabolism, oncology, and neuroscience therapeutic programs. The company integrates in vitro cellular data with clinical data to redefine diseases, accelerating the development of new medicines through its robust ML-driven platform.&nbsp;
 
 
 Its approach is based on test tube experiments, involving cells outside the human body to predict what drug developers would see in a human clinical model. Using this method, it creates models of genetic diseases and applies AI to find differences between healthy and sick cells.
 
 
 In October 2020, Insitro acquired 
 <a href="https://www.businesswire.com/news/home/20201022005401/en/insitro-Strengthens-Machine-Learning-Based-Drug-Discovery-Capabilities-with-Acquisition-of-Haystack-Sciences">
 Haystack Sciences
 </a>
 to enhance its drug discovery capabilities, particularly in building multi-dimensional predictive models for small-molecule design.
 
 
 Key customers and partnerships
 
 
 The company entered into several partnerships with pharma and biotech companies to offer its AI platform focused on specific disease targets, namely 
 <a href="https://sp-edge.com/updates/1032">
 Bristol-Myers Squibb
 </a>
 (BMS; October 2020) to develop treatments for neurodegenerative disorders, such as amyotrophic lateral sclerosis, and 
 <a href="https://www.businesswire.com/news/home/20190416005296/en/">
 Gilead Sciences
 </a>
 (April 2019) to find new drugs to treat nonalcoholic steatohepatitis (NASH), a form of fatty liver disease.&nbsp;
 
 
 The company also partnered with 
 <a href="https://www.genomicsengland.co.uk/news/insitro-and-genomics-england-announce-partnership">
 Genomics England
 </a>
 in March 2022 to advance cancer research by combining Insitro&rsquo;s ML capabilities with Genomics England's phenotypic and genetic database.&nbsp;
 
 
 Funding and financials
 
 
 In March 2021, the company raised USD 400 million in a 
 <a href="https://sp-edge.com/updates/1089">
 Series C
 </a>
 funding round led by Canada Pension Plan Investment Board (CPP Investments), with participation from Andreessen Horowitz and GV, among others. The proceeds were earmarked to further develop Insitro&rsquo;s AI platform and advance its drug pipeline.&nbsp; 
 
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<div>
 
 Patsnap is an intellectual property analytics company. It operates a software platform that uses AI technology to combine millions of data points from patents, licensing, litigation, and other sources to provide intelligence that helps companies streamline research and development (R&amp;D) departments.&nbsp;
 
 
 Its main solutions include IP Intelligence (to track patent filings in the market, including competitors), R&amp;D intelligence (tracking all sorts of R&amp;D-related data points such as market reports, government grants, and clinical trials to provide R&amp;D insights), Life Science (sequence-searching platform), and Chemical (validate chemical development projects by analyzing big data). The life science-focused solution, PatSnap Bio, allows pharma companies to search for protein, DNA, and RNA sequences within patent and non-patent sources in order to improve their R&amp;D process.
 
 
 Key customers and partnerships
 
 
 As of March 2024, PatSnap has more than 12,000 customers across 50 countries. It has partnered with Chemical Abstracts Service, a division of the American Chemical Society, to receive wide coverage of manually curated patents and non-patent sequences from proprietary sources (March 2020).
 
 
 Funding and financials
 
 
 In 
 <a href="https://sp-edge.com/updates/1090">
 March 2021
 </a>
 , PatSnap raised USD 300 million in a Series E funding round led by SoftBank Vision Fund 2 and Tencent Investment. The proceeds were aimed to further develop the company&rsquo;s intelligence platform, accelerate software product development, and expand the global sales team. 
 
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<div>
 
 Deep Genomics is a Canadian biotechnology company that has developed an AI and deep learning platform called the AI Workbench that uses terabytes of genetic data to precisely discover Ribonucleic acid (RNA) therapeutic targets.&nbsp;
 
 
 The company claims programmable RNA therapeutics have significant potential in treating genetic diseases. Deep Genomics uses AI in every stage of drug development, from designing novel candidates to animal models and the company claims 70% of its research projects have resulted in a therapeutic lead and its programs have advanced from target discovery to drug candidate in less than a year.
 
 
 The company has 11 therapeutic programs, 10 of which are in the discovery stage while one has reached the target identification stage. This pipeline includes a drug candidate for Wilson disease&mdash;a rare and potentially fatal genetic disorder&mdash;which was identified in September 2019 and is regarded as the first-ever drug candidate discovery with the use of AI. The company aims to advance this as the first drug candidate to the clinical trial stage.&nbsp;
 
 
 Key customers and partnerships
 
 
 In 
 <a href="https://www.deepgenomics.com/news/mila-announces-collaboration-leading-ai-therapeutics-company-deep-genomics/">
 September 2021
 </a>
 , the company partnered with Mila, an AI research institute, for talent acquisition. Further, the company partnered with BioMarin in 
 <a href="https://www.deepgenomics.com/news/biomarin-and-deep-genomics-collaborate-advancing-programs-identified-using-artificial-intelligence/">
 November 2020
 </a>
 to discover four rare disease indications. BioMarin may move them into preclinical and clinical development once they are validated.
 
 
 Funding and financials
 
 
 In 
 <a href="https://sp-edge.com/updates/4573">
 July 2021
 </a>
 , the company raised USD 180 million in a Series C funding round led by SoftBank Vision Fund 2. Existing investors including Amplitude Ventures and Khosla Ventures also participated in the round, along with other new investors. The funds were to be used for scaling its pipeline by expanding its proprietary platform to generate data across 100 genes to identify novel targets, mechanisms, and preclinical programs.
 
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<div>
 
 Hexagon Bio engages in the discovery of medicines based on the global metagenome&mdash;a collection of the genetic material of all the microorganisms present in various ecosystems such as soil, water, and the human body. Hexagon&rsquo;s approach is based on identifying molecules and protein targets in microbial genomes across the globe that haven&rsquo;t been sequenced yet&mdash;according to the company, this is around 99%.
 
 
 Its proprietary platform, which combines AI/ML technologies, genomics, chemistry, and synthetic biology, is capable of mining and unlocking the potential of hidden chemical compounds known as secondary metabolites, to develop novel medicines to treat cancer and infectious diseases. It accelerates drug-target prediction, DNA sequencing, and compound production.&nbsp;
 
 
 Funding and financials
 
 
 In its 
 <a href="https://sp-edge.com/updates/16319">
 Series B
 </a>
 funding round in February 2023, Hexagon Bio raised USD 77.3 million from existing investors The Column Group and Two Sigma Ventures and new investors Canada Pension Plan Investment Board. The proceeds were earmarked to expand the team and enhance the capabilities of its platform. In October 2020, the company received a two-year grant of around USD 1.2 million from the 
 <a href="https://www.gatesfoundation.org/about/committed-grants/2020/10/inv004638">
 Bill &amp; Melinda Gates Foundation
 </a>
 to identify treatments for malaria and tuberculosis patients.
 
</div>

<div>
 
 UK-based Exscientia is a full-stack AI drug discovery firm with discovery-to-clinical capabilities. The company uses its proprietary Centaur Chemist technology to assess disease targets specified by its clients and to prioritize potential disease targets for its own pipeline.
 
 
 It follows the Bispecific (dual-target) novel and highly complex approach that attempts to identify two simultaneous and distinct targets that perfectly bind with a drug compound, as opposed to identifying a single target. This can save considerable costs as a single drug can deliver the same efficacy as two different drugs. The company&rsquo;s AI algorithms are disease-agnostic, which means the platform can be applied to any disease targets across a wider range of disease types, such as oncology, cardiovascular, and rare diseases. The company also claims to be the first to apply AI to small molecule drug discovery and design.
 
 
 In a landmark development, Exscientia advanced the first fully AI-developed drug into human clinical trials, in partnership with Sumitomo Dainippon Pharma (SDP) in January 2020. The drug discovery and preclinical research were completed in less than 12 months, a fraction of the five-year average for the same process using conventional research techniques.&nbsp;As of May 2024, the company had four drug candidates in its pipeline.
 
 
 In 
 <a href="https://sp-edge.com/updates/31700">
 July 2024
 </a>
 , the company penned a licensing agreement with AI-powered biopharmaceutical company GT Apeiron for its oral CDK7 inhibitor program, GTAEXS617 ('617). This oral CDK7 inhibitor, was evaluated in the ELUCIDATE clinical trial for its impact on advanced solid tumors. 
 
 
 Key customers and partnerships
 
 
 The company has formed several partnership projects that include several large pharmaceutical players such as 
 <a href="https://www.fiercebiotech.com/biotech/bayer-parts-ways-exscientia-leaving-one-target-ai-drug-hunters-hands">
 Bayer
 </a>
 (August 2022), 
 <a href="https://sp-edge.com/updates/7630">
 Sanofi
 </a>
 (January 2022), 
 <a href="https://investors.exscientia.ai/press-releases/press-release-details/2021/exscientia-announces-multi-target-ai-driven-drug-discovery-collaboration-with-bristol-myers-squibb/Default.aspx">
 Bristol-Myers Squibb
 </a>
 (May 2021), 
 <a href="https://www.pharmaceutical-technology.com/news/sumitomo-dainippon-exscientia-ai-drug/">
 Sumitomo Dainippon Pharma
 </a>
 (January 2020), 
 <a href="https://www.pharmaceutical-technology.com/news/exscientia-gt-apeiron-alliance/">
 GT Apeiron Therapeutics
 </a>
 (June 2019), 
 <a href="https://www.pharmaceutical-technology.com/comment/celgene-exscientia-collaboration/">
 Celgene
 </a>
 (March 2019), 
 <a href="https://www.prnewswire.com/news-releases/exscientia-initiates-sixth-ai-drug-discovery-partnership-892453560.html">
 Roche
 </a>
 (January 2019), 
 <a href="https://www.prnewswire.com/news-releases/exscientia-enters-strategic-drug-discovery-collaboration-with-gsk-632029553.html">
 GSK
 </a>
 (July 2017), and 
 <a href="https://sp-edge.com/updates/17166">
 Charit&eacute; 
 </a>
 (March 2023). The company also added Big Pharma company 
 <a href="https://sp-edge.com/updates/22067">
 Merck
 </a>
 to its partner network in September 2023 via a strategic partnership that aimed to identify and develop new compounds against three targets.&nbsp;
 
 
 The company has also received two grants from the Bill &amp; Melinda Gates Foundation (BMGF): USD 4.2 million in December 2020 for malaria tuberculosis and non-hormonal contraception treatments, and USD 1.5 million in July 2021 to develop therapies for Covid-19. It also entered a 
 <a href="https://sp-edge.com/updates/5412">
 USD 70 million partnership
 </a>
 with BMGF in September 2021 to develop therapies for viral diseases. In addition, it has several co-development projects with Evotec, Apeiron, and Rallibio.&nbsp;
 
</div>

<div>
 
 Dewpoint Therapeutics leverages AI and condensate biology to develop novel therapeutics for a variety of disease indications, including oncology, virology, neuromuscular, and cardiopulmonary. The company&rsquo;s biomolecule condensate approach makes use of condensates&mdash;compartments within cells that perform specific functions&mdash;to understand the root cause of a disease, thereby potentially identifying therapeutics for previously undruggable targets.
 
 
 As of March 2024, the company had three internal targeted indications for oncology and neurodegenerative diseases. The company has plans to submit IND applications in 2025/2026. 
 
 
 Key customers and partnerships
 
 
 The company has several partnerships with a number of Big Pharma companies, including 
 <a href="https://media.bayer.com/baynews/baynews.nsf/id/Bayer-Dewpoint-Therapeutics-partner-research-treatments-cardiovascular-gynecological-diseases">
 Bayer 
 </a>
 (November 2019), to develop treatments for multiple cardiovascular and gynecological diseases; 
 <a href="https://www.businesswire.com/news/home/20200713005079/en/Dewpoint-Therapeutics-Collaborates-with-Merck-to-Evaluate-Novel-Approach-for-the-Treatment-of-HIV">
 Merck
 </a>
 (July 2020), to develop a treatment for human immunodeficiency virus (HIV); 
 <a href="https://www.prnewswire.com/news-releases/dewpoint-announces-collaboration-with-pfizer-to-develop-potential-therapies-for-a-rare-form-of-muscular-dystrophy-301201553.html">
 Pfizer
 </a>
 (January 2021), to develop treatments for myotonic dystrophy type 1 (DM1); 
 <a href="https://sp-edge.com/updates/17262">
 Novo Nordisk
 </a>
 (March 2023) to treat insulin resistance and diabetic complications; 
 <a href="https://sp-edge.com/updates/21804">
 Chemify
 </a>
 (September 2023), to discover molecules targeting cancer and neurodegeneration; and 
 <a href="https://sp-edge.com/updates/23589">
 Evotec
 </a>
 to advance oncology programs (November 2023).&nbsp;
 
 
 Funding and financials
 
 
 In February 2022, Dewpoint Therapeutics raised USD 150 million in a 
 <a href="https://sp-edge.com/updates/8303">
 Series C
 </a>
 funding round led by Softbank Vision Fund 2, with participation from other investors including Leaps by Bayer. The proceeds were earmarked for advancing the company&rsquo;s drug development pipeline toward investigational new drug (IND) status and developing its platforms. 
 
</div>

<div>
 
 Ventus Therapeutics develops novel therapeutics for various therapeutic areas including autoimmune diseases, neurological disorders, and inflammation. The company&rsquo;s approach is based on exploring unknown or poorly understood binding pockets on protein surfaces and screening billions of compounds to identify small molecules suitable to match the pockets. To do this, it leverages its AI-powered computational drug discovery platform, ReSOLVE, which combines structural biology, protein science, and chemistry capabilities.
 
 
 As of March 2024,Ventus had three drug candidates in its pipeline, namely 1) VENT-03, a cGAS inhibitor; 2) VENT-02, a brain-penetrant NLRP3 inhibitor; and 3) VENT-01, a systemic NLRP3 inhibitor. The company has advanced VENT-02 and VENT-03 into Phase I clinical trials.&nbsp;
 
 
 Key customers and partnerships
 
 
 In 
 <a href="https://mila.quebec/en/ventus-mila/">
 November 2022
 </a>
 , the company partnered with Mila, an AI research institute, to integrate advanced machine-learning capabilities into the ReSOLVE platform. Further, in 
 <a href="https://www.ventustx.com/ventus-therapeutics-enters-exclusive-development-and-license-agreement-with-novo-nordisk-for-nlrp3-inhibitor-program/">
 September 2022
 </a>
 , the company partnered with Novo Nordisk to advance its NLRP3 inhibitor program, targeting a range of liver, kidney, and cardiometabolic diseases.
 
 
 Funding and financials
 
 
 In February 2022, Ventus raised USD 140 million in a 
 <a href="https://sp-edge.com/updates/8386">
 Series C 
 </a>
 funding round co-led by Softbank Vision Fund 2 and RA Capital Management. GV (formerly Google Ventures) also participated in the round. The proceeds were earmarked for developing the company&rsquo;s computational platform, advancing its drug pipeline, and establishing proprietary virtual libraries. As of August 2022, Ventus had raised an aggregate of USD 300 million in private funding. 
 
</div>

<div>
 
 Neuron23 is an early-stage biotechnology company that develops precision medicine for neurological and immunological diseases. The company utilizes its AI-enabled drug and biomarker discovery platforms to accelerate the drug development process.&nbsp;
 
 
 As of March 2024, the company had five small molecule candidates in its pipeline, all of which were at the early stages of drug development. Its Parkinson's disease drug, which targets a protein called &ldquo;leucine-rich repeat kinase 2,&rdquo; (LRRK2) was in Phase 1 clinical trials.&nbsp;
 
 
 Key customers and partnerships
 
 
 In 
 <a href="https://sp-edge.com/updates/13032">
 September 2022
 </a>
 , Neuron23 partnered with QIAGEN to develop a next-generation companion diagnostic (CDx) for the Parkinson's disease drug, LRRK2.&nbsp;
 
 
 Funding and financials
 
 
 Neuron23 was founded in 2018 through a partnership with Origenis, a biotechnology company based in Germany. In December 2020, the company emerged from stealth, raising a combined USD 113.5 million in Series A and B financing.&nbsp;
 
 
 In 
 <a href="https://sp-edge.com/updates/9473">
 March 2022
 </a>
 , the firm raised USD 100 million in a Series C funding round led by SoftBank Vision Fund 2, with participation from existing investors WestLake Village BioPartners, Kleiner Parkins, and others. The funds were allocated for the development of its lead programs, its precision immunology platform, and research on its Parkinson&rsquo;s drug candidate. 
 
</div>

<div>
 
 Israel-based Quris is a drug discovery company that leverages AI to discover and develop novel therapeutics by predicting the safety and efficacy of potential drug candidates.
 
 
 Quris launched its Bio-AI clinical prediction platform&mdash;reportedly the first-of-its-kind&mdash;in 2021, which uses the &ldquo;patient-on-a-chip&rdquo; technology&mdash;a small-scale simulation of the human body and organs, which is used to predict a drug&rsquo;s response and effectiveness in humans. This method is believed to replace mice-testing, expedite the drug development process, and save costs significantly. The platform, developed in partnership with the New York Stem Cell Foundation, had 29 granted and pending patents as of June 2023.&nbsp; 
 
 
 Quris was developing a drug from its platform to treat fragile X syndrome (FXS). This is the most common root cause of inherited autism and intellectual difficulties, which has been difficult to treat in the past, even by large pharma companies such as Novartis and Roche.&nbsp;
 
 
 Key customers and partnerships
 
 
 In February 2022, Quris partnered with Merck to test its platform and identify the potential risks of its drug candidates to the liver. In 
 <a href="https://sp-edge.com/updates/22389">
 September 2023
 </a>
 , the company expanded its collaboration with Merck for drug toxicity prediction.&nbsp;
 
 
 Funding and financials
 
 
 In 
 <a href="https://sp-edge.com/updates/15415">
 December 2022
 </a>
 , Quris raised USD 9 million in seed funding, bringing total seed round funding to USD 37 million. The round was led by SoftBank Vision Fund and existing private and institutional investors, including Welltech Ventures. The funds were allocated toward advancing its platform, accelerating its research and development of novel therapeutics, expanding its team, and enhancing partnerships.
 
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Leveraging personal data for custom-fit diagnosis and treatment

Precision Medicine

<div>
 
 Guardant Health is a precision oncology company offering a liquid biopsy platform and tests for cancer management. Its patented digital sequencing platform leverages high-conversion biochemistry, next-generation sequencing technology, and AI-powered bioinformatics to provide therapy selection, recurrence monitoring, early screening, and biopharma solutions.&nbsp;
 
 
 Key products include the Guardant360 and Guardant360 CDx tests for advanced cancer patients, Guardant Reveal for early colorectal screening, and the GuardantINFORM real-world evidence platform. Guardant360 CDx is FDA-approved for tumor profiling across solid tumors and as a non-small cell&nbsp; lung cancer companion diagnostic.
 
 
 In 2022, Guardant sold over 120,000 tests to clinical customers and 26,000 to biopharma (up 42% and 40% YoY respectively). The company operates in the US and has planned to accelerate the commercialization of its products in Europe, Asia, the Middle East, and Africa.&nbsp;
 
 
 Key partnerships and customers
 
 
 The company partners with large biopharma companies such as AstraZeneca, Janssen, and Amgen to co-develop companion diagnostic tests. Further, in August 2022, the company 
 <a href="https://sp-edge.com/updates/12799">
 extended its partnership with Merck KGaA 
 </a>
 to leverage its database platform GuardantINFORM to speed up Merck&rsquo;s drug discovery and development processes to treat cancer.&nbsp;
 
 
 In December 2023, Guardant Health teamed up with Cancer Research UK and its innovation unit, Cancer Research Horizons, to mainly focus on clinical trials run by CRUK&rsquo;s Centre for Drug Development, comprising the DETERMINE trial, reportedly the first national precision medicine trial in the UK targeting rare cancers.
 
 
 Funding and financials
 
 
 The company was founded in 2011 and went public in October 2018, trading on Nasdaq Global Select Market under the ticker symbol &ldquo;GH.&rdquo; In May 2023, the company announced an 
 <a href="https://sp-edge.com/updates/18808">
 underwritten public offering 
 </a>
 with expected gross proceeds of USD 350 million.&nbsp;
 
 
 <a href="https://sp-edge.com/updates/16615">
 For the year 2022
 </a>
 , the firm reported revenue growth of 20% YoY to USD 449.5 million, while net losses for the same period increased to USD 654.6 million from USD 405.7 million. In 1H 2023, the firm reported revenue of&nbsp; USD 238.6 million, representing a 29.4% YoY increase. Net losses improved considerably to USD 206.3 million, down 41.5% YoY.&nbsp; In terms of guidance for 2023,Guardant Health revised revenue expectations upward to a range of USD 545 million&ndash;550 million, implying a growth rate of 21%&ndash;22%. 
 
</div>

<div>
 
 Relay Therapeutics is a clinical-stage biotechnology company engaged in developing precision medicine based on the movement of proteins or protein motion. The company's proprietary drug discovery platform, Dynamo, combines artificial intelligence, genomic data, and an experimental approach to identify protein targets that have been intractable so far. The company mainly focuses on precision oncology but is also looking to expand into other rare genetic disease targets.&nbsp;
 
 
 As of January 2023, Relay had six drug candidates in various stages of development. The firm has two drug candidates in the early stage of the drug development process for treating solid tumors: 1) RLY-4008, which is a selective inhibitor of fibroblast growth factor receptor 2 (FGFR2), and 2) RLY-1971, which is a selective inhibitor of the protein tyrosine phosphatase SHP2 obtained through a global collaboration and license agreement with Genentech, Inc., a subsidiary of Roche Group, in December 2020.
 
 
 RLY-2608 is a mutant selective inhibitor of phosphoinositide 3-kinase alpha (PIK3CA). The firm began its 
 <a href="https://sp-edge.com/updates/7550">
 first-in-human clinical trials 
 </a>
 of RLY-2608 for patients with advanced solid cancers in January 2022. Like RLY-2608, RLY-5836 also is a PI3K&alpha; inhibitor. The firm had two other targets in preclinical studies: a CDK2 inhibitor (Cyclin-dependent kinases) for treating breast cancer patients and an estrogen-receptor degrader program. In addition, Relay also has five undisclosed programs at the discovery stage across precision oncology and genetic diseases.&nbsp;&nbsp;
 
 
 Key Customers and Partnerships
 
 
 In September 2022, the company partnered with Foundation Medicine to develop a companion diagnostic (CDx) using the FoundationOne CDx next-generation sequencing panel for its RLY-4008 drug program. If approved, the drug and test will be used to identify and target fibroblast growth factor receptor 2 (FGFR2) gene alterations found in bile duct cancer patients.&nbsp;
 
 
 Funding and Financials
 &nbsp;&nbsp;&nbsp;&nbsp;
 
 
 The company went public in July 2020, raising USD 425 million, one of biotech&rsquo;s largest IPOs of 2020. Relay trades on the Nasdaq under the ticker symbol &ldquo;RLAY&rdquo;.&nbsp;
 
 
 For 
 <a href="https://sp-edge.com/updates/16607">
 FY2022 
 </a>
 net losses reduced by 20% YoY to USD 290.5 million, which is mainly due to a one-off expense associated with the acquisition of ZebiAI Therapeutics in FY2021.
 <a href="https://sp-edge.com/updates/18291">
 For Q1 2023
 </a>
 net losses significantly increased by 51.9% YoY to USD 94.2 million while licensing revenue decreased by 46.1% YoY to USD 0.2 million. 
 
</div>

Karius is a life sciences company focused on the genomic diagnosis of infectious diseases. The company leverages next-generation sequencing (NGS) technology to analyze microbial cell-free DNA (mcfDNA) from blood samples. Its flagship product. The Karius Test can detect ~1,000 pathogens, including bacteria, viruses, fungi, and parasites, from a single draw of blood, providing results within one day. <h3>Key customers and partnerships</h3> Karius serves a range of healthcare institutions across the US, including hospitals, transplant centers, and children's hospitals. The company's diagnostic solutions are employed to improve patient outcomes by enabling faster and more accurate detection of pathogens. In April 2023, Karius partnered with eGenesis, a firm specializing in xenotransplantation to expand Karius's microbial cell-free DNA sequencing platform to predict porcine pathogen presence, critical for the progression of xenotransplantation. As part of the collaboration, Karius's platform will be used to detect and quantify potential pathogens in pig organ donors, foundational for the xenotransplantation process from pigs to primates and eventually to humans. Funding and financialsIn <a href="https://sp-edge.com/updates/29098">May 2024</a>, Karius secured USD 100 million in Series C funding, co-led by Khosla Ventures, 5AM Ventures, and Gilde Healthcare. Other participants included Seventure Partners, Softbank Vision Fund 2, General Catalyst, HBM Healthcare Investments, Blue Water Life Sciences, Waycross Ventures, and Innovation Endeavors. The funds were planned to be used to expand access to the Karius Test beyond the hospital setting, address growing demand, and explore the broader health implications of their mcfDNA technology beyond infectious diseases.

Deep Genomics is a Canadian, AI-powered biotechnology company that discovers and develops targeted therapies for patients with neurological and metabolic disorders. The company's proprietary AI platform, the BigRNA model, is claimed to excel in target identification, uncovering novel druggable biological mechanisms, predicting molecule-target interactions, designing therapeutic candidates, and creating surrogate molecules for in vivo testing. Additionally, it operates effectively across various species, tissues, cell models, and RNA therapeutic modalities, including oligonucleotides, DNA editing, RNA editing, and mRNA.In September 2023, as part of its strategic plan to evolve into a forward-integrated biopharmaceutical company, Brian O’Callaghan has been appointed CEO and member of the board of directors. Mr. O’Callaghan, who most recently served as CEO of ObsEva SA has extensive experience in the biotech, pharmaceutical and clinical research organization industries with previous responsibilities managing multiple businesses and programs across many therapeutic areas, from concept through to commercialization.

<div>
 
 Neumora Therapeutics is a clinical-stage biopharmaceutical company that develops precision medicine for neuropsychiatric disorders and neurodegenerative diseases. The company&rsquo;s proprietary computational platform leverages machine learning, data science, and neuroinformatics to map novel drug targets to specific areas of the brain to address brain diseases and mental health conditions.&nbsp;
 
 
 Launched in 2021, Neumora emerged with seven drug programs that were discovered in-house, via acquisitions of multiple private companies (including BlackThorn Therapeutics) and license agreements with Amgen. The company&rsquo;s lead drug candidate, NMRA-140, is a selective antagonist for the kappa opioid receptor (KOR) in Phase 2 clinical trials for patients with major depressive disorder. It is intended to reduce stress responses, providing a novel therapeutic approach to treating neurobehavioral disorders. Its other clinical-stage (Phase 1) drug candidate, NMRA-511, is being developed for anxiety disorder.
 
 
 Funding and Financials
 
 
 The firm raised its latest funding in October 2022 amounting to USD 112 million in a Series B funding round co-led by Mubadala Capital, Abu Dhabi Growth Fund and Amgen. The new funds were allocated towards advancing its drug development pipeline into clinical and preclinical trials and developing its neuroscience platform. 
 
</div>

<div>
 
 Exscientia is a developer of precision medicine using its AI-based platform with discovery-to-clinical capabilities. The company uses its proprietary Centaur Chemist technology to assess disease targets specified by its clients and to prioritize potential disease targets for its own pipeline. The company claims to be the first to apply AI to small-molecule drug discovery and design.
 
 
 As of July 2023, the company had five drug candidates in the pipeline; 1) EXS21546 targeting the A2A receptor antagonist is in Phase I/II trial, 2) GTAEXS617 (co-owned by Apeiron) targeting the CDK7 inhibitor and was in Phase I/II trial to treat solid tumors, 3) EXS4318 (licensed by Bristol Myers Squibb (BMS)) targeting the PKC-theta inhibitor and was in Phase I to treat inflammatory diseases, 4) EXS74539 targeting the lysine demethylase 1 (LSD1) inhibitor, and 5) EXS73565, targeting mucosa-associated lymphoid tissue lymphoma translocation protein 1 (MALT1) protease inhibitor for cancer patients. EXS74539 and EXS73565 were launched in 
 <a href="https://sp-edge.com/updates/17061">
 March 2023
 </a>
 and were undergoing IND-enabling studies. The company had plans to announce progress on clinical development strategies using Exscientia's personalized medicine platform in 2H 2023.&nbsp;
 
 
 Key Customers and Partnerships
 
 
 
 
 The company has several key partners including 
 <a href="https://www.fiercebiotech.com/biotech/bayer-parts-ways-exscientia-leaving-one-target-ai-drug-hunters-hands">
 Bayer 
 </a>
 (August 2022), 
 <a href="https://sp-edge.com/updates/7629">
 Sanofi 
 </a>
 (January 2022), 
 <a href="https://investors.exscientia.ai/press-releases/press-release-details/2021/exscientia-announces-multi-target-ai-driven-drug-discovery-collaboration-with-bristol-myers-squibb/Default.aspx">
 Bristol-Myers Squibb 
 </a>
 (May 2021), 
 <a href="https://www.pharmaceutical-technology.com/news/sumitomo-dainippon-exscientia-ai-drug/">
 Sumitomo Dainippon Pharma 
 </a>
 (January 2020), 
 <a href="https://www.pharmaceutical-technology.com/news/exscientia-gt-apeiron-alliance/">
 GT Apeiron Therapeutics 
 </a>
 (June 2019), 
 <a href="https://www.pharmaceutical-technology.com/comment/celgene-exscientia-collaboration/">
 Celgene 
 </a>
 (March 2019), 
 <a href="https://www.prnewswire.com/news-releases/exscientia-initiates-sixth-ai-drug-discovery-partnership-892453560.html">
 Roche 
 </a>
 (January 2019), and 
 <a href="https://www.prnewswire.com/news-releases/exscientia-enters-strategic-drug-discovery-collaboration-with-gsk-632029553.html">
 GSK 
 </a>
 (July 2017). Most recently, the company partnered with 
 <a href="https://sp-edge.com/updates/16935">
 Charit&eacute;
 </a>
 (March 2023) to use Exscientia&rsquo;s AI-based precision medicine platform in the treatment of hematological cancers.&nbsp;
 
 
 Funding and Financials
 
 
 In October 2021, Exscientia went 
 <a href="https://sp-edge.com/updates/5792">
 public
 </a>
 on Nasdaq, raising more than USD 350 million on the stock exchange under the ticker symbol, &ldquo;EXAI.&rdquo; For the financial year 
 <a href="https://sp-edge.com/updates/17291">
 2022
 </a>
 , the company&rsquo;s net loss increased 141% YoY to USD 143.4 million.
 
</div>

Variant Bio is a genomics-driven drug discovery company based in Seattle that leverages the power of human genetic diversity to develop life-saving therapies. The company's research model revolves around forming ethical partnerships with communities worldwide and respecting the people who contribute to its studies. Variant Bio focuses on identifying novel and population-specific genetic variants that are associated with exceptional health-related traits, such as disease resistance. These genetic insights are then validated and translated into therapeutic programs targeting areas of significant unmet medical needs like fibrotic, kidney, and liver diseases. As of June 2023, Variant Bio has established over 20 genomic research partnerships across six continents. The company has built a pipeline with a program in lead optimization, bringing it closer to delivering medicines to patients. Variant Bio's priority therapeutic areas currently include inflammation-immunology, fibrosis, and kidney diseases. In June 2023, the company appointed David E. Moller, MD, as Chief Scientific Officer and Steve Bryant, PhD, as Chief Business Officer, signaling a new phase focused on drug discovery and development. Key customers and partnerships In <a href="https://sp-edge.com/updates/28670">April 2024</a>, Variant Bio partnered with Evotec to develop new treatments for fibrotic disease using Variant Bio's genomic discovery expertise and VB-Inference platform and Evotec's antifibrotic drug discovery data and end-to-end R&amp;D platform. Other notable partnerships include the University of Antananarivo in Madagascar, the Sydney Brenner Institute for Molecular Bioscience at the University of the Witwatersrand in South Africa, Bilhi Genetics in Uganda, the George Institute for Global Health India, the National Institute of Mental Health and Neuro Sciences in India, the Mochtar Riady Institute for Nanotechnology in Indonesia, FarGen and the University of Copenhagen in the Faroe Islands, the University of Otago in New Zealand, and the Groupement des Hôpitaux de l'Institut Catholique de Lille in French Polynesia. Through these collaborations, Variant Bio engages with diverse communities across Africa, Asia, Europe, and the Pacific Islands, focusing on understanding the genetic factors underlying various diseases, including kidney disease, liver fibrosis, amyotrophic lateral sclerosis, gout, and metabolic disorders like diabetes.

Neuron23 is a biotechnology company focused on developing precision medicines for genetically defined neurological and immunological diseases. By leveraging recent advancements in human genetics and state-of-the-art AI-enabled drug discovery and biomarker platforms, Neuron23 aims to advance therapeutics for severe diseases. The company focuses on neurodegenerative diseases, neuroinflammatory diseases, and systemic autoimmune and inflammatory diseases. Established in 2018, the company operates in South San Francisco, CA.Key partnerships and customersIn September 2022, the company <a href="https://sp-edge.com/updates/13032">partnered with molecular diagnostics incumbent QIAGEN </a>to develop a next-generation companion diagnostic (CDx) for novel Parkinson's disease drug, LRRK2. Once developed and validated, the companies aim to submit the CDx for FDA premarket approval.

Marketplaces and related solutions for selling goods and services online

Ecommerce Platforms

Perch is a technology-driven commerce company that acquires and operates successful Amazon FBA (Fulfillment by Amazon) and other direct-to-consumer (D2C) brands at scale. As of January 2022, Perch had acquired over 100 brands across various popular consumer product categories such as Home & Living, Sports, Health, and Toys. The company has developed proprietary technology and a machine learning-based decision engine to optimize operations and drive growth for the acquired brands.
Perch focuses heavily on the US Amazon sales channel, leveraging its expertise in listing optimization, advertising, inventory management, and supply chain capabilities. The company employed advanced data analytics and automation to streamline processes, enhance efficiency, and accelerate product innovation cycles. Perch generated over USD 1 million in annual revenue as of October 2020.
In May 2021, Perch closed a USD 775 million Series A funding round led by SoftBank Vision Fund 2, demonstrating investor confidence in its scalable business model and growth potential. By March 2024, Perch had emerged as the leading US Amazon aggregator and was acquired by Berlin-based Razor Group for an undisclosed amount, solidifying Razor's position as the global leader in the ecommerce brand aggregation space.

Trendyol is a leading ecommerce platform based in Turkey that was founded in 2010 by Demet Mutlu. It operates as a marketplace connecting buyers with a wide range of sellers offering products across various categories including fashion, electronics, beauty, and groceries. Trendyol has evolved from a single shopping site to a comprehensive ecommerce ecosystem, offering complementary services such as logistics (Trendyol Express), instant delivery (Trendyol Go), digital payments (Trendyol Pay), and a secondhand marketplace (Dolap).
Initially bootstrapped with USD 300,000 by Mutlu, Trendyol witnessed rapid growth, reaching over a million customers within its first year. As of 2023, the platform boasts over 30 million customers, 250,000 sellers, and delivers more than 1 million packages daily. Trendyol's success can be attributed to its focus on affordable pricing, a diverse product range, and a sustainable business model that supports digitization of local manufacturers and small businesses.
In 2018, Alibaba Group acquired a majority stake in Trendyol, valuing the company at USD 728 million. This strategic partnership provided Trendyol with technological expertise and helped position it as Turkey's first "decacorn" (a startup valued over USD 10 billion) after raising USD 1.5 billion in 2021, reaching a valuation of USD 16.5 billion.
Trendyol's commitment to creating a positive impact is evident through its support for local talent, sustainable sourcing, and initiatives promoting women's participation in the digital economy. The company has generated significant economic impact, contributing to the growth of over 90% of its sellers and enabling over 50,000 female entrepreneurs to establish ecommerce businesses.
Key customers and partnerships
Trendyol has established notable partnerships to enhance its technological capabilities and expand its reach. In 2018, Alibaba Group secured a significant stake in Trendyol, providing expertise and resources to support the platform's growth. This strategic partnership aims to boost Turkey's e-exports by enabling Turkish SMEs to leverage Alibaba's global network for exporting their products.
Additionally, Trendyol has partnered with EVS, aligning with their shared values of positively impacting people's lives and maintaining a startup spirit. This collaboration has allowed Trendyol to contribute further to Turkey's economy and leverage EVS's expertise in areas such as mobile payments, logistics, and exports.
Trendyol has also formed a partnership with AGH, a company rich in ecommerce experience. This alliance has enabled Trendyol to absorb knowledge and best practices in areas like logistics, mobile payments, and facilitating the growth of SMEs through the platform economy.

Vestiaire Collective is a leading global online marketplace for pre-owned luxury fashion items. Founded in 2009 in Paris, France, the company aims to transform the fashion industry into a more sustainable model by promoting circular fashion and reducing overconsumption and waste.
Vestiaire Collective operates a platform where buyers and sellers can buy, sell, and trade authenticated pre-owned luxury fashion items, including clothing, handbags, shoes, and accessories from renowned brands such as Louis Vuitton, Chanel, Gucci, and Prada. As of 2023, the platform had over 3 million items listed and a community of around 23 million members across 78 countries.
The company's core value proposition lies in its rigorous authentication process. All items listed on the platform undergo meticulous quality and authenticity checks by a team of trained experts, ensuring the legitimacy of the products sold. This process involves thorough examination of materials, craftsmanship, branding elements, and serial numbers, as well as the use of advanced technologies like image recognition software.
Vestiaire Collective's business model is commission-based, with the company charging a percentage fee on successful transactions. The fee structure varies based on the sale price, ranging from 15% for items sold between USD 80 and USD 13,000 to a fixed fee for higher-priced items.
In recent years, Vestiaire Collective has undertaken various sustainability initiatives, such as launching the "Brand Approved" program, which allows luxury brands to integrate circularity into their business models by facilitating the buyback and resale of their pre-owned items. The company aims to become carbon neutral by 2026 and has implemented measures to reduce its environmental footprint, including offering green shipping options and eco-friendly packaging.

Reibus International is an independent digital marketplace for industrial metals, providing a SaaS-enabled platform that aims to solve supply chain challenges in the metals market. The company's platform enables global manufacturers and service centers to buy, sell, finance, and transport a wide range of metals, including steel, aluminum, copper, brass, bronze, and recyclables.
In January 2023, Reibus expanded its product offerings to include red metals such as copper, brass, and bronze, catering to the high demand for these materials in industries like electrical, metal roofing, and pipe manufacturing. The company's marketplace allows buyers and sellers to navigate challenges and opportunities arising from supply chain volatility and geopolitical factors.
Reibus utilizes advanced technology and deep industry knowledge to revolutionize supply chain efficiency. Its platform helps shorten lead times, reduce inventory levels, streamline cash flow, and provide logistics and financial services. By facilitating the buying and selling of materials, Reibus aims to improve liquidity, cash flow, and market share for its customers.
In June 2022, Reibus acquired Sweden-based steel and metals trading company Stålgossen, which assumed the Reibus name and continued to operate under the leadership of Thomas Andersson. This acquisition was part of Reibus' European growth strategy.

CommerceIQ is a leading retail ecommerce management platform that enables consumer brands to drive profitable growth across online retailers like Amazon, Walmart, Target, and Instacart. The company's unified platform leverages machine learning and automation to optimize marketing, supply chain, sales operations, and digital shelf analytics. This helps brands boost their share of voice, minimize out-of-stock situations, prevent revenue leakage, and maximize advertising return on investment.
As of March 2022, CommerceIQ's platform served over 2,200 brands, including industry leaders such as Nestle, Colgate, Whirlpool, Johnson & Johnson, Kellogg's, Kimberly-Clark, and Bayer. The company achieved a 106% year-over-year revenue growth in 2021 and delivered 215 million automations, up from 145 million the previous year. In March 2022, CommerceIQ raised USD 115 million in Series D funding, valuing the company at over USD 1 billion.
In July 2022, CommerceIQ acquired UK-based e.fundamentals, a leading digital shelf analytics provider, to enhance its platform's capabilities and expand coverage to over 450 retailers across 41 countries. By September 2022, the company had integrated e.fundamentals' digital shelf analytics solution, enabling customers to capture store-level availability, distribution, and pricing data across retailers daily.

Pax8 is a leading cloud commerce marketplace that simplifies the cloud journey for small and medium businesses (SMBs). Launched in 2012, the company's platform connects vendors, managed service providers (MSPs), and other channel partners, enabling them to buy, sell, and manage cloud solutions seamlessly. Pax8's intelligent, AI-powered marketplace offers a curated storefront experience, granting customers agency over purchases and MSPs the ability to position themselves as trusted advisors solving problems.
The marketplace provides access to a vast catalog of cloud products spanning various categories, including security, continuity, productivity, infrastructure, and more. Pax8 streamlines operations by offering automated provisioning, billing, invoicing, and license management capabilities. Its platform integrates with popular PSA tools, enabling partners to manage customers efficiently.
Pax8 complements its marketplace with comprehensive partner enablement programs. The pax8Academy offers training, coaching, and peer support to help partners harness industry knowledge and gain a competitive edge. pax8ProServices allows partners to outsource tasks to Pax8's experts, while pax8Events foster growth through networking and knowledge-sharing opportunities.
In addition to its core offerings, Pax8 provides valuable resources and tools to partners, such as Opportunity Explorer, which leverages AI and partner data to identify sales opportunities and security gaps, and Storefronts, which enable partners to create customized customer experiences.

Remote learning is driving an education technology revolution.

EdTech: K-12

<div>
 
 Seoul-based Riiid was founded in 2014 by Young-Jun Jang and provides artificial intelligence-driven (AI-driven) solutions for education. Riiid launched its first AI-based web and mobile learning platform in 2017, Santa TOEIC, which prepares students for the English proficiency exam, Test of English for International Communication (TOEIC). The platform has been used by more than 2 million students in Korea and Japan (Santa TOEIC Japan was launched in 2019). Riiid’s other products include Santa SAT (launched in 2019), an AI-driven tutoring solution, and Santa Realtor (launched in 2020), which helps real estate agents prepare for the Licensed Real Estate Agent Examination. Additionally, the company provides its proprietary AI tutor module as a B2B solution for enterprises. In 2020, the company established Riiid Labs, its global division in Silicon Valley, California, to expand its business across the US, South America, and the Middle East. 
 
 
 In March 2021, Riiid Labs partnered with Grupo INICIE, an educational technology (EdTech) solutions provider in Brazil, and Casa Grande, an education company in Colombia and Puerto Rico, to build mobile apps for college admission test preparation. Riiid Labs also launched an AI-powered ACT test preparation app in Egypt, the UAE, Turkey, Saudi Arabia, and Jordan in partnership with ConnecME Education, an international education company. In October 2021, Riiid partnered with Indian EdTech startup BasicFirst Learning to develop and deliver an AI-powered test prep solution for the JEE and NEET college entrance exams in India. The company also acquired its Japanese distribution partner, Langoo, to expand its footprint in the country. 
 
 
 In May 2021, Riiid raised its largest funding round to date, securing USD 175 million from a single investor, SoftBank Group’s Vision Fund 2, to develop the company’s AI technology and extend its global technical expertise by establishing R&D centers and data labeling centers in the US, Canada, and Ghana. The company seeks to offer its AI test prep platforms, which provide a real-time evaluation of the students' progress, to public schools in the US aiming to replace standardized, one-time, time-consuming, and expensive tests such as the SAT and ACT. 
 
</div>

Founded in 2016 by Felix Ohswald and Gregor Mueller, GoStudent operates an online tutoring platform offering live, individual, and group sessions. It uses artificial intelligence (AI) to match tutors with students and offers a free social homework chat for students to discuss their questions with others.GoStudent focuses on building infrastructure that allows educators to focus on teaching. As of September 2021, the platform had about 5,500 tutors, a customer base of about 15,000, and around 420,000 monthly sessions booked.Since early Summer 2020, it has expanded beyond the DACH region (comprising Austria, Germany, and Switzerland) to other European countries including France, Belgium, Luxembourg, and Spain. In January 2021, GoStudent announced its plans to expand to England, Ireland, Italy, Greece, and the Netherlands in Q1 2021 as part of its ongoing European expansion. The company also plans to open its third international office in Madrid (in addition to Vienna and Lyon) in the near future. In May 2021, the platform launched in Russia in what was its first expansion beyond Western Europe ahead of a debut in Mexico, Canada, and Poland during the summer of 2021. With a presence in 18 countries as of June 2021, GoStudent plans to expand its services to 20 countries and expand its tutor base to more than 10,000 by the end of 2021.In September 2021, GoStudent acquired FoxEducation Services, the company behind the SchoolFox app, a communication platform that connects teachers with students and parents, which it will add to its range of services. The platform provides a range of tools such as messenger services, a learning management system (LMS), cloud storage, video lessons, and class chats for over 5,000 schools in Germany, Austria, Switzerland, and Luxembourg. In February 2022, the company acquired <a href="https://sp-edge.com/updates/8254">Seneca Learning, </a>a UK algorithmic learning content provider, and <a href="https://sp-edge.com/updates/8254">Tus Media Group, </a>a Spanish open tutoring marketplace, for an undisclosed amount, allowing GoStudent to expand its product portfolio, entering the learning content and open tutoring spaces. Its most recent acquisition was in December 2022, when it <a href="https://sp-edge.com/updates/15086">acquired Studienkreis, </a>a Germany-based blended learning and online tutoring service provider, to strengthen GoStudent's hybrid learning strategy by combining Studienkreis’ center-based tutoring services with its online learning materials.Funding and financialsIn August 2023, the company raised <a href="https://sp-edge.com/updates/21468">USD 95 million </a>in a funding round led by Deutsche Bank to advance its hybrid learning approach and AI integration, particularly in the DACH region. Previously, GoStudent raised EUR 300 million (~USD 340 million) in a <a href="https://sp-edge.com/updates/7746">Series D </a>funding round in January 2022, led by new investor Prosus, valuing the company at EUR 3 billion (USD 3.5 billion). The round follows the EUR 205 million <a href="https://sp-edge.com/updates/2093">Series C </a>round in June 2021, when the company achieved unicorn status at a valuation of EUR 1.4 billion (USD 1.7 billion).

<div>
 
 Founded in 2018 by Jake O’Keeffe and Alexander Hatvany, Atom Learning is a UK-based company that builds machine learning and AI-driven education materials that adapt to a users’ specific level of knowledge. The company uses data science to build insights and other analytical tools for educators and parents. Additionally, Atom provides content for teachers in the form of “question banks” that enable them to create learning materials for students both online and in the classroom. The company’s content is offered under a three-tier model, with the first tier tackling the fundamentals according to the UK national curriculum. The next two tiers focus on senior school entry exams. As of December 2021, Atom served over 5,000 schools and over 250,000 students. 
 
 
 In December 2021, Atom Learning raised USD 25 million in a Series A funding round led by SoftBank. The funds will be used to accelerate its growth in its home market of the UK and expand to international markets while continuing to develop the data science and content for its users.
 
</div>

<div>
 
 Founded by Philip Cutler and Roberto Cipriani, Paper is an educational support system that works with K-12 schools in the US and Canada to provide unlimited, round-the-clock, personalized tutoring support to help schools achieve their strategic goals around student equity, personalized learning, and teacher bandwidth. Paper&rsquo;s tutors are trained in the Socratic approach to academic support and help students with homework, writing, and studying. Paper offers academic support at scale, serving all students equitably and at a fixed cost. Paper offered its on-demand, one-on-one academic support in four languages across more than 200 academic subject areas as of May 2021. As of June 2021, the company had a user base of more than one million students (up from 50,000 in 2020), a tutor base of 1,000, and 100 school districts used its system.
 
 
 In February 2023, the company 
 <a href="https://sp-edge.com/updates/16706">
 acquired MajorClarity,
 </a>
 a career and college readiness (CCR) tool, to offer a comprehensive CCR solution regardless of the student's preferred path after graduating from high school.
 
 
 Funding and financials
 
 
 Paper raised USD 11 million in its last funding round in December 2020. In June 2021, the company raised CAD 123 million (USD 100 million) in Series C funding to scale its software to support more school districts.
 
</div>

<div>
 
 Formerly named ClassEDU, Class Technologies is the creator of Class, a suite of tools for teachers that allows them to create a more engaging learning experience on Zoom and make the virtual classroom feel more like a real classroom. The company’s co-founder and CEO is Michael Chasen, former co-founder and CEO of Blackboard. 
 
 
 Class software features include instruction tools and management tools. Instruction tools include the ability to launch live assignments, quizzes, and tests for completion in real-time and polls. The product also allows teachers and students to talk privately without leaving the Zoom call. Management tools include attendance trackers, the ability to monitor how long students speak, how engaged they are, and the ability to integrate learning management systems with Zoom. Teachers are also able to determine whether students have other browser windows open besides Zoom during a test.
 
 
 Class was launched for Apple’s MacOS desktop operating system in September 2020 and was made available for Chromebooks, iPhone, Android, and Windows devices in June 2021. The product will be marketed to schools at an annual subscription ranging from USD 10,000-USD 65,000, based on the number of students per class. As of April 2021, Class had more than 125 paying customers, of which 10% were corporations, and the remainder split evenly between K-12 and higher education institutions. More than 7,500 K-12 and higher education institutions and corporations have expressed interest in the product since its launch, which is being used in the US and more than 20 countries globally as of July 2021.
 
 
 In May 2022, the company 
 <a href="https://sp-edge.com/updates/10594">
 acquired Collaborate,
 </a>
 Blackboard’s virtual class tool, for USD 210 million, to strengthen its suite of products.
 
 
 Key customers and partnerships
 
 
 In June 2022, the company partnered with Open LMS, an e-learning solution provider, to further promote hybrid learning.
 
 
 Funding and financials
 
 
 In July 2021, the company raised 
 <a href="https://sp-edge.com/updates/4563">
 USD 105 million in Series B
 </a>
 funding to be allocated for domestic growth and expansion into new global markets.
 
</div>

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

EdTech: Corporate Learning

<div>
 
 Founded in 2014 by Khadim Batti and Varakumar Namburu, Whatfix is a digital adoption solutions (DAS) company that aims to disrupt application training, learning, and support content by providing specialized digital solutions to companies globally.&nbsp;&nbsp;
 
 
 In August 2021, Whatfix acquired Nittio Learn, a learning management system (LMS) for an undisclosed figure. Founded in 2013, Nittio Learn is a learning management platform with a focus on corporate training. The LMS delivers a number of tools and features allowing companies to design and curate learning content for their distributed workforces. This acquisition allows Whatfix to add Nittio Learn&rsquo;s toolset which includes content options, assessment capabilities, and training course allocation into its own digital adoption platform as well as improve the company&rsquo;s application training capabilities.
 
 
 In February 2024, Whatfix announced the launch of &quot;Mirror&quot;, a hyper-realistic training and product showcase tool, scheduled for beta release in Q2 2024, that is expected to transform system training and product showcasing for businesses.
 
 
 Key customers and partnerships
 
 
 In 2021, Whatfix secured partnerships with several notable companies including Microsoft, Red Cross Netherlands, Coca Cola Beverages Africa, Mr Price Group, Messer Americas, and Grant Thornton.&nbsp;
 
 
 Funding and financials
 
 
 In June 2021, the company raised USD 90 million in Series D funding led by SoftBank Vision Fund 2. 
 
 
 For 
 <a href="https://sp-edge.com/updates/14230">
 FY2022,
 </a>
 operating revenue growth increased 73% YoY to INR 1.72 billion (~USD 20.8 million). Meanwhile, overall spending increased threefold to INR 8.97 billion (~USD 108.4 million) in FY2022. This was primarily due to finance costs, which made up 51% of total spending, increasing by 6.7x, and employee benefit expenditures, which made up 33% of total spending, increasing by 80.3% YoY. Consequently, in FY2022, the company's net loss increased by 3.7x to INR 7.06 billion (~USD 85.3 million).
 
</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>

<div>
 
 Founded in 2011 by Ashwin Damera and Chaitanya Kalipatnapu, the Eruditus Group consists of Eruditus Executive Education and Emeritus. Eruditus Executive Education, its online division, is an executive education platform that aims to provide professional learning opportunities to a global market, and Emeritus, its corporate learning platform, aims at upskilling and reskilling corporate workforces. With more than 50 university partners including Harvard, MIT, Berkeley, and Wharton, Eruditus has launched over 100 courses in multiple languages, including Spanish and Mandarin, and serves over 250,000 individuals across 80 countries as of August 2021.&nbsp;
 
 
 Funding and financials
 
 
 In March 2022, Eruditus subsidiary Emeritus raised 
 <a href="https://sp-edge.com/updates/9007">
 USD 350 million in debt financing 
 </a>
 from Canada Pension Plan Investment Board (CPPIB). The round follows its 
 <a href="https://sp-edge.com/updates/4901">
 USD 650 million Series E 
 </a>
 raised in August 2021. The company intends to use the most recent funds to expand its global presence via M&amp;A. Earlier, in January 2022, the company announced plans to invest up to USD 1 billion for expansion through M&amp;A in 2022. Alongside its growth strategy, the company expects to become profitable by FY2023. Eruditus also reported growth of 120% YoY in FY2022, with organic growth of 2.5x. The company estimates gross bookings of USD 500 million in FY2023 and expects its list of potential acquisitions to contribute up to 30% of Eruditus&rsquo; revenue and EBITDA in the next five years. In line with the company&rsquo;s focus on achieving profitability, Eruditus announced in June 2022 that it will lay off staff in India and globally in an attempt to restructure and reduce expenditure.&nbsp;
 
 
 For 
 <a href="https://sp-edge.com/updates/20194">
 FY2023,
 </a>
 the company reported a revenue growth of 63% YoY, reaching USD 400 million in FY2023. The firm implemented effective cost-cutting measures, including maintaining a consistent headcount and relocating certain roles from the US or Europe to India. These initiatives resulted in Eruditus reducing its loss to ~USD 40 million in FY2023, a notable improvement from the USD 66 million loss in FY2022, excluding stock compensation and depreciation. For FY2024, the company expected a 40% YoY revenue growth to record USD 560 million and targeted a 7% EBITDA margin, equivalent to USD 40 million.
 
</div>

<div>
 
 Paris-based 360Learning was founded in 2013 and provides a learning management system (LMS) that includes an authoring tool, feedback loops, and learning analytics. The platform promotes a collaborative, or bottom-up, approach to learning and supports learning and development (L&D) teams with crowdsourcing and prioritizing training needs. As of October 2021, 360Learning served more than 1,500 companies globally.
 
 
 The company entered the M&A space in January 2022 by acquiring 
 <a href="https://sp-edge.com/updates/7701">
 Looop,
 </a>
 a UK-based learning management system (LMS) provider, for USD 20 million, in a combination of cash and stock, allowing it to expand its presence in the UK and beyond, and strengthen its product offering to support customers as they deal with transitions to remote work, employee turnover, and skills shortages.  
 
 
 In February 2022, the company partnered with HiBob, a human resource platform, to integrate its learning and development programs with HiBob’s employee onboarding and retention plans.
 
 
 In April 2019, the company raised USD 41 million in a Series B round to consolidate its position in its home market of France, and fund growth in the UK and North America. Its previous funding round was in October 2013 when it raised USD 1.35 million (EUR 1.2 million). In October 2021, the company raised USD 200 million in funding from Sumeru, SoftBank’s Vision Fund 2, and Silver Lake Waterman. The funds will be used to grow the company’s employee base, expand to new markets, and invest in acquisitions.
 
</div>

Berlin-based CoachHub is a talent development platform founded in 2018 by brothers Yannis and Matti Niebelschuetz, that allows organizations to provide employees with personalized coaching programs regardless of career level. CoachHub seeks to democratize access to business coaching that was previously available only to top management. As of February 2022, the company has a global pool of 3,500+ certified coaches in 42 countries that offer sessions in more than 30 languages. Live coaching sessions are conducted via video conferencing. The CoachHub app allows employees to consume additional learning at their own pace. In May 2021, the company launched CoachHub Wellbeing, a mental health coaching solution that covers the full spectrum of mental health and offers professional support. In February 2022, the company announced plans to open its regional headquarters in Singapore to execute its expansion in Asia Pacific.In September 2021, the company acquired MoovOne, a France-based digital coaching platform. This acquisition will allow CoachHub to accelerate its growth plans in Europe and leverage MoovOne technology to develop its platform. Additionally, CoachHub plans to leverage the industry knowledge and skills of all MoovOne employees to expand its market reach, bringing the combined staff to 500 by the end of 2021. Its most recent acquisition was in <a href="https://sp-edge.com/updates/8541?industryIds=46">February 2022, when it acquired the coaching division of Austrian consultancy firm Klaiton. </a>The acquisition allows CoachHub to acquire 500+ corporate coaches from Klaiton as well as its strong market presence in Austria. Additionally, CoachHub and Klaiton will combine their expertise to deliver personalized staff development programs worldwide.In May 2024, the company launched AIMY,an AI coaching companion to improve the employee experience. Key customers and partnershipsIn March 2020, CoachHub announced a partnership with Bossert Associates Coaching Academy, a school that provides executive coaching and leadership training. In November 2021, CoachHub launched a ‘Science Council,’ a group of 12 coaching experts from 9 countries to strengthen the scientific foundation of its mission.

Making banking work, without the paperwork

Neobanks

Based in the UK, OakNorth is a neobank serving SMEs and individuals. It is authorized and regulated by the Prudential Regulation Authority and Financial Conduct Authority. The company also obtained <a href="https://sp-edge.com/updates/32990">authorization</a> from the Federal Reserve and the New York State Department of Financial Services (NYDFS) to establish a Representative Office in New York, to market its products and services in the US. It also aims to obtain a US banking charter to further expand operations.For SMEs, it offers business loans, savings accounts, and everyday banking solutions aimed at medium-sized businesses with revenues between GBP 1 million and GBP 100 million. Everyday business banking solutions include financial tools and insights to help businesses grow, as well as an assigned “Business Partner,” who will provide tailored information and OakNorth products.For individuals, it offers a range of personal services including savings accounts, fixed-term deposits, and Easy Cash ISAs.&nbsp;In 2023, OakNorth’s net interest and fee income was GBP 296.7 million (~USD 378 million) up by 34.2% YoY, and its net profit was GBP 138.4 million (~USD 176.3 million) up by 22.2% YoY.The bank issued over GBP 1.7 billion (~USD 2.1 billion) of gross new lending facilities in 2023, bringing the total loans issued since its launch in September 2015 to over GBP 10 billion (~USD 12.4 billion). A portion of the new lending facilities, approximately USD 200 million, was to businesses in the US.&nbsp;Key customers and partnershipsIn 2023, the company had over 254,000 customers.In April 2024, OakNorth partnered with <a href="https://sp-edge.com/companies/64287">Marqeta</a>, a financial services platform, to offer <a href="https://sp-edge.com/updates/28834">commercial card services</a> for its business customers.

London-based Revolut offers digital banking and lending products to both B2C and B2B segments via a web portal and mobile app. The company holds its own banking license to operate in the UK, Brazil and the European Union.Within its B2C segment, the company offers its products under four tiers. The standard package, which is offered free of charge, enables users to open bank accounts (including joint-accounts), access personal financial management (PFM) tools, make international money transfers and payments, as well as set up bill splitting and recurring payments. The cost for packages with additional features stands between GBP 3.99 to GBP 14.99 per month (for UK customers) and includes features such as insurance, faster money transfers, and disposable virtual debit cards. In addition, Revolut launched <a href="https://sp-edge.com/updates/15855">a top-tier subscription plan called Ultra</a>, priced at GBP 45 per month. This includes a variety of perks such as those centered around travel and investing. The company also expanded into the InsurTech product vertical by launching a new standalone pet insurance product.Business accounts are offered free of charge with additional features (such as multi-currency accounts, debit/credit cards, and financial management tools) being available at GBP 25-100 per month. Revolut also provides hardware for in-person payments in the UK and Ireland through its <a href="https://sp-edge.com/updates/11502">Revolut card reader.</a> It charges GBP/EUR 0.02 + 0.8% per transaction and a one-off cost or customized pricing for high-volume businesses. It also launched an online checkout payment feature (<a href="https://sp-edge.com/updates/12934">Revolut Pay</a>) for businesses, which can be set up on merchant websites and mobile checkout pages via plug-ins or APIs. The company also acquired Nobly POS (Nobly) in November 2021, a technology provider for the hospitality industry, to strengthen its business offering.It also launched a dedicated income, payment, and expense management account–<a href="https://sp-edge.com/updates/13211">Revolut Pro</a>–aimed at freelancers and the self-employed. The account does not charge any monthly fees nor does it require any minimum monthly balance or deposits. In addition to business account features, it also provides a dedicated International Bank Account Number (IBAN) and a 1% cashback debit card to customers. The account can also be used for accepting payments either in-person using the <a href="https://sp-edge.com/updates/11502">Revolut Reader</a> or online with QR codes. In addition, Revolut also offers a streamlined version of its app–<a href="https://sp-edge.com/updates/14797">Revolut Lite</a>–for customers in Latin America, Southeast Asia, and the Middle East, offering cross-border money transfers for free. Moreover, as an alternative to SWIFT payments, Revolut launched <a href="https://sp-edge.com/updates/22016">RevTags</a> for business customers and <a href="https://sp-edge.com/updates/25792">Mobile Wallets</a> for retail individuals, offering a free cross-border payment solution.Revolut also offers a stock trading platform (launched in January 2022) to its US customers, where users can trade over 1,100 securities on the NYSE and NASDAQ, including ETFs and full and fractional shares, at zero commission. It rolled out the platform to EEA customers <a href="https://sp-edge.com/updates/18513">in May 2023</a>, providing access to over 150 ETFs and European listed stocks. Furthermore, Revolut launched a <a href="https://sp-edge.com/updates/19814">robo-advisory platform</a> in the US (in June 2023) and for <a href="https://sp-edge.com/updates/26846">EEA customers</a> (in February 2024), allowing them to automate their investments by selecting from five diverse portfolios based on their risk tolerance. It charges an annual fee of 0.25%, and customers can start investing with a monthly minimum of USD 0.25.In addition, it offers cryptocurrency trading services for customers in Singapore and <a href="https://sp-edge.com/updates/12407">the European Economic Area</a> (through a regulatory approval received from the Cyprus Securities and Exchange Commission). It also received <a href="https://sp-edge.com/updates/13362?industryIds=59">full registration from the UK FCA</a> to offer cryptocurrency trading services in September 2022. Customers can trade over 100 individual cryptocurrencies or buy collections, which are tokens grouped based on the underlying technology and use case for each token. In addition, customers can stake their tokens within the app (limited to UK and EEA customers) and also use the Revolut Card to make payments in cryptocurrency for ecommerce and in-person purchases. Revolut had also planned to launch its own token–RevCoin, as part of its rewards program. However, it temporarily paused the launch of it in January 2023, owing to the downturn in the crypto markets. Additionally, Revolut used to offer crypto investments in the US but suspended it owing to an uncertain and stricter regulatory environment in September 2023.As of May 2024, the company operated in Australia, Brazil, the European Economic Area (EEA), Japan, New Zealand, Singapore, Switzerland, the UK, and the US. The company also had plans to launch its services in India. Additionally, the company offers Revolut Lite in Armenia, Azerbaijan, Bangladesh, Chile, Kazakhstan, Kuwait, Macao SAR, North Macedonia, Oman, Qatar, the Republic of Moldova, Saudi Arabia, Sri Lanka, and Vietnam.In 2023, Revolut recorded revenue of USD 2 billion (GBP 1.57 billion), while its net profit was USD 350 million (GBP 275 million).Key customers and partnershipsAs of December 2023, the company served ~35 million retail customers across 38 countries. The UK remains Revolut’s largest market, with over 6.8 million customers, followed by Romania (2.8 million customers), Poland (2.5 million) and France (2.2 million).The company partnered with payments infrastructure provider Stripe to facilitate payments across Europe and the UK, and with Visa to enable instant card transfers for Revolut Business customers across 78 countries in over 50 currencies using only a card number through Visa Direct. The company also collaborated with Upvest, a FinTech infrastructure provider, to launch a trading platform for its customers in the EEA. Upvest was responsible for the brokerage, settlement, and custody infrastructure, as well as obtaining regulatory permissions through its German licenses. Revolut also offers auto insurance in Ireland in partnership with AIG. In addition, <a href="https://sp-edge.com/updates/32078">Revolut partnered with Paysafe</a> to provide UK customers with cash deposit services, enabling them to deposit cash at over 12,000 locations through the Revolut app.

UK-based Zopa offers savings accounts, credit cards, loans, and investment services to customers via an online platform, and operates under its own license which it received in June 2020. Savings accounts require a minimum deposit of GBP 1,000 and can be deposited for a period of one to five years. The company initially started as a peer-to-peer (P2P) lending platform, although its P2P offering was subsequently shut down in December 2021.&nbsp;The company also offers “hybrid” savings accounts (introduced in February 2022), targeting younger age groups, allowing them to manage both easy access and fixed-rate accounts from a single dashboard. Customers who choose to lock their money for a longer period are given the opportunity to increase their rates up to 1.05% annual equivalent rate (AER) in the mobile-only Smart Saver account. It also offers a <a href="https://sp-edge.com/updates/19479">Smart Individual Savings Account</a> (ISA; introduced in June 2023) that allows users to save up to GBP 250,000 without being taxed. Additionally, users can split their allowance among 20 different savings pots, allowing them to divide their savings between immediate “easy access” pots and “fixed term” pots.&nbsp;The company ventured into the point-of-sale financing solution market with the <a href="https://sp-edge.com/updates/16449">acquisition of DivideBuy</a>, a buy-now-pay-later provider in February 2023. It will provide financing to customers for purchases between GBP 250 to GBP 30,000 (~USD 300 to USD 36,000). The acquisition is expected to increase Zopa’s revenue by ~20% over the next few years, and it will also benefit from the integration of DivideBuy’s underwriting capabilities, regulatory approvals, and funding.&nbsp;Key customers and partnershipsAs of February 2023, Zopa had over 850,000 customers.It partnered with data analytics and consumer credit reporting company Experian to provide customers with improved credit options and help build their credit scores.Funding and financialsZopa raised GBP 75 million (~USD 93 million) in <a href="https://sp-edge.com/updates/16112">an all-equity investment round</a> at a valuation above USD 1 billion in February 2023. The round saw participation from existing investors such as Uprising and Augmentum, while notable investor Softbank did not participate.. Furthermore, it secured an additional GBP 75 million (~USD 93 million<a href="https://sp-edge.com/updates/21682">) in Tier-2 capital</a> led by IAG SilverStripe in September 2023. The company planned to use the fresh funds to strengthen its finances, develop new products, and fuel its growth including exploring suitable acquisitions.In FY2023, Zopa’s total operating income was GBP 223.5 million (~USD 287 million), up by 45.3% YoY, making a net profit of GBP 33.8 million (~USD 43.4 million), compared with last year’s net loss of GBP 23.7 million (~USD 30.4 million).

Chime provides banking services to its customers via a web portal and a mobile app. The company provides no-fee mobile banking solutions, and offers savings accounts, checking accounts, and debit cards (with ATM access) to its customers. The company does not provide loans and does not charge monthly, foreign exchange, or overdraft fees (for transactions up to USD 200), and therefore primarily generates its revenue from interchange and ATM fees. The company claims that accounts can be created in as little as two minutes, and uses video identification to verify an individual’s identity. The company does not impose minimum balance requirements and mainly focuses on serving individuals who earn between USD 30,000-75,000 per year.&nbsp;In June 2020, the company entered the credit card space by launching ‘CreditBuilder’. Despite being introduced as a credit card, the card has similar functionality to a debit card, which allows users to transfer funds from their checking accounts, and spend up to the transferred amount where Visa is accepted, reducing the tendency to overspend. At month’s end, CreditBuilder automatically pays off the credit card balance using the transferred funds and reports the payment to credit bureaus. The CreditBuilder card is primarily targeted at millennials and Gen Z customers, to aid in developing and building up their credit history.&nbsp;In <a href="https://sp-edge.com/updates/30853">June 2024</a>, Chime acquired enterprise employee rewards company Salt Labs for an undisclosed sum. Following the transaction, it planned to launch a new division called “Chime Enterprise,” which will include Salt's products and focus on expansion through employer channels. This move will grant Chime an additional revenue stream and access to Salt’s enterprise clients to promote Chime MyPay, its earned wage access platform.&nbsp;In January 2022, Reuters reported that Chime was to go public led by investment bank Goldman Sachs. Reports say that the company could aim for a valuation of almost USD 40 billion, which could be launched as early as Spring 2022. However, the company paused its IPO aspirations following the downturn in the IPO market.The company claims that revenue and transaction volumes witnessed threefold growth between January and September 2020, owing to the impact of the COVID-19 pandemic. Over the same period, the company also stated that it was able to become profitable on an EBITDA basis.Key customers and partnershipsChime stands as the largest Neobank in the digital banking space in the US, with&nbsp; 12 million customers&nbsp; (reported as of February 2021). The company does not own its own banking license and provides its services under the licenses of Bancorp Bank and Stride Bank.

Vivid Money, based in Germany, offers banking services to individuals and businesses via a mobile app, which include checking accounts and visa debit cards. The app also provides Personal Finance Management (PFM) tools that enable customers to track their finances and gain an understanding of how their money is being spent. In addition, the app also enables customers to create “pockets,” which are sub-accounts for specific purposes, under one main account. This option also allows customers to buy foreign currencies in advance at live exchange rates and store them in these pockets for future use.Apart from banking products, the app also provides investment portfolios, which include cryptocurrencies such as Bitcoin and Ethereum, allowing customers to trade directly via the app. The app also provides cashback rewards of up to 25%, which is automatically stored in a customer's stock rewards pocket, and also grows depending on the performance of stocks in which customers have invested. Debit cards can also be linked with digital wallets such as Google Pay.The company offers its products free of charge, but also offers a premium package, ‘Vivid Prime’, which is priced at EUR 9.90 per month. Additional features offered under Vivid Prime include higher cashback rewards, increased withdrawal limits, and more currency exchange options.In January 2024, Vivid Money acquired Joompay, a FinTech company based in Luxembourg, with the aim of leveraging Joompay’s E-Money License to expand its services across the European Union. Following this, it successfully expanded into 23 additional EU countries.Key customers and partnershipsAs of February 2022, the company had over 500,000 customers.Funding and financialsIn February 2022, the company raised EUR 100 million (~USD 114 million) in Series C funding led by Greenoaks Capital. The round valued the company at EUR 775 million (~USD 886 million), more than double its reported valuation in April 2021. The fresh funds were intended to be funneled toward developing new banking and investment products as well as strengthening its operational presence in Europe by expanding its headcount in the region. As of the same date, the company claimed that its customer base had grown by over 5x since its last funding round in April 2021, to reach around 500,000 customers, while its revenue had increased by over 25x, since February 2021.

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

Logistics Tech

ShipBob is a cloud-based third-party logistics (3PL) platform that offers a fulfillment order platform for small and medium-sized ecommerce businesses. ShipBob's proprietary technology covers the entire fulfillment process, including order and inventory management, warehouse management, predictive data and analytics, and optimized shipping (package delivery within 1–2 business days) for ecommerce companies. The company operates as a B2B software-as-a-service (SaaS) company.ShipBob operated a network of 50+ fulfillment centers across the US, Canada, Mexico, Europe, and Australia (as of April 2024). These centers serve as storage and distribution hubs for ShipBob's customers. ShipBob also <a href="https://sp-edge.com/updates/32676">facilitates Section 321-compliant order fulfillment</a> from Canada and Mexico, which allows merchants to reduce paperwork, speed up delivery times, and save on transportation and duties for high-tariff goods shipped to US consumers.The company also provides a merchant application that enables users to monitor inventory levels and facilitates communication with the warehouses for selecting items to fulfill orders and arrange their shipment. ShipBob then integrates with various shipping companies to ensure the delivery of orders to customers.Key customers and partnershipsThe company had 7,000+ customers as of April 2024. Its customers include PetLab, Bloom Nutrition, Storelli, zBiotics, Semaine Health, Postal, Bruce Bolt, Baby Doppler, Earthley, Spikeball, Pit Viper, Oxford Healthspan, RIFRUF, Food Huggers, NutriPaw, FlutterHabit, Quadrant, Juspy, and SuperSpeed Golf.The company has integrations with multiple platforms to ensure a smooth fulfillment process. Such integrations include the following:1) Ecommerce platforms and marketplaces such as Shopify, Amazon, BigCommerce, eBay, Magneto, Squarespace, Walmart, Wix, WooCommerce, Netsuite, <a href="https://sp-edge.com/updates/22208">TikTok Shop,</a> and <a href="https://sp-edge.com/updates/30330">Adobe Commerce</a> integrations2) Ecommerce operations, inventory, and order management platforms such as Brightpearl, Birj, Cogsy, PackageBee, SPS Commerce, Zentail, Shipyard, Logicbroker, Order Desk, Fulfil.io, and Cin73) Returns management platforms such as HappyReturns, Loop returns, ReturnLogic, and Returnly4) Freight and shipping solutions such as DHL, FedEx, UPS, Flexport, Freightos, Route, Rush, Shippo, ShipStation, Anvyl, AfterShip, and Echo Global LogisticsIts other integrations include ecommerce marketing and customer support providers; custom packaging and design solutions providers; branding, marketing, and web development agencies; and accounting, tax, and financing service providers.

Flexport offers freight forwarding services powered by automation and software. Flexport's software integrates and links data from different companies involved in a supply chain, enabling them to effectively handle cargo information and streamline the process of freight processing. The company’s product portfolio includes 1) logistics management and transportation solutions for order management, customs, ocean/air/land transportation, and less-than-container loads; 2) fulfillment services such as direct-to-consumer (D2C) fulfillment, wholesale fulfillment, parcel, replenishment, and prep; and 3) trade management services such as factoring, trade advisory, duty drawback, and cargo insurance. In 2021, the company claimed to have moved nearly USD 19 billion worth of merchandise across 112 countries.Its business model involves charging customers to move their freight, with pricing based on shipping volumes (per unit fulfilled). The company serves globally, with offices in the US, Europe, Hong Kong, and Singapore.Flexport reported revenue of USD 5 billion in 2022.&nbsp;Key customers and partnershipsAs of April 2024, Flexport served 10,000+ clients including Shein, Caraway, Gerber, Moen, Parade, Outdoor Voices, Rothy’s, Georgia-Pacific, Klean Kanteen, and Bombas.The company also has strategic partnerships with parties including digital freight matching solutions provider Convoy to provide end-to-end shipment automation over land, sea, and air (June 2021; acquired defunct Convoy’s tech <a href="https://sp-edge.com/updates/23379">in November 2023</a> to continue providing the service to Flexport customers) and hybrid-digital freight and third-party logistics (3PL) solutions provider Nolan Transporation Group to offer tech-enabled solutions for greater visibility across global supply chains (July 2022). <a href="https://sp-edge.com/updates/33014">In August 2024,</a> the company also partnered with Veho, a logistics company, to complement is services.

Berkshire Grey provides AI-powered robotic solutions for ecommerce fulfillment automaton, smart store replenishment, package sortation, and micro-fulfillment solutions, targeting retail, ecommerce, and third-party logistics (3PL). Its product portfolio includes robotic pick-and-pack solutions, robotic induction stations, robotic pick-and-sort solutions, and mobile robotic fulfillment solutions. Berkshire Grey specializes in configuring, installing, commissioning, and servicing these solutions for customers. It also provides additional professional services, such as system maintenance, system operation, and cloud-based monitoring and analytics.The company offers its product with a variety of purchase options, including outright sale and robotics-as-a-service (RaaS), which allows customers to use the offerings without incurring large, up-front capital expenses.Berkshire Grey generated revenue of US 65.9 million in 2022; however, it was yet to turn profitable, as its operating loss amounted to USD 113.8 million. The company has been listed on the Nasdaq since August 2021 via a merger with a special purpose acquisition company (SPAC), which valued the combined entity at USD 2.7 billion (February 2021). However, the company entered a definitive merger agreement with its investor SoftBank Group in March 2023, which also took the company private (transaction closed in July 2023).Key customers and partnershipsBerkshire Grey’s customers include Global 100 retailers and logistics service providers, such as Walmart, FedEx, Ceva Logistics, Target, Maersk, and Bealls.The company also has partnerships with system integrator of fulfillment and distribution solutions AHS (September 2021), technology service provider Atos (October 2021), data-driven robotic solutions provider Swisslog (March 2022), autonomous mobile robot developer Locus Robotics (January 2023), and intralogistics solution company Kardex <a href="https://sp-edge.com/updates/33225">(September 2024)</a> to expand markets by combining technologies.

<div>
 
 Righthand Robotics develops &ldquo;RightPick,&rdquo; a software driven, robotic piece-picking solution for warehouse automation. The technology combines AI, machine learning, and computer vision with intelligent grippers to imitate human hand-eye coordination. The technology can be integrated into a wide range of workflows and processes to pick and place individual items. &ldquo;Right Pick&rdquo; is supported by its fleet management software &ldquo;RightPick Control Center,&rdquo; which provides remote access and visibility into the RightPick solutions deployed within the warehouses. Its product offering also includes &ldquo;RightCare,&rdquo; a service and support plan that is offered in conjunction with the RightPick AI software annual license agreement.&nbsp;
 
 
 
 
 Its latest version, 
 <a href="https://sp-edge.com/updates/25868">
 &ldquo;RightPick 4,&rdquo;
 </a>
 launched in January 2024, comes with with enhanced AI, sensor suite, and new hardware that allow the system to extend its item-picking range, handle items more efficiently, and enhance system autonomy.
 
 
 
 
 The company operates on a subscription-based robotics-as-a-service (RaaS) business model, and also offers buying options based on a capital investment model.
 
 
 
 
 Key customers and partnerships
 
 
 In March 2022, the company launched a
 <a href="https://sp-edge.com/updates/9203?industryIds=6">
 
 partner integrator program
 </a>
 to complement its robotic piece-picking solutions with warehouse technologies and solution providers (partners included Element Logic, Vanderlande, Asetec, and Okamura).
 
 
 
 
 Its other partnerships include Tompkins Robotics (to combine Tompkins&rsquo; portable automated sortation system with RightPick; 2018), Element Logic (to launch a robotic piece-picking solution using RightPick&rsquo;s picking capabilities; March 2022), and Staples (to deploy RightPick in Staples' distribution and fulfillment network in the US; 
 <a href="https://sp-edge.com/updates/26568">
 February 2024).
 </a>
 
 
 
 
 Funding and financials
 
 
 In 
 <a href="https://sp-edge.com/updates/8697">
 February 2022
 </a>
 , the company raised USD 66 million in a Series C round led by Safar Partners, Thomas H. Lee Partners L.P., and SoftBank Vision Fund 2. The funds were expected to be used to accelerate product and business development, scale global presence by expanding its partner network, offices, and team to support its overall growth plans.
 
 
 
</div>

Symbotic provides an end-to-end automated warehouse solution that includes autonomous mobile robots (AMRs) and robotics arms that leverage machine learning, vision, and algorithms, and an AI-powered warehouse software platform that manages the AMR fleet to induct, store, and retrieve products. It also optimizes the processing flow of goods. The company’s AMRs use machine learning to recognize patterns in order to adapt to and optimize for operational variations. The company serves a range of industries such as retail and general merchandise, CPG/food and beverage, food service, grocery, wholesale distribution, and third-party logistics industries. The company offers its products on a robotics-as-a-service (RaaS) basis.It also <a href="https://sp-edge.com/updates/32506">acquired Veo Robotics, </a>an innovator in intelligent safeguarding for industrial robots to further enhance its product offerings (August 2024).Symbotic generated revenue of USD 1.1 billion and incurred an operating loss of USD 223.2 million during FY2023 (year ending September). The company has been listed on the Nasdaq since June 2022 via a merger with SoftBank-sponsored special purpose acquisition company (SPAC) SVF Investment Corp at a pro forma equity value of USD 5.5 billion (December 2021).&nbsp;Key customers and partnershipsSymbotic’s customers include Walmart, Albertsons, C&amp;S Wholesale Grocers, Target, UnFI, Giant Tiger, GB, Associated Food Stores,&nbsp;<a href="https://sp-edge.com/updates/23955">Southern Glazer's Wine &amp; Spirits,</a> and&nbsp;<a href="https://sp-edge.com/updates/34677">Walmex.</a>In July 2023, Symbotic established GreenBox Systems, a joint venture in partnership with SoftBank Group, which will serve as the exclusive provider of Symbotic systems in the warehouse-as-a-service market.

Property owners and real estate companies are able to handle larger portfolios while offering faster and cheaper services.

Residential PropTech

<div>
 
 Opendoor is a platform that facilitates the buying and selling of residential properties. The platform also offers an iBuyer facility that allows sellers to sell their homes directly to Opendoor without having to list the property for sale. Opendoor provides home financing services that help home buyers to pre-qualify and make home offers backed by Opendoor. The company charges 5% service fees on homes sold to Opendoor and 5% commission on sales made through listing homes with Opendoor. It also charges 1% closing fees for transactions closed through the Opendoor platform.&nbsp;
 
 
 Opendoor acquired Open Listings, a platform that facilitates home buying through automation and provides listing services, in September 2018. The following year, Opendoor acquired OS National, a title and escrow service provider. The company continued its acquisition spree by acquiring Pro.com, a home improvement service provider and Skylight, another home improvement service provider, in September 2021. Through the acquisition of both companies, Opendoor will shut down Pro.com&rsquo;s and Skylight&rsquo;s platform and utilize their talent and technology to scale up Opendoor&rsquo;s iBuyer operations.&nbsp;
 
 
 In December 2020, Opendoor raised close to USD 1 billion by going public through a merger with a publicly traded special purpose acquisition company (SPAC), Social Capital Hedosophia Holdings Corp. Following this SPAC merger, the new company will be named as Opendoor Technologies and will be listed on the Nasdaq exchange under its new ticker symbol &ldquo;OPEN.&rdquo; Through this transaction, the company planned to utilize the funding to support business growth, market expansion, develop new product offerings, and build its platform&rsquo;s technology.&nbsp;
 
 
 Opendoor reported a 55% YoY decline in total revenue to USD 6.9 billion for FY2023, from USD 15.6 billion recorded for FY2022. The company reported a net loss of USD 275 million for FY2023, compared to a net loss of USD 1.4 billion for FY2022. Opendoor reported an adjusted EBITDA loss of USD 627 million (translating to an adjusted EBITDA margin of -9.0%) for FY2023, compared to an adjusted EBITDA loss of USD 168 million (translating to an adjusted EBITDA margin of -1.1%) recorded in FY2022.
 
 
 Key customers and partnerships
 
 
 As of July 2024, the company had 250,000+ customers and over 2+ million homeowners had requested an offer from Opendoor&rsquo;s platform.&nbsp;
 
 
 In September 2021, Opendoor partnered with Builders Digital Experience, a provider of listings of newly constructed homes through its New Home Source platform. Through this partnership, Opendoor will leverage newly built home listings available on the New Home Source platform to provide its clients seeking home trade-in with a wide range of home choice. In August 2022, Opendoor 
 <a href="https://sp-edge.com/updates/12149">
 partnered
 </a>
 with 
 <a href="https://sp-edge.com/companies/270059">
 Zillow Group
 </a>
 to bundle product offerings, allowing users of Opendoor to access Zillow&rsquo;s Premier Agent to connect with a potential buyer.&nbsp;&nbsp;
 
 
 In October 2023, Opendoor partnered with eXp Realty to integrate its cash offer solution into eXp's ExpressOffers platform, enabling nearly 90,000 eXp agents to request cash offers directly. This collaboration aimed to streamline the home-selling process by providing clients with an Opendoor cash offer and the option to list on the market. Additionally, eXp agents can earn extra commissions through Opendoor for Agents rewards programs.
 
 
 In June 2024, Opendoor partnered with My State MLS to integrate cash offer estimates on eligible properties. This partnership expands Opendoor's reach to over 60,000 agents across all its markets, increasing its potential customer base. Opendoor benefits by streamlining transactions and enhancing its Agent Access loyalty program, incentivizing agents to close more deals through their platform.
 
</div>

<div>
 
 Compass operates a real estate technology platform for real estate agents that offers a variety of services such as virtual workspaces for agents and buyers to collaborate, dashboards for insights on lead generation and marketing strategies, and AI-driven CRM tools. The company operates under a commission-based business model based on the number of houses sold.
 
 
 Compass acquired transaction management company Glide in April 2021. Glide helps real estate agents and their clients complete official seller disclosure forms electronically (these forms are used to disclose information about the conditions of the property), such as Transfer Disclosure Statement (TDS), Seller Property Questionnaire (SPQ), and Agent Visual Inspection Disclosure (AVID) in the state of California.&nbsp; The company also offers transaction management tools and eSignatures. Glide is currently used in more than half of residential real estate transactions in California. The platform is also offered to more than 60 associations of REALTOR and MLS organizations. Compass also 
 <a href="https://sp-edge.com/updates/10135?industryIds=37">
 announced in May 2022 to acquire
 </a>
 Consumer's Title Company of California (Consumer&rsquo;s Title), a title and escrow services provider for an undisclosed sum. Through this acquisition, Compass will leverage the license of Consumer&rsquo;s Title to operate in 58 counties within California to broaden its settlement service offerings and increase its operational presence within the region.
 
 
 As of February 2024, the company operated in 72 markets.&nbsp;
 
 
 For FY2023, Compass had reported a 19% YoY decline in total revenue to USD 4.9 billion, from USD 6.0 billion recorded in FY2022. The company also reported a 47% YoY reduction in net loss to USD 321.3 million for FY2023, from USD 601.5 million recorded in FY2022.
 
 
 Key customers and partnerships
 
 
 As of December 2023, the company had over 29,388 agents.&nbsp;
 
 
 In January 2024, Compass 
 <a href="https://sp-edge.com/updates/25524">
 partnered with Paramount Realty
 </a>
 to offer auction services to its agents and their clients on a national scale.
 
</div>

HomeLight initially started as an agent matching platform for home buyers and sellers, but has expanded its product portfolio to provide title and escrow, home estimation, home loans, and other services.For the agent matching service, buyers and sellers answer online questionnaires to determine their specific needs. The platform then uses an algorithm to crunch historical transaction data to find the most suitable agents in its database, which included over 30,000 agents as of July 2024. The platform typically lists up to three agents for buyers/sellers to select from and offers a consultation service to refine the selection further and ensure clients get the most suitable agents.HomeLight also provides a trade-in service, where it will guarantee to pay a certain price for the client’s current home. This way, clients do not need to worry about home sale contingency (a new home transaction is contingent on the sale of an existing home) when they want to purchase a new home. In addition, clients will get additional cash (less any selling-related costs and trade-in fees) if HomeLight can sell their old homes in the market for more than the guaranteed prices (i.e., clients can get the full market value).The platform is available for free to buyers and sellers, but the agent matching service charges a standard referral fee of 25% to the gross commission of agents when they get selected. The platform stated that its recommendations are transparent and based solely on the agents’ performance metrics. In August 2020, HomeLight acquired a transaction management tool, Disclosures.io, that enables real estate professionals to manage transactions as well as market and sell homes in one place. In June 2022, HomeLight acquired Accept, a property financing platform, for an undisclosed amount. Through the acquisition, HomeLight leveraged Accept’s tech-based mortgage solution to offer clients a contingency-free transaction and provide homebuyers with pre-qualified mortgages to facilitate cash offers.The company expected its revenue to exceed USD 300 million in 2021, triple that of 2020. HomeLight’s Cash Offer, the service that allows homebuyers to make upfront cash offers through its certified agents, grew by 500% YoY in transaction volume and achieved USD 3 billion in combined referred transaction value with Accept.Inc in Q1 2022.Key customers and partnershipsAs of September 2021, the company had served over one million customers.

single-family homes for potential buyers, and focuses exclusively on co-ownership. The platform facilitates residential property co-ownership for their clients through a limited liability company (LLC), along with the use of the co-owned house throughout the year by authorizing a calendar among the stakeholders of a property, through its scheduling solution SmartStay. Through this solution, Pacaso also manages aspects such as furnishings, repairs, and utilities on behalf of homeowners.A piece of its co-owning real estate can vary from one-eighth of the home to a higher fraction of ownership. Using this business model, Pacaso targets wealthy individuals with most of the listings being luxury or high priced homes, typically purchased as second homes.The platform is monetized through a mix of subscription and commission-based business models. Pacaso charges a 12% fee on home purchases and a USD 100 monthly fee from each owner once the purchase is made.Pacaso has managed around USD 200 million worth of real estate on its platform, spanning over 25 markets across the US, which include areas such as Palm Springs, Miami, Oregon, Maui, Scottsdale, with international presence across Spain in the cities of Marbella and Ibiza.&nbsp; In <a href="https://sp-edge.com/updates/25410">January 2024</a>, it launched its co-ownership platform into Paris, its first venture into the French market. It marks Pacaso's growth to 40 destinations across four countries: France, Mexico, UK, and US.As of December 2023, Pasco reached over USD 1 billion in accumulated revenue.Key customers and partnershipsAs of December 2023, Pasco had over 1,500 customers.In November 2022, <a href="https://sp-edge.com/updates/14491">Pacaso partnered with Alto, a ride sharing platform, and Surf Air, a regional air travel provider</a> to provide embedded travel options through its platform which can allow users to seek travel options to their co-shared Pacaso homes through road and air travel.

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

Truck Industry Tech

Flexport is a provider of freight forwarding services powered by automation and software. The company’s product portfolio includes 1) logistics management and transportation solutions for order management, customs, ocean/air/land transportation, and less-than-container loads; 2) fulfillment services such as direct-to-consumer (D2C) fulfillment, wholesale fulfillment, parcel, replenishment, and prep; and 3) trade management services such as factoring, trade advisory, duty drawback, and cargo insurance.&nbsp;Flexport&nbsp;<a href="https://sp-edge.com/updates/23379">acquired</a> the technology from the&nbsp;<a href="https://sp-edge.com/updates/22918">defunct</a> digital freight matching service provider Convoy for an undisclosed sum and&nbsp;<a href="https://sp-edge.com/updates/26928">relaunched</a> the "Convoy Platform." The Convoy Platform, powered by AI, compiles a pool of carrier-owner operators for streamlined load management. It offers features such as 24/7 operation, high tracking visibility, carrier negotiation, vetting, status updates, document management, and automated payment. The platform also allows brokers to monitor carrier risks and minimize fraud with the help of ML models based on proprietary forensic data. In&nbsp;<a href="https://sp-edge.com/updates/30049">June 2024</a>, Flexport expanded the Convoy Platform for brokers to offer them access to a nationwide network of carriers.&nbsp;Flexport reported revenue of USD 5 billion in 2022.&nbsp;

Flock Freight offers “FlockDirect,” a machine learning (ML) and automation-based platform that allows less-than-truckload shippers to share trailer space in one full truckload. The company leverages proprietary probability pricing algorithms to locate such shippers along a single route, pool them into a single truckload, and allocate shipments for the best possible route. Registered carriers can negotiate rates for the shared truckloads and can book the shipment instantly via the platform. The company claims to be the only such service provider to offer carbon-neutral shipping without an extra cost to shippers. The company generated revenue of USD 300 million over the 10 months ended May 2024.Key customers and partnershipsFlock Freight’s customers include Dirty Labs, Eneos, Vitamin Well, Gimme Seaweed, Ammex, Relly Foods, AmerCareRoyal, Orgain, Walkboard Express, Toshiba, Berlin Packaging, and Walakea Water.The company also has a September 2023 <a href="https://sp-edge.com/updates/21638">partnership with e2open,</a> a connected supply chain SaaS platform, to offer e2open Transportation Management (TMS) users access to FlockDirect.

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.

Platform Science offers IoT-based telematics and fleet management solutions for parties such as connected trucks and freight companies. Its flagship product “Virtual Vehicle,” is an open-source OEM platform that allows fleets to customize their software by giving telematics providers, third-party developers, and other parties access to real-time data directly from the vehicle. Its other internally developed driver apps include “PS Workflow,” to automate dispatch; “PS Navigation,” for route planning; “PS DVIR,” a driver vehicle inspection report for drivers to keep track of reported vehicle defects; “PS Messages,” a driver-focused messaging application; “PS Media Manager,” a digital dashboard for file sharing; “PS Form Manager,” a configurable form management application; and “PS HOS,” an electronic logging device (ELD) application.The company’s hardware products, which are in-vehicle tablets and telematics that are either built-in or installed later, work in tandem with software solutions to compute the fleet’s data in real time.Its business model for fleets involves a usage-based billing system that charges only for mobile devices and trucks that use the platform.In <a href="https://sp-edge.com/updates/33385">September 2024</a>, Platform Science announced a definitive agreement with Trimble, a technology, to acquire Trimble's global transportation telematics business units with plans to strengthen its “Virtual Vehicle,” fleet management platform by enabling its customers to access Trimble's portfolio of transportation solutions via the platform.&nbsp;Key customers and partnershipsPlatform Science’s customers include Werner Enterprises, Schneider National, Western Express, US Xpress, Cargo Transporters, <a href="https://sp-edge.com/updates/11189">Walmart,</a> Paper Transport, Mesilla Valley Transportation, Velocity Truck Rental &amp; Leasing, and C.R. England. Truck makers such as Daimler Trucks North America (July 2020) Navistar <a href="https://sp-edge.com/updates/9275">(March 2021),</a> PACCAR (January 2023), and Kenworth <a href="https://sp-edge.com/updates/16299">(Feebruary 2023)</a> also have partnerships with the company to factory install the technology into their trucks.The company also has integrations with other technology providers including 1) bypass and tolling service providers Drivewyze, PrePass, and Bestpass Toll Management; 2) fuel management companies Comdata Proximity, Idle Smart Sleeper Pro, ProMiles, True Fuel, and DClimate; 3) driver experience providers Aperia, Weigh My Truck App, Keystone by <a href="https://sp-edge.com/updates/22798">Irdeto,</a> Driver.i, and Luma Brighter Learning; 4) maintenance services providers <a href="https://sp-edge.com/updates/20499">Uptake,</a> IntelliConnect Remote Diagnostics, Droan, Nemodata, TripVision, FleetAssist, and RoadsBays; 4) navigation service providers Sygic, CoPilot, Wise Systems Platforms, and CAT Scale; 5) transport management systems (TMS) McLeod, TMW.Suite, and Mastery; and 6) the asset management solution company <a href="https://sp-edge.com/updates/32635">SkyBitz</a>.

Travel Tech

GetYourGuide is a German online booking platform that connects customers with leisure operators to book tours, activities, and attractions globally. It also provides personalized recommendations before and during trips, the ability to read reviews, compare prices, and book activities in one go, making it an all-in-one solution for travelers. GetYourGuide offers 65,000+ experiences (January 2023), which includes adventure activities and cultural experiences offered through a network of global suppliers that are available across 7,500 destinations (May 2019).&nbsp;As of October 2020, the firm claimed to cross 45 million aggregate ticket sales. Additionally, the company provides GetYourGuide Originals, launched in 2018, and consists of tours of major destinations developed by GetYourGuide in collaboration with local operating partners. In June 2023, GetYourGuide expanded its 'Originals by GetYourGuide' collection with a new sports category which features motorsport, basketball, sailing and other sports-related tours. In&nbsp;<a href="https://sp-edge.com/updates/30971">June 2024</a>, GetYourGuide made a shift from its previous offerings by discontinuing certain experiences that primarily catered to individual and self-guided tourism on its platform.&nbsp;In&nbsp;<a href="https://sp-edge.com/updates/34579">October 2024</a>,GetYourGuide launched influencer videos and AI content creation tools to streamline and enhance operations. Previously in&nbsp;<a href="https://sp-edge.com/updates/27742">March 2024</a>, the company&nbsp; launched ‘GetYourGuide Unlocked’, offering a suite of B2B revenue management features for its over 20,000 supply partners. Key features include 1) a streamlined product creation process backed by AI-assisted keywords, 2) an analytics dashboard for tracking metrics, such as revenue, tickets sold, and conversion rate, and 3) greater pricing flexibility for seasonal changes.&nbsp;GetYourGuide generates revenue by charging commission from its supplier network, which can range between 20% and 30%. GetYourGuide also has an affiliate program, paying a base commission of 8% from each booking to its partners.&nbsp;<h2>Previously, in November 2022, GetYourGuide announced that it was winding down its operations of Originals, its private-labeled travel offering that was launched in 2018.</h2>In&nbsp;<a href="https://sp-edge.com/updates/33959">September 2024</a>,GetYourGuide faced protests over animal welfare concerns for its listed tourism activities.GetYourGuide’s M&amp;A history outlines a strategy of vertically integrating its booking platform. In April 2021, the company acquired Versailles-based tour operator Guidatours. Other acquisitions included that of peer-to-peer activity portal, iGottaGuide, (July 2013) and booking platform, Gidsy (April 2013).&nbsp;Key customers and partnershipsGetYourGuide’s key customers and partners include Accor Hotels, Booking.com, Emirates, Ethiopian Airlines, and Kiwi.com.&nbsp;

<div>
 
 Getaround is a global car-sharing platform that enables consumers or &quot;guests&quot; to access vehicle rentals, while also offering income opportunities to &quot;hosts&quot; that supply them. The platform is set up to provide a completely digital, touchless experience through Getaround Connect, which allows guests to skip waiting lines and manual paperwork at a rental location, or meet anyone in person to exchange keys. Getaround generates revenue through fees charged to guests, which include the trip price and various trip-related fees, such as booking fee, toll fee, or late-return fee, and an average commission of 40% of the trip price charged to hosts. In May 2023, the company launched Getaround TrustScore v2.0, an AI model aimed at improving safety in the carsharing marketplace. The model is expected to reduce claims and insurance expenses by up to 50%. As of September 2022, Getaround served ~1.7 million individual users and features ~72,000 available cars in over 1,000 cities across eight countries, including the US and Europe.&nbsp;
 
 
 The company acquired Norwegian car rental startup, Nabobil, for USD 12 million in June 2019. This marked Getaround&rsquo;s first expansion beyond the US, as it added seven new European countries, including Germany, Spain, and Austria, to its geographical footprint. This followed Getaround&rsquo;s acquisition of French car-sharing platform, Drivy, for USD 300 million in April 2019. The combined unit had a presence in more than 300 cities across the US and Europe. With a total of more than five million users between the two companies, Getaround became the leading car-sharing marketplace globally.&nbsp;
 
 
 Key customers and partnerships
 
 
 In October 2022, Getaround formed a strategic alliance with travel search engine, KAYAK, to blend Getaround's touchless services with KAYAK's platforms. It also partnered with vehicle subscription company, GO (September 2022), to expand its business by allowing individuals that list their cars on Getaround to receive rebates worth up to USD 1,200 per vehicle from GO. Other partners include on-demand &ldquo;retreats-as-a-service&rdquo; platform, WKND, and Toyota (October 2016).
 
 
 Funding and financials
 
 
 In 
 <a href="https://sp-edge.com/updates/29042">
 May 2024
 </a>
 , Getaround raised USD 50 million in capital as an expansion of its debt facility with Mudrick Capital Management. The funds were used to support long-term business growth.&nbsp;
 
 
 In December 2022, the company concluded its business combination with InterPrivate II Acquisition Corp., to list on the NYSE. The merger valued the company at ~USD 1.2 billion, and Getaround allocated the money to expand into new markets and broaden its offering.
 
 
 In 2023, Getaround reported gross bookings of USD 204 million (up 16% YoY) with total revenue rising to USD 72.7 million (up 22% YoY). &nbsp; The revenue improvement helped reduce its adjusted EBITDA loss to USD 72 million, a 20% YoY improvement. Additionally, the company recorded a net loss per share of USD 1.2 (USD 5 in 2022). Although the company did not report overall EBITDA profitability, 2023 it was a 20% improvement from the same period in the preceding year.&nbsp;
 
</div>

Cloudbeds is a cloud-based hospitality management software designed for hotels, vacation rentals, and hostels. The software integrates multiple business operations like operations, revenue, distribution, and growth marketing into a single cloud-based tool. Hospitality businesses use systems consisting of disconnected, outdated software programs that require manual data entry and don't work together. This is the main problem that Cloudbeds aims to solve by unifying all their crucial business functions into a unified, cloud-based solution.Cloudbeds can receive bookings through various channels, including online travel agencies like Booking.com and Expedia, online booking engines like Facebook, or walk-in customers. The software features a calendar that displays all room reservations and allows users to track which guests made changes, cancellations, or adjustments to a reservation. The solution can synchronize inventory with booking engines, OTAs, and other online marketplaces automatically. The company generates revenue using a subscription-based model and serves over 22,000 global customers across 157 countries, as of November 2021.Cloudbeds’ acquisitions include the guest engagement solution, Whistle (June 2022), which it integrated to improve its offering and website builder for vacation rentals, and OneRooftop (October 2017).Key customers and partnershipsCloudbeds key customers included Town &amp; Country Stowe, Roadside Hospitality, The ZERO Hotels and Urbana Sathorn.As of February 2023, Cloudbeds had more than 300 integrations with booking channels. It expanded its offering to Latin America through partnerships with PriceTravel Holding (November 2022) and CVC Corp (June 2022), followed by partnerships with B2B marketplaces in Australia (Hero Travel, March 2022), and the Netherlands (Katanox, August 2021).Funding and financialsIn November 2021, Cloudbeds raised USD 150 million in funding led by SoftBank Vision Fund 2. The funds were used to increase R&amp;D efforts, invest in education and advocacy, and expand the engineering, product, and sales teams.

TravelPerk offers business travel options for customers. TravelPerk is headquartered in Barcelona and has additional offices in London, Berlin, Chicago, and Miami. The platform uses proprietary technology to provide booking, management, and reporting for business trips. It allows travellers to compare and book various modes of transportation, such as trains, cars, flights, hotels and apartments from various providers including KAYAK, Skyscanner, Expedia, Booking.com, and Airbnb. The company aims to provide flexibility to travellers while giving companies control over travel expenses.In November 2021, TravelPerk launched “TravelPerk Events” to bring dispersed teams together for face-to-face meetings. To make in-person meetings more sustainable, TravelPerk also provides customers with the option to estimate their carbon footprint and neutralize their emissions, achieving this through the acquisition of Susterra (September 2021). This also includes GreenPerk, a sustainability tool that directly reduces carbon emissions through initiatives run by its partner, Atmosfair. Other notable acquisitions included that of AmTrav (<a href="https://sp-edge.com/updates?industryIds=101">June 2024</a>), UK-based rival, Click Travel (July 2021) and US-based rival, NexTravel (January 2021).TravelPerk uses a subscription- and commission-based business model that includes a freemium plan, with paid plans starting at USD 99 per month and commission fees starting at 3% per booking.Key customers and partnershipsTravelPerk struck a partnership with Southwest Airlines in January 2021 to broaden its US-based inventory, becoming one of the first non-US travel management companies to enter a partnership with the airline company. Other partners include Lufthansa Group Airlines, Midnight Trains, Divvy, and Skyscanner.TravelPerk doubled its customer acquisition rate in 2020 and catered to more than 6,000 businesses, including brands like Wise, Farfetch, GetYourGuide, and Monzo, as of September 2024

A decentralized version of the web powered by the blockchain

Web3 Ecosystem

Blockdaemon is a blockchain infrastructure company providing node management services. It offers node-as-a-service for developers to connect to several blockchain networks through its Ubiquity API without requiring them to own and manage nodes in-house. The company also provides access to native blockchain APIs, which allows developers to explore a network in detail, along with node infrastructure for blockchain networks and validators to stake and scale operations. Blockdaemon supports more than 40 blockchain networks globally through cloud and bare metal servers.The company also provides RPC archival nodes for zkSync, a layer-2 scaling solution for Ethereum. These nodes are designed to improve the stability, security, and resilience of the zkSync network by providing better infrastructure services.In July 2022, Blockdaemon acquired Sepior, a data and digital asset security company focused on institutional-grade cryptographic key management and protection services, for an undisclosed sum. Through the acquisition, Blockdaemon aimed to improve its staking services by providing institutional customers the option of custodial and non-custodial wallet solutions for digital assets.Funding and financialsIn January 2022, Blockdaemon raised USD 207 million in Series C funding co-led by Sapphire and Tiger Global at a post-money valuation of USD 3.25 billion. It aimed to use the new capital to complete its node-stack product suite and for strategic acquisitions. The company had also planned to use the funds to launch its own DeFi fund to make structured investments in the crypto and blockchain ecosystem.

Based in India, Polygon (formerly known as Matic), provides a framework for building and connecting Ethereum-compatible blockchain networks. Polygon also offers a software development kit (SDK) for developers to deploy their own Ethereum-connected blockchains.Polygon offers the sidechain Polygon PoS for developers to run their dApps and connect to the Ethereum blockchain. Polygon PoS uses a proof-of-stake consensus mechanism to validate transactions and has the potential to execute ~65,000 transactions per second, at a cost of roughly USD 0.002 per transaction (as of August 2022). Its native token is MATIC, which is used to transact and participate in the network.Polygon Edge is a modular and extensible framework for building Ethereum-compatible blockchains and sidechains using scaling technologies such as plasma, zero-knowledge (zk) rollups, and optimistic rollups based on user-specific requirements. These blockchains can be built with either proof-of-authority or proof-of-stake consensus mechanisms. The company also introduced Polygon Supernets, a dedicated network of validators, third-party implementation services, design, and tooling that allows developers to fast-track the development of their own blockchain by reducing costs associated with the servers needed to run them.Polygon also launched Agglayer–an interoperability protocol–that allows developers to connect any layer-1 or layer-2 blockchains to it to build a network that feels like a single chain with unified liquidity and unlimited scalability. In addition, it developed a zkEVM, which allowed developers to move their smart contracts from Ethereum to Polygon without having to reprogram them in a different language.The company also offers privacy solutions (Polygon ID) for users to access Web3 applications anonymously. The company also offers customizable ‘.polygon’ domains for users that facilitates easier transactions and access to dApps. Furthermore, it launched The Value Prop, an open database containing catalogs to over 300 Web3 apps and use cases, with the goal of improving Web3 technology acceptance and usability.In <a href="https://sp-edge.com/updates/30200">June 2024</a>, the company acquired Toposware, a blockchain research and engineering company, for an undisclosed amount. Through the acquisition, it aimed to enhance its focus on ZK rollups.Key customers and partnershipsAs of October 2022, the number of dApps on Polygon had increased to more than 53,000, while the number of users on its network had reached over 15.2 million (January 2024).Polygon has made many strategic partnerships with other Web3 companies to improve the usability and adoption of its platform, as well as to increase adoption of Web3 and blockchain technologies. It <a href="https://sp-edge.com/updates/16704">partnered with Eclipse</a>, a customizable layer-2 rollup provider, to launch Polygon SVM (Sealevel virtual machine), the first Solana-equivalent layer-2 scaling solution. It also <a href="https://sp-edge.com/updates/21860">partnered with Astar Network</a> to launch a zk EVM-scaling solution to enhance the interoperability of its network with Ethereum-based chains.In addition, it collaborated with Meroku, a decentralized app store protocol, to launch ‘dApp Store Kit,’ an open-source software development stack that allows anyone to build and launch their own EVM-compatible dApp store. The company followed up by launching its own <a href="https://sp-edge.com/updates/18059">dApp store in April 2023</a> in partnership with W3W.ai.Polygon also <a href="https://sp-edge.com/updates/14802">collaborated with Thirdverse</a>, a blockchain based gaming developer, to launch Japanese IP-based games on its network, and <a href="https://sp-edge.com/updates/18662">Horizon Blockchain Games</a> to promote the development of Polygon Supernets using the latter’s SDK, Sequence. Moreover, it partnered with <a href="https://sp-edge.com/companies/600556">NEAR</a> to create <a href="https://sp-edge.com/updates/23671">zkWASM</a>, a zero-knowledge (zk) prover for WASM blockchains, with the aim of improving interoperability across the Web3 ecosystem, enhance the secure bridging between NEAR and Ethereum, and offer WASM chains access to Ethereum’s liquidity. Polygon also <a href="https://sp-edge.com/updates/30908">collaborated with NodeKit</a>, a platform enabling synchronous communication between blockchains, to integrate its composability layer with Polygon's CDK rollups and AggLayer technology.

InfStones provides a node-as-a-service offering, which allows developers to build and deploy dApps on over 60 blockchains via APIs. It maintained over 10,000 nodes as of June 2022 and supported leading blockchains such as Ethereum, Polygon, and Solana.The company also offers staking services for token holders and provides node management services for validators and enterprises. This includes 24/7 status monitoring and statistics and automatic upgrades.Key customers and partnershipsInfStones announced its collaboration with Oracle in August 2022 to integrate its blockchain development platform on Oracle Cloud Infrastructure. Through the collaboration, InfStones aimed to reduce the barriers to entry for new entities wanting to incorporate blockchain technology by providing additional tools, security, and scalability through Oracle.Funding and financialsIn June 2022, InfStones raised USD 66 million in Series C funding co-led by SoftBank Vision Fund 2 and GGV Capital. The company aimed to use the funds for product development, recruitment, and market expansion.

ConsenSys is a blockchain infrastructure company that provides services such as node management, development and testing environments, Web3 transition tools, and wallets for users to access and interact with dApps. As of March 2022, ConsenSys had roughly 700 staff and planned to expand to over 1,000 by the end of 2022.The company offers node-as-a-service through Infura, allowing developers to create dApps and connect to layer-1 blockchains such as Ethereum, NEAR, and Avalanche through APIs using HTTPs and WebSockets. It also allows developers to store data in decentralized and scalable storage on the InterPlanetary File System (IPFS) through APIs. Developers can also use ConsenSys’ Diligence service to audit its smart contracts to ensure the dApps are secure and ready for launch.Through its Codefi service, Consensus helps businesses transition to Web3, allowing them to digitize financial instruments and other assets, launch decentralized networks, and deploy production-ready blockchain solutions.It also offers an Ethereum-focused layer-2 network, Linea, which comprises of zkEVM rollups that enable developers to create blockchain applications with faster transaction times and reduced costs. The network includes notable features such as a new outer-proof system, a dynamic fee mechanism, and batch conflation, which enable it to deliver transaction costs up to 15x lower than Ethereum's base layer.ConsenSys also developed MetaMask, a non-custodial Ethereum wallet accessible through a mobile app and browser extension. Users can use the wallet to purchase cryptocurrencies (ETH and ERC-20 tokens), trade and store digital assets and NFTs, and engage with dApps on any Ethereum-based network. Additionally, the <a href="https://sp-edge.com/updates/31329">MetaMask Delegation Toolkit allows developers to onboard users to their dApps easily</a>. It contains three main components: 1) instant user onboarding without the need for traditional wallets or seed phrases; 2) elimination of user friction by removing pop-ups and constant confirmations when switching between dApps and wallets; and 3) control over gas payment options such as gasless transactions or reassigning gas costs.The company acquired Quorum, an enterprise variant of the Ethereum blockchain platform, from JP Morgan in August 2020. It also <a href="https://sp-edge.com/updates/22739">acquired Special Mechanisms Group</a> (SMG), a research and development company focusing on blockchain microstructure, in October 2023. SMG will become a division of ConsenSys and continue to operate as SMG. Through the acquisition, ConsenSys aimed to enhance its capabilities in mechanism design, allowing it to deliver better solutions for decentralized systems.Key customers and partnershipsAs of February 2024, the wallet had over 30 million monthly active users.ConsenSys <a href="https://sp-edge.com/updates/14846">partnered with DeFi focused layer-1 blockchain Celo</a> in November 2022, to allow the latter’s developers to build on Celo using Infura. Developers will be able to use Infura’s nodes to connect to the Celo blockchain to deploy dApps and also benefit from Truffle and Diligence, its smart contract development tools and audit service.Furthermore, the company launched the <a href="https://sp-edge.com/updates/24058">Decentralized Infura Network</a> (DIN) to enhance Infura network's decentralization, thereby improving the reliability of Web3 services that use it. BigTech companies such as Microsoft and Tencent are part of the DIN.

New technologies are opening up mental health services to previously overbooked and underserved populations.

Mental Health Tech

Elemy (formerly known as Sprout Therapy) provides in-home and online behavioral care services for children diagnosed with autism. The platform matches children with a network of therapists, board-certified behavior analysts, and registered behavior technicians who design personalized treatment plans based on applied behavioral analysis (ABA) therapy, examining and altering treatment based on how patients react to stimuli.&nbsp;Elemy claims its onboarding process only takes 12 weeks compared to an industry average of six months to two years. It reported an 85% average reduction in problem behaviors in the first six months. The tech-enabled platform also facilitates autism diagnosis and video consultations with its care team.&nbsp;The company reported a 19x YoY revenue growth at the end of August 2021 and was expected to record USD 100 million by summer 2022. The company reached unicorn status in October 2021, after concluding a Series B funding round led by SoftBank Vision Fund 2, which valued Elemy at USD 1.15 billion.&nbsp;Key customers and partnershipsElemy partners with Medicaid programs and insurance providers to offer its services. By October 2021, the company had more than 1,000 clinicians operating across 13 US states and it planned to grow this number to 3,000 during the following 18 months.

Cerebral is a telepsychiatry platform that provides access to online psychiatrists and medicine for anxiety, depression, insomnia, and attention deficit hyperactivity disorder (ADHD). Members fill out a form to help identify their symptoms, connect with a psychiatrist over a video call, and get access to a care counselor. After the first visit, members will get a monthly delivery of their prescriptions, the opportunity to chat with a care counselor, and access to a psychiatrist as required. The company provides treatment primarily for anxiety, depression, and insomnia through video or phone appointments with licensed therapists, care counselors, and prescribing providers.&nbsp;In May 2022, the company announced <a href="https://sp-edge.com/updates/10720">a new transformation program </a>for the company, which will focus on growth and patient experience, named “Cerebral Core.” The program includes objectives for reviewing quality practices while enhancing user and clinician experiences. This is in response to the company being investigated by several government authorities such as the <a href="https://sp-edge.com/updates/11129">Federal Trade Commission </a>, the <a href="https://sp-edge.com/updates/10505">Department of Justice </a>and the <a href="https://sp-edge.com/updates/10166">DEA </a>. These investigations followed after a <a href="https://sp-edge.com/updates/9142">report by Bloomberg </a>found the company’s prescribing practices to be too lenient. Since the investigations began, Cerebral <a href="https://sp-edge.com/updates/10166">paused </a>, and then subsequently <a href="https://sp-edge.com/updates/10505">halted </a>, issuing prescriptions. Following this, the company <a href="https://sp-edge.com/updates/10532">replaced its CEO</a>.Cerebral raised USD 300 million in Series C funding in December 2021 led by SoftBank Vision Fund 2, which nearly quadrupled its valuation to USD 4.8 billion from USD 1.2 billion in June 2021.Key customers and partnershipsAs of February 2022, Cerebral had served more than 420,000 patients since its inception in January 2020 and had a network of more than 2,000 healthcare providers across all 50 states as of December 2021. Cerebral works with several major health insurance providers to offer in-network coverage, including Anthem, Blue Cross Blue Shield, Cigna, and UnitedHealthcare. The company also accepts Medicare in select states.&nbsp;

Big Health helps individuals improve their mental health through tech-based cognitive behavioral therapy. The company's flagship products include Sleepio for insomnia, Daylight for anxiety, and Spark Direct for depression in individuals aged 13 and older. Big Health's digital therapeutics utilize cognitive behavioral therapy (CBT) techniques and are designed to be fully automated, delivering personalized care without the need for clinician intervention. In <a href="https://sp-edge.com/updates/10620">May 2022</a>, the company received a recommendation from the National Institute for Health and Care Excellence for Sleepio as an alternative to sleeping pills such as zolpidem and zopiclone within the UK. In <a href="https://sp-edge.com/updates/32754">August 2024</a>, the company received FDA approval for SleepioRx, a therapy tool intended to mitigate sleep disorders over a 90-day period. Furthermore, in September 2024, it obtained FDA approval for DaylightRx, a digital therapeutic intended to treat generalized anxiety disorder. In <a href="https://sp-edge.com/updates/20152">July 2023</a>, Big Health expanded its portfolio by acquiring <a href="https://sp-edge.com/companies/639908">Limbix</a>, a company that developed digital therapeutics for adolescent mental health. This acquisition added SparkRx, a digital therapeutic for teens and young adults with depression symptoms, to Big Health's offerings.&nbsp;Key customers and partnershipsThe company's products are primarily distributed through employers, health plans, and pharmacy benefit managers, with over 300,000 patients enrolled in treatment as of January 2023. As of January 2022, Big Health's products covered over 10 million lives globally.&nbsp;The company’s key customers include Comcast, Delta Air Lines, LinkedIn, Boston Medical Center, and Henry Ford Health System. In October 2021, Big Health announced that its products were added to CVS Caremark's pharmacy benefit management business, significantly expanding access to its digital therapeutics.In 2022, the UK's National Health Service (NHS) Scotland made Big Health's products available to all Scottish adults. Furthermore, in March 2024, Big Health partnered with Grow Therapy to launch a comprehensive mental health platform that integrates Big Health's digital therapeutics with Grow Therapy's provider network.

Giving creators the power of content monetization and audience engagement.

Creator Economy

<div>
 
 Cameo offers a platform where creators, such as influencers, celebrities, athletes, artists, and musicians, can provide personalized videos and shout-outs to fans as per their request, charging for each video from USD 5 to as high as USD 2,500. Creators who have a minimum of 20,000 Instagram followers are automatically admitted onto the platform, where they set their own price and can choose to accept a fan request or not within seven days. The creator must fulfill the request within a week, which the fan can download and share. Additionally, Cameo provides a messaging option for less expensive creator/fan interactions. Cameo takes a 25% commission on each transaction on the platform.
 
 
 As of September 2020, Cameo had more than 30,000 creators across multiple industries. Cameo reported that it generated around USD 100 million in video transactions in 2020, with more than 2 million video messages being shared on its platform since launch, of which 80% were gifts for others. Furthermore, the company reported its creators and fans are based in 138 and 178 countries, respectively, with almost 20% of Cameos being purchased from outside of the US as of March 2021. For example, Cameo entered into a commercial partnership (
 <a href="https://sp-edge.com/updates/8576">
 February 2022
 </a>
 ) with Softbank, an existing investor of Cameo, to add more Japanese creators and expand its platform in Japan as a culturally fluent localized version.
 
 
 Cameo acquired marketing and merch company Represent (October 2021) whose clients include Jennifer Lopez, Ed Sheeran, Leonardo DiCaprio, and Matthew McConaughey, among others. The acquiring company will onboard the Represent team as well as Represent&rsquo;s existing client relationships. In the near term, Cameo plans to allow fans to purchase &ldquo;gift bundles&rdquo; that pair a Cameo video with related merchandise from the creator. The company hopes to introduce new forms of creator-fan engagement, establish new creator revenue opportunities, and offer non-profit organizations a new way to raise funds.
 
 
 Funding and financials 
 
 
 The company&rsquo;s most recent funding round was Series C funding worth USD 100 million in March 2021, which valued the company at over USD 1 billion, achieving unicorn status. The funds are to be utilized to enhance the Core Cameo experience and capabilities, create new creator-fan engagement products (including Fan Clubs and Cameo Calls), and develop Cameo's B2B business. The company also plans to continue its international expansion.
 
</div>

Jellysmack is a platform that markets and monetizes creators’ video content across multiple social media platforms using proprietary data and video optimization tools, providing creators a share of the generated ad revenue in return. Jellysmack also launched a YouTube catalog licensing venture in&nbsp;<a href="https://sp-edge.com/updates/8029">January 2022</a>, which offers accomplished creators upfront lump-sum payments ranging from USD 50,000 to USD 50 million in exchange for licensing complete or a part of creators’ existing YouTube video catalogs.&nbsp;Creators have the freedom to spend the capital as desired, and the company does not have any financial involvement in any newly uploaded YouTube video content. Jellysmack uses deep data and AI capabilities to predict potential earnings of creators’ video catalogs, and it has earmarked USD 500 million to fund upfront payments to creators, bringing its Creator Program’s total plan for investments in creators to USD 750 million.&nbsp;Jellysmack has executed several acquisitions including Kamua, a UK-based AI editing technology startup in November 2021, to enhance its existing AI video editing technology. The company also acquired YouTube analytics company AMA Digital, in<a href="https://sp-edge.com/updates/9983">&nbsp;April 2022</a>, marking Jellysmack’s second acquisition, to integrate AMA Digital’s data analytics platform into its content-distributing creator program and use AMA Digital’s data to enhance its catalog licensing program. Jellysmack later acquired OKA Media, a project management service for YouTubers, in 2022 as well as Network Media LLC, a company focused on creator and content development in June 2023.&nbsp;In October 2023, the firm acquired&nbsp;<a href="https://sp-edge.com/updates/22565">Law&amp;Crime, Dan Abrams' true crime network,&nbsp;</a>to expand its digital offerings and strengthen its presence in the true crime genre.In&nbsp;<a href="https://sp-edge.com/updates/16428">February 2023</a>, Jellysmack reportedly laid off 20% of its workforce due to the prevalence of adverse market conditions. The company had previously undergone two rounds of layoffs in December and June 2022 and announced that it would cut short-term advertising spending and suspend a few of its international operations, by closing down branches in Italy, Germany, and the Netherlands.&nbsp;In&nbsp;<a href="https://sp-edge.com/updates/35125">October 2024,</a> Jellysmack again announced a restructuring of its operations, and the company confirmed that 22 US-based employees would be affected, with possible layoffs of French employees in the coming months. As a result, the company also stated that it was scaling back its Content Creator Program, which helped creators monetise content on Meta-owned apps such as Facebook.Key customers and partnershipsAs of January 2022, the platform served 500 creators including PewDiePie, MrBeast, Bailey Sarian,&nbsp;The Try Guys, KallMeKris,&nbsp;and Brad Mondo. Further, the company hosts its own content through channels such as Beauty Studio, Oh My Goal, and Gamology.&nbsp;As per global video audience measurement firm Tubular Labs, Jellysmack-managed content had a cross-platform reach of 125 million unique users in the US (~45% of the population) with over 10 billion monthly video views, as of January 2022.&nbsp;Following its expansion efforts in Brazil, Germany, Mexico, and the UK, In&nbsp;<a href="https://sp-edge.com/updates/8625">February 2022</a>, Jellysmack expanded its creator program to India, initially signing 21 Indian creators with plans to onboard ~100 Indian creators in 2022 across multiple genres.&nbsp;Jellysmack signed its first media partnership with a television network, an exclusive multi-year deal with Fuse Media, a minority-owned multi-platform media company (<a href="https://sp-edge.com/updates/8732">February 2022</a>).Jellysmack partnered with Spotify in&nbsp;<a href="https://sp-edge.com/updates/17901">April 2023</a>, allowing its top creators to post weekly video episodes on Spotify through the Spotify for Podcasters platform, which featured edited footage from creators' long-form YouTube content.

Spotter is a creator financing platform that provides upfront funding for creators in exchange for licensing rights to their existing and/or new content for five years. Creators can use the funding for new content production or for any other purpose. However, deals are only offered to YouTubers who have posted frequently during the last 12 months, have 500,000+ subscribers, and 1 million+ monthly views. The company also offers statistics and insights on creators’ libraries to help them improve the performance of future uploads. The company reported its average deal size as USD 1.5 million, with a floor of USD 15,000. As of February 2022, Spotter’s content portfolio has a reach of over 1.2 billion subscribers and has over 40 billion monthly watch minutes. By February 2022, Spotter had struck deals with over 200 creators, including the likes of Mr. Beast, Like Nastya, and Deestroying.In September 2024, the company launched its AI-based creative suite called <a href="https://sp-edge.com/updates/33184">"Spotter Studio"</a> to assist YouTubers in various aspects of the creative process.In <a href="https://sp-edge.com/updates/8568">February 2022 </a>, it raised USD 200 million in a Series D funding round led by SoftBank Vision Fund 2. The round valued Spotter at USD 1.7 billion with its total funding reaching USD 755 million. The fresh capital was to be used to invest USD 1 billion to license existing and/or new YouTube creator content by mid-2023, out of which USD 500 million was to be spent in 2022. Spotter also planned to enhance its analytic offerings to provide creators with production and best practices recommendations to improve future content performance.

AI-based solutions for evolving digital threats

Next-gen Cybersecurity

<div>
 
 Claroty is an industrial cybersecurity company that provides security across operation technology (OT), Internet of Things (IoT), and industrial IoT (IIoT) corporate assets. The platform provides visibility, threat detection, risk and vulnerability management, and secure remote access for corporate digital infrastructure. The company also operates across Europe, Asia-Pacific, and Latin America with deployments across the world in industries such as energy, consumer products, critical manufacturing, pharmaceuticals, and utilities. Claroty is backed by top industrial automation vendors such as Rockwell Automation, Schneider Electric, and Siemens who are both customers and investors.
 
 
 Key customers and partnerships
 
 
 Since 2020, Claroty has experienced 110% year-over-year (YoY) growth in new customers and maintained 100% customer retention. The company expects 133% YoY growth in annual recurring revenue between H1 2020 and H1 2021. The company also expanded its partner coverage by 50% over 2020 with the additions of companies such as Deloitte, KPMG, PwC, CrowdStrike, Atos, and Yokogawa.
 
 
 In June 2023, Claroty announced an integration with Siemens Healthineers, incorporating the firm&rsquo;s Medigate platform into Healthineers&rsquo; ActSafe healthcare cybersecurity solution to offer healthcare providers deeper visibility into their networks, along with vulnerability and management insights. 
 
 
 Funding and financials
 
 
 Claroty raised USD 400 million in Series E funding, in a round co-led by SoftBank Vision Fund 2, Schneider Electric, and Bessemer Venture Partners that reportedly valued the company at nearly USD 2 billion. Claroty had earmarked most of the funding for the acquisition of healthcare-focused IoT security startup, Medigate. The new funds were also to be used to support Claroty&rsquo;s product development and international expansion. Medigate provides IoT security solutions, such as anomaly detection, to over 1,000 healthcare facilities. Claroty expects this acquisition to help expand its footprint beyond the industrial and manufacturing spaces. 
 
</div>

<div>
 
 Cybereason offers an endpoint security platform that includes next-generation antivirus (NGAV) programs, endpoint detection and response (EDR) tools, anti-ransomware tools, and a platform to centrally manage security policies across company endpoints. The company&rsquo;s endpoint solutions leverage artificial intelligence (AI) and behavioral analysis to identify known and unknown threats and automate response and remediation following a security incident. Cybereason also offers breach protection warranty of up to USD 1 million in the highest tier of its endpoint protection products.
 
 
 In addition to endpoint security, Cybereason&rsquo;s product portfolio includes an extended detection and response (XDR) platform and managed detection and response (MDR) services that provide enterprises with support for 24/7 threat hunting, investigation, and response. In July 2021, Cybereason partnered with Doosan Digital Innovation (DDI), an IT shared services provider of ERP solutions, and cloud data services to protect APAC organizations. The partnership enabled DDI to deliver a suite of operation-centric cybersecurity solutions to enterprise clients through Cybereason&rsquo;s Defense Platform which includes Managed Detection and Response (MDR), Endpoint Detection and Response (EDR), Next-Generation Antivirus (NGAV), anti-ransomware and malware protection. During the same period, Cyderes, a security-as-a-service (SECaaS) company became one of Cybereason&rsquo;s strategic MDR vendors to combine Cybereason&rsquo;s defense platform with its MDR solution for the companies&rsquo; joint consumers.
 
 
 The company&rsquo;s AI-driven technology has protected customers from the recent SolarWinds supply-chain attack, Microsoft Exchange Server attacks, and other ransomware attacks launched by hacker groups such as DarkSide, REvil, and Conti. Cybereason was one of only two cybersecurity firms to be ranked on the CNBC 2021 Disruptor 50 list alongside SentinelOne.
 
 
 In July 2021, Cybereason acquired the 
 <a href="https://sp-edge.com/updates/4384">
 cybersecurity analytics startup empow 
 </a>
 to expand its extended detection and response (XDR) portfolio with empow&rsquo;s patented predictive response technology that enforces proactive threat detection and response for endpoint, network, identity, and application telemetry. The acquisition will also allow Cybereason to integrate with more than 70 IT and security service vendors connected to empow and absorb its product and engineering talent.
 
 
 The company 
 <a href="https://sp-edge.com/updates/10882">
 laid off 
 </a>
 100 employees (~10% of its workforce) in Israel, the US, and Europe in June 2022, as it prioritized profitability over top-line growth owing to the deteriorating tech market. In October 2022, Cybereason 
 <a href="https://sp-edge.com/updates/14071">
 laid off
 </a>
 200 employees (17% of its workforce) which included 50 employees in Israel and 150 employees in the US and Europe.
 
 
 Cybereason filed for a US initial public offering (IPO) in January 2022 and expected to go public during the second half of 2022 at a valuation of over USD 5 billion, but eventually 
 <a href="https://sp-edge.com/updates/14046">
 abandoned its plans
 </a>
 in October 2022.
 
 
 Funding and financials
 
 
 In July 2021, the company 
 <a href="https://sp-edge.com/updates/4287">
 raised USD 275 million 
 </a>
 in a Series F funding round led by Liberty Strategic Capital. This round tripled Cybereason&rsquo;s valuation to USD 3 billion. The round was extended by another USD 50 million raised during October 2021 from Google Cloud. The company expects to use the funding to advance its partnership with Google Cloud. The investment comes on the back of the company&rsquo;s partnership with Google Cloud to develop the automated cloud-native security solution Cybereason XDR powered by Google Chronicle. The solution is designed to provide threat hunting and incident response services to defend against cyberattacks correlated across endpoints, networks, containers, apps, profiles, and cloud infrastructure.
 
 
 Cybereason&rsquo;s valuation stood at USD 2.5 billion, as of October 2022. In 2021, Cybereason generated nearly USD 160 million in annual recurring revenue (ARR), up 33% from USD 120 million in 2020. The company also grew its employee headcount from 500 in the spring of 2020 to 1,100 in November 2021. As of the same date, Cybereason experienced 200% growth in the US, which accounted for 50% of its market share, whereas Japan accounted for 35% of its market.
 
 
 In April 2023, the company secured a 
 <a href="https://sp-edge.com/updates/17502">
 USD 100 million investment
 </a>
 led by SoftBank Corp. The new investment was expected to be deployed towards aiding Cybereason&rsquo;s global expansion efforts along with driving innovation for its extended detection and response (XDR), endpoint detection and response (EDR), and endpoint protection platform (EPP) solutions.
 
</div>

<div>
 
 Cato Networks provides cloud security products such as Cloud Access Security Brokers (CASBs), Secure Web Gateways (SWGs), and cloud-based firewalls to enterprises through its SASE (Secure Access Service Edge) architecture, claiming to be the first in the world to provide the service. Cato Network&rsquo;s SASE offering is provided through a network distributed across over 65 locations globally as of October 2021.
 
 
 
 
 Cato Networks was founded by Shlomo Kramer, who also co-founded the incumbent cybersecurity company Check Point Software. In 2020, the company reported over 240% year-over-year (YoY) growth in the number of bookings, making FY2020 its fourth consecutive year to exceed 200% growth. During the year, the company signed multiple Fortune 500 companies, and as of October 2021, it served more than 900 enterprises across 9,000 locations, translating to 200,000 remote workers using Cato&rsquo;s SASE offering daily. As of November 2020, the company employed 270 staff with plans to reach 400 by the end of 2021.&nbsp;
 
 
 
 
 Cato Networks&rsquo; last funding round was in November 2020, raising USD 130 million in Series E funding led by Lightspeed Venture Partners at a valuation in excess of USD 1 billion. The company expects to use the funding for product development with plans to invest in engineering, growing its team, and expanding marketing efforts.
 
 
 
</div>

Using AI to automate, enhance and optimize marketing activities

Marketing Automation

Adverity is a data intelligence platform founded in Austria for gathering customer data to provide insights and predictions. Marketing teams can use Adverity's system to automate data collection from 600+ sources as well as harmonize, enhance, and enrich it with AI to provide predictions that uncover hidden trends. By September 2021, Adverity counted IKEA, Red Bull, Unilever, and Vodafone among its customers.In April 2024, the company launched an AI-powered assistant called<a href="https://sp-edge.com/updates/28368"> Enrichment Copilot</a> to help customers transform and cleanse their data.According to the firm, the platform has been purpose-built with marketers in mind and does not require any coding or system maintenance. It also offers campaign monitoring specific to marketing. In February 2022, a research done by Forrester revealed that Adverity’s platform results in a 368% ROI over three years and 75%-80% saving in employees time due to efficiency improvements on data management and marketing analytics activities.Key customers and partnershipsIn June 2022, Adverity<a href="https://sp-edge.com/updates/11935"> partnered with Neustar</a>, a provider of various customer identity and analytics solutions, to enable marketers to unify their data to measure and optimize marketing and brand performance.&nbsp;

Permutive is a UK-based customer data platform (CDP) that enables publishers to manage and optimize their consumer data while preserving data privacy. Permutive’s platform uses edge processing, where processing and anonymizing customer data take place on the device. Permutive’s platform began as a data management platform (DMP); media publishers could securely collect and analyze first-party data while preserving individual data privacy. In July 2021, Permutive transitioned from a DMP to a CDP where publishers were able to match advertisers with relevant customer segments. Through the platform, advertisers can gain access to all addressable customers on the open web, across several channels including web, mobile, and connected TV.&nbsp;According to the firm, its users have reported a 135% increase in monthly ad revenue on average and a 4x increase in audience identification.Key customers and partnerships&nbsp;As of September 2024, its clients included The Economist, Insider, Conde Nast, and Buzzfeed.

6sense is an account-based marketing (ABM) platform specializing in B2B marketing that gathers predictive buying patterns using AI, big data, and machine learning tools. The platform can uncover insights on consumer behavior to create personalized ad campaigns across multiple channels including websites, email, social media, and chatbots. In June 2023, the firm introduced <a href="https://sp-edge.com/updates/19218">AI Writer,</a> a new feature within 6sense Conversational Email that adds GPT-4 generative AI model capabilities aimed at improving the effectiveness of email outreach and marketing.&nbsp;6sense has made a number of acquisitions including Saleswhale, a lead generation and email automation company (January 2022); Fortella, an AI-based B2B revenue intelligence platform (August 2021); and Slintel, a B2B technographic data (technology-related insights) provider for marketing lead generation and predicting buyer intent (August 2021). With the acquisition of Slintel, 6sense claimed to provide the most comprehensive B2B ABM platform in the market, providing marketing and sales teams with a more comprehensive picture of buyer insights. In June 2022, 6sense added marketing consultancy services with the <a href="https://sp-edge.com/updates/11044">acquisition of Granite Media</a>. In October 2023, the firm introduced content creation tools including a conversational email solution which it enhanced with <a href="https://sp-edge.com/updates/19218">generative AI features </a>in June 2023.&nbsp;6sense’s comprehensive platform gives it an edge over its peers which is reflected in its customers’ performance; they have, on average, experienced a 2x increase in deal values and a 10% increase in win rates. In 1H FY2023, 6Sense reported a <a href="https://sp-edge.com/updates/13068">doubling of its revenue</a> and more than 150% growth in customer base &amp; workforce. According to a Forrester study in 2022, users of 6Sense revenue AI achieved an ROI of 454% over three years.&nbsp;&nbsp;Key customers and partnershipsBy October 2021, the firm’s customers included Dell, Cumulus, Udemy, and Thomson Reuters.The firm has entered into a number of partnerships including with <a href="https://sp-edge.com/updates/12678">On24</a> (a Webinar and event management platform), and <a href="https://sp-edge.com/updates/15298">Integrate</a> (a Demand acceleration platform) to extend its B2B data access and analytics capabilities.

Reinventing gene therapies with next-generation technologies

Human Gene Editing

<div>
 
 Tessera Therapeutics develops novel therapeutics, leveraging its proprietary ribonucleic acid (RNA)-based gene writing technologies to address disease indications across neurology, oncology, and auto-immunology. The company&rsquo;s approach revolves around reducing or eliminating the dependence on nucleases in gene editing. It creates synthetic mobile genetic elements (MGEs) called retrotransposons that are capable of copying an RNA sequence into the DNA, without breaking the DNA, with precision. It uses machine learning, generative protein design, and protein engineering techniques to identify, engineer, and optimize elements.&nbsp;
 
 
 The company has not revealed its therapeutic pipeline. It announced plans to set up a good manufacturing practices (GMP) standard manufacturing facility by the end of 2022 to produce RNA writers&mdash;that have the potential for redosing&mdash;on a large scale.&nbsp;
 
 
 Key customers and partnerships
 
 
 The company partnered with 
 <a href="https://www.businesswire.com/news/home/20220228005181/en/Serotiny-and-Tessera-Therapeutics-enter-into-collaboration-to-engineer-and-optimize-programmable-Gene-Writer-proteins#:~:text=By%20partnering%20with%20Serotiny%2C%20Tessera,a%20variety%20of%20disease%20states.">
 Serotiny
 </a>
 in February 2022 to engineer programmable gene writer proteins leveraging Serotiny&rsquo;s platform. It also entered into a collaboration with 
 <a href="https://www.businesswire.com/news/home/20211103005184/en/Tessera-Therapeutics-Announces-RD-Collaboration-with-Cystic-Fibrosis-Foundation-as-Part-of-a-Portfolio-of-Complementary-Technologies-Advanced-by-Flagship%E2%80%99s-Pioneering-Medicines-to-Treat-Cystic-Fibrosis">
 Cystic Fibrosis Foundation
 </a>
 in November 2021 to apply its gene writing technology in treating cystic fibrosis.&nbsp;
 
 
 &nbsp;
 Funding and financials
 
 
 In April 2022, Tessera Therapeutics raised over USD 300 million in a 
 <a href="https://www.businesswire.com/news/home/20220419005210/en/Tessera-Therapeutics-Announces-Over-300M-Series-C-Financing-to-Advance-its-GENE-WRITING-Platform">
 Series C
 </a>
 funding round involving a wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA), Alaska Permanent Fund Corporation, and Flagship Pioneering (founder of Tessera), among others. The proceeds were earmarked for accelerating the development of its gene writing platforms and clinical development pipeline.&nbsp; 
 
</div>

<div>
 
 ElevateBio develops novel cell, gene and regenerative therapies by leveraging technologies such as gene editing, Induced Pluripotent Stem Cells (iPSCs), and cell, protein, and vector engineering. It develops its own therapies whilst also offering its technologies to other biotech and pharmaceutical companies to accelerate the drug development process. It also provides manufacturing support to other cell and gene therapy companies through its centralized R&amp;D and manufacturing company BaseCamp, which offers process development services, current Good Manufacturing Practices (cGMP) grade manufacturing of cell and viral vectors such as adeno-associated virus (AAV), and quality assurance.&nbsp;
 
 
 The company&rsquo;s focus lies on spinning out separate entities for specific therapeutic areas or indications, and has thus far disclosed three such spin-outs: 1) AlloVir (in partnership with Baylor College of Medicine) to tackle infectious diseases primarily targeting 12 viruses; 2) HighPassBio (joint venture with gene editing company Fred Hutchinson to prevent relapsing leukemia; 3) Life Edit Therapeutics (wholly owned gene editing company) to target genetic diseases.&nbsp;
 
 
 Life Edit Therapeutics, which was acquired by ElevateBio in 
 <a href="https://www.biospace.com/article/elevatebio-acquires-life-edit-therapeutics-and-its-next-generation-gene-editing-platform/">
 October 2021
 </a>
 , maintains a large database of ribonucleic acid (RNA)-guided nucleases (RGNs), base editors, and Protospacer Adjacent Motifs (PAMs)&mdash;short sequences that support an enzyme to edit a gene&mdash;for greater specificity and broader genome coverage. Life Edit&rsquo;s gene editing platform enables both in vivo (gene editing done inside the body) delivery and ex vivo (gene editing done in a specialized laboratory and returned to the body) engineering.&nbsp;
 
 
 Key customers and partnerships
 
 
 The company has entered into a number of partnerships to offer its manufacturing capabilities and BaseCamp services, which include a 10-year partnership with the 
 <a href="https://www.elevate.bio/blogs/massachusetts-general-hospital-and-elevatebio-announce-a-10-year-alliance-agreement-to-utilize-elevatebio-basecamp-to-manufacture-innovative-cell-and-gene-therapies">
 Massachusetts General Hospital
 </a>
 (July 2019) and a five-year collaboration with the 
 <a href="https://www.elevate.bio/blogs/boston-childrens-hospital-and-elevatebio-announce-five-year-cell-and-gene-therapy-collaboration">
 Boston Children&rsquo;s Hospital
 </a>
 (June 2021) and 
 <a href="https://www.globenewswire.com/news-release/2020/11/10/2123755/0/en/TCR-Therapeutics-Announces-Partnership-with-ElevateBio-to-Expand-TC-210-Manufacturing-Capacity.html">
 TCR2 Therapeutics
 </a>
 (November 2020).
 
 
 Most recently, ElevateBio partnered with 
 <a href="https://sp-edge.com/companies/243071">
 Xcell Biosciences
 </a>
 in January 2024 to develop cell and gene therapies. Through the partnership, ElevateBio became the first member of Xcellbio&rsquo;s beta program for its new AVATAR Foundry device. In addition, Michael Paglia, Chief Technology Officer at ElevateBio&rsquo;s BaseCamp, joined Xcellbio&rsquo;s Scientific Advisory Board. Further, ElevateBio BaseCamp scientists gained access to Xcellbio&rsquo;s AVATAR incubator system for cell therapy research and development as well as two new platforms: the AVATAR Ai system for measuring the potency of cell therapies and the AVATAR Foundry system for cGMP cell therapy manufacturing.
 
 
 ElevateBio also partnered with 
 <a href="https://sp-edge.com/companies/898118">
 Kyverna Therapeutics
 </a>
 in September 2023 to advance a CAR-T platform. Through the partnership, the companies agreed to expand process development and production of Ingenui-T-derived chimeric antigen receptor (CAR) T-cell therapies. 
 
 
 In February 2023, ElevateBio&rsquo;s subsidiary, Life Edit Therapeutics, partnered with 
 <a href="https://sp-edge.com/updates/16598">
 Moderna Therapeutics
 </a>
 to develop novel therapeutics for genetic and other diseases. Soon after, Life Edit entered a partnership with 
 <a href="https://sp-edge.com/updates/18837">
 Novo Nordisk
 </a>
 in May 2023 to develop novel base-editing treatments for a number of diseases.
 
 
 Funding and financials
 
 
 In a 
 <a href="https://sp-edge.com/updates/18837">
 Series D
 </a>
 funding round in May 2023 led by the AyurMaya Capital Management Fund, ElevateBio raised USD 401 million to fuel the development of its gene-editing platforms and to support its expansion plans. This round followed the company&rsquo;s substantial USD 525 million 
 <a href="https://techcrunch.com/2021/03/15/elevatebio-raises-525m-to-advance-its-cell-and-gene-therapy-technologies/">
 Series C
 </a>
 round in March 2021, bringing the total funds raised to date to USD 1.2 billion.
 
</div>

<div>
 
 Synthego develops CRISPR-based tools, such as CRISPR designing, analysis, and screening libraries, to support pharmaceutical and biotech companies as well as academia to accelerate the R&amp;D of novel gene editing therapeutics for diseases like cancer. It also manufactures different types of synthetic ribonucleic acid (RNA), specific for different CRISPR nucleases, within days, which otherwise takes weeks.&nbsp;
 
 
 Founded in 2012, Synthego offers two main platforms: &ldquo;HALO,&rdquo; a CRISPR design tool for knockouts, and its recently released high throughput cell engineering platform &ldquo;Eclipse,&rdquo; which enables the development of highly predictable CRISPR-engineered cells. The company possesses libraries of over 120,000 genomes and over 8,300 species and offers a variety of bioinformatic tools and services including a CRISPR data analysis software Inference of CRISPR Edits (ICE) that enables interpretation of gene editing results. In May 2021, it received ISO 9001:2015 certification for its good manufacturing practices (GMP)-grade single guided RNA (sgRNA) manufacturing processes.&nbsp;
 
 
 Key customers and partnerships
 
 
 Synthego&rsquo;s customer base consists of over 17,000 CRISPR researchers customers across 45 countries, which reportedly includes eight of the top ten big pharma companies in the world. The company has contributed to over 1,000 peer-reviewed journals and has secured various partnerships with government bodies including the National Institutes of Health (NIH) to develop stem cell models of Alzheimer&rsquo;s disease. 
 <a href="https://sp-edge.com/updates/21284">
 In August 2023
 </a>
 , the company partnered with precision cell programming company bit.bio to explore synthetic circuitry implementation in cells for therapeutic purposes.
 
 
 Funding and financials
 
 
 In its latest Series E funding round in February 2022, Synthego raised USD 200 million, bringing its total funds raised to USD 459.7 million. The company intended to use the funds to further develop its platforms with advanced capabilities such as CRISPROff&mdash;a light-based system for enhanced precision in gene editing.
 
 
 
</div>

Autonomous and connected technologies shaping the future of the auto industry

Auto Tech

<div>
 
 Nauto develops advanced driver assistance systems (ADAS) for commercial fleets and autonomous vehicles on a software-as-a-service (SaaS) basis. Its products include predictive collision alerts, driver behavior alerts, self-guided coaching, manager-led coaching, incident reporting, on-demand videos, and 
 <a href="https://sp-edge.com/updates/22786">
 telematic capabilities for vehicle insights.
 </a>
 The solutions combine predictive artificial intelligence (AI), data science technologies, and more than 1 billion AI-analyzed video driving miles. The company claims to contribute to up to 80% reduction in distracted driving, collisions, and losses. Nauto is also reportedly the only AI-enabled platform that impacted driver behavior in real-time, which it claimed has led to the avoidance of 70,000+ collisions, resulting in a ~USD 300 million savings (as of February 2024).
 
 
 
 
 Key customers and partnerships
 
 
 The company had nearly 800 partnering customers worldwide as of February 2024. Its industry partners include Allianz, Toyota, SoftBank, Geotab, Orix, General Motors, BrightDrop, Herr Foods, and NAFA Fleet Management Association.
 
 
 
 
 Funding and financials
 
 
 <a href="https://sp-edge.com/updates/19529">
 In June 2023,
 </a>
 Nauto secured a strategic investment from Stellantis Ventures, the venture capital arm of automaker Stellantis, to extend its safety benefits to more light commercial vehicles and, eventually, to consumer vehicles.
 
 
 
</div>

Nuro, co-founded by two ex-Google self-driving engineers, develops autonomous driving software dubbed “Nuro Driver” for automakers and mobility providers, including ride-hailing and delivery companies. Nuro claims its autonomous driving system prioritizes safety through an AI architecture that generates actions with a backup traditional robotics system for real-time validation, ensuring compliance with road rules and vehicle limits.Nuro's business model involves two parallel approaches: 1) offering a full Level 4 autonomous driving product for goods delivery and passenger mobility services (i.e., fully autonomous vehicles limited to specific locations and/or conditions), and 2) working with OEMs to build automated driving products for consumer vehicles, ranging from Level 2 to Level 4 driving systems (i.e., Level 2 vehicles can control speed and steering, but a safety driver must maintain full vigilance). In <a href="https://sp-edge.com/updates/33592">September 2024</a>, Nuro announced an expansion of its business model to license Nuro Driver, to automotive OEMs and mobility providers.The company was founded as a developer of autonomous last-mile delivery vehicles but pivoted to licensing autonomous driving technology&nbsp;<a href="https://sp-edge.com/updates/33481">in September 2024.</a> It began demonstrating the technology in California and Texas&nbsp;<a href="https://sp-edge.com/updates/36208">in November 2024.</a>Key customers and partnershipsNuro’s product partners include 1) NVIDIA to obtain NVIDIA DRIVE Thor automotive-grade compute and networking hardware to power Nuro Driver <a href="https://linnk.ai/insight/technology/nuro-partners-with-nvidia-drive-thor-for-autonomous-driving-system-ODiAXNc1/">(March 2024)</a> and 2) chip designer Arm Holding for evidenced-based technological enhancements (<a href="https://sp-edge.com/updates/26886">February 2024).</a>

Robotic Research develops self-driving solutions primarily catering to the defense sector. Its commercial division RR.AI focuses on providing autonomous driving solutions for passenger buses, commercial trucks, drayage, and other logistics vehicles. According to the company, it uses uncommon sensor systems in its autonomy stack, including stereo and structure for motion, and a range imaging method for approximating 3D forms from 2D sequences. The company has its testing facilities in Gaithersburg and Clarksburg, Maryland.Key customers and partnershipsRR.AI also has product collaborations with transit bus manufacturers such as New Flyer of America (May 2019; unveiled product in January 2021) and Gilling (January 2022) to integrate its autonomous tech with the bodies of the vehicles.As of December 2021, RR.AI had integrated its autonomous driving technology “AutoDrive,” in about 150 on-road heavy-duty transit buses, Class 8 trucks, and yard trucks across the US, Canada, Australia, Europe, and Saudi Arabia. In relation to transit buses, the company won a contract with the Connecticut Department of Transportation (DOT) in June 2020 to deploy three autonomous buses with Level 4 autonomy (i.e., fully autonomous vehicles limited to specific locations and/or conditions) but with a driver on board. It was also selected by Port Authority New York New Jersey in November 2019, to introduce autonomous buses in a pilot program that ran through May 2021.Key competitors: None comparable (Robotic Research is the only company with more focus on self-driving transit buses)

Pushing the envelope in MedTech with emerging technologies

Next-gen Medical Devices

CMR Surgical is a prominent medical device company specializing in robotic-assisted surgery. The company has developed Versius, a small, modular, and versatile surgical robotic system designed to assist surgeons in complex soft tissue surgeries. Its portable design allows seamless integration into hospital workflows, enabling high utilization across multiple surgical departments. The system's modularity allows surgeons to use only the required number of arms for a specific procedure, optimizing port placement and facilitating precise and accurate movements through its fully-wristed instruments and 3D HD vision. In&nbsp;<a href="https://sp-edge.com/updates/34840">October 2024</a>, the company received FDA clearance for Versius.&nbsp;Versius has been utilized for a wide range of procedures, including prostatectomies, abdominal wall repairs, hysterectomies, proctocolectomies, esophagectomies, and lobectomies. It has also been employed in combined operations such as endometrial tissue removal, rectopexy, ureteroplasty, fundoplication with Nissen's technique, gastric bypass, and cholecystectomy. As of March 2024, over 20,000 surgical cases were completed using Versius globally, with over 160 installations worldwide.In addition to its surgical capabilities, Versius incorporates a digital ecosystem that captures meaningful data to support surgeons' continuous learning. Through the Versius Connect app, Versius Trainer, and the CMR clinical registry, the system provides insights to improve surgical care.&nbsp;CMR Surgical's Versius global install base grew by more than 50% from 2022 to January 2024.Key customers and partnershipsCMR Surgical primarily targets hospitals, surgeons, and teams seeking advanced robotic-assisted surgical systems. The company has established partnerships with renowned hospitals globally, including Royal Papworth Hospital NHS Foundation Trust, Addenbrooke's Hospital, Milton Keynes University Hospital, NHS Foundation Trust, Institut Curie, Policlinico di Milano, Max Super Specialty Hospital, the Sindh Institute of Urology and Transplantation, Hospital Moinhos de Vento, Gleneagles Hospital, Klinikum Chemnitz GmbH, The Wellington Hospital, and Rotenburg Hospital.&nbsp;In September 2022, CMR Surgical partnered with Surgical Innovations to develop YelloPort Elite 5mm, a new surgical port access system designed for Versius. In November 2023, it partnered with Ledidi to develop a clinical registry platform that enhances data-driven clinical practice.&nbsp;

Proximie is a health technology platform that combines telepresence, augmented reality (AR), machine learning, and AI to enable surgeons to virtually "scrub in" to any operating room from anywhere in the world. The company's core product is a web-based software that allows surgeons to collaborate remotely by sharing live video streams of surgeries from up to four camera perspectives, along with medical scans. Its AR tools enable surgeons to draw instructions or annotations on the shared screen, providing real-time guidance during procedures.Founded in 2016 by Dr. Nadine Hachach-Haram, a plastic surgeon, the device-agnostic platform also captures data from procedures, creating a secure library that can be used for training, debriefing, and advancing surgical techniques.Key customers and partnershipsAs of November 2024, Proximie was used in 800+ hospitals across 50+ countries. The company had partnered with major healthcare providers, medical device companies, and educational institutions.In<a href="https://sp-edge.com/updates/35183"> October 2024</a>, the company partnered with Olympus to enable real-time collaboration and knowledge sharing in operating rooms.

Noah Medical is a medical robotics company that has developed the Galaxy System, a robotic platform for navigated robotic bronchoscopy. The system is designed to improve the accuracy of locating and diagnosing lung nodules during bronchoscopy procedures. It features proprietary TiLT+ Technology, which integrates tomosynthesis and augmented fluoroscopy, providing real-time navigation and lesion updates during the procedure. The Galaxy System also includes a single-use disposable bronchoscope and a compact footprint, allowing easy integration into most bronchoscopy suites.The company received FDA clearance for the Galaxy System in March 2023, enabling its commercial use in the US. In the same year, Noah Medical initiated the first-in-human trials of the system at Macquarie University Hospital in Sydney, Australia.&nbsp;Key customers and partnershipsNoah Medical provides its solutions to the healthcare sector, targeting hospitals and specialized clinics across the US. As of January 2024, Noah Medical had reached a milestone of 500 commercial uses for the Galaxy System. Its Galaxy System was first used in the University of Chicago Medicine by Dr. Kyle Hogarth.

HR Tech

Eightfold AI offers an AI-powered Talent Intelligence Platform designed to enhance talent management processes for organizations. The platform utilizes deep-learning AI to understand job seekers' skills, potential, and ability to adapt to new situations, facilitating their placement in roles that align with their career potential. Eightfold AI's technology aims to help organizations retain top performers, upskill and reskill their workforce, recruit talent efficiently, and reach diversity goals. The platform is available in more than 155 countries and 24 languages, enabling enterprises to transform their talent into a competitive advantage.
In April 2023, Eightfold AI announced the integration of generative AI large language models into its platform, creating two role-specific Talent Intelligence Copilots: Employee Copilot and Recruiter Copilot. These additions aim to enhance user experience and increase effectiveness and productivity. The Employee Copilot assists employees in managing their careers and completing talent development tasks, while the Recruiter Copilot helps recruiters throughout the talent acquisition journey. Eightfold AI's platform also includes features such as Talent Insights, which reflects changing skills and roles in the labor market, particularly those impacted by generative AI.
The Talent Intelligence Suite, a comprehensive platform within Eightfold AI's offerings, provides actionable insights for informed talent decisions. It uses AI and machine learning technology to optimize current talent, advance diversity, equity, and inclusion programs, and limit bias across processes. The platform offers real-time data, including self-updating employee profiles and automated sourcing during the requisition process. In late 2022, Eightfold AI introduced Talent Flex, demonstrating its commitment to supporting a broad range of workers and types, including contingent workers.

360Learning is a collaborative learning platform that empowers companies to upskill their workforce internally. Founded in 2013, the company offers a learning management system (LMS) that combines LMS and LXP capabilities with collaborative learning features. 360Learning's platform enables organizations to create, deliver, and manage training content while fostering peer-to-peer learning and knowledge sharing. The company's approach focuses on leveraging internal subject matter experts to develop learning programs at scale, with courses being created in as little as 17 minutes on average.
360Learning's platform includes features such as automated enrollment, mobile learning, video recording, and role-specific learning paths. It also incorporates AI-powered tools to assist with course creation, skills mapping, and personalized learning recommendations. The platform achieves an average course completion rate of 91%, significantly higher than the industry standard of 20-30%.
In October 2023, 360Learning acquired eLamp, an AI-powered skills management platform, to enhance its capabilities in skills-based learning and workforce development. This acquisition allows 360Learning to offer more comprehensive solutions for identifying skill gaps and delivering targeted training.
As of early 2024, 360Learning reported serving over 1,700 organizations globally and was on track to surpass USD 60 million in annual recurring revenue. The company has raised USD 240 million in funding to date and employs over 400 team members across the US and EMEA.

Glean is an enterprise AI company founded in 2019 by former Google engineers, including CEO Arvind Jain. The company provides a Work AI platform that combines enterprise search, an AI assistant, and tools for building custom generative AI applications. Glean's technology connects to over 100 enterprise data sources and applications to provide employees with quick access to relevant information across their organization. The platform uses advanced search, retrieval augmented generation (RAG), and large language models to generate personalized answers grounded in a company's proprietary data. Glean's core offerings include Glean Chat, an AI assistant that answers employee questions using company data; Glean Apps for creating custom AI agents and chatbots; and enterprise search capabilities to help identify internal subject matter experts. The platform also features AI-powered summarization, analysis, and multi-step prompting to automate complex workflows. Glean emphasizes security, privacy, and permissions enforcement to meet enterprise requirements. As of September 2024, Glean reported that its annual recurring revenue had more than tripled over the previous year. The company's customers include major technology firms like Reddit, Instacart, Pinterest, Duolingo, and Databricks, as well as enterprises in telecommunications, banking, retail, and manufacturing. Glean is headquartered in Palo Alto, California and has an office in Bengaluru, India that serves as a hub for global operations. Key customers and partnerships Glean's customer base includes several high-profile technology companies such as Reddit, Instacart, Pinterest, Duolingo, Databricks, BILL, Samsara, and Grammarly. The company also serves leading global enterprises across industries including telecommunications, banking, retail, semiconductors, electronics, and manufacturing. In 2024, Glean announced new integrations with customer service applications, launching Glean Assist for Zendesk and Salesforce Service Cloud. These embedded solutions aim to help support teams serve customers faster by providing relevant information within their existing workspaces. The Zendesk integration was made generally available, while the Salesforce integration entered beta testing.

Bringing the benefits of blockchain to the enterprise

Enterprise Blockchain Solutions

Elliptic offers crypto asset blockchain risk monitoring solutions, crypto investigations software, solutions for wallet screening, Virtual Asset Service Providers (VASP) screening, and crypto entity risk management​​. Its products are used by traditional financial institutions, FinTech companies, crypto businesses, and government agencies for various business use cases, such as performing Know Your Customer (KYC) processes, managing counterparty risk, and complying with Anti-Money Laundering (AML) regulations​​. The company claims to serve over 100 customers across 29 countries, monitoring 98% of all crypto asset trading volume​ as of June 2023.Key customers and partnershipsThe company has a network of nearly 30 partners, including leading names like AWS, IBM, and EY, along with disruptors such as Fireblocks, BitGo, CoolBitX, and Metaco. In October 2023, Elliptic <a href="https://sp-edge.com/updates/22800">partnered with Taurus</a>, a digital asset custody and tokenization solution provider, to integrate its wallet screening tool into Taurus’ custody platform and provide banking-grade security and compliance to Taurus' clients.Funding and financialsThe company raised USD 60 million in Series C funding in October 2021, led by Evolution Equity Partners, with participation from SoftBank Vision Fund and existing investors. The proceeds were slated for research and development, investment in global networks, and hiring talent in the US.

CertiK specializes in blockchain and smart contract audits, offering a formal verification framework to ensure the security of these digital contracts and blockchain systems. With its platform, the company applies mathematical validations, outpacing traditional manual detection methods. Its solution suite includes features such as a decomposition approach, a proof engine, certified dApp libraries, smart labeling, and the proprietary CTK cryptocurrency for platform transactions.CertiK's offers blockchain and smart contract audits, primarily serving businesses in the blockchain and cryptocurrency sector. Its platform offers services like pre-deployment code audits that are crucial to preventing losses from potential security breaches. By utilizing CertiK's services, businesses can ensure the security of their smart contracts and blockchain systems, thereby building trust with their customers and stakeholders. Its recently launched Know Your Customer (KYC) and fraud investigation service further strengthen its offerings, providing a means to prevent project scams and "rug-pulls."​Key customers and partnershipsThe company has a strong partner network for varying purposes, including names such as Binance, Alchemy, Polygon, and FalconX.CertiK partnered with Alibaba Cloud in May 2023 to provide blockchain security services to cloud-based Web3 projects. This partnership enables Web3 developers to accelerate their development process and secure their applications and smart contracts with CertiK’s Security Suite and Alibaba Cloud’s scalable, highly efficient, and secure infrastructure. CertiK's smart contract auditing service and Layer 1 blockchain auditing service are fully integrated into Alibaba Cloud. In addition, CertiK's upcoming Skynet vulnerability scanning platform will scan code and identify vulnerabilities in real time, providing developers with real-time monitoring and remediation recommendations​.In August 2023, Certik <a href="https://sp-edge.com/updates/21075">extended its partnership with BingX </a>, a Singaporean cryptocurrency exchange, to enable BingX to integrate the company’s Security Score API in its products. In September 2023, the company partnered with CrossAngle, a Web3 data intelligence platform provider, to integrate its API data, which includes market prices, weighted indices, project profiles, and research reports, into its security products.Funding and FinancialsThe company has been aggressively raising funding over the past two years, with its most recent Series B funding rounds consisting of USD 60 million in April 2022 and USD 88 million in March 2022, at a valuation of USD 2 billion. The proceeds were used for product development, specifically for new data-driven security products.

ConsenSys offers a suite of blockchain solutions that include 1) Diligence (smart contracts) 2) Infura (provides API access to the web 3) MetaMask (a Web3 mobile wallet) 4) Quorum (blockchain for business), and 5) Truffle (developer tools and testing). These solutions make it easier for businesses and developers to build blockchain-based solutions functioning on the Ethereum network.Consensys Quorum is an open-source blockchain platform that is designed for enterprise environments. It was initially developed by J.P. Morgan and later acquired by ConsenSys. Quorum is built upon Ethereum, inheriting its architecture and smart contract functionality, additionally including enhancements specific for enterprise use. Notably, Quorum supports private and permissioned blockchain networks. Quorum also introduces private transactions and private contracts that are not visible to the entire network but only to the parties involved.ConsenSys’ product suite also includes Decentralized Finance (DeFi) solutions for institutions and crypto enterprises, support for customers to build their own DeFi application, and support in running staking operations for customers. Furthermore, the company offers support for the creation and management of NFTs and digital collectibles using the ConsenSys NFT solution and powering decentralized autonomous organizations (DAOs) across various uses such as customer care and education.Key customers and partnershipsThe company had over 2,000 global clients and partners as of May 2023, with its key client base including Microsoft, Ernst &amp; Young, and Proctor &amp; Gamble.ConsenSys has aggressively pursued collaborations and partnerships to support the adoption of its product suite for various uses. This includes a launch of a marketplace for institutional staking in March 2023, in partnership with Allnodes, Blockdaemon, and Kiln, built upon the MetaMask wallet. Another example is the launch of Sports Illustrated Tickets (SI Tickets) in May 2023, in partnership with Sports Illustrated and built by ConsenSys as a self-service ticketing and event management solution. Amazon Web Services is also a key product partner, specifically supporting ConsenSys’ Ethereum-based solutions.Funding and financialsIn March 2022, ConsenSys raised USD 450 million in Series D funding at a valuation of over USD 7 billion. The round was led by ParaFi Capital and supported by new investors such as Temasek and Softbank. The funds were to be primarily used for the expansion of MetaMask, including a re-design and planned rollout of support for extensions. Additionally, the funds were aimed at supporting the global customer growth of the Infura development suite.

Empowering Tomorrow's Innovations with Generative AI Infrastructure

Generative AI Infrastructure

SambaNova Systems is an AI innovation company specializing in supplying hardware and integrated systems for running AI applications in data centers and cloud environments. It claims that its platform is the first to offer a completely integrated system designed specifically for AI, encompassing enterprise-grade chips, software, and models.Its two main products are DataScale and SambaNova Suite. DataScale is an integrated software and hardware system that utilizes the Reconfigurable Dataflow Architecture (RDA) and allows for the customization, development, and deployment of advanced large language models (LLMs), computer vision models, and models for scientific exploration. Its other key offering, the SambaNova Suite, is an integrated GenAI platform that allows users to create their own LLMs that can compete with GPT-4 and other models. Notably, customers maintain perpetual ownership of the adapted models. SambaNova Suite incorporates SambaNova's proprietary SN40L AI chip (manufactured by Taiwan Semiconductor Manufacturing Co) and is claimed by the company to surpass the performance of NVIDIA's chips.In <a href="https://sp-edge.com/updates/33514">September 202</a>4, the company introduced SambaNova Cloud, an AI inference platform to implement GenAI workflows and runs Meta's Llama 3.1 405 billion and Llama 3.1 70 billion model. Previously in <a href="https://sp-edge.com/updates/21988">September 2023</a>, SambaNova Suite introduced new features, including Llama2 variants, a highly accurate multilingual model (BLOOM 176B), and improved document retrieval embeddings, resulting in reduced total cost of ownership (TCO) for AI models due to enhanced LLM inference efficiency. The firm also unveiled its <a href="https://sp-edge.com/updates/21988">new chip, the SN40L</a> manufactured by TSMC, which will power its full-stack LLM platform, the SambaNova Suite.&nbsp;SambaNova Systems' unique business model involves building servers and AI software and leasing these to companies on a subscription basis rather than selling its chips. This approach allows clients to leverage advanced AI capabilities without the need for in-house machine learning expertise. Key customers and partnershipsNotable customers include SoftBank, Accenture, Los Alamos National Laboratory, and Analog Devices.In October 2021, SambaNova Systems partnered with Aicadium, a developer of AI-powered industrial computer vision solutions, to provide SambaNova System’s AI solutions to businesses and institutions in Singapore.

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 Labelbox offers a data-centric AI platform for enterprises, enabling them to develop, optimize, and use AI to solve complex problems and power new products and services.&nbsp;&nbsp;
 
 
 Labelbox&rsquo;s platform offers capabilities for building, optimizing, training, fine-tuning LLMs, and AI-enabled data labeling automation.&nbsp;
 
 
 Its products include&nbsp;
 
 
 1) Catalog: A platform for building AI applications with features such as advanced search capabilities and optimizing data for labeling budgets
 
 
 2) Annotate: A data labeling solution designed to streamline and accelerate labeling operations using automation tools and pre-labeling techniques
 
 
 (3) Model: Offers tools for data enrichment, model-assisted labeling, and custom Foundry Apps to automate data management tasks and improve AI model performance&nbsp;&nbsp;
 
 
 (4) Boost: Offers fully managed tailored solutions such as on-demand data labeling services to enhance AI development speed and efficiency.&nbsp;
 
 
 As such, Labelbox enables companies to streamline the fine-tuning and alignment of LLMs and enables the validation of outputs through techniques such as reinforcement learning with human feedback (RLHF), reinforcement learning from AI feedback (RELIEF), and evaluation. This incorporation of human expertise ensures more accurate, contextually relevant, trustworthy, and secure results from LLM systems.
 
 
 The platform is offered through a SaaS subscription model with packages ranging from free subscriptions with limited usage and custom pricing for enterprises.
 
 
 Key customers and partnerships
 
 
 The firm's solutions have use cases across diverse industries, including retail, consumer internet, healthcare, manufacturing, and financial services. Labelbox has a large portfolio of customers, including NASA's Jet Propulsion Laboratory and Blue River Technology, a smart AgriTech company that used Labelbox's model-assisted labeling suite to enhance its See &amp; Spray technology in smart agriculture, resulting in herbicide cost savings of 70%&ndash;80. Labelbox's customers also include several Fortune 500 companies, such as Walmart, P&amp;G, Audi Adobe, Airbnb, Bayer, and Bosch.
 
 
 Key partnerships include a long-term collaboration with 
 <a href="https://sp-edge.com/updates/21770">
 Google Cloud
 </a>
 to facilitate digital transformations in retail, consumer internet, financial services, and manufacturing and logistics.
 
 
 Funding and financials
 
 
 In January 2022, the firm raised USD 110 million in Series D funding led by SoftBank's Vision Fund 2. The company planned to utilize the funds to finance company expansion.
 
 
 
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 Pixis provides a codeless AI infrastructure platform for brands to monitor and orchestrate their marketing campaigns. It also offers proprietary AI models that are deployed across an ecosystem of products and plugins to help businesses scale data-driven marketing. The company's AI technology is also developed for growth marketing and has a rich product suite that includes targeting, in-flight performance optimization, and generative AI capabilities.
 
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Defining the future of the restaurant business.

Cloud Kitchens

REEF Technology (formerly known as ParkJockey Global) is an operator of parking real estate and delivery kitchens in North America. The company transforms urban spaces into community hubs by setting up cloud kitchens, healthcare clinics, retail outlets, and other services in empty parking spaces.REEF kitchens is the company’s turnkey expansion solution for restaurateurs. These are purpose-built commercial kitchens that prepare food ordered online for delivery and pick-up. Each kitchen prepares food for three to five restaurant brands, and REEF manages all operational requirements on behalf of restaurant owners including staffing and day-to-day kitchen management. REEF kitchens are connected to the neighborhood’s most popular food delivery platforms and getREEF (the company’s own delivery platform) via a proprietary delivery management technology. This enables each kitchen to organize and prepare orders for multiple brands. The kitchens operate under a license model as opposed to a flat fee.The company’s brand portfolio includes food brands like Wow Bao, Wayback Burgers, Firenza, Saladworks, and Capriottis and is supplied by Collectiv Food and Crate to Plate. For delivery, the company has partnered with Grubhub, Deliveroo, Postmates, and UberEats.There were over 300 REEF kitchens across key markets in North America and Europe, including cities like Austin, Miami, Chicago, Houston, Portland, Toronto, Edmonton, and London. However, in January 2022, the company temporarily shut down a third of its locations (around 95 sites) due to underperformance and a number of operational challenges including labor shortages, high costs, incomplete permits, and difficulties connecting to utilities. In March 2023, Reef announced plans to discontinue operations of its unprofitable ghost kitchen facilities in a strategic move that focuses on profitability. In <a href="https://sp-edge.com/updates/33243">August 2024</a>, the company announced plans to close three New York-based facilities with plans to pivot away from ghost kitchens toward micro-fulfillment and technology services.Key customers and partnershipsIn December 2021, REEF acquired 2ndKitchen, a US-based virtual kitchen for hotels, offices, buildings, and other hospitality companies. 2ndKitchen’s existing business will be combined with REEF's brand and will operate under its hospitality division. In November 2021, the company announced the acquisition of iKcon Restaurant LLC, a Dubai-based cloud kitchen operator, marking its first major transaction in the MENA market.REEF also strengthens its reach and customer base through partnerships with other players in the broader cloud kitchen ecosystem including Creating Culinary Communities (C3) and JustKitchen. REEF currently carries C3 brands in its cloud kitchens, and has a partnership with JustKitchen to launch its “Another Wing” brand in South-East Asia. In July 2022 Reef partnered with HUBB Kitchens, a North Carolina-based cloud kitchen facility provider to open a virtual food hall in the Raleigh-Durham International Airport in North Carolina.In March 2022, the company announced a partnership with the fast-casual Mexican restaurant QDOBA to launch 25 pilot locations in Seattle, Austin, and Atlanta. In August 2021, the company partnered with the American fast food chain Wendy’s to open 700 delivery Kitchens across the US, Canada, and the UK by 2025. In May 2023, the two companies announced plans to close down all Wendy’s cloud kitchen locations in the US. In March 2022, the company launched its first fine-dining collaboration with The One Group for its upscale concepts STK, Kona Grill and Bao Yum.

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 Kitopi is a Dubai-based cloud kitchen platform with over 3,000 employees across the UAE, Saudi Arabia, Bahrain, Qatar, and Kuwait. The company provides kitchen infrastructure support such as equipped kitchens and software for logistics support for restaurants looking to open delivery-only locations. The company also offers Shop Kitopi, a grocery store that delivers anywhere in Dubai.
 
 
 As of March 2022, Kitopi operated more than 200 cloud kitchens in the Middle East with over 200 restaurant brands—including names such as Operation Falafel, PizzaExpress, Right Bite, and UNDER500. The company charges its tenants a fixed onboarding fee and a 10% monthly royalty fee to operate in its facility. The company also leverages partnerships with other cloud kitchen platforms to expand its offerings. In July 2021, Kitopi partnered with C3 to bring major US brands including Umami Burger, Sam’s Crispy Chicken, and Krispy Rice to the Middle East. Together, the partners were to launch 150 locations across the Middle East and Asia.
 
 
 In July 2021, Kitopi raised USD 415 million in a Series C funding round led by Softbank Group Corp’s Vision Fund 2. The investment was the first of its kind in a UAE-headquartered company and vaulted Kitopi to unicorn status. The funds were earmarked to accelerate Kitopi’s expansion in Saudi Arabia and further afield in Southeast Asia as well as to expand its tech stack. 
 
 
 For 2022-23, the company had plans to invest up to USD 1 billion in developing and expanding a network of leading local, regional, and international brands that have synergy with its operating platform. This would include expanding reach across countries and regions while diversifying customer offerings through supporting both licensed brands and its portfolio of invested brands.
 
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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;

Remote is a human resource platform that focuses on providing an all-in-one solution, including payroll, benefits, compliance, and taxes across international markets. Remote offers both startups and larger enterprises a platform to hire international talent in compliance with foreign labor laws. The company sets up locally with a network of legal partners and service providers in every market, with Remote expanding to the Asia-Pacific region in September 2022. The company acts as the middleman between the business and employee (independent contractor or full-time) and acts as the employer of record (EoR), handles payroll, benefits, taxes, and visa and immigration.Recent product launches include 1) Contractor Management Plus (January 2024), safeguarding customers against misclassification risk, including built-in global compliance and indemnity coverage of up to USD 1 million, 2) its Global HR platform (September 2023), allowing customers to consolidate their HR stack into one platform and 3) Remote Relocation, a suite of employee relocation services, and “Remote for Refugees,” a program for businesses to invest in refugee talent.The company generates revenue through monthly subscriptions on a per user basis; remote payroll employees (USD 50-119), independent contractors (USD 29-99) and Employer of Record (USD 599).In April 2024, the company acquired employee compliancement management firm Easop, improving the ease of offering equity to team members on a global scale.Key customers and partnershipsNotable enterprises using Remote’s platform included DoorDash, Burger King and Aston Martin, among others.In August 2022, Remote partnered with end-to-end HR software platform HiBob to deliver one-way data synchronization for customers of both platforms.Funding and financialsIn its latest funding round (<a href="https://sp-edge.com/updates/9611">April 2022</a>), Remote raised ​​USD 300 million in a Series C funding round led by SoftBank Vision Fund 2, valuing the company at over USD 3 billion. The fresh funds will be used to develop new products, including contractor and global payroll platforms, and expand its service and benefits offering.

Speeding up sales, cutting costs, and preparing for the future of retail—whether brick-and-mortar or online.

Retail Industry Robots

BrainCorp is a software development company that specializes in AI systems for the autonomous robotic industry. The company develops specialized operating systems for autonomous robots, integrated with advanced machine learning and computer vision systems. The company’s pre-product work was doing R&amp;D for Qualcomm Inc. and the US Defense Advanced Research Project Agency (DARPA).&nbsp;&nbsp;Brain Corp’s key product offerings solutions include autonomous inventory management, which utilizes computer vision and RFID technology to monitor shelf inventory and generate inventory insights; “BrainOS Inventory Insights,” the company’s proprietary in-store inventory analytics solution; and inventory scanning robots to generate actionable inventory insights such as shelf-restock alerting, price tag compliance alerting, planogram compliance, and task management automation. The comapny’s solution utilizes Google Cloud's Vertex AI Vision models. In <a href="https://sp-edge.com/updates/26301">January 2024</a>, Brain Corp announced the launch of its “BrainOS InventoryAI Suite,” a suite of AI-powered inventory analytics solutions that enables retailers to integrate inventory intelligence into their operations.Brain Corp’s Floor Care solutions utilize advanced cameras and LiDAR sensors to manage fleets of floor cleaning autonomous mobile robots. Brain Corp’s technology also powers Inventory Scan, a floor-scrubber robot integrated with shelf analytics technology developed in partnership with Tennant. In January 2022, the company introduced BrainOS Mobile, which directly connects operators and managers with their BrainOS-powered robotic fleets. In September 2023, it launched <a href="https://sp-edge.com/updates/21622">Site Maps,</a> a feature that provides visual representations of a facility's environment and insights into site operations.Key customers and partnershipsAs of March 2024, BrainCorp had over 32,000 robots subscribed to the company’s BrainOS platform across autonomous floor scrubbing, autonomous vacuuming, and autonomous inventory scanning segments. In October 2022, Sam’s Club deployed floor-scrubber robots integrated with Brain Corp’s inventory scanner technology across 600 stores.&nbsp;BrainCorp’s operating systems power 1) Whiz, an autonomous vacuum cleaner sold by Softbank robotics and ICE Robotics, 2) Inventory Scan, and 3) <a href="https://sp-edge.com/updates/26301">Dane AIR</a>; an autonomous inventory scanning robot developed by Dane Technologies.&nbsp;It also announced the adoption of <a href="https://sp-edge.com/updates/10838?industryIds=17">Google Cloud</a> in May 2022 as the core technical infrastructure to manage its autonomous mobile robot (AMR) fleets to offer data integration and reporting capabilities to users. The company also has a partnership with JRTech Solutions, Canada's largest Electronic Shelf Labels (ESL) provider, to distribute BrainOS Sense Suite in Canada (<a href="https://sp-edge.com/updates/35635">October 2024</a>).

Berkshire Grey develops micro fulfilment solutions equipped with mobile robotic sorting systems and robotic pick and place systems. Company’s micro fulfilment solutions are designed to serve a range of industries including&nbsp; grocery, convenience, eCommerce, retail, and 3PL.&nbsp;Berkshire Grey specializes in configuring, installing, commissioning, and servicing these solutions for customers. It also provides additional professional services, such as system maintenance, system operation, and cloud-based monitoring and analytics. The company offers its products under a robotics-as-a-service (RaaS) model.&nbsp;The company entered a definitive merger agreement with its investor SoftBank Group in March 2023, which also took the company private (transaction closed in July 2023). The transaction values the company at ~USD 375 million.Key customers and partnershipsBerkshire Grey’s retail customers include retailers such as Walmart, Target, Maersk, and Bealls.The company has a partnership with system integrator of fulfillment and distribution solutions AHS (September 2021) to provide its solutions to eCommerce and third party logistics (3PL) providers.

Providing a seamless consumer experience is one hope for bringing back brick and mortar retail, automated stores are being built to do just that.

Automated Stores

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 Headquartered in Singapore, Trax (which reportedly reached unicorn status in 2019) offers an AI-powered computer vision technology for retail inventory monitoring and management. Trax gathers images via its mobile apps, shelf cameras, dome cameras, and the roving robots and uses computer vision powered software to provide a range of inventory insight solutions for retailers. Trax generates inventory and shelf management related insights related to out-of-stock inventory and shelf stocking discrepancies, planogram compliance, category management, customer engagement, and price and promotion compliance.&nbsp;
 
 
 The technology also monitors the stores and provides real-time insights related to out of stock, pricing errors and display anomalies (e.g. if a product price doesn&rsquo;t match a shelf label) and alerts staff in real time. It also generates alerts for instances where employee intervention is required. ​The company also offers online ordering fulfillment features, showing live inventory online to customers, and providing retail staff optimized picking paths in the store to gather and pack items more efficiently. As of March 2024, Trax&rsquo;s systems were processing 260 million products images monthly. The company held 23 patents for its technology solutions.&nbsp;
 
 
 In February 2020, Trax acquired Qopius, a Europe-based company that uses AI and computer vision to create real-time store monitoring and autonomous inventory management solutions. Qopius&rsquo;s hardware-agnostic computer vision platforms are designed to monitor on-shelf inventory in real time to identify out-of-stock items, compliance, inventory levels, and price integrity at scale. The platform uses advanced retail data integration and analytics to allow retailers to track shelf activity and take necessary corrective action in real time.&nbsp;
 
 
 The company claims that on average, it reduces out-of-stock situations by 30% and gains back 250 labor hours per store.
 
 
 Key customers and partnerships
 
 
 As of April 2022, Trax&rsquo;s clientele included over 373 consumer packaged goods (CPG) companies and retailers. In January 2021, Trax partnered with Blue Yonder, a provider of digital supply chain and omni-channel commerce fulfillment solutions, to launch a dynamic retail workforce management solution.&nbsp;
 
 
 Funding and financials
 
 
 Trax&rsquo;s recent funding was series E funding worth USD 640 million in April 2021, led by SoftBank Vision Fund 2 and return investor BlackRock. The funds will be used to accelerate further product development, enter new markets internationally, and expand product use cases both organically and via potential acquisitions. In November 2023, the company secured USD 50 million in venture debt investment from Deutsche Bank Private Credit &amp; Infrastructure to invest in the company&rsquo;s signal-based merchandising solution.&nbsp;
 
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 Standard AI provides software solutions for grab-and-go checkout retail formats. The company&rsquo;s product offering includes &ldquo;Vision OS,&rdquo; a computer vision-powered software solution, and &ldquo;Standard Checkout,&rdquo; a mobile checkout application.&nbsp;
 
 
 When a customer enters the store Vision OS creates a digital shopping cart of items they pick up using overhead cameras, computer vision, and a 3D map of the store. Customers can utilize the mobile app to enter the store and complete their purchases. Standard AI places an emphasis on the fact it does not collect biometric or facial recognition data from the customers.&nbsp;
 
 
 The company also offers &ldquo;Standard AI Zone,&rdquo; an inventory monitoring extension to its Standard AI Vision platform. The technology utilizes five cameras to monitor customer interactions with the shelf to prevent out-of-stock instances and theft. It also provides analytics, insights, and trends to understand shopper behavior and theft trends. Standard AI Zones were initially rolled out for products such as tobacco, beer, and fresh food in grab-and-go sections of stores, with plans to expand the service for other items such as lottery, cash drawer, and fuel.
 
 
 Standard AI employs an acquisitive strategy toward strengthening its technology offering and geographical reach. The company&rsquo;s acquisitions include computer vision AI and retail technology companies Explorer.ai (January 2019), Deep Magic (October 2019), Checkout Technologies (May 2020), and ThirdEye Labs (November 2021). In February 2023, it acquired Skip, a developer of self-checkout kiosks and mobile applications, with plans to launch an industry-first integrated solution by connecting Skip&rsquo;s self-checkout solutions with its own AI-powered, autonomous checkout technology.&nbsp;
 
 
 Key customers and partnerships
 
 
 Standard AI has partnered with 1) Paltac Corporation, a supplier to most of Japan&rsquo;s small retail industry, to outfit over 3,000 stores with Standard AI&rsquo;s technology (July 2018), 2)
 
 
 Alimentation Couche-Tard, a Fortune Global 500 company that operates around 14,500 convenience stores worldwide to retrofit a store with Standard AI&rsquo;s technology (August 2020), and 3) campus dining services provider 
 <a href="https://sp-edge.com/updates/12774">
 Chartwells Higher Education
 </a>
 to launch 100 autonomous retail stores at higher learning institutions across the US (August 2022). The company&rsquo;s other customer partnerships include a minor league baseball stadium, Polar Park, in Massachusetts (September 2019), Mars Wrigley (November 2019), 
 <a href="https://standard.ai/blog/american-airlines-center-scores-with-fully-integrated-autonomous-food-beverage-destinations/">
 American Airlines Center
 </a>
 (April 2022), pharmaceutical company 
 <a href="https://standard.ai/blog/compass-group-scores-with-new-autonomous-market-at-a-major-pharmaceutical-company/">
 Compass Group
 </a>
 , and FLIK Hospitality Group (June 2022).&nbsp;
 
 
 In 
 <a href="https://sp-edge.com/updates/21295">
 August 2023
 </a>
 Standard AI announced plans to integrate Google Cloud&rsquo;s &ldquo;Vertex AI&rdquo; suite of tools, with the company&rsquo;s portfolio of solutions that includes point of sale (PoS) solutions, self-checkout solutions, and&nbsp; AI-assisted checkout solutions.
 
 
 Funding and financials
 
 
 In February 2021, Standard AI raised USD 150 million in a Series C funding round led by Softbank&rsquo;s Vision Fund 2 The investment was reportedly the single-largest for a pure-play computer vision and autonomous checkout company and propelled Standard AI to unicorn status. The company planned to use the funding to expand its offering to over 50,000 stores over the next five years.&nbsp;
 
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From fast food to fine dining, everything but the kitchen sink is suddenly just a tap away.

Online Food Delivery

DoorDash operates an online food delivery platform, connecting restaurants with customers, across the US, Australia, Canada and Japan. As of February 2022, the company was the market leader in the US among OFD players, with an estimated 58% market share according to Bloomberg Second Measure. Its US operations span over 4,000 cities, with more than 400,000 restaurant partners servicing over 18 million customers, as of April 2021. DoorDash is one of the first startups (along with Postmates) to offer a delivery facility through an aggregator platform, which competitor GrubHub only started in 2015. The company has also expanded into grocery and convenience store delivery over the last 2-3 years, with a hybrid business model consisting of a mix of supermarket partnerships and its own network of dark stores. As of June 2022, the company operated in 27 countries including the US, Canada, Japan, Germany, Australia, Israel, and New Zealand as well as countries in the Nordics, Baltics, Eastern and Central Europe, and the Caucasus.Prior to the pandemic, DoorDash charged restaurants a commission of up to 30% of order value, and a service or delivery fee from customers, depending on the type of service (takeout or delivery). However, during the height of the Covid-19 pandemic, third-party delivery platforms were criticized for their heavy commission fees, with several cities across the US imposing a temporary 15% delivery commission cap to support restaurants, given their higher dependency on third party food delivery providers. In response, DoorDash introduced a new three tiered commission structure for US restaurants (with less than 75 locations) in April 2021, ranging between 15%-30% delivery commission (+6% pickup commission), with limits on 1) delivery area; 2) app visibility; and 3) access to high-value DashPass customers, for the lower commission range. Under the new commission structure, consumers bear a higher share of delivery costs. Consumers who subscribe (USD 9.99 per month) to DashPass, however, are eligible for zero delivery fees on orders over USD 12.00. The company classifies DashPass subscribers as “high-value”, likely due to their frequency of ordering food delivery. In April 2022, the company launched <a href="https://sp-edge.com/updates/9779">“DashPass for Students,” </a>a discounted subscription plan for college students. The new program builds on its existing DashPass (launched in 2018), allowing DoorDash to make its services more accessible to students across the US.&nbsp;DoorDash also operates other business models such as 1) DoorDash Self-Delivery: a platform that allows restaurants and food businesses to have a listing on the DoorDash platform, while using their own delivery people and setting their own delivery zone and fees (lower commission vs. restaurants that use DoorDash’s drivers); and 2) DoorDash Drive (Drive): a white-label product, which allows participating restaurants to offer delivery through their own apps or websites (instead of the DoorDash app) with delivery being carried out by DoorDash drivers. In March 2022, the company conducted a beta launch of its new feature “Return a Package,” allowing customers to return packages to the closest post office, UPS, or FedEx location. In <a href="https://sp-edge.com/updates/19802">June 2023 </a>, DoorDash launched a new Earn by Time feature that enables drivers to choose between getting compensated for each delivery or being paid an hourly flat rate. DoorDash also launched a safety feature that allows drivers to share their location with up to five contacts. In <a href="https://sp-edge.com/updates/20692">July 2023 </a>, DoorDash tested Dash AI, an AI-powered chatbot, in select markets. DoorDash expects the technology to expedite the ordering process and enable customers to receive personalized restaurant recommendations by using simple text prompts. In&nbsp;<a href="https://sp-edge.com/updates/34376">September 2024</a>, the company launched DoorDash Commerce Platform, a suite of products designed to help merchants manage and grow their businesses through their own channels. The platform offers phone ordering with an AI-powered call-in systems and allows merchants to create their own branded mobile apps. It also launched&nbsp; “Ads Manager for Enterprise Restaurants,” a self-serve advertising platform that helps businesses manage marketing campaigns in&nbsp;<a href="https://sp-edge.com/updates/35652">October 2024</a>.&nbsp;In contrast to competitor UberEats - which has expanded aggressively through a series of acquisitions - DoorDash has predominantly grown organically, with the support of a few strategic acquisitions. DoorDash’s most recent acquisition was in March 2022, when it entered into a definitive agreement to <a href="https://sp-edge.com/updates/8851">acquire Bbot, </a>a contactless ordering and payment solution provider. The purchase allowed the company to expand its in-store operations product suite for merchants, including in-store digital ordering and payments. Previously, the company acquired Chowbotics, the developer of a stationary salad-making robot, “Sally,” in February 2021. In July 2022, DoorDash announced plans to shut down Chowbotics. &nbsp;In August 2019, the company bought rival online food delivery platform Caviar for USD 410 million. The acquisition strengthened Doordash’s market share in Pennsylvania and Oregon, where Caviar had more than 10% market share.In June 2022, DoorDash completed its acquisition of Wolt, a Finland-based online food delivery platform. The acquisition expanded DoorDash’s global presence from four countries to 27. The deal was closed at a value close to USD 3.5 billion, although it was initially valued at USD 8.1 billion when announced in November 2021. This is a result of DoorDash's share price falling by more than 55% since November. DoorDash issued over 46 million shares to Wolt shareholders in the transaction. Wolt CEO Miki Kuusi was to head the company's operations outside the US, including Wolt’s 23 markets as well as Australia, Canada, and Japan. In less than two weeks following the acquisition, Wolt launched its new subscription service <a href="https://sp-edge.com/updates/11037">Wolt+ </a>in Prague and scaled its operations in Israel by launching operations in Israel’s northern region.&nbsp;Key customers and partnershipsDoorDash has restaurant partnerships with Chipotle, Denny’s, Wingstop and Little Caesars. In February 2022, DoorDash launched <a href="https://sp-edge.com/updates/8416">DoorDash Capital </a>in partnership with Parafin, a financial services technology company, to provide revenue-based financing to eligible restaurants and DoorDash merchants. It would support investments in growth including purchasing equipment, hiring, marketing costs, rent, and payroll. That same month, DoorDash Storefront (launched in 2020) integrated with Google to offer commission-free online orders to restaurant partners in the US. In March 2021 Doordash partnered with Missouri-based family-owned supermarket retailer Schnuck Markets to deliver prepared meals from five store locations in St. Louis, Missouri, to addresses within a six-mile radius of the stores. In July 2022 the two companies expanded the partnership to include 25 locations across Missouri, Illinois, and Indiana. In January 2023 expanded its delivery <a href="https://techcrunch.com/2022/09/13/starbucks-and-doordash-to-launch-delivery-partnership-in-atlanta-expand-nationwide-in-2023/">partnership </a>with Starbucks to include the delivery of&nbsp; Starbucks products across all 50 US states by March 2023. In <a href="https://sp-edge.com/updates/19802">June 2023 </a>, the company partnered with Amazon Canada to offer a free one-year membership of the company's subscription service, DashPass, to Amazon Prime members. The company also has a partnerships with AMC Theatres to deliver dine-in menu items from select US theaters (<a href="https://sp-edge.com/updates/34378">September 2024</a>).DoorDash generated a revenue of USD 8,635 million and incurred an operating loss of USD 579 million during the year ended December 2023.

Gousto is a subscription-based recipe kit startup based in the UK, with operations in the UK and <a href="https://sp-edge.com/updates/31074">Northern Ireland</a>. Customers have the option to select from two-person or family box options, with a choice between two and four recipes that may price a serving between USD 3.80 to USD 7.90. Gousto has a range of recipes catering to different customer preferences such as vegetarian, plant-based, gluten-free, dairy-free, DIY pizza bases, lean in 15, healthy choice, 10-minute meals as well as oven-ready options.Gousto <a href="https://sp-edge.com/updates/8713">raised USD 230 million </a>in February 2022. The round followed an infusion of <a href="https://sp-edge.com/updates/7648">USD 150 million </a>in January 2022. Both rounds were led by Softbank’s Vision Fund 2. The company intended to use the funds to double its tech team by the end of 2022.The company reported revenue growth of 67% YoY to GBP 315 million (~USD 393.8 million) in <a href="https://sp-edge.com/updates/10005">FY2021. </a>Gousto reported that it had sold 90 million+ meals in 2021 compared to 53 million meals the previous year. EBITDA was up 10% YoY to GBP 20 million (~USD 25 million) in FY2021, while net cash from operations reported growth of 136% YoY to GBP 37 million (~USD 46.3 million).

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

Sales Engagement Platforms

Indo-US Mindtickle, originally launched as a gamification startup named “TeraMeraIdea,” pivoted to sales enablement in 2012. Mindtickle is now a leading sales readiness and enablement platform that drives revenue growth by transforming the performance of go-to-market (GTM) teams. Its all-in-one platform includes features for training, content management, digital sales rooms, AI role plays, coaching, call insights, and forecasting.In September 2021, two new features were added to the platform, enhancing its functionality: 1) ‘Asset Hub’, which provides sales representatives a view of all training content and marketing on a single interface; and 2) "Readiness Index," a sales performance tool that calculates readiness scores for sales representatives based on learning patterns and scoring. Additionally, the platform provided <a href="https://sp-edge.com/updates/14191">new features and services in November 2022 </a>ahead of its online event called "Binge-Worthy Enablement." In August 2023, the firm launched <a href="https://sp-edge.com/updates/21434">Mindtickle Copilot,</a> a generative AI-driven sales enablement and readiness solution. It automates program performance analysis, streamlines call reviews, and delivers valuable insights to boost sales team efficiency. In May 2024, the company introduced <a href="https://sp-edge.com/updates/29899">AI-driven enablement capabilities</a> aimed at improving the effectiveness of customer-facing teams.&nbsp;In August 2021, Mindtickle was valued at USD 1.2 billion.&nbsp;In May 2023, the firm <a href="https://sp-edge.com/updates/18990">acquired Enable Us,</a> a provider of digital sales room and buyer enablement solutions, to enhance its revenue productivity offerings and enable sales representatives to digitally collaborate with buyers through personalized content experiences.&nbsp;The company claims a 2.5x increase in coaching engagement between sales managers and their teams, a 64% increase in revenue generated by sales reps in their first quarter, and a 50% reduction in onboarding time.&nbsp;Key customers and partnershipsAs of September 2024, the platform had 1 million+ users across 400+ firms, which include Snowflake, Merck &amp; Co., AppDynamics and Johnson &amp; Johnson. The company catered to several industries including technology, life sciences, financial services, manufacturing and services.In June 2022, the firm partnered with Baker Communications, a professional training company, to improve sales readiness.&nbsp;

6sense is a B2B revenue technology company that specializes in AI-powered sales intelligence. Its technology, called Revenue AI, leverages advanced AI and machine learning to predict which accounts are <a href="https://sp-edge.com/updates/17465">"in market"</a> for a company's products by analyzing buyer intent data, account intelligence, and predictive analytics. The platform provides a comprehensive suite of solutions that includes account and contact intelligence, prioritization dashboards, <a href="https://sp-edge.com/updates/19832">AI Writer,</a> buyer intent data, and predictive analytics, all integrated within CRM and sales engagement tools.In March 2024, the company reported that it had surpassed the USD 200 million in annual recurring revenue (ARR).6sense has bolstered its in-house capabilities through the acquisition of ZenIQ (an account-based sales and marketing orchestration platform acquired in April 2018) and <a href="https://sp-edge.com/updates/5235">Fortella</a> (an AI-based B2B revenue intelligence platform acquired in August 2021). In October 2021, the company acquired Slintel, a B2B technographic data solution provider, to provide sales representatives with technology-related insights. In January 2022, 6sense acquired the lead generation and email automation platform Saleswhale.Key customers and partnershipsIn May 2022, the company <a href="https://sp-edge.com/updates/10113">partnered with Conversica, </a>a conversational intelligence platform, allowing Conversica AI assistants to gather real-time account insights (based on industry, client characteristics, and buyer stage), powered by 6sense’s proprietary technology, thereby empowering the sales, marketing, and customer success teams to deliver personalized client engagement. In June 2024, the company <a href="https://sp-edge.com/updates/30877">partnered</a> with <a href="https://sp-edge.com/companies/400474">Gong</a> to connect Gong Engage, an AI-powered sales engagement solution, to increase workflow efficiency by providing sellers with advanced predictive analytics and buyer intelligence.

New insurance models are disrupting a centuries-old industry with a focus on personalization and convenience

InsurTech: Personal Lines

<div>
 
 Wag Labs (Wag!) is an on-demand pet care services provider. The company also provides an insurance comparison platform called &ldquo;
 <a href="https://sp-edge.com/updates/29090">
 WeCompare.com
 </a>
 .&rdquo; The platform aims to provide a comparative analysis of different types of insurance, with an initial focus on auto insurance and plans to expand into the home, travel, and life insurance sectors in the future.
 
 
 
</div>

Ethos offers personalized term life insurance of up to 30-year terms for applicants between the ages of 20 - 65 (maximum coverage of USD 2 million) and whole life insurance for applicants between the ages of 65 - 85. Ethos relies on questions asked during the onboarding process and uses data science and machine learning to analyze over 300,000 data points in order to underwrite policies. The company claims that the process does not require a medical check-up, and policies are issued in minutes for most applicants. The company offers both term and whole life insurance policies starting at USD 8 per month per policy.Ethos operates under an agency model, issuing policies written by insurance giants such as Legal &amp; General, AAA Life, and TruStage. The company was licensed to operate in 49 states excluding New York as of March 2023.In January 2022, Ethos acquired Tomorrow, a digital wills and estate-planning startup, for an undisclosed amount. Tomorrow offers a platform that enables individuals to set up digital wills and trusts, which include legal wills, trust-based estate plans, and life insurance products. Through the acquisition, Ethos intends to offer its own life insurance policies via Tomorrow’s app, which the company plans to roll out by mid-2022.Key customers and partnershipsThe company partnered with Ameritas to launch the <a href="https://sp-edge.com/updates/25484">Ethos Index Universal Life Insurance</a> (IUL) product in January 2024. Ethos IUL offers death benefit protection along with financial advantages that include no-cost living benefits in case of illness, tax-advantaged growth potential, and a lifetime safety net providing liquidity both during working years and retirement.Funding and financialsIn May 2021, Ethos raised USD 200 million in a Series D funding round led by General Catalyst, valuing the company at USD 2 billion. Two months later, the company raised a further USD 100 million in funding from SoftBank Vision Fund 2, which valued the company over USD 2.7 billion. The company expects to use the funding for developing new products, expanding its workforce, and international growth.The company had projected to issue USD 20 billion worth of life insurance policies in 2021, and it reported that its revenue and customers increased by more than 600% YoY in 2021.

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

Age Tech

Papa is a platform that provides on demand companionship services for elderly persons. The Papa community functions as a family on-demand and helps the users with daily tasks such as car rides and chores, in addition to companionship. The company’s services overall aim to reduce the loneliness and increased risk of premature death caused by social isolation.&nbsp;The service is available nationwide, typically covered by health plans and employer benefits. Papa has also partnered with multiple health insurance and health plan providers such as Aetna, AvMed, Florida Blue Medicare, and Priority Health, among others.&nbsp;The company has taken a digital approach and included virtual companionship in response to the pandemic. Papa noted in May 2020 that it conducted more virtual companion visits than it conducted in-person visits prior to the Covid-19 pandemic. The company also launched Papa Pals, to provide contact-free food delivery for the elderly.&nbsp;In November 2021, the company was valued at USD 1.4 billion. Key customers and partnershipsIn November 2021, Papa reported that it had retained all customers from the year, and was available to provide more than 65 health plans (comprising over 25 health plans added in the last seven months); Papa announced that it intends to introduce another 26 health plans at the start of 2022.&nbsp;In April 2023, the company expanded its launch of its Social Care Navigation Offering after a limited release of the service in 2022. The offering provided a dedicated team of social care navigators that will help users identify and solve social issues such as housing, grocery payment, and overdue health checkups. The expanded rollout made the service offering available to all Papa customers. Previously, this product was provided to selected health plans, with it being used by a quarter of the company’s health plan customers. One such provider, Fallon Health, tripled its member population that would be eligible for the Social Care Navigation offering after noting improvements in member experiences.

Devoted Health offers Medicare Advantage insurance products to seniors and individuals with chronic conditions. Through the company’s platform, users can subscribe to Devoted Health’s platform and gain access to a Medicare plan (based on their choice and preference) along with additional benefits such as dental plans, over-the-counter and prescription drugs, gym memberships, eyeglasses, hearing aids, or medical alert devices. Once users sign up, they receive a free guide to help them choose a Medicare plan. After signing up, the company also offers access to telehealth consultations to on-call providers at no cost, care navigation services, and emotional support.&nbsp;As of <a href="https://www.devoted.com/resources/new-funding-series-e/">December 2023</a>, the company noted that it served over 140,000 members, across 299 counties in 13 states. Key customers and partnershipsDevoted Health has partnered with several healthcare providers to offer their services to users and expand the company’s reach. Some of these partnerships include the following.Between 2020 and 2021, Devoted Health signed several partnerships, mainly to expand its market presence (via partnerships with the <a href="https://www.mchllp.com/medical-clinic-of-houston-l-l-p-partners-with-devoted-health-a-next-generation-medicare-company/">Medical Clinic Of Houston</a> to expand into Huston and <a href="https://pophealthcare.com/press-releases/pophealthcare-announces-partnership-with-devoted-health/">PopHealthCare</a> to expand its footprint in the Arizona market), provide seniors with access to its healthcare services (via a partnership with <a href="https://www.prnewswire.com/news-releases/apricus-health-partners-with-medicare-advantage-plan-devoted-health-and-full-service-retail-pharmacy-liton-rx-301160778.html">Apricus Health</a>), and provide post-acute home-based care (via a partnership with <a href="https://www.prnewswire.com/news-releases/onehome-partners-with-devoted-health-to-bring-post-acute-home-based-care-to-medicare-advantage-members-in-arizona-ohio-and-san-antonio-tx-301265825.html">onehome</a>).&nbsp; Most recently, in <a href="https://www.businesswire.com/news/home/20221003005665/en/Lionel-Richie-Partners-With-All-In-One-Healthcare-Company-Devoted-Health">October 2022</a>, Devoted Health partnered with Lionel Richie to help expand Devoted Health’s market presence; Lionel Richie served as Devoted Health’s spokesperson.&nbsp;

Tech solutions for achieving global anti-wastage targets

Food Waste

Based in Israel, Wiliot provides self-powered sensor tags that look like stickers and can be attached to medicine, food, or agricultural products. These tags provide the manufacturer or retailer with product information such as location, humidity, and freshness. The information is stored on a cloud that users can access via the Wiliot platform and receive real-time transparency updates.&nbsp;As of October 2024, Wiliot claimed&nbsp;that its sensing stickers can reduce food waste by 40%.&nbsp;The company operates a Sensing-as-a-Service business targeting food brands and retailers. The first version of the sensor tag, called Wiliot V1.0, was launched in 2019. In 2020, the tags were further developed to integrate with Bluetooth devices and improve the ability to access information from devices that have Bluetooth connectivity. In November 2021, the V2.0 upgraded version of the tag was unveiled, which enhanced the versatility and accuracy of the product.&nbsp;The company&nbsp;planned to provide the tags at a cost of USD 500 per developer kit and is working with large retail companies to commercialize its product and&nbsp;expected to mass produce by the end of 2021. In&nbsp;<a href="https://sp-edge.com/updates/15615">January 2023</a>, Wiliot announced the launch of its Innovation Kit, which helps to track the location and temperature of a range of goods.&nbsp;

Misfits Market operates a subscription-based service that delivers boxes of irregular or blemished organic fruits and vegetables at a discounted price.&nbsp;As of October 2024, the company offered two subscription options: 1) the smaller starter box called the Mischief (4.5 kg–6 kg) is priced at USD 22 and 2) the larger box, the Madness (8 kg–10 kg) is priced at USD 35. Misfits states that it primarily focuses on suburban and rural US markets rather than urban areas. In April 2021, the company announced its goal to ship to all ZIP codes in the lower 48 states by 2022.&nbsp;&nbsp;As of&nbsp;October&nbsp;2024, the company operated in 43 states and delivered boxes to more than 26,000 zip codes. The company decided in&nbsp;<a href="https://sp-edge.com/updates/16310">February 2023</a> to close its Coopertown Road facility,&nbsp;which resulted in the loss of 446 jobs.As of&nbsp;October 2024, the company claims that its ability to sell the produce at 40% below grocery store prices is its key advantage.&nbsp; The company buys the produce from farmers and allows shoppers to customize the products for their boxes.&nbsp;Misfit Markets also claims that it saves an average of 500,000 lbs of food waste every week and that with one order it can save: 5.0 lbs of food, 6.9 lbs of CO2 emissions, and 196.8 gallons of water.&nbsp;In 2023, Misfits Market had redistributed over 6 million lbs of food through donations to 60 food bank and pantry partners as well as 1.5 million meals to Feeding America.&nbsp;Misfits gained a nearly 100,000-person waitlist by the end of April 2020. According to the company, it took until early June for the list to be cleared. The number of active customers and order volumes reportedly grew fivefold during 2020.&nbsp;As of October 2024, Misfits Market&nbsp;was shipping&nbsp;orders to more than 400,000 customers across the country .&nbsp;<a href="https://sp-edge.com/updates/12967">In September 2022</a>, Misfits&nbsp;acquired Imperfect Foods, a California-based online platform for redistributing food, in an all-stock deal. The deal was expected to close within two years,&nbsp;when Misfits and Imperfect Foods&nbsp;would combine into a single entity.Key customers and partnershipsMisfits Market partnered with over 60 organizations across the US to launch new products including&nbsp; the seed-based food company 88 Acres, Belgian Boys, and the instant commerce platform provider Gopuff.&nbsp;Misfits partnered with 88 Acres in June 2021 to launch the new granola snack Cinnamon Maple Edge’nola in a 10 oz package priced at USD 4 at Misfits Market. In September 2021, the company partnered with Belgian Boys to launch the new upcycled stroopwafel.In April 2024, Misfits collaborated with Gopuff to deliver a range of more than 300 items, including fruit and vegetables, dairy, meat, poultry, fresh bread, and more, to customers within 15 minutes.

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

Additive Manufacturing

Formlabs sells 3D printers with related material and software as well as post-processing solutions for rapid prototyping, rapid tooling, manufacturing aids, models and props, and end-use parts production. The company targets engineering and product design, manufacturing, research and education (for on-demand experimentation), model making and entertainment, jewelry, dental, and medical applications.&nbsp;Formlabs’ 3D printers include a range of off-the-shelf desktop printers and industrial printers (Form 3 range and Fuse range). The company also provides tailored AM solutions depending on the factory setting for scaled operations. Its software PreForm functions through automatic algorithms that allow any employee to print without being specially trained and includes a dashboard to manage printers, material movement, and teams in one place. The company’s post-processing solutions automate the rinsing and post-curing processes, which are capable of handling large parts and high-volume production. In January 2023, Formlabs launched the&nbsp;<a href="https://sp-edge.com/updates/15507?industryIds=71">“Automation Ecosystem”</a> comprising three new products, 1) Form Auto, 2) High Volume Resin hardware packages, and 3) fleet control software. In September 2023, Formlabs launched an&nbsp;<a href="https://sp-edge.com/updates/21893">open material platform</a> allowing access to third-party materials, customizable print settings, and open material printing.&nbsp;&nbsp;Formlabs uses technologies like low-force stereolithography (LFS) and selective laser sintering (SLS), which leverage various types of resins and nylon powder. In February 2024,<a href="https://sp-edge.com/updates/26962"> the company released the beta version of “Formlabs Texture Engine,"</a> a tool that enables users to apply textures and patterns to 3D models in preparation for printing. Users can import their CAD models into the engine, apply a displacement map to the model to define and apply the required texture, and import the model back into the CAD tool for a final review or immediate 3D printing.In April 2024, the company<a href="https://sp-edge.com/updates/28615"> released a new 3D printer named Form 4</a> to handle rapid and large-scale 3D printing projects. The system leverages low force display (LFD) technology to cure the parts at higher speeds (up to 100 mm per hour). Additionally, the company also launched the biocompatible version of Form 4, Form 4B, that leverages stereolithography (SLA) 3D printing technology. The company went on to launch two new entries into this series (Form 4L and Form 4BL) I<a href="https://sp-edge.com/updates/35000">n October 2024</a>. Form 4L features a build volume nearly 5x larger than Form 4, print speeds of up to 80 mm/hour, and compatibility with over 23 materialsIn July 2024,&nbsp;<a href="https://sp-edge.com/updates/31457">Formlabs acquired Micronics</a>, a 3D printer startup, for an undisclosed amount to integrate the latter’s team into its own to leverage its expertise in developing SLS 3D printers.In September 2024, the company introduced a series of new materials for a variety of applications. These include: 1)<a href="https://sp-edge.com/updates/25337"> Polypropylene Powder and Premium Teeth Resin</a> (January), 2)&nbsp;<a href="https://sp-edge.com/updates/33314">BEGO TriniQ Resin</a> (September), which enables permanent and provisional restorations for dental applications, 3)&nbsp;<a href="https://sp-edge.com/updates/33356">a new clear cast resin</a> (September), which offers accuracy within 0.25 mm for investment casting applications, and 4)&nbsp;<a href="https://sp-edge.com/updates/35813">the “Creator Series”</a> of resins designed for hobbyist-grade LCD and DLP 3D printers. &nbsp;Key customers and partnershipsFormlabs’ customers, including Google, Ford, New Balance, Dame, TaylorMade, Gillette, and the US Naval Academy, have printed over 40 million parts as of May 2022. The company also operates through a network of over 50 ambassadors from 13 countries (as of May 2022) that use Formlabs products.In October 2022, Formlabs partnered with <a href="https://sp-edge.com/updates/13850?industryIds=71">3DPrinterOS</a> to bring 3D printer fleet management and cloud support capabilities to Formlabs’ printers. In May 2023, Formlabs partnered with Hawk Ridge Systems to expand access to its 3D printing solutions in North America and MLC CAD Systems to further expand its presence in the US market.&nbsp;

SprintRay is a dental technology company that designs and manufactures end-to-end 3D printing solutions. In May 2024, SprintRay <a href="https://sp-edge.com/updates/31039">launched Pro 2,</a> a 3D printer compatible with its dental model and retainer resins, designed for fabricating dental appliances with high precision. The product enables users to additively manufacture a range of dental products such as dentures, dental crowns and bridges, and night guards. Additionally, SprintRay offers printing material in the form of resins for orthodontic and dental models and retainers.The company also offers a dental model resin that reportedly offers advanced accuracy and speed for orthodontic and dental models as well as a specialized resin that enables direct 3D printing of retainers.Key customers and partnershipsIn April 2024, SprintRay partnered with Ivoclar to offer their resins to dental professionals, expanding the material options available. In July 2024, the company <a href="https://sp-edge.com/updates/31949">partnered with Carbon,</a> a provider of 3D printing services, to validate its resin, OnX Tough 2, to use with its M-series printers.

Technologies that automate and optimize building operations using data-driven insights.

Smart Building Technology

View Inc. is a company that develops and manufactures smart windows leveraging electrochromic technology. These windows utilize transparent circuit boards that allow the glass to dynamically tint itself, optimizing natural light and reducing the need for artificial lighting and HVAC systems. View's smart windows promise energy savings by automatically adjusting tint levels based on the sun's position, keeping rooms cooler during peak hours. The company's products can also serve as large digital screens for presentations or displaying information. As of March 2023, View's smart windows were installed in over 400 buildings across sectors like commercial real estate, hospitality, and aviation. The company generated revenues through the sale of its smart glass products to building owners and managers.
In May 2023, View settled fraud charges with the SEC related to misstating warranty costs by its former CFO in 2020-2021. The company had also disclosed material weaknesses in its financial reporting and internal controls as of December 2022. After being valued at USD 2 billion during its SPAC merger in 2020, View faced potential delisting warnings from Nasdaq and disclosed cash runout risks beyond September 2023 amid restructuring efforts. In March 2024, View was acquired by RXR Realty to resolve its capital structure issues, with RXR citing tax credits for dynamic glass products as a key factor.

Infogrid is a company that offers an AI-powered smart building platform to optimize and automate facilities and building management. Their solution gathers data from internet of things (IoT) sensors installed throughout buildings, allowing property managers to monitor air quality, occupancy, energy consumption, and other environmental factors in real-time. This data is then analyzed by Infogrid's AI engine to provide insights and recommendations for improving efficiency, reducing costs, and meeting sustainability goals.
Infogrid's platform helps building managers detect issues such as overuse of refrigeration, water leaks, mold growth risks, and potential Legionnaires' disease in water pipes. By automating tasks like compliance checks and adjusting heating, cooling, and ventilation systems based on occupancy, Infogrid aims to lower energy costs, prevent waste of resources, and reduce carbon emissions. The company claims its technology can generate significant financial returns on investment (ROIs) for clients.
As of April 2023, Infogrid has raised USD 90 million in Series B funding from investors like SoftBank Vision Fund 2, Northzone, and JLL Spark. The company partners with various IoT hardware providers to retrofit buildings with sensors compatible with its platform. Infogrid has found success working with facilities management providers, real estate services firms, and major corporations across industries like banking, retail, hospitality, and healthcare.

Riding together toward a sustainable future

Shared Mobility

<div>
 
 Getaround is a peer-to-peer car sharing platform that connects car owners with individuals seeking rental vehicles. It operates a digital marketplace where owners can list their personal vehicles for rent on an hourly or daily basis. Renters have the convenience of accessing nearby cars through Getaround's mobile app, unlocking the vehicle using their smartphone without the need for a key exchange.
 
 
 
 
 Getaround's innovative technology includes the patented Getaround Connect device installed in listed cars. This device allows for contactless access, enabling renters to unlock the car directly from the app. It also provides insights into the vehicle's location, trip details, fuel levels, and security. The company's business model does not involve purchasing or maintaining a dedicated fleet of rental cars.
 
 
 
 
 Getaround allows car owners to monetize their underutilized personal vehicles, earning hundreds or even thousands of dollars per month by renting them out when not in use. The platform offers a diverse range of vehicle types, including sedans, SUVs, trucks, and specialty cars like Teslas. Rental costs can vary widely, starting from as low as USD five per hour for basic models to over USD 400 per day for luxury vehicles.
 
 
 
 
 Getaround provides comprehensive insurance coverage for both owners and renters during active trips. While the company takes a 40% commission from rental revenue, it handles various operational aspects, such as identity verification, damage protection, and customer support.
 
 
 
 
 Key customers and partnerships
 
 
 
 
 
 In March 2023, Getaround announced an expanded partnership with the New York City Department of Transportation (DOT) to establish over 100 dedicated car share locations across the city. This initiative aims to enhance mobility options, reduce traffic congestion, and promote sustainability by encouraging car sharing, particularly in underserved neighborhoods.
 
 
 
 
 Getaround has also collaborated with the City of Las Vegas, introducing dedicated parking spaces for its shared vehicles near transit hubs, downtown areas, and the Las Vegas Strip. Such partnerships with municipal authorities demonstrate the company's efforts to integrate seamlessly into urban transportation ecosystems.
 
 
 
 
 Additionally, Getaround offers a &quot;Drive with Uber&quot; program in select cities like Boston, San Francisco, and Atlanta. This partnership allows individuals without personal vehicles to book eligible cars from Getaround's platform and use them for rideshare services like Uber, providing a supplemental income opportunity.
 
</div>

TIER is a Berlin-based shared micro-mobility provider that offers a range of light electric vehicles including e-scooters, e-bikes, and e-mopeds. Founded in 2018 by Lawrence Leuschner, Matthias Laug, and Julian Blessin, the company operates in over 400 cities across 21 countries in Europe and the Middle East as of 2024. TIER's platform allows for the integration of all micro-mobility assets, enabling strategic partnerships with public transportation providers and mobility companies like Sixt.The company has made several acquisitions to expand its offerings and reach, including Italian market leader Wind Mobility, Europe's largest bikeshare player nextbike, and Ford-owned Spin in 2022. Through the Spin acquisition, TIER expanded to over 520 cities and communities across 21 countries with a combined fleet of 300,000 vehicles. However, TIER later sold Spin back to Bird in September 2023 for USD 19 million to focus on its European operations.TIER has also acquired Fantasmo, a startup building camera-based scooter parking validation technology, to develop an accurate e-scooter parking system and enhance rider safety features. The company aims to achieve environmental sustainability and efficiency through initiatives like modernizing its fleet with 100% swappable batteries.As of November 2023, TIER had improved its EBITDA from -62% in 2022 to be on track for -15% in 2023 and expected to be profitable on an annual basis in 80% of its markets, including Germany, the UK, and France by the end of 2023.

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

LegalTech

ContractPodAi is a leading provider of contract lifecycle management (CLM) solutions powered by advanced artificial intelligence (AI) and natural language processing (NLP) capabilities. Their flagship product, ContractPodAi Cloud, streamlines the entire contract management process, from creation and negotiation to obligation tracking and analytics.
One of the key offerings is Leah, a generative AI legal platform that empowers users with a suite of intelligent tools. Leah can draft contracts, analyze documents, extract key data, provide legal guidance, and generate customized playbooks. The platform leverages machine learning to automate contract redlining, negotiations, and risk assessments, ensuring consistency, compliance, and favorable terms.
ContractPodAi Cloud also boasts a smart repository for centralized contract storage, version control, and advanced search functionalities. Users can create contracts effortlessly using customizable templates and automated clause libraries. The platform integrates seamlessly with productivity tools like Microsoft Office, CRM systems, and procurement applications, enabling end-to-end process automation.
ContractPodAi's solutions harness the power of AI to drive operational excellence, accelerate turnaround times, and reduce manual effort. With features like automated obligation tracking, scheduled reporting, and real-time collaboration, ContractPodAi empowers organizations to streamline their contract workflows and enhance productivity.

Icertis is a leading provider of AI-powered contract intelligence solutions. The company's flagship offering, Icertis Contract Intelligence (ICI) platform, turns contracts from static documents into strategic assets by structuring and connecting critical contract data. This enables organizations to automate processes, maximize contract value, ensure compliance, and manage risk through insights derived from their commercial agreements.
Icertis serves a diverse range of industries, and its solutions are used by major enterprises such as Google, Johnson & Johnson, Microsoft, Mercedes-Benz, and 30% of the Fortune 100 companies. The ICI platform processes over 10 million contracts worth more than USD 1 trillion across 90+ countries and 40+ languages.
Key product capabilities of the ICI platform include advanced AI for contract data analysis, industry-specific vertical solutions, integrations with enterprise systems like SAP and Microsoft, and robust enterprise-grade features for handling complex contracting needs at scale. In March 2023, Icertis earned top ratings from analyst firms like MGI Research and IDC MarketScape for its innovative product strengths and industry leadership.
In October 2022, Icertis launched a Contract Intelligence solution tailored for the Banking and Financial Services industry to address challenges like regulatory compliance, risk management, and contract authoring complexities. The company has also expanded its vertical solutions to sectors such as healthcare, Medical Technology, Consulting & IT Services, Technology, and Wholesale & Distribution.

Using AI to mimic and understand human language

Natural Language Processing Tools

ContractPodAi is a leading provider of AI-powered contract lifecycle management (CLM) solutions. The company's flagship product, ContractPodAi Cloud, offers an end-to-end platform for managing the entire contract lifecycle, from creation and negotiation to execution and analysis. At the core of ContractPodAi's technology is Leah, an advanced legal generative AI system that streamlines various aspects of contract management.ContractPodAi's platform incorporates features such as automated contract review, risk analysis, and obligation tracking. The system utilizes artificial intelligence and natural language processing to analyze contractual terms and conditions, providing actionable insights based on business performance data. ContractPodAi Cloud includes a smart repository that serves as a centralized hub for all contracts, enhancing data security and efficiency. The platform also offers customizable workflows, allowing organizations to tailor the contract management process to their specific needs.One of ContractPodAi's key differentiators is its focus on self-service capabilities, empowering business users to create, negotiate, and manage contracts independently. This is facilitated through features like the Automated Contract Desk (ACD), which enables legal operations teams to create customizable contract templates for broader business use. The platform also integrates with various third-party applications, including CRM systems, productivity tools, and e-signature services, to provide a seamless contract management experience.ContractPodAi's analytics capabilities are delivered through Deepsights, a suite of AI-powered dashboards that provide real-time insights into contract data. These dashboards offer persona-based metrics and insights to support both tactical and strategic decision-making across different departments, including legal, procurement, and sales.

Observe.AI is a conversation intelligence platform for contact centers, founded in 2017. The company's core offering is an AI-powered system that analyzes customer interactions across various channels to enhance agent performance, improve quality assurance, and drive better business outcomes. Observe.AI's platform is built on a proprietary 40-billion-parameter large language model (LLM) specifically trained on contact center data, which the company claims outperforms generic models in accuracy for tasks like call summarization and sentiment analysis.The platform's key features include automated quality assurance (QA), real-time agent guidance, call summarization, and coaching tools. In June 2023, Observe.AI introduced a new Generative AI Suite, which includes capabilities such as Knowledge AI for quick customer query responses, Auto Summary for generating interaction summaries, and Auto Coaching for providing immediate feedback to agents. The company's technology aims to address challenges in the contact center industry, such as improving customer experiences, increasing operational efficiency, and ensuring compliance.Observe.AI's solution integrates with various contact center and business technologies, including Customer Relationship Management (CRM) systems, Business Intelligence (BI) tools, and Human Resource Information Systems (HRIS). The company reported a 150% increase in Annual Recurring Revenue (ARR) in March 2022, though specific financial figures were not disclosed. As of April 2022, Observe.AI had raised a total of USD 213 million in funding, with investors including SoftBank Vision Fund, Zoom, and Menlo Ventures.Key customers and partnershipsObserve.AI serves over 350 enterprise customers across various industries. Notable clients include Accolade, a personalized healthcare company that uses Observe.AI's platform to analyze interactions with its 12 million members and provide real-time feedback to care teams. Other customers include Affordable Care, Concentrix, Cox Automotive, Maxor, Pearson, and Public Storage.In November 2022, Observe.AI announced an integration with Zoom's Contact Center platform, allowing Zoom customers to leverage Observe.AI's conversation intelligence capabilities. This partnership aims to enhance customer experiences, improve agent training, and provide deeper insights into customer interactions for Zoom Contact Center users.

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

Shipping Tech

Flexport is a leading digital freight forwarder that provides a cloud-based software platform to streamline global logistics and supply chain operations. Founded in 2013 and headquartered in San Francisco, the company serves over 10,000 customers and suppliers across more than 200 countries.
Flexport offers a comprehensive suite of services encompassing freight forwarding, warehousing, customs brokerage, financing, and insurance. Its proprietary technology platform enables customers to book shipments, track cargo movements in real-time, manage documentation, and gain insights through analytics. Flexport's services cover all modes of transportation, including ocean, air, and truck freight.
The company has established a global network of offices and partnerships, allowing it to facilitate seamless shipments worldwide. Flexport's innovative approach and user-friendly platform have disrupted the traditional freight forwarding industry, which has historically been characterized by inefficiencies and a lack of transparency.
Key customers and partnerships
Flexport has fostered strategic partnerships with various companies and organizations to enhance its service offerings. For instance, it has collaborated with Shopify, a leading ecommerce platform, to provide integrated logistics solutions to online merchants.
Additionally, Flexport has forged partnerships with several industry leaders, such as Georgia-Pacific (Brawny paper towels, Angel Soft toilet paper), Gerber (plumbing fixtures), and Sonos (speakers), to streamline their supply chain operations and optimize their logistics processes.
Flexport has established a non-profit arm called Flexport.org, which provides discounted freight services to non-governmental organizations (NGOs) and aids in shipping donated inventory during humanitarian crises. This initiative has enabled Flexport to contribute to relief efforts worldwide, such as shipping personal protective equipment (PPE) to hospitals during the Covid-19 pandemic.

Forto is a leading provider of digitized freight forwarding and supply chain solutions. The company offers transportation and technology solutions that extend beyond the mere movement of goods from origin to destination. Forto's intuitive logistics technology provides customers with visibility and insights, enabling them to optimize their supply chain activities. The company's platform technologies streamline the entire process, from obtaining quotes and booking shipments to document management, tracking and tracing, proactive exception handling, and analysis. Leading brands across industries such as fashion, furniture, and electronics trust Forto to manage the transport of their goods.
Forto's business model revolves around developing data-driven technology solutions and services for the entire logistics industry, empowering customers to gain control over their supply chains. The company's proprietary order management solution, FortoX, allows users to manage their supply not just on a container or shipment level but on a product level down to the stock-keeping unit (SKU). By eliminating friction from complex and non-transparent logistics processes, Forto aims to make the daily work of logisticians and supply managers more reliable, efficient, and easier.
In April 2020, the company rebranded from FreightHub to Forto, reflecting its evolution and vision to increase global prosperity while driving sustainability. Forto is committed to fortifying global trade by providing reliable, transparent, and efficient solutions that facilitate the smooth movement of goods around the globe. The company has expanded its reach worldwide, with a presence in multiple locations across Europe and Asia, including offices in Berlin, Copenhagen, Hamburg, Ho Chi Minh City, Madrid, Rotterdam, Singapore, Hong Kong, and Shanghai. As of March 2022, Forto has raised over USD 600 million in total investment and achieved a valuation of USD 2.1 billion.

Empowering efficiency, visibility and collaboration throughout supply networks

Supply Chain Tech

Flexport offers software solutions to automate freight forwarding processes. The company’s software integrates and links data from different companies involved in a supply chain, enabling them to effectively handle cargo information and streamline the process of freight processing. The company’s product portfolio includes 1) logistics management and transportation solutions for order management, customs, ocean/air/land transportation, and less-than-container loads; 2) fulfillment services such as direct-to-consumer (D2C) fulfillment, wholesale fulfillment, parcel, replenishment, and prep; and 3) trade management services such as factoring, trade advisory, duty drawback, and cargo insurance.In 2021, the company claimed to have moved nearly USD 19 billion worth of merchandise across 112 countries.As of February 2022, the company’s valuation stood at USD 8 billion+. Flexport reported revenue of USD 3.2 billion and a positive EBIT in 2021. However, the company laid off around 20% of its global workforce <a href="https://sp-edge.com/updates/22716">in October 2023 </a>as part of cost-cutting measures to focus on growth with profitability.Key customers and partnershipsAs of August 2023, Flexport served 10,000+ clients including Caraway, Gerber, Moen, Parade, Outdoor Voices, Rothy’s, Georgia-Pacific, Klean Kanteen, and Bombas.In September 2024, Flexport <a href="https://sp-edge.com/updates/33224">added</a> Veho, a parcel carrier, as a last-mile delivery option for shippers using Flexport's fulfillment services. The integration allowed Flexport's customers to access Veho's delivery services in its operating areas. In June 2021, the company entered into a strategic partnership with digital freight matching solutions provider Convoy to provide end-to-end shipment automation over land, sea, and air. In July 2022, it also partnered with hybrid-digital freight and 3PL solutions provider Nolan Transportation Group to offer tech-enabled solutions for greater visibility across global supply chains.

Headquartered in Caesarea, Israel, Wiliot opeates in the Internet-of-Things (IoT) sector, focusing on bringing connectivity and intelligence to everyday products. The company has developed a platform called the ambient IoT Visibility Platform, which connects the digital and physical worlds through its IoT Pixels. These IoT Pixels are stamp-sized, self-powered compute devices that cost only pennies. They can attach to any product or packaging and transmit real-time item- and case-level information about location, temperature, humidity, and even carbon footprint. The platform allows companies to gain unprecedented visibility into their supply chains, enabling them to improve efficiency, reduce waste, ensure product safety, and optimize operations.Wiliot's IoT Pixels harvest radio frequency energy from surrounding sources like Bluetooth devices and Wi-Fi routers, eliminating the need for batteries. They communicate using Bluetooth Low Energy (BLE) and connect to the internet through existing infrastructure like smartphones, tablets, or bridge devices. The collected data is then processed in Wiliot's Cloud, where advanced algorithms and analytics generate actionable insights.In addition to location and environmental sensing, Wiliot's platform can also detect events like fill levels, dilution, and tampering, making it valuable for industries like pharmaceuticals, food, and retail. The company has successfully deployed its technology for applications such as vaccine vial monitoring, produce freshness tracking, and retail inventory management.In August 2024, the company <a href="https://sp-edge.com/updates/32817">introduced</a> WiliBot, a GenAI chatbot that enables natural language conversations with ambient IoT-connected products in supply chains. The solution allows businesses to interact with their products and supply chains by asking questions about shelf life, product journey, stocking recommendations, safety, and carbon footprint. The company is currently piloting WiliBot with key enterprise customers, with a broader rollout planned for late 2024 and into 2025.Key customers and partnershipsWiliot serves a diverse range of industries including consumer packaged goods (CPG), retail, and healthcare. The company works closely with companies like Avery Dennison and Identiv, along with infrastructure providers and system integrators to deliver end-to-end solutions.Wiliot also collaborates with software companies like iFoodDS and Trustwell to integrate its ambient IoT data into their food safety and compliance platforms, enabling automated traceability and adherence to regulations like the FDA's Food Safety Modernization Act (FSMA) Rule 204.

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Machine Learning Infrastructure

SambaNova Systems provides AI hardware and integrated systems to run AI applications in data centers and the cloud. The company’s flagship solution, Dataflow-as-a-Service is a subscription-based hardware platform that provides pre-trained deep-learning models for production-ready deployments. It can be used to run natural language processing (NLP) models and process true-resolution images and 3D sensor data.The company also offers an integrated software and hardware system to train and deploy foundation models, deep learning, and AI-accelerated workloads. DataScale’s large on-chip and system memory enables it to handle large models and data that cannot be handled by graphics processing units (GPUs). DataScale is powered by a seven-nanometer Cardinal SN30 Reconfigurable Data Unit (RDU) which has also delivered a world record in GPT training that was up to 6x faster than DGX A100 AI systems (built on the NVIDIA A100 Tensor Core GPU). In September 2023, it launched its latest chip, the <a href="https://sp-edge.com/updates/21988">SN40L</a>, which powers its full-stack large language model (LLM) platform, the SambaNova Suite.The company also offers software to extract, optimize, and execute the optimal dataflow graph of models for training, inference, data analytics, and high-performance computing. In addition, it offers state-of-the-art open-source models as well as models pre-trained by SambaNova, including their GPT offering. These models can be fine-tuned on a company's data for greater accuracy.Key customers and partnershipsAs of January 2023, the company served customers in the financial services and insurance, healthcare and life sciences, manufacturing and auto, oil, gas, and energy, retail and e-commerce, and public sectors. In May 2023, SambaNova collaborated with Together to develop BLOOMChat, a 176-billion-parameter multilingual chat LLM for commercial use cases. It was trained on 46 languages and developed by an international collaboration of more than 1,000 researchers.Funding and financialsIn April 2021, the company raised USD 676 million in a Series D funding round led by SoftBank Vision Fund 2 at a valuation of more than USD 5 billion. The funds were utilized to expand its customer base primarily in the data center market.

Labelbox provides a platform that assists companies in producing labeled data for ML applications using a customizable data engine. It offers a visual workflow interface and a system of record for the data labeling process, utilizing annotation tools, quality control functionality, and performance analytics. The platform performs qualitative and quantitative analysis to rectify errors in AI models within the dataset, while also evaluating model performance through automated differential diagnoses between model predictions and labels, or by comparing them with previous model versions. Labelbox also offers "Boost," which is a service that provides dedicated labeling experts. Additionally, the platform acts as a central hub for data science teams to create and manage training data with both internal and external labeling teams.As of January 2023, the company operated in the US and Europe.Key customers and partnershipsAs of January 2022, the company counted more than 200 customers with notable customers such as Bosch, Warner Bros., Intuitive, and Audi. The company served the Fortune 500, Global 2000, and customers in the defense, insurance, retail and ecommerce, healthcare, media and entertainment, sensors and robotics, and technology and software industries.Funding and financialsIn January 2022, the company raised USD 110 million in a Series D funding round led by SoftBank’s Vision Fund 2 at a valuation of more than USD 1 billion. The funds were utilized to expand its product capabilities and customer base.

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