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PR Newswire

UnionPay and Lazada Enter into Partnership to Grow International Online Transactions

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BANGKOK, Oct. 13, 2023 /PRNewswire/ — UnionPay International announced today a partnership with Lazada to enable the acceptance of UnionPay cards on Lazada app. This partnership aims to provide more payment options for shoppers especially the Thai community and also customers from neighbouring Southeast Asia countries, ultimately driving the number of local and international transactions on Lazada, the leading online shopping platform in the region. 

According to Michael Shang, Country Manager of UnionPay International Thailand, “UPI’s partnership with Lazada Thailand is a milestone that marks a significant expansion of convenience and choice for our valued customers. We are committed to enhancing the shopping journey, providing a wider array of payment options, and strengthening our presence in the e-commerce ecosystem. This partnership exemplifies our dedication to delivering solutions that cater to the evolving needs of our customers. This collaboration not only enhances the shopping experience for our customers but also contributes to the growth of Lazada’s customer base.”

To commemorate this partnership, exclusively for Thailand issued UnionPay credit cards, shoppers can enjoy discounts up to 1,000 baht per person starting today until 30th November 2023. 

Also, new users who bind their UnionPay card for the first time can enjoy the following:

  1. instant discount of 500 baht with a minimum spend of 1,000 baht for their first purchase;
  2. use the code “UPINEW23” to receive 10% discount (capped at 250 baht) with a minimum spend of 1,000 baht, for their subsequent 2 purchases.  


There will be other exciting offers from UnionPay that shoppers can look out for until February 2025 too. 

Dr. Werapong Goo, Chief Executive Officer, Lazada Thailand added, “At Lazada, one of our top priorities is to provide a superior online shopping experience, of which the integrated and inclusive financial services are the crucial part. With this partnership, UnionPay cardholders can transact securely and conveniently on Lazada platform as well as enjoy a variety of exclusive privileges. The collaboration also strengthens Lazada’s payment ecosystem in Thailand, enabling us to better serve a broader group of eCommerce shoppers.”

UnionPay has become a recognized and widely accepted payment brand among Thai merchants and residents. Almost all ATMs and merchant POS terminals in Thailand now support UnionPay cards. Based on the ever growing acceptance network, more and more local residents are applying and using UnionPay cards, and more than half of the top 10 banks in Thailand have issued UnionPay cards, with a cumulative scale of over 10 million cards.

About UnionPay International

UnionPay International (UPI) focuses on the international business of UnionPay, a global payment network that serves the world’s largest Cardholder base. With 181 countries and regions accepting UnionPay cards, as well as millions of merchants in 47 markets globally accepting UnionPay Quick Response (QR) Code, UnionPay is one of the fastest-growing payment networks in the world.

As a company with a global acceptance network and a wide range of world-class payment services, UnionPay is committed to providing access to value and secure payment solutions that are tailored to the needs of the local market, to enable choice and ease of payment for consumers and businesses alike.

In Southeast Asia, UPI has enabled ATM, POS acceptance, card issuance and e-wallets across all 10 countries. For more information on UnionPay, visit https://www.unionpayintl.com/en/ 

PR Newswire

Dowsure Signs multi-million-dollar Asset-Backed Loan with HSBC

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SHENZHEN, China, Aug. 25, 2023 /PRNewswire/ — Dowsure as a pioneer of digital API platforms for cross-border e-commerce, today announced that it has received a multi-million-dollar Asset-Backed Loan from HSBC. The transaction follows the strategic investment made by HSBC Ventures in July 2023.

HSBC acted as the sole Arranger, Original Lender, Facility Agent, Security Agent & Account Bank for Dowsure’s debut revolving asset-backed loan facility (“ABL”). The facility was provided to Hong Kong Credit Services Limited (“HKCSL”), a wholly owned subsidiary of Dowsure in Hong Kong. This is the inaugural ABL facility in the cross-border e-commerce sector under HSBC’s New Economy Fund and will support Dowsure’s offshore business growth aspirations.

HSBC customised an asset-backed structure for Dowsure, backed by loan receivables originated by HKCSL to cross-border sellers on the designated e-commerce platform. The facility is fully committed at closing, but also allows for flexible drawdowns to align with the company’s portfolio growth strategy, as well as maximising the cash utilisation efficiency.

Byron Pei, Founder and CEO of Dowsure Technologies, said, “The innovatively structured ABL from HSBC will enable Dowsure to provide support for more SMEs engaged in cross-border e-commerce exports. This will be beneficial to participants in the cross-border e-commerce industry, regardless of sellers, service providers, or cross-border e-commerce platforms, who will benefit from the development capital provided under this program. Through the abundant funds provided by large international banks, combined with Dowsure’s insights and innovation capabilities, it will help the industry to achieve faster and better development. This collaboration further enhances and reinforces the partnership between HSBC and Dowsure. Meanwhile, it means a new breakthrough in Dowsure’s financing model, and we appreciate HSBC’s support sincerely.”

Thomas Elliott, Managing Director, Head of Client Coverage, Commercial Banking, Hong Kong, HSBC, said, “HSBC has helped Dowsure raise debt financing through a bespoke, structured solution, focusing on high-quality financial assets originated by HKCSL, to provide flexibility and enable the high-speed development of Dowsure’s business offshore. Alongside a strategic investment recently concluded by HSBC Ventures, the ABL facility provides Dowsure with additional capital to grow its loan portfolio and further its support for e-commerce merchants across Greater China.”

Dowsure, as the leading global API platform for cross-border e-commerce, has cooperated with banks to launch digital financial products through advanced models and algorithms to provide cross-border e-commerce sellers with faster, more convenient, and safer funding solutions. Over the years of delving into the cross-border industry, Dowsure has accumulated multi-dimensional capabilities in cross-border scenarios, system fulfillment, and risk control technology. Dowsure has invested millions of funds in supply chain finance platform research and development. Currently, it has reached cooperation with Amazon, eBay, Meta, Shopee and other platforms.

Dowsure has realized the whole path tracking of sellers’ capital chain with its exclusive technology, effectively reduced the default rate, and has helped many banks and financial institutions to expand new business scenarios. Dowsure has provided new lending business scenarios for more than ten banks and other financial institutions, successfully served more than 20,000 cross-border sellers, helped sellers finance more than RMB 3 billion, and boosted sellers’ sales to more than 45 billion.

About Dowsure Technologies

Dowsure Technologies, as a leading global digital API platform for cross-border e-commerce, was established in 2016. Through API technology and advanced models and algorithms, it collaborates with banks to launch digital financial products, providing faster, more convenient, and secure funding solutions for cross-border e-commerce sellers. With years of experience in the cross-border industry, Dowsure has accumulated multidimensional capabilities in understanding cross-border scenarios, system implementation, and product innovation. Dowsure has established partnerships with platforms such as Amazon, eBay, Meta, and Shopee and has helped banks and financial institutions expand into new business scenarios. Currently, Dowsure has provided new loan business scenarios for over ten banks and financial institutions, serving over 20,000 cross-border e-commerce sellers, helping sellers receive financing exceeding 3.5 billion RMB, and achieving sales exceeding 45 billion RMB.

Source: Dowsure Technology Ltd.

PR Newswire

Asia’s EV Race: Selex Motors raises $3 million from ADB Ventures, Schneider Electric Energy Access Asia and others

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Accelerating the fastest growing EV ASEAN nation to effectively reduce carbon footprint of the last mile transportation segment.

SINGAPORE, April 24, 2023 /PRNewswire/ — Hanoi-based Selex Smart Electric Vehicles JSC (Selex Motors) is making waves in the electric vehicle (EV) and battery pack manufacturing industry in Vietnam and is currently in a US$ 3 million convertible note investment round with ADB Ventures – Asian Development Banks’s venture arm, Schneider Electric Energy Access Asia, Touchstone Partners, and Sopoong Ventures.

Through this round, the fund will be utilized to expand production lines and support vehicle sales while setting up battery-swapping systems in key cities in Vietnam, solidifying Selex’s position as the nation’s first and largest shared battery-swapping network provider.

“The unwavering support reaffirms our common goal of combating climate change and provides an important boost to our business. Through this round’s investment, we are looking forward to establishing a strong foothold in Vietnam and building a foundation for regional expansion” said Selex Motors Chief Executive Officer, Dr. Nguyen H.P. Nguyen.

Selex’s flagship electric two-wheeler (E2W) vehicles are designed for high-usage applications with its own battery-swapping solution allowing users to replenish the energy for up to 150 km in under two minutes, a key enabler for EV adoption in commercial activities. Furthermore, this model has a 50% load capacity improvement compared to existing alternatives, and the electric powertrain reduces maintenance and fuel costs by over 30%, consequently lowering overall logistics costs for corporate fleets and increasing the net income of deliverers.

“By displacing gasoline-based 2-wheelers with E2Ws in last-mile logistics fleets, Selex’s growth will naturally mitigate carbon emissions which our sources estimate up to 50,000 tons by 2025,” he added.

Selex is a first of its kind to develop from scratch an optimal electric ecosystem for last-mile transportation to reduce the operation costs and impact of the logistics industry. The company also holds a significant Intellectual Property (IP) portfolio consisting of 10 patents, 5 designs, and 4 trademarks — incubated at its in-house research and development facility.

“The electrification of road transport will have a profound and transformative impact on the automotive manufacturing and logistics sectors in Southeast Asia. We are proud to be part of Selex’s journey from the very beginning and look forward to them becoming an important regional player in the coming years,” said ADB Ventures Investment Specialist Charles Cole Navarro.

The EV sector is gaining massive traction in Asia and the Pacific with an estimated valuation of over US$ 777 billion in 2027, registering a CAGR of 19.1%, while the Vietnamese market for E2W is the biggest and fastest growing among ASEAN nations and is also the second largest globally. With petrol-powered two-wheelers being one of the largest sources of greenhouse gas emissions in major cities, electrification will greatly benefit high-usage applications such as last-mile transport to minimize carbon footprint.

“We are thrilled to back Selex Motors in this latest round. With Vietnam widely regarded as the center of the motorcycle industry in Asia, we are convinced of the huge impact on decarbonization that Selex creates by bringing cleaner energy into transportation, as well as providing strong financial incentives for corporate partners and riders to make this switch to electric scooters. We are extremely excited to join forces with ADB Ventures, Touchstone, and Sopoong in supporting Vietnam’s EV ecosystem and Selex’s journey for sustainable mobility,” said Gilles Vermot Desroches, President of Schneider Electric Energy Access Asia.

As Selex continues to work towards its mission, Selex invites like-minded corporate partners to join in the effort. For more information, visit www.selex.vn. 

About Selex Motors

Based in Hanoi, Selex Motors is a pioneering startup in electric vehicles in Southeast Asia. The company was co-founded in 2018 by three co-founders, including two Ph.D. graduates in Mechanical Engineering from the University of Michigan in Ann Arbor, who decided to return to their home country to make an impact.  Selex Motors aims to accelerate the transition to green transportation through a proprietary and innovative ecosystem for electric two-wheelers. Selex Motors currently focuses on applying its solution in the fast-growing segments of last-mile transport in Vietnam, with a plan for regional expansion in the near future.

PR Newswire

PINTEC Announces US$4 million Private Placement of Class A Ordinary Shares

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BEIJING, March 18, 2023 /PRNewswire/ — Pintec Technology Holdings Limited (Nasdaq: PT) (“PINTEC” or the “Company”), a leading independent technology platform enabling financial services in China, today announced that it has entered into share purchase agreements with certain investors on March 16, 2023. Under the share purchase agreements, the Company agrees to sell and issue an aggregate of 254,450,000 Class A ordinary shares of the Company for a total purchase price of US$4,000,000. The per share purchase price is approximately US$0.0157, which is calculated as 92% of the average closing sale price of the Company’s American depositary shares (“ADSs”) during the five trading days immediately prior to March 16, 2023. Each ADS currently represents 35 of the Company’s Class A ordinary shares.

Mr. Zexiong Huang, Chief Executive Officer, acting Chief Financial Officer and director of PINTEC, commented, “The financing proceeds will support our continued investment in the development of digitization technology for micro, small and medium enterprises (“MSMEs”), and enable us in building a better and larger MSME credit team. We are pleased that investors have confidence in our strategic initiatives and expansion plans. Looking forward, we will continue to execute our strategic plans and strive to create long-term value for our investors.” 

The closings of the transactions are subject to the satisfaction of customary closing conditions and are expected to take place in March 2023. The investors have each agreed not to sell, transfer or dispose of any securities acquired in the transactions for 180 days after their respective closing dates.

The foregoing description of the private placement and the share purchase agreement does not purport to be complete and is qualified in its entirety by the full text of the form of share purchase agreement attached as an exhibit to a Current Report on Form 6-K to be filed with the U.S. Securities and Exchange Commission.

The sale and issuance of the Class A ordinary shares are exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”) pursuant to Section 4(a)(2) of the Securities Act regarding transactions not involving a public offering and is made in reliance on, and in compliance with, Regulation D and/or Regulation S under the Securities Act, as applicable.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any offer, solicitation or sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

Safe Harbor Statement

This press release contains forward-looking statements. These statements constitute “forward-looking” statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “target,” “confident” and similar statements. Among other things, the quotations from management in this announcement, as well as PINTEC’s strategic and operational plans, contain forward-looking statements. PINTEC may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Such statements are based upon management’s current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company’s control. Forward-looking statements involve inherent risks, uncertainties and other factors that could cause actual results to differ materially from those contained in any such statements. Potential risks and uncertainties include, but are not limited to, the Company’s limited operating history, regulatory uncertainties relating to the markets and industries where the Company operates, and the need to further diversify its financial partners, the Company’s reliance on a limited number of business partners, the impact of current or future PRC laws or regulations on wealth management financial products, and the Company’s ability to meet the standards necessary to maintain the listing of its ADSs on the Nasdaq Global Market, including its ability to cure any non-compliance with Nasdaq’s continued listing criteria. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and the Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.

About PINTEC

PINTEC is a leading independent technology platform enabling financial services in China. By connecting business and financial partners on its open platform, PINTEC enables them to provide financial services to end users efficiently and effectively. The Company offers its partners a full suite of customized solutions, ranging from digital retail lending, digital business lending, robotic process automation, to wealth management and insurance products. Leveraging its scalable and reliable technology infrastructure, PINTEC serves a wide range of industry verticals covering online travel, e-commerce, telecommunications, online education, SaaS platforms, financial technology, internet search, and online classifieds and listings, as well as various types of financial partners including banks, brokers, insurance companies, investment funds and trusts, consumer finance companies and other similar institutions.

PR Newswire

Lloyds Banking Group invests £10 million in digital identity company Yoti

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  • Investment will be used to develop innovative technology that protects customers’ identities and personal data online
  • Lloyds Banking Group will support Yoti in developing a new, reusable digital identity proposition that will help combat the growing risks of identity fraud

LONDON, March 9, 2023 /PRNewswire/ — Lloyds Banking Group has invested £10 million in digital identity company Yoti, an investment which supports the development of innovative technology to keep people safe online, tackle the ever-growing risks of identity fraud, and give people more control over their personal data.

Lloyds Banking Group invests £10 million in digital identity company Yoti
Lloyds Banking Group invests £10 million in digital identity company Yoti

Yoti offer a range of digital identity solutions that make it simple for people and businesses to protect themselves online. This includes a free Digital ID app, which gives individuals a safe and instant way to prove their identity from their phone, with no need to show ID documents or share an excessive amount of personal data. Digital IDs are a UK government-approved form of identification for right to work, right to rent and criminal records checks. Yoti’s Digital ID is also accepted as proof of age at UK cinemas,and for the sale of lottery tickets, energy drinks and tobacco. Businesses across a range of industries – from financial services and retail to gaming and e-commerce – are already seeing the benefits of Digital ID services.

The investment from Lloyds Banking Group will support Yoti’s development of a new reusable digital identity proposition that will complement Yoti’s existing solutions. Set to launch later this year, this will give users a more private, secure and convenient way to prove their identity.

Kirsty Rutter, FinTech Investment Director at Lloyds Banking Group, said: “We are thrilled to be supporting Yoti and their experienced, passionate team with their work to further protect people online, through developing and growing digital identity solutions.

“We know how important fintechs and technology partners are for delivering better outcomes for our customers and this investment represents another step forward in our plans to strengthen the UK’s financial ecosystem and is a crucial part of how we help Britain prosper.”

Robin Tombs, CEO at Yoti said, “I’m delighted to announce Lloyds Banking Group’s significant investment in Yoti. The combination of their expertise in financial services and our digital identity solutions will bring security to even more businesses, people and communities. We will make it easier and safer for individuals to prove who they are and enable businesses to have more trust and confidence in the identity of their customers.”

The investment in Yoti is Lloyds Banking Group’s second investment of 2023, following a successful round of investments in 2022. These investments are headed up by the Group’s recently formed Fintech Investment team, which focuses on identifying and exploring opportunities for investment into fintech at Seed to Series B.

Notes to editors:

With a reusable digital identity, individuals only need to verify their identity once and then share verified details in seconds, without needing to show their ID documents each time. Individuals can just share the details they need and nothing else – giving them greater control over their personal data. With individuals pre-verified, organisations can have greater confidence and trust in who they are dealing with.

About Lloyds Banking Group

Lloyds Banking Group is the largest UK retail and commercial financial services provider with around 26 million customers and a presence in nearly every community. Our main business activities include retail and commercial banking, general insurance, and long-term savings, provided through well recognised brands including Lloyds Bank, Halifax, Bank of Scotland, Scottish Widows.

Our purpose is helping Britain prosper. We have served Britain through our products and services for more than 320 years, across every community and millions of households. Our success is interwoven with the UK’s prosperity, and we aim to help Britain prosper by operating as a responsible, sustainable, and inclusive Group.

About Yoti

Yoti is a digital identity technology company that makes it safer for people to prove who they are, verifying identities and trusted credentials online and in-person. They now provide verification solutions across the globe, spanning identity verification, age verification, document eSigning, access management, and authentication and leading facial age estimation. Over 13 million people have downloaded the free Yoti Digital ID app across the world. It is available in English, Spanish, French, German, Portuguese and Polish. Yoti is certified to ISO/IEC 27001:2013 for ID Verification Services, ISAE 3000 (SOC 2) Type 2 certified for its technical and organisational security processes. For more information, please visit www.yoti.com.

press@yoti.com

PR Newswire

Pixelworks Announces Strategic Equity Investment in Shanghai Subsidiary

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Reaffirms Revenue Guidance for Fourth Quarter 2022

PORTLAND, Ore., Dec. 31, 2022 /PRNewswire/ — Pixelworks, Inc. (NASDAQ: PXLW) (the “Company”), a leading provider of innovative video and display processing solutions, today announced the Company’s majority owned subsidiary, Pixelworks Semiconductor Technology (Shanghai) Co., Ltd. (“PWSH”), entered into an agreement with a group of private equity and strategic investors based in China, as well as with entities owned by PWSH employees, under which committed investments will be made in exchange for equity interest in PWSH.

In aggregate, the capital increase agreements consist of the commitment by employee entities to pay amounts in RMB equating to approximately $1.4 million in exchange for total equity interest of 0.54% in PWSH, reflecting a pre-money valuation of the RMB equivalent of approximately $250.7 million, and by non-employee investors to pay amounts in RMB equivalent to approximately $14.3 million in exchange for total equity interest of 2.76% in PWSH, reflecting a pre-money valuation of the RMB-equivalent of approximately $501.4 million. Following the anticipated closing of these transactions, Pixelworks, Inc. will continue to hold an approximately 78.2% equity interest in PWSH.

President and CEO of Pixelworks, Todd DeBonis, commented, “This latest transaction to secure additional capital investment in our PWSH subsidiary is a testament to the recognized value of our visual processing technology in China as well as the associated growth opportunity for this portion of our business. In addition to this new capital further solidifying PWSH’s overall financial position, it provides increased flexibility in support of executing on our growth and operational objectives as we continue to prepare PWSH to apply for a local listing in coming year.”

Additionally, the Company reaffirmed its previously provided financial guidance for fourth quarter total revenue of between $16 million and $18 million.

Further details about the capital increase agreements are available in the Company’s filings with the Securities and Exchange Commission, including the Form 8-K filed by today, December 28, 2022.

Safe Harbor Statement

This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements may be identified by use of terms such as “begin,” “continue,” “will,” “expect”, “believe,” “anticipate” and similar terms or the negative of such terms, and include, without limitation, statements regarding the sale of PWSH securities to purchasers, including the timing thereof, the expected proceeds and use thereof, and the resulting ownership of PWSH, the benefits of the sale of PWSH securities to PWSH, including the resulting growth opportunities and financial position of PWSH, and PWSH’s plans to apply for a local listing in coming year, as well as statements about the Company’s expected financial performance and outlook for the fourth quarter of 2022.  These statements are based on management’s current expectations. Forward-looking statements involve certain risks and uncertainties, and actual results and the timing of events may differ materially from those discussed or implied in any such statement. These risks include, but are not limited to the Company’s ability to execute on its strategy; competitive factors; current global health and economic challenges, including the impact of COVID-19; changes in the requirements for listing on the STAR Market; changes as a result of management’s further review of our actual results in the fourth quarter, changes made as a result of the completion of our financial closing procedures for the fourth quarter and other risks related to the Company’s business and operations as are discussed under the heading “Risk Factors” and in other sections of the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 and the Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2022, and in the Company’s other current and periodic reports filed or furnished from time to time with the SEC. All forward-looking statements herein have been made as of the date hereof and are based on information available to the Company as of the date hereof. The Company does not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made except as required by law.

About Pixelworks

Pixelworks provides industry-leading content creation, video delivery and display processing solutions and technology that enable highly authentic viewing experiences with superior visual quality, across all screens – from cinema to smartphone and beyond. The Company has a 20-year history of delivering image processing innovation to leading providers of consumer electronics, professional displays, and video streaming services. For more information, please visit the company’s web site at www.pixelworks.com.

Note: Pixelworks and the Pixelworks logo are trademarks of Pixelworks, Inc.



Source: Pixelworks, Inc.

PR Newswire

Hedonova enters the renewable energy sector by investing $16M in a Chilean energy storage plant

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  • Total investment of $16M
  • The plant is located 800 kms north of Chile’s capital Santiago in the Atacama region
  • The plant can store up to 2000 megawatts which can serve 80,000 to 100,000 homes

NEW YORK, Dec. 31, 2022 /PRNewswire/ — Hedonova, a US-based hedge fund investing in alternative asset classes like start-ups, real estate, and asset leasing has forayed into the fast-growing energy storage sector by investing $16M in a storage plant in Chile that operates on the CRYOBattery technology. The energy storage plant is located 800 kms north of Chile’s capital Santiago in the Atacama region. The plant uses air liquefaction technology where ambient air is cooled to -196 degrees celsius. The liquefied air is then heated to expand and run turbines to generate electricity. The plant will be operational from January 2023.

The energy storage plant Hedonova has invested in can store up to 2000 megawatts of energy. This can supply electricity to around 80,000 to 100,000 homes in Chile. Chile has enacted a new law on energy storage and electromobility, following its approval in parliament in October. The bill seeks to increase the country’s use of renewable energy particularly through the use of energy storage as a way to get around grid congestion, which currently means that a majority of renewable energy is dumped. According to SP Global, Chile is set to become one of the top 3 exporters of green energy by 2040. Being a hotbed of rich renewable energy sources, Hedonova saw Chile as a fit candidate for lucrative investment opportunities.

Alexander Cavendish, CEO of Hedonova said – “The total investment pipeline of the power plant is $160 million off which we have invested 10%. This is an integrated investment from our real estate and equipment financing portfolios. Hedonova owns the land and has leased it to the power company and has also financed the CRYObatteries. We are also working with Chilean regulators to ensure the plan earns carbon credits that can be sold on the open markets.”

At present, CRYObattery technology has a comparatively smaller footprint than other green energy technologies like solar or wind energy, for instance. However, the technology is scalable with no size limitations or geographic constraints. The list of capabilities it can offer includes voltage control, grid balancing, and synchronous inertia giving grid operators the flexibility to manage power and energy services independently

Apart from Chile, the USA and UK lead in launching and experimenting with CRYObattery initiatives through commercial plants and grid scales.

About Hedonova

Hedonova is an Alternative Investment Fund that holds a diversified portfolio of alternative assets such as non-fungible tokens (NFTs), wine, cryptocurrencies, and real estate. With feeder funds in Switzerland, Luxembourg, Singapore, and India, European and Asian investors can diversify their investments in alternative assets that could conceivably appreciate, from art to wine and sports collectibles could be classified as an alternative investment.

https://www.hedonova.io/

Contact:  media@hedonova.io

PR Newswire

VUZ the Leading Immersive Social App Raises $20M in Series B Round

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DUBAI, UAE, Oct. 15, 2022 /PRNewswire/ — VUZ, the leading immersive social app, that allows users to stream and experience a new level of immersive realism in XR and other digital experiences, raises $20 million in series B funding led by international investors including Caruso Ventures, Vision Ventures VC Fund, and strategic investors such as e& capital, investment pillar of e& (formerly known as Etisalat Group), DFDF (Dubai Future District Fund), SRMG, and WIN (Webit Investment Network).

Khaled Zaatarah CEO of VUZ
Khaled Zaatarah CEO of VUZ

Investors in the round included three strategic funds from Europe including WIN, Elbert Capital, and Yasta Partners. Additional Investors that joined the round are Faith Capital, Panthera Capital, and seven of the existing previous investors followed on. With this round, VUZ is now backed by a mix of investors based in the US and EMEA that will play a major role in supporting VUZ in its international expansion.

VUZ, which was known previously as 360VUZ, bridges the gap between the physical and virtual worlds to offer the biggest premium immersive content library in the world with more than 20,000 hours of immersive content covering entertainment, creators, and sports segments, and XR, VR, and AR experiences from virtually anywhere in the world. VUZ’s vision is bringing people together and connecting the world by providing authentic immersive experiences while removing the constraints of (TTA) Travel, Time, and Access to billions of people around the world.

Khaled Zaatarah, the founder of VUZ, commented: “Our mission is to build a hyperconnected product to teleport, empower, and entertain millions of users globally. We are very thankful to have some of the strongest international investors as part of our journey to build a global social immersive platform while leading the new technology revolution, accelerating the future of media and trends such as XR (AR and VR) while building strong sustainable growth.”

The funds will be used to fuel VUZ’s expansion plans in growing its core, accelerate the growth of 10% growth month over month in its recurring subscription revenue, investing in top content, hiring additional key senior hires, new social features, launching Web3 products, and scaling with asset-light operations into 8 additional new international markets, following its partnership and integration with 45 Telecom Operators globally. Telecoms are seeing that immersive media is one of the strongest use cases for 5G and it’s the future of video streaming. Funds will also support VUZ to further scale its Los Angeles office and scale with creators and content in the USA, Asia, and Europe.

“Our plans for the future are 10X stronger than what we have been building for the past 6 years, as we have built the base and now we are ready for sustainable scalability and growth at a scale-up stage. Special thanks to everyone that believed in us and to every member of our team.” Zaatarah adds.

The extended reality immersive platform VUZ reached over 1 Billion Screen Views and is aiming to reach 3 Billion Screen Views in 2023. VUZ provides users and top creators around the world with the latest immersive technologies, different authentic views, and top immersive experiences. Creators’ immersive content collaborations have been one of the core drivers of VUZ where it has top creators with a total reach of over 100 Million globally.

Dan Caruso, Managing Director of Caruso Ventures, an investor, a 3x decacorn entrepreneur, and an avid supporter of entrepreneurship commented: “We are very thrilled for leading the Series B for VUZ, VUZ is uniquely positioned to continue building a global platform and to partner with top telecom operators globally. We will use our deep scale-up experience to support VUZ achieve its global vision.”

Kushal Shah, Head of Venture Capital, e& capital, said: “We are excited about investing in a tech company like VUZ that supports the creation of virtual content as well as enables futuristic immersive experiences. This is in line with our commitment to collaborate with visionary tech businesses that we believe will contribute to building a better and brighter digital future. We will continue to invest into the company’s success, partnering with them to help them achieve growth and enable meaningful progress that moves this digital world forward.”

In addition to the new investors, 360VUZ is backed by investors such as Knollwood Investment Advisory, AlTouq Group, Impact46, Shorooq Partners, KBW Ventures, Media Visions, Hala Ventures, 500Startups, DAI, Al Falaj, Magnus Olsson, Samih Toukan, Jonathan Labin, DTEC Ventures, Plug and Play Ventures, Al Rashid family and other strategic angel investors.

Stay updated with us on Instagram: https://bit.ly/360VUZ-Instagram

Our VUZ Mobile App Link: https://bit.ly/360VUZ-App-PR

VUZ, formerly known as 360VUZ

www.VUZ.com is a tech company founded in 2017 and one of the fastest growing platforms in the world. So far, the company has attracted $30M in venture capital. VUZ has reached over 1 billion screen views and has offices in Dubai, Los Angeles, and Riyadh, and counts a team of more than 50 people with specialties in various types of innovation and product development expertise across multiple technology sectors. Won the startup of the year award and won as a finalist in the Webit Founders Games out of 3,500 tech scaelup tech companies including Time Draper as a jury member.

PR Newswire

GAMURS CLOSES $17.8M AUD SERIES A FUNDING ROUND LED BY U.S. INVESTORS ELYSIAN PARK VENTURES AND CERRO CAPITAL

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Leading Gaming, Esports, and Entertainment Media Network Will Accelerate Strategic Acquisition Opportunities and Expand Into Adjacent Markets

SYDNEY, Oct. 6, 2022 /PRNewswire/ — GAMURS, the leading gaming, esports, and entertainment media network, today announced it has closed a $17.8M AUD ($12M USD) Series A funding round. U.S. based investors Elysian Park Ventures, the private investment arm affiliated with the Los Angeles Dodgers ownership group, and Cerro Capital co-led the round, with participation from Powerhouse Capital, Aura Ventures, and Artesian.

GAMURS will leverage the financing to accelerate its rapid growth strategy and expansion into adjacent markets. Founded by Riad Chikani in 2014, GAMURS has quickly developed into one of the industry’s largest media networks, with 55 million active monthly users across its portfolio of 16 major digital publications covering esports, gaming, and entertainment. 

“We are incredibly proud to have the backing of Elysian Park Ventures, Cerro Capital, and all of our incredible investors,” said Riad Chikhani, Founder and CEO of GAMURS. “The round not only presents a fresh injection of growth capital, but offers the opportunity to collaborate with strategically aligned investors who will actively add value in our journey to redefine gaming and entertainment media.”

The company’s organic growth profile has been amplified by acquiring small, underdeveloped digital media platforms and providing them with the tools, resources and global platform they need to scale with purpose. With the company already being profitable, the funds from this raise will predominantly be used towards further acquisition opportunities, as it continues to see these investments as core to its business model. As of July 2022, GAMURS’ revenue is tracking at 158% up on the previous year, and its EBITDA has more than doubled. 

“At Cerro Capital, we view GAMURS as the driving force to consolidate an incredibly fragmented esports and gaming media ecosystem. Through a number of M&A transactions to date, we’ve seen that they’re incredibly adept at identifying targets, running a smooth integration process, and driving near immediate growth in audience and revenue, in a profitable manner,” said Ashish Patel, Cerro Capital Co-Founder and Managing Partner. “We’ve been consistently impressed by CEO Riad Chikhani’s discipline and leadership in operating the organisation profitably – a rare feat in today’s digital media environment – all while still being under-monetised from an advertising perspective.”

According to Grand View Research, the global esports market is expected to grow at a CAGR of 21.9% through 2030, with factors influencing market growth including an increase in live streaming of games, rising audience reach, and infrastructure for league tournaments, among others. Since its inception, GAMURS has been at the forefront of identifying authentic and authoritative voices in the space, including its flagship brand, Dot Esports, and Gamepur. The market presents a unique opportunity for GAMURS to continue growing in terms of organic reach, and it plans to expand on its monetisation strategy to amplify its yield and earnings across its portfolio of brands.

In addition to its extensive media portfolio, GAMURS supports brands looking to reach its sizable esports and gaming audience which is predominantly 18-34 year-olds (64%). GAMURS’ service offerings include strategic sponsorships, digital media buying, bespoke content creation and campaign solutions, product partnerships, and more. GAMURS has created innovative campaigns with leading global brands such as McDonald’s, Red Bull, Nintendo, Intel, and more.

“Our mission at Elysian Park Ventures is to invest in companies that are going to have a profound impact on the sports world,” said Nikhil Bahel, Elysian Park Ventures Managing Partner. “GAMURS has quickly snuck up on the emerging esports market with a sustainable business model, and a remarkably focused and passionate founder in Riad. We’re excited to support the company as it continues to scale and present more opportunities for both consumers and advertisers.”

“We’re thrilled to continue to follow-on our investment into GAMURS for the third time, a testament to the company’s rapid growth and success. Our conviction has never been stronger as the team continues to deliver impressive results and maintains a healthy profitability margin,” said Eric Chan, Aura Ventures Managing Partner.

About GAMURS

GAMURS Group’s far-reaching gaming and entertainment network reaches 55 million monthly users across its group of mastheads. Its media portfolio includes Dot Esports, the world’s premier destination for competitive gaming news, Gamepur, a fastly growing voice in gaming journalism, Pro Game Guides, featuring in-depth guides for all gaming genres and devices, TouchTapPlay, a top destination for mobile gaming news and guides, We Got This Covered, a wide-reaching entertainment news site, and The Mary Sue, the geek girls’ guide to the entertainment universe, and others.

About Elysian Park Ventures

Elysian Park Ventures is a private investment firm created by the ownership group of the Los Angeles Dodgers that partners with exceptional entrepreneurs operating at the intersection of sports, technology, and entertainment. Based in Los Angeles, New York, and London, Elysian Park invests across stages from seed to growth, and also provides entrepreneurs with strategic, operational, and management resources through the Global Sports Venture Studio, Trailblazer Venture Studio, and Robin, among others. Learn more at elysianpark.ventures.

About Cerro Capital

Cerro Capital, a global sports investment firm, has launched a growth equity fund investing in the Future of Sports. Founded in 2021, by a team of principal investors and operators with decades of global experience, deep seated industry relationships, and access to premium deal flow, the fund aims to be the leading growth capital investor for Sports IP & Technology – a specialised yet significantly large and influential global industry reaching massive adjacent markets.

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PR Newswire

Automation Anywhere Secures $200 Million in Financing from Silicon Valley Bank and Hercules Capital

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SAN JOSE, Calif., Oct. 3, 2022 /PRNewswire/ — Automation Anywhere, Inc. , a global leader in Robotic Process Automation (RPA), announced today that it is has secured $200 million in financing from Silicon Valley Bank, SVB Capital, and Hercules Capital, Inc. (NYSE: HTGC). The financing is intended to provide operational and strategic capital for the next several years.

“We continue to be optimistic about the near-term opportunities for Automation Anywhere, as more companies scale automation and use the flexibility of our cloud platform to mitigate the impact of global events and navigate market challenges,” said Mihir Shukla, CEO and co-Founder, Automation Anywhere. “The financing enables us to expand on our mission to unleash human potential by helping every company build a digital workforce and succeed with automation.”

Recent research from Automation Anywhere reveals that automation budgets are dramatically increasing, with more than 77 percent of organizations indicating they will boost their automation budgets in the year ahead. The research also found that cloud-based automations are integral for the 93 percent of organizations that have already adopted a cloud-first approach to automaton. Cloud delivers agility and flexibility to rapidly respond to the nature of today’s quickly evolving environments.

“This partnership and financing with Silicon Valley Bank and Hercules Capital, complements an already strong balance sheet, and allows us to continue to invest in and enhance the best cloud-native automation platform in the marketplace today,” said James Budge, Chief Financial Officer, Automation Anywhere. “Our cloud strategy is working and is efficient, and with over 80% of our business being cloud, our over 50% revenue growth and strengthening margins have risen to the level that we believe $200 million is more than sufficient capital to see us through to profitability.”

“It has been a pleasure to work closely with Mihir, James, and the Automation Anywhere team over the past several years to support their continued growth,” said Bob Blee, Head of U.S. Technology Corporate Banking at Silicon Valley Bank. “Automation Anywhere is a leader in RPA and is helping companies automate and digitize enterprise processes that increase the productivity of their workforce, digitally transform their business, and become more resilient. The solutions Automation Anywhere provides are invaluable and we are excited to continue to support them as they accelerate the adoption of RPA.”

Gartner estimates that automation could result in a $15 trillion benefit to the global economy by 2030.  

In 2022, Automation Anywhere cloud customers have run an estimated 50 million automations, with leading companies deploying thousands of bots across their organizations.

Interact with Automation Anywhere:

About Automation Anywhere 

Automation Anywhere is the No. 1 cloud automation platform, delivering automation and process intelligence solutions across all industries globally to automate end-to-end business processes for the fastest path to enterprise transformation. The company offers the world’s only cloud-native platform combining RPA, artificial intelligence, machine learning, and analytics to automate repetitive tasks and build enterprise agility, freeing up humans to pivot to the next big idea, build deeper customer relationships and drive business growth. For additional information, please visit us at www.automationanywhere.com.

Automation Anywhere and Automation 360 are trademarks/service marks or registered trademarks/service marks of Automation Anywhere, Inc. in the United States and other countries.

About Silicon Valley Bank:

Silicon Valley Bank, the bank of the world’s most innovative companies and investors, provides commercial banking services, expertise and insights to the technology, life science and healthcare, private equity, venture capital and premium wine industries. Silicon Valley Bank operates in centers of innovation around the world and is one of SVB’s core businesses with SVB Capital, SVB Private and SVB Securities. With global commercial banking services, Silicon Valley Bank helps address the unique needs of its dynamic, fast-growing, innovative clients. Learn more at svb.com.

SVB’s Technology Corporate Banking Division works with the most innovative public and late-stage private companies in the U.S. Tech Sector, providing a full suite of lending and banking solutions, as well as guidance as an active and trusted partner helping clients succeed and quickly scale.

Silicon Valley Bank is a member of the FDIC and the Federal Reserve System. Silicon Valley Bank is the California bank subsidiary of SVB Financial Group (SVB) (Nasdaq: SIVB). SVB Financial Group is the holding company for all business units and groups. © 2022 SVB Financial Group. All rights reserved. SVB, SVB FINANCIAL GROUP, SILICON VALLEY BANK, SVB SECURITIES, SVB PRIVATE, SVB CAPITAL and the chevron device are trademarks of SVB Financial Group, used under license.

About Hercules Capital, Inc.

Hercules Capital, Inc. (NYSE: HTGC) is the leading and largest specialty finance company focused on providing senior secured venture growth loans to high-growth, innovative venture capital-backed companies in a broad variety of technology, life sciences and sustainable and renewable technology industries. Since inception (December 2003), Hercules has committed more than $15 billion to over [590] companies and is the lender of choice for entrepreneurs and venture capital firms seeking growth capital financing. Companies interested in learning more about financing opportunities should contact info@htgc.com, or call 650.289.3060.

Media Contacts: 
Dayna Fried
Automation Anywhere
dayna.fried@automationanywhere.com
+1 925-493-9020