Investment round led by Bank of America with significant participation from Pivot Investment Partners and ING Ventures
OpenFin, the operating system (OS) of enterprise productivity, today announced that it has secured $35 million in Series D investment. The latest funding round was led by Bank of America with significant participation from Pivot Investment Partners and ING Ventures. Additional investors in the round include CME Ventures, CTC Venture Capital, SC Ventures and Tribeca Early Stage Partners.
The investment will be used to help accelerate the adoption of OpenFin OS across the financial industry and beyond. OpenFin’s web-based OS is becoming a de facto standard in financial services for powering next-generation applications and digital experiences for employees and clients. The software is now used at more than 3,800 banks, wealth, and asset management firms in 60+ countries.
The funding round comes during a period of record growth for OpenFin driven by rapid adoption of OpenFin Workspace, the visual interface of OpenFin OS. Introduced in 2021, OpenFin Workspace includes an app launcher, notification center, universal search, an enterprise browser with default interoperability, and app store capabilities. These components help unify and simplify the end user experience across both internal and 3rd party apps, significantly enhancing productivity and reducing operational risk.
According to multiple recent surveys from Forbes Technology Council, Harvard Business Review1 and others, end users experience anywhere from 2 to 4 hours of lost productivity each day, often referred to as the “toggle tax”. The wasted time stems from employees using anywhere from 7 to 35 apps a day, toggling between those apps thousands of times a day, and individually searching apps an hour a day. This translates to a cost of millions or tens of millions of dollars a year in lost productivity depending on the size of an organization.
Dinkar Jetley, Co-Founder and Managing Partner at Pivot Investment Partners, said: “OpenFin provides the financial industry with a truly open workspace platform that is unrivaled when it comes to app distribution, security, interoperability, scale and governance. We have backed OpenFin’s vision since 2015 and are delighted to support the company as they expand across the financial sector and beyond.”
Last year, OpenFin announced its expansion into the government sector via a strategic partnership and investment from In-Q-Tel (IQT).
Mazy Dar, CEO of OpenFin said: “This is a significant milestone in OpenFin’s mission to enable openness, app interoperability and end user productivity across the financial industry. OpenFin Workspace is empowering financial institutions to transform experience for their employees and their customers, replacing traditional browsers with an enterprise browser designed for work. We’re delighted to welcome Bank of America as our newest strategic investor and we’re grateful for the continued support from Pivot Investment Partners and so many other existing investors.”
Other major OpenFin investors include Bain Capital Ventures, Barclays, DRW Venture Capital, HSBC, J.P. Morgan, NYCA Partners and Wells Fargo Strategic Capital.
Move Fast. Break Nothing. OpenFin is The Operating System of Enterprise Productivity, enabling app distribution, workspace management and workflow automation. OpenFin OS currently runs at more than 3,800 banks and buy-side firms with thousands of internal apps and apps from the global vendor community. OpenFin investors include Bain Capital Ventures, Barclays, In-Q-Tel, CME Ventures, CTC Venture Capital, DRW Venture Capital, HSBC, ING Ventures, J.P. Morgan, NYCA Partners, Pivot Investment Partners, Standard Chartered and Wells Fargo Strategic Capital among others. The company is based in New York with an office in London and presence in Hong Kong and Singapore.
Glydways Announces $56 Million Series B Round With New Science Ventures, ACS Group, Khosla Ventures and Gates Frontier
Funding arrives on the heels of Glydways and its partners being awarded both San Jose Mineta Airport – Diridon Station Connector and Contra Costa Transportation Authority/Tri Delta Transit’s Dynamic Personal Micro Transit projects
Glydways total funding to date now exceeds $70 million
Glydways, a leader in developing on-demand Personal Rapid Transit (PRT), today announced it’s $56 million Series B round, including the conversion of notes valued at more than $28 million and led by New Science Ventures with participation from The ACS Group and Gates Frontier. Khosla Ventures, Glydways first investor, is also participating in this latest round. The company has raised more than $70 million to date.
In addition to this recent funding, Glydways has been selected by Contra Costa Transportation Authority and Tri Delta Transit (Authorities) for the initial, vital segment of the Dynamic Personal Micro Transit project to increase public transit accessibility for the fast-growing communities of Pittsburg, Antioch, Oakley and Brentwood. The Project will be jointly administered by the Authorities and is designed to complement, enhance and expand existing public transportation options to create a meaningful multi-modal system. This is the second significant project Glydways has been awarded already this year, with the first being the City of San Jose’s project connecting San Jose Mineta International Airport to the City’s downtown Diridon Station, both located in California.
“We are thrilled and grateful to welcome this brilliant group of investors to the Glydways team,” said Gokul Hemmady, CEO of Glydways. “Investing in a new form of public mobility requires both vision and a belief in the future we are building together with our customers and their communities. These three partners, along with Khosla Ventures, understand the complex dynamics around public transit and are the perfect team to help guide us as we develop and refine our technology to revolutionize urban mass transit.”
Somu Subramaniam, NSV Managing Partner added, “Glydways is leading a revolution in urban mass transit. We are very impressed with the company’s momentum and the technologies they have developed. We’re believers in Glydways’ compelling value proposition to enable their solution to become a new mode of transit for city planners across the world.”
Nuria Haltiwanger, CEO for ACS Infrastructure also added “As a world leading infrastructure business, we can see the strategic value of Glydways and how it will transform public transit for the benefit of the communities it will serve.”
There are 4,037 cities around the world that have the population density whereby mass transit systems are needed and can be supported. Yet, only 194 (4.8%) of them actually have a rail or metro system. Glydways has developed a revolutionary approach to urban mass transit that is much more affordable and accessible for the 95% of cities around the world that have no solution – a Personal Rapid Transit (PRT) system of on-demand, personal, autonomous, battery-operated electric vehicles traveling on small, dedicated rights of way that can be built at-grade, elevated, or tunneled and integrates with any public transportation options.
The vehicles, called Glydcars, exclusively use these lanes with no crossings and no other vehicles which means Glydcars travel unimpeded with no stops or slowdowns. The system can move up to 10,000 people per hour per lane/direction, which means larger numbers of riders will move more comfortably, sustainably and affordably than ever before, all for the cost of a transit fare. This approach offers net-new capacity, which means vehicle trips are removed from city streets, thus reducing overall traffic congestion. The CAPEX requirements for the Glydways system is a fraction of the cost to build rail or bus lanes, and because the system is on-demand, its OPEX is also significantly smaller too. The Glydways system generates zero emissions. Each car is electric battery powered and bi-directional. We have thoughtfully designed the Glydcar to optimize its range (weight, resistance, features), which makes Glydways one of the most climate-friendly mobility systems in the world.
New Science Ventures, LLC (NSV) is a leading venture capital firm focused on building companies that leverage breakthrough science to create extraordinary value. NSV invests in companies using science-based innovations to address market needs in the life sciences and information technology sectors.
The ACS Group is a strategic infrastructure partner to Glydways and is focused on building a better future through the development and operation of infrastructure that helps the economic and social progress of the countries where they operate.
Glydways was founded in 2016 by Mark Seeger and its mission is to revolutionize urban mobility and provide more equitable access to affordable housing, jobs, education, healthcare, and community. We accomplish this via our innovative approach of a closed-road, fully autonomous, high capacity personal rapid transit system. Closed-road means dedicated lanes, with no traffic or congestion. This allows Glydcars to perform a service on demand, anytime 24/7, continuously moving with no slowing or stopping until the passenger reaches their destination, all with no emissions. Dedicated lanes also mean an easier and faster certification path than Level 5 open road autonomy. Additionally, unlike autonomous automobiles, our vehicles never share the road with human-driven vehicles, which is actually proving to increase congestion, drive times, and accident rates, not decrease them. Our customer experience is like ride hailing, but at public transit prices.
Fintech Startup CrossFund Raises Additional $1.5M in Funding at a $47M Valuation
Fintech startup, CrossFund, has raised its fourth funding round in two years from family offices in MENA and Asia, BlockBase Ventures, UI Investments, Australian Gulf Capital, BXB Capital, and strategic angels. Founded in 2021 by Ben Cardarelli and Davide Cali, the company has quickly become the equity financing tool of choice for startups in SEA and EMEA with over $40M raised across 80 investments, 15,000 accredited investors, and its first exit to a NASDAQ-listed company. It has also become recognized as a platform for governments to foster innovation and attract FDI through hi-tech startups.
“Having spent nearly 10 years in Asia, we quickly built a strong base of investors and startups here,” says Ben. “These markets we’re in – like Indonesia, India, Vietnam, and Philippines – have large populations, a young, tech-savvy workforce, low labor costs, and an emerging middle class. Our vision has always been to invest early in founders and give people access to valuable startup equity in the economies of the future.”
Ho Chi Minh has become CrossFund‘s strategic base, with the team gaining exclusive access to the most promising startups in Vietnam and SEA. The chance to own equity in international startups with as little as US$5,000, no carry, limited fees, and mentor founders is a value proposition that has resonated with investors.
CrossFund‘s portfolio has grown over 400% in two years and includes an exit, with Edugo’s acquisition. CrossFund‘s portfolio includes high-performers like Clever (APAC), Vulcan (Vietnam), Lipa Later (Kenya), Styched (India), beU (Ethiopia), and Swag Kicks (Pakistan), some of which are raising Series B and backed by leading investors like SOSV, Goodwater, VECTR, i2i, YOLO, YCombinator, and Techstars.
CrossFund‘s success is largely attributed to its use of AI in the vetting, fundraising process, and its Web3 integrations. CrossFund is able to leverage data to rapidly match investors with startups based on sector, stage, geography, areas of expertise, and other granular factors.
“Venture capital is very conservative and traditionally low tech. My background spans over 25 years in IT and I started working with AI in 2002. Our vision was always to leverage technology to disrupt the industry.” says Davide. “The convergence of fundraising with hi-tech is what allows us to scale quickly across different emerging markets.”
With US giants like AngelList, OurCrowd, Republic, and StartEngine having grown into unicorns, backed by VCs like Tiger, SoftBank, and Valor, CrossFund sees similar growth potential in large, emerging markets. US incumbents crave international expansion and are gazing East, seen in Republic’s acquisition of Seedrs and StartEngine’s acquisition of SeedInvest.
“We believe in the rise of Asia and MENA as beacons of innovation,” begins Ben. “Singapore, HK, UAE, and KSA are powerful investment hubs for us. We are leading this vast transition of wealth towards the emerging world and are only at the beginning with what we can accomplish.”
Boston based Startup Mona Lee Secures $3.25M Seed Round to Redefine the Clean Energy Experience for Consumers
Converting to sustainable energy can be a costly and confusing process for consumers. Mona Lee is moving the clean energy industry forward with its innovative and customer-centric approach, allowing homeowners to install solar panels and storage for 40-50% lower costs than what the competition offers.
Mona Lee, a Boston-based startup founded by former Tesla employee Walid Halty, has announced the successful closure of a $3.25 million seed funding round. The round included investments from prominent players in the technology and consumer sectors, such as Ludlow Ventures, Shrug VC, Palm Tree Crew (founded by Norwegian DJ Kygo), Coalition Operators, Plug and Play Ventures, and The Pags Group, owned by Boston Celtics’ owner Steve Pagliuca.
Mona Lee is on a mission to make solar, storage and EV charging installation for homes affordable and hassle-free. Since its launch, the company has experienced remarkable growth, installing in over 7 states with over 150 new customers per month and an average cost-per-order of $28,000.
The potential for growth in the home solar and storage industry is staggering, with an estimated $250 billion opportunity over the next six years alone. With 142 million homes in the U.S. and only 2 million having switched to solar in the past two decades, Mona Lee aims to tap into the remaining 140 million homes expected to adopt solar power alone by 2029.
The passage of the Inflation Reduction Act has fueled consumer interest in clean energy in recent years and Mona Lee has met the moment. The company’s unique selling proposition lies in its AI-powered buying experience. Mona Lee’s technology demystifies the process of designing and purchasing a complete solar panel and storage system for homes, while cutting costs for consumers by 40-50%.
Mona Lee’s CEO, Walid Halty, shared his excitement about the company’s recent funding success, stating, “This funding round is a testament to the need for Mona Lee’s innovative approach in the home solar and storage industry. We are committed to making solar and storage installation a no-brainer for all homeowners, and this investment will allow us to further accelerate our growth and expand our reach.”
With its innovative technology and commitment to bringing affordable and seamless solar and storage installation to homes across the country, Mona Lee is poised to redefine the clean energy experience for consumers.
About Mona Lee
Mona Lee is a Boston-based startup co-founded by Walid Halty, an ex-Tesla employee. The company is focused on making solar installation affordable and hassle-free for homeowners. With its AI-powered design and buying experience, Mona Lee aims to simplify the process of purchasing and installing a complete solar panel system–enabling every home to fulfill its own energy needs, while contributing to a more sustainable future.
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