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STARTUPS

UK’s CMR Surgical bag €154.7M for future growth as flagship Versius surgical robot exceeds 15,000 surgeries.

by Alex Turner
written by Alex Turner

Cambridge-based surgical equipment startup CMR Surgical raised €154.7 million in new investment. The funding round included Ally Bridge Group, Cambridge Innovation Capital, Escala Capital, LGT, Lightrock, RPMI Railpen, SoftBank Vision Fund 2, Tencent, and Watrium.
The company said the Versius Surgical Robotic System has performed over 15,000 procedures worldwide. The surgeries include difficult hernia repairs, colectomies, hysterectomies, sacrocolpopexies, and lobectomies.

The Versius limited-access surgical system is tiny and adaptable. When it reached €938.6 million in 2019, CMR became a unicorn.

Versius has performed many procedures in hospitals worldwide. Royal Papworth Hospital, NHS Foundation Trust, and Klinikum Chemnitz GmbH are examples.

CMR Surgical plans to use the new cash for product innovation and technology. The corporation wants to sell Versius in new places.

Positive Health Institutions Response

Versus using health institutions and CMR surgical officials like the MAS system.
“Versius fits our needs as a world-leading thoracic surgery department. Adam Peryt, consultant thoracic surgeon at Royal Papworth Hospital, says they have helped patients benefit from robotic-assisted surgery. They look forward to developing their robotics program with CMR and other centers worldwide as Versius is adopted.

CMR Surgical CEO Supratim Bose says, “I am incredibly proud of our teams and what CMR stands for as we pass this latest milestone and work towards our vision of making minimal access surgery available to everyone.”

“MAS has huge benefits for patients, and I am excited to see Versius being adopted around the world and the positive impact it is having on hospitals, surgeons, and patients,” says Bose.

About CMR
Cambridge-based CMR Surgical (CMR) is changing surgery with its next-generation surgical robot, Versius.

Since 2014, CMR has worked with surgeons, surgical teams, and hospitals to make MAS inexpensive and accessible. Versius is popular in the UK, Europe, Latin America, the Middle East, Asia, and Africa.

CMR wants to change surgical robots with Versius’ evidence-based technologies and data.
CMR, a Paralympics GB Official Medical Device Partner, revolutionizes surgical robots. The company supports paralympians with medical accuracy and control. This agreement supports CMR’s goal of making MAS inexpensive and accessible to everybody.

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STARTUPS

Bean Box is the latest startup using crowdfunding as it looks to charge up a coffee subscription service.

by Alex Turner
written by Alex Turner

The Pacific Northwest startup sector is chronicled in-depth by GeekWire’s startup reporting. Another Seattle coffee startup hopes to use crowdfunding to create awareness.

This week, the coffee subscription service Bean Box started a crowdfunding campaign on StartEngine, and it quickly garnered more than $30,000.

Non-accredited investors can now purchase shares in new companies in their early stages thanks to the equity crowdfunding platform. Regulation crowdfunding, a framework that provides small businesses and startups the chance to generate finance by selling their firm’s shares to the public through online platforms, is allowed under rules adopted in 2016 and is in effect when the company was founded.

A month after Seattle-based Artly, a firm that makes coffee robot baristas, started trending on StartEngine for its crowdfunding campaign, Bean Box launched its . The amount raised exceeds $1.1 million. Tokki, American-Made Amaro, and Green Canopy Node are three further Seattle-based firms experimenting with equity crowdfunding.

According to Bean Box CEO Matthew Berk, the decision to employ crowdsourcing came as traditional venture capital shifted away from consumer-focused investments and focused more on newer technology, such as artificial intelligence.

“As venture shifts their focus of opportunity toward new tech or new opportunity, those who have longevity in a particular space like e-commerce or food tech need to think about other forms of liquidity and capital,” he said on Wednesday to GeekWire.

According to Berk, crowdfunding also benefits the company’s clients from its growth.

According to him, the philosophy behind direct-to-consumer marketing is to interact directly with a broad audience through your product. “A portion of the product we offer is indistinguishable from the company we are building,” he stated. Our guiding principle is to encourage community involvement.

In 2021, the nine-year-old business raised $2.4 million in a Series A investment after $3.2 million in seed funding. Along with several family offices and angel investors, it has the support of Seattle-based VC company Ascend.

According to Berk, the company has not faced opposition from current investors over dilution or required disclosure obligations.

The company’s financials are made public thanks to the crowdfunding effort. Last year, subscription income from Bean Box reached about $11 million, an increase of 26% from the year before. It generated $2.1 million in wholesale sales in its first year, including placement in 3,400 outlets.

The company recorded a net loss of more than $4 million and a cost of goods sold of $5.3 million.

According to Berk, the business would devote resources to increasing its subscribers, utilizing wholesale as an entry point for luring in new clients.

We have already made infrastructural investments, Berk stated. “The purpose of this fundraising is to increase audience engagement, increase lifetime revenue, and scale the business in that regard.”

According to the business, its valuation is $54 million.

The campaign for Bean Box, which ends on December 18, had a $1.23 million fundraising target. Investors who want to buy in must put up at least $497.80 toward selling 471,373 shares.

The 14-person business was established in 2014 by Berk and Ryan Fritzky to make high-quality, small-batch coffee products more widely available at home. By selecting coffees that suit clients’ preferences using human and algorithmic methods, the business aims to spread cafe culture.

According to Berk, the business has developed its software stack to enhance product suggestions and deliveries. The strategy is comparable to that of wine subscription service The Waves, which created its algorithms to improve wine pairing recommendations.

Startups could not raise equity from non-accredited investors before the JOBS Act in 2012. The bill aimed to democratize venture capital investing by enabling regular Americans to finance early-stage businesses.

The bill took four years to become law. The Securities and Exchange Commission established several precautions, including the need that companies use SEC-approved platforms, raise a maximum of $5 million annually, cap the ownership interest of non-accredited investors, and disclose financial information.

Crowdfunding for equity got off to a slow start. It has gained momentum, though, with StartEngine alone stating that its platform raised more than $189 million in 2022.

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STARTUPS

Meet the Black Woman Whose AI No-Code Tools are Helping Black and Brown Entrepreneurs

by Alex Turner
written by Alex Turner

TKC Incorporated’s creator and CEO, Angela Heath, joyfully announces the release of AI Biz Generators and SmartBots. These cutting-edge, user-friendly artificial intelligence tools are designed to empower solopreneurs and microbusiness owners to take advantage of the capabilities of artificial intelligence (AI) to gain data-driven insights for strategic planning, optimize operations, and unlock rapid growth.

They are combined with business training. Angela cleverly used no-code AI platforms to create TKC Incorporated’s ground-breaking solutions without technical training. Even for those without computer experience or understanding, these advances give Black and Brown small business owners simple-to-use business help.

Angela admits, “It saddened me to witness people of little means struggling with the complexities of launching their ventures. I counseled several aspiring entrepreneurs. Many people struggled to understand basic business concepts for months due to the overwhelming situation. Tragically, a large number gave up on their business ambitions.

A startling 96% of Black-owned businesses are sole proprietorships or non-employer firms. This contrasts sharply with the 80% observed in the small business ecosystem. “The AI Biz Generators prove we can tap into AI’s disruptive potential. Heath emphasizes that the advantages enjoyed by more established businesses are replicated for solopreneurs through these tools, Heath emphasizes. These advantages include efficiency, automation, and cost savings.

By entering a few keywords, AI Biz Generators work as user-friendly templates that lead users through crucial business operations like strategy formulation, market research, and brand extension. Specialty, customized bots give organizations a specific way to improve their lead generation, customer service, and training initiatives.

Angela’s mission is to democratize access to AI to break down the obstacles that have historically kept varied business owners on the outside of technological advancement. She was steadfast in her quest to create user-friendly and non-intimidating tools because she understood the anxiety many people felt.

According to this statement, future businesses will be based on automation and artificial intelligence. I aim to give every Black and Brown entrepreneur the resources they need to get started and succeed. I keep saying, ” Either incorporate AI into your company today or prepare to shut down tomorrow,” says Heath.

ABOUT

TKC Incorporated, a College Park, Maryland-based speaking and training organization that targets the changing nature of work and entrepreneurship, was established by Angela Heath. TKC Incorporated is dedicated to ensuring that AI technologies are available, easy to use, and affordable. The company is firmly devoted to leveling the playing field for single knowledge-preneurs.

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BUSINESS

SambaNova Unveils New AI Chip, the SN40L, Powering its Full Stack AI Platform

by Sophia Nguyen
written by Sophia Nguyen

SambaNova Systems, developers of the only full-stack AI platform, introduces the SN40L, a groundbreaking chip. With its groundbreaking new design, the SN40L will power SambaNova Suite, a full stack large language model (LLM) platform, with dense and sparse computing and huge and fast memory. It is truly an “intelligent chip”.

The TSMC-made SambaNova SN40L can serve a 5 trillion parameter model with 256k+ sequence length on a single system node. This is only achievable with an integrated stack, which is much better than previous state-of-the-art processors and enables higher-quality models, faster inference and training, and cheaper total cost of ownership.

“Today, SambaNova offers the only purpose-built full stack LLM platform — the SambaNova Suite — now with an intelligent AI chip; it’s a game changer for the Global 2000,” said co-founder and CEO Rodrigo Liang. “We can now address more memory with the smartest compute core on one chip, enabling organizations to capitalize on pervasive AI with their own LLMs to rival GPT4 and beyond.”

The new chip is part of SambaNova’s full-stack LLM platform, which answers enterprises’ greatest generative AI challenges: “We’ve started to see a trend towards smaller models, but bigger is still better and bigger models will start to become more modular,” said SambaNova Systems co-founder Kunle Olukotun. Customers desire an LLM with the strength of a trillion-parameter model like GPT-4 and the benefits of a data-tuned model. Our most powerful AI chip, the SN40L, coupled into a full stack LLM platform, lets users run the largest LLMs with improved training and inference performance without losing model correctness.

The SN40L powers the SambaNova Suite:

On one system node, SambaNova’s SN40L can service a 5 trillion parameter model with 256k+ sequence length. This allows higher-quality models, faster inference and training, and cheaper TCO.
Companies can quickly search, analyze, and generate data in multimodal LLMs with larger memory.
Due to LLM inference efficiency, AI models have lower TCOs.
The LLM platform is fully modular and extensible because SambaNova’s team considered customers’ AI implementation challenges, such as training and inference costs, sequence length limitations, and LLM speed (or latency), after six years of engineering and customer feedback. Customers can incrementally add modalities, knowledge, and model parameters up to 5T without affecting inference performance.

The SN40L chip from SambaNova is unique. It accesses HBM (High Bandwidth Memory) and DRAM from a single chip, allowing AI algorithms to choose the best memory for the task and access much more than otherwise. The chips also use SambaNova’s RDU (Reconfigurable Data Unit) architecture to run sparse models more efficiently using smarter computation, said IDC Research Vice-President, Performance-Intensive Computing Peter Rutten.
New SambaNova Suite models and features:

Llama2 variations (7B, 70B): state-of-the-art open-source language models that let users adapt, expand, and run the best LLM models while retaining ownership.

BLOOM 176B: the most accurate open-source, multilingual foundation model, allowing users to solve more problems with various languages and adapt the model to include additional, low-resource languages.

A novel vector-based retrieval embedding methodology allows clients to embed their documents into vector embeddings that may be retrieved during Q&A without hallucinations.

LLMs evaluate, extract, and summarize results.
The world’s best automatic speech recognition model for voice data transcription and analysis.

Additional multimodal and lengthy sequence duration capabilities.

Inference-optimized 3-tier Dataflow memory systems for unmatched bandwidth and capacity.

“Recent breakthroughs show that AI can rapidly improve our lives and businesses. GV General Partner and SambaNova Series A Board Director Dave Munichiello stated the Fortune 1000 wants predictability, dependability, and enterprise-grade availability, not just a new capability. “SambaNova’s announcement today underscores the company’s commitment to providing reliable access to best-in-class open-source models on top of world-class systems, putting customers in control of their models, data, and compute resources.”

About SambaNova Suite

SambaNova Suite is the first enterprise and government-optimized full-stack, generative AI platform from chip to model. The clever SN40L chip powers the SambaNova Suite, a fully integrated platform supplied on-premises or in the cloud with state-of-the-art open-source models that can be quickly and securely fine-tuned using client data for improved accuracy. Customers own generative AI models forever after adapting them with customer data, making it one of their most valuable assets.

SambaNova Systems

Customers use SambaNova to deploy cutting-edge generative AI in the enterprise quickly. Our purpose-built enterprise-scale AI platform powers next-generation AI computing.
Industry leaders, including Sun/Oracle and Stanford University hardware and software design professionals, launched SambaNova Systems in Palo Alto, California, in 2017. SoftBank Vision Fund 2, BlackRock, Intel Capital, GV, Walden International, Temasek, GIC, Redline Capital, Atlantic Bridge Ventures, Celesta, and others are investors.

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Entrepreneurial Mindset

Unlocking opportunities: DNNL’s Launchpad paves the way for inclusive entrepreneurship

by Ava Robinson
written by Ava Robinson

Life has altered drastically thanks to startups. Startups have changed everything from how we meet people, order goods online, travel around, and buy medicines.

Startups claim to improve our lives and change representation compared to major companies.
Big companies are progressing more with diversity and inclusion than startups whose leadership fits cultural standards.

Representation has declined in the Dutch tech sector compared to the European tech environment, making it harder to find diverse leaders.
The Dutch New Narrative Lab (DNNL) improves diversity and inclusion (D&I) in the Dutch entrepreneurial ecosystem.

A Diversity Exploration by the Dutch Ministry of Economic Affairs and Climate (EZK) led to the DNNL.

In response to a 2020 article on boardroom racism, Ruben Brave, a serial tech entrepreneur, investor, and multi-board member, was asked how the government could improve diversity and inclusion (D&I) in innovative entrepreneurship, including startups, scale-ups, and corporate ventures.

Although Brave expected 20 conversations, this exploration involved “more than 350 personal and intense conversations.”

“These conversations included not only people from diverse ethnic backgrounds but also women from non-traditional backgrounds, LGBTQ+ people, disabled people, and people with diverse talents and perspectives,” he says.

These interactions yielded numerous proposals to harness entrepreneurial talent and improve finance access.

Brave shows that capital includes cultural capital (language skills needed for financing applications), symbolic capital (access to greater visibility and recognition for achievements), and social capital (access to networks with new resources and knowledge).

Surprisingly, the government has alleviated the Dutch tech ecosystem’s diversity gap.

It does it by building a data infrastructure to measure talent exclusion and empowering individuals to take the initiative.

To promote equity and opportunity, Brave states, “The exploration underscored the need for greater transparency in tracking progress toward D&I within organizations, particularly those receiving public funds and government support.”

Dutch D&I in Digital Benchmark 2023 shows how firms and the Dutch ICT sector have done little to improve diversity and inclusion.

The benchmark is enlightening since Dutch tech women fell by two percentage points from 38% in 2022 to 37% in 2023.

The fact that only 25% of managers included D&I objectives or KPIs in their performance measurements suggests that this area needs a comprehensive overhaul.

Brave attributes the benchmark report’s representation decline to implicit prejudice in decision-making, culture, and underrepresented groups’ retreats.

While hiring practices, educational gaps, company traditions, and non-representative leadership can be addressed, Brave worries about the “non-inclusive narrative around innovative entrepreneurship which leads to retention challenges, gender disparities and disconnects between networks of groups within society.”

Thus, DNNL is boosting access to creative entrepreneurship for all underrepresented groups in Dutch companies and tech.

“DNNL’s mission is rooted in recognising the innovative power of diversity and inclusion,” Brave says.

Innovation challenges like Deloitte Fast 50 Rising Star, ESDP Innovation Challenge, Women of the Future – 50 Rising Stars in ESG in London, Impactful Grower Award NLGroeit/Erasmus University – Top 250 Growth Companies 2023, Women in Tech Awards Europe 2023, SheLeads 2023, and Amsterdam Science & Innovation Award raise awareness of underrepresented groups.

Brave says, “These challenges provide a platform for showcasing the work and innovations of diverse entrepreneurs.”

DNNL’s entrepreneurship lab mentors develop, valorize, and match investment for minority founders’ ventures.

The project hosts DNNL conferences to connect stakeholders and share inspirational entrepreneurship.

It engages with the OECD to use underrepresented founder feedback to identify ecosystem constraints and inform policymakers at various levels.

Brave claims that DNNL’s multi-pronged strategy and partnership with many stakeholders and organizations help underrepresented groups in the Dutch startup and tech ecosystem find opportunity, exposure, and inclusivity.

From seed capital regulation to inclusive procurement legislation to a national action plan for inclusive entrepreneurship, DNNL wants substantial changes to benefit disadvantaged groups.

DNNL Launchpad, a 12-week pre-accelerator program in Amsterdam, is its latest step.

DNNL Launchpad comes when it’s clear that only a handful can succeed in the Netherlands or Europe.

“Given the large number of economic, environmental, and social challenges we face today, we simply need more people to be able to get access to the resources they need to help solve them,” says Entrepreneurship Lab & Launchpad Director Kimberly Ofori.

According to Dutch New Narrative Lab partner Ofori, a vast pool of untapped potential and talent comprises the most resilient founders, a vital characteristic for any creator.

Unlike Silicon Valley’s unicorn model, the Launchpad will make entrepreneurs and their firms into camels, which can survive harsh conditions.

Ofori states, “Startup camel enterprises offer businesses in all industries and sectors valuable lessons on how to survive and grow in adverse conditions.”
She says they use balanced growth, a long-term view, and diversification in the business strategy.

Ofori said DNNL Launchpad will focus on entrepreneurs with compelling business cases, working business models, autonomous sales, and revenue-first models as a traction-driven accelerator.
She says our concept is to let your clients be your first investors.

The Launchpad will also house entrepreneurs who chose entrepreneurship “to solve a bigger problem that has affected them personally.”

“We [DNNL] believe,” Ofori explains, “strong founders build strong businesses.” She believes the Launchpad would tightly focus on the founder’s journey through developing personal and entrepreneurial skills.

The initiative will help selected innovators sharpen their proposition, scale, and grow revenue.

It’s difficult, but Ofori says the response has been “overwhelmingly” good.

She explains, “Most startup operators recognise the gap we are looking to fill, and we have already been approached by other accelerators to discuss collaborations.”
She adds that founders have largely liked the program’s revenue-first approach and high-quality support while building on their terms.

Ofori will address entrepreneurs’ questions in a 15-minute intake before they apply to Launchpad to make the process easier.

After a formal application, selected founders are invited for a final interview. Ofori says they’re accepting founders on a rolling basis through September 22, 2023.

Ofori prioritizes founding team diversity in Launchpad businesses.

She claims they have monitored established startup environments like the US and found that diverse teams beat non-diverse teams almost everywhere.

DNNL considers gender, cultural background, work and life experience, physical abilities, and more.

She explains, “Diverse teams will solve problems that affect a larger group of the population because they represent them, and all these different perspectives on how to make things better for everyone.”

DNNL examines each founder’s biography, background, and uniqueness to achieve this diversity goal.

“Within their teams we will look for alignment in vision and purpose but coming from different backgrounds and what makes them uniquely qualified for their roles,” she adds.

Ofori wants everyone to know that DNNL Launchpad can build the businesses the world needs together.

She wants to hear from founders of a more-than-profit firm with a distinctive founder story, scaleable impact, and a desire to build their business on their terms for the long run.

DNNL Launchpad applications are open until September 22, and the selected entrepreneurs will be announced on September 29.

The bi-weekly live days, expert sessions, and events of DNNL Launchpad begin on October 5. The first strategy expert day is October 12; the funding is November 2.

On November 23, the last expert day will cover growth and scaling, followed by demo day on December 7.

DNNL will support go-to-market strategy and investor negotiations till early next year.

Ofori plans to run another large cohort in 2024 and two cohorts yearly from 2025 as the first cohort nears announcement.

At present, DNNL is simply interested in investor relationships and dialogues. DNNL is considering directly funding Launchpad cohorts in the future.

DNNL is preparing previously overlooked high-potential founders for growth through the Launchpad.

Ofori claims this project will diversify investor pipelines with high-potential businesses, enabling later-stage accelerator programs with more diverse founders and startups.

She thinks the Launchpad boosts the Dutch economy by creating jobs and offering more solutions that help us and future generations.

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STARTUPSYoung Business Leaders

German fintech Tilta bags €30M to address the working capital gap in B2B transactions

by Alex Turner
written by Alex Turner

Berlin fintech business Tilta received a €30 million loan facility from Fasanara Capital. It plans to use the financing arrangement to bridge B2B working capital gaps.

The fintech company can finance €250 million in B2B transactions annually with the debt facility.

Tilta looks forward to helping customers and sellers get paid immediately and risk-free.

“We are thrilled to partner with Fasanara to provide access to a previously inaccessible asset class of short-term, small ticket, and highly liquid B2B receivables,” says Tilta co-founder Christoph Nicola

Fasanara Capital CEO Francesco Filia says, “In today’s challenging macroeconomic environment, in-context financing solutions that can support the transition of B2B transactions from offline to online and solve the inherent working capital gap are essential”.

Filia says Fasanara is impressed with the Tilta Team’s tech-driven white-label approach to embedded credit risk assessment and business transaction financing and advancement.

“We are happy to partner with them in closing the working capital gap for SMEs in online business transactions,” he says.

The firm raised €4M in startup funding in May 2023.

The €1.1T European B2B market is currently too unrefined for such markets. Businesses and clients still transact via phone, fax, or sales meetings. These behaviors squander money and time.

Rising interest rates and inflation exacerbate these difficulties. This causes additional payment delays and longer durations.

As operating cash flows dwindled, banks curtailed credit to European SMEs.

“With 1 in 4 businesses closing due to liquidity constraints, the working capital gap remains the biggest challenge for European SMEs,” Nicola explains.

Tilta helps B2B and SME marketplaces. Credit-backed payment infrastructure is Tilta’s solution. The technology lets B2B merchants and marketplaces offer in-context purchase financing.

Transaction process features include legislative framework, money access, seamless working technology, and risk hedging.

Businesses ordering online can have clear individual credit lines with the infrastructure. The infrastructure allows installment payments over 30, 60, or 90 days.
Tilta’s white-label solution covers transaction aspects with one API integration.

The marketplace vendors receive their risk-free sales revenues immediately.

Customers get more value from marketplaces. Marketplaces can expand their revenue streams by selling financial services.

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BUSINESSBusiness PlanningLeadership and ManagementStartup Successes

Rapper Akon is Building a Black-Owned Futuristic City With Its Cryptocurrency

by Sophia Nguyen
written by Sophia Nguyen

Akon, a Grammy-nominated, multi-platinum-selling artist and philanthropist, is constructing a pioneering, entirely cryptocurrency-based city in Senegal, West Africa, where his digital cash currency, AKoin, will be the only means of exchange. Only 5 minutes away from the nation’s brand-new international airport, President Macky Sall of Senegal gave him 2,000 acres of land to build the cutting-edge city. Black leaders have been discussing building their communities and economies for years, and now Akon is finally stepping up to the task.

The Issue

Young African entrepreneurs experience significant challenges when starting and growing their businesses—issues that have historically impeded sustained success. They also encounter similar challenges that prevent successful entry and acceptance of foreign businesses on the continent.

Despite the advancements in smartphone and internet technologies, most Africans under 25 still have limited access to global innovation and possibilities. African entrepreneurs’ main problems are the absence of financial facilities, inflation, and unstable currencies. Difficulties hamper growth in trade and money movement, and there is an urgent need for access to chances for earning money.

The Answer

By developing a stable currency and cutting-edge, profit-generating opportunities that encourage and support youth entrepreneurship, economic stability, and growth throughout Africa and the rest of the world, the AKoin Ecosystem helps the world’s greatest rising economy realize its full potential.

Akon, who has Senegalese ancestry, says: “I think that blockchain and crypto could be the savior for Africa in many ways because it gives the power back to the people and restores security to the currency system, and it also allows the people to use it in ways that they can advance themselves and not allow the government to do those things that are keeping them down.”

Not his first original thought

Akon has long been a leader in social change and a visionary. He successfully established and expanded Akon Lighting Africa in 2014 to offer scalable solar power solutions throughout 18 nations in Africa as of this writing. One hundred thousand solar street lamps have already been produced as part of that project, which aims to provide electricity to 600 million Africans.

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Entrepreneurial MindsetSTARTUPS

Spain-based IOMED secures €10M to expand its AI-driven healthcare data solutions.

by Alex Turner
written by Alex Turner

Located in Barcelona, IOMED, a startup that employs artificial intelligence (AI) to extract healthcare data from hospital data sources, announced on Wednesday that it has obtained €10 million in capital as part of a Series A fundraising round.

IOMED has also revamped its brand image to reflect the firm’s maturity, an approach driven by innovation, and a continual commitment to excelling in the healthcare field.
Philips Ventures and XTX Ventures, the venture capital arm of the algorithmic trading startup XTX Markets, were the primary contributors to this round of funding.

Other participants in the round were Fondo Bolsa Social, Redseed, Adara Ventures, and EASO Ventures.

In addition, IOMED was awarded a grant from Red.es for one million euros to fund AI research and development in healthcare data analysis.

Utilization of Capital: IOMED asserts that it will put the funds to use in worldwide expansion, improvement of its market position, and the creation of growth-oriented, sustainable business models within the healthcare technology industry.

Gabriel Maeztu, co-founder, Chief Technology Officer, and Chairman of the Board of IOMED, states, “The lack of structured and standardized data in the healthcare sector has been a significant obstacle in its development for many decades.” The most recent advancements in artificial intelligence will be the reason why medicine has reached a turning point in its history.

In addition, Javier de Oca, co-founder and Chief Executive Officer of IOMED, states, “At ,IOMED, our mission is to be the catalyst that drives a better future for the healthcare ecosystem through the application of Artificial Intelligence.”

IOMED has strengthened its leadership team by adding experts such as Pedro Cladera (Chief Corporate Officer) and Montserrat Roura (Chief Sales Officer), who bring experience from KPMG, Vueling, and Novartis.

This strategic move will help IOMED’s growth ambitions as the company advances in the healthcare technology industry and extends its footprint in the market.

A Concise Overview of IOMED In 2016, Alvaro Abella, Gabriel de Maeztu, and Javier Oca laid the groundwork for what would become IOMED.
The business creates AI-powered technology for activating healthcare data, which uses Natural Language Processing to extract useful information from structured and unstructured sources, including human records.

Following this step, the data is transformed into the OMOP Common Data Model before being saved using the Federated Data Model within the systems of the hospitals. This enables full healthcare data interpretation and stimulates collaboration among various healthcare stakeholders, providing current, high-quality, real-world data for various applications in the healthcare industry.
The company’s mission statement is as follows: “Our aspiration is to become catalysts for change and achieve more individualized and effective healthcare.” In this approach, we work incredibly hard to make medical information accessible and helpful to the community.

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Entrepreneurial MindsetYOUNG ENTREPRENEURS

Black-Owned Agency In Houston, Texas Writes Over 16,000 Affordable Health Insurance Policies in One Year.

by Alex Turner
written by Alex Turner

The Real Insurance Lady, a health insurance firm owned by a Black family and headquartered in Houston, Texas, is celebrating the fact that it has written more Obamacare policies than any other insurance company in the entire country. Shaughnna Blackmon is the company’s founder and chief executive officer. Shaughnna has been a licensed agency for the past eight years, and she has recruited the members of her immediate family who are closest to her to assist her in building what is now an enterprise worth several million dollars. Together, they travel nationwide in search of uninsured families to assist.
There are around 30 million people in the United States of America who do not have health insurance and run the danger of experiencing a severe financial setback if they become ill or injured. Because the team at The Real Insurance Lady is aware of this, substantial action has been taken. Their innovative approach to running a business is predicated on providing medical treatment to patients in their homes.

The company maintains many automobiles and recreational vehicles (RVs) that are staffed with employees who go from large cities to smaller areas to meet customers where they are. They assist individuals in submitting their applications for health insurance by going door-to-door in residential neighborhoods, meeting people in front of grocery stores and gas stations, and attending community events.
Less than fifteen minutes is all it takes for their health insurance agents to assist individuals, couples, and families in obtaining coverage for medical, dental, and vision expenses. Because of the Affordable Care Act, a remarkable 95% of their applicants can now qualify for a health insurance plan with a monthly premium of zero dollars. The Real Insurance Lady employees make a determined effort to close the gaps in the nation’s healthcare system. They do this by expanding access to and awareness of health insurance plans offered by the marketplace in underserved communities with low incomes.

Shaughnna observes: “With each passing day, we are getting closer and closer to our goal of making healthcare accessible to absolutely everyone.” People are enjoying longer, healthier lives as a direct result of our work.

Currently, her business offers health insurance policies to customers in Texas, Oklahoma, Louisiana, Alabama, Mississippi, South Carolina, and North Carolina. She will launch new operations shortly in Georgia, Florida, Tennessee, Virginia, Ohio, and Maryland.

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STARTUPS

Meet the Black Entrepreneur Who Owns 15 Ben & Jerry’s Ice Cream Stores

by Ava Robinson
written by Ava Robinson

A seasoned entrepreneur from North Carolina named Antonio McBroom has turned his passion for ice cream into a spectacular story of financial success thanks to his own ice cream shop. He started working as a scooper at a neighborhood ice cream shop, but today, he owns 15 Ben & Jerry’s locations across several different cities. This makes him the first person in the company’s history to hold the position of CEO of a multi-unit franchise group that is both Black-owned and led.

When Antonio was still in school, he started working as an ordinary employee at Ben & Jerry’s. This was the beginning of his adventure with the company. Moving forward in time to only a few days before Antonio was scheduled to graduate from college, he took a risk. He purchased his first Ben & Jerry’s store in Chapel Hill, North Carolina, which was an instant success.
Since then, he has grown his business to encompass 15 sites across Georgia, Texas, North Carolina, Florida, and Washington, D.C.

“I’m an ice cream connoisseur,” he declared to Spectrum Local News. “That was the primary factor in my decision to accept the position. My first job was as a scooper when I was a student at the University of North Carolina, and one of the bonuses of working there was that I got a free milkshake as my first item on the menu. Because of this, I have continued to use it ever since.”

But Antonio’s adventure isn’t over after he finishes his ice cream. In addition to that, he is the proprietor of a Starbucks franchise located in the southeast. Working with Ben & Jerry’s allowed him to come closer to his lifelong goal of becoming an entrepreneur, which he had always envisioned for himself.

It is a source of tremendous pride for Antonio to give back to the community, just as others have helped him. He leads a committed team that donates a portion of Ben & Jerry’s income from each of its 15 locations to assist new and burgeoning businesses that people of African descent own.

“Small businesses have a heartbeat for the community, and we’re plugged in in a way that a lot of large corporations can’t,” was what he had to say about it. “I’ve always been a supporter of local businesses, and I find that running my own small company gives me a lot of satisfaction.”

Being a Black entrepreneur comes with several obligations, one of which is simply demonstrating to others what is achievable. “I know that a lot of people growing up don’t see cases of Black excellence, and so for me to be a model, an example for folks in my community of just what is possible,” he continued. “For me to be a model, an example for folks in my community of just what is possible.”

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