Rising Tide Newsletter | Year-To-Date: 2024

Dear Esteemed Partners and Friends:

Welcome to Rising Tide's 2024 Year-To-Date newsletter, where we discuss the links between financing from venture capital and the capacity to add value and shape the future. The portfolio has performed well, and grown steadily, and—perhaps most importantly—we are grateful for our limited partners' faith in us. We hope you will enjoy this report, and as always, please send us your suggestions at [email protected]. We also encourage you to visit our social media site – Linked-in here; which showcases the power of entrepreneurial ideas and investments in talent and technology.

PORTFOLIO OVERVIEW

2024 has been a promising year - as exciting, and progressive as one would hope. Funds raised this year by portfolio companies total nearly $1.4 billion to accelerate growth, and strategic partnerships with the world-leading companies helped as usual on several fronts, including business expansion and global access to their innovative value propositions.

Some of the stories in this newsletter explain why the world's top airlines use Twelve's E-Jet? fuel, how the US Space Force and U.S. Space Command are collaborating with Astranis, the manner GROBiosciences is revolutionizing protein therapeutics, and more. Also, learn about Unnatural Products' research collaboration with Merck, how Ayar Labs is working with GlobalFoundries to develop the next-gen silicon photonics process, why former London Stock Exchange Group and Swiss Exchange senior individuals joined OneChronos as part of its European expansion, how ALICE Technologies is working with Andrade Gutierrez to optimize industrial construction in Latin America, videos covering a variety of subjects, including the Centro Nazionale di Adroterapia Oncologica (CNAO), which is constructing the world's only center dedicated to treating the most challenging tumors in collaboration with TAE Life Sciences, OmniVu Intraocular Lenses (IOL) system from Atia Vision, which shows good visual acuity and stability after a year, and Aspect Biosystems named Company of the Year by Life Sciences BC.

PORTFOLIO FINANCING

Twelve Announces $645 Million in Funding to Transform CO2 into Jet Fuel and E-Chemicals at Scale

‘Twelve can make it from air if it's made of oil.’ Congratulations on the $645 million Series C financing, Nicholas Flanders and the team. The funding accelerates Twelve’s goals of de-fossilizing manufacturing processes, focusing first on emissions generated by aviation. This includes the completion of AirPlant? One, Twelve’s inaugural sustainable aviation fuel (SAF) plant located in Moses Lake, Washington, which is expected to begin production in 2025. AirPlant One is the first of many facilities throughout the country to make E-Jet? fuel, using the company’s patented technology to produce SAF derived from biogenic CO2, water, and renewable energy sources, which achieves lifecycle emissions up to 90% lower than conventional fossil jet fuel. More here.

Astranis Raises $200 Million Series D, Fully Funding Omega Development Program

Astranis has raised a $200 million Series D bringing total capital raised to $750 million, and gets the company one step closer to launching 100 MicroGEO satellites by 2030 — and connecting millions to affordable Internet. The company unveiled its Omega satellites, which will offer more bandwidth capacity, earlier this year, the film is found here. This project is fully funded by the new funding. Visit here.

Aspect Biosystems Announces $200 Million Partnership, Advances Bioprinted Tissue Therapeutics

Congratulations to Aspect Biosystems on the establishment of a biomanufacturing facility and the announcement of a $200 million partnership with the governments of British Columbia and Canada to promote the development of bioprinted tissue therapeutics. This project will leverage Aspect’s landmark $2.7 billion partnership with global healthcare leader Novo Nordisk (NYSE: NVO) in diabetes and obesity as well as accelerate Aspect’s internal therapeutic pipeline for other serious metabolic and endocrine diseases, including liver disease. At Rising Tide, we are proud of CEO Tamer Mohamed and his exceptionally skilled team that is transforming how we treat disease. Visit here.

Enable Announces $135 Million Series D Raise Extension at $1.13 Billion Valuation

Enable announced it has closed an extension on its Series D raise, taking them to $135 Million and a $1.135 Billion valuation. CEO Andrew Butt and his team have done a fantastic job of transforming rebates into a growth engine for businesses all around the world. We are looking forward to continuing to partner with the talented team in their next phase of growth.?Visit here.

Ledger Investing Closes $100 Million Casualty Sidecar with Global Reinsurer

Ledger Investing, a marketplace that connects insurance risk to capital, announced the successful funding and launch of a new casualty sidecar facility. This sidecar will provide up to $100 million in capital on a quota share basis to support a global reinsurer's casualty reinsurance business over three underwriting years. Huge congratulations to Aymeric Rabot, Julien Brissonneau, Samir Shah, and the whole Ledger team. More here.

GRO Biosciences Closes $60M Series B Financing, Redefines Protein Therapeutics

It has been an amazing journey working with Dan Mandell and his brilliant team, from the spinout from Harvard Medical School geneticist George Church's lab to surpassing its Series A milestones to the $60 million Series B funding. GRO Biosciences achieves our investment goal of a double bottom line. The proceeds are to advance the clinical development of the lead program for gout, broaden the Company’s pipeline, and expand its genomically recoded organism platform. Visit here.

Unnatural Products Announces $32 Million in Series A Funding Co-Led by Merck Global Health Innovation Fund

Congratulations to Cameron Pye and Joshua Schwochert and the talented team at Unnatural Products (UNP). The Rising Tide portfolio company announced that it has secured a $32 Million Series A round, which is co-led by global pharmaceutical company Merck (NYSE: MRK). Dedicated scientists and engineers make up UNP, which was founded by the pioneers of the macrocycle movement, whose research revealed the mechanisms underlying nature's macrocycles. Visit here

PORTFOLIO WINS

Twelve's Leadership in Power-to-Liquid SAF Advances Sustainable Aviation with SABA Win

The Sustainable Aviation Buyers Alliance (SABA) announced the largest-ever collection of deals to purchase high-integrity SAF certificates (SAFc). Over five years, companies including AstraZeneca, Autodesk, Bain & Company, BCG, Deloitte, JPMorgan Chase, Live Nation, McKinsey & Company, Meta, Morgan Stanley, Netflix, Novo Nordisk, Samsung Biologics, Watershed, Workday alongside SABA founding organization RMI, have committed to channel close to $200 Million into purchasing SAFc — equal to about 50 Million gallons of high integrity SAF or 500,000 tons of abated CO2e. This is roughly equivalent to the emissions of 3,000 fully loaded passenger flights from New York City to London. Twelve will supply sustainable aviation fuel (SAF) certificates and is part of Twelve's efforts to advance sustainable aviation with its power-to-liquid (PtL) SAF, also known as E-Jet: More here. Video here.

Astranis Launching a Dedicated MicroGEO Communications Satellite for Argentina

Orbith, the largest satellite Internet service provider in Argentina, announced the acquisition of its first MicroGEO technology satellite from Astranis, whose launch is scheduled for 2025. Orbith today provides a variety of communications services for customers across Latin America: from hospitals to schools, to businesses, to consumers, and beyond. Orbith CEO Pablo Mosiul commented: “This dedicated MicroGEO communications satellite from Astranis will be a massive accelerator for our plans in Argentina. Having a satellite specifically tailored to our needs, and to the demand that we see from our customers in the country, is a massive competitive advantage that will help us expand our coverage across the country.” ?More here.

Astranis Partners with Thaicom to Provide Thaicom-9 Satellite over Asia

Astranis announced its 10th project: a new dedicated satellite for Thaicom, a leading Asian satellite provider. Thaicom has ordered a small geostationary satellite from Astranis for a launch in 2025 to provide broadband to some of the most remote and unconnected areas in Asia. Thaicom-9 would provide Ka-band broadband at 119.5 degrees East in geostationary orbit (GEO). Thaicom has four geostationary satellites in orbit today: Thaicom-4, -6, -7, and -8, providing a mix of broadcast and broadband services. More here.

Astranis Secures U.S. Military Contract for Satellite Upgrades

Astranis has won a $13.2 million contract to make its communications satellites compatible with military terminals. The contract is being funded through the Small Business Innovation Research (SBIR) program, with additional support from the?U.S. Space Command and the U.S. Space Force’s Space Systems Command. The funding will enable Astranis to add military Ka frequency compatibility to its next-generation Omega satellites. More here.

PARTNERSHIP NEWS

Unnatural Products Enters Research Collaboration with Merck

Unnatural Products (UNP), a biotech company pairing AI with chemistry to enable the next generation of molecularly targeted therapeutics, announced a collaboration with Merck, to apply UNP’s technology to design and develop macrocyclic candidates against an oncology therapeutic target. Under the terms of the agreement, UNP will receive an undisclosed upfront payment and will be eligible for milestone payments of up to approximately $220 Million associated with the development and commercialization of a candidate product. More here.

Ayar Labs Collaborating with GlobalFoundries, Developing the Next-Gen Silicon Photonics Process

GlobalFoundries (GF) announced?GF Fotonix, its next-generation, monolithic silicon photonics platform, at the Optical Fiber Communication (OFC) Conference. This is an exciting development for? Ayar Labs because, in addition to GF being a strategic investor, they were one of their earliest partners in developing this process. Seven years ago, Ayar Labs started working with GF to develop a method using high-volume manufacturing, high-volume process control, and existing CMOS materials to realize its vision for integrated photonics. Dr. Anthony J. Yu, VP of silicon photonics product management at Global Foundries examines Ayar Labs’ and GlobalFoundries’ long-term partnership, and how optical I/O unlocks the compute power necessary for AI and ML. More here.

Centro Nazionale di Adroterapia Oncologica (CNAO) Is Building the Only Center in the World to Fight The Most Difficult Tumors

TAE Life Sciences is developing cancer-killing radiation with cellular-level precision to treat patients with aggressive and refractory cancers. See the progress being made on the building that will house TAE Life Sciences' Alphabeam in the video below. On the roof of the extension, the installation of the systems is almost complete. Kudos to the talented TAE Life Sciences team, who are improving the lives of cancer patients. The company is thrilled to share its partnership with CNAO, bringing Boron Neutron Capture Therapy to cancer patients in Italy and beyond! Check out the video to see the fantastic progress on the facility that will house TAE Life Sciences' Alphabean. Watch the video here.

TAE Life Sciences Announces Distribution Deal with Radiosurgery Global

TAE Life Sciences announced the formation of its new commercial leadership team, dedicated to driving the company’s expansion across the Americas, APAC (Asia-Pacific), and EMEAI (Europe, Middle East, Africa, and India). With extensive experience and expertise in their respective markets, each member of this team will serve as the general manager for their region. With a focused goal of expanding the company’s global footprint, the commercial leadership team is poised to enhance market reach, foster strategic partnerships, and ultimately expand the number of Alphabeam BNCT installations at clinical sites worldwide. More here

Parade and Tai Software Partner to Bring Gen AI to Tai TMS Users

Parade announced the integration and new functionality of Capacity CoDriver, a leading generative AI tool that integrates seamlessly with Tai Software's Transportation Management System (TMS). This collaboration marks a significant milestone in the freight brokerage industry, setting new standards for operational efficiency and productivity across connected technology partners. Capacity CoDriver is designed to revolutionize the traditional freight brokerage workflow by tackling the challenges of email overwhelm and operational bottlenecks. More here.

Parade + McLeod Software Expand Partnership AI Capabilities

Parade delivers its latest innovation, Capacity CoDriver, as a new generative AI feature expanding upon Parade’s existing integration with McLeod Software's PowerBroker? TMS. This development represents an advancement in the freight brokerage industry, expanding the capabilities of Parade's and McLeod's collaborative technology. Building upon the digital freight matching infrastructure, this update aims to significantly boost the operational efficiency of both customer and carrier-facing teams within freight brokerages using large language models, setting a new productivity benchmark for operational excellence in freight management. More here.

ALICE Technologies Partners with Andrade Gutierrez to Optimize Industrial Construction in Latin America

ALICE Technologies Inc. ALICE has been chosen by Andrade Gutierrez S.A. to be used on its industrial building projects. The company is well known for its extensive portfolio of heavy engineering projects comprising over 1000 projects such as, the construction of dams, thermoelectric plants, highways, airports and railways, hydro plants, nuclear power plants, and mining. ALICE’s construction schedule optimization platform enables construction firms like AG as well as owners, and consultants worldwide to leverage AI to plan, bid, and build complex capital industrial, infrastructure, and commercial projects more efficiently and with reduced risk. The yearly total value of the global construction market is a staggering $12.1 trillion. More here.

PORTFOLIO NEWS

TAE Life Sciences Receives Acceptance Enabling the Start of BNCT Clinical Trials in China

TAE Life Sciences announced the successful completion of acceptance testing and regulatory registration inspection of its accelerator-based neutron beam system (NBS), marking a significant milestone in BNCT or Boron Neutron Capture Therapy global market adoption. Developed and manufactured in the United States, TAE Life Sciences’ NBS has met all specifications outlined by Neuboron Medical and the local regulatory body, enabling human BNCT clinical trials to begin this month in China. More here.

Former LSEG and SIX Senior Individuals Join OneChronos as part of European Expansion

Congratulations to OneChronos on their plans to expand into the European market for equity trading. OneChronos is a smart market, that aims to use mathematical optimization to match counterparties for institutional investors. It addresses the gap between how trading venues match orders and how traders need to execute. Over $60 Billion worth of institutional securities transactions have been made possible thus far by CEO Kelly Littlepage and his skilled team. A $40 Million Series B funding round was concluded by One Chronos. More here.

Enable: Transforming the Customer Journey

Enable’s most recent report, which was created in collaboration with Canalys, emphasizes how Enable propels 100% growth in rebate programs and millions in rebate return on investment. From realizing $2.5 million in savings from inefficiencies to boosting revenue by 40% year-over-year, the findings underscore the transformative impact of Enable’s platform. Enable is trusted by thousands of businesses throughout the supply chain. Download the report here.

OmniVu IOL System Shows Good Visual Acuity, Stability at 1 Year

There is a large unmet need for an IOL that provides visual correction, from distance to near, without the side effects of halos, glare, and difficulty seeing in dimly lit environments. Atia Vision aims to address the limitations of current solutions for cataracts, which affect?nearly 65 million people?worldwide and can lead to blindness if untreated. View the company's progress toward this ambitious goal in this video post. More here.

PRODUCT NEWS

Eridan Offers Tunability, Energy Efficiency, and Clean Signals for Private and Public 5G Networks

Eridan offers significant solutions in 5G small cells and massive MIMO, IoT, satellite communications, and more by combining 80 pounds of separate radios into a single device that is not much larger than a cell phone. It also makes connectivity fast, dependable, and reasonably priced everywhere. Find more here. Eridan was founded in 2013 in Santa Clara, CA to explore the idea of a polar transmitter built in Gallium Nitride. Stay tuned for their upcoming commercial product launch.

Exo Launches FDA-Cleared AI on Exo Iris to Address Heart Failure

FDA-cleared cardiac and lung artificial intelligence (AI) applications are now available on?Exo Iris?.?Exo now has FDA 510k clearances on five different applications—cardiac, lung, bladder, hip, and thyroid—with plans to double the number of clearances by 2025. We at Rising Tide are honored to support companies with true human impact! Currently, over 6.7 million Americans suffer from heart failure, and that number is rising. Watch Exo’s virtual demo of Exo Iris? and experience our high-performance imaging, real-time AI, and workflow software. See the demo video here.

Exo Introduces SweepAI? — Ultrasound Just Got Smarter

Exo announced the launch of SweepAI? — a game-changing innovation in ultrasound. SweepAI, now FDA-cleared, brings intelligent cardiac and lung scanning to the Exo Iris?. This advanced AI offers instant feedback as a user sweeps through an organ, automatically identifying optimal imaging and using the scan session data to give you diagnostic insights — all in real-time, and without internet or cloud reliance. More here.

Astranis Introduced Astranis Omega. The Most Powerful Communications Satellite Ever for GEO

Astranis unveiled its next-generation Omega geostationary (GEO) satellite design, a larger version of its “micro” communications satellite. The Company plans to start launching the spacecraft for customers in 2026, with a prototype of the satellite to launch in 2025. The Omega satellite has several technology upgrades over Astranis’ current offering of MicroGEO satellites, including solid-state power amplifies that increase capacity and allow the spacecraft to cover a “medium-sized country” area. More here.

Ayar Labs Unveils the CW-WDM MSA-Compliant 16-wavelength Light Source

Kudos to the portfolio company Ayar Labs for their OFC Conference 2024 Optical Interconnect Solutions to Redefine AI Infrastructure! The Company has made the next big leap in optical I/O technology by introducing the industry’s first CW-WDM MSA-compliant 16-wavelength light source, which can drive 256 optical carriers for 16 Tbps of bi-directional bandwidth – a level of bandwidth essential for AI workloads. More here. Video here.

PORTFOLIO AWARD

OneChronos: Award for Outstanding Contribution to the Industry

OneChronos is incredibly honored to be awarded the 2024 STANY- Security Traders Association of New York? Award for Innovation in Trading and Finance, following in the footsteps of great innovators. OneChronos is pioneering the use of Nobel prize-winning (Economic Sciences, 2020) combinatorial auction techniques and artificial intelligence in financial markets. The Company has so far facilitated more than $60 Billion in institutional securities transactions. More here.

Aspect Biosystems Named Company of the Year by Life Sciences BC

Rising Tide congratulates the talented team at Aspect Biosystems on being named 'Company of the Year' by Life Sciences BC. Aspect’s bioprinted tissue therapeutics are designed to replace, repair, or supplement biological function inside the body to treat currently incurable diseases such as type 1 diabetes as well as genetic and acquired liver diseases. More here.

Twelve Wins $28.5 Million 48C Investment Tax Credit

Twelve announced up to $28.5 Million in tax credits through the Qualifying Advanced Energy Project (48C) Investment Tax Credit (ITC) from the U.S. Department of Treasury Internal Revenue Service and the U.S. Department of Energy. These funds will scale the manufacturing of its innovative Opus? CO2 electrolyzer.?Through this project, Twelve will design, construct, and commission a manufacturing facility, establishing itself as the world’s largest manufacturer of PEM or Proton Exchange Membrane CO2?electrolyzers. More here.

PORTFOLIO PODCAST

Ayar Labs is Moving Data at the Speed of AI ?? : 5-10x higher bandwidth; 4-8x more power efficiency; 10x lower latency than traditional interconnects. Allyson Klein from The TechArena and Ayar Labs' CEO and co-founder, Mark Wade, sat down to discuss how optical I/O technology is enhancing AI infrastructure, improving data movement, reducing bottlenecks, and driving efficiency in large-scale AI systems. Visit the podcast here to find out more.

PORTFOLIO MARKETING

Twelve Launches "Fuel for the Long Haul" Campaign Setting a New Standard for Sustainable Aviation

Aviation changes things, again. Welcome to the era of sustainable flight. Twelve launched its ‘Fuel For The Long Haul’ campaign to champion aviation's unique role in leading the world to a more sustainable future. The company wants industry leaders, policymakers, and everyday travelers alike to know that with E-Jet? SAF we can decarbonize air travel with jet fuel made from air, and set a new standard for fossil-free flight. More here.

PORTFOLIO RECOGNITION

Editor’s pick: Unnatural Products

Congratulations to Unnatural Products' founders, Joshua Schwochert (CTO) and Cameron Pye (CEO), as well as their team, for being chosen as an Editor's Pick for the most recent issue of Nature Biotechnology. Nature Biotechnology is a monthly peer-reviewed scientific journal. Unnatural Products combines chemistry and artificial intelligence to introduce the next wave of molecularly targeted medicines. More here.

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Disclosure: This presentation is not an offer to sell securities of any investment fund or a solicitation of offers to buy any such securities. Securities of any fund (the “Fund”) managed by Rising Tide Fund Managers, LLC (the “Rising Tide”) are offered to selected investors only by means of a complete offering memorandum and related subscription materials that contain significant additional information about the terms of an investment in the Fund (such documents, the “Offering Documents”). The portfolio companies described herein do not represent all the portfolio companies purchased, sold, or recommended for portfolios advised by Rising Tide. The reader should not assume that an investment in the portfolio companies identified was or will be profitable. Past performance is not indicative of future results. Investors should be aware that a loss of investment is possible. The information in this presentation was prepared by Rising Tide and is believed to be reliable. Rising Tide makes no representation as to the accuracy or completeness of such information. Opinions, estimates, and projections in this presentation constitute the current judgment of Rising Tide and are subject to change without notice.