Tag Archives: artificial intelligence (AI)

MaxContact Strengthens AI Capabilities Through Acquisition of Conversational AI Firm, Curious Thing

FPE Capital

We are pleased to announce that MaxContact, a leading provider of customer engagement solutions, today announced its acquisition of Curious Thing, a conversational AI platform.

MaxContact was FPE’s seventh investment from FPE Fund II, the firm’s second specialist software and services fund. The move will significantly enhance MaxContact’s current AI capabilities while maintaining the company’s commitment to balancing technology with meaningful human connections in contact centres.

Integrating Curious Thing’s advanced conversational AI platform into MaxContact’s existing suite of solutions will accelerate the company’s product roadmap and provide clients with more sophisticated tools to enhance customer experiences. It also represents an exciting next step that builds upon MaxContact’s established AI offering, particularly its Spokn AI platform, which currently provides advanced speech analytics that helps businesses understand the ‘why’ behind 100% of contact centre conversations. The recent launch of Success Intelligence, an enhancement to Spokn AI that reveals the DNA of successful sales conversations through AI-powered analytics, further demonstrates MaxContact’s ongoing commitment to innovation in this space. Curious Thing’s conversational AI technology will strengthen these capabilities with the introduction of AI agents for sales, debt collection and customer use cases.

Ben Booth, CEO of MaxContactThe strategic acquisition of Curious Thing represents a major milestone in our AI strategy. We’ve always believed that the best conversation outcomes come from empowering human agents with the right technology, not replacing them. Curious Thing’s AI abilities will therefore help our clients’ contact centre teams become more efficient while maintaining that crucial human connection. We’re seeing a significant shift in how UK businesses approach customer engagement and digital transformation. Our clients are looking for solutions that empower their teams with AI-driven insights and assistance while preserving the authenticity and empathy that human agents can provide. This acquisition positions us perfectly to meet that need.

Chris Kay, Partner at FPEWe are thrilled to support MaxContact as they take this next strategic step. The acquisition of Curious Thing not only strengthens MaxContact’s AI capabilities but also reinforces our commitment to backing ambitious, innovative software companies. MaxContact is well-positioned to deliver enhanced solutions to their clients and drive continued growth in this rapidly evolving space.

The FPE investment was led by Chris Kay, Dan Walker and Sam Greenberg. MaxContact was advised on the transaction by Stephenson Harwood and Corrs Chambers Westgarth (Legal).

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Akido Raises $60 Million Series B to Expand Reach of ScopeAI, its Breakthrough Health Artificial Intelligence

Oak HC FT

Akido’s ScopeAI is a first-of-its-kind system that fully integrates AI into a provider visit

Akido Labs, Inc. (“Akido”), the AI and care delivery company reimagining healthcare, today announced it has raised $60 million in Series B funding. The round was led by Oak HC/FT with participation from Greco, SNR, and existing investors Y Combinator, Future Communities Capital, Jeff Dean (Chief Scientist, Google DeepMind & Google Research), and the Comprehensive Blood & Cancer Center. Funding will be used to expand the reach of ScopeAI, a system that increases clinical capacity and improves healthcare access.

ScopeAI is transforming how Akido providers practice medicine – enabling them to care for dramatically more patients without compromising on quality. This unlocks time for providers to focus on complex cases, while increasing the total number of patients the system can support. The U.S. population requires over 3 billion doctor visits per year, yet only 825 million are currently available. The result is longer waits, especially for specialists, rushed appointments, and rising rates of preventable disease. Akido is addressing this crisis by embedding powerful medical intelligence directly into the clinical workflow – bringing scale, efficiency, and consistency to the front lines of care.

“We built ScopeAI to tackle the single biggest challenge facing healthcare systems worldwide: the physician shortage. With demand for care far exceeding supply, AI is the key to addressing the global doctor deficit, empowering healthcare providers, and ensuring patients receive the timely, high-quality care they deserve, regardless of financial means or geography,” said Prashant Samant, Co-Founder & CEO of Akido. “At Akido, we believe exceptional healthcare is a basic human right. Our work has always focused on democratizing high quality healthcare, and this funding enables us to accelerate that mission.”

In a ScopeAI visit, a trained Medical Assistant (MA) meets with a patient, guided by intelligent prompts from ScopeAI throughout the encounter. ScopeAI uses clinical reasoning to actively listen, adapt in real time, and build a comprehensive understanding of the patient’s condition. Its scribing and auditory capabilities allow for dynamic conversation while simultaneously generating a full clinical report, including a preliminary diagnosis, treatment plan, and justification log for each decision it makes. With ScopeAI, providers gain a deeper, more complete picture of a patient’s health with less time spent capturing it. An Akido provider can oversee a team of MAs conducting ScopeAI visits, increasing access to care while enabling the provider to focus on higher-acuity or more complex cases.

Akido’s AI-based healthcare visits have delivered 5x more face-to-face time with patients and have achieved a 96 NPS score. With this new funding, Akido will accelerate the development and deployment of ScopeAI throughout its Akido Care medical network of 240 providers across 26 specialties. It will also help support Akido’s entrance into new markets like the recently announced first-of-its-kind healthcare program in New York City that is designed to address specific chronic diseases for professional rideshare and for-hire drivers.

“Akido is delivering on the promise of changing how patients experience a visit with their provider through AI,” said Andrew Adams, Co-Founder & Managing Partner at Oak HC/FT. “With its robust, longitudinal dataset, Akido has the refinement in its foundational model to offer clinical accuracy where others have struggled. We are excited to partner with their exceptional team of healthcare and technical operators to scale ScopeAI, expanding access to high-quality, AI-powered care for more patients.”

Akido was founded in 2015 with the goal of reimagining healthcare for historically vulnerable communities by leveraging AI and machine learning. In 2022, Akido launched Akido Care, a medical network that today includes nearly 100 clinics, offering primary and specialty care across 26 sub-specialties. This dual strategy is what created the opportunity for Akido to leverage its proprietary dataset of over 10 million patient case studies and reinforcement-loop-human-feedback (RLHF) environment to launch ScopeAI. ScopeAI is one of the most sophisticated clinical AI systems available to providers, and it is continuously refined by incorporating real-time provider feedback. By integrating ScopeAI into the Akido Care medical network, Akido is positioned to empower providers to deliver highly personalized care to an individual patient while also scaling programs at a population level.

About Akido

Akido is pioneering a reimagined healthcare system with AI at its core; one that bridges artificial intelligence and empathy to bring exceptional healthcare to everyone. Its breakthrough technology unlocks the ability to transform the clinical experience, empowering providers and patients through an entirely new healthcare model. Founded in 2015, Akido was created out of the University of Southern California’s Digital Health Lab with the idea that empowering government, healthcare, and nonprofit services with population-based data could help usher in a new era of preventive public health. Known for developing award-winning data and technology solutions, today Akido leverages its market-leading technology to power its bicoastal Akido Care medical network, which includes more than 240 providers and 90 clinics across both coasts and a patient base of nearly half a million. For more information, please visit www.akidolabs.com.

About Oak HC/FT

Oak HC/FT is a venture and growth equity firm specializing in investments in fintech and healthcare. Using partnership as a foundation, Oak HC/FT guides companies and founders at every stage, from seed to growth, to create businesses that make a measurable and lasting impact. Founded in 2014, Oak HC/FT has invested in over 85 portfolio companies and has over $5.3 billion in assets under management. Oak HC/FT is headquartered in Stamford, CT, with an office in San Francisco, CA. Follow Oak HC/FT on LinkedIn and X and learn more at https://www.oakhcft.com/.

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EQT, Hg and TA-owned IFS valued at EUR 15 billion in minority stake sale, following investment from Hg, ADIA and CPP Investments

eqt

IFS

  • Hg increases its stake in enterprise software provider IFS and becomes co-control shareholder alongside EQT, while existing minority shareholder TA Associates remains invested
  • New investors in this transaction include a wholly-owned subsidiary of the Abu Dhabi Investment Authority (“ADIA”) and the Canada Pension Plan Investment Board (“CPP Investments”)
  • IFS continues to perform strongly, having recently surpassed EUR 1 billion in ARR while growing by more than 30% year-on-year

IFS, a leading provider of cloud enterprise software and Industrial AI applications, announces it has achieved a valuation of over EUR 15 billion following a significant pivot to AI-driven growth. The valuation comes as Hg increases its stake to become a co-control shareholder alongside EQT, with TA Associates (“TA”) remaining as minority shareholder. New minority shareholders also include a wholly-owned subsidiary of the Abu Dhabi Investment Authority (“ADIA”) and the Canada Pension Plan Investment Board (“CPP Investments”). Hg and the new investors are acquiring shares in IFS from EQT, which is selling through its EQT VIII and EQT IX funds, as well as from TA and other minority investors.

The transaction follows many successful years of growth for IFS, delivering more than EUR 1 billion in ARR (“annual recurring revenue”) last year. Total revenue for 2024 was over EUR 1.2 billion, with some of the world’s largest industrial companies choosing IFS over legacy vendors. Demand for IFS’s industrial AI capabilities has increased significantly over the past 12 months as organizations across IFS’s focus industries of Aerospace & Defence, Engineering & Construction, Energy & Utilities, Manufacturing, Telco and Service, continue to realise the rapid and transformative value that IFS.ai delivers. IFS will continue to expand its capabilities with the industrial application of generative and agentic AI, so that customers can automate workflows, improve efficiency and deliver amazing moments of service to their own customers.

Over the past year, IFS added 350 new customers including Exelon who adopted IFS to streamline asset maintenance across its energy grid, Rolls-Royce who is using IFS to transform service delivery of its Power Systems business, and Total Energies who is deploying IFS as the single platform for management and servicing of its global operated asset portfolio. Moreover, an increasing number of large businesses are moving to IFS which is reflected in the average deal size of IFS’s largest customers increasing by 64% year-on-year.

Mark Moffat, CEO of IFS, said: “IFS’s success and sustained growth is centred around a commitment and track record of rapidly delivering business value to our customers. We have a differentiated proposition that continues to drive momentum in the industrial setting, specifically with the agentic and generative capabilities of IFS.ai, which enables us to be the technology of choice for the businesses that service, power and protect our planet.” Moffat continued: “The investment and continued commitment from Hg, EQT and TA will help IFS further accelerate our journey to be the undisputed category leader of Industrial Software.”

Johannes Reichel, Partner and Co-Head of Technology in the EQT Private Equity advisory team, added: “EQT’s relationship with IFS started in 2015 and it has been remarkable to see the company’s growth since then. Starting as a software vendor focused on Northern Europe, IFS has become a global provider of enterprise solutions while embracing the power of AI for the benefit of its industrial clients. It’s a prime example of EQT’s ability to “run with the winners”, where we partner with management teams over the long-term to scale regional players into global champions. We are excited to work alongside Hg to continue supporting IFS through this next phase.”

Nic Humphries, Senior Partner and Head of the Saturn funds at Hg, commented: “With 20 years’ experience investing in software, we recognise exceptional businesses when we see them. Our increased investment in IFS reflects our conviction in their long-term vision and strong execution, which enables their customers’ digital transformation.” Jonathan Wulkan, Partner at Hg, added: “Since our initial partnership in 2022 alongside EQT, Mark and the team have not only delivered impressive and consistent growth but have emerged as a global leader in Industrial AI – translating the promise of AI into practical solutions that drive efficiency and sustainability for essential industries, with significant potential for continued growth.”

Naveen Wadhera, Managing Director at TA, commented: “IFS’s exceptional leadership, strong execution, and transformative AI capabilities are redefining what’s possible in enterprise software. We remain confident in the company’s vision and are excited to be part of its continued journey.”

The transaction is subject to customary regulatory approvals and is expected to complete end of Q2 2025. IFS and selling shareholders were advised by Arma Partners and White & Case, EQT was also advised by Evercore, and Hg was advised by Morgan Stanley & Co. plc and Skadden.

Contact
EQT Press Office, press@eqtpartners.com

Hg
Tom Eckersley, tom.eckersley@hgcapital.com
Sam Ferris, sam.ferris@hgcapital.com

TA
Maggie Benoit, mbenoit@ta.com

IFS
EUROPE / MEA / APJ: Adam Gillbe, adam.gillbe@ifs.com
NORTH AMERICA / LATAM: Mairi Morgan, mairi.morgan@ifs.com

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About EQT
EQT is a purpose-driven global investment organization with EUR 269 billion in total assets under management (EUR 136 billion in fee-generating assets under management), within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.

More info: www.eqtgroup.com
Follow EQT on LinkedIn, X, YouTube and Instagram

About Hg
Hg supports the building of sector-leading enterprises that supply businesses with critical software applications or workflow services, delivering a more automated workplace for their customers. This industry is characterised by digitization trends that are in early stages of adoption and are set to transform the workplace for professionals over decades to come.

Hg’s support combines deep end-market knowledge with world class operational resources, together providing compelling support to entrepreneurial leaders looking to scale their business – businesses that are well invested, enduring and serve their customers well.

With a vast European network and strong presence across North America, Hg’s 400 employees and around $75 billion in funds under management support a portfolio of around 50 businesses, worth over $160 billion aggregate enterprise value, with around 115,000 employees, consistently growing revenues at more than 20% annually.

About TA
TA is a leading global private equity firm focused on scaling growth in profitable companies. Since 1968, TA has invested in more than 560 companies across its five target industries – technology, healthcare, financial services, consumer and businesses services. Leveraging its deep industry expertise and strategic resources, TA collaborates with management teams worldwide to help high-quality companies deliver lasting value. The firm has raised $65 billion in capital to date and has more than 150 investment professionals across offices in Boston, Menlo Park, Austin, London, Mumbai and Hong Kong. More information about TA can be found at www.ta.com.

About IFS
IFS is one of the world’s leading providers of Industrial AI and enterprise software for hardcore businesses that service, power, and protect our planet. Our technology enables businesses which manufacture goods, maintain complex assets, and manage service-focused operations to unlock the transformative power of Industrial AI™ to enhance productivity, efficiency, and sustainability.

IFS Cloud is a fully composable AI-powered platform, designed for ultimate flexibility and adaptability to our customers’ specific requirements and business evolution. It spans the needs of Enterprise Resource Planning (ERP), Enterprise Asset Management (EAM), Supply Chain Management (SCM), and Field Service Management (FSM). IFS technology leverages AI, machine learning, real-time data and analytics to empower our customers to make informed strategic decisions and excel at their Moment of Service™.

IFS was founded in 1983 by five university friends who pitched a tent outside our first customer’s site to ensure they would be available 24/7 and the needs of the customer would come first. Since then, IFS has grown into a global leader with over 7,000 employees in 80 countries. Driven by those foundational values of agility, customer-centricity, and trust, IFS is recognized worldwide for delivering value and supporting strategic transformations. We are the most recommended supplier in our sector. Visit ifs.com to learn why.

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EQT leads funding round exceeding USD 500 million in ReliaQuest, a leader in AI-powered security operations

eqt

Drone TampaWaterStreet-4

  • Growth round is led by EQT Growth and existing investors KKR and FTV Capital
  • The round values US-based ReliaQuest at USD 3.4 billion

EQT is pleased to announce that the EQT Growth fund (“EQT”), as well as existing investors KKR and FTV Capital, have led a growth funding round in ReliaQuest (the “Company”), a leader in AI-powered security operations. The round brings the Company’s valuation to USD 3.4 billion and is also joined by Ten Eleven Ventures and Finback Investment Partners. This new funding will support ReliaQuest’s continued growth, fueling further innovation in agentic AI-driven cybersecurity automation and supporting the Company’s ongoing international expansion.  

ReliaQuest has established itself as a global cybersecurity leader, delivering a differentiated, AI-driven approach to security operations for large enterprises. The company’s technology platform, GreyMatter, seamlessly integrates with over 200 different cybersecurity tools, allowing security teams to leverage their current or future technology stack to drive greater visibility and AI-driven automation. This enables security teams to detect, contain, investigate and respond to cyber threats across a variety of cyber solutions within minutes, all while eliminating the most mundane cybersecurity work and delivering more value from existing investments.

This latest round comes at a time of accelerating growth for ReliaQuest. Since the Company’s last funding round in 2020, it has grown Annual Recurring Revenue more than 4x – recently surpassing USD 300 million – and is currently growing more than 30 percent year-over-year while operating profitably. 

“Everything we have done at ReliaQuest has always been driven by the problem we solve for our customers. Enterprise security teams have more data in more places than ever before, and the speed of the threat is rapidly increasing. CISOs need a way to contain threats within minutes without added cost or technical overhead, leveraging the latest innovations in Agentic AI,” said Brian Murphy, ReliaQuest founder and CEO. “This new investment is a key step along our growth trajectory as a company, but most importantly it will allow us to deliver better security outcomes for even more CISOs around the world.” 

“Brian’s passion and dedication to building a world-class, mindset-driven organization is at the core of ReliaQuest’s success and sets a strong foundation upon which to build a category-defining cybersecurity company,” said Kirk Lepke, Partner in the EQT Growth advisory team. “By enriching GreyMatter with AI and automation capabilities, ReliaQuest has accelerated ahead of the pack, and now stands out as one of the only software vendors capable of managing security operations for the most complex enterprise environments. We are delighted to lead this funding round and look forward to supporting the company with our global platform as they continue to deliver solutions needed to push the industry forward.”

EQT Growth was advised by Piper Sandler and Freshfields US LLP.

Contact
EQT Press Office, press@eqtpartners.com

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About EQT
EQT is a purpose-driven global investment organization with EUR 269 billion in total assets under management (EUR 136 billion in fee-generating assets under management), within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.

More info: www.eqtgroup.com
Follow EQT on LinkedIn, X, YouTube and Instagram 

About ReliaQuest
ReliaQuest exists to Make Security Possible. Our Agentic AI-powered security operations platform, GreyMatter, allows security teams to detect threats at the source, contain, investigate and respond in less than 5 minutes—eliminating Tier 1 and Tier 2 security operations work. GreyMatter uses data-stitching, detection-at-source, AI, and automation to seamlessly connect telemetry from across cloud, multicloud, and on-premises technologies.

ReliaQuest is the only cybersecurity technology company that delivers outcomes specific to each organization’s unique architecture, technology, and business needs.

With over 1,000 customers and 1,200 teammates across six global operating centers, ReliaQuest Makes Security Possible for the most trusted enterprise brands in the world. Learn more at www.reliaquest.com.

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Candid Health Raises $52.5 Million Series C to Enhance GenAI Features, Expand Revenue Cycle Automation Platform to More Providers

Oak HC FT

Candid Health, the autonomous revenue cycle automation platform for healthcare providers, today announced it has raised $52.5 million in Series C funding led by Oak HC/FT with participation from existing investors. This brings the company’s total amount raised to $99.5 million.

Providers spend more than $100 billion annually on revenue cycle management, yet today’s billing requirements outpace available tooling. According to research by McKinsey, streamlining the claims submission process could save up to 18% of administrative costs as submission error rates have continued to increase.

Candid’s platform addresses the root cause of RCM inefficiency through modern data engineering and automation. Unlike traditional RCM companies which aim to make manual clean up work more efficient, Candid improves touchless claim rate, which is the percentage of claims submitted, processed and adjudicated correctly the first time with no manual intervention. Candid’s platform significantly increases the number of claims submitted correctly the first time, thereby eliminating avoidable, manual work for billing teams.

With touchless claim rates and payor net collection rates greater than 95%, the Candid platform drives industry-leading results. Candid clients experience increased overall net collections and faster reimbursement times while reducing costs with a scalable technical infrastructure.

“At Candid, we are reimagining the level of automation that an RCM platform can drive, and with AI, we are positioned to further improve billing performance,” said Nick Perry, CEO & Co-Founder of Candid Health. “We are excited to continue to grow and scale alongside our customers, fully supporting them along their journey, while forging relationships with more providers.”

The company grew revenue nearly 250% YoY in 2024. With this Series C investment, Candid will look to expand its customer relationships with multi-site provider groups nationally.

“The Candid leadership team has an exceptional blend of technical and product expertise, and they have rigorously built a platform with their customers’ needs top of mind,” said Billy Deitch, Partner at Oak HC/FT. “Our team has been investing in the RCM space for more than 25 years, and we think Candid is uniquely positioned to make a meaningful impact in this market. We are humbled at the opportunity to partner with the company as it expands its footprint with healthcare providers nationwide.”

About Candid Health 

Candid was founded by Nick Perry (CEO), Doug Proctor (COO) and Adam Reis. The team is on a mission to simplify medical billing, allowing providers to focus on delivering quality care. Trusted by more than 200 leading healthcare organizations, Candid’s revenue cycle platform leverages advanced automation to decrease the cost to collect and increase net collection rates. The company is backed by Oak HC/FT, 8VC, First Round Capital, Y Combinator, and Boxgroup. Learn more at https://www.joincandidhealth.com/company.

About Oak HC/FT 

Oak HC/FT is a venture and growth equity firm specializing in investments in fintech and healthcare. Using partnership as a foundation, Oak HC/FT guides companies and founders at every stage, from seed to growth, to create businesses that make a measurable and lasting impact. Founded in 2014, Oak HC/FT has invested in over 85 portfolio companies and has over $5.3 billion in assets under management. Oak HC/FT is headquartered in Stamford, CT, with an office in San Francisco, CA. Follow Oak HC/FT on LinkedIn and X and learn more at https://www.oakhcft.com/.

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AVP Investment Thesis – Basetwo

AXA

AVP is excited to announce our lead investment in Basetwo’s $11.5M Series A round, alongside co-investors Glasswing, Global Brain, Deloitte Ventures, SHIMADZU and Chiyoda. After spending considerable time exploring the potential of software solutions in the manufacturing space, we are thrilled to support Basetwo’s innovative AI co-pilot for manufacturing processes. When we first met the Basetwo team over a year ago, we were impressed by their visionary solution to a clear and pressing market need. Below, we highlight the key reasons behind our enthusiasm for Basetwo:

1. The Manufacturing Market is Massive – and Technology is Outdated

Basetwo is at the forefront of AI-driven manufacturing optimization, entering the market at a time where AI technology is feasible, and companies are eager to adopt. The manufacturing industry is massive, contributing to ~16% of GDP¹, but it remains disproportionately reliant on outdated technology. Despite its size and impact, many manufacturers still rely on legacy tools and desktop simulation software—some dating back to the Windows 95 era. Our calculations estimate Basetwo’s TAM to be approximately $20 billion, primarily focused on chemicals, and around $60 billion when expanded to include other underserved verticals.

At AVP, we seek opportunities in industries primed for disruption, and believe this gap in manufacturing represents a significant opportunity. The industry is grappling with rising costs, labor shortages, nearshoring trends, and increasing competition, all of which are driving demand for greater operational efficiency. We believe Basetwo is uniquely positioned to fill this gap. In verticals such as pharmaceuticals, there is a distinct lack of advanced process optimization solutions, and Basetwo’s technology addresses this need, unlocking substantial value by improving operational efficiency.

2. Basetwo’s Technology is Cutting-Edge

Basetwo has a unique value proposition, providing a low-code, user-friendly platform enabling operators to efficiently perform process optimization with quick setup and time to value. The platform leverages best-in-class physics AI models to accurately simulate complex processes and recommend optimization strategies.

What truly sets Basetwo apart is not just the use of advanced AI, but also modern MLOps tools they have architected – creating a comprehensive, end-to-end solution for process optimization. The combination of technical excellence and usability positions Basetwo to drive significant operation improvements across manufacturing.

3. Basetwo’s Solution Delivers Strong ROI

The ROI potential for process optimization in manufacturing is significant. Even small inefficiencies can compound at scale, leading to millions of dollars in lost productivity. Basetwo’s platform has already demonstrated its value by helping customers identify and eliminate inefficiencies, generating millions in cost savings. As a result, Basetwo has been able to secure early contracts with large Fortune 500 companies—an endorsement of the platform’s effectiveness and real-world value.

4. Basetwo Has an Exceptional Management Team

At AVP, we prioritize investing in companies with strong leadership, and Basetwo’s management team of three brothers exceeds our expectations. CEO Thouheed and COO Thamjeeth previously co-founded an AI-driven water infrastructure company, which was acquired by Innovyze and later by Autodesk; Thouheed then went on to lead Autodesk’s AI initiatives. Head of Engineering Tawfeeq brings experience from highgrowth tech companies like Lyft, Uber, and Databricks. Their combined expertise gives us confidence in management’s ability to scale and grow Basetwo into a market leader.

Since its founding in 2022, Basetwo has made impressive strides with its cutting-edge platform addressing the significant gap in the manufacturing sector. We at AVP are excited to partner with Basetwo to help manufacturers across the globe unlock millions in cost savings and shape the future of process optimization.

1. https://ourworldindata.org/grapher/manufacturing-value-added-to-gdp?tab=table

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Basetwo Raises $11.5M Series A

AXA

Basetwo Raises $11.5M Series A to Transform Chemical Manufacturing with Physics AI Platform

Basetwo, an AI copilot for manufacturing engineers, today announced it has raised USD $11.5M in Series A funding led by AVP with participation from existing investor Glasswing Ventures, Deloitte Ventures, Global Brain Ventures, Shimadzu Corporation, Chiyoda Corporation, and prominent UAE angel investors via Qora71. The investment allows the company to accelerate its mission to revolutionize how pharmaceutical and chemical manufacturers optimize their production processes.

Pharmaceutical and chemical manufacturers face significant challenges when scaling production from lab to commercial scale and optimizing existing processes for quality and efficiency. When launching new drug compounds or chemical formulations to market, manufacturers must precisely determine numerous production parameters — from reactor temperatures to mixing speeds — while maintaining strict quality standards. At the commercial scale, teams must continuously verify production performance, identify issues, and implement corrective actions to ensure optimal batch quality. Traditional machine learning approaches relying solely on historical data struggle with these complex manufacturing processes, as they can only learn from correlations rather than the underlying physics and chemistry engineers use to control and troubleshoot these systems. This technology gap leads to significant inefficiencies, with 20 cents of every dollar spent in manufacturing going to waste — a staggering global loss of $8 trillion annually.

Basetwo’s Physics AI platform uniquely combines fundamental chemical engineering principles with artificial intelligence to optimize pharmaceutical and chemical manufacturing processes. This results in an up to 40% improvement in cycle times and raw material usage while helping customers achieve a 25% improvement in product quality. The platform enables manufacturers to run virtual experiments and simulate process changes before implementation, significantly reducing the time and cost traditionally required to optimize production processes and eliminating the risks associated with live testing.

“Amid the excitement around generative AI, most applications have focused on consumer use cases using black box models that learn from data patterns and correlation rather than foundational knowledge and principles,” said Thouheed Abdul Gaffoor, CEO and Co-founder of Basetwo. “Manufacturing requires a fundamentally different approach, incorporating decades of engineering expertise and physics-based understanding of how chemicals and equipment interact. Our Physics AI platform enables manufacturers to optimize complex processes with powerful and explainable models.

The confidence of our investors in this Series A round is a testament to the transformative potential of our approach. We’re thrilled to have their support as we expand our capabilities and continue to empower manufacturers with cutting-edge solutions for the challenges of today and tomorrow.”

The funding will accelerate the development of Basetwo’s AutoPilot technology for autonomous, real-time manufacturing control while expanding the company’s presence in the US, Japan, Europe, and the Middle East. Basetwo will continue growing its business development, AI, and software engineering teams to support increasing market demand.

“Basetwo is transforming how global manufacturers optimize their operations,” said Manish Agarwal at AVP. “Basetwo’s Physics AI platform addresses challenges critical for process efficiency and quality control, delivering measurable improvements that impact the bottom line. With their proven success across major pharmaceutical and chemical companies, Basetwo is positioned to become a leader in next-generation manufacturing optimization.”

Basetwo’s low-code platform empowers process engineers to leverage AI technology for critical use cases, such as quickly bringing new products to market and optimizing existing processes. The platform’s physics-based models provide interpretable insights that help engineers understand and control manufacturing systems while meeting regulatory requirements.

“Traditional manufacturing software was built for an era before cloud computing and modern AI,” added Gaffoor. “We’re excited to partner with global leaders across pharmaceuticals, chemicals, and consumer goods to usher in a new generation of intelligent manufacturing optimization that maximizes efficiency, quality, and sustainability.”

About Basetwo

Basetwo is a Toronto-based startup that provides an AI platform designed to enhance manufacturing efficiency. Working with category leaders in the pharmaceutical and consumer goods industry, Basetwo has helped manufacturers improve yield, cycle time, and operational costs by over 20-30%.

About AVP

AVP is a global venture capital firm specializing in high-growth, technology-enabled companies, managing more than $2 billion in assets across four investment strategies: Venture, Early Growth, Growth, and Fund of Funds. Since its establishment in 2016, AVP has invested in more than 60 technology companies in Venture and Early Growth stages in the U.S. and Europe. With offices in New York, London, and Paris, AVP supports companies in expanding internationally and provides portfolio companies with tailored business development opportunities to further accelerate their growth. For more information about AVP, please visit www.axavp.com.

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Basetwo Raises $11.5M Series A

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AXA

Basetwo Raises $11.5M Series A to Transform Chemical Manufacturing with Physics AI Platform

Basetwo, an AI copilot for manufacturing engineers, today announced it has raised USD $11.5M in Series A funding led by AVP with participation from existing investor Glasswing Ventures, Deloitte Ventures, Global Brain Ventures, Shimadzu Corporation, Chiyoda Corporation, and prominent UAE angel investors via Qora71. The investment allows the company to accelerate its mission to revolutionize how pharmaceutical and chemical manufacturers optimize their production processes.

Pharmaceutical and chemical manufacturers face significant challenges when scaling production from lab to commercial scale and optimizing existing processes for quality and efficiency. When launching new drug compounds or chemical formulations to market, manufacturers must precisely determine numerous production parameters — from reactor temperatures to mixing speeds — while maintaining strict quality standards. At the commercial scale, teams must continuously verify production performance, identify issues, and implement corrective actions to ensure optimal batch quality. Traditional machine learning approaches relying solely on historical data struggle with these complex manufacturing processes, as they can only learn from correlations rather than the underlying physics and chemistry engineers use to control and troubleshoot these systems. This technology gap leads to significant inefficiencies, with 20 cents of every dollar spent in manufacturing going to waste — a staggering global loss of $8 trillion annually.

Basetwo’s Physics AI platform uniquely combines fundamental chemical engineering principles with artificial intelligence to optimize pharmaceutical and chemical manufacturing processes. This results in an up to 40% improvement in cycle times and raw material usage while helping customers achieve a 25% improvement in product quality. The platform enables manufacturers to run virtual experiments and simulate process changes before implementation, significantly reducing the time and cost traditionally required to optimize production processes and eliminating the risks associated with live testing.

“Amid the excitement around generative AI, most applications have focused on consumer use cases using black box models that learn from data patterns and correlation rather than foundational knowledge and principles,” said Thouheed Abdul Gaffoor, CEO and Co-founder of Basetwo. “Manufacturing requires a fundamentally different approach, incorporating decades of engineering expertise and physics-based understanding of how chemicals and equipment interact. Our Physics AI platform enables manufacturers to optimize complex processes with powerful and explainable models.

The confidence of our investors in this Series A round is a testament to the transformative potential of our approach. We’re thrilled to have their support as we expand our capabilities and continue to empower manufacturers with cutting-edge solutions for the challenges of today and tomorrow.”

The funding will accelerate the development of Basetwo’s AutoPilot technology for autonomous, real-time manufacturing control while expanding the company’s presence in the US, Japan, Europe, and the Middle East. Basetwo will continue growing its business development, AI, and software engineering teams to support increasing market demand.

“Basetwo is transforming how global manufacturers optimize their operations,” said Manish Agarwal at AVP. “Basetwo’s Physics AI platform addresses challenges critical for process efficiency and quality control, delivering measurable improvements that impact the bottom line. With their proven success across major pharmaceutical and chemical companies, Basetwo is positioned to become a leader in next-generation manufacturing optimization.”

Basetwo’s low-code platform empowers process engineers to leverage AI technology for critical use cases, such as quickly bringing new products to market and optimizing existing processes. The platform’s physics-based models provide interpretable insights that help engineers understand and control manufacturing systems while meeting regulatory requirements.

“Traditional manufacturing software was built for an era before cloud computing and modern AI,” added Gaffoor. “We’re excited to partner with global leaders across pharmaceuticals, chemicals, and consumer goods to usher in a new generation of intelligent manufacturing optimization that maximizes efficiency, quality, and sustainability.”

About Basetwo

Basetwo is a Toronto-based startup that provides an AI platform designed to enhance manufacturing efficiency. Working with category leaders in the pharmaceutical and consumer goods industry, Basetwo has helped manufacturers improve yield, cycle time, and operational costs by over 20-30%.

About AVP

AVP is a global venture capital firm specializing in high-growth, technology-enabled companies, managing more than $2 billion in assets across four investment strategies: Venture, Early Growth, Growth, and Fund of Funds. Since its establishment in 2016, AVP has invested in more than 60 technology companies in Venture and Early Growth stages in the U.S. and Europe. With offices in New York, London, and Paris, AVP supports companies in expanding internationally and provides portfolio companies with tailored business development opportunities to further accelerate their growth. For more information about AVP, please visit www.axavp.com.

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ABB invests in generative AI energy manager startup Edgecom

ABB Ventures
  • BB extends partnership with Edgecom, winner of its 2024 Startup Challenge
  • Edgecom and ABB will collaborate on AI solutions for large industrial customers

ABB is investing in a strategic partnership with Edgecom Energy, the Toronto-based energy management startup. The company’s unique energy management platform uses artificial intelligence to help industrial and commercial users manage and reduce peaks in their power demand. It is the first in the market to use a generative AI copilot to optimize the user experience.

The partnership involves a minority investment in Edgecom through ABB Electrification Ventures, the venture capital arm of ABB Electrification. ABB Electrification Ventures is part of the group-wide ABB Ventures framework, investing in transformative technology companies that advance ABB’s vision of a more sustainable, electrified, and automated world. Edgecom was a winner in ABB’s 2024 Startup Challenge.

The International Energy Agency has stated that the world must double the pace of energy efficiency progress in the next decade to meet net zero targets. It highlights the key role digital energy management must play. Innovation teams at ABB’s Smart Power division will collaborate with Edgecom to develop new AI-enabled solutions to help customers in North America save energy and reduce costs.

Massimiliano Cifalitti, President of ABB’s Smart Power division, said: “Partnerships are key to ABB Electrification’s artificial intelligence strategy for energy management. Edgecom shows how gen AI can create business value from complex data sets with an easy-to-use interface. The company also has the scalability and interoperability ABB is looking for as we grow our AI ecosystem for energy management.”

Artificial intelligence can be a game-changer for energy management. ABB’s digitalised electrification solutions collect data from across a site’s power network; Edgecom’s AI Energy Copilot can turn complex dataset into energy saving opportunities. Adapting to the customer’s goals, the AI Energy Copilot suggests small adjustments to lower bills or smart ideas to reduce environmental footprint.

Behdad Bahrami, CEO and Co-Founder of Edgecom, said: “ABB’s commitment to our vision underscores the transformative impact we’re bringing to energy management. Together, we’re empowering large energy users to achieve significant cost savings and emissions reductions through innovative solutions that deliver real world cost savings and emissions reductions. As the energy transition accelerates, innovative partnerships like this are key to creating a more efficient and sustainable future for industries worldwide.”

Mehdi Parvizi, CTO and Co-Founder of Edgecom, added: “Generative AI is transforming energy management by enabling tailored strategies that unlock savings across energy-intensive assets and facilities. This technology optimizes asset performance, integrates operations with energy market programs and price tariffs, improves energy efficiency, and guides operator behavior toward more effective energy decisions.”

The investment in Edgecom brings the total portfolio of ABB Electrification Ventures to 15 companies, with investments totalling €80 million since 2021. It is part of ABB Ventures, which has invested more than $450 million in 70 startups across electrification and automation sectors since 2010.

Edgecom Energy's unique energy management platform uses generative AI to help users reduce power demand peaks
Edgecom Energy’s unique energy management platform uses generative AI to help users reduce power demand peaks

ABB is a global technology leader in electrification and automation, enabling a more sustainable and resource-efficient future. By connecting its engineering and digitalization expertise, ABB helps industries run at high performance, while becoming more efficient, productive and sustainable so they outperform. At ABB, we call this ‘Engineered to Outrun’. The company has over 140 years of history and more than 105,000 employees worldwide. ABB’s shares are listed on the SIX Swiss Exchange (ABBN) and Nasdaq Stockholm (ABB). www.abb.com

ABB Electrification is a global technology leader enabling the efficient and reliable distribution of electricity from source to socket. With more than 50,000 employees across 100 countries, we collaborate with our customers and partners to solve the world’s greatest challenges in electrical distribution and energy management. As the energy transition accelerates and electricity demands grow, we are electrifying the world in a safe, smart and sustainable way. At ABB, we are ‘Engineered to Outrun’, and we are passionate about helping our customers and partners do the same. go.abb/electrification

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Sia Partners Welcomes a Strategic Minority Investment from Blackstone

Blackstone

PARIS, FRANCE – 16 December 2024 – Sia Partners (“Sia” or “the Company”), a global, next-generation independent management and AI consulting firm, announced today a minority investment of up to €250 million from funds managed by Blackstone’s private equity strategy for individual investors (“Blackstone”), to support the Company’s continued growth. Founder and Chief Executive Officer, Matthieu Courtecuisse, retains a significant majority stake in Sia and will continue to lead the Company. It marks the Company’s first partnership with a financial investor since its inception.

Founded in 1999, the Company has become a leading player in the global consulting market, recognised for its deep expertise in strategy, management consulting and AI, and ability to leverage technology and data to drive business transformation. With 3,000 employees across 20 countries and 50 offices, the Company works with over 1,000 clients, including Fortune 500 and major tech clients, across a diversified base of end markets, within sectors such as Energy, Banking, Consumer, Luxury and Retail and TMT. Projects range from significant strategic transformation, change management, operational analysis, post-merger integration and innovation.

Sia continues to deliver impressive results, achieving close to €500 million in revenue, 40% of which is in France and 30% in the United States. The partnership with Blackstone will support Sia’s acceleration of its expansion across the U.S. market, as well as support strategic M&A.

Matthieu Courtecuisse, Chief Executive Officer, Sia Partners, said: “We are thrilled that Blackstone is investing in our consulting firm as a minority partner. This partnership reflects a shared conviction in our strategic consulting model augmented by AI and design, as well as the common ambition of a leadership position in a market that is experiencing a new phase of consolidation.

“Today’s announcement is also a testament to the hard work of everyone at Sia, our 25 years of organic growth and the opportunity that lies ahead. With Blackstone’s resources we can grow our organic offerings, accelerate our international expansion plans and develop our ability to innovate, bringing our premium offering to more clients around the world.”

Lionel Assant, Global Co-Chief Investment Officer, Blackstone, said: “Sia is a fast-growing leader in the space, benefitting from a differentiated service offering given their deep expertise across industry defining megatrends such as the energy transition and AI. We look forward to partnering with Matthieu and the wider team to drive long-term growth by leveraging our global footprint, scale and expertise.”

Alongside the transaction, the Company is also pleased to announce the appointment of Sandrine Carreau as President & COO, alongside Matthieu Courtecuisse, Founder & CEO. Sandrine Carreau has been with Sia Partners for 12 years, is based in Paris, and was previously in charge of Strategy and M&A, Marketing, and ESG.

J.P. Morgan SE acted as Exclusive Financial Adviser and Sole Placement Agent, and A&O Shearman acted as legal advisor, to Sia Holding with respect to the strategic minority investment from Blackstone.

Freshfields acted as legal advisor and Eight Advisory as legal transaction services advisor to Blackstone.

Media Contacts
 
Sia Partners
Marc Landré
marc.landre@sia-partners.com

Blackstone
Rebecca Flower
Rebecca.Flower@blackstone.com
+44 (0)7918 360372

The Leverage Advisory on behalf of Blackstone
Florence Sabourin
fsabourin@theleverageadvisory.eu
+33 (0)6 07 62 47 36

About Blackstone  
Blackstone is the world’s largest alternative asset manager. We seek to deliver compelling returns for institutional and individual investors by strengthening the companies in which we invest. Our more than $1.1 trillion in assets under management include global investment strategies focused on real estate, private equity, infrastructure, life sciences, growth equity, credit, real assets, secondaries and hedge funds. Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, X (Twitter), and Instagram.

About Sia Partners
Sia Partners is a next-generation management and AI consulting firm. With 3,000 employees across 20 countries and 50 offices, we offer strategy, management, and AI consulting services to over 1,000 clients worldwide, including most Fortune 500 companies. Founded in the AI era, our unique value proposition lies in deep sector expertise across all industries, combined with innovative, AI-driven consulting methodologies that deliver tangible results. Further information is available at www.sia-partners.com. Follow us on LinkedIn, X (Twitter), and Instagram.

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