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A newsletter focused on accelerating innovation through the collaboration of commercial and national security sectors by New North Ventures.

Nuclear Disaster Preparedness with Pluri Inc., Fundings: HawkEye 360, Scalvy, Avnos

19 July 2023 - A Weekly Publication by New North Ventures

Jul 19, 2023

In our ongoing pursuit of resilience, national and economic security, New North Ventures is highlighting a development in nuclear disaster preparedness. Pluri Inc., a leading biotech company, has recently secured a three-year, $4.2 million contract funded by the U.S. National Institute of Allergy and Infectious Diseases (NIAID). This significant partnership will focus on advancing the development of Pluri's PLX-R18 cell therapy as a medical countermeasure for Hematopoietic Acute Radiation Syndrome (H-ARS).

H-ARS is a life-threatening condition caused by exposure to ionizing radiation during nuclear incidents. Pluri's innovative cell therapy aims to become the first effective treatment for radiation poisoning, providing a scalable solution in the event of nuclear accidents or acts of war. By collaborating with the U.S. Department of Defense's Armed Forces Radiobiology Research Institute (AFRRI), Pluri aims to accelerate FDA approval for PLX-R18.

This contract aligns with New North Ventures' mission to address resilience, national security, and economic stability. Pluri's breakthrough offers a proactive and scalable approach to mitigating the effects of H-ARS, contributing to our preparedness for nuclear war, nuclear accidents, and space travel. We applaud Pluri's dedication to transforming cells into solutions that promote well-being and sustainability.

For more information about Pluri Inc. and their groundbreaking work, visit their website here.

HawkEye 360*

Founded: 2015

Key People: CEO John Serafini

Elevator Pitch: A data analytics platform designed to identify, process, and geolocate a broad set of radio frequency signals.

Funding: The company raised $58 million of Series D1 venture funding in a deal led by BlackRock on July 13, 2023, putting the company's pre-money valuation at $900 million. NightDragon, Insight Partners, Alumni Ventures, Razor's Edge Ventures, Manhattan Venture Partners, Tawazun Strategic Development Fund, and Adage Capital Management also participated in the round.

*We are proud to have HawkEye 360 in our portfolio. Keep up the good work!

Scalvy

Founded: 2022

Key People: Co-founded by Mohamed Badawy Ph.D and Amr Ibrahem

Elevator Pitch: Electric powertrain platform designed to democratize access to e-powertrain technologies for faster development of electric mobility systems.

Funding: The company raised $3 million of venture funding from Azolla Ventures and other undisclosed investors on on July 14, 2023.

Avnos

Founded: 2020

Key People: Founded by Will Kain

Elevator Pitch: HDAC (Hybrid direct air capture) technology designed for carbon dioxide removal service that captures both CO2 and water from the atmosphere in a single system.

Funding: The company raised $80 million of venture funding from JetBlue Ventures, ConocoPhillips and Shell Ventures on July 13, 2023.

Biden-Harris Administration to Establish Reforms to Transform Public-Private Investment Program

The U.S. Small Business Administration (SBA) has finalized a rule to modernize the Small Business Investment Company (SBIC) Program, increasing access and diversifying funding for small businesses, startups, and investment management communities.
The rule addresses structural aspects of the SBIC Program that have historically limited equity and growth-oriented debt investments in underserved communities, capital-intensive industries, and critical technology areas.
Key highlights of the rule include the introduction of the "Accrual Debenture" instrument for long-duration and equity funds, modifications to licensing fees and eligibility requirements, the introduction of a "Reinvestor SBIC" fund-of-funds model, an expedited subsequent fund licensing process, and streamlining of paperwork.
The rule also strengthens risk management controls and clarifies affiliation regulations to foster the growth of industries vital to national security and economic success.

US Falling Behind China in Tech Advancements, Govini Report Finds

A report from Govini warns that China's rapid technological growth threatens the U.S. defense industrial base, with China outpacing the United States in critical technologies.
The report highlights that China has surpassed the U.S. in granting patents in every critical technology subsegment, indicating its dominance in technological advancement.
The stagnation of patents associated with critical technology areas issued to U.S.-based companies is a concern, as patents are seen as a leading indicator of future technological dominance.
The report also reveals that some U.S. contractors in critical technology areas heavily rely on Chinese suppliers and investors, indicating a significant dependence on China.

All Eyes on China After Russia Leaves Black Sea Grain Deal

Western countries are looking to China to pressure Russia into rejoining the Black Sea Grain Initiative, a critical global food security deal.
The agreement, suspended by Russia, has provided vital food supplies to countries facing drought and famine.
China's reliance on Ukraine as a food source has made it influential in the diplomatic agreement.
Russia's demands for concessions, such as readmission to SWIFT and reopening an ammonia pipeline, have raised concerns.
The hope lies in Russia's suggestion that it could reenter the agreement with additional concessions.
The situation has generated outrage and concerns about food insecurity in vulnerable regions.

Quick Takes:

Look for a new episode of Securing the Future Podcasts wherever you listen. In our latest episode, we have guest Ross Haleliuk sit down with General Partner Jeremy Hitchcock for an engaging conversation where Ross discusses the cybersecurity space and outlines ways to optimize the industry for a more secure future.