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Stoke Space Announces $100 Million in New Investment

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The Series B Funding brings Stoke’s Total Investment to $175 million.
Investment to Fund Further Development of its Fully Reusable Rocket and New Construction at Launch Complex 14 at Cape Canaveral Space Force Station, Fla.

DALLAS, Oct. 5, 2023 /PRNewswire/ — Stoke Space, the rocket company building the world’s most efficient fully and rapidly reusable rocket, announced today $100 million in new Series B investment to drive continued growth and innovation. This investment more than doubles the company’s total funding, which now sits at $175 million. The company also announced the official name of its first rocket: Nova.

“This new round of funding is a huge vote of confidence in our team,” said Andy Lapsa, CEO and Co-Founder, Stoke Space.

The funding round was led by Industrious Ventures with participation from the University of Michigan, Sparta Group, Long Journey, and others. Existing investors Breakthrough Energy, YCombinator, Point72 Ventures, NFX, MaC Ventures, Toyota Ventures, and In-Q-Tel also participated. This latest funding round is evidence of strong demand for Stoke’s services, its growing success, and the confidence of investors in its future. As part of this round of fundraising Steve Angel, Chairman of the Board, Linde plc, will join Stoke’s Board of Directors. Angel is also the former CEO of Linde and a member of the Board of Directors of GE.  “Stoke Space has a track record that speaks for itself,” Angel said. “I look forward to working alongside the team in order to support the development of a new space economy.”

Stoke intends to use the funding to finance the development of its first stage rocket engine and structure, the orbital version of its reusable second stage, and new construction at the historic Launch Complex 14 at Cape Canaveral Space Force Station, Fla. Launch Complex 14 is most well known as the launch site of NASA’s Mercury-Atlas 6 flight in 1962, piloted by NASA Astronaut John Glenn as part of NASA’s Project Mercury. Glenn was the first American to orbit the Earth. Stoke has been granted dedicated use of Launch Complex 14 by the US Space Force for its orbital flights.

“With our unique second stage design, our team at Stoke is attempting to build the most robust fully reusable rocket in the world – one that turns around in 24 hours throughout a long service life,” said Andy Lapsa, CEO and Co-Founder, Stoke Space. “This new round of funding is a huge vote of confidence in our team and the progress we’ve made,” Lapsa added. “We will now continue moving through our development program by increasing focus on our reusable first stage.”

In addition to announcing new funding in Stoke, Lapsa revealed the name of the company’s rocket: Nova. The term “nova” refers to an astronomical event in which a new star is born from the combination of remnants of old stars, “Our vehicle designs build on the ideas and achievements of prior generations. The name Nova is a way to honor that past heritage while looking ahead to a very exciting future,” Lapsa explained.

Lapsa made today’s announcements during remarks delivered at the UP.Summit in Dallas, an invitation-only gathering of 250 of the world’s most innovative minds rethinking the future of transportation. Investors in attendance represent over $1T worth of investable capital.

The investment comes on the heels of the company’s successful vertical takeoff and vertical landing (VTVL) developmental test flight of its reusable second stage conducted Sept. 17 at Stoke’s testing facility in Moses Lake, Wash. The test successfully demonstrated Stoke’s novel hydrogen/oxygen engine, regeneratively cooled heat shield, and differential throttle thrust vector control system, as well as its avionics, software, and ground systems.

About Stoke Space

Stoke is scaling the space economy by providing low-cost, on-demand transport to, through, and from space. It’s developing fully and rapidly reusable rockets and space vehicles designed to operate with aircraft-like frequency. Stoke’s technology development has been funded by the U.S. Space Force, NASA, the National Science Foundation, and other government and private partners.

About UP.Summit

UP.Summit is an annual, invitation-only gathering of the world’s most innovative minds rethinking the future of transportation. Some of the most impactful investors, entrepreneurs, and leaders in policy, defense, transportation and mobility companies gather at the summit each year with the goal of moving people and goods in cleaner, faster, safer, and at lower-cost ways – on the ground, in the air, on the sea, and in space. UP.Summit was founded in 2017 and is jointly organized by UP.Partners, Tom and Steuart Walton, and Ross Perot Jr.

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SOURCE Stoke Space Technologies, Inc.

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Dun & Bradstreet India and NERAMAC sign MOU to foster MSME exporters’ growth in India

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MUMBAI, India, Dec. 23, 2024 /PRNewswire/ — Dun & Bradstreet India, a global leader in business decisioning data and analytics, has announced today that it has partnered with the Northeastern Regional Agricultural Marketing Corporation (NERAMAC) to issue D-U-N-S® Numbers to Farmer Production Organizations (FPOs) in the North Eastern region of India. 

The D-U-N-S® Number is a unique nine-digit identifier for businesses. This number is assigned once Dun & Bradstreet’s patented identity resolution process identifies a company as being unique from any other in the Dun & Bradstreet Data Cloud. It helps identify, validate, and link businesses worldwide.  

Speaking about the partnership, Preeta Misra, Senior Director – Credibility & Business Insights Group, ESG and SME, Dun & Bradstreet India said, “This is a valuable opportunity for all the Farmer Producer Organizations (FPOs) registered with NERAMAC to enhance their visibility and expand their reach both locally and globally. The Northeastern Region of India, known for its rich agricultural diversity and unique products, offers immense potential for FPOs to showcase their goods and connect with new markets. By leveraging this opportunity, these FPOs can not only gain visibility in the international markets but also contribute to the growth and development of the region’s agricultural sector on a broader scale.”  

Talking about the benefit of the D-U-N-S® Number, Misra further added, “The industry-recognized D-U-N-S® Number, an identifier for more than 590 million entities in the Dun & Bradstreet Data Cloud, provides information and linkage across business relationships, employers, and subsidiaries for more effective decision making.” 

Cmde Rajiv Ashok (Retd), Managing Director of NERAMAC said, “The logical progression for any Farmer Producer Company (FPC) is to seek opportunities and increase business. Given the geography, climatology and land holding patterns, the cultivated quantities of produce in Northeastern Region, relative to other regions of India, is relatively limited. However, the produce has its USP in terms of quality and limited exposure to chemical fertilizers/ pesticides. The obvious extrapolation from here leads to the requirement to export the produce to ensure higher income generation for farmers in FPOs/ FPCs. We believe that the Dun &Bradstreet’s D-U-N-S number will empower our FPOs/ FPCs to build credibility, increase visibility, expand across global markets, find potential customers, and identify growth opportunities. 

For details, you can get in touch with NERAMAC at cs@neramac.com or write to D&B at india@dnb.com

About NERAMAC: 

North Eastern Regional Agricultural Marketing Corporation (NERAMAC) Limited was incorporated in 1982 as a CPSE of the GoI and it now functions under the administrative control of Ministry of Development of the North Eastern Region (MDoNER). 

NERAMAC has evolved over the years and apart from its role as a marketing agency, it has in the recent years focused on capacity building. Accordingly, it is an Implementing Agency of the MoAFW 10,000 FPO Formation and Promotion scheme and has developed 220 FPOs. Significant steps have also been taken into the cold chain segment and establishment of food processing units both major and minor. Skill Training and entrepreneurship development is being undertaken in a big way with agencies like; MSDE, NSDC, FICSI, ASCI, NABARD, Min of Social Justice etc. With the mandate now extending into Fisheries and Dairy sectors, it is expected that in the near future, the reach of NERAMAC in NER would further extend. 

About Dun & Bradstreet: 

Dun & Bradstreet, a leading global provider of business decisioning data and analytics, enables companies around the world to improve their business performance. Dun & Bradstreet’s Data Cloud fuels solutions and delivers insights that empower customers to accelerate revenue, lower cost, mitigate risk and transform their businesses. Since 1841, companies of every size have relied on Dun & Bradstreet to help them manage risk and reveal opportunity. For more information on Dun & Bradstreet, please visit www.dnb.com

Dun & Bradstreet Information Services India Private Limited is headquartered in Mumbai and provides clients with data-driven products and technology-driven platforms to help them take faster and more accurate decisions across finance, risk, compliance, information technology and marketing. Working towards Government of India’s vision of creating an Atmanirbhar Bharat (Self-Reliant India) by supporting the Make in India initiative, Dun & Bradstreet India has a special focus on helping entrepreneurs enhance their visibility, increase their credibility, expand access to global markets, and identify potential customers & suppliers, while managing risk and opportunity.  

India is also the home to Dun & Bradstreet Technology & Corporate Services LLP, which is the Global Capabilities Center (GCC) of Dun & Bradstreet supporting global technology delivery using cutting-edge technology. Located at Hyderabad, the GCC has a highly skilled workforce of over 500 employees, and focuses on enhanced productivity, economies of scale, consistent delivery processes and lower operating expenses.  

Visit www.dnb.co.in for more information. Click here for all Dun & Bradstreet India press releases. 

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GDIN Support Strengthens South Korea’s Digital Twin Industry

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Investment results in 18 signed agreements and $17,210,000 in potential export deals

SEOUL, South Korea, Dec. 23, 2024 /PRNewswire/ — Global Digital Innovation Network (GDIN), the South Korean foundation formerly known as Born2Global Centre, is announcing the results of its investment in the overseas expansion of several digital twin technology companies.

Successfully fostering South Korea’s digital twin industry

Focusing on their global competitiveness and growth, GDIN has aimed to bolster ten Korean companies innovating in digital twin technology:

VEStellaLabSIMACRO7meerkatCare&CoTildaQUVEVSLTIM SolutionRECON LabsNAONWORKS

These efforts resulted in a total of 18 signed agreements, including MoUs, NDAs, and business contracts. There were 733 total export consultation cases conducted, leading to potential export deals worth up to $17,210,000.

Ji Ryung Chung, CEO of Tilda, a machine learning-based business optimization solution company, stated, “With the support of GDIN’s digital twin company assistance program, we were able to connect with potential business partners in the Middle East, including the UAE, and establish a collaborative relationship with a research institution in Luxembourg, laying the foundation for our entry into the European market.”

GDIN CEO Jongkap Kim remarked, “Digital twin technology companies possess the capability to blur the boundaries between the digital and physical worlds. Similarly, we strive to ensure that national borders are not barriers for digital technology companies either.” He emphasized that GDIN will continue to support these companies for their global success.

Incubating innovation

GDIN’s support included a range of resources and assistance. Firstly, its professional consulting services assisted with analyzing the current status of each company’s target markets, assessing the feasibility of market entry, and formulating market entry strategies.

To sharpen competitiveness in technologies offered, GDIN facilitated each company’s efforts to evaluate, improve, and comply with the digital twin solution standard ISO 23247. The foundation also provided assistance to complete software quality certifications based on the ISO/IEC 25023 quality standard.

Finally, support covered promotional activities such as participation in international exhibitions—such as GITEX Expand North Star 2024—to assist with identifying potential customers and business partners.

To learn more about GDIN, please follow their LinkedIn page: https://www.linkedin.com/company/gdinfoundation/

Or visit: www.gdinfoundation.com

About Global Digital Innovation Network

Global Digital Innovation Network (formerly known as Born2Global Centre), registered under the South Korean Ministry of Science & ICT (MSIT), is an independent foundation that promotes and fosters collaboration between next-level innovative companies from South Korea and the world.

Since 2013, we have established 160 international partnerships, supported 3k tech companies, conducted 20k consultation sessions, and helped companies raise $3.6 billion USD in investments. We are passionate about becoming the global leader for digital transformation through international partnerships, and we strive to redefine the future of digitalization on a global scale.

View original content to download multimedia:https://www.prnewswire.com/news-releases/gdin-support-strengthens-south-koreas-digital-twin-industry-302338189.html

SOURCE GDIN

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Siraj Finance PJSC signs an agreement with Azentio for iMAL core and digital financial services solution subscription optimization

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SINGAPORE, Dec. 23, 2024 /PRNewswire/ — Siraj Finance PJSC, a leading Islamic Finance Company in the UAE, has signed an agreement with Azentio, a pioneer in the core banking technology service provider. The agreement represents the collaboration for implementation of the core and digital banking solution to further enhance the operational capabilities and digitization of Siraj Finance’s product and service offerings. The step is directly in line with Siraj Finance’s goal of providing diversified Islamic financial products and services via channels that are innovatively utilizing latest technology while remaining customer centric and regulatory compliant.

Mr. Amjad Hijazi – Chief Operating Officer, Mr. Joseph Daniel – Chief Business Intelligence & Strategy Officer, Mr. Syed Moosa Kaleem Al Falahi – Chief Business & Investment Officer and Mr. Fazal Nassim – Chief Governance & Compliance Officer represented Siraj Finance, whereas Mr. Rahul Arora – Chief Sales Officer, Mr. Harkaran Singh – Senior Vice President, Middle East & Africa, Mr. Zaher El Khatib – Vice President Global Islamic Banking Sales, Mr. Alfred Quertier – Director Global Sales Engineering and Mr. Bhushan Kelkar – Vice President Sales represented Azentio, in the signing ceremony.

Commenting on the partnership, Mr. Amjad stated, “We are delighted to be working with Azentio as our technology partner of choice to empower our ongoing business growth. For us, iMAL and its comprehensive functionality coupled with the adherence to Islamic principles, align with our goals, allowing our team to streamline processes, enhance productivity and elevate the omnichannel customer journey.”

Mr. Rahul added, “We are extremely pleased to partner with Siraj Finance to deliver a user-friendly digital financial services experience to both their retail and corporate customers. This partnership reflects our ongoing commitment to empowering financial institutions in the region with cutting-edge technology designed to meet both current and future needs.”

About Siraj Finance

Siraj Finance is a private joint stock company based in Abu Dhabi and regulated by the Central Bank of the UAE. Established in 1999, it proudly offers a multitude of financial products, designed in compliance with the Sharia principles. It caters to Corporates, Small and Medium Enterprises (SMEs) and individuals, with the objective of providing a variety of tailored product and service options that are best fit for their aspirations and needs.

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View original content:https://www.prnewswire.co.uk/news-releases/siraj-finance-pjsc-signs-an-agreement-with-azentio-for-imal-core-and-digital-financial-services-solution-subscription-optimization-302336280.html

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