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Eruditus Secures $150 Million Series F Funding Led by TPG’s The Rise Fund

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With participation from existing investors Softbank Vision Fund 2, Leeds Illuminate, Accel, CPP Investments and the Chan Zuckerberg Initiative

Eruditus, the parent company of Emeritus, closes funding round to deepen investment in AI products and accelerate growth of enterprise business after achieving profitability

MUMBAI, India, Oct. 18, 2024 /PRNewswire/ — Eruditus, the global leader in making high-quality education accessible and affordable to individuals, companies, and governments around the world, announced today that it has raised a $150 million Series F fundraise led by TPG’s The Rise Fund, the multi-sector strategy of TPG’s global impact investing platform, with participation from existing investors Softbank Vision Fund 2, Leeds Illuminate, Accel, CPP Investments and the Chan Zuckerberg Initiative. This highlights the company’s remarkable growth and impact through continuous innovation in high-quality career-oriented education across the globe. The raise comes on the heels of a banner year for Eruditus in which the company was named the #1 Global EdTech by Time and achieved profitability on a full-year basis.

The funding bolsters Eruditus’ global growth and will be used to invest in AI technology to further enrich the learner experience, expand the company’s rapidly growing business serving governments and enterprises and deepen its investments in the India and APAC regions. As the company continues to grow and scale, it eyes future acquisitions and investments, which have historically contributed to impressive topline growth and expansion in strategic markets. Avendus Capital was the exclusive financial advisor for the fundraise.

Eruditus’ mission to make high quality education accessible and affordable around the world has never been more critical. Business today is changing faster than ever—and the AI revolution means it’s set to change even faster. The company is accelerating its investments in technology to harness the power of generative AI to further enrich the learner experience and provide enhanced learning solutions. Eruditus has already launched proprietary AI-powered tutors for students and programs with partner schools. The need for training in the age of AI is driving unprecedented demand for the company’s enterprise solutions that grew revenue 45% last year.

Steve Ellis, a Managing Partner of The Rise Funds, said “Eruditus is expanding access to new education opportunities and giving professionals at all stages of their careers the skills they need to advance and succeed in today’s rapidly changing workplace. Eruditus’ mission aligns with a core investing theme for The Rise Funds, which focuses on backing strong businesses that are opening pathways to high quality education and driving greater lifetime earning potential for their students. We look forward to working with Eruditus to further enhance the platform and scale the business globally.” As part of The Rise Fund’s investment, TPG’s Simit Batra will join Eruditus’ board of directors.

Today, more than 80+ top tier university partners around the world work with Eruditus to create over 700 professional learning programs delivered to more than 1 million individuals in 80+ countries. The company’s industry-driven certification programs, professional certificates, and workforce leadership development initiatives are defined by personal engagement between faculty and students, course customization, mentoring and coaching, and career counseling. The results are evident in course completion rates of 85% for their professional learners.

“With this investment, we’re excited to continue to grow and innovate to meet market demand,” said Ashwin Damera, CEO, Eruditus and Emeritus. “In a rapidly evolving business environment, we have reimagined education by bringing programs from the world’s leading universities to learners around the globe. Education is the key to transformation, for individuals, companies, and society and we’re appreciative of the support of our investors who enable us to accelerate our growth.”

About Eruditus
Eruditus, the parent company of Emeritus, is committed to teaching the skills of the future by making high-quality education accessible and affordable to individuals, organizations, and governments worldwide. It does this by collaborating with more than 80 top-tier universities across the United States, Europe, Latin America, Southeast Asia, India, and China. Eruditus’ short courses, degree programs, professional certificates, and senior executive programs help individuals learn new skills and transform their lives, companies, and organizations. Its unique model of state-of-the-art technology; curriculum innovation; and hands-on instruction from senior faculty, mentors, and coaches has educated more than 1 million individuals across 80+ countries. The Eruditus Group has more than 1,750 employees globally and offices in Mumbai, New Delhi, Shanghai, Singapore, Palo Alto, Mexico City, New York, Boston, London, and Dubai. The company is backed by TPG, the Chan Zuckerberg Initiative, Leeds Illuminate, Prosus Ventures, GSV Ventures, Peak XV, Bertelsmann, CPP Investments, Accel and SoftBank Vision Fund 2. For more information, please visit www.Emeritus.org.

About The Rise Funds
The Rise Funds are a core pillar of TPG Rise, TPG’s global impact investing platform. Founded in 2016, The Rise Funds invest behind impact entrepreneurs and growth-stage, high potential, mission-driven companies that are focused on achieving the United Nations’ Sustainable Development Goals. The Rise Funds deliver capabilities and expertise across a wide variety of sectors and countries at scale, focusing on opportunities in climate and conservation, education, food and agriculture, financial inclusion, healthcare, and impact services.

With approximately $19 billion in assets across The Rise Funds, TPG Rise Climate, and the Evercare Health Fund, the TPG Rise platform is one of the world’s largest private markets impact investing platforms committed to achieving measurable, positive social and environmental outcomes alongside competitive financial returns.

For more information, visit therisefund.com.

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Narwal Launches the S20 Pro to Revolutionize Smart Home Technology With All-in-One Cordless Vacuum Mop Cleaner

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Company Upgrades Popular Cleaning Solution with Advanced Features and Intuitive Capabilities

NEW YORK, Oct. 18, 2024 /CNW/ — Narwal, the international leader in smart home cleaning, is proud to announce its latest innovative home cleaning device, the Narwal S20 Pro. The new all-in-one, cordless vacuum mop cleaner is set to redefine hard floor cleaning with a zero-tangle brush, auto solution dispensing, and smart self-dry detection. Its advanced features, including AI-powered DirtSense™, 20,000 Pa suction power, and Dual-Edge 0.04 in cleaning ensure robust dirt removal in just one pass.

“The home cleaning market is shifting where efficiency and intelligence are now consumer non-negotiables,” said Junbin Zhang, CEO of Narwal. “Busy lifestyles should not mean compromising a home’s pristine interior. Narwal’s latest model, the S20 Pro, leverages all the automated and intuitive features we’ve perfected and upgraded. We’re introducing a product that not only meets but exceeds the expectations of today’s fast-paced lifestyles. With various key innovations driving the new product, including automated cleaning adjustments and self-cleaning technology, we’re proud to offer a solution for those who demand smarter, quicker, and more effective results in their home cleaning.”

The Narwal S10 Pro received a 4.8 out of 5.0 rating on Amazon and sold out in less than two months. Narwal is offering customers an upgraded solution since the rise in popularity of the S10 Pro. The S20 Pro will include stronger suction, extended battery life, reduced noise level, double-edge cleaning capabilities, intelligent dispensing solution, 180° flat-fold, and zero-tangle head.

Innovating Home Cleaning with Key Advancements

The Narwal S20 Pro is designed to simplify and elevate how consumers clean, combining power and ease in one advanced system. The system is powered by key innovations including:

Vacuum & Mop All-in-One: The S20 Pro effortlessly tackles heavy dirt, debris, and spills in one pass with 20,000 Pa strong suction and dual-edge cleaning technology for edge-to-edge precision. Quickly conquering any spills or messes with ease, its intuitive design and self-cleaning features mean less time spent on chores and more time enjoying the moments that matter most. With the ability to tackle heavy dirt in a single pass, the Narwal S20 Pro transforms daily cleaning routines, offering both speed and precision when it’s needed the most.Self-Cleaning & Drying: The system is equipped with reverse and roller brushes to ensure thorough self-cleaning after every use, making sure it’s always ready for the next task. With the addition of auto solution dispensing, the S20 Pro optimally adjusts the cleaning solution during operation, using high-heat smart drying technology. The S20 Pro leaves no moisture behind, keeping the brushes 100% dry and preventing odors or mold from forming, further enhancing hands-free capabilities.AI DirtSense™ Technology: Intelligent AI integrations intuitively adjust cleaning intensity based on the amount of dirt detected. The system tackles all challenging areas, from light dust to tougher messes. The intelligent detection equips one of five cleaning modes, and interactive LCD & voice prompts drive the device to its performance and ensure every area gets the right level of attention. This intelligent feature means less guesswork, allowing for more efficient cleaning without having to adjust settings manually. It’s cleaning that adapts to your home’s needs with minimal effort required.Effortless Maneuverability: The self-propelling design and 180° flat-reach functionality make navigating tight spaces easy, navigating around furniture, into tight corners, and under low spaces without struggle. The S20 Pro takes the hard work out of cleaning, offering smooth navigation and custom fit to any user’s home layout.Tangle-Free Performance: Equipped with a zero-tangle brush, the S20 Pro ensures hassle-free cleaning by preventing hair from wrapping around the brush, making maintenance quick and easy. Its extended 60-minute runtime provides long-lasting cleaning sessions to keep your home pristine. Despite its powerful performance, the S20 Pro operates quietly, minimizing disruption to your household activities, whether day or night.

Pricing and Availability 

Narwal is excited to offer new home cleaning solutions to U.S. and Canadian customers for the first time at a discounted rate. Customers can use code “NarwalS20” at checkout to get $70 USD off for American customers and $100 for Canadian customers between October 18 and October 31, 2024. Experience the unmatched cleaning performance of The Narwal S20 Pro, available at Amazon US, Amazon CA, us.Narwal.com and ca.Narwal.com.

About Narwal

Narwal is known for using its cutting-edge technology to realize its objective of bringing flawless floors to users. It’s one of the top 5 robotic cleaning manufacturers, with the brand achieving $200 million in sales within two years of introducing its first product and maintaining high double-digit annual growth ever since. Narwal has raised substantial funds from investors including Sequoia Capital, Hillhouse Capital, ByteDance (parent of TikTok), and Tencent, among others. With over 700 researchers and scientists from across the globe, Narwal has made numerous breakthroughs in multiple fields and won prestigious international awards, including the Edison Gold Award, which honors innovation, and Time Magazine’s Best Inventions.

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SOURCE Narwal

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Restaurant365 Honored by Goldman Sachs for Entrepreneurship

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CEO and Co-Founder Tony Smith Among the Most Exceptional Entrepreneurs at 2024 Builders and Innovators Summit

IRVINE, Calif., Oct. 18, 2024 /PRNewswire/ — Today, Goldman Sachs (NYSE:GS) is recognizing Restaurant365 CEO and Co-Founder Tony Smith as one of the Most Exceptional Entrepreneurs of 2024 at its Builders and Innovators Summit in Healdsburg, California.

Goldman Sachs selected Smith from multiple industries to be honored at the two-day event.

Smith’s career has centered on using software to solve business issues across the restaurant industry. As CEO and Co-Founder at Restaurant365, he has worked on designing and creating an integrated back-office restaurant management platform that unifies accounting, inventory, payroll, and HR to support the industry’s continued growth. Today, he primarily focuses on the company vision, culture, growth, and long-term strategy, including integrating AI and automation to power smarter decision-making and drive new levels of efficiency for restaurant operators.

“I am honored to be recognized by Goldman Sachs,” said Smith. “This acknowledgment reflects the dedication of our team and the incredible partnerships we’ve built with restaurant operators across the country. At Restaurant365, our mission has always been to empower restaurants with the tools they need to thrive, and I’m proud of the impact we’re making together.”

“I am thrilled to recognize Tony as one of the most exceptional entrepreneurs of 2024,” said David Solomon, Chairman and CEO of Goldman Sachs. “Tony and his team have built an impressive business that continues to grow at scale. We look forward to bringing this year’s cohort together to share insights on topics ranging from the evolving geopolitical landscape and accessing new pools of capital to using the power of storytelling to reach new audiences.”

In its 13th year, Goldman’s Builders and Innovators Summit is the can’t miss gathering for Founders and CEOs of high growth companies. Previous honorees have gone on to lead multi-billion dollar companies, both in the private and public markets. In addition to honoring the most exceptional entrepreneurs each year, the Summit consists of general sessions and clinics led by seasoned entrepreneurs, academics and business leaders as well as resident scholars.

About Restaurant365®

Restaurant365 is the leading back-of-house accounting, inventory, workforce management, and payroll solution developed specifically for the restaurant industry. R365’s all-in-one restaurant management platform simplifies day-to-day management for leaders at all levels, empowering them to control food costs, optimize labor, and improve guest experiences. Restaurant365’s cloud-based architecture and robust integrations connect it to hundreds of POS providers, vendors, and banks, providing complete, accurate insights that empower managers to take meaningful action. Restaurant365 is headquartered in Irvine, California, and has an office in Austin, Texas. The company is backed by Bessemer Venture Partners, ICONIQ, KKR, L Catterton, and Serent Capital. Additional information is available at restaurant365.com.

About Goldman Sachs

Goldman Sachs is a leading global financial institution that delivers a broad range of financial services to a large and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.

Press related questions about Restaurant365, please contact Restaurant365@nextpr.com

Press related questions about the Summit or Goldman Sachs, please contact Sophia Anthony at Sophia.Anthony@gs.com.

 

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SOURCE Restaurant365

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HONGQI’s New Energy Masterpieces EH7 and EHS7, Captivate at Paris Motor Show 2024

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CHANGCHUN, China, Oct. 18, 2024 /PRNewswire/ — In October 2024, HONGQI made a significant impact at the Paris Motor Show 2024, with the introduction of its all-electric EH7 sedan and EHS7 SUV. This launch marked a pivotal moment in the brand’s expansion into the European market, highlighting its dedication to cutting-edge technology, advanced performance, refined design, and sustainability—offering a new option for customers seeking premium electric vehicles.

The HONGQI EH7 and EHS7 are equipped with high-performance electric drivetrains capable of reaching 22,500 RPM, delivering up to 455 kW of power and 756 Nm of torque, allowing for acceleration comparable to that of supercars. Offering a class-leading WLTP range of 655 km for the EH7 and a robust 600 km for the EHS7, both models support fast charging, charging from 10% to 80% in just 20 minutes—making them ideal for long-distance travel, with enough charge gained during a simple coffee break.

Driving dynamics are further enhanced by an advanced chassis control system with variable damping suspension, effectively minimizing discomfort from road imperfections. The spacious interior, with a 3-meter wheelbase, ensures ample legroom, particularly for rear-seat passengers, making the vehicles suitable for family use. Technology takes center stage, with features such as L2 ADAS, AR-HUD, and a custom HONGQI audio system—all combining to enhance convenience and comfort for the driver.

The HONGQI EH7 and EHS7 have officially opened for orders on October 14, with the starting price for the EH7 set at €49,999 and the EHS7 at €53,999.

To ensure after-sales service, HONGQI is establishing a comprehensive after-sales network throughout Europe. With service centers in 29 countries, HONGQI offers comprehensive support, ranging from routine maintenance to emergency assistance, ensuring peace of mind for customers. By combining excellent driving performance, superior comfort, and advanced technology, HONGQI looks forward to providing European customers with better choices.

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