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Creation Investments-Backed Peru Microfinance Company Los Andes Completes $10 Million Capital Raise for Strategic M&A and Digital Transformation

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CHICAGO and LIMA, Peru, Aug. 2, 2024 /PRNewswire/ — Creation Investments Capital Management, LLC, a leading global impact investor in emerging markets, today announced that Peruvian microfinance company Los Andes has closed a $10 million capital round led by Accion Digital Transformation Fund. The capital raise will support the strategic M&A and digital transformation plans of Los Andes, which serves micro and small entrepreneurs in rural Peru.

Creation Investments first invested in Los Andes in 2016 and has led several subsequent funding rounds.  From offices in Chicago, Mexico City, and Bangalore, Creation Investments currently manages $2.1 billion in assets. Since its inception in 2007, Creation has invested in 31 portfolio companies operating across eight countries and is focused on financial services and financial inclusion for the unbanked and underbanked population in emerging markets.

Managed by Accion Impact Management, the Accion Digital Transformation Fund builds on global nonprofit Accion’s experience supporting banks and finance companies around the world the globe to connect millions of people and small businesses into the digital economy. Their expertise and investment capital, as part of their digital transformation strategy, will provide valuable strategic support for Los Andes’ digital transformation efforts. Los Andes will draw on lessons from across Accion’s global work to help deliver new digital products and increase the use of digital processes.

Los Andes has over 26 years of experience in the microfinance sector in rural Peru. The company serves around 85,000 borrowers and over 227,000 savings clients. Through digital transformation and enablement, Los Andes aims to significantly expand its client base among the country’s 2.1 million micro, small, and medium enterprises.  Los Andes sees significant opportunity to consolidate the microfinance sector through strategic M&A, driving scale and greater social impact.

“We are excited to welcome Accion Digital Transformation Fund as a key shareholder in Los Andes to bolster the company’s growth plan driven by strategic M&A and digital transformation,” said Bryan Wagner, Creation Partner and Los Andes Board Member. “Los Andes has demonstrated the ability to maintain profitability while promoting financial inclusion in the most underserved areas of rural Peru.”  

Rosanna Ramos-Velita, Los Andes Board Chair, added, “As a women-led board and organization with the goal of promoting financial services to women in rural areas of Peru, we are thrilled to welcome Accion as a new partner and continue our work with Creation Investments.”

About Los Andes

Los Andes is a microfinance entity with over 26 years of experience, which aims to support and serve Peru’s most vulnerable population through financial inclusion. It is profitable and has achieved substantial growth over its history. Currently, it has 101 branches for its 85,000 borrowers, 40% of which are rural and 47% of which are women. Los Andes aspires to become Peru’s leading rural bank. Additionally, Rosanna Ramos-Velita, the board chair of Los Andes, is the first woman to head a Peruvian financial institution and is among Forbes’ 50 most empowered women in Peru. More at www.losandes.pe.

About Accion

Accion is a global nonprofit on a mission to create a fair and inclusive economy for the nearly two billion people who are failed by the global financial system. We develop and scale responsible digital financial solutions for small business owners, smallholder farmers, and women, so they can make informed decisions and improve their lives. Through targeted investment strategies, advisory, and expert thought leadership, we work with local partners to develop and scale cheaper, more accessible, and customer-friendly financial solutions. Since 1961, Accion has helped build more than 267 financial service providers serving low-income clients in 75 countries, reaching 440 million people. More at www.accion.org.

About Accion Impact Management

Accion Impact Management is Accion’s platform for impact investments in financial inclusion leveraging third-party capital. It is a registered investment advisor with the U.S. Securities and Exchange Commission (SEC). Please note that registration with the SEC does not imply a certain level of skill or training. Accion Impact Management is staffed by a team of expert investment professionals, working to harness the capital markets to provide high-quality and affordable financial services to people who are currently excluded from the financial system. Managed by Accion Impact Management, the $152.5 million Accion Digital Transformation Fund invests in banks and finance companies serving micro, small, and medium enterprises across South and Southeast Asia, Latin America, and Africa, providing growth capital and strategic support for digital transformation. More at https://accion.org/accionimpactmanagement.

About Creation Investments

Creation Investments Capital Management, LLC is a leading global impact investment manager in emerging markets. Creation Investments seeks out the next generation of financial services firms focused on increasing access to capital and providing financial products to the unbanked and underbanked in emerging markets. The firm aims to improve the lives of those living at the bottom of the economic pyramid, reducing poverty and its ill effects in the developing world through market-based solutions. Creation Investments is headquartered in Chicago and has offices in Bangalore, Dallas, and Mexico City. As of March. 31, 2024, Creation Investments had $2.1 billion in assets under management. To learn more, visit www.creationinvestments.com.

Media Contacts for Creation Investments:

Margaret Kirch Cohen
Newton Park PR, LLC
M: +1 847-507-2229
margaret@newtonparkpr.com

Rich Chimberg
Newton Park PR, LLC
M: +1 617-312-4281
rich@newtonparkpr.com

 

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SOURCE Creation Investments Capital Management, LLC

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Sparrow BioAcoustics closes 13 million in seed financing

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18 mins ago

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September 20, 2024

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The 13-million-dollar financing was led by Killick Capital, Klister Credit and Pelorus Ventures. Closing of the round represents a huge step forward for the small Canadian medical AI startup, and a big vote of confidence for their rapid progress.

ST. JOHN’S, NL , Sept. 20, 2024 /PRNewswire-PRWeb/ — Sparrow BioAcoustics [Sparrow], a pioneer in the field of bioacoustic AI technology, announces the that it has closed its seed financing round. The 13-million-dollar financing was led by Killick Capital, Klister Credit and Pelorus Ventures. Closing of the round represents a huge step forward for the small Canadian medical AI startup, and a big vote of confidence for their rapid progress.

“There is a future where people can screen for cardiac and pulmonary problems anywhere any time, and that future is really close now” – Dr. Yaroslav Shpak, Chief Medical Officer Sparrow BioAcoustics.

“The team at Sparrow pushed past numerous scientific, regulatory and business obstacles to get this stage. They have accomplished things that will lead to helping millions of people in a whole new way” says Killick President Mark Dobbin.

Sparrow is an SaMD (Software as a Medical Device), and the first medically cleared product that uses people’s smartphones to capture and decipher cardiac sounds. “In the last 100 days, normal everyday people successfully made 30,000 medical grade heart recordings” says Chief Product Officer Nadia Ivanova. “People use the system with a 96% success rate on their first try.”

Sparrow has been in the news recently for several breakthroughs in detection of cardiac anomalies, as well as several medical authority clearances including FDA. “There is a future where people can screen for cardiac and pulmonary problems anywhere any time, and that future is really close now” says Dr. Yaroslav Shpak, Chief Medical Officer.

The team at Sparrow is expected to follow up with further announcements in the coming weeks “We have some big things on the horizon, and we are heads-down getting ready” says CEO Mark Attila Opauszky.

To learn more about Stethophone and Sparrow BioAcoustics, please visit https://stethophone.com/.

About Sparrow BioAcoustics

Sparrow BioAcoustics, with offices in Newfoundland and Nova Scotia, is leading the Software as a Medical Device industry in new directions for cardiac and pulmonary disease detection. Our team of physicians, engineers and data scientists are working to unlock the richest source of diagnostic information about cardiac and pulmonary conditions. Our mission is to help the millions of people at-risk and suffering from cardiac and respiratory disease to live longer, healthier lives enabled by earlier detection and quicker treatment.

Media Contact

Mark Opauszky, Sparrow BioAcoustics, 1 416 268 8966, mark@sparrowacoustics.com, https://stethophone.com/.

View original content:https://www.prweb.com/releases/sparrow-bioacoustics-closes-13-million-in-seed-financing-302253893.html

SOURCE Sparrow BioAcoustics

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Huawei Cloud: One Step to Intelligence, One Leap to Excellence

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September 20, 2024

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SHANGHAI, Sept. 20, 2024 /PRNewswire/ — During HUAWEI CONNECT 2024, Huawei Cloud hosted a Summit themed “One Step to Intelligence, One Leap to Excellence”, gathering global industry leaders to explore the intelligent transformation trend, share pioneering cases, and assist customers in their journey to cloud-based operational excellence. At the summit, Huawei Cloud and global customers, unveiled the Data Center-to-Cloud solution and the PRIME Framework white paper.

Jacqueline Shi, President of Huawei Cloud Global Marketing and Sales Service, said: “Customers’ support enables us to innovate with finance, retail, autonomous driving, the Internet and many other sectors. By combining cutting-edge technologies with industry know-how, Huawei Cloud paves your way to digital and intelligence.”

Kevin Gao, President of Huawei Cloud Public Cloud Business, presented a keynote speech “One Step to Intelligence, One Leap to Excellence”. He outlined three critical factors for accelerating cloud migration and AI use: global infrastructure, continuous technological innovation, and lean operations.

In terms of global infrastructure, Huawei Cloud’s global infrastructure, KooVerse, offers extensive coverage, exceptional experience, and excellent quality. With 33 Regions and 93 Availability Zones (AZs) worldwide, Huawei Cloud supports over 10,000 customers in achieving business globalization. Huawei Cloud has interconnected with over 2,400 peers of global carriers, ensuring one hop to cloud and global business deployment for customers. Huawei Cloud data centers achieve Tier IV reliability.

Technological innovation is at the heart of Huawei Cloud’s mission to accelerate enterprise transformation. At this summit, three key areas were highlighted: compute upgrade, data-AI convergence, and application innovation.

The Data Center-to-Cloud solution released by Gao offers data center facilities, intelligent O&M, and DCN as a service, allowing customers to easily relocate and run dedicated compute resources on Huawei Cloud.

Huawei Cloud’s Ascend AI Cloud Service enables training jobs to run non-stop up to 40 days, shortens the fault recovery time to 10 minutes, and increases the linear scalability to 90% (the industry average are 2.8 days, 60 minutes, and 80%, respectively).

Huawei Cloud’s deterministic operations system has been adopted by over 300 global customers, maintaining a strong security record with zero intrusions and zero data breaches. 

DeFacto from Türkiye leverages Huawei Cloud’s cloud native solution with Cloud Container Engine (CCE) and streamlines their services.

Huawei Cloud helps Chery to deploy, use, and manage the cloud. Currently, Huawei Cloud nodes in more than 10 countries and regions are providing services for Chery.

NavInfo has adopted Huawei Cloud’s R&D expertise and CodeArts software development pipeline to establish efficient development management standards and efficiency measurement systems.

Kingsoft and Huawei Cloud have collaboratively developed an excellence framework to optimize cost management.

Tencent Music’s Tianqin Lab has developed the MUSELight AI model acceleration framework, utilizing Huawei Cloud’s Ascend AI Cloud Service.

At the end of the summit, Huawei Cloud and global customers jointly released the Enterprise Excellence PRIME Model White Paper. This white paper offers a reference framework for enterprises to leap to excellence with digital and intelligent technologies.

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Photo – https://mma.prnewswire.com/media/2510991/Kevin_Gao_President_Huawei_Cloud_Public_Cloud_Business.jpg 

View original content:https://www.prnewswire.co.uk/news-releases/huawei-cloud-one-step-to-intelligence-one-leap-to-excellence-302254392.html

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Spatial Labs Unveils Fashion Collection: Core Powered by Circle: A New Way to Connect

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September 20, 2024

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LOS ANGELES, Sept. 20, 2024 /PRNewswire/ — Today, Spatial Labs, a cutting-edge technology and design company, introduces their first fashion collection – Core Powered by Circle—a revolutionary step forward in fashion and how we connect with each other.

The Core collection is the first to leverage the new innovative platform Circle, which transforms the way we engage, share, and build relationships. Core marks the beginning of a new era in personal expression and connection – setting a new standard for fashion and for global brands.

The Core collection embodies Spatial Labs’ commitment to innovation, self-expression, and cultural impact. Each piece offers a new way to interact, making fashion a living reflection of personal identity.

The debut Core collection features essential pieces including Core Tee $120, Core Crewneck $220, Core pants $250 and Core Hoodie $320. The collection comes in five colorways including: Arctic, Titanium, Carbon, Rust, and Moss. The Core collection is made in Los Angeles and debuts online and at the flagship store in Culver City at The Platform, where customers can explore the future of fashion and experience the technology firsthand.

“Our vision with Circle is to build a platform that allows people to interact with the world around them in ways never before possible,” said Iddris Sandu, Founder & CEO of Spatial Labs.

“In a world where our connections have become fragmented and often impersonal, Circle is reimagining how we share and preserve moments. It’s not just about social networks; it’s about building a new interaction layer where everyday objects and experiences tell our stories in real-time.”

Sandu continued: “With Core and Circle, we’re pioneering a future where the objects we own,wear and touch are gateways to personal memories and shared experiences. This is not some far-off vision—it’s here, today, and it’s creating opportunities for everyone to showcase their lives in ways that feel more intimate, more authentic, and ultimately more human.”

Each item in the Core collection is embedded with smart chip technology linked to Circle which allows users to personalize their clothing. Circle users can post to their feed using “Tiles” to share photos, videos, links, playlists, and more moments from their daily life, creating deeper connections and fostering a sense of community. And it all comes to life when users tap the Tag on each other’s clothing.

Circle offers an alternative space for individuals to express themselves, allowing users to share their lives more authentically and intimately. Unlike traditional social media sharing tools that often feel impersonal, overly curated, and limiting, Circle keeps you and your close circle of friends connected, enabling a depth of presence to share your stories in real time without any expectations of maintaining a perfect image.

To learn more about Spatial Labs and to purchase the Core collection please visit www.spatial-labs.com or explore at the flagship store located at Spatial Labs Store – #104, 8840 Washington Blvd, Suite 104, Culver City, CA 90232, and engage with the future of interactivity.

About Spatial Labs

Founded in 2019, Spatial Labs exists to simplify and enhance people’s lives by bringing the digital and physical worlds together. Through innovative products and services, we help people create and enjoy experiences that inspire joy. Our mission is to make technology a natural part of the human experience and empower people to shape the world they want to see.

Founder and CEO, Iddris Sandu is a visionary technologist and designer who has been at the intersection of technology and fashion for many years. He has collaborated with leading tech companies like Google, Meta, and Twitter, and at only 19, Iddris became the CTO for Nipsey Hussle – creating The Marathon Store which was the world’s first Smart Store powered by augmented reality and geofencing technology.

His unique blend of technology and culture led him to create Spatial Labs in 2019, backed by Blockchain Capital and JAY-Z’s Marcy Venture Partners. In 2019, he founded Spatial Labs where he has collaborated with brands like Rihanna’s Fenty, Beyoncé’s IVY PARK, Travis Scott’s Cactus Jack, Vogue, Prada, and Adidas. At only 27 years old, Sandu is one of the youngest founders ever to raise an eight figure seed round for his technology company, Spatial Labs. 

Technologies developed at Spatial Labs helps people, brands, and communities tell richer, more meaningful stories.

CONTACT:
Spatial Labs
press@spatial-labs.com

SLATE PR
Andy Gelb / Ida Bo Frazier
310-461-0111
andy@slate-pr.com / Ida@slate-pr.com

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SOURCE Spatial Labs

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