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Parallel Fluidics Secures $7M Seed Round to Accelerate Microfluidic Development for the Next Generation of Life Science Tools

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BOSTON, Nov. 7, 2024 /PRNewswire/ — Parallel Fluidics, the fastest microfluidic device manufacturer in the world, announced the close of its $7M seed round, led by J2 Ventures with participation from 8VC and Praxis. The funding will help drive the growth of the company’s on-demand design and manufacturing platform, expand its hardware and software solutions, and commercialize its new product, MV-2.

Diagnostics, drug discovery, precision medicine, sequencing, and cell therapy verticals are quickly shifting towards microfluidics, a technology where scientific tests can run at microscopic scales, allowing life science companies to achieve the next level of precision, speed, and throughput. Today, the global microfluidics market is a $32B industry currently and is expected to reach $117.13B by 2031 but is held back by design and supply chain challenges.

“Scientists and engineers developing the next breakthrough life science technology shouldn’t be forced to reinvent the wheel when it comes to microfluidic systems, especially in applications like point-of-care diagnostics,” said Jon Bronson, PhD, Managing Partner and co-founder of J2 Ventures. “With clients including academic labs, venture-backed startups and large biotech companies, Parallel Fluidics is making a huge impact with its on-demand microfluidic manufacturing services. Their products eliminate the common development risks, and accelerate the timeline from concept to launch by delivering production-ready devices in as little as three days – a true game changer for time-sensitive, cost-effective R&D.”

“While more life science products are built with microfluidics, scientific teams have historically struggled with engineering and manufacturing challenges unrelated to their novel technology, such as flow control, automation, and the chip-to-world interface, said Josh Gomes, CEO and co-founder of Parallel Fluidics. “At Parallel Fluidics, we are on a mission to help scientific teams build scalable and reliable products to identify diseases faster and develop more effective medicines. With the new funding, we’ll be able to scale up our on-demand manufacturing service, expand our hardware library, and develop new design and analytics software to power the next generation of life science tools.”

Parallel Fluidics’ hardware library offers an array of off-the-shelf hardware solutions to solve engineering challenges in microfluidics, reducing the cost and time for customers to develop new products. The MV-2 is Parallel’s latest addition, an innovative microvalve that enables products to work at the point-of-care, like a doctor’s office, clinic, or hospital, instead of only in laboratory environments. Overture Life, an exciting life science startup simplifying in-vitro fertilization procedures, is using the MV-2 to control flow in their next-generation system.

“In order to provide advanced care in fertility treatments such as IVF, precise fluid control and the ability to manage sensitive biological samples without being wasteful are critical. Solutions like Parallel Fluidics’ microfluidic systems are filling that gap with their microvalves and enabling faster, more reliable processes that can help us enhance patient outcomes and drive innovation in reproductive medicine,” said Lionel Matthys, Chief Product Officer, Overture Life.

About Parallel Fluidics
Parallel Fluidics accelerates the pace of discovery for scientific teams with the world’s first on-demand microfluidic manufacturing service. By offering production-grade devices from day one, Parallel eliminates the risks that slow down development and provides the shortest path from a concept to a successful microfluidic product. Parallel Fluidics is already making a transformative impact across life sciences verticals such as diagnostics, drug discovery, precision medicine, sequencing, and cell therapy – empowering innovators to accelerate breakthroughs and improve patient outcomes. For more information about Parallel Fluidics, visit www.parallelfluidics.com.

About J2 Ventures
J2 Ventures is a $250M+ AUM deep-tech venture capital firm based in Boston, investing in sectors critical to national security and private sector advancements, including advanced computing, cybersecurity, telecom and infrastructure, and biomedical engineering. For more information about J2 Ventures and its initiatives, please visit https://www.j2vp.com/.

Media Contact:
Liang Zhao
Vansary for Parallel Fluidics
lz@vansary.com
505-720-6933

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Qatar Development Bank announces strategic investment in global Islamic FinTech, Wahed

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DOHA, Qatar, Nov. 24, 2024 /PRNewswire/ — Qatar Development Bank (QDB) announces a strategic investment in Wahed, a global Shariah-compliant fintech.

Wahed currently manages over $1 billion in assets and has attracted over 400,000 clients worldwide. The company is built on the principles of democratizing access to financial services and offers clients access to Shariah-compliant investments in its mobile app. Wahed removes the barriers to sophisticated investment management services that have been traditionally reserved for high-net-worth investors.

Khalid Al Jassim, Executive Chairman of Wahed MENA said: ‘We are delighted to welcome our new shareholders, QDB. We believe Qatar is fully aligned with our mission in creating a technology-first Islamic finance leader that unlocks a financial ecosystem free from Riba. We look forward to supporting the Qatar National Vision 2030 of becoming a leading knowledge-based economy.

Ali Rahimtula, Partner at Cue Ball Capital said: “Qatar Development Bank’s strategic investment is a clear signal of the faith the industry has in Wahed and its ability to create the future of Islamic Finance.”

About Wahed

Founded in 2015, Wahed is a financial technology company that is advancing financial inclusion through accessible, affordable, and values-based investing. The company has made significant inroads in the world Shariah compliant investing by creating an easy-to-use digital platform that provides a suite of Shariah compliant investing products including managed portfolios and venture and real estate investments. Wahed caters to over 400,000 customers globally and manages over $ 1 billion in assets.

For more information, visit: www.wahed.com

About Qatar Development Bank

Qatar Development Bank’s mission is to advance the economic and innovation development cycle of Qatar, supporting and contributing to the nation’s economic diversification. As well as a focus on the development of Qatar’s private sector, QDB is a powerful catalyst for socio-economic development in the country, empowering the local economy and bettering living standards.

For more information, visit: https://www.qdb.qa/

 

SOURCE Wahed

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Wahed appoints Khalid Al Jassim as Executive Chairman of Wahed MENA to help guide the strategic growth of Wahed in the region

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DOHA, Qatar, Nov. 24, 2024 /PRNewswire/ — Wahed, a global Shariah-compliant fintech, has appointed Khalid Al Jassim as Chairman of Wahed MENA.

On this appointment, Khalid commented, ”I am excited to guide Wahed’s growth in the region. Wahed’s mission of furthering Islamic Finance is one I resonate with deeply and I look forward to supporting its growth ambitions.”

Khalid has over twenty five years of investment banking and corporate advisory experience gained with some of the most innovative and groundbreaking institutions in the world.

His career spans leading firms including SABIC, Arthur Anderson and Arcapita Bank in Bahrain, where he was instrumental in making it into one of the PE powerhouses in the region. His responsibilities started in the earlier years with establishing the Investment Placement Team and transforming it into one of the most robust teams in the industry. At the time that Khalid left Arcapita to build his personal business, he was an Executive Director. Today he is Chairman of Afkar Vision, a private advisory house specialized in mergers and acquisitions with offices in Manama, Dubai and Riyadh.

As well as being one of the earliest investors in Wahed, he is currently Chairman of the Audit Committee and Board Member at Bahrain Islamic Bank, the 4th oldest Islamic Bank in the World and Board Member at SICO Bank and SICO Capital in Saudi, an $8bn asset manager in the region.

Mohsin Siddiqui, Wahed CEO said, “We are delighted to announce Khalid’s appointment. His unique understanding of the financial landscape in the MENA region is unparalleled and we are excited to bring this expertise in continuing to grow our presence in the region.”

About Wahed

Founded in 2015, Wahed is a financial technology company that is advancing financial inclusion through accessible, affordable, and values-based investing. The company has made significant inroads in the world Shariah compliant investing by creating an easy-to-use digital platform that provides a suite of Shariah compliant investing products including managed portfolios and venture and real estate investments. Wahed caters to over 400,000 customers globally and manages over $ 1 billion in assets.

For more information, visit: www.wahed.com

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“India Global Forum’s mission more relevant than ever,” says Finance Minister Nirmala Sitharaman ahead of IGF Middle East and Africa 2024

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India Global Forum’s flagship event in UAE kicks off in Dubai on 25 November with IGF ForumPolicymakers, politicians, business figures and celebrities from India, UAE, Africa to converge at inaugural session

DUBAI, UAE, Nov. 24, 2024 /PRNewswire/ — Ahead of India Global Forum’s (IGF) flagship Middle East & Africa 2024 (ME&A 2024) in Dubai on Monday, 25 November, Finance Minister Nirmala Sitharaman commended the role of the organisation in fostering global partnerships.

“Through their impactful and outcomes driven work, India Global Form has consistently provided a platform that fosters a better understanding of modern India and its vast opportunities for the global audience. It has also played an important role in building meaningful cross-border connections.

“India Global Forum’s mission to build corridors of technology, talent, investment and trust is more relevant than ever,” she said.

Under the theme of ‘Limitless Horizons’, IGF ME&A 2024 will foster new partnerships and collaborations between India, the Middle East, and Africa, unlocking opportunities in sectors such as technology, finance, sustainability and innovation.

The two-day event will begin with a special address by India’s Commerce Minister Piyush Goyal.

The inaugural session will also witness UAE’s Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications, Omar al Olama, delve into the policies and reforms driving technological innovation in the UAE.

Looking forward to IGF ME&A, Indian Ambassador to the UAE, Sunjay Sudhir said: “The India-UAE relationship has entered an exciting new phase of exponential growth. We are at a moment in history where India-UAE relations are driving the synergy between our regions which has never been greater, and IGF serves as a beacon for harnessing this potential.”

Manoj Ladwa, Founder and Chairman, India Global Forum (IGF), said: “India’s External Affairs Minister, S. Jaishankar, aptly noted during his recent visit to Dubai that the India-UAE ties are in an era of new milestones. These ties are not just about trade figures or agreements – they represent a deeper alignment of values, aspirations, and shared visions for the future. IGF Middle East and Africa is an opportunity to channel this momentum into actionable outcomes that benefit not just our nations but the wider region.”

Featuring over 200 speakers and 1,000 participants across nine streams, IGF ME&A 2024 includes:

IGF Dialogues: An exclusive gathering of industry leaders and policymakers engaging in peer-to-peer roundtable discussions.IGF Forum: A Deep dive into how India, the Middle East, and Africa can embrace limitless horizons in a changing worldLeaders Dinner: An exclusive by-invite only dinner at the BAPS Hindu Mandir in Abu DhabiFounders and Funders Forum: Spotlighting the possibilities and pitfalls of the growing role of AI in India, the Middle East, and Africa.Climate and Business Forum (ClimB) – Exploring how businesses can achieve growth while prioritising sustainability and climate actionIGF Focus Forum – Discussions across diverse event streams, including leadership, entrepreneurship, healthcare, skilling and cultureDisruptors in the Desert – Demystifying emerging trends and technologies across key sectors poised to shape the next decade of the Global South. 

These engagements will tackle pressing global challenges, from climate change and energy transition to the future of AI and digital economies, bringing together a diverse lineup of global leaders, business pioneers, policymakers, and innovators.

Key Speakers across the event include:

H.E. Omar bin Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy, and Remote Work ApplicationsH.E. Sunjay Sudhir, Ambassador of India to UAEMahesh Bhupathi, Indian Tennis LegendYusuf Tambawala, Vice President of Growth & Business Support, DP WorldLeander Paes, Indian Tennis LegendAbhimanyu Munjal, Managing Director and CEO, Hero FincorpHarsh Jain, Co-Founder, Dream11Monish Shah, Founder and CEO, DreamSetGoSanjay Nayyar, Founder and Chairman, Sorin AdvisorsAmnah Ajmal, Executive Vice President, Market Development, Eastern Europe, Middle East and Africa, MastercardNeeraj Makin, Senior Executive Vice President, Group Head – Strategy, Analytics & Venture Capital, Emirates NBDSiddharth Shah, Co-founder, PharmeasyFaizal Kottikollon, Chairman, KEF HoldingsRola Abu Manneh, CEO Middle East, Standard CharteredSiddharth Balachandran, Executive Chairman & CEO, Buimerc CorporationKuppulakshmi Krishnamoorthy, Global Head, Zoho for StartupsMina Liccione, Comedian, Dubomedy

About India Global Forum
India Global Forum tells the story of contemporary India. The pace of change and growth India has set itself is an opportunity for the world. IGF is the gateway for businesses and nations to help seize that opportunity.  To know more, click here

Social Media Handles & Hashtag to Follow
Twitter: @IGFUpdates & @manojladwa
LinkedIn: India Global Forum
#IGFUAE

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