In the News

At Emerald Development Managers, we not only provide long-term investment capital, we also guide our early-stage companies along a strategic path to profitability, increased market share, and sustained growth. Here's how some of our current portfolio companies are doing.

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  • CybSafe
  • LifeSprout
  • GreenSight
  • Socure
  • Intellihot
  • Capital Rx
  • SafeBreach
  • Proscia
  • Torigen
  • Babson Diagnostics
  • TrueFort
  • Cyware
  • WATT Fuel Cell
  • Evolved By Nature
  • Ready Robotics

Emerald Development Managers Promotes Three

Emerald Development Managers, an early-stage venture capital firm, today announced that Ian Tolfree, Ph.D., and Cy Schroeder have been named Principals of the firm and Joshua Smith has been promoted to Director, Investor Relations.

Nov 21, 2022
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Capital Rx is Crowned Winner of the Fierce Healthcare Fierce Innovation Award

Capital Rx, a healthcare technology company changing the way prescription drugs are priced and patients are serviced, today announced that it has won the Fierce Healthcare Fierce Innovation Award. The healthcare awards program recognized Capital Rx for JUDI®, its ground-breaking enterprise health platform (EHP) for pharmacy benefit administration.

Nov 16, 2022
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Torigen Pharmaceuticals Announces Completion of $13 Million Capital Raise

Torigen Pharmaceuticals, Inc, a commercial-stage animal health biologics company, today announced it has closed its $13 million Series A1 round led by Werth Family Investment Associates, LLC and Connecticut Innovations, Inc., bringing the total raised by the company to $18 million.

Nov 16, 2022
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GreenSight WeatherHive System Selected by USAF and DIU for Prototype Development

GreenSight’s WeaterHive, a unique new sensing technology that uses swarms of nano-sized drones to directly measure atmospheric conditions, has been selected by the US Air Force and the Defense Innovation Unit for a prototype development contract and potential procurement.

Nov 14, 2022
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LifeSprout’s Next-Generation Aesthetics Dermal Filler Achieves Primary Endpoint in Pivotal Clinical Trial

LifeSprout, a privately held regenerative medicine company founded with technology licensed from Johns Hopkins University, today announced positive six-month interim results from its pivotal clinical trial of Lumina™, a revolutionary dermal filler.

Nov 03, 2022
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Proscia Releases New Version Of Concentriq Dx Enabling Laboratories To Achieve 100% Digital Diagnosis

Proscia, a leading provider of digital and computational pathology solutions, has introduced the next version of its Concentriq® Dx platform for primary diagnostic workflows. The release brings together new features and a compelling user experience to help even the largest laboratory networks transition to 100% digital diagnosis.

Oct 13, 2022
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Chanel Backed Biotech Firm Evolved by Nature Gains Major Investment

Evolved by Nature has raised $120 million in Series C financing in a round led by Teachers’ Venture Growth, part of the Ontario Teachers’ Pension Plan Board, and Senator Investment Group, with participation from existing investors including Mousse Partners, Jeff Vinik, The Kraft Group, Roy Disney, Emerald Development Managers and Chanel.

Jun 30, 2022
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Torigen Pharmaceuticals Inks National Distribution Deal with MWI Animal Health

Torigen Pharmaceuticals, Inc, a commercial-stage animal health biologics company, announced today that it has entered into a national distribution agreement with MWI Animal Health, a leading distributor of animal health products and services and a subsidiary of AmerisourceBergen. The agreement will expand access to Torigen’s experimental autologous cancer vaccine for companion animals.

Jun 23, 2022

Emerald Development Managers Names Abbe Serphos Operating Partner and Head of Communications

Emerald Development Managers today announced that Abbe Serphos has been appointed Operating Partner and Head of Communications for the firm.

Jun 16, 2022
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Proscia Raises $37M Series C to Fulfill the Promise of Precision Medicine with AI-Enabled Pathology

Proscia, a leader in digital and computational pathology solutions, has raised $37 million to advance the way we understand and treat diseases like cancer. The round includes participation from Highline Capital Management, Triangle Peak Partners, and Alpha Intelligence Capital as well as existing investors including Scale Venture Partners, Hitachi Ventures, ROBO Global, Emerald Development Managers, and Razor's Edge Ventures. This investment brings Proscia's total funding to $72 million.

Jun 14, 2022
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As Feds Probe Pharma’s Middlemen, Capital Rx Raises $106 Million For Software-Driven Fix

On Monday, New York-based Capital Rx announced it has raised $106 million in Series C funding led by B Capital Group, which brings the company’s total funding to $175 million since launching in 2017. General Catalyst, Transformation Capital and Edison Partners also participated in the round. The company declined to disclose its post-money valuation.

Jun 13, 2022
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WATT Fuel Cell Achieves ETL Certification and Continues Moving Towards Commercialization

WATT Fuel Cell Corp ("WATT") announced their new 1500W Imperiumᴿ Solid Oxide Fuel Cell System received ETL certification to operate on either natural gas or liquid propane gas. The system's ETL certification complies to North American safety standards.

Jun 10, 2022
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Behavioral Cybersecurity Platform CybSafe Raises $28M Series B Led by Evolution Equity Partners

Last year, U.K. cybersecurity startup CybSafe, a “behavioral security” platform, raised a $7.9 million Series A. It’s now raised a $28 million Series B round led by Evolution Equity Partners with participation from Emerald Development Managers and existing investors IQ Capital and Hannover Digital Investments (HDI) GmbH.

Jun 09, 2022
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READY Robotics Announces Strategic Investment from NVIDIA to Accelerate the Adoption of Industrial Automation

READY Robotics, pioneers in software-defined automation, today announced a strategic investment from NVIDIA, the leader in accelerated computing technology.

Jun 06, 2022
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WATT Fuel Cell Achieves Cell Technology Milestone Representing Major Efficiency Gain and CO2 Reduction in its Residential Systems

WATT Fuel Cell ("WATT") announced a technological advancement that dramatically increases the efficiency of its fuel cells and reduces their already minimal CO2 emissions.

May 19, 2022
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BD, Babson Set Sights On Bringing Simple Blood Collection Into the Home

BD is expanding its long-running partnership with the blood collection company Babson Diagnostics, which aims to make taking a high-quality sample in pharmacies, grocery stores or at home as easy as possible.

May 12, 2022

Iconic Loews Miami Beach Hotel Upgrades to Sustainable Intellihot Hot Water System

Today, Intellihot, the leading clean technology manufacturer creating sustainable solutions for the built environment, announced its partnership with the iconic Loews Miami Beach Hotel to upgrade the hotel’s hot water systems. The innovative iQ1505 Intellihot replaced the previous legacy system of three large boilers and 1,200 gallons of stored water, which will reduce energy waste and the hotel’s carbon footprint while improving cost effectiveness.

May 04, 2022

WTW Selects Capital Rx as an Innovative New PBM Partner to Join its Rx Collaborative

Largest consultant led pharmacy coalition in the U.S. taps Capital Rx to offer clients flexibility, transparency, and competitive drug pricing.

Apr 27, 2022
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Proscia and Siemens Healthineers Ink Agreement to Expand Global Reach of Digital Pathology

Proscia®, the leader in digital and computational pathology solutions, today announced a multi-year OEM agreement with Siemens Healthineers. Under the agreement, Siemens Healthineers will expand its Enterprise Imaging offering towards the global digital pathology market using Proscia’s Concentriq® Dx platform.

Mar 16, 2022
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WATT Fuel Cell Closes Financing Round Led by EQT

WATT Fuel Cell announced today that it has closed a financing round led by EQT Corporation, the largest natural gas producer in the United States, to continue the company's development and commercialization of its solid oxide fuel cell technology.

Feb 23, 2022
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Intellihot Releases Inaugural Environmental Impact Report

Intellihot — a leading greentech manufacturer working to improve the sustainability of commercial buildings — released its 2022 Environmental Report outlining how its products have already reduced carbon expenditures in the built environment by 6.6 billion pounds.

Feb 10, 2022
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CapitalRx Named to Fierce Healthcare’s Fierce 15 of 2022

Capital Rx has been chosen as one of Fierce Healthcare's 2022 "Fierce 15", a selection of the most promising healthcare companies in the industry.

Jan 10, 2022
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Meet the Silk Startup Replacing the Chemicals in Beauty and Clothing

Evolved By Nature, the company behind Activated Silk, has raised $70 million in funding with backers including Mousse Partners. A new production facility is to come.

Dec 09, 2021
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Intellihot Stokes a More Efficient Fire Under Your Office Boilers

Founded in 2009, Intellihot has been on a mission to make commercial buildings more efficient, by improving the cost and physical footprint of keeping building H2O nice and toasty. The company just announced it raised $50 million to shake up the $81 billion global HVAC market, with plans to expand internationally. The round was led by investors Aegon Asset Management and the Avenue Sustainable Solutions Fund.

Dec 08, 2021
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Next-Gen Pharmacy Benefit Manager Capital Rx Receives The Startup Weekly’s 2021 Customer Choice Award

Capital Rx, a healthtech company changing the way prescription drugs are priced and patients are serviced, was recently recognized by The Startup Weekly as a recipient of the 2021 Customer Choice Award.

Nov 18, 2021
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SafeBreach Closes $53.5 Million Series D New Funding to Fuel Momentum

SafeBreach, the pioneer in breach and attack simulation ("BAS"), today announced that it has raised $53.5 million in Series D funding, led by Sonae IM and Israel Growth Partners (IGP), with additional participation from Sands Capital and Leumi Partners.

Nov 09, 2021
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Identity Verification Startup Socure Raises $450M at $4.5B Valuation, Adding Tiger Global as New Investor

Socure, a company that uses AI and machine learning to verify identities, announced today that it raised $450 million in funding for its Series E round led by Accel and T. Rowe Price. The round brings the company’s valuation to $4.5 billion, up from $1.3 billion this March when it raised $100 million for its Series D.

Nov 09, 2021
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Using Artificial Intelligence To Detect Melanoma

Melanoma is the deadliest form of skin cancer and can be challenging to diagnose. Earlier this month, Proscia released study data in which artificial intelligence (AI) was used to detect melanoma with a high degree of accuracy.

Oct 30, 2021

Proscia Announces Artificial Intelligence Breakthrough in Melanoma Detection

Proscia has released study results on new technology that leverages artificial intelligence (AI) to automatically detect melanoma, the deadliest form of skin cancer, with a high degree of accuracy.

Oct 05, 2021
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Cyware Named “Overall SOAR Solution Provider of the Year” in 2021 CyberSecurity Breakthrough Awards Program

Cyware, the industry's only Virtual Cyber Fusion platform provider, today announced that it has been named the winner of the Overall SOAR Solution Provider of the Year award in the fifth annual CyberSecurity Breakthrough Awards program conducted by CyberSecurity Breakthrough.

Oct 04, 2021

Cyware Unveils New ISAC and ISAO Member Threat Intelligence Sharing Capabilities

Cyware, the industry’s only Virtual Cyber Fusion platform provider, today announced new threat intelligence sharing abilities for industry ISACs and ISAOs and their member organizations. The capabilities are driven by Cyware’s Virtual Cyber Fusion platform and its supporting solutions that empower organizations to achieve the end-to-end threat sharing needed for collective defense.

Sep 20, 2021
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TrueFort Snares $30M Series B to Expand Zero Trust Application Security Solution

TrueFort announces $30M Series B with participation from new firms Canaan and Ericsson Ventures along with existing investors Evolution Equity Partners, Lytical Ventures, and Emerald Development Managers.

Sep 09, 2021
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This Company Aims To Bring Down The Cost Of Your Medicine With Price Transparency

Capital Rx announced Wednesday that it now has a consumer prescription card, Capital Rx Advantage. This card can be obtained by anyone to buy medication at a price the company says is lower 80% of the time compared to its competitors.

Aug 12, 2021

Torigen Wins Big at Yale Innovation Summit and Animal Health Innovation Showcase

In the past two months, Torigen has won multiple awards at several prominent industry events including the Yale Innovation Summit and the Animal Health Innovation Showcase.

Jul 12, 2021
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Babson Diagnostics Raises $31 Million in Series B Funding to Drive Retailization of Customer-First, Convenient, and Highly Accessible Diagnostic Blood Testing

Emerald Development Managers LP leads oversubscribed $31 million Series B funding round for Babson Diagnostics with full participation from existing investors, including Siemens Healthineers.

Jun 29, 2021
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NBB Group Announces Deployment of the First Virtual Cyber Fusion Centre in the Bahrain Region

The National Bank of Bahrain Group (NBB Group) has selected Cyware to power the first Virtual Cyber Fusion Centre (vCFC) in the region.

Jun 28, 2021

Proscia Upgrades Flagship Software to Enable Rapid Modernization of Diagnostic Pathology In Post-Pandemic Era

Proscia has introduced the next generation of its flagship Concentriq® platform to help the world’s largest laboratory networks keep pace with the growing need for diagnostic services in the post-COVID era.

Jun 08, 2021
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Start-ups Powering New Era of Industrial Robotics

Ready Robotics translates the core principles of the no-code/low-code movement from the world of web and mobile apps to the world of robotics.

Apr 26, 2021
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Capital Rx Crushes Net Promoter Score® and Receives 100 Percent-Positive Feedback on Client Implementation Satisfaction

Results demonstrate company’s commitment to client service, outpacing competitors.

Mar 30, 2021
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Cyware nabs $30M to help organizations detect and stop advanced cyberattacks

The funding is being co-led by Advent International and Ten Eleven Ventures.

Mar 16, 2021
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Socure Raises $100M at $1.3B Valuation, Proving Identity Verification is Hotter Than Ever

Socure — which uses AI and machine learning to verify identities — announced Tuesday that it has raised $100 million in a Series D funding round at a $1.3 billion valuation.

Mar 16, 2021
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Grand Hyatt Vail Turns to Intellihot

Due for repairs, the Grand Hyatt Vail turns to Intellihot for tankless water heating reliability, cost savings, and cutting OPEX.

Mar 09, 2021
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Space ISAC Selects Cyware for Automated Threat Sharing

The partnership assures the enhancement of secure operations and collaborative threat response in defending the space industry from both traditional and evolving cybersecurity threats.

Mar 09, 2021
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TrueFort Adds Lane Bess to Board of Directors

Security Industry Luminary Brings Decades of Strategic Management and Operational Experience to New Board Seat

Feb 08, 2021
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Capital Rx Secures $50 Million in Series B Financing to Accelerate Growth of Pharmacy Technology Platform

The funding round is led by Transformation Capital, with participation from Edison Partners, who led Capital Rx’s Series A financing in 2019, and Emerald Development Managers, LP.

Feb 02, 2021

Truefort Named One Of The Top 25 Cybersecurity Companies Of 2020

Annual The Software Report List Recognizes Vendors that Provide the Most Innovative and Technically Advanced Approaches for Protecting Customers

Dec 23, 2020

Truefort Recognized As Top Enterprise Threat Detection Product In Computing Security Excellence Awards

Provider of Application and Cloud Workload Protection Cited for Innovation, Relevance and Market Adoption

Dec 15, 2020
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Proscia Raises $23M in Series B Funding Led by Scale Venture Partners

Investment to accelerate adoption of digital pathology, transforming the 150-year-old standard of care for cancer diagnosis.

Dec 01, 2020
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JPC Taps Proscia to Modernize World’s Largest Human Tissue Repository

The multi-phase project will digitize the world’s largest human pathology specimen repository in order to enhance biomedical research for cancer and infectious diseases.

Oct 20, 2020