Each year nominations are received from chambers of commerce and cities across the Rio Grande Valley for recognition in the Rio Grande Valley Walk of Fame at State Farm Arena, sponsored by the city of Hidalgo in conjunction with BorderFest. The South Padre Island Chamber of Commerce nominated longtime chamber member and Island business owner Barry Patel to the RGV Walk of Fame for 2018. The Indian American was selected for this honor and was recognized at the official induction ceremonies last month at State Farm Arena, according to a news release. The building of seven hotels on South Padre Island, and a total of 22 in the Valley by Patel has resulted in a $400 million economic impact, and the employment of 500 to 600 people in the ongoing operation of the hotels, it said. In addition to being a widely recognized leading hotel developer and respected businessman, Patel is a dedicated South Padre Island community leader serving on numerous committees over the years, including the past three years as mayor for South Padre Island. During his public service to South Padre Island, Patel has accomplished and laid the ground for the Convention Center renovation; Queen Isabella Memorial Bridge boardwalk repairs; sidewalks on Padre Boulevard; Gulf Boulevard reconstruction and improvements, among several others.
Karamba Security Gets $10M in Funding
Karamba Security, a provider of end-to-end automotive cybersecurity prevention solutions, announced that it has secured $10 million of funding from Silicon Valley-based Western Technology Investment, bringing the total investment in Karamba to $27 million. In the two years following its launch, Karamba Security has engaged with 17 automotive OEMs and tier-1 suppliers. Its current portfolio of products is integrated with a variety of platforms, including ARM, Intel, PowerPC and Infineon on the chip level and QNX, Linux and various RTOS and AUTOSAR platforms on the OS/scheduler level, the company said. Through rigorous testing engagements with its customers, Karamba has proven that its solution is capable of prevention with zero false positives, adding negligible performance overhead to the resource constrained environment of the car, it said. “With our zero-day prevention solution, fully developed and production quality, our ongoing operations are well funded from the previous $17 million raised last year. This new funding provides a line of capital we can use as needed for inorganic growth to expand Karamba’s solutions suite across the rapidly evolving automotive landscape,” said Ami Dotan, Karamba Security’s co-founder and CEO.
Constellation Pharmaceuticals Nets $100M Financing
Constellation Pharmaceuticals Inc., a clinical-stage biopharmaceutical company developing tumor-targeted and immuno-oncology therapies based on its pioneering research and development in cancer epigenetics, announced a $100 million financing. “We are thrilled to welcome this new group of high-quality investors, and we are grateful for the continued support from our existing investors. Their strategic guidance and financial support will be instrumental to help accomplish our goal of improving outcomes for cancer patients,” said Jigar Raythatha, president and CEO of Constellation Pharmaceuticals. The company plans to utilize the proceeds of this financing to advance multiple clinical trials across its portfolio. The company also plans to progress CPI-0610, a clinical-stage candidate, as a treatment for myelofibrosis either as a monotherapy or in combination with a JAK inhibitor.
YieldStreet Reaches Milestone with Over $317M Invested
YieldStreet, an alternative investment platform striving to change the way wealth is created, announced it achieved a strong first quarter, having invested over $317 million by retail investors since its inception in 2015. Additionally, it announced a new record raise of more than $671,000 invested per second on the YieldStreet platform. Also, YieldStreet recently released a new feature, Account Balances, which allows investors to hold funds directly in their YieldStreet accounts. “YieldStreet has demonstrated a strong product market fit by providing access to alternative, institutional grade products that earn passive income and higher target yields that most investors didn’t previously have. We believe we are the only platform offering a diverse asset class portfolio and that model is resonating given the volatility in the stock market,” said Milind Mehere, founder and CEO. “YieldStreet continues to focus on redefining wealth creation and expanding into more areas to help investors create a diversified portfolio. Five years from now, YieldStreet aims to be the only platform you use.”
India Launches Conference Visa
India has announced it has launched a Conference Visa for foreign nationals coming to the country to attend international conferences, seminars and workshops. This will help boost the arrival of delegates for meetings, says Chander Mansharmani, vice chairman of the India Convention Promotion Bureau, who has been working to get the new category visa done, according to reports. The Ministry of Home Affairs will be launching an online module for submission of applications by the organizers of international conferences, seminars, and workshops to seeking clearance for holding the event and for processing applications and issuing clearance online, reports said.
Punchh Accepts $20M in Funding
Punchh, a digital marketing firm for retail brick-and-mortar stores serving more than 100 restaurant chains around the world and 35 million consumers, announced a new round of Series B venture funding. Punchh accepted $20 million in funding led by Sapphire Ventures, bringing their total funding to date to $31 million. The new funding will be used to expand the Punchh Marketing Cloud to new industries and roll out predictive marketing capabilities using AI and machine learning. Punchh is also releasing a new product, Punchh Acquire, which converts anonymous customers into brand loyalists through a broad array of channels including Wifi, SMS, social platforms, Apple Pay, eClub and others. “Companies like Amazon have digital, data-driven and tailored 1-1 marketing down to a science, while brick and mortar retailers are left data-blind and forced to spray and pray – they don’t learn from your past purchases, can’t recommend products they know you’ll buy, and they aren’t able to send the right offers to you at just the right time,” said Shyam Rao, CEO and co-founder of Punchh. “Consumers that choose to do their shopping online as opposed to going to the store aren’t lazy – online retailers are simply doing a better job at knowing their customers and keeping them loyal with delightful and customized shopping experiences.”