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Runway Growth Finance Provides First Quarter 2022 Portfolio Update

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  • Completed Seven Investments in New and Existing Portfolio Companies Representing $135 Million in New Commitments and $83.5 Million in Funded Loans
  • Total Loan Commitments and Funded Investments Grow To $1.6 Billion and $1.3 Billion Since Inception

WOODSIDE, Calif., April 07, 2022 (GLOBE NEWSWIRE) — Runway Growth Finance Corp. (“Runway Growth”) (Nasdaq: RWAY), a leading provider of flexible capital solutions to late- and growth-stage companies seeking an alternative to raising equity, today announced a portfolio update for the first quarter ended March 31, 2022.

“Runway Growth capitalized on its strong momentum in the first quarter, utilizing proceeds from our revolving credit facility to complete seven new investments, strategically increase leverage and drive strong portfolio growth amidst increasing market uncertainty,” said David Spreng, Founder and CEO of Runway Growth. “We further built upon our track record of underwriting high-quality deals in the areas we believe we know best, particularly in the life sciences sector, with two new loans to Mustang Bio and Revelle Aesthetics. We believe our reputation as a trusted partner with a steady hand and unparalleled understanding of our borrowers’ businesses continues to distinguish Runway Growth as a preferred lender. As venture equity valuations decline and the equity capital markets become increasingly costly for entrepreneurs, we expect more management teams will turn to debt for the crucial capital needed to fund their next phase of growth and extend their runway – and Runway Growth is poised to take advantage of that opportunity.”

Originations

In the first quarter of 2022, Runway Growth funded seven investments: two investments in new portfolio companies, and five new investments in existing portfolio companies. These include:

  • Completion of a new $75 million senior secured term loan commitment to Mustang Bio, Inc. (“Mustang Bio”) (Nasdaq: MBIO), funding $30 million at close. Mustang Bio is a clinical-stage biopharmaceutical company focused on translating today’s medical breakthroughs in cell and gene therapies into potential cures for hematologic cancers, solid tumors and rare genetic diseases. Mustang Bio aims to acquire rights to these technologies by licensing or otherwise acquiring an ownership interest to fund research and development and to out-license or bring the technologies to market;
  • Completion of a new $25 million senior secured term loan commitment to Revelle Aesthetics, Inc. (“Revelle”), funding $12.5 million at close. Located in Mountain View CA, Revelle is a developer of novel medical devices in aesthetics dedicated to women. Revelle focuses on precision technologies targeting root causes of aesthetics issues and generating more measurable and meaningful results for women and more reliable outcomes for practitioners;
  • Completion of a $20 million upsize and follow-on investment in existing portfolio company FiscalNote, Inc. (“FiscalNote”). FiscalNote is a premier information services company focused on global policy and market intelligence. By combining artificial intelligence (AI) technology, expert analysis, and legislative, regulatory, and geopolitical data, FiscalNote is reinventing the way that organizations minimize risk and capitalize on opportunity;
  • Completion of a $10 million upsize and follow-on investment to existing portfolio company, Fidelis Cybersecurity, Inc. (“Fidelis”). Founded in 2002 and located in Bethesda, MD; Fidelis is a cybersecurity company focused on threat detection, hunting, and targeted response of advanced threats and data breaches. Fidelis serves a list of blue chip private and sector and government customers;
  • Funding of $6 million in two additional advances to existing portfolio company Epic IO Technologies, Inc (“EPIC IO”). Founded in 2001 and located in Fort Mill, South Carolina, EPIC IO is the global technology holding company for IntelliSite and Broad Sky Networks. Epic IO is focused on wireless connectivity and solutions powered by AI and Internet of Things (IoT), that seek to make its customers safer, smarter and more connected; and
  • Completion of a $5 million upsize to our senior secured term loan to Turning Tech LLC d/b/a Echo 360 (“Echo 360”), an application software company that provides a video and data capture platform that helps instructors record and capture classroom lectures and teaching materials, allowing students 24/7 access to course and presentation materials, as well as the lecture itself, in order to drive better learning outcomes.

Liquidity Events

During the first quarter ended March 31, 2022, Runway Growth experienced two liquidity events totaling $10.5 million:

  • In conjunction with CrossRoads Extremity Systems, LLC sale to Johnson & Johnson, we received $8.4 million in principal, fees and proceeds from the exercise and sale of our warrant; and
  • In conjunction with CareCloud, Inc.’s (Nasdaq: MTBC) partial redemption of its Series A Preferred Stock, we received $2.1 million principal proceeds.

About Runway Growth Finance Corp.

Runway Growth is a growing specialty finance company focused on providing flexible capital solutions to late- and growth-stage companies seeking an alternative to raising equity. Runway Growth is a closed-end investment fund that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. Runway Growth is externally managed by Runway Growth Capital LLC, an established registered investment advisor that was formed in 2015 and led by industry veteran David Spreng. For more information, please visit www.runwaygrowth.com

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Forward-Looking Statements

Statements included herein may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance, condition or results and involve a number of risks and uncertainties, including the impact of COVID-19 and related changes in base interest rates and significant market volatility on our business, our portfolio companies, our industry and the global economy, as well as market volatility resulting from the conflict between Russia and Ukraine and the sanctions and other restrictive actions taken by the U.S. and other countries against Russia. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in Runway Growth’s filings with the Securities and Exchange Commission. Runway Growth undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.

IR Contacts:

Alex Straus, Prosek Partners, [email protected]

Thomas B. Raterman, Chief Financial Officer and Chief Operating Officer, [email protected]

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Artificial Intelligence

Adthena Announces Ask Arlo: Empowering Marketers with Real-Time, Conversational AI Data Analysis

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LONDON, June 28, 2024 /PRNewswire/ — Adthena, a leading provider of search intelligence for enterprise brands, today announced a major update to Ask Arlo, a groundbreaking conversational AI tool designed to revolutionize the way marketers interact with and gain insights from their search data.

 
Effortless Exploration of Market Data for Faster, More-Informed Decisions
Version 1.0 was introduced in 2023 to help users navigate Adthena. Today’s 2.0 update leverages real-time GenAI to answer customers’ complex questions about their own search data and deliver instant, tailored responses and reports directly within the platform.
“Our real-time, conversational chatbot, Ask Arlo, is built using our own in-house technology that harnesses the latest generative AI to help customers see through vast search data trends and identify immediate actions to gain ROI in Google Ads.” says Paul Felby, Chief Technical Officer at Adthena. “This innovative tool represents a huge opportunity to unlock value for our customers at scale, enabling users at all levels to make data-driven decisions with unprecedented efficiency.” 
Powered by Unmatched Data and Cutting-Edge Technology
Unique Data Advantage: Adthena’s unparalleled, proprietary data set provides Ask Arlo with a unique and comprehensive understanding of the competitive landscape. Arlo can answer complex questions about market share, competitor performance, ad copy and insights across all markets.Intuitive Conversational Interface: Receive clear, concise answers and summarize data for quick understanding or delve deeper into specific areas.Instantaneous Insights: Eliminate time wasted on generating and interpreting reports. With analysis time reduced from weeks to seconds, customers can focus their time on strategic action. Visual Clarity: Gain a deeper understanding of complex data with easy-to-understand, bespoke charts and graphs.Streamlined Efficiency: Reduce reliance on customer support to keep marketing campaigns optimized. Troubleshoot issues or identify areas for improvement instantly.”The search landscape is evolving at an unprecedented pace, and many enterprise advertisers feel they’re operating in the dark with a lack of transparency from Google.” says Phillip Thune, CEO of Adthena. “Ask Arlo empowers users to unlock valuable performance and strategic insights directly within their search data – instantly. Alpha customers are raving about its ability to simplify complex data analysis and deliver actionable recommendations in seconds.”
About Adthena 
Adthena is a multi-award-winning search intelligence platform that leverages artificial intelligence to empower global brands, marketers, and agencies to navigate the complexities of digital advertising and dominate their competitive landscapes. www.adthena.com
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Artificial Intelligence

Vote Compass Launches in the UK

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Online application developed by political scientists calculates the alignment between users and political partiesVote Compass powered by rigorous independent analysis of party platforms and direct consultations with party representativesVote Compass tool has featured in more than 50 elections worldwide and used by over 35 million peopleApplication draws more than 100,000 users within 48 hours of launchLONDON, June 28, 2024 /PRNewswire/ — In an effort to help voters get a clearer sense of how their political views compare with those of the parties campaigning for election, a team of political scientists has launched votecompass.uk, an online tool that surveys users about their positions on a range of public policy issues and then provides them with a personalised analysis of their fit in the political landscape.

The application has already drawn over 100,000 users in just 48 hours.
Vote Compass offers users with all levels of political knowledge or interest an engaging and accessible entry point into the public policy dimension of the election. It was developed in collaboration with leading UK political scientists, including:
Prof Sir John Curtice, professor of politics at the University of Strathclyde and senior research fellow at the National Centre for Social ResearchProf Maria Sobolewska, professor of political science at the University of ManchesterProf Phil Cowley, professor of politics at Queen Mary University, LondonDr Jac Larner, lecturer in politics at Cardiff UniversityDr Jamie Pow, lecturer in political science at Queen’s University BelfastVote Compass is powered by a rigorous independent analysis of the party platforms. For the last six months, a team of analysts conducted a comprehensive review of policy statements made by political parties in England, Scotland, Wales, and Northern Ireland. They also engaged in direct consultations with representatives from each of the parties. The data collected from this process was used to calibrate the parties using a series of advanced statistical models that plot the parties in proximity to a Vote Compass user.
“Vote Compass is an incredible resource in terms of the rigorous research that has been undertaken to determine where each party sits on the ideological spectrum,” said Prof Maria Sobolewska. “It’s like having a team of political scientists do the preliminary research for you and present it in a very personalised and easy-to-understand format.”
Originally intended to go live in advance of a fall election in partnership with a major UK media organisation, the snap summer election call necessitated an accelerated and independent launch of the Vote Compass tool. This launch marks the premiere appearance of Vote Compass in a UK election. Over the last 15 years, the tool has been featured in more than 50 elections worldwide and used by more than 35 million people. Vote Compass is operated by Vox Pop Labs.
Vote Compass will be available to the public through to Election Day (July 4, 2024) at votecompass.uk.
About Vox Pop LabsVox Pop Labs is an independent, non-partisan, certified social enterprise founded and operated by academics. It was established in 2010 with the aim of promoting civic participation and democratic representation using innovative digital products and advanced data science. Its products have been used by tens of millions of people worldwide.
For more information, please contact:
Dr Clifton van der Linden          
Founder and CEO
Vox Pop Labs
[email protected]
Ms Joanna Massie
Principal Analyst, United Kingdom
Vox Pop Labs
[email protected] 

View original content:https://www.prnewswire.co.uk/news-releases/vote-compass-launches-in-the-uk-302185554.html

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Artificial Intelligence

Wondershare Filmora Releases Gen Z Whitepaper: ‘Gen Z in Action: Exploring This Generation’s Reflection on AI, Influencer Culture, and Content Creation’

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VANCOUVER, BC, June 28, 2024 /PRNewswire/ — Wondershare Filmora, one of the most popular video editing software for young creators, released its first Gen Z Whitepaper based on a comprehensive interview and survey focusing on the aspect of Gen Z social reflection. This interview is an insightful study of Filmora users, college students, and high schoolers who are trending on social media and influencer culture in North America.

Click to download “Gen Z in Action” Whitepaper: 
This comprehensive document, based on a survey of nearly 1,000 Gen Z individuals, explores the dynamic and innovative world of this generation, shedding light on their dedication, entrepreneurial spirit, curiosity, adaptation to AI, and passion for content creation. The whitepaper aims to debunk common misconceptions about Gen Z, revealing a generation that values skills, authenticity, and the integration of AI in their creative processes. This insightful white paper is titled the same as Filmora’s Gen Z documentary, “Gen Z in Action.”
Key Findings:
Valuing Education with a Focus on Skills and Entrepreneurship: While traditional education remains important, Gen Z places a higher priority on practical skills and entrepreneurial ventures.Passion for Content Creation: Driven by expression, authenticity, and entertainment, content creation is a significant passion for Gen Z, offering flexible working hours and potential passive income.Trust in Live Content: Gen Z trusts creators and finds their product recommendations particularly influential when delivered through live streams, perceiving live content as more genuine than pre-recorded content.Adaptation to AI: Gen Z has adeptly adapted AI for content creation, communication, and data analysis. They view AI not as a job threat but as a tool to boost productivity and serve as a creative partner.”In the past decades, we’ve witnessed the thriving of social media and content creation renovated by the millennials. It’s been a decade of incredible transformation in the digital space, driven by events like VidCon, the creator’s gala. We are fortunate to embrace the new era of AI and this new generation, who are a force of nature, bursting with individuality, creativity, and unique storytelling styles. They’re redefining self-expression and the social media landscape through videos and live streaming. We’re here to empower every person to tell their story.” – Christy, VP, Wondershare.
About Filmora
Filmora is designed with users in mind, offering smooth performance and an intuitive interface. With advanced AI capabilities, over 220,000 creative assets, commercially available music, 3D LUTs, effects, and pre-set templates, it provides everything you need to realize your creative vision. Filmora is accessible across all platforms. Download for free on Filmora, follow us on YouTube, TikTok, Instagram, and Facebook to learn more
About Wondershare
Wondershare is a global software company known for innovative solutions in creativity and productivity. Recognized with awards from The Shorty Awards, G2, and GetApp, Wondershare serves over 100 million users in 150 countries with software for video editing, PDF management, data recovery, and more.
Media Contact: [email protected]
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