Alex Hantman

Interesting report from PitchBook on first quarter Digital Health VC activity. - $1.1 billion in funding. Key late-stage deals were led by Transcarent ($126M) and Rightway ($108.8M). - The top investment categories were general & primary care ($213.4M) and health benefits navigation ($140.7M). Challenges & Trends: Valuations: Less than 20% of startups reported a priced round in the last 18 months, with an increase in extension/bridge rounds. Digital Therapeutics: Facing significant challenges due to elusive reimbursement and cautious investors. Better Therapeutics is winding down operations, and Akili is being taken private for $34M, a sharp decline from its peak valuation of nearly $450M. Telehealth: Setbacks include the shutdown of Optum's virtual care and Walmart's telehealth services. The pandemic saw over $15B in VC funding since 2020, but some platforms struggled with unsustainable business models and strategic missteps (e.g., Teladoc's costly Livongo acquisition and Amwell's delisting from Nasdaq). Looking Ahead: While digital therapeutics and telehealth face hurdles, there's potential in: Platforms integrating various treatments for conditions like diabetes, metabolic health, and mental health. Specialty telemedicine, B2B platforms, and hybrid-care models, which offer a promising investment outlook. Despite current challenges, strategic investments and a focus on sustainable models can drive the next wave of innovation in digital health. As a former digital health founder, I encourage founders in this space to keep going...there is light at the end of the tunnel! If you are a digital health founder with impressive traction based in Virginia, feel free to reach out! #digitalhealth #venturecapital #virginiaipc #virginiainvests

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Should you sell your practice to a VC-Backed MSO Startup? tldr: - new VC-backed startups are forming MSOs to roll up independent practices - The pitch is physicians receive early liquidity from the roll up and are granted ESOP shares that can be used for retirement - Problem is the use of ESOPs with independent practices is not a new concept and has been used with large group practices since the 70's - ESOPs do not grant full ownership and in order for the shares to be valuable for retirement, the practice needs to run the same if not better post roll up - With VC-backed startups being primarily operated by non-physicians with zero clinical or medical practice experience, the likelihood of this happening is extremely low making the entire concept high risk However, there is a viable path for continued ownership + liquidity for independent practices. Check out the article to learn more. ⤵ https://lnkd.in/gmGvTYwP

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🧬 This week's Austin Bio & Health Roundup features nearly $200M in funding & new capital, M&A, more infrastructure coming, & hopefully an opening of the Texas Bio & Health IPO window🧬 💰 Funding Function Health has closed its Series A, securing $53M in total funding. Function’s platform offers 100+ tests for $499 per year, focusing on prevention and empowerment. The round was led by a16z Bio + Health and includes several celebrity investors. Congrats to Mark Hyman, MD, Pranitha Patil, Jonathan Swerdlin, Mike Nemke, Seth Weisfeld, and Dan Swerdlin. Sensi.AI raised a $31M Series B led by Insight Partners and Zeev Ventures to enhance its 24/7 monitoring technology for seniors and home care. Way to go Romi Gubes and the entire team! Ironspring Ventures raised $100M for their second fund, focusing on “manufacturing, construction, transportation, and energy.” Exciting times for Ty Findley, Adam Bridgman, Peter J. Holt, and the expanding Ironspring team! Now, why include this in a Bio & Health newsletter? I believe there will be a value migration from drugs, devices, and diagnostics to the bio innovation tech stack itself. One key area of that stack is biomanufacturing. As new modalities like cell and gene therapy rise, the challenge of scaling these therapies presents a significant opportunity for innovation. While as far as I know Ironspring hasn't invested in this subsector yet, I look forward to seeing what they do with Fund 2. 🤝 M&A and Partnerships Significo, a software development that builds healthcare apps and solutions, acquired Bunch, an AI leadership coach app. Congrats to Rick McCartney and team! 🚀Launches, Expansions, and Milestones BrainCheck, a cognitive assessment software platform, announced their adoption by the Physicians Hearing Network (PHN), bringing insights to 270 members across 12 states.  Keep up the momentum Kim Rodriguez and team! 🏗️ Infrastructure Texas State University is partnering with Concept Companies to build a life sciences incubator at their round rock campus. The incubator will have labs, offices, admin support, and collaboration spaces. The teams hope to complete construction by the end of 2025. DES Architects + Engineers opened a new office in Austin, aiming to bring their expertise to the city’s burgeoning life science market. Welcome Kevin D. Norman, Tracy Wong, and the rest of the DES team! 🚩 Texas Bio Triangle Fort Worth-based biopharma company Actuate Therapeutics, Inc. is preparing for an IPO, targeting a raise of about $50M. What’s Next? #AustinNext #LifeSciences #Healthcare #Biotechnology

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I have to say, whenever I read fertility investment stories like this recent one in PitchBook, it gives me pause. Scarcity of opportunity and private equity looking for a new fertility platform to scale?   While it’s true that private equity has been enthusiastic about fertility, some argue the strategy of investing in operators who perform IVF as a manual, artisanal, concierge service is akin to betting on flip phones after Apple launched the smartphone—or riding a dinosaur in the age of innovation. Now I know I’m biased, but the fact is Conceivable Life Sciences clearly sees the future of fertility—and it revolves around the end-to-end automation of the IVF lab. One way to make a billion dollars is by serving hundreds of millions of people—and in the coming decades, that’s where demand for IVF is heading. The urgency will only grow as countries confront declining birth rates and recognize that a key solution lies with the millions of hopeful parents who want children but can’t afford or access IVF. At Conceivable were building the next wave platform for IVF by automating the lab in a way that improves results, increases scale, and becomes a more affordable population health treatment that is accessible to whoever can benefit from it. In the process, Conceivable and our investors will do good and do well. #IVF #IVFAutomation #innovation #biotechnology #populationhealth Janelle Bradley

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As I said right at the start of this week's The Heart of Healthcare Podcast, Shivdev Rao is one of the most exceptional founders I have ever worked with. He is also a great human being. In this week's episode he shares what is it like leading the 🚀 that is Abridge and some awesome life lessons. IMHO this is a great listen for founders building in both the AI and healthcare fields!

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⛳ Emerging fund managers pulse check. PitchBook tracks over 10,000 funds that are raising money, with 45% being emerging fund managers (defined as firms with less than 3 funds). Despite a dip in available capital—down to 16% from the pre-pandemic 23%—these managers are finding creative ways to stay competitive, like partnering with larger firms. 💼 Joanna Drake (founder turned investor) shared how "wildly different" it is raising a fund versus for a startup. One key datapoint she shared on the fund side was how little feedback you get along the way (and the years you can wait for it). The “long-winded and challenging process to raise capital” inspired Drake and Ben Black to create RAISE Global, a community for emerging fund managers and the “forward-thinking LPs” who back them. (A decade later, several hundred emerging managers with AUM under $200m are on the platform) They've found the newest emerging managers are more diverse and geographically dispersed than Silicon valley, and more were able to crack the ceiling and raise larger $100m funds (although this is still a small % of the market, requiring partnership with larger funds at the late stage). ▶ And not a hugely surprising datapoint: A lot of action is in the sub $49 million range, where roughly 50% of emerging managers are raising. Theresa Sorrentino Hajer, Head of U.S. venture capital research at Cambridge Associates warns that past success isn't actually a strong indicator on it's own to assess emerging managers. We've had a valuation reset. And newer managers with investments during the 2019-2021 "party days", need to build relevant track record and play to their strengths. A lot of emerging managers are specializing (70% who applied for Raise had a thematic focus), and betting on getting in as early as possible in the startup's lifecycle (Raise: 31% at accelerator/ pre-seed stages, and 47% at seed stage). “Emerging managers have to compete on a different dimension,” Nick Moran from New Stack Ventures. You're no longer just dealing with capital. Emerging VC's need to be as innovative and nimble as the startups they invest in, having a unique thesis and insights. They also play a role at the top of the deal-flow funnel: helping larger firms find promising companies, so finding a thesis, sector or philosophy aligned partner at a larger firm is helpful. Onwards! #EmergingManager #Startups #VC

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This week Mikal Ventures brings you a 4-week breakdown of the US capital market with an emphasis on the Mikal verticals. Over the 4-week period ending September 16, 1,245 new companies were added, resulting in just under 98,450 companies included in the US Health Tech, Med Tech, Fin Tech, AI Tech, and Ed Tech verticals. US AI Tech again saw the greatest percentage growth in new companies at 30%, vs. the vertical average of 13% for the period. AI Tech also led the group in transactions and news articles. US Med Tech led in SEC Filings. Mikal Ventures publishes these stats on a rolling 4-week basis to provide a perspective on how the verticals and new startups move through time. We hope you find them informative and thought-provoking. VC Investors are always adjusting their "Play Book" with a variety of options for investing. Mikal Ventures is one of those alternatives, offering curated solutions to real world problems. Reach out if you have questions on how we can be of assistance and bookmark https://mikalventures.com/ for additional insights and information.

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This week Mikal Ventures brings you a 4-week breakdown of the non-US capital market with an emphasis on the Mikal verticals. Over the 4-week period ending July 22, 1,681 new companies were added, with over 104,500 companies included in the non-US Health Tech, Med Tech, Fin Tech, AI Tech, and Ed Tech verticals. The non-US AI Tech saw the greatest percentage growth in new companies for the period at 26%, vs. the vertical average of 16% for the period. That vertical also led the group in transactions and news articles. The non-US Med Tech vertical led in SEC Filings. Mikal Ventures publishes these stats on a rolling 4-week basis to provide a perspective on how the verticals and new startups move through time. We hope you find them informative and thought-provoking. VC Investors are always adjusting their "Play Book" with a variety of options for investing. Mikal Ventures is one of those alternatives, offering curated solutions to real world problems. Reach out if you have questions on how we can be of assistance and bookmark https://mikalventures.com/ for additional insights and information.

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I’m thrilled to be on a panel at the upcoming Nashville Healthcare Sessions conference! I’ll be joining industry leaders Adam Boehler from Rubicon Founders and Anna Haghgooie from Valtruis. Together, we’ll explore the evolution of healthcare investing and the current landscape after a tumultuous five years. What can you expect? 🤔 🔍 Insights into market maturation and what we’re observing in today’s investment strategies. 💡 Discussion on how these dynamics are influencing capital strategies for companies moving forward. 📈 An overview of the changes operators are making to secure the best deals. 🔮 A look at investor trends for the remainder of the year and what’s on the horizon for 2025. This is a fantastic opportunity to gain valuable insights and network with fellow healthcare enthusiasts and professionals. Don’t miss out on what promises to be a thought-provoking and informative session! #NashvilleHealthcareSessions #HealthcareInvestment #PanelDiscussion #Networking #HealthcareInnovation #InvestSmart #2025Trends

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According to the latest report from Rock Health, digital health funding in Q1 2024 totaled $2.7B across 133 deals, with an average deal size of $20.6M. It doesn’t break out device-related investments, but most medtech founders I meet these days are being forced to chase tiny rounds made up of endless little checks, consuming valuable energy and slowing their progress. The benign neglect of this next generation of diagnostic and therapeutic devices is counterproductive and surprising. Given the crowded virtual care market, for example, I’d expect more such companies would be exploring medtech partnerships, investments or acquisitions that'd enable them to back integrate into delivering sharper, and more differentiated, care and treatment. This is exactly what Maverix Medical is doing from the other direction: Reshaping the entire spectrum of lung cancer care by integrating more advanced + effective approaches to screening and diagnosis, treatment and therapeutics, and even palliative care…And putting it all to work through an innovative provider network. One notable investor exception is Y Combinator partner Surbhi Sarna who’s been backing great teams like Selera Medical (YC W24) doing foundational work on ambitious medical devices. Without more support from investors like her, we’re going to increasingly find ourselves stuck with the incremental portfolio improvements from the incumbents, and that’s just not nearly enough.

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🧬 This week's Austin Bio & Health Roundup highlights new funding, intriguing data, and major commercial & scientific milestones 🧬 💰 Funding Hello Patient, building Gen-AI phone agents for healthcare providers, came out of stealth with a $6.3M seed raise. Congrats Alex Cohen! And it’s Austin funding Austin, with 8VC a key part of the round. Aspira Women's Health, focused on non-invasive AI-powered diagnostics, was awarded a $10M grant from ARPA-H to advance their blood test for endometriosis. Well done, Nicole Sandford, Sandy Milligan, MD JD & team. Maxwell Biosciences, a synthetic small molecule drug platform, received ~$3M from the Medical Technology Enterprise Consortium (MTEC) to find assets that will prevent wound infection on the battlefield. Fantastic work, Joshua McClure & team. Reminder: I don’t cover SEC filings. When the builders themselves announce, I’ll shout it from the rooftops! 📊 Data Clutch VC released its Texas Seed Funding Update (YTD Q3): YTD 387 seed rounds raised for a total $636M. Though deal counts are down QoQ, capital invested has trended upward, making this the highest quarter since Q1 2023. Health was the second largest sector with 27% of all capital raised so far this year, up from 16% during the same time frame last year. Great data & insights Rajiv Bala, Steve Coffey, and Caitlin McHugh. 🤝 M&A and Partnerships Lumos Pharma entered a merger agreement with Double Point Ventures, going private at a $38M valuation. 🚀 Launches, Expansions, Milestones, and Wins Oracle Health announced updates to its Data Intelligence platform, with enhancements to Clinical, Analytics, and Care Coordination products. 🤠 Texas Bio Triangle Houston-based Coya Therapeutics, Inc. shared positive results from a double-blind study of low-dose interleukin-2 (LD-IL-2) in Alzheimer’s, showing the therapy is safe and well tolerated with promising trends toward cognitive improvement. Amazing Howard Berman, PhD, Arun Swaminathan, and the rest of the team. Dallas-based Stone Mountain Ventures closed a $5M Fund II focused on health & AI. Fund I included Austin Bio & Health startups Legion Health and MDisrupt. Congratulations, John Diaz and keep looking at Austin for new opportunities! Quick Note: Some items this week actually happened last week, apologies if I missed them! Please tag or message me for future announcements so I can make sure to include them. What’s Next?

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This week Mikal Ventures brings you a 2-week breakdown of the US capital market with an emphasis on the Mikal verticals. Over the 2-week period ending May 13, 450 new companies were added, with just under 95,000 companies included in the US Health Tech, Med Tech, Fin Tech, AI Tech, and Ed Tech verticals. AI Tech again saw the greatest percentage of growth in new companies and transactions, weighing in at over double the vertical averages for the period. The US Med Tech vertical led the way in SEC Filings, with Fin Tech leading in news articles. Mikal Ventures publishes these stats to provide a perspective on how the verticals and new startups move through time. We hope you find them informative and thought-provoking. VC Investors are always adjusting their "Play Book" with a variety of options for investing. Mikal Ventures is one of those alternatives, offering curated solutions to real world problems. Reach out if you have questions on how we can be of assistance and bookmark https://mikalventures.com/ for additional insights and information.

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🚀 With this deck, Hinge Health Raises $300 Million in Series D at a $3 Billion Valuation 🚀 - Hinge Health, a pioneering startup in the digital health space, has just raised an impressive $300 million in its Series D round, securing a valuation of $3 billion! 🩺💰 - This funding round, driven by top investors, is a testament to the growing demand for innovative, tech-driven healthcare solutions. 👉🏻 Key Highlights: 🔷 Funding Amount: $300 Million 🔷 Valuation: $3 Billion 🔷 Lead Investors: A mix of leading venture capital firms and strategic investors. 🔷 Purpose of Funding: Expand product offerings, enhance R&D, and scale operations globally. 👉🏻Why This Matters: 🔷 Digital Health Revolution: Hinge Health is at the forefront of the shift toward digital-first healthcare, offering cutting-edge solutions for musculoskeletal (MSK) conditions. 🔷 Scalability: This capital will enable Hinge Health to broaden its reach, making its services accessible to millions more patients globally. 🔷 Technological Advancements: Continued investment in AI, machine learning, and wearable tech will enhance personalized care and treatment outcomes. 👉🏻 Facts & Figures: 🔷 Total Funding: With this round, Hinge Health has raised over $426M, positioning itself as a dominant player in digital healthcare. 🔷 Growth Trajectory: The company’s valuation surged from $1B in 2020 to $3B in 2024, reflecting rapid market adoption and expansion. 🔷 Customer Base: Hinge Health’s platform serves over 400 employers and health plans, including 25% of the Fortune 500. 🔷 Innovation: The funds will fuel R&D, expand the product offering, and scale operations, particularly in integrating AI and remote care. 👉🏻 Strategic Focus: 🔷 Product Innovation: Introducing new features like real-time virtual physical therapy and AI-driven personalized care plans. 🔷 Global Expansion: Targeting new markets in Europe and Asia to address the global MSK pain crisis. 🔷 Partnerships: Strengthening collaborations with healthcare providers, insurers, and employers to enhance service delivery. 👉🏻 What’s Next? - Hinge Health’s innovative approach to MSK care is revolutionizing how chronic pain and injury recovery are managed. - With this significant financial boost, the company is set to further disrupt the healthcare industry by providing accessible, effective, and scalable digital health solutions. 👉🏻 Takeaway for Founders: - Strategic funding isn’t just about capital—it’s about positioning your startup for sustained growth and innovation. - For those keeping an eye on the health tech space, Hinge Health’s trajectory is a clear indicator of where the future of personalized healthcare is heading. 🔰 P.S.: Let me know in the comment section, which startup's deck you want to see next. #startups #founders #funding #healthtech #startupgrowth #india #venturecapital #digitalhealth #innovation

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This week Mikal Ventures brings you a 4-week breakdown of the US capital market with an emphasis on the Mikal verticals. Over the 4-week period ending April 15, just over 900 new companies were added, with 94,109 companies included in the US Health Tech, Med Tech, Fin Tech, AI Tech, and Ed Tech verticals. AI Tech again saw the greatest percentage of growth in new companies and transactions, weighing in at over double the vertical averages for the period. The US Fin Tech vertical again led the way in SEC Filings and news articles. Mikal Ventures publishes these stats on a rolling 4-week basis to provide a perspective on how the verticals and new startups move through time. We hope you find them informative and thought-provoking. VC Investors are always adjusting their "Play Book" with a variety of options for investing. Mikal Ventures is one of those alternatives, offering curated solutions to real world problems. Reach out if you have questions on how we can be of assistance and bookmark https://mikalventures.com/ for additional insights and information.

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Abby Levy talks about venture's role in US healthcare and what we can expect to see as technology impacts the space on TFR. Check out the rest of the conversation with Abby & Alan Patricof of Primetime Partners on Episode 433.

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This week Mikal Ventures brings you a 4-week breakdown of the non-US capital market with an emphasis on the Mikal verticals. Over the 4-week period ending June 24, just over 1,160 new companies were added, with 102,850 companies included in the non-US Health Tech, Med Tech, Fin Tech, AI Tech, and Ed Tech verticals. The non-US AI Tech saw the greatest percentage growth in new companies for the period at 16%, vs. the vertical average of 11% for the period. The non-US Health Tech vertical led the group in transactions. The non-US Med Tech vertical lead in both SEC Filings and news articles. Mikal Ventures publishes these stats on a rolling 4-week basis to provide a perspective on how the verticals and new startups move through time. We hope you find them informative and thought-provoking. VC Investors are always adjusting their "Play Book" with a variety of options for investing. Mikal Ventures is one of those alternatives, offering curated solutions to real world problems. Reach out if you have questions on how we can be of assistance and bookmark https://mikalventures.com/ for additional insights and information.

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To my amazing network - I am thrilled to announce the launch of Pave Health Ventures, an early-stage venture fund dedicated to broadening access to healthcare and improving the overall well-being of our communities. I’ve been very fortunate in my healthcare career. As the Founder & CEO of MedPilot, we capped off a seven-year journey with a successful exit when we were acquired by Vytalize Health. For the last three years, serving as Chief Innovation Officer, I’ve had the honor to contribute to the remarkable growth at Vytalize, impacting the lives of hundreds of thousands of patients by enhancing the quality of care they receive. I am immensely grateful to Matt Buder Shapiro, not only for being the perfect partner and co-founder but also for being an incredible friend. Additionally, I extend my heartfelt appreciation to Faris Ghawi, Amer Alnajar, and Jordan Brown for their outstanding leadership and for broadening my perspective on the significance of value-based care. This journey has not only provided me with industry expertise but has allowed me to cultivate invaluable relationships and an incredible network. As I embark on this new chapter, I am profoundly grateful to be supported by top executives and thought leaders in the investment, wellness, and healthcare industries. Within the healthcare ecosystem, we are represented by key stakeholders from health systems, insurers, governmental organizations, retail health businesses, provider groups, and value-based care organizations. At Pave Health Ventures, we believe the timing couldn't be more opportune to help support health-focused startups. With the growing prevalence of illness and chronic health conditions impacting our communities, consumers and key Healthcare Stakeholders are increasingly prioritizing proactive and preventative care. This shift in focus is fueling demand for technology, products, and services aimed at improving health outcomes, unlocking trillions of dollars in growth potential within the healthcare landscape. Pave Health Ventures is all-in. We are actively seeking solutions that tackle the root causes of illness, manage chronic conditions, and optimize care and care teams. Please support us in our mission by opening your networks and introducing us to amazing founders and entrepreneurs. Together, let's help pave the way to a healthier tomorrow. Jacob Myers

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The opioid crisis was a sad hallmark of my years working for the Baker Administration. In a time of extreme partisanship at the federal level, this was one area where public policy, civil discourse, and private enterprise seemed aligned and sufficiently motivated to find a solution. What we learned, however, is that dollars and access only go so far in combatting a disease that knows no so specific demographic. Instead, it's apparent that a battery of tools is needed to combat and prevent addiction--ranging from strong safety nets, to novel non-addictive pain therapies, and better technology. Introducing Marigold Health. Shrenik Jain, Ravi Shah, Tracey Cohen, MD, FASAM and team have built a proprietary NLP-based platform that--most significantly--improves the lives of those suffering from SUD/SMI. One customer we spoke with noted, "We needed a unique treatment intervention that had supportive research, fit into a CMS established model with a recognized service code, and that would provide positive clinical outcomes in an efficacious and fiscally responsible manner”. Another plainly said: "Marigold is our best hope to reach into the lives and help those who many have already given up on." Honored to join Bill Evans, Sean Day, and the entire syndicate in doing our part to scale a tool we believe will become essential in the fight against addiction. Marigold Health Innospark Ventures Rock Health KdT Ventures Matt Fates Lily Zarrella Venkat Srinivasan

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Exciting news from Monica Chopra, Jeffrey De Flavio, MD, Samantha Adelberg, and the rest of the Auxa Health team as they officially announce their $5.2M Seed round. The team's deep industry expertise and drive for change have led them to solve critical infrastructural friction to providing quality healthcare and adoption of value-based care. Auxa's AI benefit navigation platform is simplifying the complexities of healthcare by streamlining all of the fragmented and siloed data and information to make it actionable in real-time for healthcare organizations. For the 70% of Americans who aren't getting access to the health and social care benefits they deserve, Auxa's solution will be pivotal in enabling equitable care. We're thrilled to partner with co-investors Zeal Capital Partners, AlleyCorp, Laconia, and Chaac Ventures on this journey and look to share many more milestones ahead. Cc K50 Ventures, Ryan Bloomer, Daniel Vásquez, Nick Talwar, Stefanie Ng https://lnkd.in/dPDY7-Db

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