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STAK Inc. Announces First Half of Fiscal Year 2025 Financial Results

CHANGZHOU, China, April 24, 2025 /PRNewswire/ — STAK Inc. (the “Company” or “STAK”) (Nasdaq: STAK), a fast-growing company specializing in the research, development, manufacturing, and sale of oilfield-specialized production and maintenance equipment, today announced its unaudited financial results for the first half of fiscal year 2025 ended December 31, 2024.

Mr. Chuanbo Jiang, Chairman and Chief Executive Officer of STAK, commented, “Driven by rising market demand and our strategic focus on higher-margin, specialized oilfield vehicles, the first half of fiscal year 2025 recorded a solid performance for our company, reflecting both operational and strategic progress. We delivered robust financial results, with revenues reaching $17.0 million, representing a 24.44% increase year over year. Our gross profit margin also improved to 30.65%, up from 28.54% in same period of the prior year, underscoring the success of our product strategy transformation. Net income rose to $2.0 million, representing a 23.81% year-over-year increase, highlighting the effectiveness of our strategic initiatives, as well as our commitment to sustainable, profitable growth. We also maintained a solid pace of investment in research and development, aiming to enhance our existing product portfolio and enter new markets through technical innovation and distinctive designs.

In addition to our financial achievements, the completion of our Initial Public Offering was a significant milestone. On February 26, 2025, we commenced trading on the Nasdaq Capital Market under the ticker symbol ‘STAK.’ This achievement reflects the market’s confidence in our vision and provides a strong foundation to accelerate our growth trajectory and push the boundaries for long-term value.

As we move forward, we remain confident in our market position and the opportunities emerging in the recovering oil field services industry. Innovation will remain central to our strategy as we continue to advance our product offerings to help customers reduce costs, enhance efficiency, and meet evolving operational needs. Moreover, diversifying our portfolio to support international expansion will be another key pillar for our long-term vision, positioning STAK to embrace emerging opportunities in global oilfield markets.”

First Half of Fiscal Year 2025 Financial Highlights

  • Revenues were $17.0 million for the first half of fiscal year 2025, an increase of 24.44% from $13.6 million for the first half of fiscal year 2024.
  • Gross profit was $5.2 million for the first half of fiscal year 2025, an increase of 33.63% from $3.9 million for the first half of fiscal year 2024.
  • Gross profit margin was 30.65% for the first half of fiscal year 2025, compared to 28.54% for the first half of fiscal year 2024.
  • Research and development expenses was $1.5 million for the first half of fiscal year 2025, an increase of 52.71% from $1.0 million for the first half of fiscal year 2024.
  • Net income was $2.0 million for the first half of fiscal year 2025, an increase of 23.81% from $1.6 million for the first half of fiscal year 2024.
  • Basic and diluted earnings per share were $0.20 for the first half of fiscal year 2025, compared to $0.16 for the first half of fiscal year 2024.

First Half of Fiscal Year 2025 Financial Results

Revenues

Revenues were $17.0 million for the first half of fiscal year 2025, an increase of 24.44% from $13.6 million for the first half of fiscal year 2024. The increase in revenues was mainly driven by the increase in demand for specialized oilfield equipment and increase in average sales price for specialized oilfield vehicles and partially offset by the decrease in demand for sales of raw materials and parts. 

Sales of specialized oilfield equipment were $9.5 million for the first half of fiscal year 2025, an increase of 73.54% from $5.5 million for the first half of fiscal year 2024. The increase was mainly due to the Company’s decision to expand production capacity of higher-pricing specialized oilfield equipment in order to allocate more resources towards research and development for the Company’s new specialized oilfield equipment products with higher profit margins, given that all specialized oilfield equipment shares the same production facilities.

Sales of specialized oilfield vehicles were $5.6 million for the first half of fiscal year 2025, an increase of 58.27% from $3.6 million for the first half of fiscal year 2024. The increase was mainly due to the Company’s decision to optimize its product portfolio.

Service revenue was $1.8 million for the first half of fiscal year 2025, an increase of 1.51% from $1.7 million for the first half of fiscal year 2024. The increase was because the Company earned cultivate positive word-of-mouth recommendations within the oilfield industry and a good reputation in the market.

Other revenue was $0.04 million for the first half of fiscal year 2025, a decrease of 98.57% from $2.8 million for the first half of fiscal year 2024. The Company sold chassis parts of $2.8 million for the first half of fiscal year 2024.

Cost of Revenues

Cost of revenues was $11.8 million for the first half of fiscal year 2025, an increase of 20.77% from $9.7 million for the first half of fiscal year 2024. The increase in cost was mainly due to the increase in revenues of 24.44%.

Gross Profit and Gross Profit Margin

Gross profit was $5.2 million for the first half of fiscal year 2025, an increase of 33.63% from $3.9 million for the first half of fiscal year 2024. Gross profit margin was 30.65% for the first half of fiscal year 2025, increased from 28.54% for the first half of fiscal year 2024. The increase in both gross profit and gross profit margin was mainly driven by higher margin achieved in sales of specialized oilfield vehicles, which was partially offset by the decreasing unsustainable sales of the Company’s parts and materials.

Operating Expenses

Total operating expenses were $2.9 million for the first half of fiscal year 2025, compared to $2.0 million for the first half of fiscal year 2024.

  • Selling and marketing expenses have been consistently maintained at $0.6 million for the first half of fiscal year 2025 and 2024. The observed revenue expansion reflects the Company’s management team’s direct business development efforts rather than commission-based sales channels, thereby maintaining stable commission expenditures.
  • General and administrative expenses were $0.8 million for the first half of fiscal year 2025, an increase of 91.78% from $0.4 million for the first half of fiscal year 2024. The increase was attributed to the increase in provision for credit losses of $0.4 million on accounts receivables.
  • Research and development expenses were $1.5 million for the first half of fiscal year 2025, an increase of 52.71% from $1.0 million for the first half of fiscal year 2024. The increase was attributed to the increase of design and development expenses to develop new products and refine existing products. The research and development expenses are mainly driven by the stage and scale of the Company’s equipment development.

Net Income

Net income was $2.0 million for the first half of fiscal year 2025, an increase of 23.81% from $1.6 million for the first half of fiscal year 2024.

Basic and Diluted Earnings per Share

Basic and diluted earnings per share were $0.20 for the first half of fiscal year 2025, compared to $0.16 for the first half of fiscal year 2024.

Financial Condition

As of December 31, 2024, the Company had cash and cash equivalents of $0.4 million, compared to $0.7 million as of June 30, 2024.

Net cash used in operating activities was $1.0 million for the first half of fiscal year 2025, compared to $1.4 million for the first half of fiscal year 2024.

Net cash provided by investing activities was $0.1 million for the first half of fiscal year 2025, compared to $0.3 million for the first half of fiscal year 2024.

Net cash provided by financing activities was $0.6 million for the first half of fiscal year 2025, compared to $1.1 million for the first half of fiscal year 2024.

Recent Development

On February 27, 2025, the Company completed its initial public offering (the “Offering”) of 1,250,000 ordinary shares at a price of $4.00 per share. On March 4, 2025, the underwriters of the Offering partially exercised their over-allotment option to purchase an additional 160,349 ordinary shares at the public offering price of $4.00 per share. The gross proceeds were $5.64 million, before deducting underwriting discounts and other related expenses. The Company’s ordinary shares began trading on the Nasdaq Capital Market on February 26, 2025, under the ticker symbol “STAK.”

About STAK Inc.

STAK Inc. is a fast-growing company specializing in the research, development, manufacturing, and sale of oilfield-specific production and maintenance equipment. The Company designs and manufactures oilfield-specialized production and maintenance equipment, then collaborates with qualified specialized vehicle manufacturing companies to integrate the equipment onto vehicle chassis, producing specialized oilfield vehicles for sale. Additionally, the Company sells oilfield-specialized equipment components, related products, and provides automation solutions. Its vision is to help oilfield services companies reduce costs and increase efficiency by providing the cutting-edge integrated oilfield equipment and automation solutions service. Its mission is to become a powerful provider for the niche markets of specialized oilfield vehicles and equipment in China. For more information, please visit the company’s website at https://www.stakindustry.com/ir/

Forward-Looking Statements

Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can find many (but not all) of these statements by the use of words such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “potential,” “intend,” “plan,” “believe,” “likely to” or other similar expressions in this prospectus. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC.

For more information, please contact:

STAK Inc.
Investor Relations Department
Email: ir@stakindustry.com

Ascent Investor Relations LLC
Tina Xiao
Phone: +1-646-932-7242
Email: investors@ascent-ir.com

 

 

STAK INC.

UNAUDITED CONSOLIDATED BALANCE SHEETS

(Expressed in U.S. dollars, except for the number of shares)

As of

December 31,
2024

June 30, 2024

Assets

Current assets:

Cash and cash equivalents

$

360,522

$

658,154

Accounts receivable, net

8,668,130

3,485,523

Inventories

13,389,498

8,282,243

Advances to suppliers

88,381

1,427,849

Amounts due from a related party

77,700

133,482

Prepayments and other current assets, net

447,022

680,496

Deferred offering costs

748,757

627,604

Total current assets

23,780,010

15,295,351

Non-current assets:

Property and equipment, net

2,411,116

2,582,713

Intangible asset, net

59,473

62,241

Right-of-use assets, net

28,567

38,197

Deferred tax assets

627,498

506,523

Other assets

261,471

297,696

Total non-current assets

3,388,125

3,487,370

Total assets

$

27,168,135

$

18,782,721

Liabilities and shareholder’s equity

Liabilities

Current liabilities:

Accounts payable

$

6,678,474

$

746,134

Amounts due to a related party

52,697

42,487

Accrued expenses and other current liabilities

997,367

1,293,243

Short-term borrowings

4,986,780

4,334,544

Income tax payable

1,956,021

1,668,400

Total current liabilities

14,671,339

8,084,808

Non-Current liability:

Long-term borrowing

116,964

Total non-current liability

116,964

Total liabilities

$

14,671,339

$

8,201,772

Commitments and contingencies

Shareholder’s equity

Ordinary shares (par value of $0.001 per share; 50,000,000 shares
authorized; 10,000,000 and 10,000,000 shares issued and outstanding as
of December 31, 2024 and June 30, 2024, respectively) *

10,000

10,000

Additional paid in capital

4,249,517

4,249,517

Statutory reserve

877,821

672,402

Retained earnings

7,831,517

6,037,573

Accumulated other comprehensive loss

(472,059)

(388,543)

Total shareholders’ equity

12,496,796

10,580,949

Total liabilities and shareholder’s equity

$

27,168,135

$

18,782,721

 

* The shares and per share information are presented on a retroactive basis to reflect the reorganization and the shares surrender (Note 1).

The accompanying notes are an integral part of these unaudited consolidated financial statements.

 

 

STAK INC.

UNAUDITED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

(Expressed in U.S. dollars, except for number of shares)

For the Six Months Ended
December 31,

2024

2023

Revenues

$

16,955,913

$

13,626,151

Cost of revenues

(11,759,741)

(9,737,606)

Gross profit

5,196,172

3,888,545

Operating expenses:

Selling and marketing expenses

(599,471)

(608,507)

General and administrative expenses

(806,833)

(420,700)

Research and development expenses

(1,542,926)

(1,010,394)

Total operating expenses

(2,949,230)

(2,039,601)

Operating income

2,246,942

1,848,944

Other (expense) income:

Interest expense, net

(89,907)

(45,082)

Government subsidies

17,006

28,015

Total other expense, net

(72,901)

(17,067)

Income before income tax expense

2,174,041

1,831,877

Income tax expense

(174,678)

(216,960)

Net income

1,999,363

1,614,917

Net income per ordinary share:

Earnings per share, basic and diluted *

$

0.20

$

0.16

Weighted average number of shares outstanding, basic and diluted *

10,000,000

10,000,000

Net income

$

1,999,363

$

1,614,917

Foreign currency translation adjustments

(83,516)

204,744

Total comprehensive income

$

1,915,847

$

1,819,661

 

* The shares and per share information are presented on a retroactive basis to reflect the reorganization and the share surrender (Note 1).

The accompanying notes are an integral part of these unaudited consolidated financial statements.

 

 

STAK INC.

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Expressed in U.S. dollars)

For the Six Months Ended

December 31,

2024

2023

CASH FLOWS FROM OPERATING ACTIVITIES:

Net income

1,999,363

1,614,917

Adjustments to reconcile net income to net cash used in operating
activities:

Provision for credit losses

524,509

97,944

Depreciation of property and equipment

166,058

163,622

Amortization of intangible asset

2,538

2,518

Amortization of operating lease right-of-use asset

9,624

30,157

Deferred income tax

(125,305)

(208,562)

Changes in operating assets and liabilities:

Accounts receivable

(5,791,039)

(7,863,471)

Advance to suppliers

1,355,963

184,254

Inventories

(5,231,547)

(1,844,324)

Amounts due from/due to related parties

66,712

946,203

Prepaid expenses and other current asset

73,201

(94,121)

Other assets

35,512

(377,901)

Accounts payable

6,037,020

5,611,525

Deferred revenue

(385,413)

Income tax payable

299,996

425,522

Accrued expenses and other current liabilities

(421,174)

309,778

Operating lease liabilities

(22,628)

Net cash used in operating activities

(998,569)

(1,409,980)

CASH FLOWS FROM INVESTING ACTIVITIES:

Purchases of property and equipment

(3,082)

(17,403)

Loans to third parties

(209,010)

Collection of loans to third parties

350,022

297,455

Net cash provided by investing activities

137,930

280,052

CASH FLOWS FROM FINANCING ACTIVITIES:

Proceeds from short-term bank loans

2,424,513

2,294,497

Repayments of short-term bank loans

(1,741,748)

(1,188,715)

Repayments of long-term bank loans

(118,439)

Net cash provided by financing activities

564,326

1,105,782

Effect of exchange rate changes on cash and cash equivalents

(1,319)

12,840

Net decrease in cash and cash equivalents

(297,632)

(11,306)

Cash and cash equivalents, at beginning of the period

658,154

593,199

Cash and cash equivalents, at end of the period

$

360,522

$

581,893

SUPPLEMENTAL DISCLOSURE OF CASH FLOW
INFORMATION:

Interest paid

$

90,523

$

SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES:

Addition of right-of-use assets

$

$

105,760

The accompanying notes are an integral part of these unaudited consolidated financial statements.

 

 

viaim Hosts World’s First Silent Party in Shanghai, Empowering Inclusive Communication Through AI on Earth Day 2025

AI-powered RecDot earbuds break sound barriers, creating an immersive, sustainable celebration for all

NEW YORK, April 24, 2025 /PRNewswire/ — On April 22, viaim hosted the world’s first “Silent Party” in Shanghai, harnessing its innovative AI-powered RecDot earbuds to bridge communication gaps and empower barrier-free interactions. Dedicated to inclusivity and environmental sustainability, the event celebrated Earth Day by uniting diverse communities, particularly highlighting hearing-impaired individuals, through music and cutting-edge technology.

Named the “2025 Earth Day Silent Party,” participants at the event experienced firsthand the transformative capabilities of viaim’s RecDot earbuds, featuring real-time multilingual speech-to-text and text-to-speech conversion in both English and Chinese. Throughout the event, real-time subtitles were projected onto large screens, enabling participants to visually engage with conversations and performances. Attendees leveraged viaim’s earbuds to facilitate direct, point-to-point communication across groups, effectively removing traditional barriers for hearing-impaired individuals and fostering a genuinely inclusive environment.

viaim
viaim

The event also featured a cultural segment where deaf artists performed creative acts, including sign-language rap and dynamic visual art projections, showcasing their creative capabilities. As well as recognizing the achievements of the deaf community, the party also featured many fun and interactive activities, including silent games, artistic performances, low-frequency music experiences, and innovative social card games. Notably, hearing-impaired baristas effectively managed customer interactions using viaim’s earbuds, demonstrating practical AI-driven accessibility in service industries.

Participating in the event, Shawn Ma, CEO of viaim, emphasized, “When we envision the future of technology, it shouldn’t merely be a competition for efficiency, but a pursuit of inclusivity. Through AI, we strive to ensure that communication becomes a universal right enjoyed by everyone. We believe technology’s true value lies in illuminating silence and connecting the world through understanding.”

viaim’s commitment to sustainability and social responsibility was evident throughout the event. In a dedicated sustainable exhibition space, attendees explored installations constructed from recycled and biodegradable materials, including a central tree-shaped earbud display, symbolizing harmony between technological advancement and environmental preservation. Participants enthusiastically engaged with the “AI Eco Scenario Cards,” brainstorming innovative strategies to integrate viaim’s multilingual capabilities into sustainable practices, such as minimizing international business travel.

The event was part of a broader Earth Day initiative jointly launch by viam, Oatly, and B Corps China, and was co-hosted with BassBath, who helped organize the event. To emphasize this collaboration, viaim also facilitated an insightful roundtable discussion on “AI-Enhanced Sustainable Office Practices,” aligning technological innovation with corporate social responsibility and sustainability objectives. The event drew considerable attention from international media, influencers, and environmental advocacy groups, elevating viaim’s global visibility, particularly across North America and Europe.

Reflecting on viaim’s environmental commitments, viaim Sustainability Officer highlighted the eco-friendly advantages of viaim RecDot earbuds during the roundtable, “Using viaim RecDot instead of traditional recording devices significantly reduces electronic waste through its extended battery life and multifunctional integration, making every meeting more sustainable.” He further reflected on the significance of the event: “The Silent Party transcends being merely a technology showcase or festive gathering. It represents a meaningful dialogue about coexistence, empathy, and equality. viaim remains dedicated to pushing the boundaries of AI technology, serving diverse communities, and positively shaping our collective future.”

Learn more and explore viaim’s dual smart office upgrade at https://store.viaim.ai.

About viaim
viaim is dedicated to “Real Intelligence,” enhancing workplace efficiency and creativity through innovative AI products. Its flagship offerings include viaim RecDot earbuds with multilingual transcription and noise reduction capabilities, and viaim NoteKit, an intelligent meeting tool for capturing summaries and to-do lists.

Truecaller Nomination Commitee proposes Aruna Sundararajan as new Board member

STOCKHOLM, April 24, 2025 /PRNewswire/ — The Nomination Committee of Truecaller AB (publ) proposes that Ms. Aruna Sundararajan is elected as new Board member at the Annual General Meeting (“AGM”) on May 23, 2025. Further, the Nomination Committee proposes re-election of all current Board members.

Ahead of the AGM on May 23, 2025, the Nomination Committee proposes re-election of all current Board members (Nami Zarringhalam, Alan Mamedi, Annika Poutiainen, Helena Svancar, Shailesh Lakhani), and the election of Ms. Arunda Sundararajan as a new member of the board.

Ms. Aruna Sundararajan has extensive experience within the technology field from other board assignments and comes with relevant experience in policy and regulatory matters within India. She has held key positions at central level such as Secretary of the Ministry of Electronics and Information Technology (MeitY), Secretary to the Department of Telecommunications and chairperson of the Digital Communications Commission where she played a key role in policy making for the telecom sector.  As Kerala’s first IT Secretary, she was the driving force behind major digital infrastructure and e-learning projects. Today, Ms. Sundararajan serves as chairperson of the Broadband India Forum, a think tank for telecom and digital issues, and is on the advisory board of the Indian Council for Research on International Economic Relations (ICRIER). Furthermore, she is a director on the boards of Delhivery Limited, Info Edge (India) Limited, L&T Technology Services Limited as well as India’s National Bank of Infra Financing and Development (NaBFID).

Ms. Aruna Sundararajan is independent of the company and all large shareholders.

We are very pleased with the nomination of Aruna Sundararajan as a new board member of Truecaller. She possesses extensive experience in policy and regulatory matters within technology and has board experience from several listed companies in India. Her appointment as a new board member is expected to significantly enhance the board’s collective expertise and competence in these areas. With this addition the Board will consist of six board members with well diversified competences and experiences,” says Kamjar Hajabdolahi, chairman of Truecallers Nomination Committee.

The Nomination Committee’s other proposals and motivated statement will be presented in connection with the notice to the AGM.

Truecaller’s Nomination Committee ahead of the 2025 AGM comprises of Kamjar Hajabdolahi, appointed by Nami Zarringhalam, Sven Törnkvist, appointed by Alan Mamedi, Mattias Lampe, appointed by Peak XV and Alan Mamedi, being the representative of the Board of Directors of Truecaller AB.

For more information, please contact:

Andreas Frid, Head of IR & Communication
+46 705 29 08 00
andreas.frid@truecaller.com

About Truecaller:
Truecaller (TRUE B) is the leading global platform for verifying contacts and blocking unwanted communication. We enable safe and relevant conversations between people and make it efficient for businesses to connect with consumers. Fraud and unwanted communication are endemic to digital economies. especially in emerging markets. We are on a mission to build trust in communication. Truecaller is an essential part of everyday communication for more than 450 million active users. Truecaller is listed on Nasdaq Stockholm since 8 October 2021. For more information. please visit corporate.truecaller.com

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/truecaller-ab/r/truecaller-nomination-commitee-proposes-aruna-sundararajan-as-new-board-member,c4139083

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Global Financial Crime Prevention Leader Feedzai Acquires Demyst to Break Down Data Silos and Accelerate Risk Decisions

NEW YORK and SYDNEY and LISBON, Portugal, April 24, 2025 /PRNewswire/ — Feedzai, the global leader in fraud and financial crime prevention, today announced that it has acquired Demyst, including its Zonic data workflow orchestration platform, intellectual property, and sophisticated data-integration capabilities. This strategic move is part of Feedzai’s vision to unify data orchestration and risk management into a single platform, providing financial institutions with the real-time data, analytics, and trusted artificial intelligence they need to make the best possible risk decisions.

“There is no shortage of data in our industry — the trick is how to access the right data as quickly as possible so that you can accelerate risk decisions with the fewest consumer friction points,” said Nuno Sebastiao, Feedzai CEO and co-founder. “Demyst is a first mover and leader in accessing necessary data — internal or external — at the critical moment for any part of the user journey. Paired with Feedzai’s market-leading AI, this ensures every data point is fully utilised to drive smarter and faster decisions. More broadly, this acquisition marks a pivotal moment in continuing Feedzai’s evolution from a data consumer to a data provider.”

Together, Feedzai and Demyst deliver:

  • A unified AI platform that seamlessly integrates data at speed via orchestration with robust fraud and financial crime prevention measures.
  • Strengthened RiskOps lifecycle with enhanced account opening capabilities, ensuring a consistent end-to-end customer view from initial onboarding through ongoing transactions.
  • Contextual intelligence to combine identity, credit, network, financial history, behavioral insights, and others for precise fraud prediction and prevention.
  • Better customer experiences with faster onboarding, fewer friction points, and reduced false positives boost customer satisfaction and retention.
  • Improved risk insights by using the right data at the right time, including shared insights from a diverse global community of banks, payment providers, and networks on fraud and financial crime.
  • Operational efficiency for non-technical teams (product managers, business analysts) with automation to autonomously build and manage data workflows, significantly reducing IT dependency.

“External data is the next frontier of business impact for financial institutions, yet it is notoriously complex, involving a labyrinth of sources for KYC/AML, identity, fraud, credit checks, and compliance,” said Mark Hookey, CEO of Demyst, who will remain with Feedzai along with key members of the Demyst team. “We’re thrilled to join Feedzai to bring AI and data together at scale for our customers. Together we are building the most advanced solution for customer onboarding, fraud prevention, and risk management.”

“An automated and efficient bank account opening process is both the first time a bank gets to know the customer as well as the first line of defense against fraud and financial crime,” said Dr. Ashish Kakar, Research Financial Insights Director, IDC Asia/Pacific. “The process has to be seamless to ensure a lasting customer relationship, and at the same time, by building trust from the start, banks not only enhance customer experience, but also strengthen the integrity of the financial system. Feedzai’s addition of automated data orchestration to its RiskOps Platform is a powerful combination that will benefit all customers. This should also help the regulators’ cause of reducing mule accounts and scams.” 

Feedzai was advised in this transaction by the law firms Cooley and Garrigues.

For more information on Feedzai and Demyst, visit: www.feedzai.com/demyst.

About Feedzai: Feedzai is the world’s first end-to-end financial crime prevention platform, protecting people and payments with AI-native solutions that stop fraud and financial crime. Leading financial institutions trust Feedzai to manage critical risk and compliance processes, safeguarding trillions of dollars of transactions while improving the customer experience and protecting the privacy of everyday users. For more information, visit feedzai.com.

SimonMed Imaging Partners with Lunit to Deliver Best-in-Class AI for Breast Cancer Detection

A Major Leap Forward in Patient Health and the Future of Mammography

PHOENIX, April 24, 2025 /PRNewswire/ — SimonMed Imaging®, one of the largest and most advanced outpatient medical imaging providers in the United States, is proud to announce their partnership with Lunit, a global leader in AI-driven cancer diagnostics and therapeutics, to bring a new era of AI-powered breast cancer detection to patients across the country. The partnership marks a major milestone in SimonMed’s mission to save lives through early detection.

SimonMed has selected Lunit INSIGHT DBT™, in combination with Volpara Analytics™, as the most advanced AI solution for breast cancer screening after an extensive evaluation of technologies on the market. This best-in-class software will now power SimonMed’s Personalized Breast Cancer Detection (PBCD) service, designed to provide every patient with a precise, highly personalized, and data-driven screening experience.

“This is more than just an upgrade—it’s an important step forward for our patient’s health,” said Dr. Sean Raj, Chief Innovation Officer at SimonMed Imaging and Fellow of The Society of Breast Imaging (FSBI) “We’ve evaluated a range of AI technologies, and Lunit’s performance, speed, and clinical validation stood above the rest. This partnership enables us to offer the most precise and personalized mammogram experience to date—and when paired with our board-certified breast radiologists, we believe it offers the most advanced mammogram available today”

Lunit INSIGHT DBT is trained on millions of images and engineered to detect even the most subtle signs of breast cancer, improving both sensitivity and specificity. Integrated into SimonMed’s national network of over 170 accredited centers and supported by more than 200 subspecialty-trained radiologists, this AI solution helps ensure earlier detection, faster turnaround times, and actionable insights for patients.

“This is the most advanced AI solution we’ve ever adopted,” said Dr. John Simon, MD, Founder and CEO of SimonMed Imaging. “It reflects our unwavering commitment to providing every patient we see with the most accurate, affordable, and proactive care possible.”

“SimonMed is leading by example,” said Craig Hadfield, CEO of Volpara Health, a Lunit company bringing innovative AI solutions to the United States. “This is more than a technology upgrade—it’s a transformation of care. With Volpara and Lunit, SimonMed is helping set a new standard for what modern high-quality breast screening should look like: data-driven, patient-focused, and grounded in clinical excellence.”

For more details on SimonMed’s Personalized Breast Cancer Detection and how it can benefit patients, visit simonmed.com.

About SimonMed

Headquartered in Scottsdale, Arizona, SimonMed is one of the largest outpatient medical imaging providers and radiology practices in the United States. SimonMed has approximately 170 sites across 11 states and over 200 subspecialty-trained radiologists. SimonMed offers the full modality of diagnostic scans, including 3T MRI, CT, ultrasound, 3-D mammography, PET/CT, nuclear medicine, DEXA, X-rays, among others. The company uses the newest, most advanced, diagnostic imaging technologies while maintaining affordability and accessibility. SimonMed is a worldwide leader in the clinical use of AI to improve diagnoses with one of the largest global deployments to enhance early breast cancer detection and in the evaluation of brain disorders. Through its simonONE division, SimonMed is also at the forefront of personalized imaging for the early diagnosis and treatment of disease. For more information, visit simonone.com and simonmed.com.

About Lunit

About Lunit Founded in 2013, Lunit (KRX:328130.KQ) is a medical AI company on a mission to conquer cancer through AI. Lunit harnesses AI-powered medical image analytics and biomarker analysis to ensure accurate diagnosis and optimal treatment for each cancer patient. The FDA-cleared Lunit INSIGHT suite for cancer screening serves over 4,800 medical institutions across 55+ countries. Lunit clinical studies have been published in top journals, including the Journal of Clinical Oncology and the Lancet Digital Health, and presented at global conferences such as the ASCO and RSNA. Headquartered in Seoul, South Korea, with a network of offices worldwide, Lunit leads the global fight against cancer. Discover more at lunit.io.

About Volpara

Volpara Health is on a mission to save families from cancer with AI-powered software that helps healthcare providers better understand cancer risk, guide personalized care decisions, and recommend additional imaging and interventions. Used in over 3,500 facilities by more than 9,500 technologists worldwide. Volpara’s software impacts nearly 18M patients, supports over 3.6M annual cancer risk assessments, and integrates seamlessly with electronic health records and imaging systems. Volpara helps radiologists quantify dense breast tissue with precision and technologists produce mammograms that have optimal positioning, compression, and dose. Volpara software also streamlines operations to ease compliance and accreditation. Volpara, a Lunit company, is headquartered in Wellington, New Zealand, and has an office in Seattle. Volpara is the trusted partner of leading healthcare institutions globally. For more information, visit www.volparahealth.com.

CGBIO Receives FDA IDE Approval for NOVOSIS PUTTY, Advancing Toward U.S. Market Entry

– The bone graft incorporating rhBMP-2 has received FDA IDE approval for a pivotal clinical trial in spinal fusion
– Positioned for global expansion in $750M spinal bone graft market

SEOUL, South Korea, April 24, 2025 /PRNewswire/ — CGBIO(CEO Hyun Seung Yu), a leading Korean company specializing in bio-regenerative medicine, proudly announces that its innovative bone graft substitute, NOVOSIS PUTTY, has received Investigational Device Exemption (IDE) approval from the U.S. Food and Drug Administration (FDA). This pivotal approval paves the way for a clinical trial in spinal fusion procedures within the United States.

Rendering of NOVOSIS PUTTY applied during spinal fusion
Rendering of NOVOSIS PUTTY applied during spinal fusion

NOVOSIS PUTTY, previously designated as a Breakthrough Device by the FDA in December 2023, leverages novel technology to address unmet needs in bone regeneration. This milestone marks NOVOSIS PUTTY as the first Korean-developed bio-combined medical device to reach this stage in the U.S., signifying a significant step toward Premarket Approval (PMA) and subsequent commercialization.

The product features a dual-carrier system utilizing Hydroxyapatite (HA) and Tri-Calcium Phosphate (TCP), combined with CGBIO’s proprietary sustained-release technology, SLOREL™, to control the release of recombinant human bone morphogenetic protein-2 (rhBMP-2). This system is engineered to enhance high-density bone formation while minimizing ectopic bone growth, a common adverse effect in earlier rhBMP-2-based products. The safety and efficacy of NOVOSIS PUTTY have been validated in peer-reviewed publications, including the Journal of Clinical Medicine. 

The rhBMP-2 protein used in NOVOSIS PUTTY is manufactured by Daewoong Pharmaceutical, a strategic partner of CGBIO. During the IDE application process, the FDA conducted an in-depth review of the manufacturing process and Chemistry, Manufacturing, and Controls (CMC) data, reflecting the FDA’s heightened scrutiny for bio-combined implants.

Jumi Han, Head of U.S. Development at CGBIO USA, overseeing the pivotal clinical program, commented, “Securing IDE approval for this pivotal trial validates our global clinical infrastructure and product quality. We are fully committed to executing a robust clinical trial and expanding NOVOSIS PUTTY’s reach across the U.S. and other major markets”.

Hyun Seung Yu, CEO of CGBIO, stated, “This IDE approval reflects years of consistent R&D efforts and strengthens our global competitiveness. The U.S. bone graft market is notoriously difficult to penetrate, and this achievement underscores the global potential of NOVOSIS PUTTY. We will continue to provide transformative treatment options that improve quality of life for patients worldwide”.

In February 2025, CGBIO and its subsidiary CG MedTech signed a partnership agreement with Johnson & Johnson MedTech for the exclusive supply of NOVOSIS and NOVOSIS TRAUMA products across Korea and other Asian territories. The new IDE approval for NOVOSIS PUTTY is expected to accelerate the global expansion of the entire NOVOSIS product family.

About CGBIO

CGBIO is a global medical device company specializing in advanced biomaterials and regenerative medicine technologies. With a robust product portfolio and numerous successful clinical cases, CGBIO is committed to delivering innovative medical solutions that enhance patient outcomes and quality of life. And to support growing gloval demand, CGBio has begun construction of a new manufacturing facility. While Daewoong Bio has already completed a lare-scale plant dedicated to rhBMP-2 production, ensuring stable supply for the upcomming U.S. and global rollout.

 

/DISREGARD RELEASE: Siemens Healthineers/

We are advised by Siemens Healthineers that journalists and other readers should disregard the news release, Sengkang General Hospital Introduces Photon-Counting CT Scanner to Advance Diagnostic Capabilities, issued 23-Apr-2025 over PR Newswire.

Make A Positive Impact on the World Stage: Applications to Join the Lee Kuan Yew Global Business Plan Competition Close on 30 April

SINGAPORE, April 23, 2025 /PRNewswire/ — Singapore Management University (SMU) invites innovative student-founders from around the world to participate in the 12th Lee Kuan Yew Global Business Plan Competition (LKYGBPC) before applications close on 30 April 2025.

Open to students and postgraduates who are developing transformative solutions for cities and businesses of the future, LKYGBPC is an exciting platform to present ideas on a global stage, connect with investors, and explore international market opportunities. Participants will get to turn their vision into real-world impact through mentorship, networking, and exposure to industry leaders.

The biennial university start-up competition is more than a stage for bright ideas to get tested by real-world challenges. Inspired by the enterprising spirit of Singapore’s founding Prime Minister, who transformed Singapore into a shining metropolis in Southeast Asia against all odds, LKYGBPC brings together students from the world’s top universities to shape what tomorrow could look like.

An Ecosystem for Ambitious Student-Founders

LKYGBPC, held since 2002, is one of Asia’s most globally representative start-up competitions. It is organised by SMU which has built a strong innovation and entrepreneurship ecosystem for student-founders to nurture their entrepreneurial dream to make a difference. The most recent edition in 2023 saw participation from over 1,000 entries from 1,100 universities from 77 countries, with 53 university start-ups gathering in Singapore final rounds of the competition.

For over 15 years since its establishment in 2009, SMU’s Institute of Innovation of Entrepreneurship (IIE) has provided aspiring student-founders across Singapore and overseas with a co-working space, an incubation programme, an internship programme, student clubs, and close mentorship as well as a global start-up competition platform in the form of the LKYGBPC on which to showcase their talent. Many have become visionary entrepreneurs of companies that develop valuable products to tackle critical problems.

The LKYGBPC offers close to US$2 million in prizes, and this year’s edition will run between 29 September 2025 and 2 October 2025 in Singapore. It will bring together the brightest minds from among the world’s most entrepreneurial universities, including Harvard (USA), Oxford (UK), University of Melbourne (Australia), Tsinghua University (China), and Yonsei University (South Korea). Since 2017, finalists at the LKYGBPC have raised over USD 1 billion—proof that visionary entrepreneurs can move capital and shape the future with their solutions.

“At SMU, innovation is not just about technology, it is about courage, connections, creativity, and the ability to collaborate with investors to bring solutions to market. Over the years, I’ve been inspired by the audacious vision, raw brilliance and sheer courage of our start-up founders,” said Hau Koh Foo, Director of IIE.

“Our student-founders have the grit and agility to build their visions — the very qualities embodied by the late Mr Lee Kuan Yew as he led Singapore to independence and worldwide recognition. LKYGBPC is a dynamic global stage where every business plan is a student-founder’s bold blueprint for the future. We at SMU are dedicated to building an ecosystem that has their backs,” He added. 

The Founder Stories of LKYGBPC Alumni

LKYGBPC finalists comprise start-ups with solutions related to industrial biotechnology, circular economy and medtech which have expanded in home and overseas markets.  Nine successful start-ups were featured in a commemorative book, ‘Pioneering a Smart, Sustainable and Resilient Future: Founder Stories and Business Models’ published in 2023. They include US-based Iterative Health (formerly Iterative Scopes) which enables doctors to use artificial intelligence (AI) to diagnose inflammatory disease with more precise computer-aided diagnostic tools; and Singapore-based Polybee, which enhances pollination in indoor farms with autonomous drones to boost food security.

Iterative Health – Saving time with AI-Enabled Diagnostic Tools 

Iterative Health improves people’s health and well-being by enhancing the detection of gastrointestinal diseases with the introduction of AI. Founder Jonathan Ng, a medical surgeon by training, developed an AI toolkit that took only 17 milliseconds to detect and classify polyps through endoscopy. The tool increased the accuracy of detection of precancerous polyps by 74% and could quickly indicate the severity of inflammatory bowel disease.

This AI-enabled tool transformed specialised treatment, which is expensive and inaccessible to people who needed it most. It can potentially save billions of dollars spent unnecessarily every year on bowel disease diagnostics due to suboptimal tracking and treatment.

Pursuing medicine first at the National University of Singapore (NUS), Jonathan later enrolled in Massachusetts Institute of Technology (MIT), where he stumbled upon computer vision and was instantly drawn to how malleable, adaptive, and intuitive the technology was for him as a medical practitioner. Iterative Health has won a strong slate of partners. By 2022, Iterative Health had its software deployed in some 300 facilities across the US. To date, it has gone on to raise approximately USD200 million and has grown its headcount to 170 within a 12-month period.

Polybee – Using Autonomous Micro-drones For Better Harvests

Polybee, founded by aerodynamics engineer Siddharth Jadhav, sought to achieve autonomous pollination at scale with micro-drones. After finishing his bachelor’s degree with honours from the Birla Institute of Technology and Science in India in 2016, Siddharth worked as a research engineer at NUS where he realised drones were the best way forward to solve pollination problems at scale.

Using autonomous navigation software, Polybee’s drones – up to 30 can be operated per hectare – can fly precisely in confined spaces and cover large areas consistently. Today, Polybee has validated its technology with some of the biggest agricultural companies since 2019, including a major strawberry glasshouse grower in the United Kingdom.  

A Stage to Win Recognition for A Bold Vision

The two founders above are but a few of the exciting prospects discovered at LKYGBPC who promised a smarter, more sustainable, and resilient future. The competition welcomes more of such transformative stories.

Student-founders who have ideas which can redefine the future are invited to apply here: Homepage | Lee Kuan Yew Global Business Plan Competition at https://lkygbpc.smu.edu.sg/ 

Applications for the 12th LKYGBPC will close on 30 April 2025.  To enquire about partnering with LKYGBPC, please email: iie@smu.edu.sg. For more information about LKYGBPC, please visit: smu.sg/lkygbpc

Student founders of the eight grand finalists of the 11th Lee Kuan Yew Global Business Plan Competition organised by the Institute of Innovation and Entrepreneurship of Singapore Management University in 2023.
Student founders of the eight grand finalists of the 11th Lee Kuan Yew Global Business Plan Competition organised by the Institute of Innovation and Entrepreneurship of Singapore Management University in 2023.

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About Lee Kuan Yew Global Business Plan Competition

Organised by Singapore Management University’s Institute of Innovation and Entrepreneurship, the Lee Kuan Yew Global Business Plan Competition (LKYGBPC) is a biennial university-led start-up challenge. One of the most exciting of such competitions in Asia, it derives its name from Singapore’s founding Prime Minister Lee Kuan Yew, who developed the country’s defining business plan that propelled Singapore onto the global stage. It is this spirit of entrepreneurship, innovation and ambition that the competition enshrines. LKYGBPC invites the brightest minds from the world’s most entrepreneurial universities to come together to address the challenges of the 21st century and reimagine the future. For more information: smu.sg/lkygbpc 

About SMU IIE

The Singapore Management University’s Institute of Innovation and Entrepreneurship (IIE) empowers aspiring entrepreneurs and innovators to create positive change. It offers tailored training programmes, an equity-free incubator, and a vibrant community that connects innovators through events and networking opportunities, including the renowned Lee Kuan Yew Global Business Plan Competition (LKYGBPC). For more information: https://iie.smu.edu.sg

About SMU

Established in 2000, Singapore Management University (SMU) is recognised for its disciplinary and multi-disciplinary research that addresses issues of global relevance, impacting business, government, and society. Its distinctive education, incorporating innovative experiential learning, aims to nurture global citizens, entrepreneurs and change agents. With more than 13,000 students, SMU offers a wide range of bachelors, masters and PhD degree programmes in the disciplinary areas associated with six of its eight schools – Accountancy, Business, Computing, Economics, Law and Social Sciences. Its seventh school, the SMU College of Integrative Studies, offers degree programmes in deep, integrative interdisciplinary education. The College of Graduate Research Studies, SMU’s eighth school, enhances integration and interdisciplinarity across the various SMU postgraduate research programmes that will enable students to gain a holistic learning experience and well-grounded approach to their research.  SMU also offers a growing number of executive development and continuing education programmes. Through its city campus, SMU focuses on making meaningful impact on Singapore and beyond through its partnerships with industry, policymakers and academic institutions. https://www.smu.edu.sg/