That’s a Wrap: PIUS’ 2023 End of Year Update
What is it about the end of one calendar year and the start of a new that instinctively causes us to reflect on accomplishments and lessons-learned, while also looking to the year ahead with reinvigorated expectation and purpose? While I believe this to be the case for many of us personally, it’s proven true across PIUS as an organization, as well.
As a debt solution provider to growth-stage technology companies, one of my personal measures of success is seeing businesses and founders we’ve worked with at PIUS thrive in their sectors while driving the industry forward. I’m elated to share some of those stories with you here, and I look forward to sharing more in the coming year.
Carbon Revolution Listed on Nasdaq Stock Exchange
In early summer, PIUS secured $60 million for Carbon Revolution, a Tier 1 OEM supplier and a leading global manufacturer of lightweight advanced technology carbon fiber wheels. Based in Australia, this marked PIUS’ first international deal, paving the way for more global technology to access PIUS’ insured technology financing. While the PIUS team was eager to introduce insured technology financing to the Australian market, we were equally excited to play a part in Carbon Revolution in achieving its goal of becoming publicly listed in the U.S. – and they certainly delivered.
After several successful years on the Australian Securities Exchange, on November 3, 2023, Carbon Revolution announced its stock had begun trading on the Nasdaq, under the symbol “CREV.”
Carbon Revolution has grown significantly in a short timeframe, with its total revenue forecasted to grow from $28.5 million in 2022 to $90.1 million in 2024, for a compound annual growth rate (CAGR) of 78%. The company also announced it had more than doubled its remaining lifetime gross program projected revenue to $680 million since October 2022. Of that backlog, half is attributable to the electric vehicle industry.
In perhaps the most exciting culmination of the company’s success, Carbon Revolution CEO, Jake Dingle was invited to ring the Nasdaq closing bell on November 17, alongside the Carbon Revolution executive team. In the company’s announcement of the Nasdaq listing, Jake thanked those who had supported Carbon Revolution’s financing, including PIUS, “for their confidence in our global business strategy.”
Increased Financing Secured for Technology Borrowers
Of course, PIUS is always looking for new companies innovating in their industries. We started off the year having secured $50 million in funding for Deako, creator of the first modular smart light switch system for new homebuyers, earlier this year. The growth capital will allow Deako to scale by expanding partnerships with home builders, electricians, integrators, distributors and other smart home device partners, and we look forward to seeing Deako build its brand across the country, making smart lighting attainable for consumers nationwide.
Over the course of 2023, we’ve secured $358 million in capital for our borrowers, up from $270 million in 2022. We’ve insured capital for new borrowers like Carbon Revolution and refinanced insured loans to existing portfolio companies, like Adomni, providing them with additional capital to expand their businesses.
We look forward to continuing to support the goals of our existing borrowers along with insuring loans to new borrowers in the coming year. We know 2024 will be another great year for PIUS!
The PIUS Team Flourished
It goes without saying that none of this would have been possible without the talented members of the PIUS team, each of whom serve an integral role and offer highly specialized expertise.
We’ve expanded a great deal in 2023, welcoming new hires to support PIUS in a variety of functions. We welcomed Sharmila Kumar early in the year as a managing director, Brett Buske joined the team as an associate, and most recently, Scott Brewer came on board as director of technical underwriting.
Meanwhile, some long-term team members stepped into new or expanded roles. Eric Berlin, who joined PIUS in early 2022, was promoted to managing director, where he will underwrite, structure insured loans for, and monitor borrowers.
Julie Markoski stepped into the newly established role of director of operations, where she will oversee and improve processes across PIUS’ multiple departments, maximizing efficiency and quality of services. Julie joined PIUS in February 2022, and she brought with her more than two decades of experience in technology and commercialization analysis and as an entrepreneur. In her previous position as director, she proved herself invaluable not only through her approach to technology, IP, and market assessment; but she quickly became familiar with the complete lending and insuring process, understanding how all elements are interconnected.
I’d also like to recognize the rest of our PIUS team, some who have been with us for a few years now, and others who have been with PIUS since the very beginning: Cathie Smith, Amelia Erickson, John Elmore, Erwin Gostomski, Harry Rodgers, and Laura Schoppe. These individuals not only keep the wheels turning at PIUS, but they have each played a role in PIUS’ growth from a startup of just a few team members to the robust organization it has evolved into.
Looking to the Future
As we move into 2024, the PIUS team is as enthusiastic as ever to meet with growth-stage companies in emerging markets – domestically and around the globe – as we aspire to extend PIUS’ reach into additional technology sectors. And with a more robust team, we look forward to continuing to provide clients with complete, end-to-end financing solutions and services.
Thank you for your sustained support. On behalf of the PIUS team, I wish you all a prosperous, joyful, and healthy new year.