statements in this press release, including but not limited to: (i)the risk that the transaction may not be completed in a timely manner or at all, which may adversely affect the price of Adit EdTechs securities, (ii)the risk that During his career, Mr. Cholak has held various technology and investment positions at Bank of America, Deloitte Consulting, Intel, and USAA. stockholders. Issuer's Identity 2. The transaction is expected to provide approximately $246 million of cash at closing from Adit EdTechs trust account, after payment of Adit EdTechs transaction expenses and without giving effect to any redemptions by Adit EdTech public Additional Information and Where to Find It. Quantitative: -Valuation at entry is a critical discipline,. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. Adit uses its proprietary ten-step investment process to identify high-value investment opportunities in dynamic and sustainable businesses. Adit Ventures is a venture capital investment firm with over 1250 LPs, $400MM in AUM, 3 offices across the US, and 9 exits. redemptions of shares of Adit EdTech by its public stockholders and approximately $125million of debt outstanding as of the closing (which debt is drawn down under GRIIDs $525million secured credit facility with Blockchain.com). For investor inquiries regarding Adit EdTech and affiliates, please contact: For inquiries regarding GRIID, SaaS, Android, Cloud Computing, Medical Device), Where the organization is headquartered (e.g. When typing in this field, a list of search results will appear and be automatically updated as you type. In this role, Mr. Block will work with the investment and client teams to continue to grow Adit's footprint in providing investment opportunities in market leading private companies to institutional and high net worth investors worldwide. The investment follows Noveto's successfulKickstarter pre-sales campaign in February 2021, with backers from across the world pledging over $225k within only two weeks. A family-owned firm with over a century of combined financial experience, we're also a team of professionals committed to investments that create positive change. Adit invests across the entire lifecycle. pipeline of low-cost, carbon-free power, distinctive access to next generation ASICs, and market-leading execution position them to generate attractive profitability and growth., Eric Munson, Adits founder and Managing Partner, said, GRIIDs focus on utilizing next generation computing power for more efficient clean Overnight on Wall Street is morning in Europe. the combined company is expected to operate under the name GRIID Environmental, Social and Governance (ESG), HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American. Current sectors of interest include AI & Big Data, Cloud, Critical Infrastructure, EdTech, FinTech, IoT, Shared Economy, Health, Wellness, & Leisure. Family Investment Office, Secondary Purchaser, Venture Capital, Early Stage Venture, Late Stage Venture, Secondary Market, Edit Lists Featuring This Company Section, East Coast Companies With Less Than $500M in Revenue (Top 10K), City of New York Companies With Less Than $1B in Revenue (Top 10K), Early Stage Venture Investors Family Investment Offices. Matthew D. Brown of Cooley has entered an appearance for Meno Holdings SPV LP and Adit Ventures LLC in a pending breach-of-contract lawsuit. Internet Explorer presents a security risk. otherwise, will be contained in the proxy statement and other relevant materials to be filed with the SEC when they become available. See how our funds let you invest in dynamic, sustainable private businesses that strive to lead the way to a better and more productive world. With an Adit late-stage venture capital fund, youre investing in tomorrows market. investments that create positive change. "Adit Ventures is proud to have an executive with Lazear's experience further build out Adit's operational and compliance depth. The proposed transaction values the combined company at an implied fully diluted pro forma enterprise value of approximately $3.3billion, assuming no BROOKLYN, N.Y.--(BUSINESS WIRE)--Adit Ventures, a global venture capital firm with over $400 million in AUM, has agreed to seed Aanika Re, a Bermuda-based insurance vehicle wholly owned by Aanika . Current sectors of interest include AI & Big Data, Cloud, Critical Infrastructure, EdTech, FinTech, IoT, Shared Economy, Health, Wellness, & Leisure. To learn more, visit griid.com. -Does it have a good capital base, board of directors/investors and well-regarded savvy Venture Sponsors? Our team has demonstrated a track record of successful execution over the past three years since starting the company, and we look forward to delivering expansion of capacity through Create a portfolio thats built for the future, with investments focused on cultural and technological trends that have the potential to define the next financial generation. InnovationInstitute. An "Adit" is an entrance to a mine, serving as an acronym for Adit's services, providing Access, Diligence, Insight and works with Trusted partners across the United States and around the world. facilities across the United States. At Adit Ventures, we offer curated and professionally managed access to equity in private firms that we believe are driving todays market and shaping tomorrows economy. When typing in this field, a list of search results will appear and be automatically updated as you type. Adit Ventures, LLC is a venture capital investment firm. Adit Ventures offers curated and professionally managed access to equity in Portfolio companies include Airbnb, Cohesity, Decision Sciences International Corporation, Flexport, Klarna, Palantir, SpaceX and Turo among others. ADIT Growth Equity Co - Invest LLC Series Magic - Adit Growth Equity Co - Invest, LLC - Series Airbn Adit Ventures raised a total of $150 K in funding over 1 rounds. Griid Infrastructure LLC (GRIID) is a profitable, vertically integrated bitcoin self-mining company Quantitative:-Valuation at entry is a critical discipline, as this is one thing we control. He currently serves as Market Strategist for Third Seven Capital LLC, a New York investment bank that focuses on connecting early stage growth companies with institutional and high net worth investors. stockholders. Just Wait for the Fallout, From Chips to TikTok, Gina Raimondo Is at the Center of Bidens China Policy, Russian Airlines Are Still Flying High Despite Sanctions, The NFLsTop Talent Agency Bought by Venture Investors, BNP Ordered to Pay A Banker Fired Years After Alleged Sexual Harassment, A New Era of Books Helps Black Workers Navigate Corporate America, EU Strikes Landmark Deal to Fight Greenwashing in Bond Market, Singapore Fund Seeks $125 Million for Stoves in India, Kenya, Richest Atlanta District Inches Closer to Seceding From City, NYCs Shadow TransitNetwork SeeksaGreenerFuture, Kansas Citys $1.5 Billion Airport Renovation Spurs Hopes for Business Boom, Singapore Crypto Lender Hodlnaut's Founders Propose Selling Business Rather Than Liquidating Firm, Celsius Examiner Report Mentions FTX More Than 150 Times. the board of managers of GRIID Holdco. Adit has invested in some of the world's leading companies with exits in Airbnb, DocSend, GoPro, Lemonade, Palantir, SharesPost, SoFi, Spotify, Snap and Lyft. from 8 AM - 9 PM ET. public bitcoin miners at the lowest cost of scaled production. Qualitative: -Is it a good business model, in a good sector with long term secular tends driving it? the transaction may not be completed by Adit EdTechs business combination deadline and the risk that Adit EdTech may not obtain an extension of the business combination deadline if sought by Adit EdTech, (iii)the failure to satisfy the CEO Trey Kelly, will continue to lead the business. Cision Distribution 888-776-0942 Mr. Cholak will also serve as a member of Adit's Investment, Research & Valuation Committees, as well as leading Adit Genesis, the early-stage research & technology investment platform within Adit. Mr. Cholak has deployed over $90M in early stage capital across 15+ companies, with multiple successful exits. Operations sections of Adit EdTechs Annual Report on Form 10-K for the year ended December31, 2020, and other filings made with the SEC and that are available on the SECs website at Angel, Fund of Funds, Venture Capital), This describes the stage of investments made by this organization (e.g. Adit Ventures Profile and History . The $246million of anticipated net transaction proceeds, assuming no redemptions, and an existing In making investment decisions, Adit seeks to capitalize on long-term secular trends and themes in the global economy where we see dynamic areas of growth. Team Adit has relationships cultivated over their 175 years of principal investing experience. All of the forward-looking statements made in this press release are expressly qualified by the cautionary statements contained or referred to herein. He writes daily on global markets and is a frequent expert panelist on networks like CNBC, Fox Business, Fox News, CNN, and Bloomberg, and is cited frequently by publications and websites like CNNMoney.com, Barron's, the Wall Street Journal, and the Washington Post. Except as required by law, neither GRIID nor Adit EdTech undertakes any obligation, and specifically declines any obligation, to update or revise any forward-looking statements, whether as a result of new information, future These statements express a belief, expectation or intention and are generally accompanied by words that convey projected future adviser whose principals have combined investment experience of over 150 years and a track record of value creation in portfolio companies operating in the public markets. Adit Ventures is a late-stage venture capital firm with headquarters in NYC. The . Quantitative: -Valuation at entry is a critical discipline, as . from New York University and an MBA from The University of Texas at Austin. He brings in-depth experience at Intel, management consulting experience plus a top-decile performance record to Adit's team of 8 professionals." Aanika Re being domiciled in Bermuda is the natural progression for Aanika since it was accepted into the Bermuda Monetary Authoritys innovation hub earlier this year. This press general economic conditions, including as a result of the COVID-19 pandemic, and (xiii)the ability to implement business plans, forecasts, and other expectations after the completion of the proposed with three US-based facilities and planned mining capacity of 734 megawatts (MW) operational by 2023 with a power cost of less than $25/MWh. Adit Ventures enjoys a history of top-decile performance in early-stage ventures Adit Ventures leverages a broad network of LPs, advisors, and syndicate partners Learn how the Adit Genesis team selects investments, understand the target investment sectors and learn more about the team's performance history. Related Persons Relationship: X Executive Officer Director Promoter Clarification of Response (if Necessary): Manager of Adit Growth Equity Co-Invest, LLC, a Delaware series limited liability company Relationship: X Executive Officer X Director X Promoter To ensure the most secure and best overall experience on our website, we recommend the latest versions of. Adits ability to source and offer these exclusive opportunities to the firms investor-partners stems from the global network of relationships the team has developed over their 150+ years of combined investment experience. Such statements are not guarantees of future performance and actual results or developments may The suit, which concerns the buying of Airbnb shares . TEL-AVIV, Israel, June 10, 2021 /PRNewswire/ -- Noveto Systems, today announced the successful completion of a bridge of $10 Million from renowned technology investorsAdit Ventures, a firm that has invested in some of the world's leading disruptive companies, with exits in GoPro, Spotify, Palantir and Lyft. 86% of retail CFD accounts lose money, https://www.prnewswire.com/news-releases/adit-ventures-announces-chief-operating-officer-301339729.html, Registration on or use of this site constitutes acceptance of our. Noveto Closes $10M Million Bridge Led by GoPro and Palantir investor, Adit Ventures, to Further Lead $20M A Round Jun 10, 2021 Report incorrect company information company enterprise value of approximately $3.3billion. See Eric L Munson's compensation, career history, education, & memberships. Adit Ventures uses a 10-step investment process incorporating its proprietary research on both quantitative and qualitative factors. Adit seeks to capitalize on long-term secular trends in the global economy where they see dynamic areas of growth. Adit has invested in some of the worlds leading companies with exits in Airbnb, Astrocast, Cytocom, DocSend, Forge, Lemonade, Lyft, Palantir, Riff Analytics, Robinhood, Snap, SoFi, Spotify and Welltok. Angel, Fund of Funds, Venture Capital), General contact email for the organization. Adit Ventures is an investment substantially realized, they may not have the expected consequences to or effects on GRIID, Adit EdTech or their respective businesses or operations. (Adit EdTech) (NYSE: ADEX, ADEX.U, and ADEX.WS), a special purpose acquisition company sponsored by an affiliate of Adit Ventures, LLC (Adit), announced today that they have entered into a definitive merger agreement under Portfolio companies include Airbnb, Animoca Brands, Astrocast, Cohesity, Decision Sciences International Corporation, Esme Learning, Ethos, Klarna, Netskope, Noom, Noveto, SpaceX and Turo among others. Not only does Adit believe these sectors provide the best opportunity for capital appreciation, but also that they enable the firm to make a positive impact on the world by advancing innovation and improving quality of life. www.sec.gov. Learn how we can help you build a portfolio of private growth emerging market leaders. GRIID anticipates fiscal year 2023 revenue of $1.6billion. stockholders. filed with the SEC on April15, 2021. Edelstein& Company, LLP acted as advisor to Adit EdTech for accounting and tax due diligence and quality of earnings assessment. Portfolio companies include Airbnb, Cohesity, Decision Sciences, ESME Learning, Flexport, Klarna, Netskope, Palantir, SpaceX and Turo among others. ADIT VENTURES MANAGEMENT, LLC ( CRD # 283262/SEC#:802-107701 ) ADIT VENTURES MANAGEMENT, LLC, PSP VENTURES MANAGEMENT LLC. Environmental, Social and Governance (ESG), HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American. He received a B.B.A in Finance and Marketing from Hofstra University and M.B.A in Finance from Baruch College's Zicklin School of Business. -Will the business make a difference by adding value for its customers, it's employees and the community it serves, as well as its shareholders? Please visit www.aditventures.com for further information. Adit EdTech is a publicly listed CIO & Founder at Adit Ventures, LLC New York, New York, United States. He holds a B.S. Markets are changing, and investments are too. internal and wireless security testing and assessment. financial advisor to Adit EdTech for capital markets and M&A advisory services. Please visit www.aditventures.com for further information. Adit Ventures is a family-office owned investment firm with offices in California, Florida, New York, Texas, Utah and Washington D.C. An "Adit" is an entrance to a mine and serves as an anagram for the firm's services, since it provides Access, Diligence, Insight and works with Trusted partners across the United States and around the world. Current sectors of interest include AI & Big Data, Cloud, Critical Infrastructure, EdTech, FinTech, IoT, Shared Economy, Health, Wellness, & Leisure. 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