Advantage Capital, a prominent impact investment firm, has announced its participation in a $51 million Series A funding round for Reno-based Positron AI. This company specializes in developing advanced chips for Transformer-based AI models, a technology that powers systems like OpenAI’s GPT. The investment marks a significant commitment to enhancing the technology landscape in northern Nevada.
Mitesh Agrawal, CEO of Positron AI, expressed enthusiasm about the investment, stating, “Bringing AI and semiconductor technology and talent to the northern Nevada ecosystem is one of our main goals at Positron. This investment underscores confidence in our technology and a shared belief that one of the world’s key technologies should be built here in Nevada.” He emphasized the importance of this support in fostering growth within the state’s flourishing tech community.
Advantage Capital’s investment aligns with the Nevada New Markets Jobs Act, a program designed to attract growth capital to underserved businesses. The firm, a long-time participant in this initiative, has invested over $220 million in Nevada-based companies in the last decade. This funding has helped entrepreneurs expand their operations, create quality jobs, and strengthen local communities throughout the state.
Leah Hendricks, Senior Vice President at Advantage Capital, commented on the importance of this investment. “Our investment in Positron AI reflects our belief in the transformative potential of emerging technologies and Nevada’s role as a hub for innovation,” she said. “This round marks a significant milestone for Positron, and we look forward to seeing how the company continues to grow within Reno’s dynamic tech ecosystem.”
Advantage Capital’s portfolio in Nevada encompasses various industries, including technology and consumer goods. Previous investments include companies such as Goodwrx, a tech-enabled hospitality staffing platform, and Nectar Bath Treats, a bath and beauty manufacturer. These investments demonstrate Advantage Capital’s commitment to fostering diverse business growth within the region.
With over 30 years of experience, Advantage Capital continues to partner with Nevada entrepreneurs and companies ready to expand operations and make a lasting community impact. The firm has invested more than $4.4 billion in over 1,000 companies since its inception in 1992, supporting the creation of over 70,000 quality jobs across various sectors.
Advantage Capital’s focus extends beyond technology, as it also invests in affordable housing developments and renewable energy solutions to promote economic growth in underserved areas. The firm’s comprehensive approach aims to drive sustainable change and enhance community resilience.
For more information about Advantage Capital and its initiatives, visit Advantagecap.com. As a registered Investment Adviser with the U.S. Securities & Exchange Commission, Advantage Capital emphasizes its commitment to responsible investment practices. The information provided is for informational purposes only and should not be construed as an offer for investment advisory services.
This strategic investment in Positron AI signals a promising future for Nevada’s tech sector, showcasing the potential for innovation and growth in the region.
