Cadence, a leader in the digital securitization of alternative investments, is partnering with 10XBeta, an affiliate of Helena, to financially assist in procuring critical Personal Protective Equipment (“PPE”) in response to the critical shortages resulting from the COVID-19 crisis gripping the world.
Cadence is pleased to announce its strategic partnership with 10XBeta to assist in their initiative to bring fairly priced healthcare equipment to those who need it most. 10XBeta is a product development firm, based in New York, specializing in design, engineering, sourcing and manufacturing products, experiences and services for healthcare, consumer and industrial applications. 10XBeta supports academic, corporate venture and government backed innovation partnerships. Recent clients of 10XBeta include Google, Samsung, Inspiren, StrongArm, CLIP Bikes, LynQ and Angry Birds.
Amidst the COVID-19 crisis, the company has redirected all resources to source medical supplies for NYC government and hospitals. 10XBeta is utilizing its extensive and longstanding network of suppliers to source and place medical products at as low a cost as possible. Through these relationships with suppliers, 10XBeta seeks to prevent profiteers from purchasing these medical supplies and reselling at vast markups, a deplorable activity affecting medical supply chains around the world.
10XBeta has presented Cadence with a unique opportunity to provide the financing required to make initial payments to high-quality, well-vetted suppliers, ship the final product to New York City, and settle any remaining balances with suppliers and other essential counterparties in the supply chain. Cadence is planning to finance purchase orders entered into by high-quality, well-known buyers to help facilitate the flow of funds required to get these essential supplies into the medical community as soon as possible over the coming weeks and months.
“Capital markets are, by design, meant to connect capital providers with capital seekers in the most efficient way possible,” said Prath Reddy, Head of Capital Markets at Cadence. “The price gouging taking place right now in the opaque trade finance market is unacceptable. Cadence was founded on the premise of efficiency through technology-driven transparency, and we view this crisis as a call to action.”
“Here at 10XBeta we have allocated our engineering talents to build ventilators for the city, and our supply chain network to ensure we find pockets of critical PPE goods to supply directly to the New York City government,” said Ian Duvenage, CEO of 10XMotion. “We have heard horror stories of our family members working in hospitals, and how they are reusing single use items for days. The situation in New York is far from over, and we are all doing our part.”
Cadence and 10XBeta look forward to the accredited retail and institutional investor community supporting this altruistic endeavor during these incredibly challenging times.