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Funding news roundup: Pandion’s parcel network, Copper’s banking app for teens, mentoring app Tribute, life navigator OwnTrail, and more deals

Pacific Northwest companies are raising venture capital dollars at a rapid clip — so much so that it’s hard to keep up. Here’s the latest on the most recent rounds. Pandion Pandion, a year-old logistics startup founded by former Amazon and Walmart…

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(Pandion Photo)

Pacific Northwest companies are raising venture capital dollars at a rapid clip — so much so that it’s hard to keep up. Here’s the latest on the most recent rounds.

Pandion

Pandion, a year-old logistics startup founded by former Amazon and Walmart executive Scott Ruffin, reeled in $30 million in fresh capital that it will use to continue building out a so-called “parcel network” to help online retailers more efficiently ship packages. 

The gist: The company, which recently emerged from stealth mode, will use the funds to hire 80 people at a new 150,000 square foot facility in Quakertown, Penn., that will serve as a hub to route packages on behalf of a growing roster of clients. The timing is also good, with the holiday shipping season just around the corner.

The backers: The $22.5 million Series A round was led by Bow Capital, with existing investors Playground Global, Schematic Ventures, AME Cloud Ventures and Innovation Endeavors also participating. An additional $7.5 million was quickly added led by Telstra Ventures, a sign of a very hot deal.

The deets: Pandion slipped under our radar here at GeekWire, and maybe with good reason since Ruffin previously led the stealthy efforts as the founder and leader of Amazon Air. He then held short stints as executive vice president and chief strategy officer at J.W. Logistics and most recently, until June of 2020, worked as vice president and head of e-commerce transportation at Walmart.

The take: Raising this amount of early-stage capital is impressive, as we recall the days when Series A rounds were in the $500,000 to $2 million range. Obviously, Pandion’s business is a bit more capital intensive, and the latest fundraising effort speaks to the revolution going on in logistics sparked by the boom in e-commerce. Seattle on-demand warehousing startup Flexe — which has raised $144 million to date — also is riding this wave. “Plastics” might have been the sage industry advice provided in The Graduate, but maybe the 2021 equivalent is “logistics.”

Tribute

The Tribute team, from left to right: Sarah Moore, product design; Scott Faverty, customer success; Sarah Haggard, founder and CEO; and Ian Ma, chief technology officer. (Tribute Photo)

Seattle’s Tribute raised $1.5 million over a two-part seed round, allowing the mentoring app to hire former Amazon AWS architect Ian Ma as its chief technical officer

The gist: Tribute, which integrates with Slack and Microsoft Teams, is trying to solve the fear-of-commitment hurdle that prevents mentor-mentee relationships from ever getting off the ground. The app limits a mentoring interactions to a month, with the option of both parties agreeing to renew for additional 30-day stretches.

The cost: There’s a free version with limited functionality for teams of up to 50 people, and costs $5 per user per month for up 5,000 people and $7 per user per month for up to 50,000 people. 

The backers: Portland Seed Fund, Tapas Capital, DNX Ventures, Avalanche VC, Mastersfund and ScoutFund.

The deets: Founder Sarah Haggard was at Microsoft for a decade before launching Tribute in 2018. Customers include Microsoft, Sonos, Zillow, Remitly, Reckitt and the University of Washington. At AWS, Ma helped startups utilize artificial intelligence and machine learning technologies. He previously co-founded Decide, the Seattle online shopping product research site that eBay acquired in 2013 and promptly shut down. The startup was recently selected to partner with Microsoft Viva, the company’s employee experience platform.

The take: It’s become increasingly challenging for teams to connect, collaborate and build meaningful work relationships, especially during the pandemic. A number of new work collaboration tools are looking to solve this problem, and just this week we saw Microsoft buy Seattle startup Ally which also is looking to bring teams together in a more cohesive manner. As an example of the money flowing into this space, see next item.

Copper Banking

Copper co-founders Stefan Berglund (left) and Eddie Behringer. (Copper Image)

Seattle startup Copper Banking closed a $13.3 million seed round. GeekWire previously reported on the initial $4.3 million raise.

The gist: Copper wants to help teens spend money smarter with its debit card and app. It incentivizes teens to save money by giving cash in exchange for hitting a savings goal or paying back parents on time. Copper earns revenue via a small fee that is charged to merchants running payments made via a Copper debit card.

The backers: PSL Ventures, the venture capital arm of Pioneer Square Labs, led the round. Clocktower Ventures, Index Ventures Scout Fund, Launchpad Capital, Financial Venture Studio, Maven Ventures, Fiat Ventures, Samsung Next and Arnold Ventures also participated.

The leaders: The company is helmed by Stefan Berglund and Eddie Behringer, who previously co-founded Snap Raise, a Seattle-based online fundraising platform for youth groups. They took many learnings from that experience of building trust with the teen/high school demographic and are applying those lessons to Copper.

The take: Copper says that a third of U.S. teenagers have no bank account, so its total addressable market is certainly large. There is early traction — the company says it has more than 350,000 members, with 70% of users coming from organic word of mouth.

OwnTrail

OwnTrail co-founders Rebekah Bastian (left) and Kt McBratney. (Lisa Elliot Photo)

OwnTrail, a self-described “authentech” startup that lets women share career advice and make meaningful connections, raised $570,000, bringing total funding to $1.2 million.

The gist: “We’re about helping women make it through hard things,” co-founder and CEO Rebekah Bastian told GeekWire last year.

The backers: The House Fund led the round, which included Wright Ventures, Union Bay Partners, Christi Muoneke, Ellie Wu, Adam Schoenfeld, Uma Sekar and David Aronchick. OwnTrail also joined the accelerator run by The House Fund, which invests in alumni and faculty from University of California Berkeley — including Bastian who earned her master’s degree there in mechanical engineering.

The deets: Bastian, who previously spent 14 years at Zillow Group as vice president of community and culture, coined authentech to describe companies focused on community building, empowering their users, and putting value for customers ahead of profit — the latter being a strategy that whistleblowers say Facebook has clearly not embraced.

The cost: The platform has been free for users since its creation in February 2020. OwnTrail claims 3,000 users with accounts, and 1,200 have published their paths. It recently launched an optional $10 per month membership program that provides additional coaching and networking opportunities.

The take: Bastian was a rockstar in helping to build Zillow into a juggernaut in the online real estate arena, and when she left the company last year co-founder and CEO Rich Barton called her “an incredible force who has helped Zillow from our earliest days.” And as we noted above, in this era more people are craving mentoring and personal connection.

Fullcast

The Fullcast team, with Bala Balabaskaran, co-founder and chief technology officer, and Dharmesh Singh, co-founder and CEO, in the center of the image. (Fullcast Photo)

Fullcast, a Bellevue, Wash.-based company that helps automate the back-end work for sales reps, has raised a $4 million Series A round, bringing total funding to $7.5 million.

The gist: Fullcast’s software automates “all of that non-sexy, back-end stuff that keeps a sales team running,” CEO Dharmesh Singh told GeekWire an earlier interview. That includes the repetitive, non-sales work being done by sales reps: setting quotas, defining and assigning territories, bringing on new customers, tracking contacts, compiling data, etc. It can then integrate this information with Salesforce tools target sales, marketing and customer support teams.

The deets: Co-founders Singh and Bala Balabaskaran met years ago at Microsoft, worked together again at Salesforce and reconnected to launch. While running sales operations teams at Salesforce, Singh and Balabaskaran saw firsthand the inefficiencies of certain tasks in the sales planning cycle. After automating these operations for Salesforce, the duo saw the benefits — and business case — for “turning it into a service for the world,” as they previously explained.  The company has 14 customers and 20 employees.

The backers: Companyon Ventures led the round, joined by Epic Ventures, WestWave Capital and CreativeCo Capital.

The cost: Fullcast’s services cost $75,000-to-$125,000 per year for the base offering, which the company claims pays for itself in about two months.

The take: There are plenty of players trying to make life easier for sales teams. Fullcast’s competitors include Anaplan and Xactly. In Seattle, sales engagement platform Outreach scored $200 million last summer — valuing it at $4.4 billion.

Other deals:

  • Portland healthcare startup Brave Care raised a $25 million Series B round and announced a national partnership with publicly-traded company Mednax, which invested $20 million as part of the round. Brave Care is akin to ZOOM+Care clinics but specifically targets kids. The fresh cash and partnership will help the company open more clinics. Brave Care is led by CEO Darius Monsef, who sold Sightbox to Johnson & Johnson in 2017. Total funding to date is $43 million.
  • Spokane, Wash.-based Treasury4 raised $3.4 million. The 14-person company, led by former employees of publicly traded Itron, sells data analytics software for corporate finance and treasury professionals. Kick-Start and Cowles Company led the round.
  • Madrona Venture Group led an $8 million series A investment in Troop, a London-based startup that helps people book travel and organizing in-person meetings. Madrona’s Steve Singh, who previously sold travel and entertainment expense giant Concur to SAP, is joining the board. Other backers include Epic Ventures, Conexo, All Iron, Plug and Play, Travel Tech 1 – Top Seed Labs, and Founders Factory, along with Trivago founder Rolf Schromgens; former Egencia president Rob Greyber; former Uber COO, Barney Harford; and former SAP Concur Presidents Jim Lucier and Mike Eberhard.
And even more notable Pacific Northwest startup funding rounds GeekWire tracked over the past week:

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Government

Buried Project Veritas Recording Shows Top Pfizer Scientists Suppressed Concerns Over COVID-19 Boosters, MRNA Tech

Buried Project Veritas Recording Shows Top Pfizer Scientists Suppressed Concerns Over COVID-19 Boosters, MRNA Tech

Submitted by Liam Cosgrove

Former…

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Buried Project Veritas Recording Shows Top Pfizer Scientists Suppressed Concerns Over COVID-19 Boosters, MRNA Tech

Submitted by Liam Cosgrove

Former Project Veritas & O’Keefe Media Group operative and Pfizer formulation analyst scientist Justin Leslie revealed previously unpublished recordings showing Pfizer’s top vaccine researchers discussing major concerns surrounding COVID-19 vaccines. Leslie delivered these recordings to Veritas in late 2021, but they were never published:

Featured in Leslie’s footage is Kanwal Gill, a principal scientist at Pfizer. Gill was weary of MRNA technology given its long research history yet lack of approved commercial products. She called the vaccines “sneaky,” suggesting latent side effects could emerge in time.

Gill goes on to illustrate how the vaccine formulation process was dramatically rushed under the FDA’s Emergency Use Authorization and adds that profit incentives likely played a role:

"It’s going to affect my heart, and I’m going to die. And nobody’s talking about that."

Leslie recorded another colleague, Pfizer’s pharmaceutical formulation scientist Ramin Darvari, who raised the since-validated concern that repeat booster intake could damage the cardiovascular system:

None of these claims will be shocking to hear in 2024, but it is telling that high-level Pfizer researchers were discussing these topics in private while the company assured the public of “no serious safety concerns” upon the jab’s release:

Vaccine for Children is a Different Formulation

Leslie sent me a little-known FDA-Pfizer conference — a 7-hour Zoom meeting published in tandem with the approval of the vaccine for 5 – 11 year-olds — during which Pfizer’s vice presidents of vaccine research and development, Nicholas Warne and William Gruber, discussed a last-minute change to the vaccine’s “buffer” — from “PBS” to “Tris” — to improve its shelf life. For about 30 seconds of these 7 hours, Gruber acknowledged that the new formula was NOT the one used in clinical trials (emphasis mine):


“The studies were done using the same volume… but contained the PBS buffer. We obviously had extensive consultations with the FDA and it was determined that the clinical studies were not required because, again, the LNP and the MRNA are the same and the behavior — in terms of reactogenicity and efficacy — are expected to be the same.

According to Leslie, the tweaked “buffer” dramatically changed the temperature needed for storage: “Before they changed this last step of the formulation, the formula was to be kept at -80 degrees Celsius. After they changed the last step, we kept them at 2 to 8 degrees celsius,” Leslie told me.

The claims are backed up in the referenced video presentation:

I’m no vaccinologist but an 80-degree temperature delta — and a 5x shelf-life in a warmer climate — seems like a significant change that might warrant clinical trials before commercial release.

Despite this information technically being public, there has been virtually no media scrutiny or even coverage — and in fact, most were told the vaccine for children was the same formula but just a smaller dose — which is perhaps due to a combination of the information being buried within a 7-hour jargon-filled presentation and our media being totally dysfunctional.

Bohemian Grove?

Leslie’s 2-hour long documentary on his experience at both Pfizer and O’Keefe’s companies concludes on an interesting note: James O’Keefe attended an outing at the Bohemian Grove.

Leslie offers this photo of James’ Bohemian Grove “GATE” slip as evidence, left on his work desk atop a copy of his book, “American Muckraker”:

My thoughts on the Bohemian Grove: my good friend’s dad was its general manager for several decades. From what I have gathered through that connection, the Bohemian Grove is not some version of the Illuminati, at least not in the institutional sense.

Do powerful elites hangout there? Absolutely. Do they discuss their plans for the world while hanging out there? I’m sure it has happened. Do they have a weird ritual with a giant owl? Yep, Alex Jones showed that to the world.

My perspective is based on conversations with my friend and my belief that his father is not lying to him. I could be wrong and am open to evidence — like if boxer Ryan Garcia decides to produce evidence regarding his rape claims — and I do find it a bit strange the club would invite O’Keefe who is notorious for covertly filming, but Occam’s razor would lead me to believe the club is — as it was under my friend’s dad — run by boomer conservatives the extent of whose politics include disliking wokeness, immigration, and Biden (common subjects of O’Keefe’s work).

Therefore, I don’t find O’Keefe’s visit to the club indicative that he is some sort of Operation Mockingbird asset as Leslie tries to depict (however Mockingbird is a 100% legitimate conspiracy). I have also met James several times and even came close to joining OMG. While I disagreed with James on the significance of many of his stories — finding some to be overhyped and showy — I never doubted his conviction in them.

As for why Leslie’s story was squashed… all my sources told me it was to avoid jail time for Veritas executives.

Feel free to watch Leslie’s full documentary here and decide for yourself.

Fun fact — Justin Leslie was also the operative behind this mega-viral Project Veritas story where Pfizer’s director of R&D claimed the company was privately mutating COVID-19 behind closed doors:

Tyler Durden Tue, 03/12/2024 - 13:40

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International

Association of prenatal vitamins and metals with epigenetic aging at birth and in childhood

“[…] our findings support the hypothesis that the intrauterine environment, particularly essential and non-essential metals, affect epigenetic aging…

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“[…] our findings support the hypothesis that the intrauterine environment, particularly essential and non-essential metals, affect epigenetic aging biomarkers across the life course.”

Credit: 2024 Bozack et al.

“[…] our findings support the hypothesis that the intrauterine environment, particularly essential and non-essential metals, affect epigenetic aging biomarkers across the life course.”

BUFFALO, NY- March 12, 2024 – A new research paper was published in Aging (listed by MEDLINE/PubMed as “Aging (Albany NY)” and “Aging-US” by Web of Science) Volume 16, Issue 4, entitled, “Associations of prenatal one-carbon metabolism nutrients and metals with epigenetic aging biomarkers at birth and in childhood in a US cohort.”

Epigenetic gestational age acceleration (EGAA) at birth and epigenetic age acceleration (EAA) in childhood may be biomarkers of the intrauterine environment. In this new study, researchers Anne K. Bozack, Sheryl L. Rifas-Shiman, Andrea A. Baccarelli, Robert O. Wright, Diane R. Gold, Emily Oken, Marie-France Hivert, and Andres Cardenas from Stanford University School of Medicine, Harvard Medical School, Harvard T.H. Chan School of Public Health, Columbia University, and Icahn School of Medicine at Mount Sinai investigated the extent to which first-trimester folate, B12, 5 essential and 7 non-essential metals in maternal circulation are associated with EGAA and EAA in early life. 

“[…] we hypothesized that OCM [one-carbon metabolism] nutrients and essential metals would be positively associated with EGAA and non-essential metals would be negatively associated with EGAA. We also investigated nonlinear associations and associations with mixtures of micronutrients and metals.”

Bohlin EGAA and Horvath pan-tissue and skin and blood EAA were calculated using DNA methylation measured in cord blood (N=351) and mid-childhood blood (N=326; median age = 7.7 years) in the Project Viva pre-birth cohort. A one standard deviation increase in individual essential metals (copper, manganese, and zinc) was associated with 0.94-1.2 weeks lower Horvath EAA at birth, and patterns of exposures identified by exploratory factor analysis suggested that a common source of essential metals was associated with Horvath EAA. The researchers also observed evidence of nonlinear associations of zinc with Bohlin EGAA, magnesium and lead with Horvath EAA, and cesium with skin and blood EAA at birth. Overall, associations at birth did not persist in mid-childhood; however, arsenic was associated with greater EAA at birth and in childhood. 

“Prenatal metals, including essential metals and arsenic, are associated with epigenetic aging in early life, which might be associated with future health.”

 

Read the full paper: DOI: https://doi.org/10.18632/aging.205602 

Corresponding Author: Andres Cardenas

Corresponding Email: andres.cardenas@stanford.edu 

Keywords: epigenetic age acceleration, metals, folate, B12, prenatal exposures

Click here to sign up for free Altmetric alerts about this article.

 

About Aging:

Launched in 2009, Aging publishes papers of general interest and biological significance in all fields of aging research and age-related diseases, including cancer—and now, with a special focus on COVID-19 vulnerability as an age-dependent syndrome. Topics in Aging go beyond traditional gerontology, including, but not limited to, cellular and molecular biology, human age-related diseases, pathology in model organisms, signal transduction pathways (e.g., p53, sirtuins, and PI-3K/AKT/mTOR, among others), and approaches to modulating these signaling pathways.

Please visit our website at www.Aging-US.com​​ and connect with us:

  • Facebook
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  • Spotify, and available wherever you listen to podcasts

 

Click here to subscribe to Aging publication updates.

For media inquiries, please contact media@impactjournals.com.

 

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International

A beginner’s guide to the taxes you’ll hear about this election season

Everything you need to know about income tax, national insurance and more.

Cast Of Thousands/Shutterstock

National insurance, income tax, VAT, capital gains tax, inheritance tax… it’s easy to get confused about the many different ways we contribute to the cost of running the country. The budget announcement is the key time each year when the government shares its financial plans with us all, and announces changes that may make a tangible difference to what you pay.

But you’ll likely be hearing a lot more about taxes in the coming months – promises to cut or raise them are an easy win (or lose) for politicians in an election year. We may even get at least one “mini-budget”.

If you’ve recently entered the workforce or the housing market, you may still be wrapping your mind around all of these terms. Here is what you need to know about the different types of taxes and how they affect you.

The UK broadly uses three ways to collect tax:

1. When you earn money

If you are an employee or own a business, taxes are deducted from your salary or profits you make. For most people, this happens in two ways: income tax, and national insurance contributions (or NICs).

If you are self-employed, you will have to pay your taxes via an annual tax return assessment. You might also have to pay taxes this way for interest you earn on savings, dividends (distribution of profits from a company or shares you own) received and most other forms of income not taxed before you get it.

Around two-thirds of taxes collected come from people’s or business’ incomes in the UK.

2. When you spend money

VAT and excise duties are taxes on most goods and services you buy, with some exceptions like books and children’s clothing. About 20% of the total tax collected is VAT.

3. Taxes on wealth and assets

These are mainly taxes on the money you earn if you sell assets (like property or stocks) for more than you bought them for, or when you pass on assets in an inheritance. In the latter case in the UK, the recipient doesn’t pay this, it is the estate paying it out that must cover this if due. These taxes contribute only about 3% to the total tax collected.

You also likely have to pay council tax, which is set by the council you live in based on the value of your house or flat. It is paid by the user of the property, no matter if you own or rent. If you are a full-time student or on some apprenticeship schemes, you may get a deduction or not have to pay council tax at all.


Quarter life, a series by The Conversation

This article is part of Quarter Life, a series about issues affecting those of us in our 20s and 30s. From the challenges of beginning a career and taking care of our mental health, to the excitement of starting a family, adopting a pet or just making friends as an adult. The articles in this series explore the questions and bring answers as we navigate this turbulent period of life.

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Future graduates will pay more in student loan repayments – and the poorest will be worst affected

Selling on Vinted, Etsy or eBay? Here’s what you need to know about paying tax


Put together, these totalled almost £790 billion in 2022-23, which the government spends on public services such as the NHS, schools and social care. The government collects taxes from all sources and sets its spending plans accordingly, borrowing to make up any difference between the two.

Income tax

The amount of income tax you pay is determined by where your income sits in a series of “bands” set by the government. Almost everyone is entitled to a “personal allowance”, currently £12,570, which you can earn without needing to pay any income tax.

You then pay 20% in tax on each pound of income you earn (across all sources) from £12,570-£50,270. You pay 40% on each extra pound up to £125,140 and 45% over this. If you earn more than £100,000, the personal allowance (amount of untaxed income) starts to decrease.

If you are self-employed, the same rates apply to you. You just don’t have an employer to take this off your salary each month. Instead, you have to make sure you have enough money at the end of the year to pay this directly to the government.


Read more: Taxes aren't just about money – they shape how we think about each other


The government can increase the threshold limits to adjust for inflation. This tries to ensure any wage rise you get in response to higher prices doesn’t lead to you having to pay a higher tax rate. However, the government announced in 2021 that they would freeze these thresholds until 2026 (extended now to 2028), arguing that it would help repay the costs of the pandemic.

Given wages are now rising for many to help with the cost of living crisis, this means many people will pay more income tax this coming year than they did before. This is sometimes referred to as “fiscal drag” – where lower earners are “dragged” into paying higher tax rates, or being taxed on more of their income.

National insurance

National insurance contributions (NICs) are a second “tax” you pay on your income – or to be precise, on your earned income (your salary). You don’t pay this on some forms of income, including savings or dividends, and you also don’t pay it once you reach state retirement age (currently 66).

While Jeremy Hunt, the current chancellor of the exchequer, didn’t adjust income tax meaningfully in this year’s budget, he did announce a cut to NICs. This was a surprise to many, as we had already seen rates fall from 12% to 10% on incomes higher than £242/week in January. It will now fall again to 8% from April.


Read more: Budget 2024: experts explain what it means for taxpayers, businesses, borrowers and the NHS


While this is charged separately to income tax, in reality it all just goes into one pot with other taxes. Some, including the chancellor, say it is time to merge these two deductions and make this simpler for everyone. In his budget speech this year, Hunt said he’d like to see this tax go entirely. He thinks this isn’t fair on those who have to pay it, as it is only charged on some forms of income and on some workers.

I wouldn’t hold my breath for this to happen however, and even if it did, there are huge sums linked to NICs (nearly £180bn last year) so it would almost certainly have to be collected from elsewhere (such as via an increase in income taxes, or a lot more borrowing) to make sure the government could still balance its books.

A young black man sits at a home office desk with his feet up, looking at a mobile phone
Do you know how much tax you pay? Alex from the Rock/Shutterstock

Other taxes

There are likely to be further tweaks to the UK’s tax system soon, perhaps by the current government before the election – and almost certainly if there is a change of government.

Wealth taxes may be in line for a change. In the budget, the chancellor reduced capital gains taxes on sales of assets such as second properties (from 28% to 24%). These types of taxes provide only a limited amount of money to the government, as quite high thresholds apply for inheritance tax (up to £1 million if you are passing on a family home).

There are calls from many quarters though to look again at these types of taxes. Wealth inequality (the differences between total wealth held by the richest compared to the poorest) in the UK is very high (much higher than income inequality) and rising.

But how to do this effectively is a matter of much debate. A recent study suggested a one-off tax on total wealth held over a certain threshold might work. But wealth taxes are challenging to make work in practice, and both main political parties have already said this isn’t an option they are considering currently.

Andy Lymer and his colleagues at the Centre for Personal Financial Wellbeing at Aston University currently or have recently received funding for their research work from a variety of funding bodies including the UK's Money and Pension Service, the Aviva Foundation, Fair4All Finance, NEST Insight, the Gambling Commission, Vivid Housing and the ESRC, amongst others.

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