Innovate

What Innovate does

Innovate Corp. (NYSE: VATE) is a publicly traded diversified holding company headquartered in Herndon, Virginia, operating a portfolio of businesses across three segments: Infrastructure, Life Sciences, and Spectrum. The company employs approximately 3,100 people and serves enterprise customers in industrial construction, healthcare providers, medical spas and dermatology practices, and content providers/networks, with operating geographies spanning the U.S., Australia, Canada, India, New Zealand, Philippines, the U.K., and Germany. Lancer Capital LLC is the largest shareholder, and the leadership team comprises Chairman Avie Glazer, Interim CEO Paul Voigt, and CFO Michael Sena.

The Infrastructure segment operates through DBM Global, a structural steel and industrial construction company that runs 11 fabrication shops covering more than 1.8 million square feet across seven operating brands (Schuff Steel, Banker Steel, GrayWolf, Milco National, NYC Constructors, DBM Vircon, and Aitken Manufacturing). DBM Global executes design-assist, engineering, BIM modeling, steel fabrication, and field erection for marquee projects such as TSMC's semiconductor facility, Stellantis's manufacturing expansion, SoFi Stadium, Shintech's chemical facility, and Venture Global's Calcasieu Pass LNG export terminal. The Life Sciences segment operates through the Pansend platform, anchored by MediBeacon (developer of the FDA-approved Transdermal GFR System using the proprietary Lumitrace/relmapirazin fluorescent tracer, backed by 55+ U.S. patents and 215+ worldwide patents with potential expansion into gastroenterology, ophthalmology, and surgery), R2 Technologies (Glacial Skin cooling-based aesthetic dermatology devices developed by Harvard Medical School physicians), Triple Ring (R&D services), and Genovel Orthopedics (knee replacement devices). The Spectrum segment operates HC2 Broadcasting, the largest U.S. owner of Class A and LPTV television stations (257 stations across 112 markets), controlling over 2.7 billion MHz POPs of broadcast spectrum and supporting ATSC 3.0 (Next Gen TV) for next-generation data and video services.

Innovate generates revenue through project-based construction contracts (DBM Global), medical device product sales and licensing (Life Sciences portfolio), and advertising/carriage fees from over-the-air broadcasting (HC2 Broadcasting). Distribution is direct-to-enterprise for construction, medical device distribution channels for healthcare and aesthetics products, and over-the-air spectrum distribution for broadcast content. The company has executed multiple capital-structure initiatives: a $19 million rights offering backstopped by Lancer Capital in March 2024, a $337 million distressed debt exchange in 2025 (which triggered an S&P downgrade to 'CC'), and a June 2026 transaction to sell a 75% controlling stake in HC2 Broadcasting to CONX Corp. for $105 million while retaining 25% ownership. Innovate also reported Q1 2026 results with 33% revenue growth and 173.6% adjusted EBITDA growth, signaling operational recovery after the 2024 trough.

Name

Innovate

Legal name

Innovate Corp.

Website

https://innovatecorp.com

Company type

Public

Founded year

2005

Operating status

Operating

Headcount range

1–10 employees

Short description

Innovate Corp. (NYSE: VATE) is a publicly traded diversified holding company operating through three segments: Infrastructure via DBM Global (structural steel construction), Life Sciences via Pansend's portfolio (MediBeacon, R2 Technologies, Triple Ring, Genovel Orthopedics), and Spectrum via HC2 Broadcasting (257 U.S. television stations).

Ownership category

akta.pro rank

Product category

Diversified Industrial Holding Company

NAICS

Professional, Scientific, and Technical Services (541), Pharmaceutical Preparation Manufacturing (325412), Research and Development in Biotechnology (except Nanobiotechnology) (541714), Analytical Laboratory Instrument Manufacturing (334516)

SIC

Surgical & Medical Instruments & Apparatus (3841), Services-Commercial Physical & Biological Research (8731), Pharmaceutical Preparations (2834), Laboratory Analytical Instruments (3826)

akta.pro primary industry

Manufacturing Quality Assurance & GMP Compliance (batch release, deviation/CAPA, tech transfer QA) (HLAGAKAJ)

akta.pro secondary industry

Regulatory Strategy & Global Submissions (IND/CTA/NDA/BLA/MAA) (HLAGAKAA)

Keywords

• Structural steel construction
• Medical device technology
• Broadcast television stations
• Aesthetic dermatology devices
• Diversified holding company

Headquarters

HQ city

Herndon

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Supply Chain, Marketing or Sales

Revenue model

1. Infrastructure (DBM Global): DBM Global provides integrated steel construction services including design-assist, engineering, BIM, modeling, steel fabrication, and field erection. Revenue is generated through project-based contracts for large-scale construction projects serving critical infrastructure, commercial, and industrial end markets. DBM Global operates across the U.S., Australia, Canada, India, New Zealand, Philippines, and UK.
2. Life Sciences Portfolio: Pansend Life Sciences platform generates revenue through portfolio companies: R2 Technologies (Glacial Skin medical devices), MediBeacon (TGFR medical devices), Triple Ring (R&D services), and Genovel Orthopedics. Revenue streams include product sales, potential licensing royalties, and strategic monetization through asset sales.
3. Spectrum/Broadcasting (HC2 Broadcasting): HC2 Broadcasting operates 257 Class A & LPTV television stations across 112 markets, owning 2.7 billion MHz POPs of spectrum. Revenue generated through advertising, carriage fees from content providers, and programming distribution. Stations carry approximately 1,700 channels with programming from over 60 networks.
4. Capital Raises and Strategic Transactions: Innovate Corp has pursued various capital-raising activities including rights offerings, preferred stock private placements, and strategic asset sales (e.g., selling 75% stake in HC2 Broadcasting to CONX for $105 million plus equity commitments).

Go-to-market motion2 records

Distribution channels4 records

Marketing channels3 records

Core offering

Innovate Corp. is a diversified holding company that operates through three business segments: DBM Global provides end-to-end structural steel and industrial construction services (design-assist, engineering, BIM, fabrication, field erection) for large-scale projects; the Life Sciences segment (Pansend Life Sciences) holds MediBeacon (FDA-approved Transdermal GFR System with Lumitrace fluorescent tracer for point-of-care kidney function assessment), R2 Technologies (Glacial Skin cryotherapy aesthetic dermatology devices), Triple Ring (R&D services), and Genovel Orthopedics (knee replacement devices); and HC2 Broadcasting operates 257 Class A and LPTV television stations across 112 U.S. markets with 2.7 billion MHz POPs of broadcast spectrum.

Product overview

INNOVATE Corp. is a diversified holding company operating across three primary segments: Infrastructure (DBM Global for structural steel and industrial construction), Life Sciences (Pansend Life Sciences platform containing R2 Technologies, MediBeacon, Triple Ring, and Genovel Orthopedics), and Spectrum (HC2 Broadcasting with 257 broadcast stations). The company operates as a portfolio-of-portfolio model with subsidiary companies focused on structural steel construction, aesthetic dermatology devices, medical technology for kidney function assessment, and broadcast television operations.

Differentiator

Problem solved

Functional benefit

Brands

• DBM Global: Leading structural steel and industrial construction company providing end-to-end construction services including design-assist, engineering, fabrication, and field erection across commercial and industrial sectors.
• Pansend Life Sciences
• R2 Technologies
• MediBeacon
• HC2 Broadcasting

Products and services

• DBM Global Structural Steel and Industrial Construction Services End-to-end structural steel and industrial construction services including design-assist, engineering, BIM, modeling, steel fabrication, and field erection. Serves enterprise customers in critical infrastructure, commercial/entertainment, and heavy industrial sectors including airports, healthcare facilities, semiconductor fabs, stadiums, chemical plants, and energy facilities across the U.S., Australia, Canada, India, New Zealand, Philippines, and UK.
• MediBeacon Transdermal GFR System (TGFR)

Quantifiable outcome

• 88% revenue increase for R2 Technologies in Q2 2025 vs Q2 2024
• +5 more outcomes

Named customers6 records

Segments6 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

One partnership is on record.

• CONX CorpflagshipStrategic or Co-development Partner · 2 June 2026CONX Corp (Charlie Ergen's SPAC focused on tech, media and telecom) agreed to acquire a controlling 75% stake in HC2 Broadcasting from Innovate for $105 million bridge loan financing. CONX has options to acquire up to 80.1% of Broadcasting over two-year period starting May 2026. Innovate retains 25% stake with option to repurchase up to 15%. Transaction requires FCC approval.

Scale indicators11 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• EMCOR Group: EMCOR Group is a leading provider of electrical and mechanical construction, energy, and facilities services. Comparable as a direct competitor to DBM Global in industrial and large-scale commercial construction, serving similar enterprise end markets.
• MasTec: MasTec is a large infrastructure construction company serving communications, energy, utility, and oil & gas end markets. Directly comparable to DBM Global in large-scale specialty construction projects for enterprise customers.
• Quanta Services: Quanta Services provides infrastructure solutions for the electric, oil & gas, communications, and renewable energy industries. Closely comparable to DBM Global in large-scale industrial construction serving utility and energy customers.
• Granite Construction: Granite Construction is a diversified construction contractor specializing in transportation, water resources, and specialty construction. Comparable to DBM Global in heavy civil and specialty construction for infrastructure end markets.
• Sinclair Broadcast Group: Sinclair is one of the largest U.S. television broadcast operators, owning and operating TV stations across the country. Directly comparable to HC2 Broadcasting as a major U.S. broadcast station group with similar ATSC 3.0 transition dynamics.
• Nexstar Media Group: Nexstar Media Group is the largest U.S. television broadcaster, owning and operating stations in numerous markets. Directly comparable to HC2 Broadcasting in broadcast TV station ownership, advertising, and carriage revenue models.
• Tegna: Tegna is a broadcast television and digital media company owning stations in major U.S. markets. Comparable to HC2 Broadcasting in station operations and advertising-supported broadcast revenue.

Broad incumbents

• Berkshire Hathaway: Berkshire Hathaway is the archetypal diversified holding company operating across insurance, industrials, and consumer businesses. Comparable to Innovate's holding-company structure of unrelated operating subsidiaries under one corporate parent.

Emerging players

• Cutera: Cutera is a medical aesthetic device company developing energy-based systems for dermatologists and plastic surgeons. Comparable to R2 Technologies' Glacial Skin platform as a peer in the non-invasive aesthetic dermatology device market.
• InMode: InMode is a medical technology company developing minimally invasive aesthetic and wellness solutions. Comparable to R2 Technologies as a peer in the medical spa and dermatology device market, targeting similar non-invasive treatment use cases.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/innovate-corpnyc

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries7 records

Funding overview

Funding rounds2 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments3 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Innovate