Category: Startups

• Sistech Conference faced funding challenges a month before the event
• The conference empowers women in the male-dominated tech industry
• Despite sponsorship issues, the conference raised over $58,000 through donations and new sponsors
• Plans for future sustainability include hosting fundraising events in off-years
• Emphasis on the importance of corporate support for diversity initiatives

Women in Tech Conference Overcomes Funding Challenges

The Sistech Conference, a gathering aimed at empowering women in the tech industry, faced a major hurdle just a month before its scheduled date at the Hyatt Regency Bloomington on May 3. Read more

• Private funding for climate-tech startups in Nigeria has increased, with businesses raising over $3.4 billion since 2019.
• Rensource Energy, a company providing solar and battery-based power solutions, is benefiting from the rise in private funding.
• African countries need to address risks like currency instability to attract more investors for climate-tech initiatives.
• Climate tech startups in Africa raised $1.04 billion last year, a 9% increase from the previous year and triple the amount raised in 2019.

• Tech fund imec.xpand raises 300 million euros for deep-tech startups in Europe, focusing on AI, photonics, and biotechnology for medical diagnosis
• Fund established in partnership with Imec, a chip research institution in Belgium, with majority of funds from Quaestor Wealth Care
• Imec.xpand has a track record of supporting innovative companies, previously focused on semiconductors and nanotechnologies
• Investments made in high-tech companies around the Leuven research institute, including unicorns PsiQuantum and Celestial AI
• Expansion plans into the Netherlands, with investments in Axelera AI, Scil, and Onera, and a new branch opened in Amsterdam’s financial district

Investment Fund Imec.xpand

• African climate startups are receiving more funding, but there is still a significant funding gap to address.
• Private sector funding for climate tech startups in Africa is increasing, with over $3.4 billion raised since 2019.
• African countries need to address risks like currency instability to attract more investors for climate initiatives.
• Climate tech startups in Africa raised $1.04 billion in 2023, showing significant growth in the sector.

• Innovaccer, a health tech startup known for aggregating patient data, is in advanced talks to raise $250 million in new funding, potentially valuing the company between $2.5 billion and $3 billion.
• The company’s cloud-based software integrates with existing electronic health record systems to provide healthcare providers with a comprehensive view of patient health data.
• Innovaccer aims to drive efficiency and growth in the healthcare industry by leveraging its cloud technology and architecture.

• Niqo Robotics, an agritech startup, secures $9 million funding led by Brida Innovation Ventures and Omnivore Partners, propelling the company towards revolutionizing crop care through robotics solutions.
• The funding round boosts Niqo Robotics to a post-money valuation of approximately Rs 290 crore ($35 million), resulting in ownership changes with Omnivore Partners holding the largest external stake at 25.7%.
• Founded in 2015 by Jaisimha Rao, Niqo Robotics specializes in AI-powered Spot Spray Technology for precise crop care spraying practices, showcasing commitment to technological innovation.

• UK tech incorporations reach five-year high despite funding slowdown
• 13,802 tech incorporations in Q1 2024, up 11% from previous year
• Record year in 2023 with 51,017 new startups
• London leads in tech incorporations, followed by South East and North West
• Cost of incorporating a UK business rises from £12 to £50, aimed at improving business register integrity

UK Tech Incorporations on the Rise

The tech industry in the UK has seen a surge in incorporations, reaching a five-year high at the beginning of this year. Read more

• SMEs can apply for up to £10,000 from the DSIT SME Training Fund to cover training costs, part of the government’s £6.4m upskill fund.
• The UK Government’s Flexible AI Upskilling Fund supports SMEs in the professional and business services sector until 31 May for training delivery before March 2025.
• The fund aims to help SMEs in law, design, and human resources sectors train their workforce in AI to boost productivity and efficiency.

• Dallas-based tech unicorn Island raises $175 million in Series D financing round, doubling valuation to $3 billion.
• Funding led by new investor Coatue and existing investor Sequoia Capital, with additional funding from other existing investors.
• Island pioneers enterprise browser category, providing advanced security and productivity features for enterprises.
• Island’s Enterprise Browser redefines work management in enterprises, offering secure access and enhanced productivity.

• Germany’s startup ecosystem continues to thrive with over 30 unicorns and 20,000 startups employing 620,000 individuals.
• Enpal, a Greentech unicorn, secured over €1B in refinancing commitments in March 2024.
• Sunfire, a German electrolyser manufacturing company, raised over €500M in funding in March.
• ENVIRIA, a Frankfurt-based company, received an equity investment of over €185M to expand its solar projects.
• Various startups in Germany, such as Pliant, Mondu, Qdrant, Monite, deeploi, and Yendou, secured funding for growth and development in various sectors.

• Israeli tech fund Yozma Fund 2.0 aims to boost investments in Israeli high-tech companies
• Program encourages institutional entities to invest in Israeli venture capital funds supporting local businesses
• Budget of $160 million in state funds to attract at least $700 million from institutional investors
• IIA to contribute 30 cents for every dollar invested by institutions in Israeli venture capital funds
• Yozma Fund 2.0 operates independently from IIA, offering incentives for investing in deep technology companies

Boosting Israeli Tech Investments with Yozma Fund 2.0

In the ever-evolving landscape of Israeli high-tech investments, a new initiative has emerged to provide a much-needed boost to the sector. Read more

• Intuition, a new VC fund, focuses exclusively on consumer tech, aiming to address the lack of consumer tech investment in the market
• General partners of Intuition are Hugo Amsellem and Etienne Boutan, with experience in consumer tech and AI startups
• Initial fund of €15 million raised by Intuition to invest in consumer startups in Europe and the U.S.
• Investment thesis highlights the challenges in consumer tech, but also the potential for innovation and success with the current pace of AI development
• Intuition plans to host events to build a community of consumer tech innovators and investors, following a strategy similar to SaaStr conferences

Investing in Consumer Tech: Introducing Intuition, the New VC Fund

In a landscape dominated by B2B startups, the emergence of Intuition, a consumer tech-focused VC fund, is a breath of fresh air. Read more

• Thrixen secures $9.53m funding for point-of-care diagnostic technology, raising capital through 22Health Ventures and Aldevron co-founder John Ballantyne
• Funding will advance development of Thrixen’s novel diagnostic technology platform, replacing antibodies with proprietary assay technology
• Thrixen’s VIBEX rapid multiplex test can distinguish between bacterial and viral infections from a finger prick sample within 10 minutes
• Investment and partnerships aim to improve patient care by enabling faster, more accurate medical decisions at the point of care
• 22Health Ventures to provide access to US market and operational expertise, with co-founder Ara Tavitian joining Thrixen as a board member

Thrixen Secures Funding for Point-of-Care Diagnostic Technology

Thrixen, a medical technology start-up, recently made headlines by securing $9.53m in funding for its innovative point-of-care diagnostic technology. Read more

• Ethiopian startup Kubik secures $1.9 million in seed funding for expansion
• Funding contributed by African Renaissance Partners, Endgame Capital, and King Philanthropies
• Kubik specializes in producing eco-friendly building materials from recycled plastics
• CEO Kidus Asfaw plans to expand operations in Addis Ababa and across Africa
• Kubik’s innovative product reduces construction costs and promotes sustainability

Ethiopian Startup Kubik Secures $1.9 Million in Seed Funding to Expand Operations

In the bustling landscape of African startups, Ethiopian innovation is making waves with Kubik, a pioneering company focused on transforming plastic waste into eco-friendly building materials. Read more

• Textiles startup Xefco raises $10.5 million Seed extension from various investors including government-backed funds
• Xefco specializes in innovative coating technologies for the textile industry, focusing on water-free solutions for dyeing and finishing
• The startup collaborated with Deakin University to produce “Covid-killing face masks” during the pandemic
• Xefco’s technology has the potential to significantly reduce water pollution and carbon emissions in the textile industry
• Breakthrough Victoria’s investment aims to help Xefco scale its technology and manufacturing capabilities, positioning Victoria as a leader in advanced textile manufacturing systems

Xefco Secures $10.5 Million Seed Extension for Textiles Innovation

In the realm of textile innovation, securing funding is often a crucial step towards progress and growth. Read more

• Minnesota’s IT ‘Shark Tank’ funding $40 million in new ideas, led by Chief Information Officer Tarek Tomes, aims to improve state services and reduce risk through technology projects.
• The Technology Modernization Fund fills gaps in the state’s budgeting cycle, providing funding for smaller projects under $1 million that can deliver value in under 12 months.
• Agency representatives pitch ideas to a steering committee, with about 80% of projects accepted so far, focusing on modernizing existing services and introducing new initiatives.

• Ethiopian sustainable tech startup Kubik raises $5.2 million seed funding, becoming the first Ethiopian company to secure a multi-million dollar investment in climate and sustainability solutions.
• Investors in the round include African Renaissance Partners, Endgame Capital, and King Philanthropies, who are aligned with Kubik’s purpose-driven vision.
• Kubik utilizes plastic waste to create low-carbon, affordable buildings, reducing plastic pollution and promoting sustainable development in Africa.

• Kubik, an African sustainable tech startup in Ethiopia, raises $5.2 million seed funding to scale production of low-carbon, durable buildings from plastic waste.
• The seed round marks Kubik as the first Ethiopian company to secure a multi-million dollar investment in climate and sustainability solutions.
• Investors include African Renaissance Partners, Endgame Capital, and King Philanthropies, reflecting a strong interest in climate-focused technologies.

• Oister Global launches Rs 440 crore fund to boost tech and emerging sectors in India
• Fund aims to support early to late-stage companies in various industries
• OIPF will invest in venture capital and private equity funds targeting different stages of business development
• Fund includes a Rs 190 crore greenshoe option to make strategic investments
• Oister Global plans to inject Rs 4,500 crore into the Indian VC/PE ecosystem, with a focus on fostering innovation and scalable business models

Tech Fund India: Oister Global’s Rs 440 Cr Initiative

In a bid to bolster the tech and emerging sectors in India, Oister Global has taken a significant step by launching a Rs 440 crore fund dedicated to fostering innovation and growth in the country’s technology landscape. Read more

• General Catalyst, an early investor in tech giants like Snap Inc., plans to raise $6 billion for tech startups in the US, Europe, and India despite a funding drought.
• The firm, led by Hemant Taneja, aims to invest in sectors such as defense, space, climate, fintech, and healthcare, emphasizing responsible innovation and collaboration with policymakers.
• This fundraising initiative reflects continued support from institutional investors, endowments, and foundations for established firms in a challenging market environment.

• Ethiopian plastic upcycling startup Kubik secures $1.9 million seed extension funding from African Renaissance Partners, Endgame Capital, and King Philanthropies
• Kubik focuses on turning plastic waste into building materials like bricks, columns, beams, and jambs in Addis Ababa
• The startup plans to scale operations in Ethiopia and aims for pan-African growth by 2025
• Kubik’s business model involves licensing out its proprietary technology for global expansion
• The startup’s materials have passed safety tests and offer a cost-effective alternative for construction, recycling up to 5,000 kilograms of plastic waste daily

Revolutionizing Construction with Ethiopian Upcycling Startup Kubik

In the realm of sustainable innovation, Ethiopian plastic upcycling startup Kubik is making waves with its groundbreaking approach to transforming plastic waste into construction materials. Read more

• Founders with unique backgrounds unite over **climate concerns** and launch new venture fund
• SNØCAP, a climate-focused venture capital fund, aims to invest $5 million in startups with environmentally friendly components early in the supply chain
• Fund targets sectors like advanced materials, waste, infrastructure, food, and energy to address industries contributing 1% or more of global carbon emissions
• Initial investments made in Sparxell, producing plant-derived color pigments, and RevivBio, using AI to address environmental issues
• SNØCAP plans to deploy $100,000 to $300,000 per investment over four years, supporting up to 20 startups in the climate tech sector

Founders Unite Over Climate Concerns

Founders with unique backgrounds have come together with a shared passion for addressing climate concerns and have launched a new venture fund focused on climate tech innovation. Read more

• UK tech funding deals this week include CN Bio, Treefera, and PeppercornAI
• £45m worth of tech funding deals tracked by UKTN, a 77% week-on-week decrease
• CN Bio specializes in organ-on-chip tech for drug discovery
• Treefera provides forest mapping data for the carbon offset industry
• PeppercornAI offers a conversational AI tool for insurance purchases

UK Tech Funding Roundup: Diving into This Week’s Deals

In the dynamic landscape of the UK tech industry, funding plays a crucial role in driving innovation and growth. Read more

• Taxpayers’ Union criticizes tech lobby group over $11.2 million public funding
• KiwiSaaS members, including Xero and Datacom, seek Technology Minister’s support
• Gallagher CEO emphasizes the need to support up-and-coming tech companies
• KiwiSaaS seeks Government collaboration to boost SaaS sector growth
• Tech industry advocates for tax relief and favorable rules to foster investment

Corporate Welfare Concerns: Taxpayers’ Union vs. Tech Lobby Group

In a recent development, the Taxpayers’ Union has raised concerns over a tech industry lobby group that operates on $11.2 million of public funding. Read more

• Intrepid Oregon Fund, with $4 million from the state, launched to invest in climate and tech startups
• Portland Seed Fund to manage investments, selected through a competitive process by Business Oregon and Oregon Innovation Council
• Fund has already invested in Bold Reuse, a reusable dish startup, and Solid Carbon, a carbon-negative concrete producer
• Managed by Steve Eichenlaub and Angela Jackson, the fund plans to invest in 15+ Oregon-based companies
• Announced at the Wings Conference, the fund aims to address the decline in global climate tech investments and the need for increased funding to meet greenhouse gas targets

Intrepid Oregon Fund: Investing in Oregon Climate Startups

The entrepreneurial scene in the Pacific Northwest is buzzing with excitement as the Intrepid Oregon Fund makes its debut with a substantial $4 million investment from the state. Read more

• Global ed-tech venture funding experienced a significant decline in Q1 of 2024, reaching its lowest level since 2014.
• Venture investments in ed tech totaled $580 million in the first quarter, down 47% from the previous year.
• Changing market conditions, such as high interest rates and capital costs, have contributed to the decrease in venture investments.
• The report highlighted a shift in ed-tech investment trends towards services like transport, finance, and accommodation.

• South Yorkshire tech entrepreneur Peter Hopton launches Venture.Community with a £100 million funding goal
• Venture.Community offers a unique approach to supporting tech founders, providing resources, education, and mentorship
• The network has already supported start-ups like Productive Machines, BOW, and TUBR in raising over £5 million in funding
• Venture.Community aims to be self-sustaining through supporters, partners, sponsorships, and success fees
• Hopton describes Sheffield and South Yorkshire as the UK’s secret start-up capital and a collaborative tech ecosystem, making it an ideal location for Venture.Community

• BEONx secures NextGeneration EU funding from SEGITTUR for digital transformation in the tourism sector
• Funding aims to promote digitalization in small and medium-sized tourism companies
• Project valued at 4,800,000€ with BEONx leading a collaborative effort with other industry leaders
• Innovative technological platform to optimize hotel management and profitability using AI
• CEO Rubén Sánchez highlights the initiative as a major step in the digital transformation of the tourism industry

Unlocking Growth: BEONx Harnesses NextGeneration EU Funding for Digital Transformation

In a significant move towards revolutionizing revenue management strategies in the hospitality sector, BEONx, a pioneering travel technology company, has successfully secured NextGeneration EU funding. Read more

• Singapore’s early-stage emerging tech startups received $402 million in funding in 2023, marking a 59 percent increase from the previous year, led by growth in agrifood and sustainability sectors.
• Seed-stage deals increased by 1.5 times in 2023 across four domains, reflecting a shift towards early-stage dealmaking and a growing appetite for emerging tech investments.
• Despite a decline in the number of new company incorporations in 2023, the agrifood and sustainability sectors performed strongly in terms of funding and incorporations.

• Colorado Technology Hub Development Grant awards announced by Governor Polis to advance key technology areas, grow economies, and create jobs
• $2 million earmarked by Colorado Economic Development Commission in September 2023 to support Colorado Technology Hubs
• Three recipients awarded grants to focus on clean tech, infrastructure, cyber, aerospace, and defense industries
• Recipients evaluated for commitment to workforce development, serving rural communities, and advancing renewable energy technologies
• Tech Hubs emerged from TechHubNow!