Tag Archives: funding

Helicity Space secures $5 million funding to support fusion propulsion and high-speed deep space travel

Posted on by
Reply

helicity space has raised $5 million in seed funding to accelerate the development of technology that will ultimately enable fast and efficient travel in deep space.

That technology is nuclear fusion propulsion, which has long been the realm of science fiction. The startup says it has discovered a way to use plasma jets in fusion reactions. The project is the brainchild of Setthivoine You, a plasma physicist and co-founder of Helicity. He and two other co-founders, CEO and former banker Stefan Lintner and former Boeing Rocketdyne executive Marta Calvo, officially founded the business in 2018.

Helicity spent several years in stealth, “dotting the i’s and crossing the t’s, thinking about what we could do,” Lintner explained in a recent interview. “Fusion is a tainted field and we first needed to be sure we could handle it before raising venture capital capital.”

The Pasadena-based company has successfully raised funding from a prominent group. Airbus Ventures is the venture capital arm of a major European aerospace company. TRE Advisor; Voyager Space Holdings, the company behind the Starlab commercial space station. European space company E2MC Space. Urania Ventures and Geingels.

Lintner said Helicity’s key differentiator is that it focuses squarely on fusion propulsion, rather than fusion for ground-based applications. “Everything we’re doing is moving the spacecraft forward, not generating sustainable grid power,” Eh explained. In some ways, the former problem is easier than the latter. Space is a great vacuum, and that’s exactly the environment that his jet of plasma needs.

“Our concept is first uniquely tailored to be useful in space,” he said. “over time […] Ours may also turn into a nuclear reactor on Earth, but by that time others will have worked it out. That’s not our main goal. ”

The startup’s technology is based on a method called magnetic-magnetic fusion, which compresses a stable plasma jet with a magnetic nozzle. The plasma is heated to hundreds of millions of degrees, causing a fusion reaction that pushes the spacecraft forward.

The startup plans to use the funding to manufacture a proof-of-concept fusion drive that will demonstrate basic technology on a small scale. On a longer-term scale, Helicity aims to fly a complete prototype in space within about 10 years.

Lintner was upfront about the fact that there is still a lot to de-risk and a lot to learn when it comes to the emerging market for Fusion Drive.

“Look, it’s still early days,” he said.
“As economies develop in space, our engines will become increasingly important. The final business model is still a little difficult to predict.”

Source: techcrunch.com

Q3 Sees Another Drop in VC Funding for Foodtech Startups as Deals Decrease

Posted on by
Reply

Venture capital investment in the food technology sector fell for the eighth consecutive quarter in Q3 2023, with 205 deals reported reaching $2 billion in value. New PitchBook Report.

This is a 13.9% decrease compared to the previous quarter, when 268 investments were made worth $2.2 billion. And compared to the previous year, it was down more than 71%. At PitchBook, we consider “food tech” to be a field that includes alternative proteins, bioengineered foods, discovery and reviews, e-commerce, food production, restaurant and retail technology.

“It’s a little disappointing to see deal activity continue to be weak,” report author Alex Frederick, senior analyst for emerging technologies at PitchBook, told TechCrunch. “But the market is still developing.”

He believes one of the bright spots in the third quarter was Instacart’s IPO, and says there was excitement in that regard, especially since it did so well. But Frederick also said he hasn’t yet seen many other tech startups retreat.

He added: “The IPO window remains closed and venture activity will continue to be challenged.”

Investor opinion

Meir Rabkin, founder and managing partner of climate technology venture firm Blue Vision Capital, said in an interview that climate technology as a whole has been “very resilient” over the past two years. He notes that this resilience is about corporate valuations, and that the contraction felt in other sectors was not as widespread in climate technology.

Rabkin said investing in food tech is “a bit of a tough space” for a variety of reasons, including relatively high capital expenditures and time-consuming research and development.

“That being said, there’s a lot of disruption and innovation that needs to go on there,” Rabkin said. “It’s a very exciting space to be in.”

But Christina Rohr, managing director of food and agriculture investments at impact investment firm S2G Ventures, says capital constraints aren’t all bad.

She found that when the availability of capital decreased, companies’ business models became more resilient because founders considered more capital-efficient methods. She is also considering different types of collaborations, including licensing her models.

Lohr isn’t surprised that venture capital is lagging in food technology, as companies focus on achieving scalability and positive unit economics.

“We are in an environment that is influenced by commodity prices and supply chain costs,” Lohr said. “Given all of this, to be scalable, costs must be comparable to existing technology and products. With these large rounds coming together, investors are looking at technological milestones and , we look at the combined ability to achieve these milestones in a manner that has positive unit economics.”

Plant-based is not growing as fast

Meanwhile, the alternative protein sector saw $724.2 million invested in 46 deals in the third quarter. The report says venture capital funding for plant-based foods is “down significantly from its peak in Q3 2021,” but deal activity remains strong, with further increases for the second consecutive quarter. That’s what it means.

Despite the rise in plant-based investment deals, Pitchbook’s Frederick said the sector is “struggling” when it comes to meat substitutes, citing shrinking grocery store shelf allocations. Ta.

The reasons for this are primarily price and taste perception, and because these products are processed foods, it is difficult to get new customers to try these premium products, Frederick said.

“It’s hard to get it and keep it on the shelf,” he said. “Achieving results is critical for these companies.Currently, consumer packaged goods across the board are under significant challenge from rising prices.Consumers seek lower-cost alternatives. The trend is for plant-based beef companies to sell at a 2% price premium over conventional meat.”

Notable deals in alternative proteins in the third quarter include that of Meati. Series C extension is $200 millionMeatable’s $35 million round and €40 million raised is enough.

As seen on TechCrunch

Fresh capital injection puts Farmless on path to first alternative protein product

I wrote a funding update on Farmless, a company I reported on earlier this year. A Dutch startup working to develop alternative protein sources through fermentation technology has raised a further €4.8 million in seed funding. This will be applied to Farmless’ goal of discovering microorganisms that can be fermented and used in various food applications.

what else are you reading

Great deal: The Canadian Food Innovation Network has awarded Crush Dynamics approximately $2 million to develop and test new ingredients that improve food quality and reduce sugar and sodium content in foods. learn more.

Sustainable supply chain: The Clean Food Group has now received £1 million from the UK Government to fund a project to promote new low-emission food production systems. read more.

Cultured meat support: Alternative protein investor Big Idea Ventures has launched Nexture Bio, a startup that will develop scaffolding technology used to create 3D meat substitute products that more closely resemble whole cuts of meat. get the scoop.

Eye stain: The alternative seafood industry has a new advocate: the Future Ocean Foods Association, founded by Marissa Bronfman. It involves his 36 companies from 14 countries representing cultivation, plant-based and fermentation technologies. read more.

Next time I go to New York, I will: Stop by Eleven Madison Park to try The Every Company’s newly added plant-based egg alternatives to the menu. check it out.

If you have an interesting tip or information about something happening in the world of venture or food technology, please contact Christine Hall at chall.techcrunch@gmail.com or Signal at 832-862-1051. Anonymous requests will be honored.

Source: techcrunch.com

SumUp secures an additional €285m in funding to weather challenges in the fintech industry

Posted on by
Reply

summary The fintech company, which provides payments and related services to around 4 million small and medium-sized businesses in Europe, the Americas and Australia, is raising growth capital to navigate the current turbulent fintech market. The thumb-up itself is tilted and shaken.

The London-based startup with German roots has raised €285 million (just under $307 million). The company plans to use the funding to continue growing its business organically and launch more financial services, focusing on card readers and other POS tools, offering invoicing, loyalty, business accounts, and more. is. We also have our sights set on more regions beyond the 36 we currently operate in.

The company will also focus on inorganic growth, namely M&A. The latter is noteworthy. We are currently in a buyer’s market. Fintech startups are experiencing a significantly tighter funding environment, with funding declining 36% globally in the last quarter. According to S&P.

(M&A deals can check several strategic boxes. When SumUp acquired loyalty startup Fivestars in 2021, it gave it an edge in the U.S. and also brought new services to its platform.) (Introduced)

Sixth Street Growth is leading this latest round, with participation from previous backers Bain Capital Tech Opportunities, Fin Capital, and Liquidity Group. SumUp has currently raised approximately $1.5 billion. pitch book data.

Hermione McKee, who was appointed SumUp’s CFO earlier this year, described the round as “mostly equity” but declined to provide a more precise figure. He also declined to discuss SamUp’s specific valuation, but he did note that SumUp has raised 590 million euros (half equity and half debt) in 2022. He said it was more expensive than the dollar.

The company states that it has been “positive on an EBITDA basis since the fourth quarter of 2022” (note: this does not mean it is profitable). And, compared to the previous year, he has achieved “sales growth” of more than 30%.

But on the other hand, there are other signs that business is tough right now. According to SumUp, the company’s customer base is now around 4 million people, which is exactly the same number the company had two years ago.

And today’s funding news comes on the heels of several other volatile data points about the company. It was only a few months ago that Groupon revealed it was selling some of its shares at a valuation of $4.1 billion as part of a larger secondary transaction between existing shareholders. In other words, we were able to sell the company for less than half of its 2022 value.

Meanwhile, the $8.5 billion valuation from 2022 is a significant discount to the 20 billion euros ($21.5 billion) that SumUp was aiming to achieve, reflecting how difficult it would be to raise a large equity round. It highlighted that. (And in line with this, the last raise SumUp gave in August was $100 million credit facility. )

Payment technology companies in Europe and the United States also faced increased scrutiny and suffered weak performance.

PayPal and Square, two U.S.-listed companies that directly compete with SumUp, have seen their stock prices and market caps decline since 2022. (PayPal’s stock is now less than $60 a share, down from a peak of nearly $300 a share.) Square and parent company Block are trading at about 25% of their peak. ) Stripe’s valuation famously fell by almost half this year to $50 billion.

Closer to home, listed Adyen has also reported slowing growth and is in financial trouble. But as a measure of how volatile the current market is, and how desperate investors are for signs of good news, Adyen’s mere mention of a turnaround plan (a plan, not an outcome) suggests that the company’s ‘s stock price soared. 30% up.

So far, Klarna and Checkout haven’t been so lucky. Klarna’s valuation fell by around 85% during its last funding round. Checkout was valued at $40 billion when it raised $1 billion in January 2022, but that number has reportedly been lowered since then. 10 billion dollars Internally.

Now 11 years old and one of the largest private payments startups, SumUp relies on a track record of longevity as proof of its stability.

“For more than a decade, SumUp has consistently delivered sustained growth, boldly entering and leading entirely new product categories and markets,” said Nari Ansari, MD of Sixth Street Growth. said in a statement. “This … track record and culture of innovation, combined with SumUp’s thoughtful approach to growth and efficiency, aligns well with Sixth Street Growth’s investment strategy.”

Source: techcrunch.com

Opal Security secures $22 million in funding to help businesses manage access and identity

Posted on by
Reply

Venture capital investment trends in the cybersecurity market suggest that the sector is in decline, at least in recent months. according to According to Crunchbase, the number of cybersecurity deals fell from 181 in the second quarter to 153 in the third quarter. In a more detailed report, Crunchbase suggests third-quarter cybersecurity venture funding is down 30% year-over-year, with investment in the category likely to fall to its lowest level since 2019.

But some cybersecurity startups are somehow escaping the industry’s downturn. opal security. Today, Opal, a vendor that takes an automated approach to identity access management, announced that it has raised $22 million in a Series B round led by Battery Ventures with participation from Greylock and Box Group.

Raising Opal’s maximum funding to $32 million, the new tranche will go toward doubling Opal’s 30-person team by the end of 2024, expanding its enterprise customer support organization, and ramping up product development, the founder and CEO said. Umaima Khan told TechCrunch in an email interview. He added that product enhancements include a new visualization suite and AI-powered tools designed to remediate identity and access risks.

Khan founded Opal in 2020. Prior to that, he studied cryptography at MIT, worked in defense research and at startups such as Amplitude and Collective Health.

Khan said that during his work in the private and public sectors, where he was responsible for building internal authentication and authorization services, particularly the policy layer, he began to notice common issues around visibility and lack of understanding of user access behavior. I did.

“I’ve seen firsthand how common problems like lack of proper infrastructure and over-access can cause completely avoidable cascading failures,” Khan told TechCrunch in an email interview. . “The reality is that most best-in-class security engineering teams understand this and are building these systems in-house to the best of their ability. However, scaling and maintaining these systems is a significant effort even for large enterprises and impractical for smaller organizations. ”

To address the perceived need for a more scalable access and identity orchestration platform, Khan created a suite that provides enterprises with a unified view and control of employee access to internal tools, apps, platforms, and environments. Founded Opal. Opal allows customers with thousands of employees to create policy workflows to automate access policies and set up approval flows for access requests that cannot be automated.

Opal is not alone in the access management market. In addition to incumbents (such as Okta), vendors such as Veza, SailPoint, Cyber-Ark, and Saviynt also compete. Some have raised large amounts of venture capital. But Khan said that unlike some of its competitors, Opal is building on more analytics and his AI capabilities aimed at preventing identity-based threats, and ultimately more of companies will be attracted to his Opal solution.

“Because we are a data platform, along with log data from specific end systems, we have a detailed ground truth understanding of system policies, users, groups and how policies are used, approved, denied, created and We have both metadata about the changes,” Khan said. “This gives us a unique and rich dataset to provide a baseline on various forms of risk associated with access and to identify potentially anomalous actors and systems… I’ve been thinking a lot about how to build possible datasets. [access management] It is a readable and writeable layer that prioritizes enterprise readiness from an infrastructure and feature perspective. ”

Customers seem to agree. Opal’s annual recurring revenue has quadrupled since the company’s Series A in June 2022 across a customer base of approximately 40 brands, including Databricks, Scale AI, and Figma. However, Khan declined to say whether Opal was profitable.

“Our technology addresses the challenge of scaling access management with limited information in complex enterprise environments, which is a major pain point for technical decision makers across the industry,” said Khan. states. “Large organizations have fragmented data and systems. These organizations increasingly need easy-to-use, scalable data and workflow processes for identity access management. Our platform meets that need. It’s a great fit and gives CISOs and CSOs the tools they need to view and control their systems.”

Asked if he was concerned about challenges in cybersecurity VC funding and the broader startup ecosystem, Khan said requiring companies to more quickly disclose cybersecurity incidents and other related policy announcements. Opal pointed to new rules from the U.S. Securities and Exchange Commission as a tailwind for Opal.

“Continued challenging market trends are forcing businesses to be as efficient as possible. Our platform improves the efficiency of security, compliance, and IT teams,” said Khan. . “We’ve also seen a similar shift in the sophistication and scale of cyber breaches as more companies undergo digital transformation in the wake of the pandemic. Our platform is a layer of defense against these breaches, and this bucket is very sticky…This latest round of funding allows us to navigate ongoing market challenges while meaningfully investing in our team and product development.”

Source: techcrunch.com

Stealth Mode Omniful Raises $5.85 million in Funding for Supply Chain and E-commerce Startup

Posted on by
Reply

A startup that realizes supply chain and e-commerce, omnifulltoday announced a $5.85 million venture led by VentureSouq with participation from 500 Global, DASH Ventures, Jahez Group, SEEDRA Ventures, Bunat Ventures, Hala Ventures, RZM Investments, and several family offices including Al Rasheed, Siraj Holding, Al It emerged from stealth with seed funding. Bawardi, Al Nafea.

The UAE and Kingdom of Saudi Arabia (KSA)-based startup builds systems for ordering, warehousing, and transportation management to help sellers leverage hyperlocal and omnichannel commerce to efficiently manage orders, allowing you to manage your inventory in real time. It also allows third-party logistics providers (3PLs) to efficiently manage workflows.

Mostafa Abolnasr, co-founder and CEO of Omniful, told TechCrunch that most retail companies are faced with the challenges of coordinating different sales channels, managing inventory flow, inventory accuracy, and picking and fulfillment times. He said the pain points for traders inspired him and Alankrit Nishad. If you have experience in e-commerce, get started. In addition, market research has shown that traditional software does not meet customer needs, is difficult to scale, is expensive, and takes time to implement, Abornsah said.

“We started with a vision to reimagine the technologies used today and in the future to operate supply chains, hyperlocal omnichannel retail, and e-commerce. We basically had to rethink every feature based on first principles and focused absolutely on four pillars: speed, accuracy, scale, and efficiency,” said Abornasr, adding that small sellers He added that he was also keen to reach out to the public.

“We’re looking at it from an impact and issue release perspective.”

Omniful emerges from stealth with a $5.85 million seed to give merchants and third-party logistics providers the tools to scale e-commerce

Omniful provides merchants and third-party logistics providers with solutions that include tools for insight. image credits: Omniful

Large enterprises and small merchants using the technology will be able to leverage a variety of sales channels, reduce labor costs per store, and reduce fulfillment times by up to 40% and 70%, respectively.

Initial customers for Omniful’s globalized products include major retailers and third-party logistics providers in several markets, including Saudi Arabia and the United Arab Emirates.

Abornasr said the company’s technology can process a minimum of 3 million orders per day per customer, making it suitable for customers seeking growth. This also sets the stage for growth plans that include expanding the customer base in other parts of the world, including Africa and India, where R&D centers are located.

“We believe Omniful has its own wide range of applications and offers a lot of space to run. Here in MENA [Middle East and North Africa], the concept of trading is embedded in our history. There is a well-established tradition of excellent retail franchises in the region and Omniful will strengthen that and give us a competitive edge in an increasingly dynamic environment,” said Tammer Qaddumi, General Partner of VentureSouq. says Mr.

“Omniful is universal, adaptable, and global, and has already found use in several large markets. We truly believe that it is a borderless solution that can also serve as an integrator.”

Source: techcrunch.com

Xage Security secures an additional $20 million funding for expanding security platform

Posted on by
Reply

The number of cybersecurity-related financing deals reached its highest point in 2022, but that doesn’t mean the sector is underutilized. According to Statista, in the second quarter of 2023 he had 148 deals, worth a total of $1.6 billion.

And, at least anecdotally, deal flow in the third quarter also looks healthy. Case in point, Xage securitya startup that provides software that prevents network intrusions, today announced that it has raised $20 million in a B2 funding round, bringing the company’s total funding to $80 million.

Piva Capital, March Capital, SCF Partners, Overture Climate Fund, Valor Equity Partners, Chevron Technology Ventures, and Science Applications International Corporation participated in Xage’s B2. Sources familiar with the matter told TechCrunch that the pre-money valuation is about 60% higher than Xage’s pre-money as of January 2022, when the company first closed its Series B.

Geoffrey Mattson, who was appointed CEO of Xage in September, said the proceeds will be used to expand research and development and Xage’s go-to-market operations, with a focus on expanding its presence in the Asia-Pacific region.

“Despite mixed technology economics, cybersecurity attacks against critical infrastructure are on the rise, and Xage sees growing tailwinds and headwinds given the threat environment and customer needs. ,” Mattson told TechCrunch in an email interview. “With more companies operating remotely to reduce costs, it is more important than ever to provide Zero Trust security solutions for critical infrastructure and distributed operations, including operational technology, IT, and cloud environments. Yes, it is a priority.”

Xage was founded in 2016 by Susanto Irwan and Roman Arutyunov after noticing an increase in attacks on Internet of Things (IoT) devices, including devices such as surveillance cameras and temperature sensors. (This trend continues, with 41% in his first two months of 2023. Rise Average number of weekly attacks per organization targeting IoT devices compared to 2022. )

With Xage, Irwan and Artyunov can protect IoT devices and operational technology (the hardware and software used to monitor, control, and upgrade industrial systems), whether they are isolated or connected to the cloud. We have started developing a cybersecurity platform that can.

Xage’s core product sits on top of your existing environment, ostensibly without the need for network changes, either on-premises or as part of a software-as-a-service installation. Xage “monitors” device interactions and data movements and changes on a company’s network, discovering policy violations, and enforcing security policies, including invoking multi-factor authentication for system logins from unknown locations. I will do it.

Xage is not alone in the market for platforms that protect IoT and industrial systems. Dragos is probably its biggest competitor, at least on the startup side. But Xage has done well when it comes to customer acquisition, with the U.S. Space Force winning him a $17 million contract and the U.S. Air Force a $743,000 contract.

Xage’s other customers include energy, manufacturing, utilities, and transportation infrastructure operators. Mattsson claims that the startup’s revenue of about 90 employees increased by 420% year-on-year in the first half of 2023, and bookings increased by 560%.

“When the pandemic first broke out, Zarj There was a temporary pause in demand as customers tried to organize their businesses,” Mattson said. “Fortunately, Zarj Companies believe that information and data security is key to business continuity, and they have secured a comfortable runway.

Source: techcrunch.com

Shield AI secures $200 million funding with $2.7 billion valuation to advance military autonomous flight technology expansion

Posted on by
Reply

Shield AI The company has secured $200 million in fresh funding to expand its autonomous flight systems for the U.S. military and its allies.

Established in 2015, the startup currently holds a valuation of $2.7 billion. The latest funding round was led by US Innovation Technology Fund (USIT) with significant participation from Riot Ventures, a previous investor in Shield AI. Other contributors include existing investors Disruptive and Snowpoint, as well as new investor ARK Invest, an investment management company founded by Cathie Wood.

USIT, guided by billionaire Thomas Tull, served as the sole investor in Shield AI’s initial $60 million Series E funding. This substantial Series F round is a testament to the company’s successful track record of fundraising – the Series E raised a total of $225 million, and its Series D ranged between $210 million and $300 million.

It also highlights the capital-intensive nature of defense-focused startups, even for companies like Shield AI that offer more affordable systems compared to their traditional counterparts.

The startup specializes in developing hardware and software to transform drones and aircraft into autonomous systems capable of carrying out missions in conflict zones. The company’s flagship product is Hivemind, an AI pilot software that enables drones and aircraft to operate autonomously without relying on GPS assistance. Shield AI has also introduced a drone swarm feature called V-Bat Teams, which allows a single human operator to command at least four V-Bat drones (developed by Martin UAV, acquired by Shield AI in 2021).

“Our nation faces the challenging reality of having insufficient pilots, and rule-based autonomous solutions are insufficient for the existence of such swarms,” said Ryan Tseng, CEO and co-founder, when announcing V-Bat Teams earlier this month. “Shield AI changes this. For nearly nine years, Shield AI has been building the world’s most advanced AI pilots using a unified AI foundation that is applicable and deployable across all aircraft types, from quadcopters to F-16s. We’ve been steadfastly focused on that.”

The San Diego-based company is also working on integrating Hivemind into unmanned fighter jets and other aircraft. The Shield AI technology stack has garnered significant interest from the Department of Defense due to increasingly sophisticated counter-drone technologies that focus on disrupting drone communications and navigation.

“The battlefield is increasingly dominated by drone warfare, and adversaries are turning the battlefield into a hostile environment by disrupting communications and GPS,” stated Stephen Marcus, co-founder and general partner at Riot Ventures. “We are doing everything we can to address this. Modern Air Forces are operating blindly. Shield’s AI pilots are intelligent and adaptable to their environment, requiring no GPS or communications. Their AI is trainable and adaptable for diverse missions, and they have successfully flown teams of copters, V-BATs, and modern fighter jets. The most comparable technology we have seen thus far is what Tesla is doing with their self-driving stack.”

The new funding arrives amidst a surge in investor support for defense technology startups, driven in part by escalating geopolitical tensions and the U.S. lagging behind its adversaries. Engineers and the Pentagon are keenly aware of the risks at hand. In fact, some Shield AI executives have made noteworthy comparisons: Back in 2021, co-founder Ryan Tseng drew parallels between the Chinese military and Netflix, and the U.S. military and Blockbuster.

Source: techcrunch.com