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| Hey Insiders, Today's newsletter covers: - 60% dip in startup funding in Colorado
- Fuze raises $14M seed round
- OnSight Technology's seed round
We have also rounded up the top early-stage funding rounds this week. If you find this newsletter useful, please share it with your friends and colleagues. Thank you. Karan
p/karan-chafekar | |
| 1 | | Colorado-based startups have raised $1.7B in VC funding so far in 2023, down 60% compared to the $4B raised in the same period last year. The slump in Colorado is more pronounced than the VC funding dip seen across North America. More: - A large dip was seen in late-stage startups, which were able to nab only $650M from 10 Series C and beyond funding rounds so far this year.
- In comparison, late-stage startups in Colorado bagged $4.2B from 46 deals in the last two years.
- Only two startups could secure more than $100M in funding.
- Strive Health raised a $166M Series C round, and Ursa Major raised a $100M Series D funding round.
- Seed funding has remained robust so far and is on track to cross last year's totals.
Q: What factors do you think are causing the higher-than-average fundraising dip faced by startups in Colorado? Join the conversation here. |     | |
| 2 | | VCs deployed $1.3B in early-stage North American startups this week between Sep. 16 and Sep. 22, per Crunchbase data. AI startups raked in 17% of the funding this week. Biotech, healthcare, and biopharma startups nabbed 10%, 9%, and 8% of the financing, respectively. 
Here are the top five largest rounds announced this week: - ICONIQ Growth led a $100M Series B funding round into Writer, a full-stack generative AI platform for enterprises. WndrCo, Balderton Capital, Insight Partners, and Aspect Ventures participated in the funding round.
- Enterprise-focused AI startup Pryon Inc. bagged $100M in Series B funding. Nearly 80% of the funding came through the U.S. Innovation Technology Fund, a fund backed by billionaire Thomas Tull. Aperture Venture Capital, BootstrapLabs, and Breyer Capital provided the remaining sum.
- EV automaker Harbinger Motors raised $60M in Series A funding led by Ridgeline and THOR Industries.
- Hyku Biosciences, a biotech startup developing precision covalent medicines in oncology, raised $56M in seed funding led by RA Capital Management, Droia Ventures, and Novartis Venture Fund.
- Analytics firm MotherDuck raised a $52.5M Series B funding round at a $400M post-money valuation. The current round was led by Felicis, with additional support from Andreessen Horowitz, Madrona Venture Group, Amplify Partners, Altimeter, Redpoint, Zero Prime, and others.
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| 3 | | Fuze, an Abu Dhabi-based digital assets infrastructure startup, announced it raised a $14M Seed round. The round was led by UAE-based Further Ventures, with participation from U.S.-based Liberty City Ventures. More: - Fuze is seeking to expand its hiring and geographic presence across the region as it obtains regulatory licenses.
- "Regulations have played a pivotal role in propelling the UAE into a central position within the global digital assets industry," said the startup's CEO, Mohammed Ali Yusuf, who previously worked at Checkout.com and Visa.
- The company focuses on blockchain white-label solutions, enabling enterprises to offer digital assets such as stablecoins, cryptocurrencies, and tokenized assets.
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| 4 | | OnSight Technology, a company that works on computer vision for photovoltaics, announced the completion of a Seed round of an undisclosed amount led by Moneta Ventures. The round included a strategic investment by Zurich-based mechatronics provider Staubli and participation by Sacramento-based investment firm Growth Factory. More: - OnSight's platform seeks to reduce maintenance costs while improving solar panel performance.
- The company develops an autonomous robot capable of running for 12 hours a day and identifying over 100 critical points on a solar site.
- Moneta has raised $399M across four funds and has made 44 investments, with three exits, including Aumni, 5th Planet Games, and ATCG Solutions.
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| 5 | | Voda.ai, a startup that works on AI-driven solutions for water and wastewater management, announced an investment of an undisclosed amount from infrastructure distributor Ferguson. Voda claims its software has analyzed over one million miles of pipes across 17 states and six countries. More: - Voda's software monitors for leaks, lead line management, and performs risk modeling.
- Ferguson distributes metering technology and treatment plant MRO supplies for municipal waterworks.
- As part of the deal, Voda entered into an exclusive distribution relationship for the U.S. market with Ferguson.
- Voda previously raised a Seed round with participation from Innospark Ventures, the Massachusetts Clean Energy Center, and non-equity assistance from GovTech accelerator AcceliCity.
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| 6 | | Brian O'Callaghan was appointed CEO of Deep Genomics, succeeding founder and former CEO Brendan Frey, who will transition into the chief innovation officer role. The AI-driven drug discovery startup announced the leadership change as it transitions from a research organization into a forward-integrated drug development biopharma company. More: - O'Callaghan recently held the CEO role at ObsEva SA.
- Previously, he also held the CEO role at Petra Pharma, Acucela, Sangart, and BioPartners.
- He said, "I look forward to leading Deep Genomics into the next phase of growth and working with such a visionary and committed team as we advance multiple RNA-targeted therapeutics across a range of potential indications."
- The firm's AI Workbench application leverages AI to decode complex RNA biology and find novel targets, mechanisms, and molecules.
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- Vietnamese internet startup VNG has postponed its U.S. IPO plans after share prices of two of the recently listed startups briefly dipped below their launch prices.
- Kriya Therapeutics acquired Spanish gene therapy startup Tramontane Therapeutics for an undisclosed sum.
- Aerial firefighting technology maker Rain raised $9.7M in seed funding led by DBL Partners. VoLo Earth Ventures, Kapor Capital, and Convective Capital participated in the round.
- BID Lab and EIT Climate-KIC partnered to establish a startup accelerator program to help startups working on climate solutions across Latin America and the Caribbean.
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INSIDE STARTUPS LEADERBOARD (7 DAYS) |
 | Analyst | | Karan Chafekar is a Management Consultant, Business enthusiast, and Licensed Pilot.
Nicolas is a Sr. Analyst at Inside, covering startups and transportation trends. He is an avid map maker and data nerd. Nicolas has worked in the shared-scooter space, as well as advised e-bike and moped start-ups. | | This newsletter was edited by Vibha Chapparike | |
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