Boston Tech Raised Over $265M Last Week
And a closer look at Local Loyalty
More Data
Last week’s post generated a lot of discussion in my DMs…which is awesome! I love having an instant feedback loop where readers can give me more context, data, and nuance. Some main points I heard:
Show us a longer timespan here. Who are the top local VCs over the last 5-10 years?
What do we think the real numbers look like? How many stealth companies, delayed Form Ds, data errors, etc. are missing from the picture?
Who are the companies in this list? As a founder, it would be nice to have a collection of other Boston-based founders that have raised from Boston-based VCs to understand who’s worth talking to.
Look at all of New England! Who’s backing Maine and Vermont-based tech companies?
I can’t do a bulk data dump on this stuff at the moment, but it sounds like a really fun project. I was at least able to pull the same info for 2019 as well. This data is probably even better because the latency of deal reporting is likely more resolved, giving a more accurate picture of final funding numbers. Let me know what you think.
Stuff I’m Reading:
Deep Nostalgia Can Turn Old Photos of Your Relatives into Videos — Gizmodo
SEC Suspends 15 “Meme” Stocks that Bots are Targeting — Reuters
Boston Tech Deals:
Goldcast 🎥
The production value of even the best virtual events are often painfully stale, which is tough because it means even the best event marketers are constrained by the tech they’re working on to drive conversion. That’s why Underscore was excited to back newly-launched Goldcast alongside Afore Capital, AngelList Venture, and various angels.
They’re going up against Hopin — the hybrid virtual events startup that has managed to amass a valuation of $5-6B just 18 months after founding. The Techmeme Ride Home weekend bonus episode last Saturday dives into the event streaming software landscape and is worth a listen.
Creatio 🤖
Lots of action on the low-code process automation front in the Boston area. AirSlate has raised ~$90M so far this year and Indico raised $22M in late December. Last week, low-code process management and CRM platform Creatio raised $68M (in first outside funding since launching in 2014) led by Volition Capital, with participation from Horizon Capital and others. Why raise now? CEO Katherine Kostereva said they did so to capitalize on “exponential growth” and their current 122% net retention.
WiTricity ⚡
After raising $34M from Stage 1 Ventures and Mitsubishi back in October, 13-year-old WiTricity just announced an additional $18M in funding from Future Shape. They’re developing a wireless charging dock for electric vehicles that can be installed into pavement/driveways/etc. so cars can charge while parking anywhere.
Malta 🔋
Malta just received $50M in Series B funding from Proman, with participation from Dustin Moskovitz, Alfa Laval, and Breakthrough Energy Ventures. They’re using new electro-thermal energy storage technology to keep our electric grids at full capacity at all times. Basically instead of energy going to waste when it’s not being put to use, Malta converts it into heat (literally molten salt) until it needs to be used on the grid, at which point they re-convert it into electricity.
Another Boston-area company working on cracking long duration energy storage is Form Energy, which raised $70M last November.
Earnix 🏷️
Israel and Boston-based Earnix is now a unicorn after a $75M round led by Insight Partners, with participation from JVP, Vintage Partners, and Israel Growth Partners. They use AI to help insurance companies and banks price financial products like usage-based insurance and personal loans.
Beamable 🎮
Beamable (previously known as Disruptor Beam) just raised $5M in funding led by Companyon Ventures and GrandBanks Capital, with other participation including Defy.vc and Oyster Funds (Jere Doyle). They allow game studios that build on top of Unity’s game engine to easily add social and monetization features using low-code tools.
Medisafe 💊
Digital therapeutics company Medisafe just raised $30 in Series C funding co-led by Sanofi Ventures and Alive, with participation from Leumi Partners, Menora Mivtachim, Consensus Business Group, and other existing investors. They help care providers develop medication management systems to improve patient support.
Hiveskill 🐝
Hiveskill, which uses “emotionally intelligent AI” to help marketers send more personalized messages, is currently raising $250K through crowdfunding platform NetCapital.
Lionano 🔋
A new Form D shows Lionano has raised $17.2M in a $27.2M funding round. The Woburn-based company is developing batteries out of advanced materials that make them more efficient than traditional batteries in sectors like electric vehicles, consumer electronics, and grid storage.
Metalmark Innovations 💨
According to a new Form D, air purification company Metalmark Innovations just raised $500K in new funding. The four-year-old company turns toxic fumes into breathable air using nanotechnology that can be retrofitted into existing purifiers. They’ve received equity and grant funding from a variety of groups including Mass CEC, MassVentures, Urban-X, Greentown Labs, and Harvard i-Labs.
PayDownHero 💰
PayDownHero, a mobile app for paying down car loans, is raising $250K in equity crowdfunding through WeFunder. They’re using a similar model to Acorns where every purchase you make rounds up to the nearest dollar, putting the spread towards your loan.
Cortex 🔍
Cortex just raised $1.1M through WeFunder for their enterprise SaaS product that uses AI to help marketers understand how customers perceive their brand.
Thanks for reading!
If you’d like to connect, you can find me on Linkedin and Twitter or check out my website at nickstu.art.
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