Weekly Update #5

USD 347.55m in capital raised, Green Tank + CWD Q&As

Data from the Week 📊

Last week, I tracked 60 early-stage startup capital raises totalling USD 347.55m, down from USD 560.76m the week prior. The median amount raised rose to USD 4.84m fromUSD 4.28m.

A full list of deals tracked last week can be found here.

Sectors of Interest 🚀

Blockchain/Crypto

Flipside Crypto, a Boston-based platform that uses algorithms to help wealthy individuals invest in cryptocurrencies, raised a USD 3.4m seed round led by True Ventures. You can read more about the announcement here.

Bluzelle, a Signapore-based decentralized database that makes it easier for blockchain products to manage data while shifting towards a user-controlled system, raised USD 1m in funding from NEO Global Capital. Prior to this round of capital, Bluzelle raised a USD 19.5m ICO back in January, according to the company’s press page.

Chia, a newly launched San Francisco-based organization building an energy efficient cryptocurrency, raised approximately USD 3.4m from a group that includes Naval Ravikant, Andreessen Horowitz and Greylock. Back in 2017, when crypto prices where surging, reports around Bitcoin’s “insane energy consumption” came to light. An nergy efficient cryptocurrency would represent a pretty major shift. You can read about Bitcoin’s massive energy consumption here.

AI

UgenTec, a Beligum-based company that uses artificial intelligence to improve the way laboratories operate, raised a USD 9.3m round Series A. Funds were raised from existing investors Annie Vereecken and Herman Verrelst, IMEC, Gemma Frisius Fund and KU Leuven, the management, and investment firm LRM, according to FinSMEs.

Audioburst, a Palo Alto and Tel Aviv-based artificial intelligence audio search platform, raised USD 4.6m from Samsung Ventures. You can read about the deal here. Audioburst, which has raised a total of USD 11.3m with the close of this round, will look to integrate its audio search technology into Samsung’s Smart TVs before deploying across the South Korean conglomerates’ range of other hardware devices.

Remesh, a NYC-based artificial intelligence platform that engages groups of people in order to glean actionable insights, raised a USD 10m Series A round. General Catalyst led the round, with participation from LionBird Ventures, the lead in Remesh’s seed round, and North Coast Angel Fund and Techstars Ventures, both existing investors in the company.

At-Home Care

SuperCarers, a London-based platform that connects care seekers with independent in-home caregivers, raised a USD 5.33m round. Mobeus Equity Partners led the round. JamJar Investments and Seneca Partners participated in the round.

Noon Care, a Milan, Italy-based mobile platform that connects caregivers to those in need, raised an undisclosed round from Barcamper Ventures.

While not a early stage deal, Landmark Health, a Huntington Beach, California-based provider of in-home medical care, raised an undisclosed amount from PE firm General Atlantic. In March 2016, Landmark completed a USD 60.8m investment from PE firm Oxeon Partners, according to a Form D filed with the SEC.

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Highlighted Deals 📌

Green Tank Technologies, a Toronto-based vape manufacturer, raised a seed round of capital from Green Acre Capital and Casa Verde, Snoop Dogg’s VC firm.

Dustin Koffler, founder and CEO of Green Tank, answered a few questions regarding the deal.

Of note:

  • The company began its fundraising efforts back in September and over that time met with approximately a dozen investors.

  • To date, Green Tank Technologies has raised a total of USD 3.45m in capital — USD 3.35m from the seed round a USD 100,00 from its angel round.

  • Proceeds from the round will be used to grow the team, expand operations in the US, and R&D.

Circular Wave Drive (CWD), a Columbus, Ohio-based startup that is building low-cost speed-reducing gearing systems, raised a USD 2m seed round led by Ikove Venture Partners.

Flavio Lobato, co-founder of CWD and founder and Managing Partner of Ikove Venture Partners, answered a few questions regarding the deal.

Of note:

  • The round took one month to raise and was oversubscribed. The company spoke with between 20 to 30 investors.

  • Funds from the round will be used to take the current prototype through design for manufacturing stage and be ready for small scale production of the CWD gears in 12 months.

  • “CWD has the potential to completely upend the robotics industry as speed reducers are a key technology that currently comprises 40% of the cost structure of industrial robotics. We expect CWD to cut that cost by a third,” according to Lobato.

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Interesting Reads 🤓

Facebook, Google and Twitter put a halt to ads promoting token offerings. - Bloomberg

A Million-Dollar Search For Blockchain Platform Projects. - Medium

Emmanuel Macron discusses France’s AI strategy. - Wired

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If you’re building an exciting early-stage startup that’s raising venture capital and you would like your startup featured, please get in touch by emailing chris@pdreporter.com.

Feedback and opinions are welcomed.

If you’re a startup looking to track your space or an early-stage VC looking to see more deals in a particular niche and you have an idea about how this newsletter could better serve you, please reach out via the email above.