Tech Between The Coasts 057
What We're Reading
Jackie DiMonte from Chicago-based Hyde Park Venture Partners recently launched a great newsletter (to which you should subscribe). I was particularly impressed with her recent analysis of how COVID is likely to impact future tech trends based on a physics metaphor: “the force of friction.”
Brookings has published the latest issue in their AI and Governance series. This one looks at how countries around the world are approaching AI policy. The general takeaway: governments within the US and around the globe are “far more aspirational than practical” when it comes to developing effective AI.
The USDA has announced plans to partner with the University of Kentucky, Colorado State University, and Penn State to examine how COVID-19 has impacted local food systems around the country. It’s an uncomfortable reminder that our food infrastructure may not be quite as robust as many folks think.
I thought it may just have been my neighbors, but it turns out reports of non-stop fireworks in the past few weeks are not an isolated phenomenon, as this McSweeneys’ piece perfectly sends up.
Deals
Denver-based DispatchHealth – an in-home acute health care platform – raised $135.8M led by OptumVentures; other investors included Alta Partners, Questa Capital, Echo Health Ventures, Oak HC/FT, and Humana.
Austin-based OJO Labs – maker of an AI-powered assistant for home buyers – raised $62.5M led by Wafra; other investors included Breyer Capital, LiveOak Venture Partners, Royal Bank of Canada, and Northwestern Mutual Future Ventures.
Scottsdale, AZ-based Zero Mass Water – a renewable drinking water tech company – raised $50M led by BlackRock; other investors included Duke Energy, Breakthrough Energy Ventures, and Material Impact Fund.
Chicago-based Copado – a native DevOps platform for Salesforce – raised $26M led by Insight Partners; other investors included SalesforceVentures, Lead Edge Capital, ISAI Cap Venture, and Perpetual Investors.
Atlanta-based Urjanet – a utility account aggregator and payments platform – raised $14.7M led by Equifax; other investors included Oak HC/FT, Pete Kight, Grotech Ventures, and Correlation Ventures.
Houston-based Quidnet Energy – a developer of hydroelectric energy storage technology – raised $10M from investors including Breakthrough Energy Ventures, Evok Innovations, Trafigura, and The Jeremy and Hannelore Grantham Environmental Trust.
Toledo-based Satelytics – maker of geospatial analytics software – raised $5M from BP.
Denver-based Plume – a D2C healthcare platform for the trans community that provides HRT (hormone replacement therapy), among other services – raised $2.9M co-led by General Catalyst and Slow Ventures; other investors included Springbank Collective.
Denver-based Todyl – a security, networking, and compliance platform for distributed workforces – raised $2.3M from investors including TechOperators and Blu Venture Investors.
Austin-based Afia – a maker of frozen Mediterranean food – raised $1M from Unorthodox Ventures.
Funds
I didn’t come across any newly announced #BetweenTheCoasts VC or PE funds in the last week; if I missed something, let me know.
Exits & Acquisitions
Austin-based Hyliion – an electrified vehicle company – will go public with a $325M PIPE and $1.5B valuation, via a merger with a SPAC.
Boulder-based ArcherDX – an oncological genomic testing company that had just registered for an IPO (see issue 055) – was acquired for $1.4B by genetics giant Invitae.
Salt Lake City-based Finicity – a financial data aggregation company – was acquired for $825M (plus a $160M earnout) by Mastercard.
Austin-based BigCommerce – an e-commerce software developer – is preparing for an IPO later this year, targeting a $1B valuation
Dallas-based Keste – a B2B end-to-end digital transformation service – was acquired by Trinity Hunt Partners.