#28: (10/21/24) Early & Growth Stage Tech Startup Funding Recap!
Check Out This Week's Venture Capital Investment Summary Spanning Early & Growth-Stage US Based Environmental Technology & Enterprise Software Startups!
Every Monday, the team here at Bearhug Recruiting aggregates, researches, and publishes a recap of the prior week's fundraising activity within the early and growth-stage Environmental Technology & Enterprise Software startup ecosystem.
This research not only allows us to keep our finger on the pulse of the markets we serve, but also benefits others who, like us, enjoy analyzing the latest trends that signal investor confidence AND startup growth within what we believe are the most exciting and impactful segments!
We also hope the people and companies we feature enjoy both a virtual fist bump from the team at Bearhug, plus benefit from some additional free market exposure to amplify their mission. Make sure you reach out to any that are interesting/relevant that you might be able to help!
Here’s this week’s startup funding recap:
Beacon AI, led by Matt Cox, has raised $15 million in Series A funding. Beacon AI is an aviation software technology company specializing in advanced AI systems that augment commercial and defense pilots. Its flagship products include Murdock, an AI-powered pilot assistant, and Lighthouse, a data platform and flight management system. Beacon AI aims to make flight operations safer and more efficient. The company has secured ten Department of Defense (DOD) contracts and is gaining significant commercial interest, positioning itself as a key player in the future of flight operations. The funds will be used to expand the team, fulfill existing DOD and commercial contracts, and accelerate the deployment of its flagship products. The round was led by Costanoa Ventures (Greg Sands, Mark Selcow, Katy Wiley), with participation from Scout Ventures (Brad Harrison, Cody Huggins), joining numerous new and existing investors including Sam Altman, and JetBlue Ventures. [Link] #Aircraft Routing & Safety #Aviation Tech #Air Transportation #Artificial Intelligence #Environmental Technology #AI Copilot
Solubag, led by Cristian Olivares, has raised $4.5 million in Series A funding. Solubag provides a water-soluble alternative to single-use plastic. The company’s patented technology, based on the formula used in gel caps for vitamins, is used to produce film bags, woven fabric bags, pet waste bags, laundry sheets, and more. Solubag's products dissolve harmlessly in water or soil within weeks or months, requiring no recycling or separation from other waste. The products are certified food-grade, ensuring they meet high safety standards, and are designed to replace traditional plastics in everyday applications. The funds will be used to expand operations and further develop the company's product line. The round was led by Exit Ventures (Paul Burgon), with participation from Between the Coasts Ventures, Landon Ainge, a confidential customer and others. [Link] #Environmental Technology #Sustainability Tech #Advanced Manufacturing #Plastic Replacements Technology
Perry Weather, led by Colin Perry, has raised $15 million in Series B funding. Perry Weather provides a technology platform that enhances weather safety and operations for schools, sports, municipalities, construction, and other industries affected by weather. The platform is used by over 1,500 organizations, including the NFL, MLB, PGA of America, and many schools and businesses across the U.S. Perry Weather ensures that teams and operations are protected from extreme weather events, such as severe thunderstorms and extreme heat, by offering real-time safety solutions. The funds will be used to enhance Perry Weather’s automated weather safety solutions and strengthen its go-to-market strategy. The round was led by Arthur Ventures (Patrick Meenan, Ryan Kruizenga), which also led the company’s Series A round. Kudos to Teamworthy Ventures (Thomas Lehrman), for participating in prior funding rounds as well. [Link] #Weather Operations Tech #Weather Station Tech #Environmental Technology #Internet of Things #Sustainability Tech #Predictive Analytics
Kick, led by Conrad Wadowski, has raised $9 million in Seed funding. Kick is an applied AI company developing AI agents for accounting and bookkeeping. Its system automates the organization of personal and business expenses, identifying tax-deductible costs like software, subscriptions, meals, travel, and home office expenses. By running in the background, Kick helps business owners streamline their finances while maintaining control. The platform aims to create a self-driving bookkeeping experience that simplifies financial management for millions of small business owners. The funds will be used to expand operations and advance the development of Kick’s AI bookkeeping system. The round was led by General Catalyst and OpenAI Startup Fund, with participation from angel investors including Lachy Groom, Michael Vaughn, Eric Glyman, Karim Atiyeh, Nick Davidov, Sahil Lavingia, Austen Allred, Tikhon Berstram, Soleio Cuervo, Scott Belsky, Joshua Browder, and 60+ others. Kudos to Roadrunner Ventures (Nate O'Brien, Sebastian Fung), Davidovs Venture Collective (Marina Davidova, Nick Davidov), for participating in prior funding rounds as well. [Link] #Finance and Accounting Software #Finance Automation #FinTech #Artificial Intelligence #AI Agent #Financial Services
Agency AI, led by Elias Torres, has raised $12 million in Seed funding. Agency provides an AI-powered customer success platform designed for B2B businesses. It automates customer communication tasks such as scheduling, follow-ups, note-taking, onboarding, and call preparation, allowing Customer Success Managers (CSMs) to focus on building better relationships and products. The platform aims to unify all customer data and communications, running autonomously to handle post-sales processes, giving CSMs more time to engage directly with customers and improve the overall customer experience. The funds will be used to expand operations and further develop the AI-powered customer success platform. The round was co-led by Sequoia Capital (Patrick Grady) and HubSpot Ventures (Brian Halligan). [Link] #Customer Experience Software #Customer Success Tech #Post Sale Tech #AI Agent #Post-Sales Automation Tech #Customer Retention Tech
Equilibrium Energy, led by Ryan Hanley, has raised $39 million in Series B funding. Equilibrium Energy is a clean power technology company that leverages AI, power systems fundamentals, and risk management to help companies transition to climate and energy equilibriums. The company operates across the power value chain, offering solutions for battery developers and corporate partners. Equilibrium recently expanded into California and now manages 260MW/380MWh of contracted battery tolls, with a 6GW pipeline in development. The company continues to grow its operational portfolio and team, adding industry veterans in engineering, finance, and trading. The funds will be used to support the efforts of battery developers and corporate partners. The round was led by DCVC (Rachel Slaybaugh, Flo Thinh Chialtas), with participation from Breakthrough Energy Ventures (Sila Kiliccote) and Valo Ventures (Scott Tierney, Julia Trotman Brady). [Link] #ClimateTech #Energy Tech #Artificial Intelligence #Sustainability Tech #Environmental Technology #Smart Grid Tech #Energy Management Platform #Energy Efficiency Tech
King Energy, led by John Witchel, has raised $10 million in Seed funding. King Energy provides solar energy solutions tailored for multi-tenant commercial properties, offering a turnkey service that includes project financing, installation, and long-term management. Its OneBill software platform optimizes energy allocation and billing, ensuring that property owners and tenants benefit financially from solar adoption. King Energy manages nearly 200 energy programs, covering more than 25 million square feet of tenant space. The company’s mission is to bring solar power to every commercial rooftop, reducing carbon footprints while lowering operational costs. The funds will be used to expand the company’s solar financing and billing platform, scale operations, and enhance its technology across North America. The round was led by ArcTern Ventures (Mira Inbar) with $7M and an additional $3M from existing investors Blackhorn Ventures (Amanda Rohrer), Active Impact Investments (Sam Hasty), and Next Frontier Capital. [Link] #Solar Tech #Energy Tech #Renewable Energy #Energy Storage Tech #Sustainability Tech #Environmental Technology #ClimateTech #PropTech
Monogoto, led by Itamar Kunik, has raised $27 million in Series A funding. Monogoto provides software-defined connectivity solutions that optimize device connectivity for enterprises and developers. Its cloud-based, API-driven platform offers automated, secure, and context-aware connectivity across public, private, and satellite networks. Monogoto’s services are available in over 180 countries, covering 550 public, private LTE/5G, and satellite networks, enabling connectivity for industries like automotive, smart cities, retail, and healthcare. The platform reduces barriers to device innovation by providing rich functionality and high-quality service for connected devices and sensors. The funds will be used to accelerate global expansion and hire key personnel to enhance go-to-market efforts. The round was led by Toyota Ventures, with participation from Samsung Next, The ACTIVE Fund, Assembly Ventures (Chris Thomas, Jessica Robinson), Magenta Venture Partners, J-Ventures (Oded Hermoni), and existing investors including Triventures, Singtel Innov8 Ventures, Telefónica, Team8, and Alter Venture Partners. [Link] #Internet of Things #Connected Vehicles #Infrastructure as a Service #Telecommunications #PaaS
Clerk Chat, led by Alexander Haque, has raised $7.0 million in Seed funding. Clerk Chat provides an AI-powered conversational messaging platform designed for enterprises, enabling seamless, real-time communication with clients and customers. The platform integrates with tools like Microsoft Teams, Zoom, Webex, Salesforce, and HubSpot, supporting telecom providers such as Verizon, Twilio, and Infobip. Clerk Chat enhances customer engagement by enabling teams to respond to inquiries quickly and stay connected across industries like financial services, healthcare, and logistics. The platform is designed to help businesses maintain compliance with industry standards. The funds will be used to invest in talent, expand AI messaging capabilities, and deepen partnerships with telecom providers. The round was led by Race Capital (Alfred Chuang, Chris McCann, Edith Yeung), with participation from HF0, Mento VC (Alex Zhuravlev, Russell Razhko), and Altair VC. [Link] #AI Agent #CX Support Engine #SalesTech #Marine Tech #Artificial Intelligence #Conversational AI
Neuron7, led by Niken Patel, has raised $44 million in Series B funding. Neuron7.ai specializes in service resolution intelligence, helping companies achieve 90%+ resolution accuracy faster by unifying knowledge from vast data sources, people, and interactions into a smart resolution hub. The platform integrates with CRM or chat systems in partnership with Salesforce, ServiceNow, Microsoft, and SAP, providing instant answers and turn-by-turn guidance for resolving complex service issues. Neuron7.ai’s solutions are designed for industries like medical devices, high-tech, and industrial equipment, where precision and speed are critical. The funds will be used to accelerate product innovation and expand enterprise-focused go-to-market growth initiatives. The round was led by Smith Point Capital, with participation from existing investors Nexus Venture Partners (Abhishek Sharma) and Battery Ventures (Bill Binch, Dharmesh Thakker, Sudhee Chilappagari). [Link] #CX Tech #CX Support Engine #Artificial Intelligence #AI Agent #Customer Support Software #Customer Experience Software #Generative AI #Natural Language Processing
Decagon, led by Jesse Zhang, has raised $100 million in total funding, including a $65 million Series B funding round. Decagon is an AI-powered customer support platform that automates enterprise customer support tasks. Its AI agents handle customer inquiries at scale, automating repetitive tasks to enhance productivity and free up human support teams for more strategic responsibilities. Decagon's AI agents are used by industry leaders such as Duolingo, Notion, Rippling, Eventbrite, and Bilt to manage customer interactions, fetch data, execute actions, and review conversations efficiently. The funds will be used to expand Decagon’s engineering team, accelerate its go-to-market strategy, explore new verticals, and introduce additional customer support modalities like voice. The $65 million Series B round was led by Bain Capital Ventures (Aaref Hilaly), with participation from Elad Gil, A*, Accel (Ivan Zhou, Paula Judge), BOND Capital, and ACME Capital. [Link] #Conversational AI #AI Agent #Artificial Intelligence #CX Tech #CX Support Engine #Customer Support Software #Generative AI
*Note: The companies we feature in our weekly recap are a very small subset of a much larger batch, carefully chosen based on our team's assessment of how each company aligns with our GTM search practice. It’s worth noting that most startups raise funding rounds privately, often long before the news is announced publicly!
