#30: (11/4/24) 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:
LuxWall, led by Scott Thomsen, has raised a $51 million Series B funding round. LuxWall is a leader in glass-based transparent insulation solutions, focused on reducing energy consumption and carbon emissions from buildings. Their patented Vacuum Insulating Glass (VIG) technology, branded as Enthermal™, provides insulation comparable to opaque walls, significantly lowering energy loss and re-glazing costs. Enthermal™ products, suitable for residential, historic, and commercial buildings, have been adopted by major corporations across North America and Europe. LuxWall aims to transform the $35B glazing market with its energy-efficient innovations. The company plans to scale production at its Litchfield factory, expand a second factory in Detroit, and enhance research and development efforts at its Ypsilanti R&D Center. The round was led by Climate Investment and Barclays Sustainable Impact Capital, with participation from Carbon Equity, The Nature Conservancy, and existing investors Breakthrough Energy Ventures (Carmichael Roberts), Prelude Ventures (Tim Woodward), 2150 (Christian Jølck), Khosla Ventures, and Baruch Future Ventures (Tom Baruch). [Link] #ClimateTech #Building Materials #Environmental Technology #Sustainability Tech #Energy Efficiency Tech #CleanTech #Renewable Energy
Third Wave, led by Arshan Poursohi, has raised a $27 million Series C funding round. Third Wave Automation provides autonomous forklifts powered by its Shared Autonomy platform, enabling forklifts to operate in fully autonomous, remote assist, remote operation, or traditional manual modes. The TWA Reach forklifts are designed for high-reach applications in warehouse environments, utilizing advanced technologies like 3D lidar and an industry-leading obstacle detection system. The company’s Armada Fleet Management System (FMS) enhances efficiency by allowing a single operator to manage multiple forklifts while improving worker safety. The company plans to scale its platform, expand manufacturing of its multimode TWA Reach forklifts, and develop future technology for autonomous forklifts in warehouse environments. The round was led by Woven Capital, Toyota’s growth fund. Return investors Innovation Endeavors (Scott Brady), Norwest Venture Partners (Matthew Howard), and Qualcomm Ventures also participated. Kudos to Eclipse Ventures (Seth Winterroth), for participating in prior funding rounds as well. [Link] #Industrial Automation #Robotics #Warehouse Robotics Solutions #Autonomous Systems #Machine Learning #Computer Vision #Drone Data
Matter, led by Vishnu Sridhar, has raised a $12 million Seed funding round. Matter Intelligence provides remote sensing solutions using hyperspectral imaging, which captures thousands of narrow spectral bands to detect unique material properties. This enables the identification and classification of objects and materials beyond the capability of traditional sensors. The company's sensors, designed for satellites, drones, and aircraft, aim to deliver the world’s first sub-meter hyperspectral and thermal satellite capability. Matter’s upcoming satellite, EARTH-1, will offer a comprehensive global material composition encyclopedia with unmatched data density. The company plans to accelerate the development of its sensing infrastructure. The round was led by Lowercarbon Capital (Shawn Xu, Chris Sacca), with participation from Toyota Ventures, Pear, Mark Cuban, and E2MC. [Link] #Remote Sensing #SpaceTech #Satellite Imagery Software #Geospatial Software #Environmental Technology #Drone Data #Artificial Intelligence
Bifrost, led by Charles Wong, has raised an $8 million Series A funding round. Bifrost AI offers a generative 3D data platform that allows AI teams to quickly create and validate datasets for training AI systems. By simulating 3D environments without requiring deep expertise, the platform helps AI systems adapt to new tasks and challenges. Bifrost AI supports development across industries such as aerospace, maritime, and manufacturing, partnering with robotics and vision teams to enhance physical intelligence and accelerate technological advancements in heavy industries. The company plans to accelerate the commercialization of its product for heavy industries like aerospace, maritime, manufacturing, and national security. The round was led by Carbide Ventures (Stephen Lee), with participation from Airbus Ventures, Peak XV’s Surge, Wavemaker Partners, MD One, and Techstars. [Link] #3D Data #Generative AI #Artificial Intelligence #Computer Vision #Physical AI #Industrial Automation #Robotics
CREW Carbon, led by Dr. Joachim Katchinoff, has raised a $5.3 million Seed funding round. CREW Carbon is a climate tech startup focused on removing biogenic CO2 from wastewater treatment facilities. Developed through research at Yale University, the company’s technology enhances minerals’ natural ability to treat wastewater and permanently store CO2. This approach reduces costs while optimizing biological treatment. CREW Carbon operates at multiple plants and aims to scale operations to remove thousands of tons of CO2 annually, driving significant environmental impact in the wastewater sector. The company plans to grow its team, deploy systems at more wastewater plants, and further develop its carbon monitoring, reporting, and verification (MRV) system. The round was led by Counteract (Andy Bonsall, Andrew Shebbeare) with participation from ReGen Ventures, ANIMO, Connecticut Innovations, Ponderosa Ventures, Newlab, Echo River Capital, and the Carbon Drawdown Initiative. Kudos to Imagine H2O (Chris Morrison, Nimesh Modak), for participating in prior funding rounds as well. [Link] #Carbon Capture #ClimateTech #Sustainability Tech #Environmental Technology #Waste Management Tech #Advanced Materials
Avina, led by Ron Fisher, has raised a $3.2 million Seed funding round. Avina provides an AI-powered companion for B2B sales teams, helping sellers from their first meeting to their last email. It integrates with businesses' marketing, sales, and external data to offer insights and pain points during prospecting and outreach. Avina assists in meeting preparation, drafts personalized communications, and tracks key tasks. By analyzing prospects’ interactions with content, it delivers actionable recommendations based on external buying signals, streamlining the sales process and enhancing efficiency. The company plans to expand its operations and business reach. The round was led by nvp capital (Dan Borok, Vaughn Crowe) and RRE Ventures (Stuart Ellman, James Robinson, Raju Rishi), with participation from Y Combinator. [Link] #SalesTech #GTM Platform #AI Agent #Conversational AI #Sales Automation Software #Sales Intelligence Software #Artificial Intelligence
Latii, led by Santiago Bueno, has raised a $5 million Seed funding round. Latii is a managed marketplace and supply chain automation tool for construction materials, serving high-end dealers, architects, and homeowners. It sources precision-made fenestration products from Latin America, Southern Europe, and North Africa for U.S. customers. The platform streamlines processes for both customers and fabricators, facilitating over $1 million in orders in the past year. Latii is expanding its presence in the Pacific Northwest, Mountain Region, and New York Tri-State Area, reducing cross-market friction. The company plans to develop and launch AI-powered tools and enhance U.S.-wide expansion efforts. The round was led by Leadout Capital (Steve Brownlie, Ali Rosenthal), with participation from Era Ventures (Clelia Warburg Peters), Act One, Nine Four Ventures (Jeffrey Elowe, Kurt Ramirez), and RADV. [Link] #PropTech #Supply Chain Automation #Construction Software #AI Agent #Environmental Technology #Sustainability Tech
Andium, led by Jory Schwach, has raised a $21.7 million Series B funding round. Andium provides Industrial Internet of Things (IIoT) solutions for remote-field monitoring and communications in industrial sectors. Its end-to-end platform delivers real-time emissions data and ESG monitoring to help companies reduce emissions, enhance safety, and improve operational efficiency. By enabling data-driven decision-making, Andium supports significant operational and environmental improvements, catering primarily to oil and gas basins in the U.S. and Middle East. The company plans to accelerate global expansion, scaling operations across oil and gas basins in the U.S. and the Middle East. The round was led by Aramco Ventures (Bruce Niven) with participation from existing investors Climate Investment (Dr Pratima Rangarajan), Intrepid Financial Partners, and individual investors including Thomas Miglis. [Link] #Industrial IoT #Environmental Technology #Sustainability Tech #Internet of Things #ClimateTech #Energy Tech
Spot, led by Rish Gupta, has raised $31 million in equity funding. Spot AI transforms traditional video security cameras into AI-powered systems that help organizations derive actionable insights from their video data. Serving over 1,000 customers across manufacturing, retail, healthcare, and schools, Spot AI’s systems improve safety, productivity, and operational efficiency. The AI-driven solutions enable real-time alerts, analytics, and automation, enhancing business operations by deterring crime, optimizing throughput, and responding swiftly to incidents. The company plans to expand operations and development efforts. The round was backed by Qualcomm Ventures and existing investors Scale Venture Partners (Kate Mitchell, Craig Rosenberg), StepStone Group, Redpoint Ventures, Bessemer Venture Partners (Byron Deeter), GSBackers, MVP Ventures, and Cheyenne Ventures. Kudos to The New Normal Fund (Allison Pickens), for participating in prior funding rounds as well. [Link] #Physical AI #Information Security #Artificial Intelligence #Computer Vision #Industrial Automation #Internet of Things
Decart, led by Dean Leitersdorf, has raised a $21 million Seed funding round. Decart is an AI research lab that enables organizations to train massive AI models at scale with enhanced efficiency and cost savings. Its platform ensures reliable cluster training, stability in the face of hardware errors, and faster iteration times. Decart is advancing generative AI by building foundation models and providing tools that empower the AI community to create real-time, interactive AI-driven experiences more efficiently. The company plans to expand operations and development efforts. The round was led by Sequoia Capital (Shaun Maguire) with participation from Zeev Ventures (Oren Zeev). [Link] #AI Infrastructure #LLMOps Platform #Generative AI #AI Model Training #Artificial Intelligence #Machine Learning
*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!
