#18: (8/12/24) 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:
Contextual AI, led by Douwe Kiela, has raised an $80 million Series A funding round. Contextual AI makes a platform that enables enterprises to build and deploy highly customized language models for enhancing AI applications. These models are tailored to specific business needs, offering a unique combination of generative AI capabilities and robust machine learning (ML) frameworks. The platform supports secure SaaS or on-prem deployment, ensuring that sensitive data remains within the enterprise’s control. The company intends to use the funds to expand its development efforts. The round was led by Greycroft (Marcie Vu), with participation from Bezos Expeditions, NVentures, HSBC Ventures, and Snowflake Ventures, as well as Bain Capital Ventures, Lightspeed Ventures, Lip-Bu Tan, Conviction (Sarah Guo), and Recall Capital. [Link] #Customized Language Models #RAG 2.0 Applications #AI Platform #Generative AI #Artificial Intelligence
Energy Domain, led by Ben Heinzelmann, has raised a $5 million Series A funding round. Energy Domain makes a tech-enabled online marketplace that connects sellers and buyers in the energy sector with a streamlined platform, nationwide reach, and comprehensive analytics to optimize asset value and manage deals efficiently. The platform empowers users with tools for market data analysis, providing insights that enhance decision-making and optimize the value of energy assets. The company intends to use the funds to finalize the development of Energy Domain Data, a new platform. The round’s backers were not disclosed. [Link] #Oil and Gas Marketplace #Minerals #Royalties #Working Interests #EnergyTech #Environmental Technology
Datch, led by Mark Fosdike, has raised a $15 million Series A funding round. Datch makes a frontline intelligence platform for industrial operations, using AI to digitize, structure, and streamline work management processes while enabling deskless teams to capture and utilize data more effectively. The platform is designed to enhance operational efficiency and safety, transforming unstructured information into actionable insights that drive better decision-making and improve overall productivity. The company intends to use the funds to invest in market expansion within the enterprise and increase capabilities within the Asset Insights toolkit. The round was led by Third Prime (Mike Kim), with participation from Blackhorn Ventures, Blue Bear Capital, and Susquehanna Investment Group. [Link] #Asset Management Tech #Advanced Manufacturing #Artificial Intelligence #Environmental Technology
H3X, led by Jason Sylvestre, has raised a $20 million Series A funding round. H3X makes high power density electric motors designed for deep decarbonization in aviation, marine, and heavy industrial applications. Their integrated motor drives are engineered to maximize performance, efficiency, and fault tolerance, offering substantial weight savings that can significantly enhance the range and capabilities of electric vehicles and aircraft. The company plans to use the funds to expand production and bring its next-generation, multi-sector class of integrated motor drives to the market. The round was led by Infinite Capital (Nathan Doctor), with participation from Hanwha Asset Management, Cubit Capital, Origin Ventures, Industrious Ventures, Venn10 Capital, Lockheed Martin Ventures, Metaplanet, Liquid 2 Ventures, and TechNexus. [Link] #Advanced Manufacturing #Electric Motor Manufacturing #GreenTech #ClimateTech #Environmental Technology
Adept Materials, led by Derek Stein, has raised $4 million in the first tranche of its Seed funding round. Adept Materials makes advanced materials technology that addresses moisture, humidity, and thermal management challenges across various settings. Their innovative products are designed to enhance durability and performance in applications ranging from building materials to packaging and textiles, providing solutions that improve both sustainability and operational efficiency. The company intends to use the funds to accelerate the commercial launch of its first product, an advanced interior wall paint and primer system, and the development of a directional water-resistive barrier product. The round was led by D.R. Horton (Brad Conlon) and PulteGroup (Chuck Chippero), joined by MassCEC and Point Cove LLC. [Link] #Advanced Materials #Textiles #Packaging #Healthcare #Environmental Technology
Carketa, led by Tim Hansen, has raised a $4.4 million growth funding round. Carketa makes end-to-end data and intelligence software for the automotive industry, helping dealerships and related companies manage, service, and sell inventory while providing insights for every stage of a vehicle’s lifecycle. The platform supports dealerships, OEMs, lenders, and insurance providers by delivering real-time data and comprehensive analytics, enhancing operational efficiency and maximizing profitability. The company intends to use the funds to expand operations and development efforts. The round was led by Capital Eleven (Travis Hawkes), with participation from Crosslink Capital, Origin Ventures, Allegis Capital, and Peak Ventures. [Link] #Automotive Tech #Data Intelligence Software #Car Dealership Software #Vehicle Lifecycle Software #Environmental Technology
Cala Systems, led by Michael Rigney, has raised $5.6 million in Seed funding. Cala Systems makes intelligent heat pump water heaters that combine advanced sensors, hardware, and predictive technology to optimize hot water availability and minimize costs. Their systems are designed to integrate with home energy sources, including solar, and can adjust heating schedules to reduce environmental impact and operational costs, offering a highly efficient, user-tailored experience. The company intends to use the funds to expand operations and development efforts. The round was led by MassCEC (Susan Stewart) and Clean Energy Venture Group, with participation from Burnt Island Ventures, Leap Forward Ventures, CapeVista Capital, Collaborative Fund (Keely Anson), and Climate Capital. [Link] #Intelligent Heat Pump #Smart Water Heater #Internet of Things #Predictive Analytics #Environmental Technology
Aurascape AI, led by Rajiv Khemani, has raised $12.8 million in Seed funding. Aurascape AI makes AI cybersecurity solutions designed to secure enterprise environments and enhance the widespread adoption of AI technologies by addressing critical vulnerabilities. Their platform leverages advanced, patent-pending AI innovations to protect sensitive data and ensure compliance with evolving cybersecurity standards, making AI safer for large-scale, enterprise deployment. The company intends to use the funds to bolster product development efforts and support its go-to-market plans. The round was led by Mayfield Fund (Navin Chaddha), with participation from Celesta Capital (Sriram Viswanathan), StepStone Group, AISpace, and industry leaders including Mark McLaughlin. [Link] #Cybersecurity #Gen AI Architecture #Artificial Intelligence
Terrantic, led by Krishna Srinivasan, has raised a $3.5 million Seed funding round. Terrantic makes an operational data platform for the food supply chain industry, transforming existing data into actionable insights to optimize operations and improve efficiency. Their AI-driven contextualization engine connects disparate data sources, enabling food processors, growers, and packhouses to visualize operations, make swift decisions, and enhance margins and returns through better planning and scheduling. The company intends to use the funds to expand operations and its business reach. The round was led by Supply Change Capital (Noramay Cadena), with participation from York IE, Vitalize VC, and Array Ventures. [Link] #Data Platform #Food Supply Chain #Food Processors #Growers #Pack Houses #Environmental Technology #Artificial Intelligence
Napkin, led by Pramod Sharma, has raised $10 million in Seed funding. Napkin makes a Visual AI platform for business storytelling, allowing professionals to quickly turn text content into visuals with customizable design options. The platform integrates with popular tools like Google Docs and Canva, enabling users to seamlessly create and adjust visual content, making it easier to convey ideas and enhance presentations. The company intends to use the funds to expand operations and development efforts. The round was led by Accel (Rich Wong) and CRV (Max Gazor). [Link] #Visual AI #Business Storytelling #Generative AI #Artificial Intelligence
SYSO Technologies, led by Chris Gosline, has raised $14.5 million in Series B funding. SYSO provides a market operator platform for renewable energy and battery storage assets, offering services like forecasting, asset operation, optimization, trading, and settlement. Their platform is designed to help developers and independent power producers maximize the efficiency and profitability of their renewable energy projects, contributing to the broader energy transition. The company intends to use the funds to expand its offerings into new markets. The round was led by Kimmeridge (Henry Makansi), with participation from Lacuna Sustainable Investments. [Link] #Renewable Energy #Battery Storage #Smart Power Grid #Asset Management Tech #Clean Energy #CleanTech #Sustainability #Environmental Technology
Anjuna, led by Ayal Yogev, has raised $25 million in Series B2 funding. Anjuna makes Seaglass, a universal confidential computing platform that secures data in every state to create a Zero Trust environment for code and data. Their platform isolates workloads in hardware-assisted environments, ensuring that sensitive information remains protected while allowing enterprises to directly control application-level trust policies, enhancing security and compliance. The company intends to use the funds to expand its AI-enabling enterprise offerings, highlighted by the launch of Seaglass AI Clean Rooms. The round was led by M Ventures (Ilja Aizenberg), SineWave Ventures (Patricia Muoio), and AI Capital Partners, with participation from existing investors. [Link] #Confidential Computing Platform #Zero Trust Environment #Cloud Computing #Data Privacy & Security
Bardeen, led by Pascal Weinberger, has raised $3 million in Seed funding. Bardeen makes an AI agent platform that automates repetitive knowledge work using a natural language interface. Their platform is designed to be highly accessible, enabling users to build powerful AI-driven automations for tasks like data entry, web research, and email communication, thereby increasing productivity without requiring deep technical expertise. The company intends to use the funds to further its vision for a fully autonomous AI that builds time-saving automations for users. The round saw participation from Dropbox Ventures and HubSpot Ventures (Christopher Miller). [Link] #Fully Autonomous AI #Natural Language Interface #AI Agent Platform #Artificial Intelligence
375ai, led by Harry Dewhirst, has raised $5 million in Seed funding. 375ai makes a decentralized edge data intelligence network that collects and analyzes multimodal data in real-time. Their 375edge device is designed to efficiently process environmental and traffic data, among other metrics, directly at the source, enabling faster decision-making and reducing the need for centralized data processing, which enhances both performance and privacy. The company intends to use the funds to expand operations and development efforts. The round was led by 6th Man Ventures (Mike Dudas, Serge Kassardjian), Factor (Jake Dwyer), Arca (David Nage), EV3, Primal Capital, and Auros. [Link] #Edge Data Intelligence Network #AI-Driven Data Collection #AI-Driven Edge Data Transfer Collection & Monetization #Artificial Intelligence
InventWood, led by Tyler Huggins, has raised $8 million in private equity funding. InventWood makes high-performance climate-resilient superwood building products that are stronger and lighter than steel. Their technology enhances the natural properties of wood, resulting in materials that offer superior strength, durability, and aesthetic appeal for construction and manufacturing applications, positioning the company as a leader in sustainable building solutions. The company intends to use the funds to expand operations and its development efforts. The round was backed by Grantham Foundation, Builders Vision, Echelon, John Rockwell, and existing investors. [Link] #Climate-Resilient Superwood #Sustainable Building Products #Sustainability #ClimateTech #Environmental Technology
CarbonQuest, led by Shane Johnson, has raised an undisclosed amount in Series A funding. CarbonQuest makes distributed carbon capture technology that captures CO2 from buildings and onsite power generation systems before it is emitted into the atmosphere. Their modular solution not only reduces carbon emissions but also supports a circular economy by repurposing captured CO2 for use in various industrial processes, enabling companies to meet ESG and net-zero goals effectively. The company intends to use the funds to expand operations, business reach, and development efforts. The round was led by Riverbend Energy Group (Joe Passanante, Eric Danziger). [Link] #Modular Carbon Capture #Circular Economy #Sustainability #ClimateTech #Environmental Technology
*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!
