#20: (8/26/24) 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:
Trunk Tools, led by Sarah Buchner, has raised a $20 million Series A funding round. Trunk Tools offers an AI-driven platform tailored to the construction industry, focusing on enhancing productivity and profitability by automating administrative workflows. The platform structures vast amounts of unstructured project data and deploys AI agents to proactively manage tasks and resolve issues before they impact project timelines or budgets. The new funds will be used to expand the company's operations and further develop the Trunk Tools Schedule Agent, which autonomously links scheduled activities with essential documentation to ensure projects are completed on time, within budget, and according to plan. The round was led by Redpoint Ventures (Erica Brescia, Meera Clark) with participation from Innovation Endeavors (Scott Brady, Eric Schmidt). [Link] #ConTech #AI Agents #AI platform #Construction #Environmental Technology #Artificial Intelligence
Allstacks, led by Hersh Tapadia, has raised a $10 million Series A funding round. The Raleigh-based company provides a predictive forecasting and risk management platform designed to improve software development outcomes. By leveraging advanced machine learning and AI models across the software development lifecycle, Allstacks identifies at-risk initiatives and offers solutions to keep them on track. The funds will be used to enhance product capabilities for enterprise scalability, expand strategic integrations with Microsoft, Atlassian, and ServiceNow ecosystems, and introduce AI-based features to expedite decision-making in software development. The round was led by Quadri Ventures (Andrew Drylie, Chris James) with participation from M12, Microsoft’s Venture Capital Fund, and other notable investors. [Link] #Software Engineering Intelligence Platform #Predictive Forecasting #Risk Management #Artificial Intelligence
Power to Hydrogen, led by Dr. Paul Matter, has raised over $18 million in funding, including $10 million as part of its Series A round. The Columbus, Ohio-based company specializes in advanced electrolysis technologies aimed at accelerating the transition to a clean energy economy. Their AEM (anion exchange membrane) electrolysis technology enables high current density and high-pressure hydrogen production, which is crucial for integrating renewable energy sources. The funds will be used to expand the company's U.S.-based team, scale manufacturing and supply chain capabilities, and launch new offices internationally, starting with Belgium. The round was led by Rev1 Ventures (Ryan Helon) and Worthington Enterprises (Michael Luh), with participation from global investors including Finindus, JERA, and Asahi Kasei. [Link] #Hydrogen Production #Electrolysis Technology #Renewable Energy #Clean Energy #New Energy #Energy Transition #Sustainability #Environmental Technology
Fortera, led by Ryan Gilliam, has raised $85 million in a Series C funding round. The San Jose-based materials technology company is focused on revolutionizing the cement industry with its low-carbon cement technology, known as the ReCarb® process. This process allows for the manufacturing of zero CO2 cement using existing production infrastructure, making it a scalable solution for sustainable construction. The funds will be used to scale the deployment of their technology and to expand operations at their first ReCarb® Plant in Redding, California. The round was led by Khosla Ventures (Vinod Khosla) and Temasek, with participation from Wollemi Capital, NOVA by Saint-Gobain, Presidio Ventures, and Alumni Ventures. [Link] #Low-Carbon Cement Technology #Advanced Materials #Sustainable Cement Manufacturing #Sustainability #GreenTech #Environmental Technology
Eppo, led by Chetan Sharma, has raised $28 million in a Series B funding round. The San Francisco-based company offers a cutting-edge experimentation platform that enables organizations to tie product, AI, and marketing efforts directly to revenue and growth metrics. Eppo’s platform supports a wide range of experiments, from A/B testing to AI-driven optimizations, allowing companies like Twitch, DraftKings, and Coinbase to innovate faster. The funds will be used to expand the platform's capabilities, particularly in marketing and AI experiments, and to enhance its Channel Incrementality test suite for more accurate measurement of marketing spend. The round was led by Innovation Endeavors (Davis Treybig) with participation from Icon VC and existing investors Menlo Ventures and Amplify Partners. [Link] #MarTech #A/B Experimentation Platform #AI Experimentation Platform #Artificial Intelligence
LIS Technologies, led by Christo Liebenberg, has closed an $11.88 million expanded seed funding round. The Oak Ridge-based company is a proprietary developer of advanced laser technology, focusing on Laser Isotope Separation Technology (L.I.S.T), which has numerous applications, including nuclear power and quantum computing. The technology allows for precise isotope separation, offering significant advantages over traditional methods like gas diffusion and centrifuges. The funds will be used to build a new facility for physical test work and demonstrations, as well as to expand the team of scientists and engineers. The round saw participation from 28 Ventures Fund (Frank Cid) and several prominent nuclear technology investors. [Link] #Nuclear Technology #Advanced Laser Technology #Laser Uranium Enrichment #Small Modular Reactors #Quantum Computing Manufacturing #Semiconductor Tech #Sustainability #Environmental Technology
Opkey, led by Pankaj Goel, has raised $47 million in a Series B funding round. The San Francisco-based company offers an AI-enabled, no-code test automation platform for enterprise ERP systems. Opkey empowers organizations to accelerate ERP modernization by simplifying and automating the testing process, ensuring smooth implementation and operation of complex systems. The funds will be used to enhance Opkey’s AI capabilities, expand support for additional ERP platforms, grow its sales and marketing teams, and invest in R&D to continue leading in the test automation space. The round was led by PeakSpan Capital (Sanket Merchant) with participation from existing investors. [Link] #Continuous Test Automation Platform #No-Code Test Automation #ERP Tech #ERP modernization #Artificial Intelligence
Grid Status, led by Max Kanter, has raised $8 million in Seed funding round. The Chicago-based company provides a modern data and analytics platform for the electric grid, offering organized and reliable data that empowers energy innovators to develop new solutions without the complexity of managing their own data pipelines. Grid Status collects, standardizes, and analyzes hundreds of energy datasets, allowing users to create dashboards, leverage analytics tools, and gain data access through APIs. The funds will be used to scale the team and product to meet the growing data demands of the rapidly evolving energy industry. The round was led by Energize Capital (Tyler Lancaster) with participation from investors including Nat Friedman, Daniel Gross, and Rayburn Electric Cooperative. [Link] #Smart Grid Tech #Data Analytics Platform #Energy Efficiency #Energy Management #Energy Tech #Sustainability #Environmental Technology
AstroForge, led by Matt Gialich, has raised $40 million in a Series A funding round. The Huntington Beach-based startup is pioneering asteroid mining technology, aiming to unlock the vast mineral resources found in space. AstroForge’s mission is to mine asteroids and bring back valuable materials to Earth, potentially transforming the global supply chain for critical metals. The funds will be used to expand the company’s operations and accelerate the development of its asteroid mining technology. The round was led by Nova Threshold with participation from 776, Initialized, Caladan (Victor Vescovo), YC, Uncorrelated Ventures (Salil Deshpande), and Jed McCaleb. [Link] #Asteroid Mining #SpaceTech #Space Metals #Sustainability #Environmental Technology
BeyondMath, led by Alan Patterson, has raised $8.5 million in Seed funding round. The San Francisco-based company specializes in advanced engineering simulation, providing AI-driven simulation technology that enhances the accuracy, efficiency, and accessibility of complex simulations. BeyondMath’s platform is used to design everything from vehicles and aircraft to lithium-ion batteries and data center infrastructure. The funds will be used to expand the company’s operations, enhance its simulation capabilities, and improve the platform's AI models. The round was led by UP.Partners (Adam Grosser) with participation from Insight Partners (Ganesh Bell) and InMotion Ventures. [Link] #Advanced Engineering Simulation #Advanced AI Supercomputing #Vehicle Design Simulation #Lithium-Ion Battery Design Simulation #Data Center Design Simulation #Artificial Intelligence
Trace Machina, led by Marcus Eagan, has raised $4.7 million in Seed funding round. The San Francisco-based company is building simulation infrastructure for safety-critical technologies in physical-world AI, such as self-driving cars, aviation, and robotics. Trace Machina's first product, NativeLink, provides an advanced staging environment that enables engineers to test and develop autonomous hardware systems in a safe and controlled manner. The funds will be used to expand operations and accelerate the development of simulation infrastructure for industries where safety is paramount. The round was led by Wellington Management (Van Jones) with participation from Samsung Next, Sequoia Capital Scout Fund, and others. [Link] #Specialized Chip Design #Robotics Design #Autonomous Mobility Design #Physical AI #Artificial Intelligence
*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!
