Bearhug Recruiting: Executive Search For Early-Stage Environmental Technology & Enterprise Software Startups

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#24: (9/23/24) 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:

  1. Slingshot Aerospace, led by Tim Solms, has raised a $30 million Growth Capital funding round. Slingshot Aerospace, founded in 2017, develops AI-powered solutions for satellite tracking, space traffic coordination, and space modeling and simulation. The company’s platform creates a common operating picture of the space domain, using advanced tracking, artificial intelligence, and data fusion. This helps government and commercial partners enhance space situational awareness, improve efficiency, and reduce risks, supporting safer, more sustainable space operations. The company plans to use the funds to scale operations and drive key growth initiatives. The round was led by Trinity Capital Inc. (NASDAQ: TRIN), which provided the $30 million in growth capital. Kudos to Draper Associates (Tim Draper), ATX Venture Partners (Christopher Shonk), Sway Ventures (Najib Khouri-Haddad), Revolution (David Hall, Steve Case), Embedded Ventures (Jenna Bryant, Jordan Noone), Edison Partners (Daniel Herscovici), Stage Venture Partners (Alex Rubalcava), for participating in prior funding rounds as well. [Link] #SpaceTech #Aerospace Tech #Artificial Intelligence #Data Analytics Platform #Environmental Technology #Sustainability Tech #Satellite Operations Tech

  2. GreenLite, led by James Gallagher, has raised a $28.5 million Series A funding round. GreenLite, founded in 2022, is a construction technology company that provides a software platform aimed at streamlining collaboration between developers, builders, and regulatory authorities. Its technology automates and standardizes the entire permitting process, speeding up plan reviews across jurisdictions. The company’s platform reduces time and labor in construction projects, making the permitting process more efficient for all parties involved. The funds will be used to enhance its technology platform, expand its Private Plan Review service, grow into new markets, and deepen its partnerships with local government agencies. The round was led by Craft Ventures (Bryan Rosenblatt) with participation from 53 Stations, Trust Ventures (Salen Churi), and LiveOak Ventures (Mike Marcantonio, Venu Shamapant). [Link] #Construction Permitting Platform #ConTech #PropTech #Environmental Technology

  3. PinPoint, led by Jim Carr, has raised a $3.2 million Seed funding round. PinPoint Analytics, based in Manalapan, NJ, provides an artificial intelligence-driven platform for improving the bidding and estimating processes in road construction. The platform uses machine learning to analyze data like materials, labor, and competitor analysis, enabling contractors to make better decisions. The system also helps municipalities create accurate budgets, reducing financial risks in public projects. The funds will be used to expand operations and enhance the platform’s development. The round was led by HG Ventures (John Glushik), with participation from ComposeVC. Kudos to MetaProp (Zach Aarons, Aaron Block), for participating in prior funding rounds as well. [Link] #Construction Data Management #ConTech #Artificial Intelligence #Construction Acceleration Tech #Construction Bidding & Estimating Tech

  4. Sitewire, led by Bryan Kester, has raised a $3.17 million Seed funding round. Sitewire, headquartered in San Francisco, offers a cloud and mobile construction finance platform. The platform helps lenders and asset managers track project progress, automate work verification, and accelerate payments by combining AI, real-time visuals, and financial tracking. It ensures same-day fund transfers, keeping construction projects on schedule and within budget. The funds will be used to expand the platform, grow its partner network, and strengthen its presence in key homebuilding markets. The round was led by Zacua Ventures (Vivin Hegde) with participation from Argonautic, Great Wave (Nobu Iguchi, Megan Ananian, Michael Palmer), and Hamilton Ventures. [Link] #Construction Draw Management Platform #Construction Finance Platform #ConTech #Artificial Intelligence #Environmental Technology #Proptech

  5. Two Boxes, led by Kyle Bertin, has raised a $5.3 million Seed funding round. Two Boxes, founded in 2022, offers a logistics solution that helps brands and third-party logistics providers (3PLs) optimize the returns process. Their platform enables returns inspection, prioritization, processing, and tracking, while also capturing critical data for brands. Since launching in 2023, the platform has processed over $100 million in returns for more than 120 merchants, including well-known brands like Caraway, Tecovas, and Thursday Boot Company. The funds will be used to expand engineering and go-to-market teams and extend their geographic reach beyond North America. The round was led by Peterson Ventures (Taylor Jones) with participation from new investor Assembly Ventures (Chris Thomas, Jessica Robinson), alongside renewed support from existing backers Vinyl, Range Ventures (Adam Burrows, Chris Erickson), and Matchstick Ventures (Ryan Broshar, Natty Zola). [Link] #E-Comm Returns Software #Environmental Technology #Sustainability Tech #Reverse Logistics Software #Next Gen Commerce

  6. Hgen, led by Molly Yang, has raised a $5 million Seed funding round. Hgen, based in Hawthorne, CA, develops clean hydrogen technology aimed at decarbonizing heavy industries. The company uses an alkaline electrolyzer to convert water and electricity into clean hydrogen, which is then used as a key feedstock in industries such as chemicals and steel production. By reducing the reliance on fossil fuels in industrial processes, Hgen contributes to a more sustainable and environmentally friendly future. The funds will accelerate the commercial deployment of their technology at customer sites. The round was led by Seven Seven Six (Alexis Ohanian, Katelin Holloway), with participation from Founders Fund (Brian Singerman), Climate Capital (Sundeep Ahuja) and Fontinalis Partners. [Link] #Renewable Energy #Energy Tech #Sustainability Tech #Environmental Technology #CleanTech #Clean Energy

  7. Tidal Metals, led by Dr. Howard Yuh, has raised an $8.5 million Seed funding round. Tidal Metals, a Hamilton, NJ-based deep-tech company, has developed a patented process for extracting magnesium metal from seawater using only electricity and seawater, creating a sustainable, carbon-neutral method of production. This process involves physical filtration and electrolysis, with no waste or environmental harm. The company aims to provide a competitive, sustainable supply of magnesium for global industries. The funds will be used to construct a commercial pilot plant to demonstrate the technology. The round was led by DCVC (Earl Jones) with participation from First Spark Ventures (Manish Kothari) and Bidra Innovation Ventures. [Link] #Water Tech #Advanced Materials #CleanTech #Sustainability Tech #Environmental Technology #Advanced Manufacturing

  8. Supermaven, led by Jacob Jackson, has raised a $12 million Series A funding round. Supermaven, a New York City-based AI-powered platform, provides advanced code completion tools to assist developers. Their copilot tool helps developers navigate and edit large codebases, improving productivity. The company’s software supports editor extensions for popular platforms like VS Code and JetBrains, and is used by over 40,000 developers. Supermaven is working on a new text editor designed to integrate with their AI models to further assist in day-to-day coding tasks. The funds will be used to develop this new product and expand platform capabilities. The round was led by Bessemer Venture Partners (Talia Goldberg) with participation from angel investors including OpenAI co-founder John Schulman, Perplexity co-founder Denis Yarats, Intercom founder Eoghan McCabe, and Mike Volpi, co-founder of Index Ventures San Francisco. [Link] #AI Coding Agents #Artificial Intelligence #AI Copilot

  9. TeamBridge, led by Arjun Vora, has raised a $28 million Series B funding round. TeamBridge, based in San Francisco, offers a Workforce Operating System (OS) tailored for hourly workforces across various industries. The platform integrates essential workforce management tools, from onboarding and scheduling to payroll and reporting, using AI to automate and streamline these processes. Since its launch in 2022, TeamBridge has seen rapid growth, particularly in sectors like medical staffing, homecare, and hospitality, doubling its user base in the first quarter of 2024. The funds will be used to accelerate product development, enhance client services, and scale infrastructure. The round was led by Mayfield (Sri Pangulur) with participation from General Catalyst and Abstract Ventures. Kudos to Chang Corporation (Wayne Chang), for participating in prior funding rounds as well. [Link] #HRTech #Artificial Intelligence #Workforce Management Software #Robotic Process Automation #Business Process Automation

  10. Mercor, led by Brendan Foody, has raised a $30 million Series A funding round. Mercor is an HR tech startup that provides an AI-powered platform designed to improve the efficiency and reduce bias in the recruiting process. The platform reviews thousands of profiles, conducts personalized interviews, and connects candidates with opportunities best suited for them. By streamlining the application and interview process, Mercor helps both job seekers and companies find the right match. The funds will be used to expand operations and business reach. The round was led by Benchmark (Bill Gurley, Victor Lazarte). Other participants in the round included Peter Thiel, Jack Dorsey, Adam D’Angelo, Larry Summers, and others. [Link] #HRTech #Recruiting Tech #Artificial Intelligence #Autonomous AI Recruiter

  11. Knit, led by Aneesh Dhawan, has raised a $9 million Series A funding round. Knit is an Austin-based AI-powered platform that streamlines the consumer research process. The platform enables users to conduct high-quality, quantitative and qualitative research using its Researcher-Driven AI, taking on time-intensive tasks for professionals. It helps researchers and insights professionals produce actionable data quickly, combining various types of data into one comprehensive solution. The funds will be used to launch their latest product, "Report-Ready Insights," and to continue expanding their offerings. The round was led by Revolution (David Hall), with participation from new investors Osage Venture Partners (Sean Dowling), GFT Ventures, Visible Ventures, and Massive Ventures and existing investors Silicon Road Ventures (Ross Kimbel, Sid Mookerji), Felton Group, and Alumni Ventures. Kudos to Bread and Butter Ventures (Brett Brohl), for participating in prior funding rounds as well. [Link] #Consumer Insights Platform #AI Research Platform #MarTech #Artificial Intelligence

  12. 11x, led by Hasan Sukkar, has raised a $24 million Series A funding round. 11x is a San Francisco-based AI startup transforming the workforce by creating AI-powered digital workers that autonomously handle tasks traditionally performed by human employees. Their digital workers have seen success in automating sales and lead qualification roles, with AI-powered representatives like "Alice" and "Jordan" assisting businesses in automating their processes at scale. The funds will be used to accelerate the development of new AI digital workers and expand globally. The round was led by Benchmark (Sarah Tavel), with participation from Quiet Capital, SV Angel, Abstract Ventures, Lux Capital, Operator Partners, Visionaries, Activant, HubSpot Ventures, Project A, 20VC, 20Growth, and 20Sales. [Link] #AI-powered Sales Development Representative #SalesTech #Sales Automation Software #Artificial Intelligence #AI Agent #Conversational AI

  13. Orb, led by Alvaro Morales, has raised a $25 million Series B funding round. Orb is a billing platform that allows software businesses to implement innovative pricing strategies such as usage-based and outcome-driven models. The platform helps organizations optimize monetization strategies while enabling engineers to focus on innovation. Its API and extensible platform allow businesses to scale pricing strategies that align with customer-centric value delivery, including emerging trends like AI software monetization. The funds will be used to support the company's operational growth and business expansion. The round was led by Mayfield (Sri Pangulur), with participation from existing investors Menlo Ventures (Naomi Pilosof Ionita), Greylock Partners (Saam Motamedi), South Park Commons, Basecase, and Scribble Ventures (Ron Pragides) and new investor Uncorrelated Ventures. [Link] #FinTech #Software Billing Infrastructure Platform #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!