From: Mason Rathe
Sent: Mon, 6 Nov 2023 02:35:42 +0000
To: [email protected]
Subject: Austin Weekly Deal Highlights – Nov. 5th, 2023
Sent: Mon, 6 Nov 2023 02:35:42 +0000
To: [email protected]
Subject: Austin Weekly Deal Highlights – Nov. 5th, 2023
Austin Weekly Deal Highlights
November 5th, 2023
Well here we go! After a lackluster Q3 where we dipped below $1B in total VC funding in Austin, after posting back to back quarters over $1B for Q1 and Q2, Q4 is starting out strong! We are now at $375M for the quarter, which puts as back on pace to surpass that elusive billion. This includes the largest deal of the year, announced this week (check out all the news below!). I think I speak for everyone when I say I’m ready for this funding downturn to be over and done with. My 401k and I are ready for a long period of good news… And with the S&P 500 posting its best week in a year (+5.85%), dare I say we might see it….
Thanks to this week’s newsletter sponsor, Vela Wood!
Austin Financing Activity
- Infinitum, an Austin, Texas-based maker of industrial motors, raised $185m in Series E funding. Just Climate led, and was joined by Galvanize Climate Solutions, NGP and insiders Alliance Resource Partners, Rockwell Automation, Riverstone Holdings, Chevron Technology Ventures, Cottonwood Technology Fund and Ajax Strategies. The company has raised approx. $366M to date.
- 83bar, a patient journey management platform, raised $2.5M of venture funding in the form of convertible debt from undisclosed investors. The company has raised approx. $26M to date.
- Talus Renewables, a renewable energy infrastructure, raised $22 million of Series A led by Material Impact Fund and Xora Innovation. Cavallo Ventures, Rice Investment Group, and Dream Variation Ventures also participated in the round.
- Wilder Systems, a robotics company that builds and maintains military and commercial aircraft, raised a $7.5M seed round led by Star Castle Ventures, the venture arm of Fort Worth-based Point Bridge Capital. Cubit Capital, Square Deal Capital and AeroX Ventures also joined the round.
- GreenLite Technologies, a prop-tech platform, raised $8 million of seed funding in a deal led by Trust Ventures. LiveOak Venture Partners and Chicago Ventures also participated in the round.
- Realized, a real estate wealth management platform, raised $1.8M of venture funding in the form of convertible debt from undisclosed investors. The company has raised approx. $7.8M to date
- Lung Therapeutics, a privately held biopharmaceutical company focused the treatment of fibrosis and lung conditions, was acquired by Aileron Therapeutics (NAS: ALRN) for an undisclosed amount. Lung Therapeutics had raised approx. $66M to date.
Other Texas Deal Activity
- Graylog, a Houston-based enterprise log management platform, received $39M of growth capital from Harbert Growth Partners, Silver Lake and Piper Sandler. The company has raised approx. $78M to date.
- Work Shield, a Dallas-based workplace misconduct prevention and resolution platform, raised $6M of venture funding in a deal led by Ballast Point Ventures and other undisclosed investors
- Playbite, a Frisco-based gaming platform, raised $1M of venture funding led by Grishin. Capitalize VC, M25, Tundra Ventures, Beyond The Game Network and Magic Fund also participated in the round.
- Flowtrac, a Southlake-based warehouse management software, was acquired for an undisclosed amount by Unanet via its financial sponsors, Monroe Capital Income Plus Corp BDC, JMI Equity, Monroe Capital, Northleaf Capital Partners and Onex.
Austin News
- These 5 Austin Companies Raised a Combined $173M in October
- SEC charges SolarWinds with fraud tied to its IPO, cybersecurity hack
- Wise, a global fintech company, announced it is expanding its Austin operations and moving its office to The Domain Tower II. Wise has announced plans to increase its Austin-based workforce by 50 percent in 2024.
- Sana, a venture backed health insurance provider based in Dallas, Lays Off Half of its Staff . The company raised a $60M Series B a year ago.
- Tesla’s economic impact on Central Texas is growing exponentially
- Samsung’s economic impact in Central Texas more than doubled to $13.6B in 2022
Thank you!
