Our newsletter’s fall edition features financing news and insightful stories from 16 portfolio companies in sectors like space, robotics, and artificial intelligence. Scroll down to read a summary or click here for the full version.
FINANCING NEWS
Mapbox Raises $280M Led by Softbank to Boost its AI Software
Mapbox, a prominent software company specializing in location mapping and navigation, has announced a $280M Series E round led by Japanese Conglomerate SoftBank. This strategic move follows SoftBank’s successful IPO of UK chip designer Arm, further highlighting the ambitious vision of SoftBank’s CEO, Masayoshi Son, to establish dominance in the AI sector. Mapbox’s AI-powered software plays a central role in in-car navigation systems for leading automakers such as Toyota, BMW, and General Motors. Promus Ventures has been an investor in Mapbox since 2015.
Diligent Robotics Raises $25M to Triple its Reach in the US
Diligent Robotics closed a $25M round led by Canaan, with participation from existing investors DNX Ventures, True Ventures, and Next Coast Ventures, and new investor Northwestern Medicine Innovation. The company’s ambitious plan is to deploy over 100 Moxi units across 22 U.S. hospital systems by the end of the year, aiming to revolutionize hospital workflows. Promus Ventures has been an investor in Diligent Robotics since 2020.
SatSure Raises $15M Series A to Build Full-Stack Geospatial-Intelligence Company from India
India-based Earth Observation startup, SatSure, has successfully raised $15 million in a Series A funding round, led by Promus Ventures in collaboration with Baring Private Equity Partners, India (BPEP India). Founded in 2017 in Bengaluru, India, SatSure combines satellite data and AI algorithms, catering to the financial sector’s need for agricultural insights, particularly in the realm of crop loan risk management. SatSure plans to utilize this funding to launch four high-resolution optical and multispectral satellites, with deployment scheduled for the fourth quarter of 2025. Read our “Why We Invested” article here.
Fernride Increases Series A to $50M to Accelerate its Growth for Autonomous Yard Trucking
Fernride, an autonomous trucking company based in Germany, has successfully secured an additional $19 million in Series A funding, bringing the total round to $50 million. In addition to current investors, new notable investors include Germany’s Deep Tech and Climate Fonds (DTCF), Munich Re Ventures, Bayern Kapital, and Klaus Kleinfeld. The company is strengthening its dedication to advancing automated and eco-friendly logistics through the development of cutting-edge human-machine collaboration technology. Promus Ventures has continued to support the company since our initial investment in 2021.
SeerAI Secures $4M in Seed Funding to Enhance its Geospatial-AI and Data Fusion Offerings
SeerAI, a leading spatiotemporal AI technology company, has raised $4.0 million in seed funding led by Synovia Capital and Vertree (Hartree). This funding will be used to enhance data fusion capabilities and geospatial-AI coverage, accelerate analytic insights, and drive innovation in spatiotemporal data mesh and knowledge graph technologies. SeerAI’s Geodesic platform simplifies data analysis, particularly geospatial data, and supports natural capital reporting. Promus Ventures has been an anchor investor in SeerAI since 2020.
OTHER PORTFOLIO STORIES
WHOOP Unveils Health Connect Integration with Android, Introduces WHOOP Coach Powered by Open AI
WHOOP has unveiled a new Android feature set to streamline fitness tracking. With Health Connect, WHOOP users can effortlessly sync Recovery, Strain, Sleep, and Body Measurements. The company also launched WHOOP Coach, a personalized health companion enhanced by GPT-4, the latest generative AI technology. It leverages WHOOP’s machine learning, and users’ unique data to provide instant, tailored responses to users’ health questions, setting it apart from standard AI.
ICEYE supports NASA’s Earth Science Goals First Task Order with its Radar Satellite Imagery
ICEYE has secured its first Task Order under a Blanket Purchase Agreement (BPA) with NASA. This agreement allows NASA to access ICEYE’s synthetic-aperture radar (SAR) data for evaluation by scientific and academic communities to advance NASA’s Earth Science research objectives. NASA’s Commercial Smallsat Data Acquisition (CSDA) Program aims to integrate data from commercial sources, including ICEYE’s SAR, to bolster Earth Science research. This partnership provides NASA with access to an extensive archive containing tens of thousands of ICEYE images, facilitating advanced time series analysis of Earth’s surface and complementing NASA’s existing capabilities.
Swift Navigation Helps Danfoss Power Solutions Expand its Offerings in its Autonomous Machine Development Platform
Leading high-precision positioning service provider Swift Navigation has formed a strategic alliance with numerous industry players, including Danfoss Power Solutions, Bonsai Robotics, and HARD-LINE. Swift’s collaboration effort is centered on the enhancement of Danfoss’s autonomous machine development platform, PLUS+1 Autonomy software, through the integration of the Company’s Skylark precise positioning service, Bonsai Robotics’ camera-based vision systems, and HARD-LINE’s teleoperations solution.
The Exploration Company Signs Agreements with US-based Private Space Station Axiom Space
Based in Europe, The Exploration Company is poised to enter the in-space delivery industry, competing with industry giants such as SpaceX and Northrop Grumman. The company has secured a, marking the first instance where a space station’s private operator selected a European space capsule to develop freight transport services from Earth to space and vice-versa.
SatSure Acquires Astrogate Labs and its Subsidiary KaleidEO to Increase Edge Computing in Space
SatSure has made an equity investment in Astrogate Labs to bolster its subsidiary, KaleidEO. This strategic partnership aims to harness Astrogate’s Astro-Link laser communications system, delivering impressive satellite-to-ground communication speeds of 1 Gbps.
Lunar Outpost Delivered its First Highly Capable and Cost-Effective Flight Model Rover
Lunar Outpost has delivered its first Lunar Vertex Mobile Autonomous Prospecting Platform (MAPP) rover to APL, marking a milestone in its capability to create cost-effective lunar rovers. This rover will explore Reiner Gamma, a lunar swirl, with a vector magnetometer and a multispectral microscope to investigate its origin and the magnetic anomaly within it. The mission, supported by NASA’s Planetary Mission Program Office under the Artemis program, is expected to launch in 2024.
AngelList’s Expands to Private Equity and Acquires Investment Management Software Startup Nova
AngelList, a platform linking startups and investors, has acquired Nova, a fintech startup. Nova specializes in investor management software designed for institutional private funds, catering to clients with significant assets under management. This move underscores AngelList’s dedication to supporting startups at all stages of their development and acknowledges the robust connection between venture capital and private equity in the investment landscape.
Recycleye Partners with Fanuc to Automate Waste Handling with AI Robotic Picking Technology
Recycleye has joined forces with FANUC, a global robotics manufacturer, to introduce AI-powered robotic waste-picking systems. Recycleye has combined its AI computer vision technology with FANUC’s extensive automation experience to create Recycleye Robotics, an AI-powered robotic waste-picking system. This partnership introduces intelligent and cost-effective automation to the waste management industry, offering a solution capable of achieving an impressive rate of 55 successful picks per minute. The modular robotic picking system has already been used in the UK, and there are plans for further deployments in France.
Wakeo Selected by Michelin for Real-Time Visibility Access Across Multiple Transportation Modes
Michelin has chosen Paris-based Wakeo to offer them real-time tracking and oversight for various transportation methods. This partnership underscores Wakeo’s standing as a leading solution provider, demonstrating its capability to empower major industry players like Michelin in enhancing their supply chain operations through improved visibility and control. This partnership underscores Wakeo’s standing as a leading solution provider, demonstrating its capability to empower major industry players like Michelin in enhancing their supply chain operations through improved visibility and control.
AI Revolutionizing Disaster Response: SeerAI Shows the Power of Real-Time Imagery Analysis
SeerAI has demonstrated the power of AI in disaster response in the aftermath of Hurricane Ian. By processing more than one terabyte of high-resolution aerial imagery sourced from NOAA, SeerAI’s platform swiftly analyzes and categorizes road conditions, including identifying obstacles like debris and flooding. This enables the platform to identify safe routes for rescue teams and facilitate their connection with individuals in need.
Robco on “Top Robotics Startups to Watch” List, Continues to Expand its Flexible Industrial Production Automation Platform
Robco has been identified by Sifted as being one of the top Robotics startups to watch. They have introduced a patented modular robot, coupled with user-friendly software, offering a flexible and fully networked industrial robot.
Bellabeat Signs Strategic Collaboration with The Body Shop
Bellabeat and The Body Shop have joined forces to combine Bellabeat’s Ivy wearable device with The Body Shop’s nurturing products and offer users a comprehensive self-care experience. This partnership, which brings together technology and nature, places a strong emphasis on holistic well-being and is positioned to address the growing demand for comprehensive self-care solutions.
Jua.ai Featured as an Innovative Model for Weather Forecasting
Jua has been featured as one of the most promising models to achieve 100% accurate weather forecasting by Analytics India. These models have the potential to coexist alongside traditional models and, in the future, may even replace them for specific applications. Jua’s strides in AI weather modelling hold particular promise, especially in hurricane prediction. It offers faster and more detailed forecasts, potentially revolutionizing our preparation for extreme weather events. The European Investment Fund released a case study on Jua. The company has already achieved impressive accuracy and speed in weather prediction by harnessing tens of millions of data points and AI-based weather models.
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Promus Ventures invests in early-stage deep-tech startups solving complex problems to advance everyday lives across the world. Some of Promus Ventures’ other leading portfolio investments include Rocket Lab (Nasdaq: RKLB), Whoop, Spire (NYSE: SPIR), Mapbox, ICEYE, Bellabeat, Swift Navigation, AngelList, Behavox, Gauss Surgical, Figure Eight, All.Space, Halter, Cobalt, Safehub, The Exploration Company and numerous others.
Recipients of this post are not to construe it as investment, legal, or tax advice, and it is not intended to provide the basis for any evaluation of an investment in any fund. Prospective investors should consult with their own legal, investment, tax, accounting, and other advisors to determine the potential benefits, burdens, and risks associated with investing in any fund.
Promus Ventures is a trademark of Promus Holdings, LLC.
Used under license. Copyright 2023 Promus Ventures, all rights reserved.
