Our newsletter’s winter edition features financing news and insightful stories from 15 portfolio companies in space, robotics, agritech and artificial intelligence sectors. Scroll down to read a summary, or click here for the full version.
FINANCING NEWS
Chef Robotics Raises $14.7M to Automate Commercial Food Kitchens
Chef Robotics, a robotics and artificial intelligence company serving the food industry, recently announced it has closed $14.7M in equity and debt. The new capital will go toward Chef Robotics’s go-to-market strategy, based around a RaaS (robotics-as-a-service) plan. RaaS is proving to be a popular model in industrial automation. Promus Ventures led the Chef Robotics seed round in 2019 and reinvested in the recent round. MaC Venture Capital, MFV Partners, Interwoven Ventures and Alumni Ventures joined existing investors Construct Capital, Kleiner Perkins, and Red and Blue Ventures.
Jua Raises $16M Seed to Build Foundational AI Model for Weather
Jua, a Swiss startup founded by Andreas Brenner and Marvin Gabler, is building a new approach to how AI can be used in the physical world. The company has recently announced a $16M Seed Round to build a comprehensive physics-based foundational AI model for the natural world. Promus Ventures led Jua’s pre-seed round in 2022 and invested again in the recent round. New investors 468 Capital and the Green Generation Fund co-led the seed round.
Arch Closes on Additional Investors for Series A to Further Build Manufacturing Analytics Platform
Arch, a leading provider of data and analytics for manufacturing operations, has announced additional funding from investors DI Technology and Neotribe. The company announced an initial $15M million in Series A funding in July 2022, led by Two Bear Capital. Promus Ventures invested in Arch in 2018, and other existing investors include Uncork Capital. This investment strengthens Arch Systems’ position in the market and accelerates Arch’s strategic geographical expansion.
OTHER PORTFOLIO STORIES
ICEYE to Supply UAE with Constellation of SAR Satellites
ICEYE is expanding its presence and relationships in the Middle East, building on the partnership with Bayanat and Yahsat in the UAE that was announced in May 2023. This partnership will see ICEYE develop a constellation of five SAR satellites that will provide geospatial insights to various industries in both local and international markets.
Mapbox Partners with Michelin Mobility Intelligence to Boost Road Safety in the U.K. Launches Mapbox Autopilot Services for OEMs to Integrate into Vehicles
Mapbox, a location data platform, has been selected by Michelin Mobility Intelligence to enhance road safety efforts. Mapbox also introduced Mapbox Autopilot Services at CES 2024, making current and future assisted driving systems smarter, safer, and easier to use. Mapbox Autopilot Services can be integrated into vehicles equipped with existing ADAS sensors without additional hardware via an over-the-air update.
Lunasonde to Launch Third Satellite to Low Earth Orbit for Subsurface Imaging
Lunasonde, a company focused on subsurface imaging from space, has announced the launch timeline for its third satellite to Low Earth Orbit (LEO). The San Xavier satellite will fly on SpaceX’s Falcon 9 Transporter-11 in the summer of 2024 via launch provider Exolaunch. This is planned to be the company’s first on-orbit test of its proprietary very low-frequency radar technological stack, which should be capable of detecting subsurface mineral deposits up to two kilometers underground.
Bellabeat Offers Innovative Personal Health Technology for Women
Bellabeat, a company specializing in creating, innovative products for women’s health and wellness tracking, maintains its position as a standout in the health and wellness tech market as noted by Vent Magazine. The company’s products, such as the Jewelry Health Tracker, offer comprehensive health tracking while blending fashion with functionality. Bellabeat serves consumers who prioritize wellness and fashion, providing seamlessly integrated technology for monitoring fitness goals and overall well-being.
Ellipsis Drive Joins Forces with Tilebox to Strengthen Earth Observation Data Chain and Featured as AWS Key Partner
Ellipsis Drive, which is building the world’s first drive for spatial data, has announced a partnership with Tilebox to enhance the data chain of the Earth Observation industry from satellite capture to end-user data delivery. This collaboration aims to streamline operations for operators, allowing them to focus on mission-related tasks and generating valuable data. Ellipsis was also featured by AWS as a key Partner in an AWS Partner Network case study focused on optimizing spatial data management and analytics.
Mangata Networks and Microsoft Partner for AI-Enabled Satellite Edge Cloud Connectivity
Mangata Networks, a company focused on developing a satellite communications constellation, has announced a partnership with Microsoft to help both companies pioneer AI-enabled edge cloud connectivity using Mangata’s satellite-enabled connectivity and intelligent edge computing solutions. Mangata aims to provide seamless connectivity and intelligent cloud computing services globally, extending the benefits of Microsoft Azure innovation worldwide. The network will utilize a multi-orbit constellation of HEO (Highly Elliptical Orbit) and MEO (Medium Earth Orbit) satellites, along with a terrestrial network of edge data centers.
WHOOP Launches New AI-Powered Fitness Coach
WHOOP, a performance optimization system that tracks athlete recovery, training, and sleeping hours to help boost performance, has unveiled a new AI-powered fitness coach. WHOOP’s new feature, Whoop Coach, is an OpenAI’s GPT-4-supported conversational chatbot that provides personalized recommendations and fitness coaching based on user data.
Halter Featured in AgFunder’s Top 20 AgTech Deals of 2023, Launches Beef Cattle Platform
Halter, an innovative precision agriculture company, featured its recent Series C by AgFunderNews as one of 20 AgTech deals in 2023 in its recent end-of-year review of almost $2B funding activity across the sector. Halter has launched a beef cattle platform to complement its dairy cow platform that has seen adoption by an estimated 20-25% of the dairy herd in New Zealand, which is Halter’s initial market. The promise of fenceless farming appeals to the beef cattle industry as well.
Recycleye Wins FANUC Award, Partners with SWEEEP for Waste Electrical Sorting, Announces First AI Waste Sorting Investment in Spain with Urbaser
Recycleye, a company specialized in AI robotics for waste and materials management, has strengthened its collaboration with FANUC by winning one of seven Global Partner Awards for Innovation at a FANUC event in Japan. The extended exclusivity agreement between the two companies ensures that Recycleye remains FANUC UK’s sole supplier for recycling applications in the UK and continue to benefit from technical and commercial partnership throughout its current growth phase. Recycleye has also successfully deployed AI computer vision technology in sorting waste electrical and electronic equipment, marking the first commercial application of its kind.
The Exploration Company partners with Trumpf for Spacecraft Components
The Exploration Company, dedicated to making space exploration affordable, sustainable, and accessible, has announced a collaboration with Trumpf, a leading additive manufacturing company. Together, they will work on building core components for The Exploration Company’s Huracán and Mistral engines, intended for the planned Nyx family of spacecraft. In its initial mission, The Exploration Company aims to launch a Nyx space capsule into Earth orbit for several months, scheduled for 2026. Subsequent missions, starting in 2028, are planned for lunar exploration. Initially focused on carrying freight, the spacecraft’s long-term goal includes accommodating passengers.
SeerAI’s Geodesic Data Mesh Tool Optimizes GIS Workflows
SeerAI is working on a next-generation cloud-native platform for spatiotemporal analytics and data fusion. Daniel Wilson, Co-Founder and CTO, describes how SeerAI’s Geodesic tool will accelerate GIS workflows on the ArcGIS StoryMaps platform. The company’s geodesic platform is used to help global companies across oil and gas, agriculture, defense and others analyze data for new insights.
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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.
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