Facts
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- Seattle
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- Software Development
- Founded
- 2015
- Employees
- 33
GeekWire Week in Review (May 12, 2024): AWS and Google executive moves, Expedia leadership exits, Kyndryl acquires Skytap
A weekly roundup of GeekWire’s most-read technology and startup stories for the week of May 12, 2024, covering major tech moves, executive departures, acquisitions, and new accelerator initiatives in the Seattle area and beyond.
Aviel Ginzburg Launches Seattle Foundations to Support Tech Startups with Non-Equity Accelerator in Capitol Hill
Aviel Ginzburg and a team of entrepreneurs are launching Seattle Foundations, a new invite-only entrepreneurial community and shared workspace in Seattle, aiming to support tech founders with mentorship and resources without taking equity. The initiative, set to open later this year in Capitol Hill, will offer co-working space, events, and six-month memberships focused on startup acceleration.
Vivek Ladsariya Joins Pioneer Square Labs as Managing Director, Moves from Bay Area to Seattle
Vivek Ladsariya, a veteran Bay Area investor with experience in enterprise technology startups, has moved to Seattle to become managing director at Pioneer Square Labs, playing a key role in their Ventures arm and Studio. He aims to focus on technically driven enterprise software infrastructure startups, especially those delivering real automation, enhancing Seattle's venture capital ecosystem.
Gaurav Oberoi’s Lexion Acquired by DocuSign for $165 Million, Marking Third Successful Exit for the Entrepreneur
Serial entrepreneur Gaurav Oberoi, co-founder of AI-based legal tech startup Lexion, will exit successfully as Lexion is acquired by DocuSign for $165 million. Oberoi, known for his customer-centric approach and expertise, has now had three startups acquired, earning strong respect in Seattle’s tech community.
Seattle Startup Dropzone AI Raises $16.8M Series A to Develop AI-Powered Autonomous Cybersecurity Agents
Seattle startup Dropzone AI raised $16.8 million in a Series A round to develop AI-driven autonomous agents that assist Security Operations Centers by automating repetitive cybersecurity tasks. Founded 14 months ago by Edward Wu, the company uses large language models to augment human analysts amid rising cybersecurity challenges related to AI technologies.
Acquired Podcast Founders Ben Gilbert and David Rosenthal Launch Growth-Stage Tech Investment Fund
Ben Gilbert and David Rosenthal, founders and hosts of the Acquired podcast, are launching a new investment fund to invest in growth-stage tech companies, leveraging opportunities from their podcast network. Their fund formalizes their existing personal investments in startups like Vanta and Modern Treasury without turning into a traditional venture capital firm.
SingleFile Raises $6.5M Led by Foundry Group as Corporate Transparency Act Increases Demand
Seattle-based legaltech SingleFile raised $6.5 million in a round led by Foundry Group to support growth as new rules like the Corporate Transparency Act increase demand for compliance filing services; total funding exceeds $15 million. The company automates filings for law firms, VCs, private equity, and real estate to replace manual email, PDF, and spreadsheet processes.
AI2 Incubator Secures $200M AI Compute Resources to Support Startups with Up to $1M Free Access
The AI2 Incubator in Seattle secured $200 million in AI compute resources from cloud providers to offer up to $1 million in free computing power to its portfolio startups, helping them scale AI models without high costs. This initiative aims to support AI founders lacking privileged compute access and strengthen AI2's position among incubators and investors.
Pioneer Square Labs and Mayfield Partner to Co-Invest $1.5M Minimum in AI Startups
Seattle's Pioneer Square Labs and Silicon Valley venture capital firm Mayfield have formed a partnership to co-invest at least $1.5 million in AI-focused startups spun out from PSL. This collaboration combines PSL's startup incubation with Mayfield's venture funding strength to accelerate AI technology ventures.
Seattle Tech Leaders Advise on Overcoming Imposter Syndrome and Building Confidence at HBS Seattle Event
Seattle tech leaders, including Remitly CEO Matt Oppenheimer and Expedia CTO Rathi Murthy, shared advice on normalizing imposter syndrome, building self-confidence, and the value of mentorship during a Harvard Business School Club of Seattle discussion. They emphasized vulnerability, flexibility, and self-improvement as keys to effective leadership and workplace success.
Ben Eidelson Launches Stepchange, a $3M Seattle Venture Fund to Accelerate Carbon-Cutting Tech Adoption
Ben Eidelson, former tech entrepreneur, launched Stepchange, a Seattle-based climate-focused venture fund investing $100,000-$200,000 in early-stage carbon-reducing startups, aiming to deploy $3 million within 18 months. Eidelson also hosts the Climate Papa podcast and engages the community to accelerate climate technology adoption.
Seattle Startup Recurrent Raises $16M to Standardize Used EV Battery Scoring on Edmunds and Cars.com
Seattle-based startup Recurrent raised $16 million in Series A funding to become the standard for scoring used electric vehicle (EV) batteries, providing battery health data on major consumer sites like Edmunds.com and Cars.com. The company analyzes data from 25,000 drivers across 65 EV models to offer battery scores for one-third of U.S. used EV sales, aiming to expand its coverage significantly within the year.
Seattle’s Tola Capital Raises $230M Third Fund to Back 25–30 Early-Stage AI and Enterprise Software Startups
Seattle-based Tola Capital has raised $230 million for its third fund aimed at investing in 25-30 early-stage AI and enterprise software startups, focusing on cloud computing and AI innovation. Founded by former Microsoft managers Sheila Gulati and Stacey Giard, Tola has invested in over 20 companies and plans seed to Series B investments ranging from $1 million to $15 million.
No New Seattle Unicorns in 2023 as Venture Capital Slows and Former Unicorn Convoy Collapses
Seattle saw no new unicorn startups in 2023 amid a broader venture capital slowdown following a boom during the pandemic, with some existing unicorns like Convoy collapsing and others cutting costs or staff. This trend reflects a global decrease in new unicorns, dropping from 619 in 2021 to only 64 through Q3 2023.
Ben Gilbert Transitions to Venture Partner at Pioneer Square Labs to Focus on Top-Ranking 'Acquired' Podcast
Ben Gilbert, co-founder of Pioneer Square Labs, is shifting from managing director and general partner to venture partner to focus on the popular 'Acquired' podcast, which now has over 450,000 monthly listeners and is the top tech podcast on Apple and Spotify. The podcast's in-depth episodes require extensive research and production time, leading Gilbert to prioritize it over his previous dual roles.
Boundless CEO Xiao Wang Uses Personal Immigration Experience to Revolutionize U.S. Green Card Process
Boundless co-founder and CEO Xiao Wang, an immigrant himself, launched the company to simplify the complex U.S. immigration process after witnessing his parents' struggles. Leveraging his tech background and extensive research, Wang aims to address systemic pain points and help families navigate immigration more efficiently.
John Stanton of Trilogy Equity Partners Discusses Steady Venture Investments and AI Acquisition Challenges Amid Regulation
John Stanton of Trilogy Equity Partners highlights steady investment activity despite venture capital downturn, emphasizing AI-driven opportunities and regulatory challenges facing tech acquisitions. Speaking at a Harvard Business School event, Stanton also noted US regulators' impact on major tech companies' ability to acquire AI startups.
Seattle Startups Report 12% Down Rounds in 2023, Lower Than Bay Area's 17% and NYC's 24%, Reflecting Revenue Focus
Seattle startups experienced fewer down rounds in funding during the first nine months of 2023 compared to Bay Area and New York City, with 12% versus 17% and 24% respectively. This is attributed to Seattle founders' focus on revenue and profitability, which aligns better with current investor preferences amid broader tech market challenges.
Alaska Airlines and UP.Labs Launch Airline Venture Lab to Incubate Aviation Startups by 2024
Alaska Airlines has partnered with Los Angeles-based UP.Labs to launch Airline Venture Lab, an aviation-focused startup incubator aiming to produce its first new startup by next year, targeting innovations in consumer aviation travel. UP.Labs, which works under UP.Partners and develops startups with corporate partners in mobility, focuses on improving travel and transport through new technologies.
Bellevue VC Fuse Raises $250M Second Fund, Reaching $420M Total Since 2020
Bellevue-based venture capital firm Fuse raised $250 million for its second fund, bringing its total raised to $420 million across two funds since launching in 2020. The firm will continue investing in Pacific Northwest and western Canada B2B tech startups, leading seed and Series A rounds with $1 million–$10 million checks.
Seattle VC Firm Fuse Raises $250M Second Fund to Back 30-35 Pacific Northwest Startups
Seattle-based venture capital firm Fuse raised $250 million for its second fund to invest in early-stage enterprise software startups across the Pacific Northwest, aiming to back 30-35 companies despite a broader venture capital slowdown. Founded in 2020 with an initial $170 million fund, Fuse credits its growth to the strong local talent and entrepreneurial ecosystem.
Pioneer Square Labs' T.A. McCann Highlights AI's Crucial Role in Startup Success on Shift AI Podcast
T.A. McCann, managing director of Pioneer Square Labs, discusses on the Shift AI Podcast the critical importance of AI in startup pitches and shares insights from his background in sailing and entrepreneurship on building AI-first products. He emphasizes storytelling skills and embracing new technologies as key to success in venture-backed startups.
Voyager Capital Targets $100M Sixth Fund to Support Early-Stage B2B Startups in the Pacific Northwest
Voyager Capital is aiming to raise $100 million for its sixth fund to invest in early-stage B2B startups in the Pacific Northwest, targeting software, SaaS, AI, and cloud infrastructure sectors. Founded in 1997, the firm has backed over 75 companies and manages more than $520 million in assets.
Boundless Immigration Acquires San Francisco's Bridge to Create Comprehensive U.S. Immigration Tech Platform
Boundless Immigration, a Seattle-based startup assisting with U.S. visas and citizenship, has acquired San Francisco immigration consulting company Bridge, expanding its team by over 40 employees. This acquisition aims to create a comprehensive tech-enabled platform combining consumer and enterprise immigration services without immediate changes to pricing or product offerings.
Olis Robotics Raises $4.1M Led by PSL Ventures to Expand Secure Remote Robot Management Tools
Seattle-based Olis Robotics raised $4.1 million led by PSL Ventures to expand its Olis Connect system, enabling secure remote monitoring and control of industrial robots without cloud connection. This technology aims to reduce costly robot downtime by allowing operators to react swiftly from any browser-capable device.
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Ben Gilbert Founder, Co-founder and Managing Director, Venture Partner
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Geoff Entress Founder, Co-founder and Venture Partner
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Greg Gottesman Founder, Managing Director, Co-Founder
