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Envisagenics, a biotech startup based in Long Island City, has raised $25 million in Series B funding to develop gene therapies for cancer and other chronic illnesses. The company, which spun out of Cold Spring Harbor Laboratory in 2014, is focused on developing RNA detection technology to create treatments for diseases like cancer and neurodegenerative disorders. Envisagenics plans to use the funding to advance potential oncology therapies, particularly for breast cancer. The startup's technology, called SpliceCore, detects splicing events that could be potential targets for therapeutics, and has already proven effective in detecting 14 million splicing events. [Extracted from the article]

The IPO market in New York has been slow, which is affecting early-stage startups' ability to secure funding and retain talent. One such startup is Cuculi, a social dining app that helps people make new friends and split bills. Despite generating revenue and having a user base, Cuculi has struggled to raise money from venture capitalists due to the stagnant IPO market. This lack of IPOs and mergers limits the flow of capital and hinders the career progression of tech employees. In the first quarter of 2024, dealmaking in the New York market decreased significantly compared to the previous year. However, there are signs of improvement, with some successful IPOs occurring this year. Cuculi has turned to its users for fundraising to expand the platform to other cities. [Extracted from the article]

Voltpost, a startup founded in 2021, aims to make electric vehicle (EV) charging more accessible in urban areas. The company has developed charging technology that repurposes existing infrastructure, specifically lampposts, to install chargers quickly and at a reduced cost. Voltpost has received funding from investors such as Exelon and RWE, and has conducted pilot projects in New York City and Detroit. They recently announced the commercial availability of their charging system, which can accommodate multiple charging ports and additional services like wireless internet and air-quality sensors. Voltpost's mission is to democratize EV charging access and decarbonize mobility. [Extracted from the article]

Salt Labs, a startup based in the Financial District of New York, has created a loyalty program aimed at helping employers retain hourly wage and contract workers. Employees who join the program earn "Salt" for every hour worked, which can be redeemed for rewards such as NASCAR tickets or online tutoring. The program has been adopted by 10 employers so far, with positive feedback from employees. Salt Labs aims to establish Salt as an alternative currency for hourly and contract workers, with potential future applications including funding retirement accounts and making payments at retailers and restaurants. [Extracted from the article]

Health startup Fabric has raised $60 million in a series A funding round to expand its AI software, which aims to automate clinical and administrative healthcare tasks. The funding will be used to grow the company's tech platform, which provides services to patients at various points of the care continuum. Fabric's virtual care platform includes an AI-powered chatbot that can intake patient symptoms and connect them to a telehealth provider, as well as offering in-person administrative assistance in healthcare settings. The company has seen significant success, working with 70 health systems and conducting 5 million virtual visits and 13 million chatbot conversations to date. Fabric plans to continue investing in technology, acquiring other tech companies, and expanding its workforce. [Extracted from the article]

Pharmaceutical company Bristol Myers Squibb has entered into a $674 million partnership with biotech startup VantAI to use machine learning and artificial intelligence technology to design new small-molecule therapeutics. The collaboration aims to discover and deploy "molecular glues," which are molecules that connect two cell proteins that wouldn't normally fit together. This could lead to the development of novel therapeutics for various diseases, including cardiac, metabolic, and oncologic diseases. The partnership will involve milestone-based payments and the option to extend the collaboration to new therapeutic areas. [Extracted from the article]

Health tech startup Ezra has raised $21 million to enhance its AI-powered MRI scans for early cancer detection. The company aims to expand access to early detection as a solution to the increasing number of cancer deaths. Ezra's CEO, Emi Gal, founded the company after his mother died from late-stage cancer and is focused on improving early screening technologies. The recent funding will support the development of a 15-minute full-body scan priced at $500 and geographic expansion to 50 sites across 20 states. The funding round was co-led by Healthier Capital and FirstMark Capital. [Extracted from the article]

Forum, an Upper West Side startup, aims to provide support groups for individuals facing various life challenges. The online platform offers virtual peer support group meetings led by experienced mental health professionals, covering topics such as grief, infidelity, and transgender children. Facilitators have the flexibility to determine the focus, structure, and pricing of their groups. Forum is focused on building a global marketplace for support groups and plans to partner with influencers, use digital ads, and collaborate with advocacy groups to expand its membership. [Extracted from the article]

Vontelle is a startup that creates eyewear specifically designed for people of color. The frames have wider bridges, wider rims, and longer arms to accommodate different facial features. The designs often incorporate patterns from the African Diaspora. Vontelle has been successful in the industry, selling 33,000 pairs of glasses and expecting to double sales in 2024. The company has also formed partnerships with big-box retailers and plans to expand globally. The co-founders are now seeking funding to support their growth. [Extracted from the article]

The Michigan Economic Development Corp. has announced the creation of Michigan's Growth Office, which aims to implement strategies to increase the state's population. Led by Hilary Doe, the office will work to promote Michigan as a desirable place to live and work, and will focus on recommendations made by the soon-to-be-disbanded Growing Michigan Together Council. Michigan's population is projected to decline by 1.3% by 2050, and the office will use existing state employees to launch programs and initiatives to address this issue. The state budget has also allocated funding for population-growth efforts, including support for startup companies and tuition-free community college. [Extracted from the article]

Detroit's venture capital ecosystem is expanding with the establishment of 640 Oxford Fund I, a new early-stage venture fund located in Newlab at Michigan Central. The fund, which raised $16 million in the first quarter of 2024, focuses on investing in industries that are often considered "inefficient," "overlooked," and "unsexy." Co-founders Brandon Schram and Adam Gartenberg have already invested in 20 startups across the country and plan to invest in a total of 35 startups before launching a second fund. The fund typically writes checks between $250,000 and $400,000 and aims to be the earliest supporter of companies. The Newlab community, where the fund is based, fosters valuable connections between entrepreneurs and venture capitalists. [Extracted from the article]

Electric vehicle battery startup Our Next Energy has entered into a strategic partnership with Foxconn to keep the financially struggling company afloat. The partnership aims to accelerate the scaling of the U.S. battery industry and establish both companies as major players in the market. The deal involves cash infusion and an ownership stake for Foxconn, but it is not an acquisition or a change of control for Our Next Energy. While a partnership with Foxconn could raise concerns due to its past legal disputes and criticisms, it also presents an opportunity for Our Next Energy to continue operating independently with the support of Foxconn's capital and manufacturing expertise. [Extracted from the article]

Whizz, a startup based in the West Village of New York City, offers e-bike rentals to delivery workers with unlimited repairs and maintenance included in the monthly fee. The company was launched in 2022 by co-founders Ksenia Proka and Alex Mironov, who had previously founded a similar e-bike rental company in Moscow. Whizz currently rents 1,000 e-bikes to delivery workers in New York City and plans to expand to other locations. The company's e-bikes are specially designed for heavy use and include features such as GPS tracking and long battery life. Whizz's software, developed in-house, helps optimize operations and offer competitive rates. The company aims to become the largest provider of electric fleets for last-mile delivery in the US, managing a fleet of 100,000 vehicles in five years. [Extracted from the article]

Chicago startup Cameo is relocating its headquarters to Fulton Market, doubling its office space. The company, which operates an online marketplace for video shoutouts from celebrities, will move into a two-floor, 18,000-square-foot space at 320 N. Elizabeth St. in July. Despite a decrease in valuation and staff cutbacks, Cameo achieved profitability in 2023 and raised over $25 million in new capital. While not mandatory, the company's CEO believes in-person work is beneficial for the company's culture. Cameo's move to Fulton Market marks a return to the former meatpacking district, a popular location for tech companies in Chicago. [Extracted from the article]

JumpStart Ventures and North Coast Ventures, two venture funds based in Ohio, have received a significant capital boost from federal funds. The Ohio Department of Development distributed $86 million to 11 venture funds, with JumpStart Ventures receiving the largest share of $35 million. The funds are part of the State Small Business Credit Initiative, aimed at supporting small businesses and entrepreneurship. The investment is expected to foster a diverse entrepreneurial ecosystem and support high-potential companies, particularly those owned by women or minorities. Other venture funds in Ohio also received awards from the program. [Extracted from the article]

HAAS Alert, a Chicago-based startup, is playing a significant role in road safety by reducing accidents between drivers and emergency vehicles in Michigan. The company's Safety Cloud software allows first responder agencies to send alerts to drivers about accidents, construction, or other incidents impacting traffic on their route. These alerts appear as warning triangles or collision illustrations in certain GPS navigation systems. HAAS Alert has partnered with various navigation app providers, including Waze and Apple Maps, and has integrated its software into Stellantis vehicles. The company has also established partnerships with emergency vehicle manufacturers and offers a subscription-based broadcasting service to first responder agencies. HAAS Alert's Detroit office in Newlab at Michigan Central has facilitated connections with automotive manufacturers and local customers. The company has over 3,500 customers worldwide, with 50 in Michigan alone. [Extracted from the article]

LanzaJet, a startup focused on creating environmentally friendly jet fuel, has received a $20 million investment from Groupe ADP, a French airport operator. This follows a $30 million investment from Southwest Airlines. LanzaJet is currently raising about $100 million to produce sustainable aviation fuel on a large scale. The company, which spun out of LanzaTech, uses ethanol derived from plants to create a synthetic form of jet fuel that is blended with traditional kerosene-based fuel. The aviation industry is still in the early stages of adopting sustainable aviation fuel, with production expected to increase but still far from meeting pollution reduction goals. [Extracted from the article]

Kelly Sexton, the associate vice president for research and innovation partnerships at the University of Michigan, has been recognized for her work in launching the Accelerate Blue Fund, which invests in UM-licensed startups. The Michigan Economic Development Corp. and the Michigan Strategic Fund awarded UM Innovation Partnerships $5 million to establish the Michigan University Innovation Capital Fund and the Michigan University Innovation Capital Consortium. Sexton is co-chairing the consortium, which aims to support the success of portfolio companies and coordinate investment activities with other university-based venture funds. The goal is to invest in over 15 university startup companies in the next 24 months and attract additional funding for these companies. Michigan universities collaborate on research commercialization through programs like MTRAC and the Tech Transfer Talent Network. Outside of work, Sexton is passionate about supporting her three sons in their sporting endeavors and exploring Northern Michigan with her family. [Extracted from the article]

MetroHealth, in partnership with the Medical University of South Carolina health system, has launched Ovatient, a virtual-centric health company that aims to expand virtual care services in Ohio. Ovatient offers virtual urgent care, same-day primary care, scheduled primary care, and same-day prescription delivery services. The company's goal is to treat 12,000 patients in the Greater Cleveland region within its first year. Ovatient differentiates itself by operating as an extension of partner health systems, providing coordinated care and leveraging existing contracts. The company plans to add behavioral health services and expand its reach to other health systems in the future. [Extracted from the article]

Airspace Link, a Detroit-based startup, is developing a digital infrastructure called the Detroit Advanced Aerial Innovation Region (AAIR) to enable businesses to fly drones over Detroit. The company aims to create a "Google Maps for drones" that will provide information on flight restrictions, temporary flight restrictions, and other regulations. Airspace Link is working in partnership with the state of Michigan, the Michigan Department of Transportation, and other organizations to ensure safety and analyze factors such as aircraft traffic and restricted properties. The goal is to eventually enable drone operations beyond visual line of sight and partner with local businesses for drone delivery services. Michigan is positioning itself as a leader in aerial mobility and drone innovation, with various programs and initiatives in place to support the industry. [Extracted from the article]

Startups in the hydrogen, battery, and clean energy sectors are struggling to secure funding beyond government support to establish manufacturing facilities. Several high-profile projects in Michigan, such as those proposed by Nel Hydrogen, LuxWall, and CustomCells, face challenges in obtaining financing and determining the distribution of risk. The uncertainty surrounding demand for these products has made investors more cautious about investing in unproven technologies. Additionally, the automotive industry's retrenchment on electric vehicles has set back the timeline for hydrogen to go mainstream. The lack of credit and clear outlook on demand are major obstacles to scaling up manufacturing. [Extracted from the article]

Bloom, a startup based in Detroit, is a business-to-business platform that partners with electric mobility companies to provide services such as manufacturing, assembly, warehousing, and after-sales servicing. The company chose Detroit due to its history in mobility and its status as a manufacturing hub for electric bikes and other electric vehicles. Bloom has received support from the Detroit investor ecosystem and plans to double its workforce in the next year and a half. The startup has already partnered with over 30 mobility companies, including European brands establishing their North American headquarters. [Extracted from the article]

Mayor Brandon Johnson of Chicago has faced a mixed record in his first year in office. He has had some successes, such as winning City Council approval for a $1.2 billion bond issue and patching up a dispute over a terminal modernization project at O'Hare International Airport. However, he has also faced challenges, including being unable to kill a controversial program called ShotSpotter and facing criticism for his plan to keep the Bears in Chicago with taxpayer subsidies. While some allies are pleased with his performance, there is a sense that his administration has been slow to staff up and too reliant on a small group of advisers. Despite some progress, Johnson's approval ratings are low, and he will need to address these challenges in his second year in office to succeed. [Extracted from the article]

Apjohn Group LLC, a Kalamazoo-based investment firm, has led a seed funding round of $1.25 million in Iaso Therapeutics Inc., a vaccine-tech startup. The funding round included investments from Michigan State University funds, the Biosciences Research and Commercialization Center at Western Michigan University, and Apjohn. Iaso was founded in 2018 and focuses on developing next-generation vaccines using a mutant-bacteriophage vaccine platform. The company has been granted patents on its core technology and plans to raise a series A funding round of $10 million later this year. [Extracted from the article]

Investment in Chicago startups increased in the first quarter of the year, with $805 million raised in 69 deals. This is compared to $462 million raised in 85 deals in the fourth quarter of 2023. However, nationally, the amount raised decreased by 9% to $36.6 billion, with the number of deals down by 17%. Both funders and founders are still recovering from the effects of the pandemic, which led to a boom in investments and valuations in 2021 and 2022. Funding levels in Chicago are similar to those seen between 2018 and 2020, with 69 deals in the first quarter falling below the average of 85 deals. The second quarter will be closely watched to see if the trend continues. [Extracted from the article]

Lifeway Foods, a company known for its fermented milk product kefir, has filed a federal lawsuit against the widow and son of its founder, accusing them of stealing trade secrets and falsely associating their new company, Pure Culture Organics, with Lifeway. The lawsuit claims that Edward Smolyansky and his mother, Ludmila, used their knowledge from Lifeway to launch a competitor and marketed their firm as if it were connected to Lifeway. The Smolyanskys have been in a legal battle with Lifeway over the direction of the company, with the family seeking to oust CEO Julie Smolyansky and put the company up for sale. Lifeway's stock has been performing well, and the company reported record sales in 2024. [Extracted from the article]

"Post-Covid we have more talent than ever", said Jonathan Lehr, partner at Work-Bench, which invests in enterprise tech firms. The company leases 5,000 square feet in Flatiron for the group, which includes members of every company team - core administrative, go-to-market, legal, compliance and product engineering. Frankle is the chief scientist at San Francisco-based MosaicML, the 62-person company that had sold for $1.3 billion to data storage firm Databricks just weeks before. [Extracted from the article]

A no-frills dental practice is quickly becoming one of New York's hottest startups: Wally Health offers unlimited cleanings, exams and whitening for $199 a year - no insurance required Eric Theis, an investor with venture firm Bling Capital, which led Wally's recent $3.2 million seed round, says its business model corrects what he sees as a longstanding incentive misalignment between dentists and patients. The upstart: Wally Health In 2018, serial startup entrepreneur Tyler Burnett's new dentist told him he had eight cavities and wanted to drill on the spot. [Extracted from the article]

JumpStart Inc., a nonprofit organization based in Cleveland, has launched a new accelerator program called the Trailblazer HealthTech Accelerator. The program aims to support the growth of the region's medical technology and software companies by providing resources and funding to startups in the seed or pre-seed stages of development. Each accelerator cohort will last three months, with the goal of helping participating startups develop solid business plans and attract venture capital. The program will offer one-on-one advising, access to subject-matter experts, and up to $125,000 in non-dilutive funding for eligible critical services. The first cohort is set to begin in April, and JumpStart plans to run the accelerator twice a year. The focus on health-tech is due to the region's historical support for companies in this sector and its access to healthcare experts. The program was piloted in 2023 and received positive feedback from participants. JumpStart received a $2 million grant from the U.S. Economic Development Administration, along with a $2 million match from agency partners, to support the program. The organization is committed to running the accelerator for at least three years and aims to make it a recurring and sustainable program. Eligible participants must be based in Ohio or actively moving there. The program has already attracted interest from out-of-market startups. The Greater Cleveland Partnership and local leaders have expressed support for the program, highlighting the need for resources to support emerging entrepreneurs in the region. JumpStart emphasizes the importance of participation and feedback [Extracted from the article]

Mudita? Venture Partners, a venture capital fund based in Detroit, has successfully raised $40 million in funding and made 15 new investments in 2023. The fund focuses on early stage software companies and has expanded its team to include members in Detroit, Ann Arbor, Chicago, San Francisco, St. Louis, and Seattle. Going forward, Mudita? will allocate 80% of its capital to external business-to-business companies and 20% to its venture studio model, Mudita? Studios. The fund aims to launch up to 10 new ventures per year. Mudita? only invests in companies that it believes will have a positive impact on the world and humanity. [Extracted from the article]

Battery startup Our Next Energy Inc. has announced another round of layoffs, cutting 37 jobs, with 24 of them in Michigan. The majority of the layoffs were in administrative roles as the company focuses on developing products to improve the range of electric vehicles and energy storage systems. The company plans to consolidate engineering work in Michigan, closing offices in Boston and California. These cuts come after a previous round of layoffs and a leadership shakeup. The company had secured funding to sustain operations through the end of 2024. [Extracted from the article]

Architect Financial Technologies, a Chicago-based startup led by former FTX US president Brett Harrison, has raised $12 million in its second round of fundraising. The funds will be used to launch a derivatives brokerage for retail and institutional investors, open a Chicago office, and double the company's headcount. The strong investor interest in Architect is attributed to the rising demand for retail and institutional derivatives trading and the growth of tokenized asset markets. The fundraising round was co-led by BlockTower Capital and Tioga Capital, bringing the company's total capital raised to $17 million. Architect also plans to expand its offerings into the European and Asia-Pacific regions. [Extracted from the article]

RoboTire Inc., a startup backed by Discount Tire, has filed for Chapter 7 bankruptcy. The company, which aimed to automate the process of changing car tires, listed $12.3 million in assets, including valuable intellectual property. Discount Tire is the startup's largest unsecured creditor, with a $3.3 million claim. RoboTire had received a $7.5 million Series A financing round in 2021 and had installations in Arizona, Pennsylvania, Texas, and Detroit. The bankruptcy case includes around 70 unsecured creditors, including several Michigan-based companies. [Extracted from the article]

Accompany Health, a national in-home health care startup, was founded by Dr. Rahul Rajkumar in 2022 to provide better care for low-income Americans with complex medical needs. The company recently launched publicly with a $56 million Series A funding round and offers primary, behavioral, and social care through at-home providers and virtual platforms. Accompany is currently working with a health plan customer in Detroit, serving 8,000 members, and is reimbursed based on patient outcomes through a value-based care arrangement. The company aims to expand to additional markets in the future. Accompany provides a team of healthcare professionals, including community health workers, clinicians, physicians, psychiatrists, social workers, and pharmacists, who either act as primary care providers or support existing medical relationships. The initial visit is conducted at the patient's home, and subsequent treatments can be done virtually or in person. [Extracted from the article]

Renaissance Venture Capital is accepting applications for its third Spring DEI UnDemo Day, a virtual event taking place on April 17. The event aims to support underrepresented communities, including women, people of color, and LGBTQ+ individuals, by connecting them with venture capital investors. Startups led by these communities can apply by submitting basic information about their company, such as sector, revenue, fundraising goals, and a pitch deck. The goal of UnDemo Day is to increase venture funding for historically underrepresented communities, as Michigan founders currently receive less than 2% of venture funding in the US. [Extracted from the article]

Flow Medical, a medical device startup that originated from the University of Chicago, has raised $2 million in funding. The company is developing a catheter to treat acute pulmonary embolism, a condition that can block blood flow to the lungs. Flow Medical's device is seen as a breakthrough in the treatment of pulmonary embolism, and the funding will be used for research and development, clinical trials, and FDA approvals. The startup has already raised over $3.5 million and will likely seek additional funding in the future. [Extracted from the article]

At least 25 investors in Illinois are facing the repayment of nearly $1 million in tax credits due to a provision in a program that incentivizes investment in startups. The provision requires that 51% of a company's jobs and 75% of new positions created within three years of investment be located in Illinois. However, the surge in remote work resulting from the COVID-19 pandemic has caused some companies to no longer meet these requirements. This situation highlights the unintended consequences of legislation and the ongoing impact of the pandemic on business practices. Investors are calling for changes to the program's rules to reflect the post-COVID world. [Extracted from the article]

The upstart: BHR After launching their first real estate startup, homebuying platform Torii, Zach Gorman and James Rogers ran into the same problem over and over: it was insanely difficult to obtain comprehensive property data. After some trial and error, they discovered the greatest demand came from fellow prop tech companies, real estate brokerages and MLS associations that could use BHR data to enrich their own offerings. This Brooklyn startup has a solution: BHR's platform combines dozens of sources to generate automated reports for brokers and homebuyers. [Extracted from the article]

The upstart: Horatio Growing up in the Dominican Republic, Jose Herrera worked in a call center for a big money order company. Among Horatio's clients is Pair Eyewear, a Flatiron District-based startup that creates customizable prescription glasses. [Extracted from the article]

The upstart: Itselectric Like many New Yorkers, Nathan King and Tiya Gordon considered buying a car to provide safe transportation for their child during the pandemic. King and Gordon's startup, Itselectric, aims to provide those chargers by employing a unique revenue share model that partners with property owners. [Extracted from the article]

"Most of that is actually concentrated between Soho and Flatiron, a walkable stretch of 1.5 miles", tweeted Shai Goldman, a New York employee for San Francisco-based financial management software firm Brex; Goldman helps build founder communities in New York. The startups that raised seed or series A in San Francisco raised $4.3 billion in total in the year in question, while the 543 Manhattan startups raised only $3.6 billion, Carta found. [Extracted from the article]

Of the 10 companies with the most crypto-related job postings in the New York metropolitan area, just two are expressly crypto companies, including Boston-based Circle, which manages the stablecoin USD Coin. In September 2022 Andrew Yakovlov had finished a prototype for Solydaria, a coupon and direct-advertising app built on the blockchain. [Extracted from the article]

Penchansky and his wife instead opted for Den's 1,600-square-foot, four-bedroom, Barnhouse design, one of the company's most popular options. The upstart: Den Outdoors Mike Romanowicz never imagined he would get into the home construction business. [Extracted from the article]

Nestment co-founder and CEO Niles Lichtenstein says that integrating Muse's tech will enable the platform to calculate the tax implications or savings for each individual in each co-buying group. The upstart: Muse Tax There are many digital services that can calculate how much you'll owe the IRS on April 15. [Extracted from the article]

So far The Rounds serves more than 10,000 customers and has raised over $41 million from venture capital firms including Redpoint Ventures, First Round Capital and Andreesesen Horowitz. Dumbo, Brooklyn startup The Rounds has a technology solution for a very quotidian problem: running out of toilet paper. [Extracted from the article]

Now Knaq provides elevator, escalator and moving-walkway monitoring services to a dozen clients operating more than 1,000 people movers, largely in the New York area. The upstart: Knaq When Brian Carey launched Lower Manhattan startup Knaq in 2017, the engineer and Stanford research fellow planned to develop monitoring devices for industrial equipment including wastewater pumps and compressors. [Extracted from the article]

Seed round for paper-free receipts company Paper receipts are passé, argues E.pop, a newly financed company with headquarters in New York and offices in London and the Middle East. These four early-stage tech startups in the city are still raising venture capital - here's why Venture capital dollars have been slower to fund startup companies during the past several quarters, especially in later rounds and at expensive valuations. [Extracted from the article]

And health-tech firm Progyny is opening another floor in its Midtown South office, indicating that growth and an accompanying appetite for office space have not totally vanished in the city. A reasonable proposition In other words, the future of office space for tech firms is starting to look a lot like the future of office space for pretty much any type of company. [Extracted from the article]

The upstart: GigFinesse The nation's independent clubs set the trends when it comes to live music. GigFinesse, his 30-person startup based in SoHo, takes care of scheduling, sets ticket prices and pays performers directly - an act might pocket 100% of the revenue, for example, after hitting a certain sales minimum, such as 30 tickets. [Extracted from the article]

The upstart: Trot Like many New Yorkers in real estate, David Menaged had plenty of free time on his hands in the early days of the pandemic. While Menaged thinks the platform will go viral one day, the company is pitching building owners one by one through Zoom presentations and in-person demos. [Extracted from the article]