Author: LauraLorek@gmail.com (Page 3 of 348)

Colossal Biosciences, the world’s first de-extinction company, has funded The Colossal Foundation with $50 million to apply advanced technologies to wildlife conservation and ecosystem restoration.

“This is new capital that we are bringing to conservation efforts,” said Ben Lamm, CEO and co-founder of Colossal Biosciences.

The foundation will focus on rapidly delivering Colossal’s innovative solutions to conservation efforts around the globe, working closely with local communities and partners to protect species facing extinction.

“We started The Colossal Foundation to ensure that we are delivering our technology solutions into the hands of those who can benefit the most,” Lamm said. “The foundation expands our capacity to quickly bring new technologies into the world, driving innovation in conservation while providing much-needed funding to modernize conservation efforts.”

The Colossal Foundation’s flagship conservation projects align with a ten-year strategic plan. They will focus on species where Colossal’s technologies—such as genetic rescue, biobanking, and the creation of reference genomes—can have the most significant impact. By leveraging advances in artificial intelligence (AI), machine learning, and computational biology, the foundation aims to enhance understanding of species behavior and ecosystems, proactively allowing conservationists to prevent extinction.

The Foundation is launching with three core programs:

1. Saving Today’s At-Risk Species: Partnering with conservation groups, the foundation will apply Colossal’s genetic rescue technologies to save species on the brink of extinction, including the Vaquita, Northern White Rhino, Sumatran Rhino, and Red Wolf. The long-term goal is to develop a toolkit that simplifies genetic rescue processes for conservationists.
2. R&D for Conservation: Colossal will fund and deploy AI, machine learning, and data-driven technologies to understand animal behavior and ecosystems. Current projects include using drones to detect anomalies in elephant habitats and an AI-powered orphaned elephant monitoring system.
3. Ensuring Tomorrow’s Biodiversity: The Colossal BioVault initiative will establish a global biobank to preserve tissue samples from endangered species. The biobank will act as an “insurance policy” for biodiversity, safeguarding genetic diversity in the event of extinction.

The foundation’s work will begin with crucial species-focused projects. These include efforts to stabilize the critically endangered Vaquita, with only 10 to 13 left in the Gulf of California, and support for Indonesia’s Sumatran rhino conservation program through advanced reproductive technologies.

Matt James, Executive Director of the Colossal Foundation, emphasized the urgent need for innovative conservation tools. “There is no more time to wait to protect the species we have on Earth today if we want to make sure they are still here in 10, 50, and 500 years,” he said.

The Colossal Foundation is set to empower conservation efforts globally, bringing cutting-edge science into the hands of those working to preserve our planet’s most vulnerable species.

Colossal Biosciences, founded in 2021, has raised $235.5 million to de-extinct species. Lamm founded the company with George Church, a Harvard geneticist and pioneer in personal genomics and synthetic biology. Colossal also spun out Form Bio, a software platform, which raised $30 million. The company is based in Dallas but has offices in Austin, Boston, Santa Cruz, California, and Melbourne, Australia.

Colossal Biosciences is pioneering species de-extinction using CRISPR technology to restore endangered ecosystems. The company aims to use these technologies to protect critically endangered species. It is working to bring the Woolly Mammoth, Thylacine, and Dodo birds back to their natural habitats.

PepsiCo, Inc., announced on Tuesday a $1.2 billion acquisition deal with Austin-based Garza Food Ventures LLC, also known as Siete Foods.

The acquisition is expected to significantly enhance PepsiCo’s portfolio by integrating Siete’s authentic Mexican-American brand while expanding its presence in the better-for-you food market. This strategic move aligns with PepsiCo’s efforts to diversify its offerings with products that meet the growing demand for healthier, more inclusive food options.

Founded in 2014, Siete Foods is renowned for its heritage-inspired tortillas, salsas, seasonings, cookies, and snacks, which have become a staple in U.S. grocery stores, club outlets, and organic retailers. With its roots in Austin, Siete Foods started as a family business focused on creating delicious food that pays homage to Mexican-American culinary traditions.

Siete makes grain-free chips, salsas, grain-free tortillas, cookies, seasonings, and more.

According to Pitchbook, Siete, founded by Miguel Garza, Veronica Garza, and Aida Garza, has raised $91 million to date. It has also gone through the SKU accelerator as part of its portfolio of consumer products goods companies. The company has 132 employees.

 “The Garza family has built a very special brand,” PepsiCo Chairman and CEO Ramon Laguarta said in a news release. “Their passion for making and sharing food shines through in every Siete product, and that’s a passion we share at PepsiCo.” He emphasized the importance of authenticity in the Siete brand and PepsiCo’s commitment to expanding its multicultural portfolio with products that resonate with diverse consumers.

Miguel Garza, CEO and Co-Founder of Siete Foods, echoed this sentiment, noting that this partnership with PepsiCo marks a new chapter for the company. “We hope this next chapter for Siete serves as inspiration for other Latino businesses, showing that it’s possible to build a thriving brand that honors our heritage and celebrates our culture,” Garza said.

The acquisition, expected to close in the first half of 2025, pending regulatory approval, underscores PepsiCo’s ongoing commitment to sustainability and inclusivity. The company’s broader vision, guided by the PepsiCo Positive (pep+) strategy, focuses on sustainability and human capital, aiming to inspire positive change while promoting growth within planetary boundaries.

PepsiCo has enlisted Centerview Partners LLC and Citi as financial advisors for the transaction, while Gibson Dunn & Crutcher LLP provides legal counsel. Siete is being advised by Lazard on the financial side, with Weil, Gotshal & Manges LLP, and Armbrust & Brown, PLLC acting as legal advisors.

This acquisition positions PepsiCo to further diversify its offerings and cater to an ever-evolving consumer base seeking authentic and health-conscious food options. It will also help preserve the cultural legacy behind Siete’s unique products.

Siete Family Foods: The Garza Family

The Garza family gets it all the time: “What is it like to work with your family?” Around here, family isn’t just relatives. It’s everyone who walks in and out of our workplace, or rather, our Siete home.

mbue, an AI-first vertical SaaS company focused on automating the architectural review process, announced the closure of a $1.8 million pre-seed funding round.

This strategic investment will accelerate mbue’s mission to reduce costly architectural errors through advanced AI, setting the stage for a more efficient and error-free construction industry.

Founded to build a better world by minimizing architectural mistakes, mbue has developed an innovative web-based platform that uses AI to review architectural drawings instantly. The platform currently focuses on change control, with plans to expand into cross-coordination functionality and code compliance in the future. By offering architects and builders a tool that reduces time, cost, and liability exposure, mbue aims to eliminate inefficiencies that plague the construction process.

“mbue was born from a frustration I personally experienced as an architect,” Jean-Pierre Trou, CEO and Founder of mbue said in a news release. “I’ve spent countless hours manually reviewing thousands of drawings. It’s astonishing that in 2024, we’re still relying on PDF tools to manually redline drawings, leading to over $100 billion in wasted costs annually due to errors, changes, and omissions. mbue’s technology will change that by identifying and correcting costly mistakes through AI, with a future goal of generating flawless, data-driven designs.”

The oversubscribed $1.8 million pre-seed round saw participation from notable investors, including Techstars, Geek Ventures, 2045 Ventures, Spatial Capital, Factorial Capital, Everywhere Ventures, and The MBA Fund. This funding will support mbue’s platform development, team expansion, and enhanced customer support, positioning the company to lead the market in AI-driven architectural review.

The company is dedicated to empowering architects and builders to focus on high-impact work by automating the quality control process with user-friendly, AI-powered tools.

Knit, an AI-driven platform designed to streamline consumer research, has raised $9 million in its latest funding round.

Led by Revolution’s Rise of the Rest Seed Fund, the round saw participation from new investors, including Osage Venture Partners, GFT Ventures, Visible Ventures, and Massive Ventures, along with existing investors Silicon Road Ventures, Felton Group, and Alumni Ventures. The company has partnered with major brands such as T-Mobile, NASCAR, the WNBA, Mars Wrigley, Overtime, and JBL.

Knit’s platform enables insights professionals and researchers to conduct comprehensive consumer research in a fraction of the required time. The platform combines quantitative and qualitative data within the same survey, allowing for agency-quality insights at DIY costs. Over the past year, Knit has experienced rapid growth, onboarding more than 30 enterprise brands and increasing its annual recurring revenue fivefold.

The new funding has fueled the launch of Knit’s latest offering, Report-Ready Insights, which leverages Researcher-Driven AI to streamline the most time-consuming aspects of research. “At Knit, our goal has always been to make researchers’ jobs easier,” Aneesh Dhawan, Co-Founder and CEO of Knit, said in a news release. “Report-Ready Insights allows our customers to go from business questions to stakeholder-ready reports in days, without compromising speed, cost, or quality.”

Knit’s AI platform optimizes research by working alongside human researchers, making the process faster and more customizable. “Unlike off-the-shelf AI tools that deliver generic outputs, Knit starts with the researcher,” Raahish Kalaria, Co-Founder and CTO of Knit, said in a news release. “Our AI enhances the expertise of researchers rather than replacing it.”

David Hall, Managing Partner of Revolution’s Rise of the Rest Seed Fund, expressed enthusiasm about Knit’s innovative approach. “Knit’s rapid adoption by leading brands speaks to the value they provide in the consumer insights,” Hall said.

Knit continues to make waves in the industry. It recently presented with Mars Wrigley at the Corporate Research Conference in New York and is planning to present with T-Mobile at The Market Research Event in October 2024.

Founded in 2021, Knit is an AI-native platform that automates the consumer research process for enterprises. The company aims to democratize access to high-quality, agency-level research, enabling brands to make smarter, data-driven decisions.

GreenLite, a construction technology company focused on making permitting faster and more predictable for builders, developers, and municipalities, announced it has raised $28.5 million in a Series A funding round.

The investment, led by Craft Ventures with participation from 53 Stations, Trust Ventures, and LiveOak Ventures, comes less than a year after GreenLite’s launch from stealth. The funding will enhance GreenLite’s technology platform, expand its Private Plan Review service, and enter new markets, furthering its work with local government agencies.

Traditional construction permitting processes have long been plagued by complexity and unpredictability, creating roadblocks for developers and municipalities alike. The COVID-19 pandemic worsened these inefficiencies, as local governments prioritized other matters, delaying permit applications and contributing to economic slowdowns that cost billions annually.

“Across the U.S., there are 20,000 jurisdictions with 500,000 different forms and processes for building permits, but 95% of the applicable building code is the same,” James Gallagher, Co-Founder and CEO of GreenLite, said in a news release. “As a Private Provider, we consolidate these differences and allow developers to work with one privatized regulatory agency—GreenLite. This streamlines development timelines, saves millions of dollars, and supports local governments in ways that traditional permitting software cannot.”

GreenLite’s technology and Private Plan Review service automate the permitting process across jurisdictions, reducing the time and labor required by 75%. As the first software-driven Private Provider in the industry, GreenLite’s platform integrates construction plans, zoning data, local building codes, and expert compliance reviews into a single system, helping developers and governments streamline and modernize the construction permitting process.

“The most driven founders are those who’ve lived through the problem they’re solving,” Bryan Rosenblatt, Partner at Craft Ventures, said in a news release.

British Airways has announced an expansion of its service from Austin-Bergstrom International Airport (AUS) to London Heathrow (LHR). Starting March 31, 2025, the airline will offer twice-daily nonstop flights between Austin and London, six days a week.

The new flights will be serviced by Boeing 787-10 aircraft, British Airways’ most fuel-efficient model. The schedule includes:

• New Service (Monday-Saturday):
  • Austin to London: Departs 10:15 p.m., arrives 1:40 p.m. +1 day.
  • London to Austin: Departs 4:05 p.m., arrives 8:20 p.m.
• Existing Service (Monday-Sunday):
  • Austin to London: Departs 6:05 p.m., arrives 9:35 a.m. +1 day.
  • London to Austin: Departs 11:50 a.m., arrives 4:00 p.m.

Austin Mayor Kirk Watson noted that this expansion enhances the city’s global presence and strengthens economic opportunities in business and tourism. Airport CEO Ghizlane Badawi highlighted the flexibility the new schedule offers passengers, while British Airways’ Neil Chernoff celebrated the ten-year milestone of the Austin-London route.

Austin, known for its vibrant music scene and innovative tech landscape, has earned another accolade: the 10th-best city in the U.S. for hybrid working. Balancing remote work with in-office days has become a priority for the modern workforce, and Austin has proven itself to be a top contender in this new era of flexibility.

In a world where hybrid working is on the rise, a staggering 42% of office workers are willing to take a 10% pay cut to enjoy the flexibility of remote work. Only 16% would even consider a new role that offers no remote days, highlighting the importance of work-life balance in today’s job market. With more than one in five Americans predicted to work remotely by 2025, cities offering the right amenities and opportunities are becoming increasingly desirable.

According to a recent USA TODAY Blueprint analysis examining factors like internet access, commute times, cost of living, and average wages, Austin stood out among the best cities for hybrid working. The city ranked in the top 15 for four of the ten factors analyzed, securing its place as a top choice for those who crave the flexibility of hybrid work.

One of Austin’s key strengths is its lightning-fast internet, with an average download speed of 426Mbps, making it the 6th fastest in the nation. This ensures remote workers can seamlessly connect to virtual meetings and collaborate with colleagues without a hitch. Additionally, Austin boasts the 9th highest number of free WiFi hotspots, allowing employees to work from cafes and parks or while exploring the city’s diverse neighborhoods.

For those days when in-office work is required, Austin’s 13th-lowest commute time—just under 23 minutes—adds to the city’s appeal. The short commute allows workers to maximize their time and maintain a healthy work-life balance, whether heading into the office or returning to the comfort of their homes.

Moreover, Austin’s strong economy is reflected in its median household income of $89,415, the seventh best among the cities analyzed. This high-income level, combined with the city’s other strengths, makes Austin an ideal destination for those seeking a fulfilling hybrid working experience.

As the demand for hybrid work continues to grow, Austin’s combination of fast internet, abundant free WiFi, short commutes, and competitive wages positions it as a leader in the future of work. For those who call Austin home or for those considering a move, the city offers the perfect blend of flexibility, productivity, and quality of life.

Aalo has announced the successful completion of a $27 million Series A funding round in a significant development for Austin’s burgeoning tech scene. The investment will accelerate the company’s vision of a future where humanity’s growth is untethered from its impact on Earth, focusing on the mass production of small nuclear reactors in gigafactories.

Pioneering Clean Energy with Small Nuclear Reactors

The company aims to make clean energy accessible anywhere, anytime, by developing small nuclear reactors. These reactors, designed to be produced at scale in gigafactories, promise predictable low costs and shortened construction times—key factors in making clean energy a viable and sustainable option for diverse applications worldwide.

Rapid Growth and Significant Milestones

This Series A funding comes just over a year after the company raised $6.26 million in a seed round, underscoring the rapid pace at which it advances its technology and scaling operations. In the past nine months alone, the company has:

• Expanded its team from 2 to 15, including key hires from the Department of Energy’s (DOE) MARVEL program, executives from major utilities, and leaders from other large energy companies.
• Completed the conceptual design of the Aalo-1, their first commercial reactor.
• Signed a siting Memorandum of Understanding (MOU) with the DOE to deploy an experimental Aalo reactor, the Aalo-X, at the Idaho National Laboratory (INL) site in Idaho.
• Submitted a Regulatory Engagement Plan (REP) to the U.S. Nuclear Regulatory Commission (NRC), with agreement from a potential major customer, to develop a fleet of Aalo-1 reactors.

Looking Ahead: Scaling and Innovation

With the new funding, the company plans to accelerate its progress further. The Series A funds will be used to:

• Expand the team to 30 by bringing in leadership talent across various domains, including manufacturing, sales, engineering, finance, and product development.
• The company will open a new Factory HQ in Austin, where it will demonstrate the mass manufacturing of the Aalo-1 reactor.
• Collaborate with the NRC to continue de-risking the licensing process for the Aalo-1.
• Develop a non-nuclear prototype, the Aalo-0, to showcase the technology’s economics and manufacturability.
• Establish a commercial pathway for Aalo Fuel (LEU+ UZrH).

Investor Support and the Path Forward

The company’s ambitious plans are supported by a diverse group of investors, including 50Y, Valor Equity Partners, Harpoon Ventures, Crosscut, SNR, Alumni Ventures, Preston Werner, Earth Venture, Garage Capital, Wayfinder, Jeff Dean, and Nucleation Capital. These investors bring a wide array of expertise and support, driven by the technology’s potential applications—from deep tech and clean baseload energy for data centers to military applications and reliable energy solutions for developing countries.

A New Chapter in Clean Energy

The company’s founders expressed their excitement and gratitude for the backing they’ve received, marking this milestone as the beginning of the next chapter in their journey to usher in a cleaner, more abundant future. As they continue to push the boundaries of what’s possible in clean energy, all eyes will be on Austin as this innovative start-up leads the charge into the Second Atomic Age.

The first half of 2024 has witnessed a remarkable surge in data center development across the United States, with Austin and San Antonio seeing explosive growth.

In a new CBRE report, Austin and San Antonio are considered secondary data center markets. Their combined under-construction activity has quadrupled from a year ago to 463.5 MW.

Hyperscalers and AI providers remain key drivers of growth in the data center market, with developers increasingly focusing on the suburbs of Austin for new development due to land availability. This trend has led to a significant increase in under-construction activity in the Austin metropolitan area, which saw its capacity jump from 88 MW in H2 2023 to 463.5 MW in H1 2024.

Growth primarily occurs north and south of the Austin metropolitan area as developers seek to capitalize on the region’s strategic location and favorable business environment.

The CBRE report highlights the unprecedented growth, tightening vacancy rates, and evolving market dynamics shaping the industry.

As the data center market continues to expand at an unprecedented pace, the challenges of power availability and infrastructure lead times will be critical factors to watch. However, with no signs of slowing demand, the industry is poised for continued growth, driven by the ongoing digital transformation and the increasing adoption of cloud and AI technologies.

Surge in Supply and Record-Low Vacancy Rates

Supply in primary markets, including top data center hubs like Northern Virginia, Dallas, and Chicago, increased by 10%, or 515 megawatts (MW), in H1 2024, with a year-over-year increase of 24%, or 1,100.5 MW. Despite this increase in supply, demand has been so robust that the overall vacancy rate for primary markets fell to a record-low 2.8%, down from 3.3% a year earlier. Similarly, secondary markets saw their vacancy rates plummet from 12.7% to 9.7% over the same period.

This tightening of vacancy rates reflects the intense competition for data center space as businesses, especially those in the cloud and AI sectors, continue to expand their digital infrastructure to meet growing demands.

Under-Construction Activity Hits Record Highs

The report also notes a staggering 69% year-over-year increase in under-construction activity in primary markets, reaching a record-high 3,871.8 MW. However, the rapid pace of construction has been met with challenges, primarily due to a shortage of available power and longer lead times for electrical infrastructure. These factors have delayed construction completions, creating a backlog in meeting the burgeoning demand.

Preleasing Dominates the Market

Demand for new data center capacity remains robust, with nearly 80% or 3,056.4 MW of the 3,871.8 MW under construction in primary markets already preleased. While cloud providers continue to be the dominant players in leasing available power capacity, artificial intelligence (AI) providers also drive considerable demand, reflecting the broader adoption of AI technologies and the associated need for vast computing power.

Pricing Trends and Site Selection

Despite the rapid increase in supply, pricing in primary markets continues to climb, albeit slower than in previous years. The average monthly asking rate for a 250- to 500-kilowatt (kW) requirement increased 7% in H1 2024 to $174.06 per kW/month. This increase reflects the ongoing shortage of available supply, particularly in markets where power availability remains the top consideration in site selection.

Colocation Market Insights

The colocation segment of the market has also seen significant activity, with the overall vacancy rate remaining at a record-low 1.8%. This low vacancy and the continued supply shortage have driven prices higher. Under-construction capacity in this segment is nearly fully preleased, highlighting the continued demand for flexible, scalable data center solutions.

DARPA has announced the selection of five leading technology accelerators across the United States as official DARPA Commercial Accelerators, a move designed to speed up the commercialization and scaling of innovative technologies funded by the agency. These accelerators will transform early-stage technologies into market-ready solutions with significant potential impact.

The selected DARPA Commercial Accelerators include:

• Capital Factory (Austin, Texas)
• CIMIT (Massachusetts General Hospital, Boston)
• FedTech (Hyperion Technologies LLC) (Arlington, Virginia)
• SRI International (Menlo Park, California)
• Wireless Research Center of North Carolina (Wake Forest, North Carolina)

These regional accelerators are strategically positioned to tap into top-tier commercial and entrepreneurial talent, connect DARPA-funded companies with private investment capital, and provide essential training and mentoring. They will also focus on techno-economic market mapping, financial analysis, deal sourcing, and early-stage company building.

DARPA’s Commercial Strategy team, which leads the agency’s efforts to prevent adversarial influence in DARPA-funded technologies, will collaborate closely with these accelerators. The goal is to ensure that the technologies remain accessible to the United States and its allies while scaling rapidly for economic and national security benefits.

The DARPA Commercial Accelerators will build on the success of the agency’s Embedded Entrepreneur Initiative (EEI) pilot program. Launched in 2022, the EEI program has helped DARPA performers raise over $1 billion in private investment capital and launch more than 21 new products, services, and capabilities. Additionally, U.S. corporations have invested $639 million in acquiring DARPA early-stage technologies.

“DARPA’s mission remains steadfast in pushing the boundaries of science and technology to prevent and create technological surprise,” said DARPA Chief of Commercial Strategy Sha-Chelle Manning. “With these regional accelerators, we can ensure more DARPA-funded teams can recruit top talent, develop robust go-to-market strategies, raise capital, and scale operations, turning groundbreaking technology into high value for national, economic, and societal impact.”

By leveraging the unique regional capabilities of universities, labs, and demonstration sites, the DARPA Commercial Accelerators will help de-risk the market inefficiencies and business risks that often hinder the rapid commercialization of emerging technologies. This initiative is expected to have far-reaching implications for the defense and commercial sectors, driving innovation and strengthening national security.