Category: Austin (Page 1 of 316)

Colossal Biosciences, a Dallas-based de-extinction company, has reached a $10.2 billion valuation, marking its status as Texas’s first “decacorn” startup. The company, co-founded by serial entrepreneur Ben Lamm and synthetic biology pioneer George Church, is working to bring extinct species back to life while developing technologies for conservation and human health.

On the Ideas to Invoices podcast, Lamm revealed that Colossal has already spun out two successful businesses, with a third announcement expected in late 2025 or early 2026. The company focuses on three flagship species: the woolly mammoth, Tasmanian tiger, and dodo.

The mammoth project, currently in its editing phase, has achieved approximately 25 gene edits in Asian elephant cell lines. Lamm says they remain on track for a late 2028 release date, though he suggests another species might be revived before then.

Colossal has marked several scientific milestones, including generating a 99.9% complete ancient genome for the Tasmanian tiger and successfully making 300 stacked edits in a single cell line. The company is also developing artificial womb technology, which could revolutionize both de-extinction and conservation efforts by eliminating the need for surrogate mothers.

“We’re not just bringing these species back exactly as they were,” Lamm explained. “We’re engineering improvements.” One example is their work to make mammoths resistant to EHP, a disease that currently kills 20% of baby elephants annually.

The company employs a three-dimensional model for species selection, weighing ecological impact, indigenous peoples’ perspectives, and conservation benefits. They actively collaborate with local communities, conservation groups, and government agencies.

Colossal is also advocating for the establishment of global “bio vaults” to preserve animal genetic diversity, similar to existing seed vaults for plants. The company has raised an additional $50 million for their foundation to support conservation technologies.

Beyond wildlife conservation, their research could have significant implications for human health, particularly in treating genetic diseases requiring multiple gene edits. Their advances in multiplex editing—the ability to edit multiple parts of the genome simultaneously—could revolutionize genetic medicine.

Unlike Lamm’s previous ventures, which were built for acquisition, he describes Colossal as a long-term, 25-plus year mission. The company maintains extensive partnerships with indigenous groups, conservationists, universities, and government agencies.

The revived species will be released in their natural habitats, with the mammoth targeted for the northernmost states of the United States and eventually Canada. Lamm emphasizes that the reintroduction process will be carefully managed, with extensive human oversight and intervention.

For more information about Colossal’s Tasmanian tiger project and their collaborative approach, visit colossal.com/tasmania.

The Ideas to Invoices podcast is listed below. Or you can download on Apple, Spotify, Amazon or whereever you get your podcasts.

Female founders of consumer packaged goods (CPG) companies sharedtheir entrepreneurial journeys during a panel discussion recently, highlighting the challenges and opportunities in building consumer brands from the ground up.

The panel, moderated by Michelle Breyer, chief marketing officer of SKU, Austin’s CPG accelerator, featured Sarah Vilenskiy of Blossom Essentials, Ruth Stedman of A Pup Above, and Delisa Harper of Funky Mello.

EisnerAmper, Unnanu, Active Capital, Lumen Insurance Technologies, and Perkins Coie sponsored the Second Annual Female Founders Outlook 2025 at Zilker Lodge, which benefits Austin Sunshine Camps.

The founders revealed diverse approaches to funding their ventures. While Funky Mello secured $200,000 through friends and family, and A Pup Above attracted angel investors, Blossom Essentials chose to remain bootstrapped despite industry pressure to seek venture capital.

“We’re actually still bootstrapping today,” Vilenskiy said. “It’s not an easy thing to do when you see so many companies growing so quickly around you, but we still own 80% of our company.”

Distribution strategies varied among the panelists. A Pup Above found early success in pet specialty retail stores, which Stedman described as more forgiving to early-stage companies. Meanwhile, Blossom Essentials built its customer base through digital marketing before expanding to retail channels.

Harper’s Funky Mello demonstrated significant evolution, transforming from a farmers market business in 2017 to a retail brand now present in 200 stores, including Whole Foods and HEB. The company initially raised $10,000 through Kickstarter to purchase their first commercial mixer.

The founders emphasized the critical role of mentorship in their growth. SKU’s accelerator program provided crucial guidance in areas including fundraising, retail strategy, and public relations.

On hiring strategy, the panelists advocated for caution with early full-time employees. “I would never recommend hiring any W2s first,” Vilenskiy said, suggesting startups begin with contractors and boutique agencies to maintain flexibility.

For those with co-founders, complementary skill sets proved essential. Harper described how she handles marketing and HR while her co-founder manages sales and operations, though she noted the importance of maintaining boundaries when working with a spouse.

The discussion highlighted the evolving nature of entrepreneurship. “The company will grow at a rapid rate,” Stedman said. “What it was a year ago, two years ago, it was not what it is today, and so you constantly have to be evolving.”

SKU, which hosted the panel, has a track record of successful alumni, including Siete Foods, a female-founded Mexican food company that sold to PepsiCo for $1 billion last year.

Women entrepreneurs continue to face significant systemic barriers in accessing capital and building businesses, despite making up 40% of business owners, according to a panel of prominent female business leaders and investors at a recent Female Founders Outlook event.

EisnerAmper, Unnanu, Active Capital, Lumen Insurance Technologies, and Perkins Coie sponsored the Second Annual Female Founders Outlook 2025 at Zilker Lodge, which benefits Austin Sunshine Camps.

Carla McDonald, founder of Dynabrand Ventures and Chair of Austin Mayor Kirk Watson’s Task Force for Women Entrepreneurs, highlighted that the percentage of venture capital funding going to women founders has remained stagnant at around 1-2% over the past decade, and in some cases, is declining.

“I also want to say that Angel investing is the brightest spot in this bleak and dismal kind of ecosystem because 40% of all Angel investors are women,” McDonald said. “I always encourage women to go seek out Angel investments I think they’ll have an easier road.”

Lauren Washington, founder and CEO of Fundr, developed a platform to change how startups get funded after witnessing systemic barriers in traditional funding models that disproportionately affect women founders.

“When it’s systemic, it’s insidious and falls into a lot of different categories,” Washington said. “Some of it is social, some is the fact that networks are really held tight, and most of the capital, particularly those first checks in, are made through who you know. It’s who you are connected to and women are often left out of some of those networks. It’s still unfortunately a bit of an old boys club some of it is around internal and unconscious bias.”

The panel, which included investors, a banking executive, and education leaders, identified several key challenges:

• Women founders typically receive half the funding amount compared to male counterparts pitching identical business plans
• Female entrepreneurs often undervalue their companies during fundraising
• Access to networks and meaningful mentorship remains limited
• Legal and political pushback against programs designed to close funding gaps

Heidi Leach, VP of startup banking at JP Morgan, emphasized that women entrepreneurs often undersell themselves. “When we price our products, we price them too low, which affects our ability to have strong profit margins,” Leach said. She also said women undervalue their startups when seeking venture capital.

However, the panel also identified opportunities in the current market. Women entrepreneurs tend to be more capital efficient, which could be advantageous in the current economic climate where venture funding has become more selective.

Mellie Price, executive director of Texas Entrepreneurship at the University of Texas, stressed the importance of educational programs focusing on financial literacy and business fundamentals. “There’s a lot of shame that people carry about not knowing that,” Price said. “But that’s what it takes to win.”

The panelists emphasized the critical role of mentorship in advancing women’s entrepreneurship, particularly highlighting the value of both traditional mentoring relationships and peer-to-peer support networks.

Carla McDonald, founder of Dynabrand Ventures, advised entrepreneurs to expect challenges. “You’re going to face three existential threats where you think it’s over,” McDonald said. “But it’s really important in that moment to have a mentor who will help you through.”

Austin is poised for transformative changes in supporting women entrepreneurs, following recommendations from a mayoral task force that has already sparked significant initiatives, task force chair Carla McDonald announced at a recent Female Founders Outlook event.

McDonald, founder of Dynabrand Ventures, revealed that the Better Business Bureau Foundation has secured approval to open Austin’s first Women’s Business Center, addressing a critical gap in resources for women business owners in the Texas capital.

“Austin ranks sixth nationally for venture capital deals and dollars, but less than 1% of those dollars reach women founders — even worse than the 2% national average,” McDonald told the audience of more than 100 attendees at the Zilker Lodge. EisnerAmper, Unnanu, Active Capital, Lumen Insurance Technologies, and Perkins Coie sponsored the Second Annual Female Founders Outlook 2025.

The task force, established by Mayor Kirk Watson in summer 2023, spent eight months surveying 370 women entrepreneurs and consulting stakeholders nationwide. Their findings highlighted significant disparities, including difficulties accessing SBA loans and venture capital, particularly for profitable women-led businesses.

Despite these challenges, women entrepreneurs own 40% of Austin’s businesses, contributing over $5 billion to the local economy and employing more than 100,000 people, according to McDonald.

The Austin Chamber of Commerce has responded to the task force’s recommendations by forming an Entrepreneurs Council to better integrate women founders into the broader business community. Additionally, a local venture capital firm is considering leading a capital pledge to increase investments in women-led startups.

“The future for Austin women entrepreneurs has never been brighter,” McDonald said. “This is a transformative moment for us as members of the community to lean in and meet the moment.”

The Women’s Business Center, expected to open within months, will provide free business training, access to capital, and federal contract certification opportunities for women entrepreneurs.

The Mayor’s Task Force for Austin Women Entrepreneurs’ full report can be found here.

Silicon Hills News announced Friday it will host its first-ever “Batty Awards,” celebrating the achievements of Austin’s entrepreneurial ecosystem, on March 5th at The Parlor Room on Rainey Street.

The irreverent awards ceremony, playing on Austin’s famous bat colony, will recognize outstanding achievements across the technology and startup community.

“Austin’s entrepreneurial spirit deserves recognition that matches the city’s unique character,” said Laura Lorek, editor of Silicon Hills News. “The Battys celebrate both business excellence and our community’s distinctive culture.”

Award categories include:

“Batman Entrepreneur of the Year” for outstanding male founder

“Batwoman Entrepreneur of the Year” for outstanding female founder

“The Dawn Patrol” for most promising early-stage startup

“The Night Flyer” for most impressive pivot or turnaround

“The Echo Locator” for excellence in market research

“The Colony Builder” for outstanding company culture

“The Great Migration” for successful business relocation to Austin

“The Moonlight Maven” for best bootstrapped company

“The Guano Guru” for Venture Capitalist of the Year

“The Guardian Bat” for Angel Investor of the Year

“The Sonar Superstar” for most innovative technology

“The Bat Signal” for best marketing campaign

“The Wingspan Wonder” for fastest-growing company

“The Night’s Watch” for best cybersecurity company

“The Neural Night Navigator” for excellence in artificial intelligence

“The Bridge Builder” for outstanding community impact

“The Bat Cave Creator” for best workplace environment

The ceremony begins at 6 p.m. with a networking reception followed by the awards presentation. The event takes place at The Parlor Room, located in Austin’s bustling Rainey Street district.

For more information about the awards or to purchase tickets, visit Eventbrite for early bird tickets. The event sells out every year, so get a ticket now when they are available.

Pankaj Kedia, a renowned Silicon Valley technology executive, gave the keynote address at the U.S. India Chamber of Commerce and Austin AI Valley talk on AI at the Austin Central Library Tuesday night.

Kedia is currently focused on shaping, accelerating, and bringing the benefits of Artificial Intelligence (AI) to society at large as an investor, advisor, and thought leader. Previously, he was an accomplished tech intrapreneur, having incubated a series of new businesses at Intel and Qualcomm.

Generative AI is expected to add between $2.6 Trillion to $4.4 Trillion by 2030 in additional value to the economy due to increased productivity across all sectors from high tech, retail and banking to media, entertainment and agriculture, according to one of Kedia’s slides, citing data from McKinsey.

Already, the “magnificient seven” as Kedia dubs them, the top AI companies in the U.S. including Nvidia, Apple, Microsoft, Google, Amazon, Meta and Tesla, have seen a $10 Trillion increase in market capitalization since the introduction of Chat GPT in November of 2022. Today, those top seven companies are now worth $17.7 Trillion. That’s what Kedia calls the “AI premium.”

And even the introduction of China’s DeepSeek in the past few weeks is not going to change the momentum of Slicon Valley AI startups and the established players, Kedia said. It shook things up, but the head of DeepSeek is Liang Wenfeng who is a hedge fund manager and co-founder of High-Flyer who made a lot of money by shorting Nvidia’s stock when DeepSeek hit the market, Kedia said.

1. AI is Moving Faster Than the Internet

• Kedia emphasized how AI’s progress is outpacing even the internet and mobile technologies. Just like the internet transformed industries, AI is set to do the same but at an even quicker pace.

2. AI is Global, with Widespread Adoption

• AI is not limited to a few countries or industries. It’s being deployed globally, from Mexico to India, and is transforming sectors like healthcare, sports, fitness, and finance. AI is truly global with more than 100 countries active in AI research and development efforts, Kedia said.

3. The Role of Private Companies in AI Development

• Some of the biggest leaps in AI are happening in the private sector, with companies achieving valuations that are magnitudes larger than those of past internet-era companies. The financial backing and innovation in the private market are fueling AI’s rapid growth.

4. Investing in AI and Startups

• Kedia shared his experiences as an investor and emphasized the importance of identifying the right opportunities early. The key to success is finding businesses that use AI to address real-world problems, even at the earliest stages of development.

5. AI’s Impact on Existing Industries

• AI is reshaping industries, and it’s critical for businesses to integrate AI technologies to remain competitive. Companies in healthcare, for example, have already started deploying AI-driven diagnostics and management tools, which is creating efficiencies and improving outcomes. For example, Kedia cites Eastman, a global specialty materials company with $10 billion in revenue, based in Kingsport, Tenn., has saved $200 million in 2023 in its manufacturing processes by using an AI platform to optimize heat transfer fluid management.

6. The Importance of Reinforcement Learning

• Pankaj touched on how reinforcement learning and optimization techniques are reshaping industries, with a particular focus on how AI models are becoming more efficient by using smaller parameters. This is leading to more sustainable and effective AI solutions.

7. AI’s Potential in Healthcare

• One of the most impactful applications of AI is in healthcare. AI is not only improving diagnostics but also revolutionizing personalized treatments, early disease detection, and patient care management.

8. Challenges with AI Adoption

• While AI’s potential is enormous, there are significant challenges around its deployment, including ethical concerns, data privacy, and ensuring that AI models are designed to avoid biases. These issues need to be addressed for AI to be deployed safely and responsibly.

Overall, Kedia thinks we are in the AI era and that it is bigger and bolder than previous tech revolutions. And AI is going to transform every sector.

A new ambitious infrastructure project aimed at advancing artificial intelligence capabilities in the United States has been announced, with major technology companies pledging $500 billion in investments over the next four years.

In a news conference on Tuesday, President Donald Trump talked about the venture, which the Associated Press reported is already underway and dates back to 2024.

Stargate Project, led by SoftBank and OpenAI, will begin immediate deployment of $100 billion to construct AI infrastructure, with its first buildout located in Abilene, Texas. The project aims to bolster American technological leadership, potentially creating hundreds of thousands of jobs and generating significant economic impact.

Masayoshi Son of SoftBank will serve as chairman of the initiative, with SoftBank managing financial aspects and OpenAI handling operational responsibilities. Initial equity funders include SoftBank, OpenAI, Oracle, and MGX.

Key technology partners in the project include Arm, Microsoft, NVIDIA, Oracle, and OpenAI. The collaboration will focus on developing and operating advanced computing systems, building on existing partnerships, including OpenAI’s long-standing relationship with NVIDIA dating back to 2016 and a newer partnership with Oracle.

The project is positioned as more than a technological investment, with leaders describing it as critical to national security and the re-industrialization of the United States. Project representatives emphasized their commitment to developing artificial intelligence for “the benefit of all humanity,” with a particular focus on advancing artificial general intelligence (AGI).

While the initial campus is established in Abilene, Texas, the project team is evaluating potential sites across the country for additional infrastructure developments. The project will continue OpenAI’s existing collaboration with Microsoft, including increased consumption of Azure cloud services.

Project leaders portrayed Stargate as a transformative step in AI development, expressing optimism about the technology’s potential to “elevate humanity” through strategic technological investment.

No specific timeline for complete infrastructure deployment was provided, though the initial $100 billion investment is set to begin immediately.

In one of his first moves as the new President of the United States, Donald Trump pardoned Ross William Ulbricht, convicted founder of the Silk Road, a marketplace for drugs and illegal goods.

Ulbricht, now 40, is an Austin Native who graduated from Westlake High School in 2002.

Ulbricht was serving two life setences plus 40 years without the possiblity of parole. He was convincted in 2015.

“I just called the mother of Ross William Ulbricht to let her know that in honor of her and the Libertarian Movement, which supported me so strongly, it was my pleasure to have just signed a full and unconditional pardon of her son, Ross,” Trump wrote in a post on Truth Social. “The scum that worked to convict him were some of the same lunatics who were involved in the modern day weaponization of government against me. He was given two life sentences, plus 40 years. Ridiculous!”

For 11 years, Ulbricht has been behind bars after the Federal Bureau of Investigations arrested him for running the Silk Road, a sprawling $1.2 billion black-market bazaar for drugs, computer hacking software, forgeries, and hit man services.

Ulbricht was convicted of founding the site, programming its features and overseeing its operations.

In 2013, the FBI arrested Ulbricht at a library in San Francisco and charged him with narcotics trafficking, computer hacking and money laundering.

Here’s a story Silicon Hills News reported when Ulbricht was arrested in October of 2013.

Former Bitly CEO Mark Josephson emphasizes that successful tech entrepreneurship requires more than just innovative ideas – it demands grit, authentic leadership, and strong communication skills, he said in a recent episode of the Ideas to Invoice podcast.

Keys to Growth

Drawing from over 30 years of experience leading venture-backed companies, Josephson stressed the importance of having both “a real big vision” and practical execution strategies. “Building a company is a constant cycle of plan, execute, measure, learn, adjust,” he said.

Leadership Support Critical

As an executive coach, Josephson highlighted common misconceptions among first-time founders, particularly the belief that they must build their companies alone. He advocates for entrepreneurs to seek mentorship and coaching early, noting that “it’s never too soon to have trusted advisors.”

AI Revolution

Discussing current trends, Josephson expressed excitement about artificial intelligence’s potential to transform businesses. “If you’re not building a business that’s leveraging and deeply incorporating AI, it’s really hard to raise money now,” he warned, while emphasizing the technology’s potential to “accelerate your roadmap five years.”

Power of Peer Networks

On scaling businesses, Josephson recommends entrepreneurs join CEO peer groups for support and shared learning. He currently facilitates such groups and maintains that the relationships built there are crucial for navigating both professional and personal challenges.

Customer Focus

Currently reading “Unreasonable Hospitality” by Will Guidara, Josephson emphasized that customer retention and exceeding expectations remain fundamental to business success, regardless of technological advances.

Listen to the entire podcast below or wherever you get your podcasts

Austin startups raised $804.5 million in venture capital in the fourth quarter of 2024,  an almost 29 percent decrease from the same quarter a year ago, according to the latest Pitchbook-National Venture Capital Association Venture Monitor Report.

The fourth quarter VC funding is also down almost 25 percent from the $1.1 billion Austin startups raised in the third quarter of 2024.Austin Startups Secure $804.5 Million in Q4 2024 VC Funding, Marking 29% Year-Over-Year Decline

The number of deals funded in the Austin Round Rock metropolitan area also dropped to 71 deals in the fourth quarter, an almost 47 percent decrease from 133 in the fourth quarter of 2023.

For all of 2024, Austin startups raised $4.5 billion, about the same amount as 2023. The number of deals funded in the Austin Round Rock metropolitan area rose to 487 in 2024, up 7 percent from 455 deals in 2023.

The top deal financed in the fourth quarter of 2024 was $175.5 million to Firefly Aerospace, based in Cedar Park, which is creating rockets for commercial launches to orbit. It was also the top deal for the fourth quarter of 2023 when it raised $300 million.

The second largest deal was Halcyon Network Management Software, which raised $115 million. The company makes software that defeats ransomware.

The third largest funding went to Ladder, the leading strength training app, which raised $105 million in Series B funding and secured an additional $90 million in growth investment from General Catalyst.

Overall, startups nationwide attracted $209 billion in venture capital across 15,260 deals. “Both figures surpass pre-pandemic and 2023 totals but are still far from zero-interest-rate policy ear highs,” according to the Pitchbook-NVCA report. “Deal activity increased at nearly all stages, with pre-seed/seed and early stage deals notching 2024 highs and late-stage deals seeing a slight bounce back after two consecutive quarters of declines.”

“After a strong quarter with the highest investment levels since mid-2022, there’s a sense of cautious optimism for VCs and entrepreneurs heading into 2025,” Bobby Franklin, President and CEO at NVCA said in a news release.

“Changes in leadership at the FTC and DOJ could ease some liquidity challenges for portfolio companies, and changes at the SEC could right-size the regulatory burdens at firms,” Franklin said. “With more VCs stepping into government roles and engaging actively on Capitol Hill, the venture industry has a unique opportunity to highlight the critical role of venture-backed companies in driving economic growth and maintaining American competitiveness. The tax bill currently making its way through Congress is especially significant, with potential to incentivize innovation, reinstate the R&D tax credit, and support the broader ecosystem.”

Top Austin VC Deals in the Fourth Quarter of 2024

Firefly Aerospace.   $175.0 million

Halcyon                  $115.0 million

Ladder                     $105 million

Parachute                 $93.8 million

Diligent Robotics      $44.3 million

Source: Pitchbook