Hey, Insider! Want to be featured in next week’s newsletter? Answer our weekly question: Debate: Is a co-founder necessary to build a successful startup? Share your response here. | |  Karan | |
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What happened: Last week, the state of Florida banned local and state government agencies from using foreign-made drones, citing their impact on national security. Nine other U.S. states are considering imposing a ban on foreign drone makers. Why it matters: The move is set to weaken Chinese drone manufacturer DJI's market share in the U.S., with competitors, including SkyDio and Brinc, set to capitalize on the opportunity. The global commercial drone market is poised to grow at 46% CAGR to reach a $504.5B market size by 2030. Relevance: Brinc, along with other drone makers, may see a further rise in their valuations and market share after the ban is implemented by all nine states. Seattle, Wash.-based drone maker Brinc, now valued at $300M, will use the opportunity to grow into emergency response services. The startup has secured $83M in venture funding to date since its founding in 2019. Blake Resnick, who leads Brinc Drones, said the firm still has over three years of cash runway to continue its growth. Where to see the impact: Other drone manufacturers that are set to benefit are Skydio, Parrot, and Altavian. Skydio was valued at $2.2B after it raised $230M in Series E funding in Feb. 2023.
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Oshi Health, a startup that focuses on digital gastrointestinal health, announced a partnership with health insurer Aetna. The startup was originally launched as a symptoms tracker app for patients with IBS. More: - Oshi raised $23M from Aetna's parent company CVS Health in 2021.
- The company plans to offer its services to Aetna members in Texas, Florida, Maine, Massachusetts, Ohio, and Pennsylvania, with expansions planned to other states.
- The partnership adds to Oshi's agreements with Quantum Health, Firefly Health, and Solera Health.
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EvenUp is set to raise an undisclosed amount from its Series B round at a $350M valuation. The firm's valuation at the current fundraising is nearly four times greater than its last valuation of $80M from 18 months ago. Bessemer Venture Partners is leading the round. More: - The firm decided to take the funding from Bessemer with participation from Bain Capital Ventures, despite getting offers valuing the company at over $400M from other interested investors.
- Other investors that were reportedly looking at leading the fundraising included Lightspeed Venture Partners, Insight Partners, Sapphire Ventures, and Bain Capital.
- EvenUp provides AI-powered software for personal injury plaintiffs and attorneys. Its software helps evaluate claims, review medical documents, produce medical summaries, and calculate damage estimates.
- EvenUp reported $8.9M in annual recurring revenue in Q1, representing a 5x YoY increase from $1.7M in the same period last year.
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SmartRyde, a Japanese airport transfer marketplace, raised a $3.4M Series A extension led by NVC No.1. The startup also released its Demand Partner API that lets online travel agencies access the transfer network. More: - The company seeks to establish a global distribution system to connect travel agencies and services, including airlines, hotels, and cars.
- SmartRyde plans to use the funds to build the product and expand its corporate teams.
- The company has a partnership with London-based super app Splyt, which provides SmartRyde's services to apps such as Southeast Asia ridesharing company Grab.
- SmartRyde serves 700 airports globally.
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Field Materials, a Palo Alto-based startup that uses AI for construction procurement, raised a $4.65M Seed round. The company caters to general contractors and specialty subs that buy large material quantities. More: - The round was led by Blumberg Capital with participation from s16vc, Zacua Ventures, and Class 5 Global.
- The company automates reminders and other processes based on digitized delivery slips and invoices.
- Field Materials was founded by former Paypal director Eldar Sadikov and Remedly founder Victor Gane.
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Muir AI, a carbon accounting startup co-founded by Harris Chalat and Peter Williams, emerged from stealth. The startup is leveraging AI and satellite technology to estimate indirect carbon emissions for businesses. Chalat, the CEO of the firm, said that the firm is "developing these models to address the core data gap that exists today." More: - Chalat adds that indirect emissions, otherwise called scope 3 emissions, often form the largest part of an organization's climate debt.
- Amazon's Scope 3 emissions represented nearly 78% of its carbon footprint in 2021.
- Chalat formerly worked at SpaceX and Relativity Space, while Williams — the CTO of Muir — previously worked at Amazon.
- The company secured $500,000 in pre-seed funding from Madrona Venture Lab and Soma Capital in Feb. 2022.
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Last week, we asked our community, "What sets your startup apart from competitors?" Here are some highlighted responses we received: - Christopher Brereton (p/ChristopherBrereton), Chief Product Officer at Sidebench, answered, "Our custom software studio, Sidebench, stands out from competitors for several reasons. First, we have a deep understanding of the healthcare and climate tech industries, which allows us to provide specialized solutions that other companies may not have the expertise to deliver. Second, we take a collaborative approach to our work, working closely with clients to ensure that our solutions meet their unique needs. Finally, we are committed to delivering high-quality work on time and within budget, making us a reliable partner for any software project."
- Manoj Ranaweera (p/ManojRanaweera), CEO at SkillledUp Life, answered, "I believe we (SkilledUp Life) are the only tech startup crazy enough to provide the world's population with free experience and help tech startups tap into unlimited talent for a small monthly fee. We are driven by a very clear vision and not getting carried away with pre-mature monetisation of our talent base, which now exceeds 28,000. For as little as £30/month, tech startups can now have a team of 100 people if they wish. Instead of adding 1 or 2 people, now you can build functional teams. Self-funded tech startups, if wished, can almost function as venture backed, without founder equity dilution. We are not building our company for investors, we are building it for customers. We have the total freedom to evolve. This is quite a luxury in the modern world."
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Quick Hits: - They’re “realigning” the $19.4B joint surgery market…with robotics. Invest in Monogram ahead of their planned Nasdaq listing.*
- Sleep apnea startup Ognomy reported a 100% QoQ growth since Q3 2022. The startup is leveraging partnerships with other firms, such as Cardiogram and ShutEye, to grow nationally.
- Former BATS Global Markets executives Jon Broek and Aaron Weissenfluh co-founded cybersecurity startup Tenfold Security.
- Cell therapy biotech startup CTRL Therapeutics raised $10M in seed funding led by General Catalyst. Intermountain Health, FACIT, and other investors backed the funding.
- Insurance data startup Axle raised $4M in seed funding led by Gradient Ventures, with participation from Y Combinator, Soma Capital, Contrary Capital, and others.
- Crypto fraud prevention solution developer Fire secured $3.5M equity funding led by Atomic.
- Put your data where your compute is — close to your users. Turso brings the SQLite database experience to the Edge. Get Started Free.*
*This is sponsored content.
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 |  | Karan Chafekar is a Management Consultant, Business enthusiast, and Licensed Pilot.
Nicolas is a Sr. Analyst at Inside, covering startups and transportation trends. He is an avid map maker and data nerd. Nicolas has worked in the shared-scooter space, as well as advised e-bike and moped start-ups.
| | | | Editor | Vibha Chapparike is a Freelance Writer & Editor at Inside.com. With her post-graduation in Management and Finance completed, Vibha is expanding her knowledge in venture capital, business, startups, and technology. She has had a career in public relations and communications. An ardent reader and writer currently residing in Singapore, you can follow Vibha on Twitter @VChapparike. | |
