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| Here’s a look at today’s Startups briefing. - Arteria AI raises $30M Series B funding.
- VC funding for Detroit startups increases by 40% compared to 2021.
- 3M inks strategic partnership with Swedish solar startup Exeger.
Thank you. Karan
p/karan-chafekar | |
| 1 | | Arteria AI, a Toronto-based startup, raised a $30M Series B led by GGV Capital. The company focuses on using AI to extract data from financial documents for institutions to improve transaction efficiency. More: - "Automation has come in waves to large financial institutions, but little has been done to effectively target documentation. It's not just about cost and inefficiency — there are troves of valuable data that are just sitting idle," said Jeff Richards, managing partner at GGV Capital.
- Arteria launched in 2020 and raised an $11M Series A in 2021 led by Illuminate Financial and Information Venture Partners, which participated in the latest round along with Citi.
- Arteria is Citi's sixth investment in the past two months, having participated in startup rounds in the FinTech, SME financial solutions, cargo, and retail sectors.
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| 2 | | Detroit-based startups raised $429M in funding in the first nine months of this year, per Pitchbook. 
What the numbers say: Funding for the region increased 9% compared to the same period last year and 40% compared to 2021. Due to its recent rise in prominence, Pitchbook declared Detroit as the second-best region in its VC Ecosystem Growth Rankings, ahead of Berlin and Miami. Dubai held the top spot in the ranking. What happened: The surge in VC funding deployed in Detroit is due to the rise of electric vehicle tech and financial services startups in the area. While Detroit's funding figures may not match the colossal sums invested in Silicon Valley or New York, investors are showing strong faith in the city's growing role in the EV industry. The state of Michigan's commitment to supporting EV-related tech development has played a significant role in Detroit's rising prominence. Moreover, federal initiatives like the Infrastructure Investment and Jobs Act and the Inflation Reduction Act have also boosted Detroit's startup funding. | | | |
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| 3 | | Palo Alto-based Web3 Pro, a marketing tech SaaS startup, raised $10M led by European VC firm P101. "In a rapidly evolving digital landscape, harnessing the power of web3 technology is paramount," said Andrea Di Camillo, founder and managing partner at P101. More: - This brings the company's post-money valuation to $57M.
- The startup has launched marketing campaigns for Juventus, Ducati, Lamborghini, RM Sotheby's, and Showtime Sports.
- Other investors in Web3 Pro include Ripple, the Sumitomo Corporation's CVC arm, Presidio Ventures, Seventy-Six Capital, River Capital Group, and VU Ventures.
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| 4 | | American healthcare, worker safety, and consumer goods conglomerate 3M inked a strategic partnership with Swedish solar startup Exeger. With the new partnership, 3M hopes to integrate Exeger's self-charging solar cell technology into its products. Financial details of the partnership were not disclosed. More: - The SoftBank Group-backed startup is looking to raise about €20M ($21.3M) in equity and debt financing.
- Exeger has previously raised €70M ($73.8M) in total funding and is currently valued at €500M ($527.6M).
- The firm has also signed strategic partnerships with Adidas and Urbanista.
- Founder and CEO Giovanni Fili said that the commercial contracts are helping open up "new debt funding opportunities."
- Exeger recently secured a €35M ($36.9M) loan from the European Investment Bank to ramp up production at its plant near Stockholm.
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| 5 | | Battery recycling startup Circu Li-ion raised an €8.5M ($8.96M) Seed round led by BonVenture. The company plans to use the funds to improve its battery data library, collaborate with EV OEMs, and double its staff from the current 34 people in the next 12 months. More: - The startup also received €4M ($4.22M) in the form of grants from the European Innovation Council Accelerator.
- Circu uses automation and the diagnostic of cells for upcycling materials.
- The company focuses on batteries ranging from EVs and micro-mobility to power tools and energy storage systems.
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| 6 | | AI-powered legal startup Eve made its debut on Wednesday. Eve secured $14M in seed funding led by Lightspeed Venture Partners and Menlo Ventures. More: - The firm provides AI-powered solutions to automate document review and legal research tasks for enterprise clients.
- Former Lightspeed executive and cybersecurity company Rubrik's head of product engineering, Jay Madheswaran, co-founded Eve along with Matt Noe and David Zeng.
- Madheswaran also serves as the CEO of Eve.
Zoom out: - The legal AI industry is still in its infancy and has yet to witness a dominant player.
- This dynamic has piqued the interest of investors who see vast potential for companies that can enhance the efficiency of legal work.
- Eve's peers LegalMation, EvenUp, and Paxton AI have all recently secured substantial capital investments.
- AI-powered litigation tools maker LegalMation raised $15M from the Aquiline Technology Growth-led Series A round this Wednesday.
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- Sunnyvale, Calif.-based startup Chkk emerged from stealth mode with a $5.2M seed funding round led by Sequoia.
- On-demand car care startup Get Spiffy broadened its product portfolio by introducing a "hyper-detailed, visual tire diagnostics" tool called Easy Tread.
- Chinese EV battery startup BeyonCa is reportedly planning to sell a stake to Saudi Arabia's AI Faisaliah Group.
- Zero Acre Farms, a foodtech startup manufacturing cooking oils from an alternative fermented from sugar cane, is eyeing a Series B funding round in the second half of 2024.
- Creditors of bankrupt Israeli insurance startup Vesttoo are pushing for the firm's liquidation. The company declared bankruptcy after a report uncovered its former executives had falsified documents to support transactions on its platform. However, Vesttoo argued that it has valuable technology and a viable business plan to pursue Chapter 11 bankruptcy.
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INSIDE STARTUPS LEADERBOARD (7 DAYS) |
 | Analyst | | 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. | | This newsletter was edited by Vibha Chapparike | |
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