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| Hey Insiders, Today's newsletter covers: - Pirros $2M Seed round
- Photon Venture's $64M fund for deep tech
- Beta Bionics' $100M Series D
If you find this newsletter useful, please share it with your friends and colleagues. Thank you. Nicolas
p/mobilitynerd | |
| 1 | | London-based startup Context, which provides analytics for building large language model applications, raised $3.5M. The round included participation from Google Ventures, 20VC's Harry Stebbings, and DeepMind's Mehdi Ghissassi, among others. More: - "We talked to many product developers in the AI space and discovered that this lack of user understanding was a shared, critical challenge facing the community," said Henry Scott-Green, co-founder and CEO of Context and former Google product manager.
- The startup takes in customer messages via API and runs machine-learning workflows to understand product performance.
- Context claims Juicebox, ChartGPT, and Cognosys among its customers.
- There is a rise in analytics solutions for large language models, including Arize's Phoenix and Datadog's model monitoring capabilities, among others.
Q: Will specialized analytics startups help end inaccuracies in at-scale large-language model applications? Join the conversation here. |     | |
| 2 | | Pirros, a startup that develops a tool for engineering and architecture drawings, announced it raised a $2M Seed round. The round included participation from Y Combinator, former Autodesk CEO Carl Bass, and FoundersClub, among others. More: - Pirros works on automatically categorizing design deliverables. The startup claims an advantage over the current method by architecture firms storing on-premise by offering more discoverability for reusability.
- "Our average company has over 10,000 [searchable] details on the platform. So with that ability, any new architect, any new engineer that joins the firm, quickly gets up to speed on the different standards of that office," said Pirros CEO and cofounder Ari Baranian.
- Pirros claims KPFF Engineers and RAMSA among its clients.
- The company plans to use the new funds to grow its team and expand its market.
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| 3 | | Around 64 Indian startups managed to raise $464M in Aug. 2023. The figure represents an increase from July, when startups in the country raised $461M. More: - This is only the second time Indian startups saw funding less than $500M in a month since Jan. 2021.
- In Aug. 2021, Indian startups raised $4.5B, a figure that went down to $1B in Aug. 2022, finally decreasing to $464M this year.
- According to statistics, this funding amount was raised across 64 deals.
- Regarding funding stages, there were six growth-stage and late-stage deals worth $351M and 58 early-stage deals worth $112M.
- The Indian startup scene also minted one unicorn in August.
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| 4 | | ReOrbit, a satellite startup, announced it secured a €6.8M ($7.3M) Seed round led by Inventure VC. Founded in 2019 in Finland, the company focuses on adapting satellites for different missions. More: - ReOrbit plans to use the funds for international expansion. Besides its HQ in Helsinki, the startup has offices in Sweden and Argentina.
- The new round included participation from Icebreaker VC, Yes VC, 10x Founders, and Expansion.
- ReOrbit has collaborated with Business Finland, the European Commission, and the European Space Agency.
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| 5 | | Netherlands-based VC firm Photon Ventures has closed a $64M fund to invest in deep tech startups. The firm aims to raise up to $160M by the end of 2024. More: - Photon Ventures will specifically focus on early-stage photonic chip startups and scale-ups.
- The firm aims to invest in Series A-stage startups, with the average investment size ranging from $1M to $2.5M.
- The company will seek to deploy its funds across 15 European deep tech companies with the potential for international growth.
- Since its inception in 2017, the company has raised over $1B.
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| 6 | | Beta Bionics has raised a $100M Series D funding round to provide diabetes management solutions. Sands Capital and Omega Funds co-led the funding round. More: - Beta Bionics has developed an autonomous insulin delivery system that streamlines diabetes management to make the therapy process easier for patients and doctors.
- Its product, iLet Bionic Pancreas, uses adaptive, self-learning algorithms and continuous glucose monitoring to administer insulin doses and mimic the body's natural ability to maintain tight glycemic control.
- Soleus Capital, Eventide Asset Management, Farallon Capital, Perceptive Advisors, RTW Investments, LP, ArrowMark Partners, and Pura Vida Investments also participated in the round.
- The company, registered as a for-profit, public benefit corporation and Certified B Corporation, is based in Concord, Massachusetts.
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INSIDE STARTUPS LEADERBOARD (30 DAYS) |
 | Sr. Analyst | | Nicolas S. is a Sr. Analyst at Inside, covering transportation and startup 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 startups. Follow him at @MobilityNerd. ______ Arbër is an Inside writer who also has experience in entrepreneurship. He has experience covering Consumer Tech, Venture Capital, NFTs, Crypto, etc. Arbër holds a Bachelor's degree in Business from XAMK University in Finland. When he is not reading(and writing) business news, he chooses to watch sports or anime...and then read news about sports or anime. | | This newsletter was edited by Vibha Chapparike | |
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