STL Business Journal Entrepreneurial Recap
Wednesday, February 3, 2016
The following news and notes were displayed at the MVF Breakfast Builders Event on Feb. 3. News and notes are provided by Brian Feldt of the St. Louis Business Journal.
-Several high-profile investment funds that launched in late 2016 propelled St. Louis to one its best, if not the best, year on record for raising venture capital. Roughly half a billion dollars was invested in approximately 10 funds this year. In all, those funds are targeting over $700 million in total funds raised. Those raising the money include Ascension Ventures, RiverVest Venture Partners, Lewis & Clark Ventures, Cultivation Capital and Washington University.
-Nestlé USA plans to add 300 technology jobs in St. Louis as it moves its IT operations from California to St. Louis.
-Hatchbuck raised $4 million from investors including Cultivation Capital.
-Missouri Gov. Eric Greitens earlier this month slashed $146 million in state spending to balance Missouri’s budget. Among the cuts was a $4.4 million reduction for the Missouri Technology Investment Fund, the fund used by the Missouri Technology Corp. to invest in startups around the state.
-Veran Medical Technologies raised $31 million from investors led by Oxford Finance, a Washington, D.C.-area specialty finance firm.
-Adarza BioSystems raised $17 million from investors including RiverVest, Lewis & Clark Ventures, Cultivation Capital and the BioGenerator.
-Prattle Analytics raised $3.3 million from investors.
-Canopy Biosciences, a young startup looking to accelerate the commercialization of life science reagent tools and services, raised $2 million from investors.
-Elira Therapeutics raised $1.9 million of a planned $5 million offering.
-The Yield Lab invested in four new startups and has now invested more than $1 million into a nearly 20 startups since being launched in 2014.
-Aclara Technologies, a smart-metering company that’s soon to open a new headquarters in Westport, acquired the Smart Grid Solutions division of Virginia-based Apex CoVantage.
-World Wide Technology exceeded growth projections over the last 12 months, reporting 2016 revenue of more than $9 billion, a 27 percent increase over 2015. The company added 600 jobs in 2016 and plans to add several hundred more this year.
-Asynchrony Labs, a World Wide Technology subsidiary, expanded its office footprint in downtown St. Louis.
-Turnkey Technologies, an IT solutions firm, has committed to creating 40 new jobs and expanding its physical footprint as it continues to grow as a Microsoft IT solutions provider.
-An Israeli Internet of Things startup called Atomation announced it will open a North American headquarters office in St. Louis.
-Cortex officials are looking at the old Crescent Parts building for future tech space development.
-Amazon is now scouting the St. Louis market for a third regional distribution center. Amazon also now collects sales tax from Missouri consumers shopping online.
-Tech Electronics acquired Fire Detection Systems, a Colorado-based designer and seller of fire alarm systems.
-IT consultant Perficient acquired RAS & Associates for $2.68 million.
Sports startup accelerator Stadia Ventures opened a new office in the @4240 building.
-An $11 million rehab of an historic Fox Park industrial building is being planned, with a new multi-tenant manufacturing workspace called Brick City Makes envisioned.
-EternoGen Aesthetics opened a Boston-area office so it can be closer to its manufacturing site and to take advantage of the region’s strong biotech industry.
-Tyler Mathews has been named the new executive director of Venture Café. Venture Cafe also expanded with new programming at 39 North, the new innovation district in St. Louis County, and at LaunchCode’s headquarters in north St. Louis.