HRV announced our $5 million Opportunity Fund this week. The Opportunity Fund will invest in later-stage funding rounds for HRV I portfolio companies companies. Read more by Tom Henderson on crainsdetroit.com.
Finding a decent apartment can be tough, which is why we’ve seen a recent increase in the number of startups that are aiming to serve a woefully underserved market. But finding an apartment when you’re a college student can be even tougher. Aimed squarely at the university market, a Y Combinator-backed startup called Cribspot hopes to alleviate at least some of the pain associated with finding rentals and sublets.
Michigan has a new 35-employee technology company called PeachWorks, which has moved to Southfield from Connecticut after raising $4 million in growth capital and adding a new CEO.
The company, formerly known as WhenToManage, provides cloud-based software for the restaurant industry, to help schedule staffing, manage inventory, order supplies and help with analytics of point-of-sale data.
Mark Symonds, former CEO of Troy-based Plex Systems, recently joined PeachWorks as its CEO after serving as a consultant to the firm for about a year.
PeachWorks, formerly known as WhenToManage, the leading provider of cloud-based solutions for the restaurant management industry, today announced that it closed $4 million in Series A financing led by Allos Ventures, a Midwest-based early-stage venture capital firm. The deal also included participation from Huron River Ventures, Arsenal Venture Partners, and Invest Detroit.
FarmLogs, the leading data science company that helps over 20 percent of U.S. farms maximize productivity and field profitability, will unveil FarmLogs Advantage at Commodity Classic in Phoenix, Arizona. The suite of breakthrough innovations will make precision farming possible for every farmer in America. The new version of FarmLogs will offer powerful automated data collection and analysis features focused on helping farmers make their fields even more profitable.
Sight Machine Inc., a San Francisco-based company that uses cloud-based technology to monitor quality control on the factory floor, has closed on a venture-capital round of $5 million to ramp up its operations in Michigan.
The round was led by the Houston-based Mercury Fund, which opened an Ann Arbor office in October, and joined by Ann Arbor-based Michigan eLab, Ann Arbor-based Huron River Ventures, Bloomfield Hills-based OrfinVentures, New York-based IA Ventures, San Francisco-based O’Reilly AlphaTech Venturesand FundersClub, a San Francisco-based angel investors network. Orfin, IA Ventures and O’Reilly also invested in the company’s seed-stage round of $6 million in 2013.
Sight Machine was founded in Ann Arbor in 2011 by five Michigan natives. One of them, Jon Sobel, a University of Michigan law school graduate, is the CEO. He and a development staff of 10 are based in San Francisco.
Manufacturing generates enormous amounts of data that can show whether a process is being followed correctly, whether the quality of items is being maintained and whether the number of items being produced is on track.
But the data aren’t always analyzed and tracked, and sometimes they are thrown away.
A fast-growing San Francisco startup, Sight Machine Inc., has raised another $5 million to help manufacturers get a handle on their data, taking total funding to $11 million.
HRV is pleased to announce some updates to its team. Ryan Waddington, has joined Arsenal Venture Partners as a Partner where he will focus on deal sourcing and working with Arsenal portfolio companies. These responsibilities are closely correlated and well aligned with his current HRV responsibilities, which include two co-investments with Arsenal. While we will miss Ryan’s 100% focus on HRV activities, we are thrilled to work more closely with Arsenal and look forward to continued collaboration with Ryan in his new role.
HRV is also pleased to announce the addition of Sam Hogg as a Venture Partner. Sam is responsible for deal sourcing, portfolio management, and portfolio company support. His expertise spans sectors from the biological sciences to information technology with nearly all activities centered around sustainability and resource economics. Sam is also a venture partner with Open Prairie Ventures, a leading agricultural technology firm.
“We hope to fund another 3-4 deals in the current fund with 1-2 of them in the agriculture technology sector and Sam is the perfect person to spearhead that effort. Sam’s prior entrepreneurial track record also make him a great resource to help add value to our early-stage portfolio companies,” said Tim Streit. “We appreciate all of Ryan’s contributions to date, look forward to working with him for the remainder of this fund, and also welcome Sam as a new Venture Partner”.
Ambiq Micro, a semiconductor company in Austin, Texas, has been working for the last five years to build a lower-power chip by applying to silicon a technology that has been used in quartz wristwatches. It has finally managed to do so in high-enough densities and manufacturing volume to make it worth the consumer electronic industry’s time.
On Monday, it launched its Apollo microcontroller, which can lower the power consumption of the tiny chips used inside wearable devices by as much as 10 times in wake mode and 38 times in sleep mode depending on the type of ARM core used inside the chip. For the consumer, this means a battery life for a smart watch or activity tracker that could last for weeks or months longer than the current standard. Read more on Gigaom.com