New Mexico's going through a bit of a startup renaissance.
With funding fuel from the State Investment Council and an emphasis on spinning technologies out of national laboratories and research universities in the state, the Land of Enchantment managed to buck national trends by pulling in more investment dollars in 2023 than it did in 2022.
The uptick in startup and venture activity is proven out by new entrants to New Mexico's startup scene, too. In fact, two companies on our Startups to Watch list emerged from "stealth" mode in the second half of last year.
All of that means 2024 could be full of startup and venture-related stories, whether that be new funds landing SIC commitments or startups pulling in more investment rounds.
New Mexico Inno's 2024 Startups to Watch list looks to highlight 10 such startups we expect to capture headlines in the year ahead. The New Mexico Inno editorial team picked out the 10 companies through a nomination process and our own research and reporting.
Click through the gallery below to see who made New Mexico Inno's 2024 Startups to Watch list.
While many promising startups submitted thorough nomination forms, and even more have been covered by New Mexico Inno previously, many deserving companies didn't make the list.
That doesn't mean New Mexico Inno isn't dedicated to telling the stories of startups all across the state — and, as you'll see in the list, down in neighboring El Paso, too. With an influx of state investments, a new venture studio and continued national traction, there are sure to be a slew of new and existing startups set for big money raises or new product rollouts in 2024.
You can read all about these 10 Startups to Watch in an upcoming special print edition of Albuquerque Business First, out Feb. 2. The startups will also be featured individually on the New Mexico Inno site in the coming days.
And, as a brief reminder, nominations are currently open for New Mexico Inno's 2024 Inno Madness bracket-style startup competition. The nomination form, found here and at the bottom of this page, closes at midnight, Feb. 2.
Now, here are New Mexico Inno's 10 Startups to Watch in 2024.
2024 Startups to Watch
Startups to Watch 2024
Getty Images
El Paso-based FundMiner, co-founded by Alejandro Stevenson-Druan, left, and Chelsea Lamego in 2022. The startup has built an AI-powered software platform to help nonprofits and other large fundraising organizations manage finances and improve financial efficiency.
Dav Anmed
Los Alamos-based Spiritus Technologies, co-founded by CEO Charles Cadieu, left, and CTO Matt Lee, Ph.D., came out of stealth in September 2023. The startup plans to build direct air capture sites using a type of sorbent technology it claims can drastically reduce the cost of removing carbon from the air.
Courtesy of Spiritus Technologies
Albuquerque-based Karoo Health, co-founded by CEO Ian Koons (pictured here) in 2021. The startup has a value-based cardiac health care system that combines on-site and virtual care teams in partnership with cardiology networks, health plans and health systems.
Photo courtesy of Ian Koons
Santa Fe-based Mercury Bio, co-founded by CEO Bruce McCormick (pictured here), emerged from stealth in August 2023. The startup has a biomolecular drug delivery platform that involves drug encapsulation in natural nanoparticles and cell-specific targeting.
Courtesy of Bruce McCormick
Albuquerque-based BuildMySOP, founded by CEO Kady Cravens (pictured here) in 2020. The startup, which recently went through an acquisition deal, helps cannabis companies build and manage standards of procedure through templates and on-hand compliance and process review.
Courtesy Kady Cravens
Los Lunas-based Cheshir Industries, founded by CEO Nicolas Garcia, Ph.D. (pictured here) in late 2022. The startup is developing a gradient index antenna technology that it claims can increase power efficiency and multi-functionality by as much as 10 times.
Courtesy of Nicolas Garcia
Albuquerque-based VastVision.io, co-founded by CEO Kyle Guin (pictured here) in early 2023. The startup has rolled out a software platform that large businesses can use to keep track of physical assets via ultra-high frequency radio frequency identification chips to track assets's location and movement.
Courtesy of Kyle Guin
El Paso-based AizenFlow, co-founded by CEO Marco Vallejo Jr., left, CTO Ian Love, center, and Chief Revenue Officer JaQuan Bryant, right, chief revenue officer, in early 2023. The startup aims to help freight brokerages better manage logistics using artificial intelligence and digital automation processes.
Courtesy of AizenFlow
Los Alamos-based Undesert, co-founded by CEO Nicholas Seet (pictured here) and CTO Hill Kemp in 2021. The startup has developed a technology for purifying different sorts of brackish and produced water using solar energy.
Samantha DAnna
Albuquerque-based Flow Aluminum, co-founded by CTO Chris Fetrow, left, and CEO Tom Chepucavage, right, in late 2022. The startup is commercializing an aluminum CO2 battery design for applications ranging from drone power to large-scale energy storage.
Jacob Maranda
