Form D Friday is an Atlanta Inno feature highlighting regulatory filings and tips about Atlanta companies raising capital. Form D reports are a type of U.S. Securities and Exchange Commission form used to file a notice of exempt offerings of securities. The SEC requires companies file the notice within 15 days after the first sale of securities in the offering. These forms don’t include a lot of details but can provide clues as to what investors and business owners are planning. If you have any tips or comments about new Atlanta fundraises, email Zach Armstrong at zarmstrong@bizjournals.com.
Between Oct. 28 and Nov. 4, Atlanta startups raised at least $10.5 million across four venture deals.
The largest deal went to insurance startup Axle Labs Inc., which raised $4 million. The company was founded this year and has gone through Y Combinator, a well regarded Silicon Valley accelerator program.
The four deals are according to reporting from Atlanta Inno and filings with the U.S. Securities and Exchange Commission. They come as startups in Georgia and nationally are seeing a decline in venture funding. PitchBook and National Venture Capital Association's latest report showed that local startups saw a 28% decrease of venture funding in the third quarter, prompting layoffs, cuts to product development and marketing.
Here are the venture deals you might've missed this week:
- Axle Labs Inc., a platform for customers to link their policy to companies that can verify and monitor coverage, has raised just over $4 million, according to an SEC filing. It appears to the company's first venture raise. The company was founded in 2022 by Nihar Parikh, a former venture partner at Contrary Capital, and Cameron Duncan, former product manager leader at Cox Automotive Inc., according to LinkedIn.
- Focused Cryo Inc., a healthcare company that develops a system for extreme cold to destroy tissue, has raised $2.6 million as it tries to raise $3 million, according to an SEC filing. This brings the company’s total funding to $7.4 million, according to previous SEC filings. The company is led by president and CEO Yogi Patel, according to the filing. It was previously named Frore Therapeutics LLC.
- Johnson Energy Storage Inc., a battery manufacturer founded by Super Soaker inventor Lonnie Johnson, raised nearly $2.5 million of a $3.8 million, according to an SEC filing. The company makes lithium-ion batteries for electronics that require power storage. Bert Ellis leads the company as CEO, according to the company's website. He is also CEO and chairman of Atlanta-based consulting and investment firm Ellis Capital. Johnson is a serial entrepreneur who has created multiple startups out of his Johnson Research and Development Co, including JTEC Energy, which converts waste heat into energy.
- Macondo Vision Inc., a workforce management company that uses artificial intelligence, has raised $1.4 million and plans to raise another $100,000, according to an SEC filing. The company was founded in 2019 by Frank Layo, a former partner at Kurt Salmon, and Debbie Fortnum, former chief operating officer at Centric Brands Inc., according to LinkedIn. This brings the company’s total funding to at least $2.4 million, according to previous SEC filings.
