Get details below on recent funding deals. Last week, five Austin companies announced fundings or reported deals with the U.S. Securities Commission totaling $28.2 million.
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TAU Systems Inc., a company spinning out of research at the University of Texas at Austin, wants to develop and sell small-scale particle accelerators for scientific research. It said Sept. 26 it had raised $15 million in seed funding to build out its team and test its prototype. Founder and CEO Bjorn Manuel Hegelich says the company represents "25 years of research" — before being lured to UT by its latest generation laser technologies, he worked at Los Alamos National Laboratory on its particle acceleration team.
Austin raw dog food company Maev Inc. said Sept. 28 it has raised $10 million in new funding. The round was led by VMG Partners, a private equity firm based in San Francisco. Others in on the deal were BFG Partners, Willow Growth Partners, Austin-based Springdale Ventures, DX Ventures, Contrary Capital, Good Friends and 1st Course Capital. The new cash is expected to fuel hiring across the board and bolster product expansions. The startup, founded in 2020 by CEO Katie Spies, says it has tripled its subscriber base this year.
An Austin startup that makes labels for beer cans and other beverages reported raising $3.2 million of equity funding in a Sept. 26 SEC filing. Canworks Inc., founded in 2020 by Marshall Thompson, specializes in printing directly on aluminum cans and offers small batches and quick turnarounds on prototypes. It has printed labels for Austin Beerworks, Odell Brewing Co., Pinthouse Pizza and several other well known brands. Its printer can churn out 5,000 cans per hour. The company previously raised $1.2 million back in June. It wasn't clear who the investors are. Canworks' website indicates it plans to open locations in San Diego this fall and Denver in spring 2023.
Gluten-free pasta maker It's Skinny secured new financing from Decathlon Capital Partners. The amount wasn't disclosed. The Austin-based company, led by founder and CEO Bryan Guadagno, said the investment will help it launch new products and expand distribution. It's not a typical equity deal. The company, which operates legally as SP Global Inc., said it will repay the investment with future revenues, and Decathlon won't have any ownership.
The venture capital arm of the CIA updated its portfolio online last month, and there are a few Austin startups among them. Colossal Biosciences Inc., the de-extinction company that has offices in Austin, Dallas and Boston, is the most recent. But AI chipmaker Mythic Inc. and data platform Anaconda Inc., both based in Austin, were also among In-Q-Tel's portfolio.
Get ABJ's latest list of local venture capital firms here, and see the list of angel investors here. A list of local startup incubators can be found here.
