After a relatively slow start to the year, Austin had a huge week for venture capital funding, with five deals worth more than $255 million combined announced or reported on in the past few days.
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Cloud-based video surveillance company Eagle Eye Networks Inc. announced May 17 a $100 million primary equity investment from Japan-based SECOM Co. Ltd., one of the world's largest security integration companies.
That ranks as Austin's second-largest venture capital deal so far this year, according to PitchBook and the National Venture Capital Association data.
Eagle Eye will use the fresh funds to continuing developing artificial intelligence-based video analysis tools, which founder and CEO Dean Drako said could revolutionize video surveillance, and for general expansion. The company has nearly 500 employees and could reach 600 within a year, Drako said.
SECOM actually invested $192 million in two Drako cloud security companies — the other $92 million went to Maryland-based Brivo, in which the entrepreneur acquired a majority stake in 2015 and where he serves as chairman.
Noveon Magnetics Inc. announced May 16 a $75 million series B funding round. The San Marcos-based manufacturer of rare Earth magnets is set to expand after securing the round led by NGP Energy Capital Management LLC and Aventurine Partners.
The funding will support expanded manufacturing for Noveon, which supplies magnets "to businesses that span the automotive, defense, energy, production, medical and consumer goods sectors," according to the announcement.
Noveon Chief Financial Officer Viji Subramanyam described the $75 million raise as a "validation of the technology" underpinning the business, especially considering the broader economic headwinds. Scott Dunn is CEO.
Paradromics Inc., a Neuralink competitor that's developed a brain-computer interface, or BCI, raised a $33 million series A round led by Prime Movers Lab. Westcott Investment Group, Dolby Family Ventures and Green Sands Equity also chipped in.
The money is expected to fund the first human trial of the company's Connexus Direct Data Interface, according to a May 18 announcement.
The Connexus DDI has also been granted "breakthrough device designation" by the FDA, according to the announcement. The product's first application will be to assist communication for medical patients by translating "brain signals into speech and movement in real time," according to the announcement. Matt Angle is CEO of Paradromics.
Accelergen Energy LLC, an Austin-based developer of renewable power and battery storage projects, said May 17 it raised $30 million from North Carolina-based Leyline Renewable Capital.
The company, led by CEO Thomas Houle and Senior Vice President of Development Josh Skogen, said it is working on a multi-gigawatt pipeline of solar and storage projects. It aims to accelerate the transition to a world of zero-carbon power generation by "bringing premium projects located in sustainably robust grid locations to long-term investors and/or owners of operating projects," Houle said in a statement.
Houle's background includes a stint as managing director of Green Investment Group, and he founded Fremantle Energy, which was acquired by Green Investment Group.
Kizen Technologies Inc., an Austin-based software company that on its website describes itself as "the most time-saving business platform ever built," reported in a May 17 filing selling more than $17.5 million in equity and other securities to 51 investors. The company could not immediately be reached for comment. Founded in 2018, Kizen automates sales, operations, marketing and data. John Winner is listed as CEO.
For more local deals, check out another recent funding wrap. And subscribe to Austin Business Journal for startup resources such as lists of venture capital and private equity firms, incubators and accelerators, angel investors and coworking providers.
