Get details below on deals from the past week, when three companies announced $81 million in funding deals.
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HiddenLayer Inc., an Austin-based security provider for artificial intelligence models and assets, said Sept. 19 it raised $50 million in series A funding to accelerate growth as demand for its artificial intelligence software continues to rise.
The cybersecurity startup plans to expand its talent base, increase go-to-market efforts and invest further in its machine learning security platform, or MLSec. The platform provides comprehensive security for AI through a suite of products that protect machine learning models against adversarial attacks, vulnerabilities and malicious code injections.
"AI's unparalleled rate of adoption fuels us to move even faster in achieving our mission to give every organization the right tools and expertise to leverage AI securely," stated Chris Sestito, CEO and co-founder at HiddenLayer.
The funding round was co-led by M12, which is Microsoft's venture fund, and Moore Strategic Ventures. Booz Allen Ventures, IBM Ventures, Capital One Ventures and Ten Eleven Ventures also participated. The startup was founded in March 2022.
Diligent Robotics Inc., an Austin company making robots that help nurses and doctors in hospitals, said Sept. 21 it raised $25 million in a funding round led by Canaan. Rich Boyle, a general partner with the San Francisco-based early-stage investment firm, will join the board.
True Ventures, DNX Ventures, Next Coast Ventures and other returning investors also chipped in, along with new investor Northwestern Medicine Innovation.
Diligent Robotics founders Andrea Thomaz and Vivian Chu plan to use the money to get their Moxi robot into even more hospitals nationwide, according to the announcement.
They created Moxi to handle many mundane tasks in hospitals — such as fetching medical supplies or taking samples to the lab — freeing up health care providers for more important tasks like caring for patients. The company said Moxi is used by 22 health systems with more than 200 hospitals, including MultiCare Health System in Washington and University of Texas-affiliated health systems.
“The incredible demand we’ve seen for Moxi is a testament to the clear value of using robotic automation to augment and support frontline hospital care teams, but also our highly customer-centric approach to bringing new technology and operational change into healthcare,” Thomaz said in a statement.
The announcement indicated money would also go toward product development and tripling its “market reach.” The company said it was going systemwide with many of its client health systems.
Introducing Moxi in its hospitals “had a positive impact on staff and workflow,” stated Doug King, senior vice president and chief information officer at Northwestern Medicine, based in the Chicago area.
At Children’s Hospital Los Angeles, the first children’s hospital to use Moxi, two robots working around the clock have traveled 132 miles and made 2,500 deliveries, saving staff more than 383,000 steps and 1,620 hours of work, Diligent Robotics said. The company expects to add more children’s hospitals this year.
CEO Thomaz and Chu, who is CTO, created Diligent Robotics in 2017. They’ve raised at least $70 million.
Caffeinated gum startup Rev Gum LLC announced Sept. 20 a $6 million series A funding round led by Yeti Capital — the investment firm of Yeti Coolers founders Roy Seiders and Ryan Seiders — as well as former Whole Foods co-CEO Walter Robb, pro-cyclist-turned-investor Lance Armstrong and the founders of skincare company Drunk Elephant.
Rev has raised a total of about $9 million, including a $2.6 million round in 2021.
"Our successful raise is a combined result of REV GUM’s differentiated attributes, unique product market fit, as well as the incredible team we are building," founder and CEO Blake Settle said in an email. "It is also perfect timing for Rev to launch into the market, since the gum category is ready for some functional innovation."
Rev Gum launched in 2019 into major retailers such as Buc-ee’s, Circle K and Love’s. The company has grown into 20,000 retail locations including Walmart, Target, Dollar General, 7-Eleven, Hudson News and Academy.
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.
