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New Money is BostInno's report on all the tech funding deals this week. Check back for updates with more new money.
Onshape
- Amount: $80M in equity
- Investors: Round led by Andreessen Horowitz, an early backer of Facebook and Twitter, and joined by existing investors New Enterprise Associates, Commonwealth Capital Ventures and North Bridge Venture Partners.
- Details: The Cambridge startup, which makes cloud-based computer-aided design software, has raised $144 million to date and said it will use the latest funding to "significantly expand worldwide sales and marketing efforts and increase its R&D and strong customer support." The startup said it recently finished a successful beta test program ahead of the first formal release of its collaborative CAD tool, which will run on web browsers, smartphones and tablets. With the new funding, Andreessen Horowitz General Partner Peter Levine will join Onshape's board of directors. "We’ve been closely following the CAD industry for a long time,” Levine said in a statement. “The Onshape team immediately stood out, having built a robust CAD system using a cloud-based technical architecture that most had considered impossible."
SevOne
- Amount: $50M Series C round
- Investors: Round led by Westfield Capital Management and Bain Capital Ventures. Other participating investors include Brookside Capital, HarbourVest, VT Technology Ventures and Osage Venture Partners.
- Details: SevOne provides digital infrastructure management solutions for some of the world's largest companies, like Verizon Wireless, Comcast, eBay, Morgan Stanley and NASDAQ. The company, which employs 50 people at its Boston HQ, said it will use the new funding, which brings the total to $153.3M, to "accelerate its growth through new technologies and markets, meeting the growing demands of organizations transforming their business for the always-on mobile economy and the Internet of Things."
WHOOP
- Amount: $12M
- Investors: Round led by Two Sigma Ventures, joined by Mousse Partners, Accomplice, Promus Ventures, Valley Oak Investments, and NextView Ventures.
- Details: Designed as a sports tech company that harnesses predictive analytics, Boston-based WHOOP is hoping to help athletes and teams reach peak performance and recognize possible injuries before they arise. Utilizing a technology more than three years in the making, WHOOP's product is a wristband that will go to a next level of body measurements, including sleep patterns, calories, motion, skin conductivity and heart-rate changes. The end product is a more effective appraisal of how much stress an athlete's body is under as well as how it recovers. Founded by former Harvard men's squash captain Will Ahmed, the company has a notable list of advisors, including LeBron James and Michael Phelps. MIT Media Lab co-founder Nicholas Negroponte and LeBron James trainer are among the investors, according to a press release and an ESPN report. This only continues a recent theme, as wearable tech and predictive analytics are a hot topic in Boston at the moment. --Hayden Bird
Chef Nightly
- Amount: $1.5M seed round
- Investors: Round led by Accomplice and joined by Fullstack Ventures, Paul English (co-founder of Blade), Jason Robins (co-founder of DraftKings) and Bridge Boys LLC.
- Details: After launching its curated meal delivery service in Boston last April, Chef Nightly is now taking on its 800-pound competitor, UberEATS, with a pilot launch in New York. The startup's CEO, Michael Sheeley, told us Chef Nightly currently has over 30 restaurants in Boston that prepare meals ordered through its mobile app. While Chief Nightly has the same model as UberEATS, Sheeley said what makes it better is that the meals are prepared when a user makes the order as opposed to having pre-made meals on the ready. "Freshness matters," he said.
Waylens
- Amount: $2.2M
- Investors: The named investors are IDG Capital Partners and E14 Fund (a fund to help MIT Media Lab researchers start companies), though it's unclear if anyone else participated.
- Details: Founded this year by two MIT Media Lab grads, the Boston-based intelligent camera system startup will use the funding, which appears to be its first round, to "launch a high-performance, score-keeping camera system for enhancing the driving experience, according to a press release. Waylens will start accepting pre-orders for the system on Kickstarter this October. "Waylens has jumpstarted their development stage, and this funding positions them as a serious contender in the automotive tech industry," David Strand, president of E14 Fund, said in a statement.
Alignable
- Amount: $8M
- Investors: Mayfield, a new investor for Alignable, led the round, and it was joined by the company's existing investors, Saturn Partners, NextView Ventures and Lead Edge Capital.
- Details: Founded in 2014, the Waltham-based social network for small business owners has now raised a total of $12M and plans to use the new funding to continue product development and expand its base of customers, which, according to a press release, are spread out across more than 7,000 communities in 50 states and Canada. The company was founded by Eric Groves, a longtime SVP at Constant Contact, and Venkat Krishnamurthy, who invented and co-founded Invisalign. "We’ve been impressed by how the company has attracted a notoriously fragmented and elusive audience—small business owners—almost entirely through viral growth. With small businesses responsible for over 50 percent of GDP, we’re thrilled to be investing in their definitive trusted network," Navin Chaddha, managing director of Mayfield, said in a statement.
