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At American Inno, we have our eye on startup activity in dozens of U.S. cities, giving readers an inside look at the fast-growing tech firms poised to become the next pillar companies in their local economies. These are the startups on the cutting edge of innovation, working on products to make your life better, software to help businesses run faster, advancements in health care to keep your body running, and apps you're sure to love.
In The National Beat, each week I'll spend this column highlighting American Inno's best startup coverage, giving you a snapshot of the biggest deals, hottest new startups to watch, the funds to know and other insights from America's top upstarts.
Let's drop a Beat...
The Big One: How Colossal Biosciences is trying to bring the Tasmanian tiger back to life
In Austin, a startup is working to bring the Tasmanian tiger back from extinction. The company, called Colossal Biosciences, is using advanced genetic engineering to resurrect the extinct Tasmanian tiger, also known as the thylacine. It's using CRISPR gene-editing technology, a genetic engineering technique where the genomes of living organisms are modified, and is part of a de-extinction plan Colossal Biosciences has for two animals: The woolly mammoth, which the company announced as it came out of stealth mode nearly a year ago, and, now, the thylacine.
Compared to the mammoth, which went extinct roughly 4,000 years ago, the thylacine, which went extinct in 1936, has a much shorter gestation period. Thylacines birth tiny babies, about the size of a grain of rice, after a gestation period of only 14 days. The mammoth has a 22-month gestation period.
But that doesn't mean you'll see a Tasmanian tiger anytime soon. Co-founder Ben Lamm declined to share even a rough outline of the company's timeline to bring back the species. He hinted, however, that with the shorter gestation, the thylacine could emerge before the mammoth.
"I wouldn't be surprised, though the world would be surprised, if the thylacine is the first animal that gets de-extincted," he told Austin Inno Editor Brent Wistrom.
Lamm has projected the first mammoths could emerge from gestation in five to six years.
It's a big swing from an ambitious startup, with of course no guarantee of success. But with $75 million in venture capital funding in the bank, the startup could make de-extinction more that stuff of science fiction.
Startups to Watch
- Louisville, KY-based GoodMaps is making the Google Maps for indoor spaces. The startup, which recently raised $3.5 million in fresh capital, is building indoor digital mapping technology and offers a navigation app. Founded in 2019, GoodMaps has found early success in the transit and retail sectors. It's used to help blind and visually impaired people navigate indoor spaces, but CEO Jose Gaztambide said the total addressable market is much larger than that population alone.
- Birmingham-based startup Landing is making waves in the real estate industry by creating a nationwide network of fully furnished apartments with flexible leases. The startup is led by founder and CEO Bill Smith, who founded Shipt, which was acquired Target for $550 million in 2018. Landing, which recently raised $75 million at a $475 million valuation, currently operates in 81 markets across the country, including Las Vegas, Phoenix, Austin, Atlanta, Nashville and Tampa.
- With Memphis, Tennessee-based BiteNinja, your next interaction with a fast-food worker would happen from the worker's living room couch. BiteNinja, founded in 2020, has created a way for restaurant employees to work remotely. Its platform outsources drive-thru and counter shifts to the startup’s network of trained 1099 contractors — or "ninjas," as the startup calls them — who take orders from their homes. Now working with more than 50 brands, the startup raised $11.3 million in a recent Series A round to fuel its growth.
- Boca Raton, Florida-based startup Carbon Limit wants to decarbonize the world with concrete. The company manufactures an additive that absorbs carbon dioxide from the air and stores it permanently in concrete, essentially turning the building material into a carbon-capturing sponge. The company's mineral additive increases the durability of concrete over time as it absorbs carbon dioxide, making structures stronger. Carbon Limit is part of the Google for Startup's Climate Change Accelerator.
- Richmond, Virginia-based Naborforce has built a platform that connects aging adults to a network of "nabors" for social engagement and on-demand support with errands, transportation, help around the house and other tasks. With a 400% year-over-year increase in revenue, the startup raised a $9 million Series A round this month.
- Seattle startup Yesler offers a lumber and building materials marketplace where buyers and sellers can communicate with each other. The company also provides software to help with inventory and purchase planning, as well lumber price analytics to help clients make smarter decisions. The 12-person team expects to double in the next year after raising $5 million in new funding.
Trendspotting: Startup layoffs are on the rise, but it's not 2008 all over again
Startups and tech firms across the world have laid off more than 71,000 workers this year, according to Layoffs.fyi, a site that tracks public reports of startup layoffs. In the U.S., tech firms have fired some 37,000 workers, according to Crunchbase News, which is also tracking layoffs in real time.
But if you ask Chris Olsen, the co-founder of Columbus-based Drive Capital, which just raised $1 billion in fresh funds this year, this is far from a repeat of 2008.
"When you look at the recession we’re in now, you ask yourself how scary is this? Is this a 2008 on repeat? And my answer is no, it's not," Olsen told me. "There were companies I was involved with in 2008 where you saw revenue plans go from $30 million a quarter down to $3 (million) in a matter of weeks. The customers had vanished. The banks all of a sudden stopped lending, and the investors stopped spending and investing. Capital just entirely seized up.
"That's not happening this time. Our companies continue to largely be on plan. While there might be adjustments, (layoffs) are less than 10%. This is not a full reset."
A fund to watch: Titletown Tech
Three years ago, the Green Bay Packers and Microsoft teamed up on a $25 million venture capital fund to boost startup activity in Wisconsin. And now, it's gearing up for an even larger fund. The VC firm, called TitletownTech, is raising up to $80 million for its second fund, according to a filing with the U.S. Securities and Exchange Commission. It comes after the Green Bay-based firm invested in 23 startups in its first fund. Located in the Green Bay's Titletown District next to Lambeau Field, TitletownTech's check sizes range from $200,000 to $2 million.
Weird and Wired: NockNock looks to carve out a niche in the very short-term rental world
You've probably used sites like Airbnb or VRBO to book a vacation property. You may have even listed your home on one of those platforms to earn a few bucks. But what if you could rent out individual rooms in your home — like your kitchen or home gym — to earn some additional income? That's the idea behind NockNock, a new startup that just launched in the Chicago market. NockNock lets home owners rent their unused spaces by the hour, in an effort to combat skyrocketing prices and increased mortgage rates.
Led by Charles Ferguson, who also directed and produced the Oscar-winning documentary "Inside Job," the startup has raised $4 million in funding.
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