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The Big One: Is the IPO window open?
A biotechnology startup that treats depression has become one of the first Bay Area companies to set its sights on an initial public offering in 2024.
Alto Neuroscience Inc. applied last Friday to be listed on the New York Stock Exchange under the name "ANRO" and is looking to raise as much as $100 million in its IPO, according to a filing with the U.S. Securities and Exchange Commission, Bay Area Inno reports.
Alto is developing a series of therapies aimed at addressing depression. Following a November announcement of a $45 million Series C funding round, the company released an internal study that said one of its therapies improved depression symptoms in patients who had little to no improvement in their symptoms using antidepressants.
The IPO filing comes as the U.S. startup ecosystem is in desperate need of new public companies, as 2023 was the second-worst year in a decade for startup exits. Venture-capital data firm Pitchbook estimates there's a backlog of 75 startups waiting to enter the public markets.
One such company is Reddit, which has drawn up plans to launch its initial public offering in March, according to Reuters. It would be the first social-media IPO since Pinterest's public offering in 2019
READ MORE: Biotech company Alto Neuroscience preps for $100M IPO
Startups to Watch
- Pharma startup Cyrano Therapeutics raised $9 million for the development of a drug that treats post-viral smell loss. Loss of smell and taste is one of the earliest and most persistent symptoms of Covid-19. While most people bounce back within a few weeks of infection, for others, it can take months or longer for those senses to fully return. Cyrano is developing what it says will be the first available treatment for people experiencing long-term smell loss due to a viral infection, Miami Inno reports.
- GolfForever, an at-home golf-training system, raised a $10 million Series A round. The startup says it's the first golf-specific training and wellness program that combines equipment with a mobile app to improve a user’s swing, flexibility and strength. Investors in the round included No. 1 world golfer Scottie Scheffler and three-time PGA Tour winner Tom Kim, Colorado Inno reports.
- AI startup Artisight is using artificial intelligence, ambient sensors, computer vision and natural-language processing to create a smart-hospital platform for health-care centers. It's goal is to reduce clinician documentation and coordination tasks, allowing caregivers to increase their time for direct patient care. It raised $42 million in a recent Series B round, Chicago Inno reports.
- FinLocker, a startup that's developed a financial app to help homebuyers, has received investment from publicly traded mortgage-insurance firm Radian Group. FinLocker has created a “financial fitness app” that collects users' financial data to help them prepare to purchase a home. The app helps with building credit, budgeting and storing financial documents, St. Louis Inno reports.
- Dapple Security is a digital identity and security startup that uses biometrics — like a user’s fingerprint or voice — to offer people and businesses a phishing-resistant, password-less login. Led by a former National Security Agency mathematician, the startup recently raised a $2.3 million pre-seed round, Colorado Inno reports.
OpenAI's U.S. military change of heart
Artificial-intelligence titan OpenAI is working with the U.S. Department of Defense on applying its AI technology for cybersecurity and preventing suicide among veterans, Bay Area Inno reports.
The company recently changed its terms of service to remove language that barred its AI from use in "military and warfare."
During an interview with Bloomberg House at the World Economic Forum in Davos, OpenAI Vice President of Global Affairs Anna Makanju said the company is now developing tools for the Pentagon using open-source cybersecurity software and is in initial talks on methods involving AI that could be used to prevent suicide of military veterans.
The company maintains that its tech will not be used for weapons or cause people harm.
READ MORE: OpenAI changes terms of service to partner with U.S. military on cybersecurity
Weird and Wired: A dating app for dog lovers
If you're tired of swiping left and right on apps like Tinder and Hinge, a new dating app thinks it has the match-making recipe: your pets.
Seattle-based Offleash'd is a dating and social app for pet parents that allows users to showcase their pets. Offleash'd has a social function for pet parents to meet in a non-romantic setting, like a park, and also offers live video chatting.
The startup is currently raising a round between $2 million to $3 million, Seattle Inno reports.
READ MORE: Offleash'd, a dating app for pet parents, seeks new funding
