Welcome to The Roundup, a recap of recent L.A. startup news you need to know, from fundings to new product launches and other updates from local upstarts.
ROBOTICS: GrayMatter Robotics, an AI-robotics company announced a $20 million Series A investment led by Bow Capital, along with existing investors B Capital Group and Calibrate Ventures. GrayMatter Robotics is helping manufacturers improve the quality of life of shop floor workers and enhance production capacity, as well as reduce scrap, repair and rework costs.
MAKERSPACE: Be A Maker Club, based in Upland, won the $25,000 first-place prize in the Covintus Tech Tank pitch competition, hosted by Covintus on August 16. Be a Maker Club is an online makerspace empowering new creators to turn their ideas into physical 3D objects, using its MagikCAD platform.
FOOD: Positive Food Co. raised $7 million in funding, according to TechCrunch. It provides freshly-packaged salads, heat-and-eat prepared meals and vegan overnight oats.
ELECTRICITY: Faraday Future Intelligent Electric announced the successful execution of a definitive agreement for a new financing facility, which could provide funding of up to $600 million in a convertible secured notes structure. Faraday Future will receive an initial $52 million of committed funds. Funds managed by ATW Partners led the transaction. Faraday Future is a global, shared- intelligent, electric mobility ecosystem company.
LIGHTING: Visionaire Lighting announced the launch of PRK, the latest in edge-lit lighting technology for parking structures to ensure optimal safety. Visionaire Lighting is a subsidiary of Pangea Global Technologies, which makes LED lighting. PRK offers symmetrical and asymmetrical distributions, allowing effective and uniform lighting across drive lanes, commercial parking lots, parking garages, large campuses, open spaces and more.
HOSPITALITY: AvantStay, a hospitality platform for the short-term rental sector, has announced that Fred Tuomi, former CEO of Invitation Homes Inc. and an investor, board member, and leader in the real estate industry has joined its board.
DENTAL: Flossy, a startup that created an affordable dental care plan, announced $14.7 million in a Series A round. TTV Capital led the round, with participation from current investors Slow Ventures, 8VC and Clocktower Technology Ventures. Other investors include SV Angel and the founders of Carbon Health, Flatiron Health, Modern Animal, FabFitFun, GOAT, Tradesy and others.
