Here are some of 2021s big stories.
Lighting up Wall Street
It finally happened. Many of those IPO predictions from years past came to fruition this year with companies across the industry spectrum going public. They included Dutch Bros, Absci and ESS. Here on the tech beat, we saw Expensify IPO in November and raise $263 million. Then in December, Vacasa completed a merger with a Special Purpose Acquisition Company. Vacasa raised $340 million as a result of the deal. Prior to this year, public debuts were a trickle, with one or two over the preceding couple years. And that all came after a more than decade long dry spell. These milestones are important to feed the startup ecosystem, plus, new public companies signal growing, sustainable organizations with a local employee base.
Funding and funds
Investors are on track to pump $1 billion into Portland metro-area companies this year. By the third quarter, 2021 activity had already exceeded all of 2020. Much of that money is going into later-stage deals and coming from out-of-state investors. The venture industry as a whole continues to skew white and male, as do investments. However, several new local investment firms with more diverse leadership determined to cast a wider investment net launched this year. That includes folks like Melanie Strong and Kate Delhagen, who are working to get more former Nike employees investing in startups, and the team at Black Founders Matter and others who are working to get more women and underrepresented founders backed.
Intel’s big bet
Oregon’s largest private employer has had a year. Intel started 2021 with the return of Pat Gelsinger, a 30-year vet and the company’s former CTO, to the role of CEO. He wasted no time implementing a bold strategy to put the chipmaker back on top in terms of its cutting edge tech. To do this, he is doubling down on the company’s manufacturing model and investing heavily in building new facilities, called fabs, and expanding existing ones. The company is slated to complete an expansion of Ronler Acres in Hillsboro in early 2022. He also launched a new foundry business and is pushing for federal subsidies to rebuild the semiconductor industry domestically. Investors have been shaken by the spending and the increased competition from rivals.
Opal vs. Sprinklr
A big story that will continue into 2022 is the ongoing legal fight between Portland-based Opal Labs and New York-based Sprinklr. A federal jury found that Opal proved three of its claims in a lawsuit including misappropriation of trade secrets. The jury was hung on damages and several other claims. After the verdict, Opal filed for an injunction against Sprinklr for selling any content creation or planning software developed since March 2014. The two sides will be back in court next year to hash out the items where the jury hung. The drama started in 2017 when Opal filed a lawsuit against one-time business partner Sprinklr alleging that Sprinklr obtained confidential information about Opal’s software and used it to create a competing product.
Inno
This year, we launched Portland Inno and the accompanying newsletter called The Beat. I know, this one is a little self serving, but it's been a big deal here. Inno is the new home of our startup and entrepreneurship coverage. Thanks to all those who have already signed up for The Beat. If you haven’t yet, you can do so online to stay ontop of what’s going on in the community. And as always, send me your tips and feedback.
