Every month, we recap the biggest tech and startup happenings in Rhode Island. (To get this info every Tuesday, sign up for the Rhode Island Inno Beat newsletter.)
Let’s dive in.
A new NASA project, with participation from students at the University of Rhode Island, is trying to cut the typical seven-to-nine-month travel time to the red planet in half. The project aims to introduce the mechanics of nuclear propulsion technology to space travel. The technology would use nuclear fission to propel rockets. In addition to using less fuel, nuclear propulsion could reduce travel time by half when compared with the current method of chemical propulsion.
A Rhode Island software developer focused on smart-grid technology raised $26.75 million in new capital, with investments coming from the Microsoft Climate Innovation Fund and chip giant Nvidia Corp. Providence Business First reported Utilidata Inc. is developing a platform that has the potential to radically transform the electric distribution system.
The Internal Revenue Service will stop using facial recognition software to authenticate taxpayers’ identities, the federal agency said. Providence Business First reported the change in February, which involved facial recognition software from McLean tech firm ID.me Inc. to verify individuals’ identities.
Last month, the Equity Alliance closed a $28.6 million fund led by Bank of America, the Ford Foundation and Schusterman Family Investments, which contributed $5 million each. The firm was started last year in reaction to the pandemic and the racial justice movement to challenge what it says are “systemic inequalities and injustices in American society which we have always known existed,” according to its website.
In late February, International Game Technology agreed to a wide-ranging, 20-year contract extension with the Rhode Island Lottery, Casino.org reported. The lottery operator and slot machine manufacturer has a lengthy history in the state. While financial terms of the extended contract weren’t revealed, IGT is committing to keeping 1,100 “lucrative jobs” in Rhode Island.
The Wanderlust Group, an outdoor travel technology company, closed a $30 million Series C funding round led by Thursday Ventures. Wanderlust CEO and co-founder Mike Melillo said the company plans to use the funds to scale its marina reservation app, Dockwa, and Marinas.com, its directory of marinas and yacht clubs. The company will also use the funds to launch the Campouts app, which aims to become the Dockwa for camping, and a philanthropic initiative to boost outdoor accessibility and protect the environment.
Rhode Island general contractor Luke Fleury and his co-founder Case Olszewski launched the app Dibbs as a one-stop shop for construction supplies and services.
The Rhode Island Foundation broke records as it reported the highest combined year for grants and fundraising in its 106-year history, according to president and CEO Neil Steinberg. The foundation has awarded $76 million in grants to more than 2,300 nonprofit organizations and raised $98 million in gifts in 2021.
