There’s smoke, and then there’s fire.
The Richmond innovation ecosystem is full of startups and growing companies fanning the flames of ingenuity and burnishing the region’s reputation. This year’s Fire Awards from Richmond Inno don’t highlight every sparkling startup or incubator in Virginia’s capital city — but they do aim to spotlight the 12 making the biggest waves right now.
To determine this year’s honorees, we reviewed our coverage from the past year, judged inbound nominations and consulted with a few community members.
Without further ado, here is this year’s class of Richmond Fire Awards honorees:
AuraPea — The plant-based protein market is hot, and AuraPea is seeking a prime cut. Benjamin Pasternak, the CEO of culinary systems company Defiant Food Group, launched AuraPea in early 2021. Its chickpea-based product, made through a patented process that maintains the chickpea’s functionality after it’s milled, comes in a variety of “crumbles” — chorizo, breakfast, Italian and taco, to be exact. In late 2021, it raised $1.5 million in seed funding from seven investors. This year, it’s been using that funding to work toward launching plant-based bacon and plant-based pepperoni products and to expand its operations to Europe.
BrainBox Solutions — This local biotech is behind an artificial intelligence-enabled concussion test that received a breakthrough device designation from the Food and Drug Administration back in 2019. In recent months, it has secured grants and raised more investor money to fund studies for its diagnostic across all age groups. In March, it was awarded a $3.5 million grant from the National Institute of Neurological Disorders and Stroke for the development of a tool for concussions and cognitive impairment in the elderly. That same month, it amended a Securities and Exchange Commission filing on its Series A round to say it had raised a total of $18.9 million from 56 investors, up from the $5.9 million through 22 investors initially reported in a 2020 filing. “We continue to have strong investor support, including nondilutive funding and funding from strategic partners,” CEO Donna Edmonds told us in March.
Covintus — The Richmond area isn’t short on well-regarded accelerator programs, and this Short Pump software firm has added another strong one to the region. The company’s Tech Tank, led by Logan Ryan and now on its third cohort, has made a commitment to hand out $1 million in matching credit for software development, design and advisory services to give participating startups the tech and the know-how they need to grow and achieve. The winners of its Tech Tank pitch competitions are awarded further credit to boost their offerings. A good percentage of that has gone to Richmond-area startups, like site-selection platform EDai, to further lift the region’s innovation credentials.
HopDrive — Founded in 2018 by Nick Mottas and Rob Newton as Social Auto Transport, this Richmond-headquartered company specializes in on-demand short trips and pick-up and delivery services for auto dealerships and their customers. With a team of drivers, the company removes the need for dealers to use expensive car haulers. It also keeps dealership staff and mechanics from being pulled away to do the transport work. The company changed its name to HopDrive in early 2021 and added vehicle appraisal and inventory acquisition tools. Backed by $2.7 million in funding so far, its growth has continued by leaps and bounds as it has moved into new markets.
Jackson Ward Collective — Named after a historic district in the city that was once nicknamed “Black Wall Street,” this nonprofit incubator has become a beacon for Black entrepreneurs to start and grow their ventures. Led by three Black women — Rasheeda Creighton, Kelli Lemon and Melody Short — the group assists entrepreneurs in everything from accessing capital, maintaining health insurance and navigating requirements like obtaining business licenses. These tasks have often been hurdles for Black business owners and JWC provides a community to help work through those obstacles. This fall, JWC is launching a business accelerator program aimed at boosting early-stage entrepreneurs to fill the gaps of existing business development resources in the region to help people tackle the more nuanced aspects of building a business.
LineBird — By building tools that drones use to work on live power lines, this startup is looking to make utility inspections and repairs a less hazardous endeavor for everyone involved. Founded by CEO Michael Beiro, Linebird closed a $350,000 round of convertible debt financing in February and has used that funding to expand its marketing and sales efforts, including to attend more trade shows, in a bid to grow its revenue. Beiro recently told us that business has picked up in the last quarter after spending “a ton of time” at trade shows and doing customer demos. It’s now providing financing options for customers and has more tools in development, including something it has teased as a “game-changer” for storm response.
Naborforce — This company’s tech-based platform links aging adults to a network of "Nabors" for social engagement and on-demand support with errands, transportation, help around the house and other things. Its networks are running in cities in Virginia, Maryland and North Carolina. It made the move into the Atlanta market earlier this — but that was just the start. Backed by a $2.5 million seed round, founder and CEO Paige Wilson told us in May she was looking to enter six additional markets by the end of the year. The company has grown its headcount from four to 18, expanded its offices and has racked up a 400% year-over-year increase in revenue. As the large baby boomer generation continues to age, there promises to be a market for Naborforce’s services.
No Limbits — For much of the past year, Erica Cole had to keep a big secret. The founder of adaptive clothing brand No Limbits earned a deal with Mark Cuban and Emma Grede on ABC's "Shark Tank" — getting $100,000 in exchange for 10% equity in the company. But she had to keep the funding under wraps — even though she was in regular communication with the well-known Sharks — until the episode aired in April. Now, No Limbits isn’t much of a secret. Cole started her company after a 2018 car accident resulted in her left leg being amputated below the knee. She began creating clothing in response to a need for pants that fit over her prosthesis. That grew to No Limbits, which now offers clothing for amputees, wheelchair users and people who experience limited dexterity and sensory sensitivities. As of this spring, it was counting $15,000 in monthly recurring revenue. The company is currently based in St. Louis but is moving to Richmond later this year following Cole’s experience going through the city’s Lighthouse Labs incubator.
Pearl — This all-in-one tutor management platform just last week announced it had pushed its tranche of seed funding to more than $4 million with new investments from Blu Venture Investors, Fidi Ventures and others. Pearl said it would use the new money for talent development, expansion and the creation of new data and reporting engines. Formerly known as Trilogy Mentors, the 6-year-old company founded by John Failla offers a proprietary software-as-a-service platform for educators to launch and scale a branded, relationship-based online learning program. The company has grown as the Covid-19 pandemic has rattled the education field, with many school districts bringing on tutors with the aim of mitigating learning loss and the impacts of the ongoing national teacher shortage.
TemperPack — This Richmond company, which makes sustainable materials to replace plastic packaging, is attracting investment dollars like no other in the region. In March, the company secured a whopping $140 million in equity financing from some big names, including Goldman Sachs Asset Management and a return investment from Steve Case’s Revolution Growth. It was one of the largest funding rounds for a Richmond-based company in several years and the company said it would use it to expand its capacity and grow its geographic footprint. TemperPack is also preparing to roll out a “very disruptive” new product, co-founder James McGoff told us in June without divulging specifics. The company’s flagship ClimaCell product is an insulation material that replaces Styrofoam coolers for use in shipping food and life sciences products. Clients include HelloFresh and UPS Healthcare. Just this week, it announced it reached a deal to buy the maker of Green Cell Foam, an addition that will grow its headcount from about 350 to 700.
Tympanogen — This local biotech led by CEO Elaine Horn-Ranney develops treatments to improve ear, nose and throat procedures, including a gel-patch system for eardrum repair called Perf-Fix. It raised $1 million in March and said in an SEC filing it was seeking to raise as much as $2.5 million through debt and other options. It has also landed one of five finalist spots in a national pitch competition from the National Capital Consortium for Pediatric Device Innovation. As a result, it will participate this year in an accelerator from Los Angeles-based MedTech Innovator — which bills itself as the world’s largest accelerator of medical devices — and vie for a share of $150,000 in grant funding from the Food and Drug Administration.
Warehowz — Need warehouse space for your business? Own a warehouse and have some space to spare, even for just a bit? This is where Warehowz fits in, providing on-demand warehousing through its cloud-based marketplace without long leases and other onerous commitments. Since its founding in 2019, Darrell Jervey and Nick Bawa have built their company into a nationwide network of hundreds of vetted warehouses. The company launched a direct-to-consumer solution last year that allows e-commerce retailers and sellers to manage and track inventory, shipments and sales across multiple warehouse locations in a single view. PitchBook reported in April that Warehowz was seeking to raise a $5 million venture round.