Sure, 2020 was the year that “doomscrolling” became a thing, but there was good news, too.
In Richmond, we saw startups pivot to join the fight against Covid-19. Others took big steps forward in their growth journeys, launching new platforms and securing key accelerator support. And, as the country reckoned with its racial past and present, the venture capitalist community had some tough conversations about its own shortcomings.
As we forge ahead into the promise that is 2021, here’s a look back at our biggest headlines from 2020.
Virginia Commonwealth University Launches Center for Innovation
It’s hard to remember now, but there were a couple months in 2020 before Covid-19 transformed the United States. In that before-time, Virginia Commonwealth University launched a new Center for Innovation in STEM Education. Noting the small percentage of African Americans, Hispanics, Native Americans and women who pursue and receive STEM undergraduate degrees, VCU envisioned the Center as a hands-on exploration and education resource for a diverse population.
Richmond Startups Respond to Covid-19 Crisis
When Covid-19 caused U.S. shut-downs in March, many Richmond startups were forced to change their plans. Some became “crisis innovators,” and Richmond Inno profiled a few of them in August.
Kamana Health, a Richmond-based software platform that connects traveling nurses and other healthcare professionals to jobs, found a new urgency for their solution. With American cities fighting waves of Covid-19 cases, Kamana helped hospitals fill a critical need for healthcare workers — and also helped get furloughed professionals working again.
Another Richmond startup secured a $354 million federal contract to manufacture the ingredients for medicines used to treat Covid-19 patients. Phlow Corp., founded in early 2020, contributed 1.6 million doses of five generic medicines to the U.S. Strategic National Stockpile. Continuing its strong run, Phlow closed on a $15 million raise in November.
Cupron saw more takers for its copper-infused technology this year, as worries arose about the risks of surface contamination. The Richmond company’s flagship line of self-sanitizing linens, primarily marketed toward hospitals, drew interest from other industries, including mass transit, automobile production and consumer products and packaging. Cupron also released a reusable, copper-infused version of one of the year’s hottest products: a face mask.
ReAlta Life Sciences is exploring whether RLS-0071, its treatment for a severe birth complication, can also treat patients with lung damage from Covid-19. The Norfolk-based biotech company raised a $14 million Series A round of funding in April, and in July it received clearance to begin early medical trials for Covid-19 treatments.
Medical supply shortages made for dire headlines in early 2020. Richmond’s Grenova manufactures technology that enabled labs to be sustainable with at least one item: pipette tips. With the ability to wash, sterilize and reuse pipette tips, labs can run more Covid-19 tests without having to throw each tip into a biohazard bin, founder Ali Safavi told Richmond Inno.
National Conversation about Race Shines Spotlight on Startup Funding Disparities
When George Floyd, a black man in Minneapolis, was killed in May, the Black Lives Matter movement gained traction like never before, prompting a nationwide discussion of race and racism. Those discussions, on televisions and in living rooms, also reached into the business world.
Venture capitalism was no exception. In a June article, Richmond Inno spoke with Black investors and startup founders about both the lack of funding going to Black startups and the lack of Black representations at VC firms. Those topics are closely connected, the entrepreneurs interviewed said, because VC firms without Black voices often don’t see or understand Black entrepreneurs.
TemperPack Raises $31.5M, Adjusts to Increased Demand
At the end of July, TemperPack closed on $31.5 million in funding, a Series C raise that brings its total funding to $80 million. The Richmond-based startup, founded in 2015, makes recyclable packaging called ClimaCell. With more people ordering online due to Covid-19, TemperPack saw increased demand, and told Richmond Inno they planned to double their manufacturing capacity.
SVT Robotics Launches New SOFTBOT Platform
SVT Robotics revved up its technology in September, launching its new SOFTBOT platform so its customers can quickly adopt and deploy robot technology.
Using the Norfolk company’s technology, companies can stand up robot technology within their warehouses and manufacturing facilities in just weeks, rather than months or years. That’s key for companies who are trying to compete with Amazon and respond to the huge spike in demand for online delivery.
Naborforce Secures Accelerator Spot, Eyes Expansion
Naborforce, a Richmond-based startup that serves older adults, secured a coveted spot in the competitive Techstars accelerator. Founded in 2018 by Paige Wilson, Naborforce connects aging individuals with a network of “Nabors” who can provide social interaction and practical support such as running errands.
In an interview this fall, Wilson said she expected the accelerator program would give Naborforce validation and access to capital. And, she said, she’s expecting big moves in 2021, with expansion into Williamsburg or Norfolk and the Raleigh/Durham region in North Carolina.