Each year, Tampa Bay Inno looks forward by looking back.
To comprise the annual Startups to Watch list, we evaluated reporting, industry commentary and tech trends to develop a list of startups to watch in the year ahead.
A look at startup activity from 2023 featured noticeable fervor in the regional startup economy, as well as trends that manifested themselves on this list. Artificial intelligence — a promising and polarizing factor — can be seen in the group of companies. Virtual reality and the space economy can also be found. But these commonalities are signals for what lies ahead. Stay tuned to see what these businesses do in the future because, boom or bust, they flashed promise as job creators, revenue generators and newsmakers.
And a note to startups and readers: Many companies are featured for the funding they raised, but investment is not the only indicator of progress. Some of the greatest companies bootstrapped their way to billion- and trillion-dollar evolutions But those included on this list, and the money they raised, showed potential for a greater next step in the region.
From a long list, the 24 startups chosen represent anticipated newsmakers in Tampa Bay innovation and disruption in 2024.
Lonestar Data Holdings
What it’s doing: The evolution of human space travel, for all its advancements, has yet to include maintaining a presence on the moon. Lonestar wants to change that. It’s building a way to start that process: data storage implements on the moon.
Why we’re watching: The company launched just more than a year ago, and it has raised more than $5 million in pre-series funding. While the funding bursts are worth noting, it's the founder and CEO Chris Stott's work launching the startup that stands out. His long career in the industry has left him with a wealth of space industry knowledge and connections that set this company on a unique path. The company is catching investor attention, but it’s the founder’s vision and domain expertise that put it in the spotlight.
Deepwatch
What it’s doing: Deepwatch manages cybersecurity operations for customers like AARP, Cinemark and Benjamin Moore with its platform that offers security tools and expert support.
Why we’re watching: Charlie Thomas’ managed security platform has seemingly joined a community of highly valued cybersecurity companies in the Tampa Bay area, and it seems close to graduating fromthe startup world. In February 2023, it raised $180 million, which was the largest deal of 2023 in the region. In the past five years, it has raised more than $256 million. That’s all to say — the company is nowhere near “a couple of founders in the garage.” We'll be watching what’s next for this company.
Haddy Inc.
What it’s doing: Haddy Inc. is a micro-factory lab in St. Petersburg that 3D prints furniture from reclaimed plastics for businesses. The company launched in 2021, and its CEO and co-founder John Rogers is a graduate of Harvard Business School and Princeton, according to his LinkedIn.
Why we’re watching: Haddy Inc. quietly raised $3.5 million in September 2023 and $2.9 million in 2022. It has all the makings of a 2024 newsmaker: capital, manufacturing space and a core product.
The Natural Nipple
What it’s doing: The Natural Nipple is a tool to reduce infant feeding-related issues. It's backed by Johnson & Johnson, Florida Blue and National Science Foundation grant funding. It was one of the Tampa Bay Wave's first female-led cohorts in 2020.
Why we’re watching: The company started producing and distributing its infant feeding system in August 2023. For a company with this standard of backing at this stage and a now-launched product, it's primed for growth and potentially news in the coming year.
Zorus
What it’s doing: Zorus was founded by former executives at Datto — a subsidiary of IT vendor Kaseya — and is now run by a founder of one of ConnectWise's first acquisitions. Zorus sells cybersecurity products to channel partners.
Why we’re watching: Zorus began growing its connection to the Tampa scene last year with the appointment of CEO Brett Cheloff. It will retain its secondary headquarters in Connecticut, but it's now a Tampa company with a Tampa future. With guidance from General Catalyst, a high-ranking venture capital firm in California, and a new focus in a market known for MSPs, Zorus is on the way to growth.
Cashy
What it’s doing: Every founder has their own story. Still, not many (perhaps none) in Tampa Bay can say they are an Estonian ex-military finance teacher and founder of a chocolate startup that moved to Tampa after a pointer from a ChatGPT query. Mart Vainu, the founder, launched Cashy in 2022 as a way to partner with credit unions to teach financial literacy to children through the platform.
Why we’re watching: The Embarc Collective company launched in 2022. It now contracts with five credit unions in three states and with Swedbank, one of the largest banks in Sweden. It previously received an investment from Estonian angel investor Martin Vilig, and, with a new focus on growth in Tampa, is set to follow through on its growth goals.
Blue Innovations Group
What it's doing: Founded by an ex-Tesla leader, Blue Innovations Group wants to be a tech-focused, vertically integrated electric maritime company. Its first product, the R30, was released in December 2023. The newly released vessel is a 30-foot aluminum, tech-filled, battery-powered luxury yacht.
Why we’re watching: The unveiled yacht signals the startup — which launched from stealth in 2022 — is preparing to start manufacturing the $300,000 vessel. That means that in the next year, the company is poised to continue scaling, spending and potentially bringing in cash.
Amni
What it's doing: Amni sells AI-powered supply chain procurement services augmented with its proprietary data set and public market data to help customers find efficiency in the supply channels.
Why we’re watching: The Embarc Collective company has raised $1.3 million in pre-series funding and built its offerings. In November 2023, it reached a pivotal moment with the hiring of a new chief technology officer, longtime software developer BJ Fox. As an AI-focused company with plans to go to market and meet its customer base, 2024 could be a notable year for Amni.
Pet Harmony
What it's doing: Azza Diasti-Kennedy was a veterinarian in Tampa for 22 years, her LinkedIn profile shows. She founded Pet Harmony in 2021. The Embarc Collective company's platform is a way for pet owners to get access to a veterinarian online.
Why we’re watching: The need for telehealth isn’t going anywhere. Dozens of investment firms and startups are vying for a means to improve medical access, and the market for pet health care seems prime for disruption. Being a founder with 22 years of domain expertise and having an MBA from MIT doesn’t hurt, either. 2024 might be the year Pet Harmony wins scalable investment or finds its next jump in the market.
Umbrella.AI
What it's doing: Tyler Clark and Michael Nabers have worked for big tech companies like Salesforce and Samsung. Now, they want to try starting their own company. They're building one by applying AI to various industries and applications. For now, they're focusing on building their first product, Umbrella.vet. Umbrella Vet is a chatbot that can answer user questions about their pets and connect users to veterinarians.
Why we’re watching: With Silicon Valley resumes and combined connections interested in capturing the next part of the AI wave, Umbrella AI is positioned to find a place in Tampa's AI startup community. Now, it’s looking to grow and close investment deals after a recent product launch.
Projexion
What it's doing: Projexion's website describes its product as a data-based way to help construction managers analyze and predict risks to profitability. It also offers ways to take action against that in real-time. Its CEO and founder, Joe Wilson, has a background in construction and real estate.
Why we’re watching: The company raised its second burst of funding in December, but a U.S. Securities and Exchange Commission filing shows it is in the middle of raising a $500,000 round. The Embarc Collective company has its work cut out for it. Still, as a software-focused application with a clear vision to mitigate risk in construction, the following year for Projexion could be its most newsworthy so far.
CyberFox
What it's doing: ConnectWise executives David Bellini and Adam Slutskin couldn’t have predicted they would run a company together again after exiting ConnectWise through a multibillion-dollar sale in 2019. But now, the two are working to develop a company spawned from two acquisitions. The cybersecurity-focused startup has grown to dozens of employees and an established customer base after launching in 2022.
Why we’re watching: As a winner of the 2023 cybersecurity award at the Tampa Bay Inno Awards, Cyberfox has two characteristics to note: the leadership experience of ConnectWise and an entrepreneurial understanding of the MSP space. The startup has developed quickly in the past two years, and 2024 may see that growth pay off.
Grove
What it's doing: Grove is an infrastructure network gateway operating from its crypto token Pocket Network or POKT. Using the network, customers can access insights from Grove’s platform by working as a go-between for crypto companies developing blockchain infrastructure.
Why we’re watching: Blockchain has been complicated and controversial in the last decade. Throughout the past several years, Grove has surged and staggered but steadily remained an example of the crypto business in Tampa. The startup recently raised $7.9 million from investment firms, and it appears to have reached a new stage of maturity. Grove might prove the worth of blockchain in the region.
Smart Edge Technologies
What it's doing: Smart Edge’s founder, Christina Dills, spent more than 10 years with Microsoft working on sales and distribution. In 2018, she pivoted to founding Smart Edge Technologies, a startup that helps companies like Goodwill track their products and market distribution with analytical technology and automation. The Tampa Bay Innovation Center alumni and one-time Synapse Innovation Challenge winner has an added goal of helping businesses follow sustainable practices and limit their waste.
Why we’re watching: Smart Edge is an example of a company focusing first on product and profits, not seeking to be a viral star. It has slowly worked to build contracts with retailers across the state, and retailers are starting to take notice. The profitable company may be on the verge of landing several contracts and investments while scaling nationwide.
Holocron Technologies
What it's doing: Holocron is a new startup founded by Tampa native Tristan Yang and Addam Jensen. The two both have short but substantial backgrounds in technology, defense and policy with the U.S. government. As shown in the company’s name, which refers to a storage device of ancient knowledge in the film and television series "Star Wars," these two founders use data technologies to understand global entities.
Why we’re watching: If an investment from the Winklevoss twins' investment group isn’t enough, Holocron is a startup to watch because of its goal as a company. The value of data — and the available insights to be gleaned from it — in an increasingly AI-driven economy is rapidly developing. If Holocron's founders have the experience to capture more growth, Holocron might become a star of Tampa in the coming years.
Jobgraze
What it's doing: Jobgraze is a hiring platform for medical caretakers and service providers. The early-stage startup connects nurses with outlets looking for help.
Why we’re watching: Alexis Nguyen, the chief adviser and co-founder of Tampa-based Jobgraze, was one of 10 selected for a competitive JPMorgan Chase-backed accelerator in September 2023. After the guidance and education, Nguyen now has a plan and the connections to grow Jobgraze — and maybe even break some news in the next year.
BŪP
What it's doing: BŪP is a startup making a digital transmitting tool for networking. It sells a small device that attaches to your phone or can be worn on the wrist to transmit user information like a digital business card. Founder and CEO Martika Jones founded the company in 2021 after graduating from the University of Tampa’s entrepreneur program in 2019.
Why we’re watching: BŪP has had nearly three years to settle into the market and find its space in Tampa. It has been on billboards in New York City’s Times Square, and Jones has become a facet of Tampa as an entrepreneur in residence at Soaring City Innovation Partnership.
Healthmap solutions
What it's doing: Founded in 2013, Healthmap Solutions helps patients with kidney diseases and cuts costs through health plan management and clinical research. It has raised more than $200 million in capital since its founding, including investments from Florida Blue.
Why we’re watching: In August, Healthmap closed the second-largest investment deal in the Tampa Bay region. It’s been on investors' radars since 2013, but as it follows through what it described to the Tampa Bay Business Journal in August as “rapid growth,” it will be a company to watch in the coming year.
Dynabyte
What it's doing: Swedish entrepreneur and software engineer Anders Lentell founded Dynabyte more than 20 years ago. Today, it has evolved into a software support and development company that has helped enterprises like Spotify and furniture chain Ikea.
Why we’re watching: The company is based in Sweden, and it has thousands of employees worldwide. But in October, Dynabyte launched a U.S. headquartersin St. Petersburg. The local entity is connected to Sweden, but it will manage and operate as a separate unit. The company is now set on growing and developing the area, with St. Petersburg set to get a boost from the employees and resources it brings to the area with its growth.
Optiversal
What it's doing: CEO and co-founder Will Underwood studied AI before it was the hottest thing in tech. Underwood has degrees in computer science from the University of Illinois Chicago and the University of Chicago, according to his LinkedIn. He founded Optiversal in 2021 to create data-based marketing and product materials for companies. Optiversal's AI technology doesn't just market existing products; it predicts other products users might want.
Why we’re watching: It’s one thing to have AI in your name; it’s another to have an AI company that is closing a $4.2 million seed round and counts Fortune 500 companies among its customer base. If 2023 was the world’s introduction to AI, then 2024 can only be the next step for this, leaving products like Underwood’s with greater value. The company said it wasn't seeking additional funding in April, but with the AI world evolving fast, the success Optiversal has now will look attractive to investorsin the coming years.
Improving Aviation
What it's doing: Improving Aviation has developed quickly. Since its founding in 2020, it has joined the Embarc Collective, participated in the Tampa Bay Wave program and won an award from the Synapse Innovation Awards. It has raised money and begun to establish an engineering and consulting platform that uses technology and aerospace expertise to help private and public entities.
Why we’re watching: Improving Aviation has already started landing contracts and is looking for more. The proudly women-owned business has reached a new growth stage to begin landing more contracts andinvestor money.
3D Cloud by Marxent
What it’s doing: 3D Cloud by Marxent isn’t a new company to the Tampa Bay area. It has been earning money, growing, and finding investments since it was founded nearly a decade ago. The company sells a 3D content management platform for businesses and retailers needing ways to store and share interior design and marketing materials about furniture.
Why we’re watching: Augmented and virtual reality become more prominent each year. This year, the company closed a $7.5 million Series D led by local investor and entrepreneur Arnie Bellini. Shortly after the raise, investment firm Detroit Venture Partners converted $1.75 million of its loaned funds to equity in the company, signaling the investor doesn’t just want to cash in on loans — it wants to make money if the company's equity jumps.
Vu Technologies
What it’s doing: Once just a virtual production technology company and studio, Vu Technologies has become a production network throughout the United States. It still has a 10,000-square-foot production studio and a 40-foot LED wall — which replaces the need for green screens — in Tampa. But now it has expanded the studios nationwide.
Why we’re watching: The longtime Tampa company received an endorsement — by way of an undisclosed investment amount — from the venture arm of the global consulting firm Accenture. In 2021, the Tampa Bay Business Journal reported the December funding put Vu at an estimated $50 million valuation, with hopes to hit a $1 billion valuation "unicorn" status by 2023. The following year could see the company make the rare $1 billion leap.
Mad Mobile
What it's doing: Mad Mobile is a fintech platform that offers software to restaurants and retailers. The platform manages the point-of-sale process, from mobile ordering to self-checkout.
Why we’re watching: In January 2023, Mad Mobile closed a $20 million funding round — one of the largest of the year in the region. The funding goes to developing the product, but the money also comes alongside an office expansion and several acquisitions in the past few years. A headline-worthy year seems to be brewing at this startup.
