Recent Deals – 3 October 2023
Low-power AI systems; plant-based dairy derived from discarded fruit pits; an energy efficient air conditioning platform – Recent deals worth looking at:
Agriculture & Food
Kern Tec (2018) is a producer of alternative milks, oils, and cosmetics from upcycled fruit cores. Kern Tec forms compounds comprised of upcycled apricot, plum and cherry pits that are converted into plant-based alternatives for dairy products. Through their efforts, 500,000 metric tonnes of potential waste is prevented.
Last month, Kern Tec secured $12.7M in Series A funding to further scale up production and for commercialization of their plant-based milk and confectionery products.
Energy & Power
Mojave Energy Systems (2022) is a manufacturer and developer of a liquid desiccant air conditioning platform. By using a high concentration salt solution, their platform uses less refrigerants than existing systems on the market. Mojave’s initial product line requires 50% less energy and 20% less refrigerant.
Mojave Energy Systems successfully secured $12.5M in seed funding which will be used to further develop its first product, next generation products and accelerating commercialization.
Materials & Chemicals
traceless (2020) is a producer of biobased materials from plant residues of the agricultural industry. The technology converts agricultural plant leftovers into natural biomaterials that can save valuable biomass, and have a minimal ecological footprint.
This September, traceless successfully raised $38.7M in Series A funding to expand production capabilities for the biomaterial technology, aiming to production from its pilot stage to an industrial scale.
Resources & Environment
Resourcify (2015) is a software developer tackling recyclable waste collection management for businesses via a cloud platform. Resourcify’s platform improves and optimizes global companies’ recycling processes by establishing connections between these companies and local recyclers. Their platform has reduced over 500,000 tonnes of waste and has been adopted by a number of leading global enterprises including McDonalds and Johnson & Johnson.
A successful Series A funding round in September raised $14.7M to enhance their SaaS platform and grow its commercial teams to scale revenue. Resourcify intends to expand their presence in Europe and the UK.
Transportation & Logistics
Harbinger Motors (2021) is a manufacturer of medium-duty commercial and specialty electric vehicles and vehicle components, and developer of an autonomous driver assistance software.
Harbinger Motors raised $60M Series A funding to support product manufacturing and expand operations.
The funding will progress the production of its electric stripped chassis which would increase Class 4-6 vehicle durability, longevity and performance. The funding will also provide the means for Harbinger Motors to expand.
Aspinity (2015) is a producer of integrated circuit technology with sensing and monitoring applications in a variety of sectors. Aspinity is known for developing low power artificial intelligence solutions with capabilities in home security, automobiles, and monitoring machine health. With this round of financing, Aspinity aims to develop technology for new markets through the support of its investors.
Aspinity raised $5M in Series B funding round, which will primarily be used to grow its operations and business reach.