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pi-top’s latest edtech tool doubles down on maker culture
London-based edtech startup, pi-top, has unboxed a new flagship learn-to-code product, demoing the “go anywhere” Pi-powered computer at the Bett Show education fare in London today.
Discussing the product with TechCrunch ahead of launch, co-founder and CEO Jesse Lozano talked up the skills the company hopes students in the target 12-to-17 age range will develop and learn to apply by using sensor-based connected tech, powered by its new pi-top 4, to solve real world problems.
“When you get a pi-top 4 out of the box you’re going to start to learn how to code with it, you’re going to start to learn and understand electronic circuits, you’re going to understand sensors from our sensor library. Or components from our components library,” he told us. “So it’s not: ‘I’m going to learn how to create a robot that rolls around on wheels and doesn’t knock into things’.
“It’s more: ‘I’m going to learn how a motor works. I’m going to learn how a distance sensor works. I’m going to learn how to properly hook up power to these different sensors. I’m going to learn how to apply that knowledge… take those skills and [keep making stuff].”
The pi-top 4 is a modular computer that’s designed to be applicable, well, anywhere; up in the air, with the help of a drone attachment; powering a sensing weather balloon; acting as the brains for a rover style wheeled robot; or attached to sensors planted firmly in the ground to monitor local environmental conditions.
The startup was already dabbling in this area, via earlier products — such as a Pi-powered laptop that featured a built in rail for breadboarding electronics. But the pi-top 4 is a full step outside the usual computing box.
The device has a built-in mini OLED screen for displaying project info, along with an array of ports. It can be connected to and programmed via one of pi-top’s other Pi-powered computers, or any PC, Mac and Chromebook, with the company also saying it easily connects to existing screens, keyboards and mice. Versatility looks to be the name of the game for pi-top 4.
pi-top’s approach to computing and electronics is flexible and interoperable, meaning the pi-top 4 can be extended with standard electronics components — or even with Littlebits‘ style kits’ more manageable bits and bobs.
pi-top is also intending to sell a few accessories of its own (such as the drone add-on, pictured above) to help get kids’ creative project juices flowing — and has launched a range of accessories, cameras, motors and sensors to “allow creators of all ages to start learning by making straight out of the box”.
But Lozano emphasizes its platform play is about reaching out to a wider world, not seeking to lock teachers and kids to buying proprietary hardware. (Which would be all but impossible, in any case, given the Raspberry Pi core.)
“It’s really about giving people that breadth of ability,” says Lozano, discussing the sensor-based skills he wants the product to foster. “As you go through these different projects you’re learning these specific skills but you also start to understand how they would apply to other projects.”
He mentions various maker projects the pi-top can be used to make, like a music synth or wheeled robot, but says the point isn’t making any specific connected thing; it’s encouraging kids to come up with project ideas of their own.
“Once that sort of veil has been pierced in students and in teachers we see some of the best stuff starts to be made. People make things that we had no idea they would integrate it into,” he tells us, pointing by way of example to a solar car project from a group of U.S. schoolkids. “These fifteen year olds are building solar cars and they’re racing them from Texas to California — and they’re using pi-tops to understand how their cars are performing to make better race decisions.”
pi-top’s new device is a modular programmable computer designed for maker projects
“What you’re really learning is the base skills,” he adds, with a gentle sideswipe at the flood of STEM toys now targeting parents’ wallets. “We want to teach you real skills. And we want you to be able to create projects that are real. That it’s not block-based coding. It’s not magnetized, clipped in this into that and all of a sudden you have something. It’s about teaching you how to really make things. And how the world actually works around you.”
The pi-top 4 starts at $199 for a foundation bundle which includes a Raspberry Pi 3B+,16GB SD card, power pack, along with a selection of sensors and add-on components for starter projects.
Additional educational bundles will also launch down the line, at a higher price, including more add ons, access to premium software and a full curriculum for educators to support budding makers, according to Lozano.
The startup has certainly come a long way from its founders’ first luridly green 3D printed laptop which caught our eye back in 2015. Today it employs more than 80 people globally, with offices in the UK, US and China, while its creative learning devices are in the hands of “hundreds of thousands” of schoolkids across more than 70 countries at this stage. And Lozano says they’re gunning to pass the million mark this year.
So while the ‘learn to code’ space has erupted into a riot of noise and color over the past half decade, with all sorts of connected playthings now competing for kids’ attention, and pestering parents with quasi-educational claims, pi-top has kept its head down and focused firmly on building a serious edtech business with STEM learning as its core focus, saving it from chasing fickle consumer fads, as Lozano tells it.
“Our relentless focus on real education is something that has differentiated us,” he responds, when asked how pi-top stands out in what’s now a very crowded marketplace. “The consumer market, as we’ve seen with other startups, it can be fickle. And trying to create a hit toy all the time — I’d rather leave that to Mattel… When you’re working with schools it’s not a fickle process.”
Part of that focus includes supporting educators to acquire the necessary skills themselves to be able to teach what’s always a fast-evolving area of study. So schools signing up to pi-top’s subscription product get support materials and guides, to help them create a maker space and understand all the ins and outs of the pi-top platform. It also provides a classroom management backend system that lets teachers track students’ progress.
“If you’re a teacher that has absolutely no experience in computer science or engineering or STEM based learning or making then you’re able to bring on the pi-top platform, learn with it and with your student, and when they’re ready they can create a computer science course — or something of that ilk — in their classroom,” says Lozano.
pi-top wants kids to use tech to tackle real-world problems
“As with all good things it takes time, and you need to build up a bank of experience. One of the things we’ve really focused on is giving teachers that ability to build up that bank of experience, through an after school club, or through a special lesson plan that they might do.
“For us it’s about augmenting that teacher and helping them become a great educator with tools and with resources. There’s some edtech stuff they want to replace the teacher — they want to make the teacher obsolete. I couldn’t disagree with that viewpoint more.”
“Why aren’t teachers just buying textbooks?” he adds. “It takes 24 months to publish a textbook. So how are you supposed to teach computer science with those technology-based skills with something that’s by design two years out of date?”
Last summer pi-top took in $16M in Series B funding, led by existing founders Hambro Perks and Committed Capital. It’s been using the financing to bring pi-top 4 to market while also investing heavily in its team over the past 18 months — expanding in-house expertise in designing learning products and selling in to the education sector via a number of hires. Including the former director of learning at Apple, Dr William Rankin.
The founders’ philosophy is to combine academic expertise in education with “excellence in engineering”. “We want the learning experience to be something we’re 100% confident in,” says Lozano. “You can go into pi-top and immediately start learning with our lesson plans and the kind of framework that we provide.”
“[W]e’ve unabashedly focused on… education. It is the pedagogy,” he adds. “It is the learning outcome that you’re going to get when you use the pi-top. So one of the big changes over the last 18 months is we’ve hired a world class education team. We have over 100 years of pedagogical experience on the team now producing an enormous amount of — we call them learning experience designers.”
He reckons that focus will stand pi-top in good stead as more educators turn their attention to how to arm their pupils with the techie skills of the future.
“There’s loads of competition but now the schools are looking they’re [asking] who’s the team behind the education outcome that you’re selling me?” he suggests. “And you know what if you don’t have a really strong education team then you’re seeing schools and districts become a lot more picky — because there is so much choice. And again that’s something I’m really excited about. Everybody’s always trying to do a commercial brand partnership deal. That’s just not something that we’ve focused on and I do really think that was a smart choice on our end.”
Lozano is also excited about a video the team has produced to promote the new product — which strikes a hip, urban note as pi-top seeks to inspire the next generation of makers.
“We really enjoy working in the education sector and I really, really enjoy helping teachers and schools deliver inspirational content and learning outcomes to their students,” he adds. “It’s genuinely a great reason to wake up in the morning.”
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Epic Games buys 3Lateral, maker of super-realistic ‘digital humans’
Epic Games announced this morning that they’ve acquired Serbia-based 3Lateral, a game studio focused on designing more realistic computer-generated human characters.
The team of 60+ will be continuing their work with existing partners and maintaining their presence in Serbia. 3Lateral founder Vladimir Mastilovic will lead Epic Games’ worldwide digital humans efforts, the company says.
No details on a price or specific deal terms were given.
The non-digital human team behind 3Lateral
Epic Games, which operates Fortnite as well as the Unreal Engine game development platform, has worked with 3Lateral in the past on projects to push the level of realism and detail that are possible with human avatars. Epic has open-sourced this work for developers; the acquisition will likely further expand the capabilities of Unreal Engine users to promote more detailed character design.
“Real-time 3D experiences are reshaping the entire entertainment industry, and digital human technology is at the forefront. Fortnite shows that 200,000,000 people can experience a 3D world together. Reaching the next level requires capturing, personalizing, and conveying individual human faces and emotions,” Epic Games CEO Tim Sweeney said in a statement.
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Connecting African software developers with top tech companies nets Andela $100 million
Andela, the company that connects Africa’s top software developers with technology companies from the U.S. and around the world, has raised $100 million in a new round of funding.
The new financing from Generation Investment Management (the investment fund co-founded by former Vice President Al Gore) puts the valuation of the company at somewhere between $600 million and $700 million, based on data available from PitchBook on the company’s valuation following its previous $40 million funding.
Previous investors from that financing, including the Chan Zuckerberg Initiative, GV, Spark Capital and CRE Venture Capital, also participated.
“It’s increasingly clear that the future of work will be distributed, in part due to the severe shortage of engineering talent,” says Jeremy Johnson, co-founder and CEO of Andela. “Given our access to incredible talent across Africa, as well as what we’ve learned from scaling hundreds of engineering teams around the world, Andela is able to provide the talent and the technology to power high-performing teams and help companies adopt the distributed model faster.”
The company now has more than 200 customers paying for access to the roughly 1,100 developers Andela has trained and manages.
Since its founding in 2014, Andela has seen more than 130,000 applicants for those 1,100 slots. After a promising developer is onboarded and goes through a six-month training bootcamp at one of the company’s coding campuses in Nigeria, Kenya, Rwanda or Uganda, they’re placed with an Andela customer to work as a remote, full-time employee.
Andela receives anywhere from $50,000 to $120,000 per developer from a company and passes one-third of that directly on to the developer, with the remainder going to support the company’s operations and cover the cost of training and maintaining its facilities in Africa. Coders working with Andela sign a four-year commitment (with a two-year requirement to work at the company), after which they’re able to do whatever they want.
Even after the two-year period is up, Andela boasts a 98 percent retention rate for developers, according to a person with knowledge of the company’s operations.
With the new cash in hand, Andela says it will double in size, hiring another thousand developers, and invest in new product development and its own engineering and data resources. Part of that product development will focus on refining its performance monitoring and management toolkit for overseeing remote workforces.
“We believe Andela is a transformational model to develop software engineers and deploy them at scale into the future enterprise,” says Lilly Wollman, co-head of Growth Equity at Generation Investment Management, in a statement. “The global demand for software engineers far exceeds supply, and that gap is projected to widen. Andela’s leading technology enables firms to effectively build and manage distributed engineering teams.”
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Electric, the startup that automates IT, raises $25 million from GGV
Electric.ai, the New York-based startup that offers chat-based IT support, has announced the close of a $25 million Series B round led by GGV. As part of the deal, partner Jeff Richards will be joining the board.
Founder Ryan Denehy launched Electric in 2016. Previously, he’d run two startups that were sold to USA Today Sports and Groupon, respectively, where he realized that all of the simplicity that came with using a service like Zenefits simply didn’t exist in the IT world.
“It was all local service providers, and they all charge way too much money,” said Denehy. “I thought ‘this is so nuts!’ Companies are using more and more technology every day.”
With his second startup, Swarm, he saw even more clearly how big of a problem this was as the company sold a product that required hardware installation at retailers.
“We were building a company on top of local IT providers, and I saw up close and personal how difficult it was and how fragmented the industry was.”
And so, Electric was born.
The premise is relatively simple. Most of IT’s tasks focus on administration, distribution and maintenance of software programs, meaning that the individual IT specialist doesn’t necessarily need to be desk-side troubleshooting a hardware issue.
Companies using Electric simply install its software on every corporate laptop, giving the top IT employee or the org’s decision-maker a bird’s-eye view of the lay of the land. They can grant and revoke permissions, assign roles and make sure everyone’s software is up to date. By integrating with the APIs of the top office software programs, like Dropbox and G Suite, most of the day-to-day tasks of IT can be handled through Electric’s dashboard.
This leaves IT professionals time to focus on actual troubleshooting, hardware installation, etc.
For startups that haven’t yet hired an IT person, Electric connects startups that need help with installation or in-person troubleshooting with local vendors.
Electric says it has automated around 40 percent of IT tasks, with plans to automate 80 percent of IT tasks over 2019.
The company currently has around 300 customers, which rounds out to about 10,000 total users, and serves 10 U.S. markets, including New York, San Francisco, Boston, Chicago and Austin, among others.
The new funding brings Electric’s total funding amount to $37.3 million.
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DoorDash poaches Uber Eats engineering boss
One way to gain ground on a competitor is to poach their best executives. We’ve seen it time and time again, from high-level Tesla employees fleeing for Lyft or Apple stealing Google’s AI talent.
DoorDash, a well-funded food delivery unicorn, is familiar with this method of staffing. The company announced this morning that it has poached its second Uber employee in the last year to join its growing business. Ryan Sokol, credited with leading and scaling Uber Eats, Uber’s food delivery arm, from its inception, has joined DoorDash as its vice president of engineering.
The news comes shortly after the San Francisco-based company hired Prabir Adarkar, Uber’s former head of strategic finance, as its chief financial officer. The company also recently hired chief people officer Sarah Wagener from Pandora, where she was VP of human resources.
Reporting to co-founder and chief executive officer Tony Xu, Sokol will lead the product, infrastructure and data science teams within DoorDash’s engineering department.
“Ryan comes to DoorDash at a critical inflection point in our business following a breakout year,” DoorDash wrote in an announcement. “In 2018 we 5xed our geographic footprint from 600 to 3,300 cities and tripled our valuation to more than $4 billion.”
“We doubled the engineering team to 200+ last year, working on a variety of problems from machine learning applications to logistics to personalizing consumer experiences,” DoorDash added. “This year, we plan to double our team again and continue on our trajectory as the fastest growing last-mile logistics company in the space.”
Six-year-old DoorDash has raised nearly $1 billion in venture capital funding, most recently at a $4 billion valuation, from SoftBank, Sequoia, Coatue Management, DST Global, Kleiner Perkins, Khosla Ventures, CRV and several others.
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Desktop Metal just raised another $160 million
Desktop Metal announced this morning that it has raised $160 million. That Series E brings the Burlington, Mass.-based metal 3D printing company up to a whopping $438 million. The startup’s tagline says the company “is reinventing the way design and manufacturing teams print with metal” — and now it undoubtedly has the money to do so.
Koch Disruptive Technologies (yes, that Koch) led the round, joined by GV, Panasonic and Techtronic Industries. The latest round follows $65 million last March, which found Ford investing in the technology, which has applications for both prototyping and manufacturing. Big names like BMW and Lowe’s have also pumped money into Desktop’s impressive additive manufacturing technology.
The company will be investing the massive funding back into its technology. “This new funding will fuel the continued development of our metal 3D printing technology and rich product roadmap, the scaling of operations to meet a growing demand of orders, and the financing of major new research and development initiatives,” co-founder and CEO Ric Fulop said in a press release tied to the news.
Desktop Metal’s technology clearly represents a bright spot in the world of 3D printing/additive manufacturing — at least so far as investors are concerned. Much of that is due to the speed and durability of the printing process, which is helping it move from simple prototyping to real-world product manufacturing.
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Lumigo scores $8M seed to help manage serverless operations
Lumigo, an Israeli startup, announced a healthy $8 million seed round today, as it emerged from stealth to help companies monitor serverless architecture. Investors include Pitango Venture Capital, Grove Ventures and Meron Capital.
The company was started by a couple of ex-Checkpoint execs, Erez Berkner and Aviad Mor. They decided to head out on their own to solve a problem they were seeing around monitoring as developers moved to serverless environments.
Serverless computing lets developers code applications without worrying about the underlying infrastructure. That’s because services like AWS Lambda, Azure Functions and Google Cloud Functions provide the exact amount of infrastructure resources required to run the application at any given moment. It is incredibly convenient for developers trying to move more quickly, but it poses challenges for the operations team trying to manage and monitor the application.
To help solve this, the company uses a visual map to show operations exactly what’s happening inside the application. The map enables operations teams to see and understand every request and get to the root cause of a problem. It can trace the path not only from the serverless infrastructure, but also to adjacent services like database and storage.
Lumigo serverless monitoring map
For starters, the company is working with AWS, but plans to add support for other cloud platforms down the road. Moving forward, the founders’ vision is more than just serverless. They plan to expand to monitor containers and API services like Twilio and Stripe.
For now, it’s still early days, but the company has eight employees and a dozen customers using the product. The money should allow them to hire more engineers and begin building out the product further.
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Adobe acquires Allegorithmic, makers of the Substance texture tools
Adobe today announced that it has acquired Allegorithmic, the French company behind the Substance tools for creating textures that are widely used by AAA game creators, as well as visual effects artists, animators and designers. Over time, Adobe will bring many of Allegorithmic’s technologies to its various Creative Cloud tools, many of which already offer complementary tools. Beyond those integrations, though, what this acquisition is really about is the fact that 3D design and creating 3D content is becoming increasingly important for the creatives who use Adobe’s tools. With Adobe Dimension and, more recently, Project Aero for creating AR experiences, the company has started focusing on 3D, and this acquisition will bring both talent and technology to the company.
It’s worth noting that Adobe previously invested in Allegorithmic and that Dimension already features integration with Substance, so today’s announcement has clearly been in the works for a while.
As Adobe’s chief product officer Scott Belsky told me, it’s worth remembering that many of Adobe’s most important products today were acquisitions, including Photoshop back in 1990. “Adobe is a company that has always embraced new DNA and has grown through these critical acquisitions,” he said, and noted that Adobe always looks to these acquisitions to see how it can change through them — not how it can change the company it acquires. “For Creative Cloud, this is one of these acquisitions,” he added.
He also noted that while Substance has been around for more than 15 years, there’s a lot of tailwind in the industry now that it’s often easier to render and image than set up a photo or video shoot and then edit and retouch those images. Adobe, of course, wants to catch as much of that tailwind as possible.
Adobe’s Stefano Corazza, who is the company’s head of AR, also noted that the Allegorithmic team was among the first to focus on physics-based rendering and that tools like Substance will become increasingly important as creatives try to build realistic AR experiences that need to be as photorealistic as possible — and to do that, you need to be able to create materials that are able to reflect light properly, for example. He also stressed that new technologies like Nvidia’s RTX raytracing hardware will keep pushing the boundaries on photo realism.
The current Substance product line will remain intact, by the way. Adobe obviously knows that it is acquiring a set of tools that have been used for creating games like Assassin’s Creed, Forza and Call of Duty, but also movies like Blade Runner 2049. Those use cases aren’t going away. But while Adobe obviously has a long history in the movie industry, this is also a move that takes it deeper into the world of game development. Don’t expect to see Adobe launch a competitor to Unity or other game development tools, though. What Belsky seems to be more interested in — besides the existing use cases — is to enable a wider range of people to make objects in games, for example. He noted there’s already a flourishing number of games that allow players to use their own objects and textures, for example, and Adobe wants to offer tools for them, too.
The two companies did not disclose the price of the acquisition.
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Anchorage emerges with $17M from a16z for ‘omnimetric’ crypto security
I’m not allowed to tell you exactly how Anchorage keeps rich institutions from being robbed of their cryptocurrency, but the off-the-record demo was damn impressive. Judging by the $17 million Series A this security startup raised last year led by Andreessen Horowitz and joined by Khosla Ventures, #Angels, Max Levchin, Elad Gil, Mark McCombe of Blackrock and AngelList’s Naval Ravikant, I’m not the only one who thinks so. In fact, crypto funds like Andreessen’s a16z crypto, Paradigm and Electric Capital are already using it.
They’re trusting in the guys who engineered Square’s first encrypted card reader and Docker’s security protocols. “It’s less about us choosing this space and more about this space choosing us. If you look at our backgrounds and you look at the problem, it’s like the universe handed us on a silver platter the Venn diagram of our skill set,” co-founder Diogo Monica tells me.
Today, Anchorage is coming out of stealth and launching its cryptocurrency custody service to the public. Anchorage holds and safeguards crypto assets for institutions like hedge funds and venture firms, and only allows transactions verified by an array of biometrics, behavioral analysis and human reviewers. And because it doesn’t use “buried in the backyard” cold storage, asset holders can actually earn rewards and advantages for participating in coin-holder votes without fear of getting their Bitcoin, Ethereum or other coins stolen.
The result is a crypto custody service that could finally lure big-time commercial banks, endowments, pensions, mutual funds and hedgies into the blockchain world. Whether they seek short-term gains off of crypto volatility or want to HODL long-term while participating in coin governance, Anchorage promises to protect them.
Evolving past “pirate security”
Anchorage’s story starts eight years ago when Monica and his co-founder Nathan McCauley met after joining Square the same week. Monica had been getting a PhD in distributed systems while McCauley designed anti-reverse engineering tech to keep U.S. military data from being extracted from abandoned tanks or jets. After four years of building systems that would eventually move more than $80 billion per year in credit card transactions, they packaged themselves as a “pre-product acqui-hire” Monica tells me, and they were snapped up by Docker.
As their reputation grew from work and conference keynotes, cryptocurrency funds started reaching out for help with custody of their private keys. One had lost a passphrase and the $1 million in currency it was protecting in a display of jaw-dropping ignorance. The pair realized there were no true standards in crypto custody, so they got to work on Anchorage.
“You look at the status quo and it was and still is cold storage. It’s the same technology used by pirates in the 1700s,” Monica explains. “You bury your crypto in a treasure chest and then you make a treasure map of where those gold coins are,” except with USB keys, security deposit boxes and checklists. “We started calling it Pirate Custody.” Anchorage set out to develop something better — a replacement for usernames and passwords or even phone numbers and two-factor authentication that could be misplaced or hijacked.
This led them to Andreessen Horowitz partner and a16z crypto leader Chris Dixon, who’s now on their board. “We’ve been buying crypto assets running back to Bitcoin for years now here at a16z crypto. [Once you’re holding crypto,] it’s hard to do it in a way that’s secure, regulatory compliant, and lets you access it. We felt this pain point directly.”
Andreessen Horowitz partner and Anchorage board member Chris Dixon
It’s at this point in the conversation when Monica and McCauley give me their off-the-record demo. While there are no screenshots to share, the enterprise security suite they’ve built has the polish of a consumer app like Robinhood. What I can say is that Anchorage works with clients to whitelist employees’ devices. It then uses multiple types of biometric signals and behavioral analytics about the person and device trying to log in to verify their identity.
But even once they have access, Anchorage is built around quorum-based approvals. Withdrawals, other transactions and even changing employee permissions requires approval from multiple users inside the client company. They could set up Anchorage so it requires five of seven executives’ approval to pull out assets. And finally, outlier detection algorithms and a human review the transaction to make sure it looks legit. A hacker or rogue employee can’t steal the funds even if they’re logged in because they need consensus of approval.
That kind of assurance means institutional investors can confidently start to invest in crypto assets. That swell of capital could help replace the retreating consumer investors who’ve fled the market this year, leading to massive price drops. The liquidity provided by these asset managers could keep the whole blockchain industry moving. “Institutional investing has had centuries to build up a set of market infrastructure. Custody was something that for other asset classes was solved hundreds of years ago, so it’s just now catching up [for crypto],” says McCauley. “We’re creating a bigger market in and of itself,” Monica adds.
With Anchorage steadfastly handling custody, the risk these co-founders admit worries them lies in the smart contracts that govern the cryptocurrencies themselves. “We need to be extremely wide in our level of support and extremely deep because each blockchain has details of implementation. This is inherently a very difficult problem,” McCauley explains. It doesn’t matter if the coins are safe in Anchorage’s custody if a janky smart contract can botch their transfer.
There are plenty of startups vying to offer crypto custody, ranging from Bitgo and Ledger to well-known names like Coinbase and Gemini. Yet Anchorage offers a rare combination of institutional-since-day-one security rigor with the ability to participate in votes and governance of crypto assets that’s impossible if they’re in cold storage. Down the line, Anchorage hints that it might serve clients recommendations for how to vote to maximize their yield and preserve the sanctity of their coin.
They’ll have crypto investment legend Chris Dixon on their board to guide them. “What you’ll see is in the same way that institutional investors want to buy stock in Facebook and Google and Netflix, they’ll want to buy the equivalent in the world 10 years from now and do that safely,” Dixon tells me. “Anchorage will be that layer for them.”
But why do the Anchorage founders care so much about the problem? McCauley concludes that, “When we look at what’s potentially possible with crypto, there a fundamentally more accessible economy. We view ourselves as a key component of bringing that future forward.”
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Jupiter Networks invests $2.5M in enterprise tech accelerator Alchemist
Alchemist, which began as an experiment to better promote enterprise entrepreneurs, has morphed into a well-established Silicon Valley accelerator.
To prove it, San Francisco-based Alchemist is announcing a fresh $2.5 million investment ahead of its 20th demo day on Wednesday. Jupiter Networks, a networking and cybersecurity solutions business, has led the round, with participation from Siemens’ venture capital unit Next47.
Launched in 2012 by former Draper Fisher Jurvetson investor Ravi Belani, Alchemist provides participating teams with six months of mentorship and a $36,000 investment. Alchemist admits companies whose revenue stream comes from enterprises, not consumers, with a bent toward technical founders.
According to numbers provided by the accelerator, dubbed the “Y Combinator of Enterprise,” 115 Alchemist portfolio companies have gone on to raise $556 million across several VC deals. Another 25 have been acquired, including S4 Capital’s recent $150 million acquisition of media consultancy MightyHive, Alchemist’s largest exit to date.
Other notable alums include Rigetti Computing, LaunchDarkly, which helps startups soft-launch features and drone startup Matternet.
Alchemist has previously raised venture capital funding, including a $2 million financing in 2017 led by GE and an undisclosed investment from Salesforce.
Nineteen companies will demo products onstage tomorrow. You can live stream Alchemist’s 20th demo day here.
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