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Meet the Startups Joining the Long Beach Accelerator's New Cohort
Deirdre Newman
Deirdre Newman is an Orange County-based journalist, editor and author and the founder of Inter-TECH-ion, an independent media site that reports on tech at the intersection of diversity and social justice.
Long Beach has a long history of innovation. It’s one of the densest aerospace hubs on the West Coast. There’s a vital port there, and the city is home to several tech industries—including health care, space tech and cybersecurity. That, along with its colleges and universities, have made Long Beach an enticing destination for entrepreneurs.
It’s within this environment that the Long Beach Accelerator sprouted in 2019 and has grown since. To date, the accelerator has cycled 20 companies through its four-month program, helping them raise a total of over $12 million.
On July 5, the program will welcome its fourth cohort of startups from around the world, participating in a hybrid combo of virtual and in-person sessions. Each cohort includes between five to 10 companies.
Long Beach, along with Cal State University, Long Beach’s Institute for Innovation and Entrepreneurship and capital provider Sunstone Management, are all partners in this public-private model of startup investment. The accelerator itself operates as a nonprofit.
Long Beach Accelerator Managing Director Andrea White-Kjoss
The city provides help with some funding, covering the costs for some low- to moderate income Long Beach-based founders whose companies are accepted into the accelerator.
The organization's partnership with CSULB enables it to help founders move from idea stage to execution at the institute, and then advance to business growth via the accelerator.
Sunstone Management, a private capital management and investment firm, provides funding for the incoming cohorts. The firm's venture capital fund typically invests $100,000 in the startups as soon as they join the accelerator and takes a 6% equity stake in return.
Sunstone had also been providing some follow-on funding on a case-by-case basis. It upped the ante earlier this year by promising an additional $500,000 to current cohort and alumni.
“It's a model that brings enormous resources to the table for our portfolio companies, as well as for economic development, acting as a growth engine for the region,” managing director Andrea White-Kjoss told dot.LA.
A serial entrepreneur who has served as CFO at several companies, White-Kjoss came aboard as the founding managing director in July 2020. Before that, she co-founded seed-stage funding platform ExtraVallis, based in Rancho Santa Fe, and founded Mobis Transportation, which was the product of a public-private partnership with the city of Long Beach.
She also happens to be a 17-year resident of the city.
“So I know intimately how attractive this city is to tech entrepreneurs, from the high-tech industries, to the culture and lifestyle, to the world-class workforce and institutions,” she said. “When you bring all of that together...the opportunity to build a tech accelerator, and more than that really, a tech ecosystem here in Long Beach, was natural and irresistible.”
The accelerator was originally intended to be in-person, but quickly had to pivot to remote sessions during the pandemic. It remains virtual, for the most part, “which has turned out to be a huge source of strength,” White-Kjoss said.
That’s because the founders come from all over the world. There’s no geographic restrictions on who’s accepted and no need to burden founders with moving to Long Beach to participate.
White-Kjoss said the move has fostered diversity, and enabled the accelerator to draw on an international network of mentors, instructors, advisors and investors.
They—along with the accelerator’s staff of three facilitators — get to know the companies and their founders “deeply” and provide individualized assistance, including building strategic partnerships with potential customers and/or marketing partners.
There is still an in-person aspect to the accelerator. All cohort founders fly into Long Beach for about two weeks during the program. While there, they attend in-person workshops and networking events. They also participate in a Demo Day, with investors present. This helps the companies get additional seed funding for continued growth once they graduate.
So far, five graduating startups have received acquisition offers—but none have taken them.
White-Kjoss said that’s because those founders “felt they had much further to take their companies, at least in some degree, due to the empowerment of the tools, resources and networks provided by the accelerator.”
Bump's Success
One success is Los Angeles-based Bump. Since graduating from the Long Beach Accelerator, Bump has raised more than $5 million, co-founder and CEO James Jones told dot.LA.
It’s currently participating in another accelerator, Snap’s in-house Yellow Accelerator, which is now a co-lead investor in Bump, along with Sunstone.
The company is working on an AI-fueled fintech platform for the creator economy, which hasn’t yet launched. It would help creators track revenue from multiple sources, monitor expenses, access credit and manage their crypto and non-fungible tokens (NFTs).
The company has started a waitlist, for access to its credit and financial management tools. Once the services are available users would pay about $400 per year.
The company also plans to integrate micro-advances into its platform, designed to enable creators to stay in full control of their finances and keep 100% of the rights to their work.
Jones said that participating in the Long Beach Accelerator’s very first cohort was a “great springboard” for the company.
Specifically, sessions on customer personas and discovering addressable markets, as well as mentor meetings were “invaluable,” he added.
Meet the Startups In the Long Beach Accelerator's Latest Cohort:
Apsy: Creating the first true fully AI platform to build affordable elegant custom apps.
Crumbraise, Inc.: Fundraising made easy for creators, clubs & causes.
Educational Vision Technologies, Inc.: Automated video editing and content curation using A.I. to make online learning accessible, efficient and engaging.
Gift Pass App Inc.: Streamlining experiences around digital gifting & payments.
The Girls Co LLC: We are a women's health company that is currently focused on a solution to alleviate period cramp pain.
Intellitech Spa Inc.: Intellitech is a realtime telematics, predictive maintenance and driver behavior monitoring platform.
Kwema: Kwema provides an easy to scale Smart Badge Reel Duress Service that reduces incident response time without escalating the situation.
Pathloom, Inc.: Outdoor trip planning made easy!
Rotender: The world's fastest and most reliable bar.
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Deirdre Newman
Deirdre Newman is an Orange County-based journalist, editor and author and the founder of Inter-TECH-ion, an independent media site that reports on tech at the intersection of diversity and social justice.
OpenAI's $6.6B Power Play: The Future of AI Just Got a Massive Boost 💰🚀
09:50 AM | October 04, 2024
Image Source: Open AI - Sam Altman
🔦 Spotlight
OpenAI is making some exciting moves! The company just completed a massive $6.6 billion funding round, pushing its valuation to an impressive $157 billion. Thrive Capital led the charge, with big names like Andreessen Horowitz and Founders Fund also joining in. This investment will allow OpenAI to further scale its operations and advance AI technologies like GPT-4 across various sectors such as healthcare, entertainment, and business.
But that’s not the only exciting news. OpenAI has also secured an additional$1 billion credit facility, giving the company even more financial flexibility to execute its ambitious growth plans. This safety net ensures that OpenAI has the resources to scale safely and effectively while continuing to lead the AI space.
AI is becoming integral to industries worldwide, and OpenAI’s products—like ChatGPT—are seeing rapid adoption. From education to enterprise solutions, the company is driving significant advancements in how AI is integrated into everyday life.
Following Microsoft’s $10 billion investment earlier this year, this latest round underscores the market’s confidence in OpenAI’s potential. With its strong focus on responsible AI deployment and ethical scaling, the company is set to shape the future of AI in a way that benefits a broad range of industries and addresses global challenges.
As AI evolves, OpenAI remains dedicated to pushing boundaries while ensuring that its innovations prioritize safety, scalability, and social impact. Keep an eye on this space—big things are on the horizon!
🤝 Venture Deals
LA Companies
- Impulse Space, a Redondo Beach-based company specializing in in-space transportation services, raised $150M in Series B funding led by Founders Fund, bringing its total funding to $225M, to expand its team and advance production of its Helios and Mira vehicles. - learn more
- Nevoya, a company focused on developing zero-emissions solutions for the freight and transportation industry, has raised $3M in seed funding led by Third Sphere and RedBlue Capital. - learn more
- Nusano has secured over $115M in Series C financing, led by The Wasatch Group, to accelerate the commercialization of its radioisotope production technology, aimed at improving cancer treatment and medical diagnostics. - learn more
- Future Trash, a multidisciplinary creative studio, has raised a $5M Seed funding round from TIRTA and General Catalyst to develop original intellectual property (IP) within Fortnite, focusing on building unique in-game content and experiences. - learn more
- XType, the leading software company for multi-instance management on the ServiceNow platform, has raised a $21M Series A funding round led by Norwest Venture Partners to accelerate innovation and expand its platform capabilities on the ServiceNow platform. - learn more
- 3Laws Robotics, a robotics company focused on building AI-powered platforms to enhance the safety, security, and operational efficiency of robotic systems, has raised a $4.1M Seed funding round led by TenOneTen Ventures. - learn more
LA Venture Funds
- Regeneration. VC led a $5M Seed funding round for Neutreeno, a deep tech startup spinning out of the University of Cambridge (UK). - learn more
- Watertower Ventures participated in the $8M Series A funding round for DocJuris, a leader in AI-based contract review and negotiation software that automates key tasks to streamline the contract process for enterprise teams and general counsels. - learn more
- Progression Fund participated in a $3.7M Seed funding round for Permanent, a company focused on advancing sustainable agriculture by developing solutions that improve soil health and productivity. - learn more
LA Exits
- Loom, an educational community platform that empowers women by providing comprehensive resources on reproductive health, sexual wellness, and parenting education, has been acquired by women's health brand Perelel, marking a significant expansion in the women's health and wellness sector. - learn more
- AB Technology, an automation engineering company that provides automation machines for food packaging services has been acquired by SureKap. - learn more
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tech-week
Check out Friday, October 18th's schedule for LA Tech Week 2024! Events are sorted by location so you can easily find what matches your goals for the day.
BEVERLY HILLS
8:00 AM
- Scrappy Hour:See Details Here
Scrappy
BRENTWOOD
7:30 AM
- Health & Wellness Hike:See Details Here
Seaside Ventures
CULVER CITY
9:00 AM
- Intersections LA - Coworking at LA Tech Week Day 5:See Details Here
Intersections LA
1:30 PM
- Showcasing Bioscience Innovation in LA County (Invite Only)
BioscienceLA, County o LA, Larta Institute, LAEDC
5:00 PM
- Grid110 Founder Showcase:See Details Here
Grid110
6:00 PM
- Co-Founder Speed Dating:See Details Here
ACT House, Sip & Sonder
EL SEGUNDO
7:00 PM
- Assembling the West:See Details Here
Dirac, Inc.
INGLEWOOD
10:00 AM
- Zoo's Mechanical Design Makeathon:See Details Here
Zoo Corporation, Embedded Ventures
12:00 PM
- Tech & The Built Environment Series: LA28 Roundtable & SoFi Stadium Tour: See Details Here
Blended Impact
MARINA DEL REY
9:00 AM
- Coworking Space Powered by USC ISI:See Details Here
USC ISI
PACIFIC PALISADES
4:00 PM
- Healthcare Founders Sunset Hike: See Details Here
Silicon Valley Bank, Emmeline Ventures
PLAYA DEL REY
8:00 AM
- Cerebral Beach Morning Start:See Details Here
AI LA
5:30 PM
- Responsible AI - Made in LA: See Details Here
AI LA
PLAYA VISTA
12:00 PM
- Women In Gaming Lunch at Google (Invite Only)
4:00 PM
- The Future of Content Capture in a GenAI World: See Details Here
Verizon, Infinity Festival
SANTA MONICA
11:00 AM
- The Path to Profit: A Brunch Discussion on Investing in Film:See Details Here
SVRN Ventures
- Creators & Consumer Founders Brunch:See Details Here
Headline, Slow Ventures, Karat
2:00 PM
- Motion Graphics + Creative Tech Meetup: See Details Here
Glyf
- Outbound + AI in 2024: See Details Here
Botanical, Panoptic
- South Asian Collective: See Details Here
The American South Asian Network (ASAN)
4:00 PM
- Pizza, Wine, & Connectivity: Celebrating the Nomadic App Revolution:See Details Here
Synadia
- South Asians in Entertainment: See Details Here
The American South Asian Network (ASAN)
- Reflect, Rest, & Release: See Details Here
Dory Consulting
- Women in Tech: Beachfront Rooftop at Sunset - Wine-up & Unwind: See Details Here
Clutch Talent
- Community Building for Early Stage B2B SaaS Startups: See Details Here
Cohere Commerce
5:00 PM
- Beachfront Rooftop at Sunset - Wine-up & Unwind: See Details Here
Clutch Talent
- Pirros Happy Hour: See Details Here
Pirros
6:00 PM
- Unlocking Capital with Angels & Advisors | No Pressure Networking + Panel:See Details Here
No Pressure Networking
- Snark Tank/Money is Funny Tech Pitch Roast Comedy Show:See Details Here
Tech Pitch Roast Comedy LLC
6:15 PM
- Navigating Intersections: Empowering Leaders in Challenging Times: See Details Here
Intersectional Ventures
7:00 PM
- LA Tech Week Closeout Event:See Details Here
Mantis VC, Lightspeed Venture Partners
- Medusa - Mother Of All Ai: See Details Here
Medusa Ai, Marco Di Luca Event Design
SOUTH LA
9:00 AM
- Building Bridges for Women of Color Investors:See Details Here
USC Lloyd Greif Center for Entrepreneurial Studies, Cap Table Coalition, PledgeLA, Sisters with Ventures
UCLA
1:30 PM
- Embodied AI For Robotics, LA + Networking with VCs:See Details Here
CrownData.AI
2:00 PM
- Taisu Ventures Crypto and Venture Capital Roundtable:See Details Here
Taisu Ventures, Quotient Ventures
VENICE
7:30 AM
- Breakfast Run: Game Film For Founders:See Details Here
Run Tech Club
9:00 AM
- Google AI Showcase: Unleash the Power of Gemini and Vertex AI:See Details Here
12:00 PM
- Power Reset: Sauna + Ice + Workshop:See Details Here
Ripe and Teddy's Hot House
5:30 PM
- Spire Circles - Singles Wine Tasting:See Details Here
Spire Circles
7:00 PM
- la tech x wellness social:See Details Here
Moss Venice, Yuzulabs, JPMorgan Chase
8:00 PM
- TRUFFLE-01 PROTOTYPE-II UNVEILING:See Details Here
Truffle
VIRTUAL
2:00 PM
- Immersive Hip Hop Storytelling:See Details Here
BLCK UNICRN
WEST HOLLYWOOD
7:30 PM
- A Night Of Legendary Possibilities:See Details Here
Legendary Ventures, Day Dream Ventures
WESTSIDE
9:30 AM
- a16z Games Company Culture Breakfast: LA:See Details Here
A16Z GAMES
7:00 PM
- Female Funders & Founders (Invite Only)
L'ATTITUDE Ventures
WESTWOOD
9:00 AM
- Innovation for National Security:See Details Here
Fedtech, National Security Innovation Network (NSIN)
For updates or more event information, visit the official Tech Week calendar.
Enjoy LA Tech Week 2024!
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