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This year's Montgomery Summit – held online this year for the first time - features Eric Yuan, CEO & founder of Zoom, author Deepak Chopra, Darius Adamczyk, CEO of Honeywell, and Jim Whitehurst, president of IBM.
There will be about 100 hours of content available exclusive to those who have paid and registered, but, for the first time, 12 hours of plenary sessions will be free for anyone to stream on YouTube, opening panels to a much bigger audience around the world.
Video game-maker Zynga's president, Bernard Kim, said the cash-rich company is on the hunt for acquisitions.
"We have a pretty healthy balance sheet," said Kim, pointing to the $1.5 billion on the books. "We're heavy in the hunt for acquisitions."
San Francisco-based Zynga, which has an office of 20 employees in Culver City, announced earlier this week that it had acquired Echtra Games Inc., a San Francisco-based video game developer. The terms of the deal were not disclosed.
The acquisition is the latest in a string of seven in the past five years, according to Kim. The Echtra purchase continues the company's strategy of growing through deals.
Last month, Zynga pushed further into PCs and consoles with the announcement of its "Star Wars: Hunters" game. The studio is working with developer NaturalMotion Games to release "Star Wars: Hunters" this year for Nintendo Switch, which is a handheld gaming console.
"I guess you can consider us as a consolidator, but it's not really like that. It's really just around expanding the family," said Kim, adding that Zynga has done three acquisitions in the past year during the pandemic.
Zynga has always been in the driver's seat in the video gaming world.
"A lot of companies had counted us out, the industry counted us out, and we sat in a proverbial engine room, and just grinded out questions and like just solved problems," Kim recalled of the game maker's tough times.
Back in 2013, Zynga laid off more than 500 employees — roughly a fifth of its workforce -- and closed offices in Dallas, New York and Los Angeles..
"It all starts snowballing, and we kind of had those moments like, 'Wow, we can't do anything right.' We won this award, —like, the worst company in America — two years in a row, but we emerged from that," he said. "We had these dark moments as a company and now things are kind of snowballing into this positive momentum story."
Kim didn't discuss any potential targets while speaking on a video gaming panel at Thursday's virtually held Montgomery Summit.
"You know, we aren't going to slow down. And that's the really exciting time when things start really moving in the right direction. It could be a really great moment to double down and have more fun."
Paolo Pirjanian, co-founder and CEO of Pasadena-based Embodied Inc., disclosed plans on Thursday that his privately held robot maker business began talks this week to raise an additional $50 million in venture funding.
His company, which makes a robot companion to help kids learn, has raised a total of $44 million from investors including Amazon, Intel, Sony and Toyota.
Pirjanian, a former chief technology officer of iRobot Corp., a Bedford, Mass.-based technology company that designs and builds consumer robots, such as vacuum cleaners and mops, launched Embodied back in 2016.
Embodied's robot companion, called Moxie, can have conversations with kids to help them learn. It is designed to interact with kids and help with social, emotional and cognitive development, while parents connect via an app.
"It's a physical robot that interacts with children in the 5- to 10-year old range, that have been diagnosed with disorders like autism, anxiety, depression, ADHD, and so on," said Pirjanian.
ADHD, or attention deficit hyperactivity disorder, is a chronic condition including attention difficulty, hyperactivity, and impulsiveness.
Pirjanian said that his company plans to explore the use of Moxie with pediatric hospitals, or clinical care facilities for coping with pain and stress. Discussions also are underway with one of the nation's largest school districts to put Moxie in the classroom, Pirjanian said.
"The next big wave is going to be driven by social machine interfaces," said Pirjanian, who made the comments at a panel discussion on innovation in Southern California at the virtually held Montgomery Summit.
Cristiano Amon, president and CEO-elect of Qualcomm Inc., a San Diego-based maker of chips and software for wireless technology, thinks we're entering a "new golden era of telecom," fueled partially by a coronavirus pandemic that could accelerate 5G rollouts.
"Telecom kept the world working," said Amon, who is expected to take the helm of Qualcomm in June.
"Without a 5G network, without a 5G infrastructure, none of this is possible. And especially as governments emerge from the pandemic, the importance of prioritizing crucial infrastructure that will be part of the future digital economy of many nations, it is very important for 5G's success," the executive said.
Amon made his comments Thursday at the virtually held Montgomery Summit tech conference.
In telecommunications, 5G is the fifth-generation technology standard for broadband cellular networks, which cellular phone companies began deploying worldwide in 2019. It is the planned successor to the 4G networks which provide connectivity to most current cellphones.
"It is indeed one of the largest opportunities we ever had," said Amon, who noted the resilience of the company's workforce to work remotely during the pandemic, and keep its business humming.
Amon, who climbed the ladder within Qualcomm's chip side of the business, noted that at the height of the pandemic that shut down large chunks of the world last year, roughly 90% of its own workers were at home connected computers on its far-flung tech empire.
"So, we were able to connect all of our labs and people," he said. "What would take the broader society, and I'm speaking from our experience in dealing with 3G or 4G [technology], sometimes it will take about five to 10 years to recognize the benefit and the potential technology that was accomplished in two quarters [of 2020]."
Anon also noted that Qualcomm Ventures, the investment arm of Qualcomm, continues to invest in technologies that transform industries.
"We just put our money where our mouth is, and we look in investing in areas that are going to benefit some of the technology transitions we're very focused on, or also create new industries," he said.
In total, Qualcomm Ventures has invested $1.5 billion and made 360 investments since its launch in 2000. Some of the investments include unicorns like San Jose-based video conferencing firm Zoom, San Francisco-based website security firm Cloudflare, China-based online chat firm Xiaomi and Fitbit, a San Francisco-based consumer electronics and fitness company.
The Montgomery Summit, one of Southern California's most anticipated tech conferences, got a reminder on Thursday that going virtual isn't as simple as it sounds.
The audio for the fireside chat with Cox Enterprises CEO Alex Taylor went dead after 15 minutes into a half-hour presentation. Technicians attempted to deal with a loud static noise that interrupted the interview.
Several attendees commented on a message board that the static interference was so loud that the conversation was inaudible. Another poster noted that Apple earbuds worn by Tom Giles, Bloomberg executive editor of technology, could have been the culprit.
After the audio was turned off after about 15 minutes into the Taylor chat, operators of the website broadcasting the summit posted a note on the session.
"Due to an audio malfunction, we will share the interview between Alex Taylor and Tom Giles on The Montgomery Summit YouTube page after the conference," the statement read.
Before the audio went silent, Taylor had been discussing a broad number of topics, including Cox's move into cable – its biggest revenue generator – automotive services, and the importance of newspapers, although Cox has shed all of its paper properties.
"I still believe that a newspaper, for whatever the political slant of its editorial pages, is the best source of actual facts, because you have so many levels of editorial judgment going on in that process, and it's hard to get inaccuracies," Taylor observed.
Ruzwana Bashir, co-founder and CEO of Peek.com, got off to a good start with her trip-booking company, which is backed by heavyweights Eric Schmidt of Google and Jack Dorsey of Twitter and Square.
A year ago, Peek.com was flying high with $1 billion in bookings. The service lets travelers and locals find and book activities online of via cell phones, including tours, wine tastings, kayaking, helicopter tours, ziplining, horseback riding and lessons of all sorts.
Then COVID-19 hit. Stay-at-home restrictions were imposed throughout the world and domestic travel came to a virtual halt as people sought safety from the pandemic.
"We got punched in the face," Bashir said. "It was a pretty scary time... We did a small layoff. We laid off 30% of our team."
Based in San Francisco, the eight-year-old company has raised roughly $50 million in venture capital funding. But it wasn't certain it would get through the hard times.
Then the summer came, and Peek began seeing a surge in bookings. People were tired of staying indoors and wanted to get out, Bashir explained.
"We are the backbone of these businesses," she added. "It took a level head to get through this, make tough changes. It took a lot of resilience and persistence to get through this."
With the federal government now saying that it could vaccinate all adults by the end of May, Peek.com's Bashir is beginning to see a resurgence in business bookings again this summer. "When we look at the travel space, there is a need," she said. "Campgrounds and RV parks are now even coming in and saying they need our software."
Eric Yuan, president and chairman of Silicon Valley-based Zoom Video Communications, took a break Wednesday from his company's highly touted video conferencing business to deliver some nut-and-bolt tips on executive success and leadership.
Answering questions from former Cisco chief John Chambers, who now runs San Jose-based JC2 Ventures, Yuan noted that his bedside reading has yielded profound success and helped him develop as a leader.
He cited two management and self-help books as key.
They are "Crossing the Chasm," a marketing book written by Geoffrey A. Moore that focuses on the specifics of marketing high tech products during the early start up period; and "Speed of Trust," written by Stephen M.R. Covey that serves as "a guide to business leaders, public figures and their organizations towards unprecedented productivity and satisfaction.
"I read Geoff's book twice," said Yuan, who agreed with Chambers' suggestion that anyone in a startup role should read the book.
But "Speed of Trust," said Yuan, gives startups like Zoom a strong foundation to build on. "At Zoom, a lot of [our employees] work from home, so how do you build trust? It's really hard."
In building a business, founders need to think about the company's "value," he said, as a key facet.
"It's hard to build trust. You need social interaction, but you do that with eye contact. Video is really hard."
Yuan said that building a company takes a lot of time speaking with customers, because they could change their buying decisions quickly. "We've got to be paranoid."
Yuan, who moved from China to the Silicon Valley in the late 1990s, founded Zoom in 2011.
Prior to Zoom, Yuan was corporate vice president of engineering at Cisco, where he was responsible for Cisco's collaboration software development. He was also one of the founding engineers and vice president of engineering at Webex, a video conferencing application.
"My story is pretty straightforward," Yuan said.
Yuan made his comments on the first day of the virtually held Montgomery Summit, one of Southern California's largest gatherings of tech investors and executives of the year.
San Jose-based Zoom, which just two days ago reported profits and revenues for its January quarter that beat Wall Street estimates, raised 2022 guidance to $3.77 billion in revenue, up from $3.53 billion.
Zoom became a household name as the COVID-19 pandemic forced lockdowns across the globe. A steep rise in coronavirus cases during and after the holidays intensified business restrictions and forced many workplaces to reconsider reopening in 2021.
Honeywell inked a deal to produce Long Beach-based Dimer's GermFalcon last year.
The pandemic limited some of Honeywell's typical tire-kicking while cutting deals, but the global conglomerate still saw a flurry of recent acquisitions and its CEO Darius Adamczykis is optimistic about a resurgent economy in 2021.
"2021 will be a transitional year, and 2020 was a crisis year," he said.
Among the deals made last year, Honeywell inked a licensing partnership with Long Beach-based Dimer to produce a UV-C light machine, the GermFalcon, that sanitizes airplane cabinets.
"Conditions generally are positive," said Adamczyk, noting that the uptick in "normal" business is expected to swing back noticeably in the second half of the year, coincidentally timed to when Honeywell is expected to open a new corporate headquarters in North Carolina.
Adamczyk said one of his bigger concerns is whether there will be "enough capacity to handle the surge" in growth.
Notably, the $145-billion market-capitalization corporation has made a handful of acquisitions at a time when COVID-19 has limited some of the typical due diligence processes. In fact, M&A activity slowed somewhat last year – though not for Honeywell.
"Acquisitions are more difficult in this environment," he said. "You can't go to facilities and meet with people."
In the case of its Sparta Systems acquisition last month, said Adamczyk, "We knew so much about it. We did a comprehensive due diligence, but we had comfort in buying it."
In December, Honeywell agreed to pay $1.3 billion for New Jersey-based Sparta, an industrial software provider that specializes in life sciences. The deal was the largest acquisition engineered by Adamczyk since he took the helm nearly four years ago. The deal strengthens Honeywell's leadership in industrial automation, digital transformation solutions and enterprise performance management software.
Roughly a week before this deal, Honeywell acquired Sine Group, an Adelaide, Australia-based technology and "software as a service" – or SaaS company -- that provides visitor management, workplace and supply chain solutions that are readily accessible with mobile devices. Terms of the deal were not disclosed.
The company also snapped up several smaller companies last year, including the unit of Ballard Power Systems that makes fuel cells for drones.
"We are building organically, and building inorganically as well," Adamczyk said. "The more digital you are, the better you weather the storm."
Another long-term concern: "What I miss is the water cooler conversation."
Adamczyk said that Honeywell is trying to reach out with connectivity. "It's really important to stay connected."
SnykPhoto by Markus Spiske on Unsplash
The headline-grabbing security breaches uncovered in the past year will likely lead to an acceleration of cybersecurity spending, said Peter McKay, CEO of London-based developer security company Snyk.
The lifecycle in cybersecurity spending is at a very early stage, McKay observed during the first day of the virtually held Montgomery Summit, one of Southern California's largest gatherings of tech investors and executives.
"We are maybe two outs in the (bottom of the) second inning," he said. "We are very early on. If talking security, and not thinking shifting left into security development, we'll walk away and come back to talk in six months. We know where they are in their journey," said McKay of the value of waiting for clients to catch up.
McKay cited two high-profile breaches as the catalyst for more cybersecurity spending: Austin-based SolarWinds, which develops security software to monitor databases, and China's Mintegral, which develops mobile operations system applications offered in the Apple app store.
In the Mintegral case, Snyk researchers identified malicious behavior in a software development kit that was present in more than 1,200 iOS mobile operation system applications offered in the Apple App Store.
Snyk estimated that the Mintegral attack – dubbed "SourMint" involved the 1,200 iOS apps that it estimates are downloaded about 300 million times every month. The concern was that the IOS software could harvest URLs accessed through the kit and steal highly sensitive information.
"Once we understood the exposure, we talked to Apple," McKay said. "We automate as much as you can to fix vulnerabilities."
In the other case, SolarWinds provides software to monitor many features of on-premises infrastructure, including network performance, log files, configuration data, storage and servers. SolarWinds sends out regular updates and patches. Hackers were able to infiltrate the update and "trojanize" the software — meaning when customers installed the updates, the malware just went along for the ride.
"This was a paradigm-shifting event," MacKay said. "It brought a lot of attention of building security features into the lifecycle and supply chain."
Snyk's work in the security developer field has been an evolutionary one since it was founded in 2015. Two years ago, SNYK began with technology companies, then financial ones, and then health care and the media fields.
"What you are seeing now are airline or packaging companies, or very low-tech companies, which are in the process of doing a transformation of their business in a secure way. We are bringing best practices to help them make this transformation."
When one of Southern California's largest gatherings of tech investors and executives of the year in Southern California begins Wednesday it will be held virtually, just like every other event is these days.
What a difference a year makes.
Last year's Montgomery Summit, also held during the first week of March, brought together hundreds of tech titans to the upscale Fairmont Miramar Hotel & Bungalows in Santa Monica, just as the seriousness of COVID was becoming abundantly clearer every day.
It was the last time many people saw each other in the flesh. Read more >>
- Ben Bergman
According to a Forbes report last April, both the viewership and dollars behind women’s sports at a collegiate and professional level are growing.
In 2022, the first 32 games of the NCAA tournament had record attendance levels, breaking records set back in 2004, and largely driven by the new and rapidly growing women’s NCAA tournament. WNBA openers this year saw a 21% spike in attendance, with some teams including the LA Sparks reporting triple-digit ticket sales growth, about 121% over 2022’s total. In 2023, the average size of an LA Sparks crowd swelled to 10,396 people, up from 4,701 people.
Women make up half the population, but “also 50% of the folks that are walking into the stadium at Dodger Stadium, or your NFL fans are just about 50% women,” noted Erin Storck, a panelist and senior analyst at Los Angeles-based Elysian Park Ventures.
Storck added that in heterosexual households, women generally manage most of the family’s money, giving them huge purchasing power, a potential advantage for female-run leagues. “There's an untapped revenue opportunity,” she noted.
In the soccer world, Los Angeles-based women’s soccer team Angel City FC has put in the work to become a household name, not just in LA County but across the nation. At an LA Tech Week panel hosted by Athlete Strategies about investing in sports, Angel City head of strategy and chief of staff Kari Fleischauer said that years before launching the women’s National Women’s Soccer League team, Angel City FC was pounding the pavement letting people know about the excitement ladies soccer can bring. She noted community is key, and that fostering a sense of engagement and safety at the team’s home venue, BMO stadium (formerly Banc of California Stadium), is one reason fans keep coming back.
Adding free metro rides to BMO stadium and private rooms for nursing fans to breastfeed or fans on the spectrum to avoid sensory overload, were just some of the ways ACFC tried to include its community in the concept of its stadium, Fleischauer said. She noted, though, that roughly 46% of Angel City fans are “straight white dudes hanging out with their bros.”
“Particularly [on] the woman's side, I'd like to think we do a better job of making sure that there's spaces for everyone,” Fleischauer told the audience. “One thing we realize is accessibility is a huge thing.”
L.A. Tech Week has brought venture capitalists, founders and entrepreneurs from around the world to the California coast. With so many tech nerds in one place, it's easy to laugh, joke and reminisce about the future of tech in SoCal.
Here's what people are saying about the fifth day of L.A. Tech Week on social:
#LATechWeek has been on 🔥🔥🔥. Yes the events are super cool at amazing venues. But, I’m blown away by the people. I’ve met so many founders building generative AI companies from the ground up. I’m so bullish on LA right now🥳. LA is for builders #longLA
Thanks @rpnickson 📸 pic.twitter.com/B6rT2jJYIs
— Dr. Kelly O'Brien (@Kvo2013) June 8, 2023
Successful LatinxVC Avanza Summit 2023 in LA! It’s been an amazing few days near the beach w great company. Thank you to our panelists & participants.
Huge thanks to our incredible sponsors SVB, Chavez Family Foundation, Annenberg Foundation, PledgeLA, Fenwick & West, Countsy! pic.twitter.com/oVuGIgFurk
— LatinxVC (@LatinxVCs) June 9, 2023
30+ gaming startups presented at the A16z Speedrun Demo Day in LA yesterday. Great thanks to the @a16zGames team for an awesome day of events! #LATechWeek pic.twitter.com/DKq8IFo5QZ
— Grace Zhou (@graceminzhou) June 9, 2023
📣🤩 What’s the buzz? It’s #LATechWeek from @TechstarsLA & @TechstarsHealth joint demo day with the #Techstar HC team where our @fyelabs founder/CEO Suvojit Ghosh mentored both cohorts! #TechStars demo day highlighted 12 amazing emerging #startups in #healthtech #innovation. 🩺 pic.twitter.com/0RXClCtfDQ
— FYELABS (@fyelabs) June 9, 2023
Another successful Coffee On Slauson in the books for #LATechWeek.
Special thanks to the good people at Pledge LA, SVB and @GundersonLaw for the ongoing support and the @findyourhilltop staff for providing the space, eats & vibes. ♻️ pic.twitter.com/51cMDoEn30
— Slauson & Co. (@SlausonAndCo) June 9, 2023
The perfect combo to start #LATechWeek Day 5: pastries, coffee, and great convos with industry founders ✨
Fireside chats with @enriquealle, @wp, and @robynpark pic.twitter.com/booYPdekVV
— Tech Week (@Techweek_) June 9, 2023
Of course @designerfund has the most amazing pastries at their event. #LATechWeek pic.twitter.com/PjyWlGTQI4
— Jesse Pickard (@jessepickard) June 9, 2023
My favorite event from @Techweek_ has to be "Modern Storytelling & Business Building." Hosted by @STHoward #LATechWeek pic.twitter.com/SV1eexMJ4k
— JonnyZeller (@JonnyZeller) June 9, 2023
And the finale of the night was courtesy of the one and only @zedd for an unforgettable end to the "City of Games" party! Hosted by @a16zGames and @100Thieves #LATechWeek pic.twitter.com/hliI9yLKse
— Tech Week (@Techweek_) June 9, 2023
Excited to be at the @a16zGames Speedrun Demo Day! Loved the energy and excitement from the companies that pitched there. It was also great to see @Tocelot and @ndrewlee at this amazing #LATechWeek event pic.twitter.com/NfLQO5lR27
— Andy Lee | andypwlee.bit (@andypwlee) June 9, 2023
Thank you to everyone who joined the Sony Venture Fund US team at #LATechWeek for our screening of Spider-Man: Across the Spider-Verse. Last summer, we started building a presence in LA. Today, it's exciting to host such an event with the @Sony family and the LA VC community. pic.twitter.com/wdDm6qtHdL
— Sony Innovation Fund (@Sony_Innov_Fund) June 9, 2023
Time to eat, connect and build while @remi_rodney provided the vibes. 🙏🏽#LATechWeek @BuildOnBase @developer_dao @WeAreRazorfish pic.twitter.com/QIPh1gjvoA
— Hola Metaverso-Blockchain & New Web Tech Events 🎪 (@holametaverso) June 9, 2023
@Lux_Capital at #LATechWeek advancing the impossible to inevitable, from..
..defense primes partnering with cutting edge defense tech startups, to..
..hardware x LLMs improving mental health.
From the rich and diverse LA ecosystem stems generational companies: pic.twitter.com/v5S5r8JtbU
— Shahin Farshchi (@Farshchi) June 9, 2023
LA Tech Week has been a blast! Met some amazing creators, founders and investors from all over the world! #LATechWeek pic.twitter.com/AAh9JFELhe
— Chris Germano (@netslayer) June 9, 2023
Had such a blast at LA Tech Week and hosting events for @brexHQ
Top highlights were collabing with @pulley on an Emerging Managers / Founder mixer at the @poplco House, rooftop event in Venice, creator panel with @thechangj & proper Korean food with in KTown.
Exhausted is an… pic.twitter.com/mGQnSYGPdg
— Τyler Robinson (@TyyRob3) June 9, 2023
Did you have fun at @sophiaamoruso’s launch party for @trustfundvc? #LATechWeek pic.twitter.com/gbrbXRQ9Xx
— Kay (@KaySnels) June 9, 2023
y00tilty in every city with @KaylaLor3n & @cryptochrisg813.
Welcome to the LA @y00tsNFT fam! #LATechWeek #3XP week. pic.twitter.com/6wWKlsTacx
— VanG0xH (@CryptoVanGoghs) June 9, 2023
Really enjoyed #LATechWeek. Here are some observations I made 👇
— s.personal.ai (Suman Kanuganti) (@SumanPersonalAI) June 9, 2023
Thank you @TheKofiAmpadu for including me in #demoday with the latest @a16ztxo cohort! It was a real full circle moment to witness the brilliance of both @ChrisLyons & @ZMuse_ & #PledgeLA very own. She’s why we’re #LongLA 🚀💕 #LAtechweek pic.twitter.com/itkKXMxQRb
— Qiana Qiana! (@Q_i_a_n_a) June 9, 2023
@upfrontvc Gaming Founders Podcast #iLOVELA #LATechWeek @Techweek_ @KatiaAmeri @mucker @fikavc @bonfire_vc @TenOne10 @WatertowerGroup @ganasvc @IAmRobRyan @john_at_stonks @eva_ho @dereknorton pic.twitter.com/LCbaGXCoW7
— Sean Goldfaden (@seangoldfaden) June 9, 2023
Hosts Kevin Zhang, Partner at @upfrontvc, and Eden Chen, CEO of @pragmaplatform, interviewed two special guests from @raidbaseinc Stephen Lim, Co-Founder & Product Director, and Trevor Romleski, Co-Founder & Game Director. 🎙 #LATechWeek pic.twitter.com/hxHEAoELZ6
— Tech Week (@Techweek_) June 9, 2023
Kicking off @a16zGames @100Thieves City of Games party at #LATechWeek 🔥🔥🔥 pic.twitter.com/zQcZedG15f
— Jon Lai (@Tocelot) June 9, 2023
Yesterday at @socinnovation I got to have this AWESOME conversation with @iamwill — musician, producer, technology entrepreneur, and Founder & CEO of https://t.co/D60y1e2JOu #LATechWeek pic.twitter.com/KBxK6rXyTG
— Anna Barber (@annawbarber) June 9, 2023
I absolutely love this game. Proud moment for the team @investwithatlas. #LATechWeek pic.twitter.com/fPZvKXU7TC
— Tobias Francis (@TobiasFrancis) June 9, 2023
Had a blast at LA Tech Week this year with @brexHQ
From hosting & moderating my first creator panel featuring @BlakeMichael14, to a fun rooftop night in Venice, and to attending some amazing events such as Watertower’s emerging manager panel and a VC/founder tennis tournament pic.twitter.com/udjfmLHE0L
— Jonathan Chang (@thechangj) June 8, 2023
At Lowercarbon Capital’s LA Tech Week event Thursday, the synergy between the region’s aerospace industry and greentech startups was clear.
The event sponsored by Lowercarbon, Climate Draft (and the defunct Silicon Valley Bank’s Climate Technology & Sustainability team) brought together a handful of local startups in Hawthorne not far from LAX, and many of the companies shared DNA with arguably the region’s most famous tech resident: SpaceX.
Here’s a look at the greentech startups that pitched during the Tech Week event, and how they think what they’re building could help solve the climate crisis.
Arbor: Based in El Segundo, this year-old startup is working to convert organic waste into energy and fresh water. At the same time, it also uses biomass carbon removal and storage to remove carbon from the atmosphere and sequester it in an attempt to avoid further damaging the earth’s ozone layer. At the Tech Week event Thursday, Arbor CEO Brad Hartwig told a stunned crowd that Arbor aims to remove about five billion tons of organic waste from landfills and turn that into about 6 PWh, or a quarter of the global electricity need, each year. Hartwig is an alumni of SpaceX; he was a manufacturing engineer on the Crew Dragon engines from 2016-2018 and later a flight test engineer at Kitty Hawk.
Antora: Sunnyvale-based Antora Energy was founded in 2017, making it one of the oldest companies on the pitching block during the event. Backed by investors including the National Science Foundation and Los Angeles-based Overture VC, Antora has raised roughly $57 million to date, most recently a $50 million round last February. Chief operating officer Justin Briggs said Antora’s goal is to modernize and popularize thermal energy storage using ultra-hot carbon. Massive heated carbon blocks can give off thermal energy, which Antora’s proprietary batteries then absorb and store as energy. It’s an ambitious goal, but one the world needs at scale to green its energy footprint. According to Briggs, “the biggest challenge is how can we turn back variable intermittent renewable electricity into something that's reliable and on demand, so we can use it to provide energy to everything we need.”
Arc: Hosting the panel was Arc, an electric boating company that’s gained surprising momentum, moving from design to delivering its first e-boats in just two years of existence. Founded in 2021, the company’s already 70 employees strong and has already sold some of its first e-boats to customers willing to pay the luxury price tag, CTO Ryan Cook said Thursday. Cook said that to meet the power needs of a battery-powered speedboat, the Arc team designed the vehicle around the battery pack with the goal of it being competitive with gas boats when compared to range and cost of gas. But on the pricing side, it’s not cheap. Arc’s flagship vessel, the Arc One is expected to cost roughly $300,000. During the panel, Cook compared the boat to being “like an early Tesla Roadster.” To date Arc Boats has raised just over $35 million, according to PitchBook, from investors including Kevin Durant, Will Smith and Sean “Diddy” Combs.
Clarity Technology: Carbon removal startup Clarity is based in LA and was founded by Yale graduate and CEO Glen Meyerowitz last year. Clarity is working to make “gigaton solutions for gigaton problems.” Their aim? To remove up to 2,000 billion pounds of carbon from the atmosphere through direct air capture, a process which uses massive fans to move chemicals that capture CO2. But the challenge, Meyerowitz noted in his speech, is doing this at scale in a way that makes an actual dent in the planet’s emissions while also efficiently using the electricity needed to do so. Meyerowitz spent nearly five years working as an engineer for SpaceX in Texas, and added he’s looking to transfer those learnings into Clarity.
Parallel Systems: Based in Downtown LA’s Arts District, this startup is building zero-emission rail vehicles that are capable of long-haul journeys otherwise done by a trucking company. The estimated $700 billion trucking industry, Parallel Systems CEO Matt Soule said, is ripe for an overhaul and could benefit from moving some of its goods off-road to electric railcars. According to Soule, Parallel’s electric battery-powered rail vehicles use 25% of the energy a semi truck uses, and at a competitive cost. Funded in part by a February 2022 grant from the U.S. Department of Energy, Parallel Systems has raised about $57 million to date. Its most recent venture funding round was a $49 million Series A led by Santa Monica-based VC Anthos Capital. Local VCs including Riot Ventures and Santa Monica-based Embark Ventures are also backers of Parallel.
Terra Talent: Unlike the rest of the startups pitching at the Tech Week event, Terra Talent was focused on building teams rather than technology. Founder Dolly Singh worked at SpaceX, Oculus and Citadel as a headhunter, and now runs Terra, a talent and advisory firm that helps companies recruit top talent in the greentech space. But, she said, she’s concerned that all the work these startups are doing won’t matter unless we very quickly turn around the current trendlines. “Earth will shake us off like and she will do just fine in 10,000 years,” she said. “It’s our way of living, everything we love is actually here on earth… there’s nothing I love on Mars,” adding that she’s hopeful the startups that pitched during the event will be instrumental in making sure the planet stays habitable for a little while longer.