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XMeet the 10 Startups in Techstars' 2021 Space Accelerator Class
Samson Amore
Samson Amore is a reporter for dot.LA. He holds a degree in journalism from Emerson College. Send tips or pitches to samsonamore@dot.la and find him on Twitter @Samsonamore.
Techstars' Space Accelerator took off this week with its third class of space-related companies that make everything from AI-powered smart cameras to technology that can anticipate celestial collisions.
The 10 startups selected for the competitive four-month program are based across the U.S. and Australia and will work with Techstars on a mostly remote basis.
All are developing technology with multiple uses in space and will receive a $120,000 investment in addition to access to Techstars' expanding network of mentors.
That network includes aerospace experts at the Pasadena-based NASA Jet Propulsion Laboratory. Participating companies include Lockheed Martin, Arrow Electronics, SAIC and Israel Aerospace Industries.
"Alumni from our previous cohorts are launching space systems and infrastructure, raising tens of millions of dollars in venture capital as well as receiving lucrative contracts from both government and commercial customers," said Jonathan Fentzke, the program's managing director.
The program will culminate in a demo day on Sept. 2 where the startups will show off their work in hopes of winning potential investors or clients.
Fentzke noted that while no companies in this year's cohort are based in LA, Techstars still has partners mentors and investors based here.
"As it turns out the four companies in California out of 10 are not based in L.A. today, but will likely have a presence over time," Fentzke told dot.LA.
Here's a look at the 10 companies selected for this year's Techstars Space Accelerator.
Hyperkelp
LOCATION: San Clemente, Ca.
CEO: Graeme Rae
Founded by maritime engineer Dr. Graeme Rae, Hyperkelp is building buoys that aren't your average fishing bobber. Its tech can collect and transmit data about the surrounding ocean and incoming payloads from space. The company says its goal is to create a network of the buoys around the ocean to help aerospace launch companies stream data from anywhere around the world.
Hyperspec.ai
LOCATION: San Francisco, CA. and Tel Aviv, Israel
CEO: Ohad Levi
Hyperspec.ai makes smart cameras that run on artificial intelligence. The company's CEO Sravan Puttagunta previously worked in HP's engineering department. In a nutshell, Hyperspec's cameras are made to create accurate mapping and object tracking in real time, with the goal of being used on self-driving cars and other autonomous vehicles.
Nicslab
LOCATION: Sydney, Australia
CEO: Dr. Andri Mahendra
Nicslab develops technology called the "source measurement system" that uses quantum computing to help organizations optimize their internet speeds and make them faster. Its current clients include the University of Oxford, HP Labs and Mitsubishi Electric.
Pierce Aerospace
LOCATION: Indianapolis, In.
CEO: Aaron Pierce
Pierce Aerospace makes software that helps autonomous drones identify objects and payloads. It argues that this software is critical to the development of the drone industry -- after all, it can be pretty scary if a drone goes rogue because it can't see where it's going. In 2019 the company received a roughly $50,000 grant from the U.S. Department of Defense to continue work on its flagship product, the Flight Portal ID system, which the DoD wants to use on its Unmanned Aircraft Systems.
Pixspan
LOCATION: Rockville, MD.
CEO: Michael Rowny
Pixspan develops a system that lets large files be transferred from different storage locations (like hardware or the cloud) at rapid speeds -- sometimes up to 5 times faster than average, it reports. It's compatible with several app programming interfaces, the main one being Amazon Web Services.
QuSecure
LOCATION: San Mateo, Ca.
CEO: Dave Krauthamer
QuSecure is a security company that focuses on protecting government and corporate systems from hacks. Specifically, its software works to keep encrypted data from being stolen and decrypted by quantum computers, which can steal and read valuable information at rapid speed. Its customers include Google and Amazon.
SCOUT
LOCATION: Alexandria, Va.
CEO: Eric Ingram
Scout -- also known as Scout Space -- develops software that helps spacefaring companies visualize what's going on in the great beyond and avoid casualties, like crashes with other spacecraft, satellites or debris. The company was founded in 2019 and says its name is an acronym for helping Spacecraft Observe and Understand Things around them.
SeaSatellites
LOCATION: San Diego, CA.
CEO: Mike Flanigan
As the name suggests, SeaSatellites is building unmanned vessels that work as satellites for the ocean and have a wide array of potential uses, from environmental data collection to communications. Similar to their skyward counterparts, SeaSatellites' tech can be controlled from anywhere and are designed to carry payloads on long missions.
Xairos
LOCATION: Denver, CO.
CEO: David Mitlyng
This company's name is Greek to us -- literally. A nod to the Greek god of opportune time, Kairos, is an appropriate name for this startup using quantum mechanics to bring GPS-type technology to areas of the globe without internet access.
Thermexit
LOCATION: Boston, MA.
CEO: Katie Willgoos
Thermexit is the only company in this year's Space Accelerator cohort that's led by a woman. CEO Katie Willgoos joined the company in March and helps the company create and sell its main product, Theremexit Pads, which are tiny thermal sensing sticky pads that can be placed on circuit boards and inside computers.
Correction: An earlier version of this post stated this is Techstars' second space accelerator cohort. It's the accelerator's third such class. It also, misnamed the CEO of Hyperspec.ai.
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Samson Amore
Samson Amore is a reporter for dot.LA. He holds a degree in journalism from Emerson College. Send tips or pitches to samsonamore@dot.la and find him on Twitter @Samsonamore.
https://twitter.com/samsonamore
samsonamore@dot.la
Meet the LA Startup Founder Who Had Two Hours To Prep Her 'Shark Tank' Pitch
03:48 PM | April 01, 2022
Photo courtesy of Curie
One Sunday afternoon last September, Sarah Moret was hiking through Griffith Observatory when she received a voicemail from the producer of “Shark Tank,” ABC’s hit entrepreneurial reality show. The voice message notified her that she had just two hours to get to the “Shark Tank” studio and pitch Curie, her aluminum-free deodorant brand, to the show’s “Sharks”—its panel of investor judges featuring Mark Cuban, Lori Greiner, Barbara Corcoran, Daymond John and Kevin O'Leary.
"I just jumped in the car; my fiancé was driving, and he brought me home as fast as possible in the carpool lane," Moret told dot.LA. "I curled my hair, got ready in 20 minutes and did my makeup in the passenger seat of his car for a primetime TV show."
Sarah Moret at the top of her hike, moments before she received a call from the producers of "Shark Tank."
Photo courtesy of Curie
Moret first applied to be on “Shark Tank” in 2020, but didn't receive a callback. She heard back from the show after reapplying the following year, with initial plans to film in July—but the producers bumped her filming date and put her on standby until September.
"I compare it to being like an understudy in a play," she explained. "I didn't have a set filming date. I was just told that I would get a phone call if there was space in the schedule for me to film.”
But Moret was confident she had a product worth waiting for, and the entrepreneurial know-how to scale it into a successful business. Most conventional antiperspirants in the market are made out of aluminum that can cause armpit irritation; while there are natural, aluminum-free deodorant brands, Moret said they also irritated her skin or left her smelling like a gym bag. Curie, her solution to these problems, uses sage oil and probiotics to beat the stink, arrowroot powder to absorb the sweat, and chamomile and aloe to soothe the armpits.
Prior to launching Curie in 2018, Moret worked as an associate at Santa Monica-based venture capital firm Crosscut Ventures, where she earned a spot on the investing team. There, she learned the ins and outs of the startup world.
“Curie started from a personal need,” Moret said. “I'm an athlete and at the time was a marathon runner, and just couldn't find anything that worked.”
Curie generated revenues of $125,000 in its first year of selling deodorant sticks. The following year, the startup had $700,000 in sales. At the start of 2020, she raised $1 million through a convertible note capped at $5 million to continue growing the brand. It has gradually expanded its product offerings to include body wash, moisturizing body oil, a detox mask and hand sanitizers.
Before appearing on “Shark Tank,” Curie’s body products were already sold in over 300 stores nationwide including Nordstrom, Anthropologie and fitness gym Soulcycle. It had also frequently appeared on shopping network QVC.
Fast forward to September 2021, and Moret finally entered “the Tank” with her eyes set on Corcoran and Greiner. She wanted to make a deal with one or both of them because, as Moret put it, “I just gravitate towards female investors or founders.”
Curie's line of deodorant sprays in three scents. Photo courtesy of Curie
When Moret’s episode of “Shark Tank” finally aired last month, she was surprised to find herself the first one up. Moret confidently introduced Curie on national television without a hint of sweat on her face or dirt from the hiking trail. She charmed the Sharks with her background and solid numbers—her opening pitch was for a $300,000 investment in exchange for a 5% equity stake—but four out of the five Sharks didn’t bite, saying she had raised too much money early on and had too many products.
This wasn’t new to Moret: Her first efforts at pitching Nordstrom and QVC had been rebuffed as well. “Rejection is a part of being an entrepreneur,” she said. “You're always going to get no’s; you can't let those no’s stop you or discourage you.”
It all came down to the final Shark, Daymond. When he produced an offer—$300,000 for 20% equity—that Moret deemed too low, she shot back: “I know my worth, I know the company's worth and I'm not backing down.”
After Moret countered with $300,000 for 12% equity, Cuban and Corcoran combined on an offer of $300,000 in exchange for 14% equity. Moret took the deal, as Cuban quipped: “I never thought I would be in a women’s deodorant business, ever.”
After the show aired, Curie sold out all of its deodorant products in 24 hours and now has some 5,000 customers on its waitlist. Moret said the company has plans to roll out further products, but supply chain issues have impacted their progress.
“Our biggest hurdle right now is just getting back in stock quickly, so we can get people their deodorant,” she said.
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Decerry Donato
Decerry Donato is a reporter at dot.LA. Prior to that, she was an editorial fellow at the company. Decerry received her bachelor's degree in literary journalism from the University of California, Irvine. She continues to write stories to inform the community about issues or events that take place in the L.A. area. On the weekends, she can be found hiking in the Angeles National forest or sifting through racks at your local thrift store.
CrowdStrike CEO Says He Regrets Not Firing People Quicker
03:10 PM | March 04, 2020
Ben Bergman/dot.LA
George Kurtz, co-founder and CEO of the cloud-native endpoint security platform CrowdStrike, says executives should be obsessed with culture. Everyone below him must be fanatical about customer success and outcome and if they aren't fitting in, they need to go quickly. It's one of the biggest lessons he's learned as CEO.
"Not one time have I regretted firing someone too fast," Kurtz told a lunchtime crowd at the first day of the Montgomery Summit in Santa Monica. "It's that I waited too long."
Kurtz founded the company in Sunnyvale, CA, in 2011 and it went public last year. He was joined on a panel by John Chambers, the former executive chairman and CEO of Cisco Systems, who said he bought 180 companies during his tenure. But he did not acquire a company that was not a very close cultural fit.
"I walked on one of the bigger acquisitions we were going to do," Chambers said. "Culture is as important as strategy and vision and I did not understand that when I was a young CEO."
Chambers said he was proud of Cisco's 95% employee retention rate when he was CEO, which is well above the industry average. He oversaw a rigorous hiring process to make sure candidates were right.
"If you're not interviewing through 10 people, you're not doing the screening process properly," Chambers said.
If an executive wanted to jump to a competitor, he would try to find out what was at the root of someone's unhappiness. The number one factor: Dissatisfaction with their immediate supervisor.
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Ben Bergman
Ben Bergman is the newsroom's senior finance reporter. Previously he was a senior business reporter and host at KPCC, a senior producer at Gimlet Media, a producer at NPR's Morning Edition, and produced two investigative documentaries for KCET. He has been a frequent on-air contributor to business coverage on NPR and Marketplace and has written for The New York Times and Columbia Journalism Review. Ben was a 2017-2018 Knight-Bagehot Fellow in Economic and Business Journalism at Columbia Business School. In his free time, he enjoys skiing, playing poker, and cheering on The Seattle Seahawks.
https://twitter.com/thebenbergman
ben@dot.la
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