New initiative dubbed “The Grid” looks to build partnerships between city tech, business
The New York City Economic Development Corporation knows that tech is a major part of the city’s future, and is investing accordingly. Recently, the NYCEDC announced its latest tech-focused initiative: “The Grid.” No, The Grid isn’t Netflix’s newest sci-fi YA drama, but rather a partnership with the nonprofit CIV:LAB.
According to reports on the project, The Grid will see more than 70 businesses become part of a local network meant to foster the connections, innovations and investments that will help urban-focused technology thrive. The project will be overseen by a steering committee comprised of incubators and legacy businesses, among others. While it may be a little soon to ask...does anyone have any suggestions for the MTA? [Smart Cities Dive]
Solid week for VC funding sees investment across range of industries
This week’s batch of VC investments truly paint a picture of how multi-faceted NYC tech is: an AI firm? Check. A geothermal energy company? Check. A design studio crafting hijab for the modern woman? Check. Per Crunchbase, more than $160 million in total was raised, with the three biggest rounds belonging to Dandelion, Chainalysis and Neurogene.
Dandelion brought home $16 million in its Series A round. The company, which designs geothermal energy solutions for homes, will use the funding to continue its mission of replacing the energy source of the 6 million propane-reliant homes in the Northeast. Chainalysis, makers of Bitcoin-friendly anti-money laundering software, raised $30 million in its Series B round. With cryptocurrency fraud increasing, Chainalysis will have their work cut out for them. Finally, biotech firm Neurogene raised a whopping $68.5 million in its Series A round. The company, which is currently ramping up operations, focuses its research on rare neurological disorders.
New York Fashion Week highlights fashion tech on — and off — the runway
If you thought the city seemed filled with pretty people in tiny sunglasses this week, you’re correct: it was Fashion Week. The much loved and loathed time of year dictates not only what you’ll be wearing in six months but, increasingly, the tech you’ll use to shop for it. Brands like 11 Honoré and Rebecca Minkoff both made their shows immediately shoppable through the power of e-commerce and QR codes, while the ever-edgy Chromat continued to innovate with body-responsive fabrics and eco-conscious designs.
New York City designers also continue to draw heavily from social media, with influencers essentially becoming the newest source of “street style” (So, scroll style?). While fashion as an industry still has its fair share of archaic traits, tech is giving fashion a much-needed push into the future.
Odds and Ends
- Last year, NYC bid adieu to Lord & Taylor’s iconic flagship store. Now, the $850 million property already has a new owner, and we think you may have heard of them before. [Read More]
- Mattress-makers Casper have broken into the IoT market with their first product, the Casper Glow Light. It’s getting rave reviews, but only you can decide if it’s worth the $89 price tag. [Read More]
- Quarters, among the largest co-living providers in the world, announced its newest location in the Bedford-Stuyvesant neighborhood of Brooklyn. The eight-story building at 1190 Fulton Street will feature 84 brand-new units. [Read More]
- Amazon announced it's canceling its plan to open a second headquarters in Long Island City after experiencing backlash from the city. It will still follow through on its promise to launch education initiatives throughout NYC. [Read More]
