Companies from all corners of the NYC tech world raised funding last week to grow their solutions. Keep reading to learn about a generative artificial intelligence company developing new tools for the creative industry and a NYC startup helping clinical trial researchers with data aggregation and analytics. This is the Built In NYC Weekly Refresh.
Einride raised $500M. Einride develops electric and autonomous freight trucks and shipping intelligence software. The Swedish company named NYC as its U.S. headquarters last year. This $500 million funding round includes a $300 million debt facility and a $200 million Series C equity raise. The debt will support the company’s current electric vehicle fleet, and the Series C will go toward market expansion and the development and deployment of autonomous vehicles and digital products. [Einride]
NYC Tech Quote of the Week
Runway gained $50M. Runway is a full-stack applied research company that builds generative AI models and develops infrastructure to deploy those models to production. The company has released more than 30 “AI magic tools,” such as text-to-image generation and video editing technology that can remove objects from a video, change the background and track the motion of objects. Runway will use its new capital to add new AI magic tools, double its team headcount and establish an in-house creative agency. [Built In NYC]
Lokavant secured $21M. The NYC startup has developed a platform that aggregates clinical trial data from disparate sources to help researchers save time, reduce expenses and improve the quality of their clinical trials. The analytics platform generates predictive insights using the company’s proprietary dataset of more than 2,000 trials as well as third-party data. Lokavant will use the funds to develop new platform features and scale its business teams. [Lokavant]
Get Covered scored $6M. This NYC startup provides insurance technology and services to owners, managers and residents of multi-family properties. Last week, the company announced a $6 million Series A-2 round that brought its total funding to $14.5 million. The fresh funding will be used to develop new products, grow its team and form partnerships with insurance carriers, insurance agencies and proptech companies. [PR Newswire]
Sparrow landed $5.7M. Sparrow is a smartphone app that can analyze a video of a user’s golf swing and provide tips to help the user improve their form. The app is powered by AI technology that is informed by about 1 million professional golfers data points. The $5.7 million capital raise came from angel investors, not venture capital firms. Once it has established itself in the golf market, Sparrow plans to expand its reach into other sports and exercises. [Built In NYC]
