Big Food is getting serious about innovation. Many top food companies are increasingly pumping money into supporting young, innovative startups, according to a recent analysis by CB Insights. The firms include stalwarts like Kraft Heinz (NASDAQ: [[ticker:KHC]]), which has an incubator and accelerator program called Springboard, and relative newcomers like the Greek-style yogurt maker Chobani, … Continue reading “Hungry for Innovation, Big Food Firms Seek Alliances With Startups”
Category: Detroit
PawnGuru Raises $2.5M Series A, Plans Expansion into Latin America
PawnGuru, a startup focused on digitizing the pawn shop experience, has raised $2.5 million in a Series A funding round. The investment was led by the Impact America Fund and Invest Detroit, with additional contributions from angel investors. Since its inception in 2015, the company has raised a total of $3.7 million. Jordan Birnholtz, PawnGuru’s … Continue reading “PawnGuru Raises $2.5M Series A, Plans Expansion into Latin America”
Affectiva Launches A.I. Tech to Help Cars Sense Your Emotions
Efforts to develop self-driving vehicles have largely focused on tracking what’s going on outside the cars—think laser-based sensors to track other vehicles and digital mapping technologies to help navigate. Now, the industry is turning some of its attention to technologies that sense what’s going on inside the vehicle. An initial goal is to better monitor … Continue reading “Affectiva Launches A.I. Tech to Help Cars Sense Your Emotions”
Startup Bloomscape Aims to Make Urban Houseplant Delivery Blossom
Being a Detroit apartment-dweller can be tough on a person who is used to being surrounded by more verdant landscapes. I consider myself a member of this tribe, and last summer, I was so restless that I grew some cherry tomatoes from seed in my living room. This Frankenstein’s monster of a plant climbed over … Continue reading “Startup Bloomscape Aims to Make Urban Houseplant Delivery Blossom”
Uber’s Driverless Fatality Sparks Fallout and Finger-Pointing
The fallout from Uber’s autonomous car fatality continues today, with a number of new developments. We’re recapping them very quickly here, and adding two reaction quotes we received from Carrie Morton, deputy director of the University of Michigan’s Mcity research facility and test bed, and Shahin Farshchi, a partner at Lux Capital, a Silicon Valley … Continue reading “Uber’s Driverless Fatality Sparks Fallout and Finger-Pointing”
AI Chip Startup Mythic Reaps $40M from SoftBank, Lockheed Venture Arms
Mythic, which last year unveiled its novel computer chip designed for artificial intelligence, announced today that it has raised $40 million in a Series B fundraising round led by the venture capital arm of Japanese telecom and tech giant SoftBank. Mythic, based in both Redwood City, CA, and Austin, TX, is one of the upstart … Continue reading “AI Chip Startup Mythic Reaps $40M from SoftBank, Lockheed Venture Arms”
Uber Suspends Driverless Testing After Fatal Accident in Arizona
The inevitable has happened. An autonomous Uber car hit a pedestrian in Tempe, AZ, and caused her death. The ride-hailing giant has suspended testing on driverless cars in Arizona, Pittsburgh, San Francisco, and Toronto, according to the New York Times. This is the first known death of a pedestrian caused by a self-driving car on … Continue reading “Uber Suspends Driverless Testing After Fatal Accident in Arizona”
Ford Leads $65M Round for 3D Printing Startup Desktop Metal
Desktop Metal, the well-funded metal 3D-printing startup, is adding more money to its coffers from another high-profile investor. Ford has led a new $65 million investment round in Burlington, MA-based Desktop Metal, the company announced Monday. Earlier backer Future Fund also contributed to the round. Ford chief technology officer Ken Washington is joining Desktop Metal’s … Continue reading “Ford Leads $65M Round for 3D Printing Startup Desktop Metal”
Five Unlikely Competitors in the Race for Driverless Cars: Slideshow
Now that we know autonomous vehicles are going to be a real thing, we are watching an entirely new industry unfold. Because of the sweeping societal changes that self-driving cars are likely to bring—they’ll change transportation the most, but also could affect the way we care for the elderly, live in our homes, deliver goods … Continue reading “Five Unlikely Competitors in the Race for Driverless Cars: Slideshow”
Bio Roundup: DIY Biohacking, PCSK9 Data, Solid Setback & More
Drug prices are top of mind for many patients. Some of them have to cut back on basic needs just to pay for treatments that seem to rise in price each year. That made a recent announcement by Regeneron Pharmaceuticals particularly unusual. The Tarrytown, NY, drugmaker plans to cut the price of its cholesterol-lowering drug … Continue reading “Bio Roundup: DIY Biohacking, PCSK9 Data, Solid Setback & More”
Harnessing the Power of Artificial Intelligence
Voice recognition lets people benefit from artificial intelligence (AI) almost without a second thought – and this technology is increasingly popular. Amazon had record sales of its Alexa device last year, with millions sold over the holiday season. Google reports that since last October, it has sold at least one Google Home smart speaker every … Continue reading “Harnessing the Power of Artificial Intelligence”
Inclusion Gets Real: A New Level of Diversity Discourse at SXSW
Austin—There’s no question that humans have plenty of biases that carry on from generation to generation, from sexism to racism to homophobia. Those problems have carried over to machines, too—bias in the data fed to computer algorithms is an issue that comes up often. Former Stanford computer science professor Daphne Koller recalled an anecdote she … Continue reading “Inclusion Gets Real: A New Level of Diversity Discourse at SXSW”
Xconomy’s Napa Summit Is June 14-15: Request Your Invite Today!
Year after year, Xconomy has gathered exemplary business leaders, investors, and far-seeing technologists to our most prestigious event—The Napa Summit. This year is no different. Come join us in the heart of wine country on June 14 and 15 to listen to visionary speakers and connect with fellow innovators. The Napa Summit is by invitation-only, … Continue reading “Xconomy’s Napa Summit Is June 14-15: Request Your Invite Today!”
Mighty AI’s Training Data Helps Mcity Drive Mobility Projects Faster
Last June, when Seattle-based startup Mighty AI opened a second office in Detroit, the company said it chose the Motor City over Silicon Valley because of its proximity to automotive customers and a firm belief in the future of autonomous navigation. Mighty AI has just deepened its ties to the Great Lakes State with the … Continue reading “Mighty AI’s Training Data Helps Mcity Drive Mobility Projects Faster”
Walmart Expands Same-Day Delivery, Looks to Match Amazon
At the National Retail Federation’s annual conference in January, Walmart CEO Doug McMillon called the Arkansas-based, big-box retailer a technology company. On Wednesday, Walmart (NYSE: [[ticker:WMT]]) moved to make that assertion more of a reality: upping the number of cities where it provides same-day delivery to 100 cities from six—serving about 40 percent of American households … Continue reading “Walmart Expands Same-Day Delivery, Looks to Match Amazon”
New U-M Tech Transfer Director Maps Plan for Entrepreneurial Outreach
Last spring, Ken Nisbet, the longtime director of the University of Michigan’s technology transfer office, announced his retirement. After a nationwide search, Kelly Sexton was hired as Nisbet’s successor earlier this year. We called Sexton to hear more about her background as well as her plans for commercializing innovations born at U-M. Sexton is a … Continue reading “New U-M Tech Transfer Director Maps Plan for Entrepreneurial Outreach”
No Self-Editing: Biohacker Josiah Zayner Can’t Stop Living Out Loud
Gene editing has arrived. Of the various forms of the technology, CRISPR-Cas9 is the easiest to use, and it’s already showing up in summer camps and school science labs near you. That would be middle schools. When everyone can edit an organism’s genes, how will the world change? Should we be worried? National security officials … Continue reading “No Self-Editing: Biohacker Josiah Zayner Can’t Stop Living Out Loud”
Too Many Venture Capital Cooks in the Kitchen?
At Correlation Ventures, we spend a fair amount of time using our proprietary database to identify the telltale signs of successful startups. One question we asked recently is whether there are diminishing returns for adding VCs to the board of directors at venture-backed startups. Many of us have seen highly effective boards where experienced and … Continue reading “Too Many Venture Capital Cooks in the Kitchen?”
The Minority Venture Capital Opportunity
This year marks the 30th Anniversary of the historic billion-dollar leveraged buyout of Beatrice Foods, put together by African-American business pioneer Reginald Lewis. As recently profiled in the PBS Documentary “Reginald Lewis and the Making of a Billion Dollar Empire,” Lewis was a business icon who paved the way for minority investors to ascend to … Continue reading “The Minority Venture Capital Opportunity”
Despite Pharma Ties, Some Patient Groups Protest High Drug Prices
For 20 years, Deborah Long (pictured) has been relying on powerful drugs to keep her multiple sclerosis in check. Her out-of-pocket costs were pretty reasonable until two years ago, she says, when she had to switch insurance companies. Her new insurer made her switch to a different drug, Copaxone. When she tried to fill the … Continue reading “Despite Pharma Ties, Some Patient Groups Protest High Drug Prices”
New U-M Center Aims to Combat Spread of Fake News, Info Apocalypse
We’re all painfully familiar with the now ubiquitous term “fake news.” It first popped up during the 2016 presidential election, when media observers began seeing a proliferation of dubious news stories online that seemed engineered for maximum disruption and chaos. Since the election, the term “fake news” has evolved to be an almost meaningless catchall … Continue reading “New U-M Center Aims to Combat Spread of Fake News, Info Apocalypse”
Regeneron to Slash Price of Cholesterol Drug After Showing It Saved Lives
Regeneron Pharmaceuticals and partner Sanofi report new data this morning from a large, highly-anticipated trial suggesting that their drug alirocumab (Praluent) may reduce the risk of death for people with high cholesterol who have recently suffered heart attacks or strokes and are at risk of having another one or dying. And in an unusual move, Regeneron—based … Continue reading “Regeneron to Slash Price of Cholesterol Drug After Showing It Saved Lives”
Price Check on Aisle 3: Grocers Use A.I., Devices to Battle Amazon
[Updated 3/13/18 1:07 pm. See below.] If a shopper interacts with technology in a typical grocery store, it’s usually at the very end—as they are paying for their items. That could be about to change, though. “Scanning loyalty cards at checkout is a lost opportunity,” says Eliahu Sussman, marketing manager at Aila Technologies, a Boston-area maker … Continue reading “Price Check on Aisle 3: Grocers Use A.I., Devices to Battle Amazon”
Bio Roundup: Trump Health, Cholesterol Wars, 23andMe OK & More
Trump administration health officials were out on the stump this week, talking tough about drug prices and healthcare value, encouraging the private sector to take the lead but letting everyone know the federal government is willing to push. In the debate over high drug prices, arguably no class of drug has been punished more by … Continue reading “Bio Roundup: Trump Health, Cholesterol Wars, 23andMe OK & More”
Playboy Article: Detroit is “Silicon Valley of Smart Mobility Tech”
We’ve all heard the cliche about reading Playboy only for its articles, but it turns out that the magazine really does have some stellar reporting. On Monday, Playboy posted an article that brings some validation to southeast Michigan’s role in the development of autonomous vehicles. Titled “Detroit is Becoming the Silicon Valley of Smart Mobility … Continue reading “Playboy Article: Detroit is “Silicon Valley of Smart Mobility Tech””
Esperion Touts Low Cholesterol Drug Price, But Not All Data are Ready
The cholesterol brawl is heating up again. A pair of next-generation cholesterol-lowering drugs known as PCSK9 inhibitors came to market in 2015 and have since struggled to gain traction. Now Ann Arbor, MI-based biotech Esperion Therapeutics (NASDAQ: [[ticker:ESPR]]) thinks it can do with a once-a-day pill called bempedoic acid what the PCSK9 blockers have not: … Continue reading “Esperion Touts Low Cholesterol Drug Price, But Not All Data are Ready”
Applied Research Associates Teams with MSU on Autonomous Vehicle R&D
The Michigan State University Foundation, an independent nonprofit that supports the commercialization of university inventions, has a new tenant in its 300,000-square-foot corporate research park in East Lansing. Applied Research Associates (ARA), a contract R&D firm based in Albuquerque, NM, has moved a team to Michigan in order to support MSU’s autonomous vehicle research and … Continue reading “Applied Research Associates Teams with MSU on Autonomous Vehicle R&D”
May Mobility CEO: We’ll Beat Waymo, Uber, and Cruise to Market
When we spoke with Ed Olson, CEO of May Mobility, in January, he told us that his driverless-vehicle company had raised a little over $11 million in seed funding in 2017. Last week, May disclosed more details about its $11.5 million seed round: it was led by venture investment arms of Toyota and BMW, and … Continue reading “May Mobility CEO: We’ll Beat Waymo, Uber, and Cruise to Market”
Walmart Unveils “Intelligent Food” System to Keep Produce Fresh
Food spoilage can cost big retailers like Walmart billions in losses. Now, the Arkansas-based giant says it has filed two patents on technology that can digitize the current inspection process for perishable goods. Called Eden, the initiative is in its early stages, but the idea is to use artificial intelligence and cameras to create a … Continue reading “Walmart Unveils “Intelligent Food” System to Keep Produce Fresh”
Mirror, Mirror On the Wall: How Does This Dress Look in Green?
These days, it’s not just Snow White’s stepmother who has a mirror that talks back. Thanks to augmented reality, Internet of Things, and data analytics technologies, more of us might be confronted with so-called “smart mirrors” the next time we try on clothes or accessories in a store. While mirrors are typically static pieces of … Continue reading “Mirror, Mirror On the Wall: How Does This Dress Look in Green?”
Bio Roundup: Funding Frenzy, Opioid Summit, Celgene Woes & More
Biotech startups rolled in cash this week. By our count, investors put more than $800 million into life-sciences startups in four days. The money came from a wide range of backers, not just traditional biotech venture firms. It’s early yet in 2018, but the current count could put life-sciences companies on pace to bust past … Continue reading “Bio Roundup: Funding Frenzy, Opioid Summit, Celgene Woes & More”
Roundup, Part Two: Venture Fellows, IoT Pitch Contest, Clinc, More
On Tuesday, we published a roundup of innovation briefs from across the state. The year has gotten off to such a busy start that we’re back with part two. Without further ado, here’s a look at Michigan’s recent technology news: —Last month, the Michigan Venture Capital Association kicked off its annual Venture Fellows program, which matches … Continue reading “Roundup, Part Two: Venture Fellows, IoT Pitch Contest, Clinc, More”
In 5D Deal, “Microlocation” Startup Humatics Eyes Smart Cities, Cars
As robots become more intelligent, mobile, and prevalent in everyday life, humans will have to figure out how to coexist with these more advanced machines. That prospect raises plenty of deep questions, but a simpler, more immediate concern is making sure mobile machines can navigate their surroundings without injuring humans or causing other kinds of … Continue reading “In 5D Deal, “Microlocation” Startup Humatics Eyes Smart Cities, Cars”
Aurora, Led by Google and Tesla Driverless Car Vets, Lands $90M
Aurora Innovation, a self-driving car startup whose founders have ties to Google, Tesla, and Uber, has raised $90 million in Series A funding co-led by Greylock Partners and Index Ventures. Along with the money, Greylock and Index are adding a member each to Aurora’s board of directors: Reid Hoffman, the co-founder of LinkedIn and partner … Continue reading “Aurora, Led by Google and Tesla Driverless Car Vets, Lands $90M”
Securing the Door: Amazon Buys Connected Doorbell Maker Ring
Amazon (NASDAQ: [[ticker:AMZN]]) has acquired smart-doorbell security system maker Ring as the company seeks to expand its home-security business. The purchase was first reported by Geekwire, which cited a separate report from Reuters that the deal is valued at about $1 billion. That would make Amazon’s purchase of Ring the third largest in the Seattle e-commerce … Continue reading “Securing the Door: Amazon Buys Connected Doorbell Maker Ring”
Credtech Report Card: HackerRank, CodeFights, Credly, ACT, More
Educational technology companies are augmenting the traditional educational system with their online coursework offerings, but they’re also creating a competing universe where students can find alternate learning experiences that may qualify them for a job, even if they don’t have an academic degree. A core element in this universe is the invention of new kinds … Continue reading “Credtech Report Card: HackerRank, CodeFights, Credly, ACT, More”
Roundup, Part One: NextEnergy, Application Deadlines, U-M News, More
Even though we’re hardly two months into the year, 2018 has already been packed with local innovation news. In fact, we have so much material that we’re splitting this roundup into two parts; the second part will run later this week. Here’s a look at some of the recent tech news unfolding across Michigan: — … Continue reading “Roundup, Part One: NextEnergy, Application Deadlines, U-M News, More”
Bio Roundup: Meldonium Slip, Kratom Crackdown, Zinc Fingers & More
The 2018 Winter Olympics will end soon, and we did not skate through these games without a performance-enhancing drug allegation rearing its ugly head. This time, the drug in question was meldonium (Mildronate), a product widely available over the counter in Russia and some Eastern European countries. Though Latvian pharmaceutical company Grindeks markets meldonium for … Continue reading “Bio Roundup: Meldonium Slip, Kratom Crackdown, Zinc Fingers & More”
Smart Cities Initiative Spurs “Gigabit Apps” for Next-Gen Internet
In late 2015, the National Science Foundation awarded a $6 million grant to the non-profit organization U.S. Ignite to help drive the development of next-generation “gigabit applications,” as part of a broader effort to create “smart gigabit communities” throughout the U.S. The idea was to both help cities improve local services and spur the development … Continue reading “Smart Cities Initiative Spurs “Gigabit Apps” for Next-Gen Internet”
Forget Perfume Counters: Phlur’s A.I. Is E-Commerce’s Scent Sherpa
Austin—It stands to reason that if any industry could resist the tidal wave of e-commerce, it would be the fragrance business. After all, how can you smell a perfume or cologne online to decide if you like the scent? But Eric Korman, founder and CEO of Phlur, says the startup can make it easier for … Continue reading “Forget Perfume Counters: Phlur’s A.I. Is E-Commerce’s Scent Sherpa”
Bosch’s Acquisition of SPLT is Big Win for Detroit Mobility Startups
SPLT, the Detroit-based ridesharing startup and Techstars Mobility alum, announced today that it has been acquired by automotive supplier Bosch, which has its U.S. headquarters in metro Detroit. The terms of the deal were not disclosed. Anya Babbitt, SPLT co-founder and CEO, describes the acquisition as “a most fortunate outcome.” SPLT was established in 2014 … Continue reading “Bosch’s Acquisition of SPLT is Big Win for Detroit Mobility Startups”
XRC Labs Chief Anthos: Retailers Must Adopt “Test and Learn” Culture
As college undergraduates, my roommate and I had what we called a “monowardrobe.” That’s how we described the contents of the closet that lined a wall in our dorm room. We each organized our own clothing on either side, but since we both wore the same size in clothing and shoes, we “shopped” for outfits … Continue reading “XRC Labs Chief Anthos: Retailers Must Adopt “Test and Learn” Culture”
Father-Daughter Startup Seeva Turns Old IP into New Driverless Tech
[Correction, 2/23/18: See below.] The mobility sector has spawned plenty of unlikely alliances that have led to new products and business models for self-driving vehicles. But it’s hard to get more unlikely than Seeva, a Pacific Northwest mobility startup with Detroit roots, run by a vivacious daughter and her retired father, and based on technology … Continue reading “Father-Daughter Startup Seeva Turns Old IP into New Driverless Tech”
Bio Roundup: Trump’s Budget, Biogen’s AD Reveal, Hugin’s Run & More
Another week of White House chaos and American gun violence. Amid it all, we tried to parse what the Trump administration’s 2019 budget proposal meant for the biomedical and life-science worlds. There was talk of tackling high drug prices in the budget document, but nothing to give Medicare direct negotiating power with drug companies or … Continue reading “Bio Roundup: Trump’s Budget, Biogen’s AD Reveal, Hugin’s Run & More”
Europe’s New Data Privacy Rules Nourish U.S. Privacy Tech Sector
Take a look at this blurb for a session about data privacy at the upcoming RSA conference on cybersecurity. It sounds a polite warning: “The importance of privacy is often alluded to in generalized, value-laden terms that, while sincere, don’t necessarily help privacy be taken seriously in the enterprise risk management process.” That situation is … Continue reading “Europe’s New Data Privacy Rules Nourish U.S. Privacy Tech Sector”
Schurz Communications Acquires Online Tech, Plans National Expansion
Online Tech, an Ann Arbor, MI-based cloud computing company operating since 1994, has been acquired by Schurz Communications, a media conglomerate headquartered in Mishawaka, IN. The terms of the deal were not disclosed. Online Tech, which also has data centers in Indianapolis and Kansas City, MO, is a pioneer in healthcare IT. The company specializes … Continue reading “Schurz Communications Acquires Online Tech, Plans National Expansion”
Syngenta Acquires Farmshots to Give Farmers Birds-Eye View of Fields
Syngenta is adding satellite imagery to the high-tech features it can offer farmers. The agribusiness giant has acquired FarmShots, a Raleigh, NC, startup that has commercialized software that analyzes satellite and drone images to give farmers a view of field conditions. No financial terms of the deal were disclosed. FarmShots turns satellite data of crops … Continue reading “Syngenta Acquires Farmshots to Give Farmers Birds-Eye View of Fields”
MSU, Texas A&M to Study How Driverless Cars Affect Future Workforce
This week, the Ypsilanti Township, MI-based American Center for Mobility, in collaboration with AARP and Waymo, announced that it has commissioned a study on how autonomous vehicles will impact transportation jobs in the future. The study is being conducted by Michigan State University and Texas A&M’s Transportation Institute. According to a press release, the purpose … Continue reading “MSU, Texas A&M to Study How Driverless Cars Affect Future Workforce”
Shipping Wars: Walmart Launches Free Delivery for Sam’s Club Members
In order to better position itself against competitors like Costco Wholesale (NASDAQ: [[ticker:COST]]) and Amazon (NASDAQ: [[ticker:AMZN]]), Sam’s Club, the bulk retailer owned by Walmart (NYSE: [[ticker:WMT]]), is now offering free shipping for many items as part of a revamping of its membership programs. With a $100 annual fee—just one dollar more than the cost … Continue reading “Shipping Wars: Walmart Launches Free Delivery for Sam’s Club Members”
Startups Peddle Innovative Tools to Fight Tech’s #MeToo Problem
As the last year has shown, the tech industry has a significant problem with sexual harassment and ensuring that women are treated equitably in the workplace. Now, some founders are seeking to use tech tools such as chatbots, artificial intelligence, analytics, and mobile to help clients remedy those deficiencies. One of those founders is Heather … Continue reading “Startups Peddle Innovative Tools to Fight Tech’s #MeToo Problem”