Weekly Roundups: 4 Austin Startups to Watch
Want to stay up to date on the latest startup fundings, launches, and expansions in Austin? Startup Over Coffee’s weekly roundup of Austin startups to watch will keep you in the...
Want to stay up to date on the latest startup fundings, launches, and expansions in Austin? Startup Over Coffee’s weekly roundup of Austin startups to watch will keep you in the loop on the latest Austin tech news. Catch up on previous weekly roundups here.
According to Austin Inno, iFly.vc recently announced a $46 million fund that will back early-stage startups. Since its move from San Francisco to Austin, iFly.vc has already made a big impact on the Austin startup scene as it continues to raise money in funding and partner with local startups.
Founded in 2016, iFly.vc’s main focus is to invest in early-stage startups across a variety of industries. As it continues its transition in Austin, funding and investment numbers are looking good for the VC firm, averaging at about $2 million worth of investments and raising $23 million on last year’s funding round.
The newly launched startup, Sevco Security, has recently raised a $15 million Series A funding round, with contributions from SYN Ventures, Accomplice, 406 Ventures, Fama Ventures, and Bill Wood Ventures according to Built In Austin.
Sevco Security is a cloud-based asset intelligence platform that protects companies regarding any cybersecurity violations. It delivers coverage asset inventory and produces real-time information that will be used by IT systems and teams. In return, it helps companies understand their data more efficiently. The startup has already raised a total of $21.8 million in funding after a seed round in May and plans to increase its headcount, specifically in the sales and marketing departments.
LitLingo, an Al communication analytics startup, has raised a $7.5 million Series A funding led by Breyer Capital, according to Austin Inno. With the help of its new funding, LitLingo will use the money to grow its team and help with product development.
LitLingo uses AI to analyze digital communication in order to flag certain language and assist users in communications best practices. Overall, the Austin startup’s purpose is to help companies reduce the risk of getting sued or potentially putting out content that can be damaging to their reputation. Although many companies require communication training for their employees to reduce the risk of any problematic communication or even misspelled words or typos, LitLingo makes it easier for employees to spot mistakes because it’s computer-generated.
Reported on July 8, the U.S. Department of Defense distributed a $950 million contract to 29 different companies, three of which are located in Austin. According to Austin Inno, the Austin companies included on the DoD contract are Hypergiant Galactic Systems Inc., Oracle America Inc., and Parasanti Inc.
The DoD contract was created to help the nation’s armed services produce more modernized operations and systems for the field as quickly as possible. This project aims to be completed by May 28, 2025. The Austin companies included in this contract hope to aid the military in activities such as creating new combat vehicles, artificial intelligence, and machine learning analytics.
About Michelle Vernaza: Michelle is a Business Development Associate Intern for Swyft, which is a tech PR firm in Austin and Houston and a top digital marketing and PR agency in Denver since its founding in 2011. Swyft recently opened a satellite office where it offers tech PR in San Francisco. Swyft was also listed as one of the top tech PR agencies in Texas by the B2B services review site, Clutch.co.