2023 Investment Report

I am reaching out on behalf of the Southern Tier Startup Alliance to share a view of last year’s investment activity in the Southern Tier of New York. This report aims to shine a spotlight on investment activity across the region, regardless of the company’s participation in an incubator or accelerator.

Below you will find an almanac of 2023 fundraising with publicly verified details on companies and sources (SBIR/STTR, investment, grants, and competitions). Note: certain types of information, such as competition prizes and SBIR awards, is made publicly available in real time. However, other fundraising activities may not be reported until a later period. This delay is why this information can fluctuate outside of the reporting timeframe. $20,000 is the threshold for determining which funding events to include.

From the 8-figure rounds raised by Exostellar and Dimensional Energy to the early funding into carbon-negative companies like KLAW and Carbon-to-Stone to the delicious foods products made by Nomad Yogurt and Spekld, you’ll find a wide array of startups.

Please take a look. For those of you not involved on a daily basis with the startup ecosystem, I hope you’ll be pleasantly surprised by the volume of activity. When you finish reading, feel free to forward it to someone you think would find this report insightful. If somebody forwarded this message to you, please consider it an invitation to join this supportive entrepreneurial ecosystem.

Going forward, we will share this investment report quarterly and welcome submissions, feedback, and insights on how to enrich it. Thank you for reading, sharing, and continuing to support the great entrepreneurs in the Southern Tier of New York.

Please feel free to contact me at [email protected] with tips, corrections and comments.

Best Regards,

Brad Treat
Program Director, Southern Tier Startup Alliance

Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR)

Note: These are federal programs that provide non-dilutive seed funding to startup companies for early-stage product development. Read more about SBIR and STTR grants.

• ATC-NY INC., headquartered in Ithaca, was awarded a Phase I SBIR grant totaling $99,972.00 through the Department of Defense in September 2023. Read more about ATC-NY INC.’s grant.
• BrailleWear, headquartered in Ithaca, was awarded a Phase I SBIR grant totaling $274,999 through the National Science Foundation in May 2023. Read more about Braille Wear’s grant.
• Carbon To Stone, Inc., headquartered in Ithaca, was awarded a Phase I SBIR grant totaling $250,000 through the Department of Energy in July 2023. Read more about Carbon To Stone, Inc.’s grant.
• Carbon To Stone, Inc., headquartered in Ithaca, was awarded a Phase I STTR grant totaling $250,000 through the Department of Energy in July 2023. Read more about Carbon To Stone, Inc.’s grant.
• DOMCAT TECHNOLOGIES LLC., headquartered in Vestal, NY, was awarded a Phase I SBIR grant totaling $255,551 through the National Science Foundation in March 2023. Read more about DOMCAT TECHNOLOGIES LLC.’s grant.
• Ecolectro Inc., headquartered in Ithaca, was awarded a Phase I SBIR grant totaling $200,000 through the Department of Energy in July 2023. Read more about Ecolectro Inc.’s grant.
• EMPEQ (Empower Equity), headquartered in Ithaca, was awarded a Phase I SBIR grant totaling $74,926 through the Department of Defense in May 2023. Read more about EMPEQ’s (Empower Equity) grant.
• EMPEQ (Empower Equity), headquartered in Ithaca, was awarded a Phase I SBIR grant totaling $74,990.00 through the Department of Defense in February 2023. Read more EMPEQ’s (Empower Equity) grant.
• EMPEQ (Empower Equity), headquartered in Ithaca, was awarded a Phase II SBIR grant totaling $1,202,738 through the Department of Defense in October 2023. Read more about EMPEQ’s (Empower Equity) grant.
• ExoPower, based in Ithaca, was awarded an NSF SBIR Phase I grant totaling $251,522 through the National Science Foundation in August 2023. Read more about EMPEQ’s (Empower Equity) grant.
• First Water Technology, based in Ithaca, was awarded a Phase I SBIR grant totaling $255,849 through the National Science Foundation in February 2023. Read more about First Water Technology’s grant.
• First Water Technology, based in Ithaca, was awarded a Phase I SBIR grant totaling $255,849 through the SBIR Assistance Program in February 2023. Read more about First Water Technology’s grant.
• GRAMMATECH INC., headquartered in Ithaca, was awarded a Phase I SBIR grant totaling $149,968 through the Department of Defense in 2023. Read more about GRAMMATECH INC.’s grant.
• GRAMMATECH INC., headquartered in Ithaca, was awarded a Phase I SBIR grant totaling $149,993 through the Department of Defense in 2023. Read more about GRAMMATECH INC.’s grant.
• GRAMMATECH INC., headquartered in Ithaca, was awarded a Phase I SBIR grant totaling $146,406 through the Department of Defense in July 2023. Read more about GRAMMATECH INC.’s grant.
• GRAMMATECH INC., headquartered in Ithaca, was awarded a Phase II SBIR grant totaling $1,499,786 through the Department of Defense in February 2023. Read more about GRAMMATECH INC.’s grant.
• HairDays, headquartered in Ithaca, was awarded a Phase I SBIR grant totaling $259,613 through the Department of Health and Human Services in August 2023. Read more about HairDay’s grant.
• Halomine AvantGuard, headquartered in Ithaca, was awarded a Phase I SBIR grant totaling $325,001 through the Department of Health and Human Services in June 2023. Read more about Halomine AvantGuard’s grant.
• Halomine AvantGuard, headquartered in Ithaca, was awarded a Phase II SBIR grant totaling $1,000,000 through the Department of Health and Human Services in 2023. Read more about Halomine AvantGuard’s grant.
• INNOVATIVE DYNAMICS INC., headquartered in Ithaca, was awarded a Phase I SBIR grant totaling $148,855 through the National Aeronautics and Space Administration in July 2023. Read more about INNOVATIVE DYNAMICS INC.’s grant.
• INSO BIOSCIENCES INC., headquartered in Ithaca, was awarded a Phase I SBIR grant totaling $174,709 through the Department of Agriculture in April 2023. Read more about INSO BIOSCIENCES INC.’s grant.
• JAN BIOTECH, INC., headquartered in Ithaca, was awarded a Phase I SBIR grant totaling $300,000 through the Department of Health and Human Services in September 2023. Read more about JAN BIOTECH, INC.’s grant.
• KLAW INDUSTRIES LLC., headquartered in Binghamton, was awarded a Phase II SBIR grant totaling $400,000 through the Environmental Protection Agency in January 2023. Read more about KLAW INDUSTRIES LLC.’s grant.
• Med Dimensions, headquartered in Ithaca, was awarded a Phase I SBIR grant totaling $254,580 through the National Science Foundation in February 2023. Read more about Med Dimension’s grant.
• New Dominion Enterprises, headquartered in Binghamton, was awarded an SBIR grant totaling $2,200,000 through SBIR and Small Business Technology Transfer Programs in March 2023. Read more about New Dominion’s Enterprise’s grant.
• OWIC TECHNOLOGIES INC., headquartered in Ithaca, was awarded a Phase II SBIR grant totaling $999,885 through the National Science Foundation in January 2023. Read more about Owic Technologies Inc.’s grant.
• PHOEBUS OPTOELECTRONICS LLC., headquartered in Ithaca, was awarded a Phase I STTR grant totaling $139, 972 through the Department of Defense in May 2023. Read more about Phoebus Optoelectronics LLC.’s grant.
• REEgen, headquartered in Ithaca, was awarded a Phase I SBIR grant totaling $275,000 through the National Science Foundation in August 2023. Read more about REEgen’s grant.
• VERRA THERAPEUTICS LLC., headquartered in Ithaca, was awarded a Phase II SBIR grant totaling $1,364,498 through the Department of Health and Human Services in 2023. Read more about VERRA THERAPEUTICS LLC.’s grant.
• XELERA RESEARCH LLC., headquartered in Ithaca, was awarded a Phase I SBIR grant totaling $200,000 through the Department of Energy in February 2023. Read more about XELERA RESEARCH LLC.’s grant.
• ZEALOUS RESEARCH LLC., headquartered in Ithaca, was awarded a Phase I STTR grant totaling $275,000 through the National Science Foundation in August of 2023. Read more about ZEALOUS REASEARCH LLC.’s grant.

Total: $13,709,662

Investments

• CareTech Human, headquartered in Ithaca, raised $750,000 of angel funding from undisclosed investors in October 2023. Read more about CareTech Human’s funding.
• CoNamix, headquartered in Ithaca, began the process of raising $1.44 million of an undisclosed targeted amount of venture funding in July 2023. Read more about CoNamix’s funding.
• Conan MedTech, headquartered in Ithaca, raised $250,000 of angel funding from Fuad Mosa and Neeraj Vir in October 2023. Read more about Conan MedTech’s funding.
• Dimensional Energy, headquartered in Ithaca, raised $25 million of Series A venture funding in a deal led by Envisioning Partners in December 2023. Read more about Dimensional Energy’s funding.
• Dynami Battery, headquartered in Binghamton, is in the process of raising $6 million of seed plus funding in October 2023. Read more about Dynami Battery’s funding.
• Ecolectro Inc., headquartered in Ithaca, raised $5.10 million of Series A venture funding from Toyota Ventures, Plug and Play Tech Center and other undisclosed investors in December 2023. Read more about Ecolectro Inc.’s funding.
• ExoStellar, headquartered in Ithaca, raised $15 million of Series A venture funding in a deal led by Celesta Capital, 5150 Capital and Cambium Capital Management in September 2023. Read more about ExoStellar’s funding.
• Halomine AvantGuard, headquartered in Ithaca, raised $2.85 million of seed funding from Launch NY, SOSV, and Blue Ledge Capital in May 2023. Read more about Halomine AvantGuard’s funding.
• Natrion, headquartered in Binghamton, raised $3.45 million of venture funding from Exeter Boston Partners, TechNexus Venture Collaborative and Unruly Capital in August 2023. Read more about Natrion’s funding.
• Tet Medical, headquartered in Ithaca, raised $2.46 million through a combination of Seed-1 and Seed-2 funding from SideCar Angels, Xero54 and Launchpad Venture Group in June 2023. Read more about Tet Medical’s funding.
• Ursa Space Systems, headquartered in Ithaca, raised $4.05 million of of Series BB Voting venture funding from John Assalian, Michael Dempsey, and other undisclosed investors in March 2023. Read more about Ursa Space System’s funding.

Total: $66,350,000

Grants

• Carbon to Stone, Inc., headquartered in Ithaca, received $350,000 of grant funding from Carbontech Development Initiative in September 2023. Read more about Carbon to Stone, Inc.’s grant.
• Carbon to Stone, Inc., headquartered in Ithaca, received $150,000 from the Department of Energy Grant in December 2023. Read more about Carbon to Stone, Inc.’s grant.
• Dynami Battery, headquartered in Binghamton, received $50,000 from the FuzeHub Manufacturing Grant in August 2023. Read more about Dynami Battery’s grant. .
• Ecolectro Inc., headquartered in Ithaca, received $1.08 million of grant funding from NYSERDA in August 2023. Read more about Ecolectro Inc.’s grant.
• Havos, headquartered in Ithaca, received $320,000 of grant funding from the Rockefeller Foundation in May 2023. Read more about Havos’s grant.
• LiBAMA Power Corporation, headquartered in Binghamton, received $50,000 from the FuzeHub Manufacturing Grant in August 2023. Read more about LiBAMA Power Corporation’s grant.
• Opal Wearables, headquartered in Ithaca, received $50,000 from the FuzeHub Manufacturing Grant in August 2023. Read more about Opal Wearable’s grant.
• Soctera, headquartered in Ithaca, received $250,000 of grant funding from the Air Force Research Lab in April 2023. Read more about Soctera’s grant.

Total: $2,300,000

Competitions

Note: The Grow-NY Competition prizewinners may not be headquartered in the region, but as a condition of the prize money, they commit to making a positive impact in the growing startup hub located in New York state’s Finger Lakes, Central NY, and Southern Tier regions. These companies are denoted with an asterisk (*). Learn more about Grow-NY.

• Ashlawn Energy LLC., headquartered in Binghamton, won $150,000 from the FuzeHub Commercialization Competition in October 2023. Read more about Ashlawn Energt LLC.’s winnings.
• Cattle Scan*, headquartered in Ontario, won $250,000 from the Grow-NY Competition in November 2023. Read more about Cattle Scan’s winnings.
• Clean Label Solution*, headquartered in Ithaca, won $250,000 from the Grow-NY Competition in November 2023. Read more about Clean Label Solution’s winnings.
• Crover*, headquartered in Edinburgh, won $500,000 from the Grow-NY Competition in November 2023. Read more about Crover’s winnings.
• EMPEQ (Empower Equity), headquartered in Ithaca, won $150,000 from the HUSTLE Demo Day in August 2023. Read more about EMPEQ’s (Empower Equity) winnings.
• Heat Inverse, headquartered in Ithaca, won $50,000 from the National Infrastructure Innovation Challenge in April 2023. Read more about Heat Inverse’s winnings.
• Hypercell*, headquartered in Georgia, won $1,000,000 from the Grow-NY Competition in November 2023. Read more about Hypercell’s winnings.
• KLAW Industries LLC., headquartered in Ithaca, won $50,000 from the FuzeHub Advanced Materials Innovation Challenge Competition in March 2023. Read more about KLAW Industries LLC.’s winnings.
• Lo-Bio, headquartered in Ithaca, won $250,000 from the 42plus1: Startup Pitch Competition in October 2023. Read more about Lo-Bio’s winnings.
• Mush Foods*, headquartered in Chicago, won $250,000 from the Grow-NY Competition in November 2023. Read more about Mush Food’s winnings.
• Mycologic*, headquartered in Atlanta, won $250,000 from the Grow-NY Competition in November 2023. Read more about Mycologic’s winnings.
• Nomad Yogurt, headquartered in Ithaca, won $20,000 from the Northeastern Dairy Product Innovation Competition in August 2023. Read more about Nomad Yogurt’s winnings.
• Soctera, headquartered in Ithaca, won $750,000 from the DBX Microelectronics Challenge in December 2023. Read more about Soctera’s winnings.
• SomaDetect*, headquartered in Buffalo, won $500,000 from the Grow-NY Competition in November 2023. Read more about SomaDetect’s winnings.
• spekld, headquartered in Ithaca, won $20,000 from the Northeastern Dairy Product Innovation Competition in August 2023. Read more about spekld’s winnings.

Total: $4,460,000

Please do not hesitate to reach out to Brad Treat at [email protected] with any tips, corrections, or comments you may have.

Investment in the Southern Tier will be distributed quarterly basis to highlight the significant startup investment activity in the Southern Tier. Note: certain types of information, such as competition prizes and SBIR awards, is made publicly available in real time. However, other fundraising activities may not be reported until a later period. This delay is why this information can fluctuate outside of the reporting timeframe. $20,000 is the threshold for determining which funding events to include.