Q1 2024 Investment Report
Welcome to the first quarterly installment of our report on investment activities in startup companies in the Southern Tier region of New York. This edition covers the first quarter of 2024.
We appreciate everyone who provided feedback on our 2023 report and suggested additional recipients. The most common question we received was, “Can I share/forward this report?” The answer was and is, “Yes, please do!”
Please note that certain information, such as competition prizes and SBIR awards, is made publicly available in real time. However, other fundraising activities may not be reported until later, which can cause fluctuations in the data outside the reporting timeframe. We have set a threshold of $20,000 for including funding events in this report.
Thank you for your continued support of entrepreneurs and the entrepreneurial ecosystem in our region.
Feel free to contact us with any tips, corrections, or comments; or if you have colleagues that you would like added to our mailing list.
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.
Soctera, headquartered in Ithaca, was awarded a Phase II SBIR grant totaling $1,000,000 through the National Science Foundation in March 2024. Read more about Soctera’s grant.
Total: $1,000,000
Investments
EMPEQ (Empower Equity), headquartered in Ithaca, raised an undisclosed amount of venture funding from LEONID Capital Management in March 2024. Read more about EMPEQ’s funding.
Orchard Robotics, headquartered in Ithaca, raised $3,200,000 of seed funding in a deal led by General Catalyst on March 27, 2024. Read more about Orchard Robotics’ funding.
Ursa Space, headquartered in Ithaca, raised $6,210,000 of venture funding from undisclosed investors in March 2024. Read more about Ursa Space’s funding.
Total: $9,410,000
Acquisitions
Odyssey Semiconductor Technologies, headquartered in Ithaca, reached a definitive agreement to be acquired by Power Integrations for $9,520,000 in March 2024 through a public-to-private transaction.
Total: $9,520,000
Please do not hesitate to reach out to us via our contact page with any tips, corrections, or comments you may have.
Investment in the Southern Tier will be distributed on a 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.