LA had no lack of funding and investments this past week as the tech scene continues to innovate and expand in gaming, space and lifestyle. This is the Built In LA weekly refresh.
ABL Space Systems raised $200M. The El-Segundo space company raised $200 million from existing investors. The funds will be used to scale the production of its RS1 launch vehicle and conduct research for future systems. ABL Space was founded in 2017 and develops low-cost launch vehicles and launch systems for the satellite industry. [FinSMEs]
GreenPark Sports got $31M. The recent funding round will go towards introducing NFTs to the company’s social platform. Founded in 2018, GreenPark Sports allows sports fans to digitally engage with their favorite athletes and teams. Users can even win prizes for time invested on the app. [Built In LA]
Xeal pulled in $14M. The startup, which help electric car owners charge their vehicle with less hassle, raised $14 million in its latest funding round. The investment poses a big opportunity to Xeal, as it estimates that 50 percent of new car sales will be electric in the next decade. The company currently is hiring for roles across the board. [Built in LA]
LA TECH QUOTE OF THE WEEK
Skyryse brought in $200M. Skyryse’s latest funding round was co-led by Fidelity Management & Research Company and Monashee Investment Management. The fresh capital will be used towards its flight automation system. Skyryse works to bring more people and packages into the sky for travel and aims to have its Skyryse-powered aircraft as the most automated vehicle in the sky or on land. [PR Newswire]
Cover raised $60M. The LA-based company offers customizable modular homes that can be fully manufactured off-site, transported and then assembled without a crane. The Series B round was led by Gigafund, and Valor Equity Partners and Founders Fund both participated. [TechCrunch]
FaZe Clan announced plans to go public. FaZe Clan is the digital content platform aimed at Gen Z and millennials. The company entered into a definitive merger agreement with SPAC company B. Riley Principal 150 Merger Corp. Following the merger, which values the combined company at $1 billion, the company’s common stock will be listed on Nasdaq under FAZE. [PR Newswire]
Pragma raised $22M. The backend game engine raised $22 million led by VC giant Insight Partners. Along with the investment, Insight managing director Nikhil Sachdev joined Pragma’s board. To date, Pragma has raised almost $40 million and is actively looking to expand and grow its 32-person team. [VentureBeat]
HiveWatch investment led by former Twitter executives. HiveWatch is a security software business catering to companies with its multi-sensor fusion technology. The company raised $20 million in a funding round led by former Twitter executives Dick Costolo and Adam Bain. The company is currently hiring for eight positions at its El Segundo headquarters. [Built In LA]
Salted got $16M. The Series A round for the LA startup was led by Creadev. The company helps to create quick-service restaurant brands “for the digital age” and so far has brought six brands including moonbowls and Califlower Pizza to fruition. The company currently has 200 employees and is serving food in seven states, but wants to grow exponentially from there. [TechCrunch]
