Technology companies on the West Coast are constantly developing ways to help people, including their fellow founders. In addition to emergency funding solutions in the wake of Silicon Valley Bank’s collapse, learn what these innovators are building with fresh funding and more. This is the Built In LA Weekly Refresh.
Tech companies assisted SVB customers. Following the collapse of Silicon Valley Bank, many tech entrepreneurs sought a new way to pay their operating expenses. The Federal Deposit Insurance Corp. assured founders they’d have access to their funds through a bridge bank. In addition, other tech companies offered up methods of stopgap funding, including payroll and compliance startup Deel and fintech company Mercury. [Built In]
Nimble secured $65M. Specializing in autonomous logistics and artificial intelligence robotics, Nimble launched a service that equips e-commerce warehouses with robotic fulfillment systems. These machines can autonomously pick, pack and ship orders, according to the company. The Series B funding led by Cedar Pine brings Nimble’s total capital raised to $115 million. The San Francisco-based company plans to open an LA fulfillment center by 2025. [Business Wire]
LA Tech Quote of the Week
“There’s a lot of one-size-fits-all solutions out there, and there’s no reason to believe that people should all be getting the same [tools]. And so getting this idea of experimentation and customization out there … is really important to me because I think it is the way that we can all improve in any endeavor, whether it’s our health and performance or work or other things.” — Andrew Herr, CEO and founder of Fount
Fount raised $12M. Operating a next-gen solution for physical wellness, Fount combines biotech, wearable device data, personalized coaching and more to help users achieve their goals. The company secured a Series A round led by Amity Ventures to fuel future product innovations and expand its team across performance advisory, engineering and operations. [Built In LA]
CLUB 3 announced plans to open in LA. Launched by Meta Hollywood, the joint venture of Planet Hollywood and Animoca Brands, CLUB 3 is an exclusive club for members of the Web3 community. In addition to upscale facilities like bars, lounges and karaoke rooms, CLUB 3 will offer programs such as industry events and seminars. Memberships are available as mintable NFTs. [Built In LA]
Several companies were featured in the Built In Future 5 series. While the big names in tech have earned their spotlight, many up-and-coming ventures are also shaping the scene. Los Angeles-based founders are building modern solutions for mental healthcare, fashion, education and more. Learn about the companies featured in the Future 5 series this quarter. [Built In LA]
