Explore the fusion of Metaverse & Music in St. Pete, the crucial organization behind $915M in funding, and the AI startup now calling Tampa home. Don't miss out!

Happy Thursday! This is Masterminds Tampa Bay. We’re the Keanu Reeves of Tampa Bay business newsletters; action-packed and relatable with a track record of being awesome.

Here’s what we have for you today:

• Notable deals in the first half of 2023

• AI-focused cohort launches at Tampa Bay startup accelerator

• Last week’s Tech Founders Social event

• Publicly-traded AI-enabled health-tech firm moves to St. Pete

Tampa Bay’s Notable Deals (1st half)

• TampaBay.Ventures, the folks who only have eyes for our homegrown Tampa Bay startups, have made some noise. Back in April, they shut the lid on a fund that was so popular, it went into overdrive and closed at a whopping $27 million!

  Since they blasted off in May 2021, they've backed a solid 13 companies. And get this - they're not even close to hitting the brakes. They've got three more deals simmering on the stove, all set to be served up before this month calls it quits. TampaBay.Ventures is on a roll, folks!

• Our favorite edtech champ from sunny Tampa, Knack, dropped some big news recently. Last year, in the heat of July 2022, they nailed a hefty Series A funding round. They're being a bit secretive about the details, but the folks at the SEC let the cat out of the bag - Knack scored a cool $11.2 million!

  So what's the game plan with this chunk of change? Party at the beach? Nah, not their style. They're pumping this cash into ramping up their sales and marketing. They've got their eyes on the prize - the big universities. So keep your popcorn ready, because things are about to get real interesting with Knack!

• Our local cyber-savvy squad, Deepwatch, has just scored a massive victory. In February, they raked in a mind-blowing $180 million in equity and strategic financing. Now that's what I call a payday!

  Who's the major player behind this big win, you ask? Springcoast Capital Partners took the reins and led this massive Series C funding round. Keep your eyes peeled, folks, Deepwatch is gearing up for some major cyber moves.

• Telepathy Labs has pulled in a sweet $29.5 million this May. Got the info straight from the U.S. Securities and Exchange Commission, so you know it's legit!

  For a company that's usually hush-hush about money matters, this is quite a revelation. These brainiacs have been busy before too. Back in August 2021, they scored a cool $17 million. Oh, and let's not forget their $6.6 million catch in June 2020.

• SKUx, a fintech startup from St. Petersburg, bagged a neat $11 million in a Series A funding round this March. Not too shabby!

  The big fish backing this move is a bit of a mystery—a family office investor who's all about fintech and payments. They're playing their cards close to their chest on this one. We do know New York's Advection Growth Capital joined the party, along with some other investors who love a good surprise.

• Other notable mentions include: St. Petersburg-based 3D Cloud by Marxent which raised $7.5 million Series D in May. Clearwater-based Digital Media Solutions which raised $14 million through a private offering in March. Tampa-based Mad Mobile closed a $20 million funding round in January.
  

A tech entrepreneur has the choice of three investment offers for her new startup: Offer A promises a 60% return on investment every year, compounded annually. Offer B promises a 5% return every month, compounded monthly. Offer C promises a 1% return every day, compounded daily. Assuming no withdrawals are made, which offer will yield the most after one year? Hit respond if you know the answer!

AI-Focused Cohort Launches at Tampa Bay Innovation Center

The Tampa Bay Innovation Center is cooking up something exciting. They're kicking off a fresh new cohort, and guess who's on the guest list? Startups blazing trails in machine learning, artificial intelligence, and data science!

The mission? To help startups make data collection a breeze. Whether you're a fledgling idea or an established enterprise, they've got something for you. It's all about linking up founders with the right advisors and investors.

Ken Evans, the guy steering the accelerator, chimed in, saying, "Sure, there's been a buzz around data science and AI recently. But trust me, we're just getting started with the innovation wave!" So, watch this space, folks!

The Tech Founders Social Was a Success!

After 5 years of the Masterminds hosting completely free events, we came up with what we think is a self-sustaining model. The idea is to focus on quality events where like-minded tech and biz people can actually build relationships with each other. Anyone can fill a venue with hundreds of people, but few can fill a venue with top caliber tech founders, entrepreneurs and investors!

That being said our first ever fully paid event was SOLD OUT. Attendees constantly praised the quality of the people around them and we’re proud that the Masterminds facilitated the experience.
We wouldn’t have been able to do this without the support of our sponsors, leadership team, board of advisors, members and attendees!

A big shout out to the event sponsor Spontivly for cohosting this event with us.

Gain real-time analytics to measure community engagement, growth, and impact across any platform.

AI-Enabled Health-Tech Firm Renalytix Opens Tampa Bay Facility

Renalytix, that big-shot AI-enabled kidney health company you've heard about (yeah, the publicly-traded one), just cut the ribbon on a fresh new lab and office space as they spread their wings in our neck of the woods right in St. Pete.

So why did they pick St. Pete? Thomas McLain, President of Renalytix, gives us the lowdown, "We needed a spot that could handle our crazy growth. Plus, we need to keep bringing in the talent to keep the ball rolling." He reminisces, "Way back, like a dozen years ago, I was working on a startup here, and we couldn't get the big guns to come over. But now? St. Pete and Tampa Bay are hot spots. People are amped about moving here."

Renalytix is joining the squad of up-and-coming and big-name life science companies, research hubs, and medical centers in Pinellas County. Fun fact: about half of all life science companies in Tampa Bay call Pinellas County home.

Right now, Renalytix has a trio of employees in St. Pete, but they're planning to double that by year-end. And once they've got their permanent digs? They're aiming for a team of 20 by 2024. Definitely a company to watch!

Here’s a Meme You Can Probably Relate To

Brain Teaser Answer:

Offer C. Compounding more frequently (in this case daily) results in a higher return over time, even though the stated percentage return (1% daily vs 5% monthly or 60% annually) may seem smaller. In this case, 1% daily return, compounded daily, will yield the most after one year.

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