Newsletter 1.11.2024

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Happy Thursday! This is Masterminds Tampa Bay - the newsletter that makes understanding the Tampa Bay startup scene easier than assembling IKEA furniture.

Here’s what we have for you today:

• This Tampa software company gets a cool $31 Million. 

• 2023 venture capital trends are no bueno….

• Local entrepreneur wants to take over with AI Chatbots

• Meet the newest Board of Directors making waves

• $95 Million defense contract goes to…

• The company using AI to better understand floods

FUNDING

Rewst Gears Up with $31M Boost in Latest Funding Round

Tampa's very own automation whiz, Rewst, just scored big with a cool $31 million in their Series B funding round.

Led by Meritech Capital and joined by the trusty squad from OpenView, TDF Ventures, and Florida Funders, this cash injection is set to turbocharge Rewst's growth.

CEO Aharon Chernin, sharing the inside scoop, mentioned it's not just about the money—it's the chance to expand the Tampa team, fine-tune their nifty Application Platform, and most importantly, shift the focus back to keeping customers happy. Looks like Rewst is all set for the next level!

Tampa Bay's Venture Capital Activity Slows in 2023, Mirrors National Trends

The Tampa Bay area witnessed a decline in venture capital (VC) activity throughout 2023, following a period of record deals during the pandemic. 

PitchBook's 2023 Venture Monitor report highlights a two-year record slump in deal flow and exits, aligning with national VC conditions. Despite a fourth-quarter increase in VC investment to $95 million, the total deal value for 2023 was 50% less than 2022.

The region's exit numbers also hit a six-year low, with geopolitical uncertainties contributing to the broader industry's 2023 slowdown.

COMMUNITY

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STARTUP

Chat Bots and Cheers: AI Platform Serves Up Solutions for Restaurants

Meet Gary Kraeger, the mastermind behind EatDrinkLocals, an AI-powered platform that's like a digital Swiss Army knife for restaurants.

With a chatbot at its core, this platform handles everything from marketing and inventory control to answering phones, all for a wallet-friendly $49/month.

Kraeger, fueled by a passion for helping restaurants, envisions a future where his creation not only streamlines operations but also becomes a game-changer for small businesses.

The chatbot magic doesn't stop at handling mundane tasks; it extends to creating websites, managing social media, and even running engaging promotions. With a mission to make St. Pete the "chatbot capital of the world," Kraeger is cooking up something special for the restaurant industry.

WITE Unveils Inaugural Board to Drive Women's Empowerment in Tech

Women in Tech and Entrepreneurship (WITE), founded in 2022 by Raechel Canipe, is set to amplify its impact with an inaugural board of directors.

Comprising 13 accomplished women, the board, led by Chair Raechel Canipe and Vice Chair Molly Levinson-Kroeber, will steer WITE's mission of empowering women in tech and entrepreneurship.

This strategic move aligns with WITE's expansion plans across Florida, including an upcoming chapter in Jacksonville and engagement with college students at the University of South Florida.

TICKLE YOUR BRAIN

I'm the silent applause of the online stage. A ratio that measures the engagement gauge. From impressions to actions, a digital fate,In the world of ads, I dictate.

What am I?

(Pause for some deep thinking...)

FUNDING

Rise8 Soars: Tampa Software Firm Nets $95M Defense Contract for Air Force Autonomy Project

Tampa's Rise8 is riding high on a $95 million contract modification from the U.S. Department of Defense for its work with the U.S. Air Force's innovation arm, AFWERX.

The modification expands the ceiling to a whopping $100 million, giving Rise8 a significant boost to fuel its growth targets. Tasked with contributing to AFWERX's Autonomy Prime program, focused on developing autonomous technologies, Rise8's success in meeting the program's demands has translated into a considerable source of growth.

Rise8, a digital services provider founded in 2019, plans to leverage this contract to reach new heights, aiming for $24 million in revenue in 2024 and a strategic focus on product-driven contracts. As Rise8's CEO and founder Bryon Kroger puts it, for the military to stay ahead, "they have to become a software organization in the defense business."

MEME STREET

Here’s a Meme You Can Probably Relate To

St. Pete Startup Partners with Florida Flood Hub for AI-Ready Flood Data

St. Petersburg-based data startup PVM is forging a crucial partnership with the University of South Florida's Florida Flood Hub for Applied Research and Innovation.

The collaboration aims to enhance data management and procedures for the flood research program, including the implementation of a new data infrastructure to streamline operations. PVM, known for its expertise in information technology and services, will leverage generative artificial intelligence and machine learning to bolster the research hub's capabilities.

The Flood Hub, established in 2022 with $20 million in state funds, found a strategic ally in PVM, which boasts previous collaborations with government entities like the CDC, NOAA, and NSF. PVM's CEO, Pat Mack, envisions using AI to refine real-time data, identify potential risk areas, and empower decision-makers to take proactive measures during floods.

WORTHY MENTIONS: UPDATES, TOOLS, RESOURCES

• 🤩 Tampa General Hospital (TGH) is seeking innovative solutions for rural cancer patients. Prize is $50,000 and support by TGH Innoventures and TGH Cancer Institute. Apply Today

• 📊 Tracking is tuff, right? Well here is an incredible deal on Kissmetrics, a powerhouse engine that makes understanding your business KPI and analytics easy.

• 😡 Scratching your head on how to find traction with your startup, well here are some growth secrets to get you going.

Brain Teaser Answer:

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