Newsletter October 16th, 2025

Happy Thursday! This is Mind Your Business, the signal in Tampa Bay’s startup noise: tuned to the new capital, partnerships, and tech shaping our region’s next wave of growth.

This week, Tampa Bay leads the way in clean-tech innovation, AI education, and defense technology. Solar panels are getting a second life, the Army is tapping local drone talent, venture capital is flowing again, and USF keeps cementing its place as Florida’s tech backbone.

💸 Tampa insurtech lands $12.5M in fresh capital
💰 Florida venture funding surges toward record highs but AI keeps the fire burning
🚁 Army signs Tampa-based drone maker for new contract
🎓 USF’s Bellini College lands $2.3M to power AI and cybersecurity
🤝 USF, ARK Innovation Center, and High Tech Corridor team up
🚀 Recently funded startups in Tampa Bay

Scroll down for the stories making Tampa Bay buzz this week.

💼FINTECH / INSURTECH

Tampa Insurtech Irys Raises $12.5M to Reinvent Industry Software

Tampa-based Irys raised $12.5M in seed funding led by Markd, with backing from DeepWork Capital and others. The startup’s AI-driven platform streamlines insurance agency workflows, replacing multiple outdated tools with one system that handles CRM, accounting, and claims. CEO Margeaux Giles says Irys wants to “bring modern infrastructure to one of the most outdated sectors in fintech.”

⚡Why It Matters: 
Irys is helping position Tampa Bay as a hub for insurance technology and back-office automation. Investors see opportunity in building the rails that keep trillion-dollar industries running.

💰VENTURE CAPITAL

Florida Venture Funding Nears Record Pace and Tampa Bay Holds Strong

Florida startups raised $2.85B across 270 deals in the first half of 2025, the fastest pace since 2022. Tampa Bay companies brought in $264M across 38 deals, led by major rounds from HelloCare.ai ($47M), TSOLife ($43M), and Genesis Systems ($25M).

While statewide funding remains robust, Tampa Bay saw a slight dip from $176.9M in the previous quarter to $127.9M last quarter — mostly from fewer late-stage rounds. Early-stage startups and AI-driven companies continue to thrive, aligning with national trends where AI accounts for nearly 40% of all VC deals and over 60% of total venture value.

⚡Why It Matters:
Despite fewer mega-rounds, Tampa Bay’s startup scene remains healthy and diversified. Local investors are leaning into early-stage innovation and industrial AI, proving the region’s ecosystem is maturing beyond one-hit wonder funding cycles.

🧠TICKLE YOUR BRAIN

Trying something different this week…
Founder Math Challenge:

A SaaS startup starts the year at $6.0M ARR and ends at $7.5M ARR.
Over that year it burns $12.0M net cash. Gross margin is 80%.
Current monthly burn is $0.8M with $10.0M in cash.
NRR is 115% on the opening ARR.

Questions
1. What is the burn multiple for the year?
2. What is the Rule of 40 using ARR growth rate and gross margin?
3. How many months of runway remain at the current burn?
4. Of the $1.5M ARR gained, how much came from expansion vs new logos?

What are the answers? 🤔
(Answers at the bottom of the newsletter)

Pause for some deep thinking…

⚙️DEFENSE TECH

Draganfly Wins U.S. Army Drone Contract

Canadian drone company Draganfly, which opened its Tampa office earlier this year, has secured a contract with the U.S. Army to supply Flex FPV drones and training programs. The drones will support forward-deployed missions with improved endurance and real-time situational awareness. CEO Cameron Chell says the goal is to “bring reliable drone intelligence closer to the front lines.”

⚡Why It Matters:
Defense tech is one of Tampa Bay’s fastest-growing sectors. Alongside companies like XTEND and RapidFlight, Draganfly’s expansion cements the region’s role in next-generation military drone innovation.

🎓AI & EDUCATION

USF’s Bellini College Lands $2.3M in New Gifts

USF President Rhea Law and philanthropists Kate Tiedemann and Ellen Cotton contributed $2.3M to the Bellini College of Artificial Intelligence, Cybersecurity, and Computing. The donations, announced at the CyberBay Summit, qualify for the Bellini Challenge’s $5M match… bringing the total to $4.6M.

⚡Why It Matters:
USF continues to anchor Florida’s AI and cybersecurity ecosystem. With thousands of students already enrolled, the Bellini College is turning Tampa Bay into a talent engine for high-tech industries.

😂MEME STREET

Here’s a Meme You Can Probably Relate To

🧭ECOSYSTEM

USF, ARK Innovation Center, and Florida High Tech Corridor Partner Up

USF and the Florida High Tech Corridor are joining forces with ARK Innovation Center in St. Pete to connect university R&D with early-stage startups. USF’s Institute of Applied Engineering will open an on-site office inside ARK’s 45,000-square-foot space, linking research directly with entrepreneurs and defense partners.

⚡Why It Matters:
This partnership brings serious R&D firepower to the local startup scene. It bridges the gap between cutting-edge university research and real-world commercialization which is exactly the kind of collaboration that fuels high-growth ecosystems.

💰VENTURE CAPITAL

Recently Funded Startups

• Irys raised $12.5M to modernize insurance software.

• Circuitry.ai closed a seed round to scale AI for industrial workflows.

• HelloCare.ai raised $47M for AI-enabled senior care.

• TSOLife raised $43M for senior living intelligence.

• Genesis Systems raised $25M to scale water-from-air tech.

WORTHY MENTIONS: UPDATES, EVENTS, RESOURCES, ETC…

• ⚖️ Fear & Greed Index: 23 (EXTREME FEAR) per CNN

• ₿ Bitcoin Dominance at 58.9% See chart

• Event: Venture Capital & Growth Equity Summit
  🗓 October 29-30 | Tampa | Learn more

• Event: Tampa Bay Tech Awards 2025
  🗓 November 7 | Tampa | Learn more

• Event: Disrupt The Bay’s Health Innovation Summit w/ Cathie Wood
  🗓 November 13 | St. Pete | Get Your Tickets

• 🤗 Want a front-row seat to our biggest events and a chance to connect with Tampa Bay’s top founders, investors and innovators? Apply to join our team!

• 🚀 Connect with top entrepreneurs, founders, and techies building big things in Tampa Bay and beyond. Join our private Slack now and make some noise!

• 📅 Want to sponsor an upcoming Masterminds event? Apply here!

RIDDLE ANSWER

1. Burn multiple = Net burn ÷ Net new ARR = $12.0M ÷ $1.5M = 8.0x.

2. ARR growth = ($7.5M − $6.0M) ÷ $6.0M = 25%. Rule of 40 = Growth + GM = 25% + 80% = 105.

3. Runway = $10.0M ÷ $0.8M per month = 12.5 months.

4. Expansion from NRR 115% on $6.0M = 15% of $6.0M = $0.9M expansion. New logos = $1.5M total gain − $0.9M = $0.6M.

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