In the early & mid 1990’s when companies like Amazon, Netflix, and eBay were mere projects and experimentation. Fast forward two decades and we have some of the most influential companies from these seed stage startups.
There are four funding stages required for a startup to turn into an established business. The first among them happens to be seed capital. It is the money raised to begin development for a business or a new product. Owing to the high risk of such investments, investors are very selective and conservative with the startups they select for seed funding.
Thus, it is often a great indicator of a promising startup. Let us look at five startups who raised the most in funding amount.
1. Rgenta Therapeutics, $ 20 Million.
Rgenta is a deep bio-tech laboratory which aims to ‘develop RNA-targeting medicines to treat previously incurable diseases’. Co founded by Ph.D. duo Simon Xi and Travis Wager, who developed an unique approach with a three step model –
- Target Discovery : Data driven mRNA target discovery to predict the biological consequence of target modulation.
- Lead Identification : Understanding the nature of discovered target through Rgenta’s proprietary assay platform allows for specifically designed mechanism of action.
- Lead Optimisation : Using the data thus generated, Rgenta’s domain experts optimise lead compounds for pharmacological uses.
All in all, Rgenta which recently closed a $ 20 Million seed investment, co-led by Boehringer Ingelheim Venture Fund and Matrix Partners China and joined by Kaitai Capital and Legend Star Fund, promises a paradigm shift in the world of pharmacological development. A welcome change given the current situation.
Contact – Simon Xi’s (CEO) LinkedIn
2. Connect.Club, $ 11.6 Million.
Real Networking in A Virtual World
That adage might have sounded like a technical dystopia even months ago, but given the state of lockdown. It is a saving grace.
Founded by entrepreneur Igor Monakhov in Cyprus, connect.club has been engaged in virtual community platforms since 2017. It takes a rather unique approach on virtual networking.
It is just what it calls itself. A virtual club for people to connect. With every virtual place being able to include up to 50 participants, you will be able to hear and see those who are close to your avatar on the screen. Just like in real life, you can move to other places on the map. You can also create your own virtual space and invite friends. There’s option to filter specific interest groups as well.
With Embria Ventures leading it’s multi-million dollar seed fund round and with the surge in popularity of VR applications, Connect.Club does appear to be making bold moves and cashing in on the lockdown specific market of virtual networking.
Contact – Igor Monakhov (CEO) LinkedIn
3. Remote, $ 11 Million.
Corona virus has popularised the term and concept of Remote Working. With all it’s functionalities, there are some serious challenges involved with the same on the end of employers. Primary among them being payroll, benefits and compliance, recruitment and vetting, among other issues.
Remote helps solve global remote organisations’ biggest challenge: employing anyone anywhere compliantly.
With that mission, co-founders Job van der Voort and Marcelo Lebre built the platform which allowed takes care of two pain points –
- Employing talent anywhere through Remote’s services which takes care of payroll, benefits, and compliance in every country.
- Finding the world’s best talent through Remote’s easy to publish and find job listings.
Employment can be harder than one expects. There are a host of matters to consider such as tax and benefits, local laws, among other considerations. As a business, you might not have to reason or means to dedicate a department to such efforts. Remote helps you do those with their in-country experts and all in one place platform
Announcing on April 22nd of this year, Remote bagged a $ 11 Million seed round led by Two Sigma Ventures with participation from Index Ventures, General Catalyst, Liquid 2, and saw participation by imminent figures such as Sid Sijbrandij (CEO GitLab) and Jobert (Co-Founder Hackerone) among others.
Remote’s newfound funding is clearly owed to the rise in remote working and this trend in all possibility will only continue as remote working is a cheaper and more efficient alternative to engaging office spaces.
Connect – Job Voort (CEO) LinkedIn
4. FoRx Therapeutics, $10.8 Million.
Similar to Rgenta’s model of compound creation, FoRx aims to ‘develop first-in-class compounds for cancer treatment’. Focusing on drugging key molecular targets used during DNA replication stress as a pathway towards developing targeted anticancer drugs.
This approach forms the basis of bio-robotics which has gained prominence as a non-invasive method of treatment against such ‘incurable’ ailments.
With over two decades of small molecule drug discovery experience, CEO Dr. Andreas Goutopoulos raised upwards of $ 10 Million this April in it’s seed round led by M. Ventures, Pfizer Ventures and oversaw participation by Omega Funds, LSP, and Novartis.
This begs the question, is cancer on the verge of being defeated?
Fingers crossed, hope we find out soon.
Contact – Dr. Andreas Goutopoulos (CEO) LinkedIn
5. Ferrum Health, $ 9 Million.
Every 5 seconds, a patient dies from a preventable medical error
Medical error is indeed one of the worst killers and certainly the most unexpected one. Killing as many people as cardiovascular diseases and cancer.
Before blaming it on the doctor or the pathologist, one must remember that a chain is as strong as it’s weakest link. In the world of diagnosis, that weak link happens to be pathological instruments.
Ferrum is in the business of ‘providing AI powdered monitoring systems to detect medical errors before they affect patient care.’
Pelu Tran, co-founder of Ferrum is a known figure in the world of medical startups. With his previous company Augmedix being used by over 35 sites and his name appearing in Forbes’ 30-under-30 list along with being World Economic Forum’s Tech Pioneer, it was no surprise when Tran reeled in $ 9 million through it’s seed round led by Blumberg Capital, GSR Ventures, Vulcan Capital, and The Valley Fund.
Surely, such innovation will aid our healthcare providers become more efficient, effective, and most importantly more accurate.
Contact – Pelu Tran (CEO) LinkedIn
The Buck Stops Here
With these new companies we do observe a trend and shift in entrepreneurial interests. Lining up with the fact that entrepreneurship has always been and will always be about solving today’s problems with cutting edge technologies. These few companies have proved their worth to investors and dare I say, it is next to impossible to get institutional investors even interested in your product/service with no market results to back it up. Raking in million of dollars means there is some significant future in store for these companies.
We must appreciate the innovation and skills being projected by young talented brains solving problems is what the humankind has always been about.
This list should serve as an inspiration that almost anyone can today with the tools at their disposal, learn and apply to solve problems. No matter how small, the initiative counts.