Chicago minted 8 unicorn companies valued at over $1 billion in the first half of 2021 alone, bringing the total number of Chicago unicorns to 15. That number is rising quickly as the region expands the tech sector in logistics, AI, and healthtech.
Detroit continues its lead in the autonomous vehicle and electric vehicle space with new startups coming out every month to address pedestrian safety, in-vehicle AI-based connectivity, and more. As transportation, advanced manufacturing, last-mile logistics, and autonomous technologies advance, expect to see more government investment in these areas to secure Michigan’s future dominance of these markets. Detroit’s got skin in the game and is already investing in an autonomous test highway, multiple self-driving car test facilities, drone deliveries for automakers and the airport, and mobility-focused incubators to support startups across Detroit and the state.
The Midwest is in a renaissance of technology companies, with Michigan at its center. Michigan now has the highest level growth of VC investment of any state this year, with 900% VC investment growth between 2016 and 2020. Ann Arbor isn’t the only tech hub growing in the Midwest, but it is a notable one, with 46% of the tech startups in Michigan located in this one college town, according to EntryPoint Michigan. In Washtenaw County alone, 43 startups in 2021 attracted $215 million in venture capital funding.
Beringer Capital, a private equity firm specializing in media, marketing services, and technology, announced it has acquired a majority stake in Detroit-based crypto financial advice media outlet Benzinga for $20 million this week. Benzinga is a software-based financial media platform that delivers news, investment analytics, and market information to subscribers, and has really taken off during the recent crypto craze.
Skykick has announced $130 million in funding, which will allow the IT no-code and low codes cloud automation software firm to expand to Detroit, where VP of Engineering Bob Karaban is originally from. The company is hoping to expand its 13-person team by hiring 30 additional engineers and introducing a new role, VP of IT Security.
Starting your own business is the dream of many. What could be more exciting than owning and running your own business, setting your own schedule, and making tons of money?
Want to see the best garden pavilion that robots can build? The public is invited October 24 to the opening and ribbon cutting ceremony in Ann Arbor, Michigan, for a new structure at the University of Michigan’s Matthaei Botanical Gardens that combines public spaces with fabrication research.
Eoxs has been one of the most popular stories we’ve covered on Cronicle. The startup disrupted steel buying technology by providing an e-commerce solution for steel buyers to create their own marketplaces online within one day. The industry was interested in the technology, but reportedly didn’t want marketplaces killing off retail competition, as can happen sometimes. Eoxs founder Rajat Jain says he also didn’t want to be in steel but to focus his efforts in software. So, the startup pivoted quickly to offer cloud-based reporting software for the steel industry–another low-hanging fruit in an industry still using basic reporting and analytics tools.
University of Michigan students and faculty have just launched a student-run investment fund focused on supporting early-stage climate tech companies.
You live in Ann Arbor or maybe you just work here. From the chatter on the street or in the restaurants, you know thousands of people here work in technology. Walking from Main St. to State St., it’s hard to not notice a tech t-shirt, banter about code, signs on offices with made up words. Whether they’re startups or billion dollar businesses with offices here, tech is all over Ann Arbor today and they’re all hiring. There is so much happening, where can we all find out about what’s going on where?