If you’re new here, I’m Abigail — a mechanical-engineer-turned-investor who began her career at Hyperplane, an early-stage AI/ML fund in Boston. Every two weeks, I break down Boston’s latest financings and headlines.
If someone forwarded you this email, join the thousands of tech and finance folks in Boston who read along.
❄️ Happy Sunday and happy 2024. Hope you’re keeping warm. Before diving into a slightly abbreviated issue, a quick update on my end.
After two remarkable years with the Hyperplane team, I’m joining Touchdown Ventures as an investor to manage Cencora Ventures, focusing more directly on digital health and healthcare innovation. I wasn’t sure at first what form this next chapter would take — I only knew I wanted to understand our healthcare system more deeply and why it’s so chronically misaligned. With the help of the Hyperplane team, I spent the fall in conversation with a host of incredibly thoughtful people, and those discussions eventually pointed me toward a hybrid path. To everyone who offered time and perspective: thank you.
For those unfamiliar with Touchdown’s model, they partner with corporates to build and manage their venture arms — essentially venture-capital-as-a-service. They work with groups like T-Mobile, Scott’s Miracle-Gro, Masco, Olympus, and more. I’ll be working within Touchdown’s healthcare vertical, primarily with the AmerisourceBergen (now Cencora) fund.
The future of this newsletter is still taking shape, but I’ll keep this audience updated as things evolve. Thanks for the flexibility while I navigate the transition.
🏙 Boston Snippets: If you’re one of the many Bostonians zipping around on electric scooters, there’s a new repair shop — BostonProScooter — now open in Central Square. Harvard President Claudine Gay has resigned following the widely criticized congressional hearing alongside the UPenn and MIT presidents. The last remaining member of that trio, MIT’s Sally Kornbluth, has since announced policy changes around free speech and misconduct. And Greg Maynard has launched a new nonpartisan think tank, the Boston Policy Institute, which will weigh in on housing, education, and transparency. In partnership with Legislata, they plan to publish AI-generated transcripts of Boston’s public meetings.
🚊 Green Line MBTA Update: The Green Line will be suspended through January 28 — except for January 12–16 — with shuttle buses operating between North Station and Babcock Street on the B Line, Kenmore on the C and D Lines, and Heath Street on the E Line, per Axios Boston.
And with that, let’s get into it.
Financings are listed from smallest to largest. Biotech financings over $80M+ are usually not covered.
Mantel Capture | $700K | Climate Tech
MIT-spun carbon capture startup using molten salts that operate at high industrial temperatures. Raised $700K from one investor; last raised a $2M Seed from The Engine.
TireTutor | $1.1M Debt | Mobility
A marketplace that simplifies buying tires — think flights or hotels, but for tires. Raised $1.1M of a $2M debt offering. Founded in 2017 by MIT Sloan alum Jason Abrahams; last raised a Seed round in 2021 from Contour Ventures.
Final Offer | $1.1M | PropTech
A consumer-facing real estate offer and negotiation platform built around agent workflows. Closed $1.1M toward a $3M offering, likely part of the $5M Series A announced in November.
Burn Ghost | $1.3M | Web3/Gaming
A play-to-win Web3 gaming platform where users can win NFTs. Raised $1.3M from eight investors. Previously raised $3.1M in 2022; backed by Pillar, Drive by DraftKings, and Bitkraft.
Lucy Therapeutics | $3.5M | Biotech
Developing small molecule therapies and biomarkers for CNS diseases driven by mitochondrial dysfunction. Closed $3.5M toward a $9M offering. Seed was led by The Engine in 2020.
Newton Research | $5.1M | Data & Analytics
Raised a $5.1M Seed from Bessemer, Greycroft, and LiveRamp. Building an AI-powered virtual assistant that unifies organizational data and supports decision-makers. More from the founder linked.
Vulcan Elements | $5.2M | Climate Tech
Stealth-mode rare earth mineral decarbonization startup using mine tailings to lower emissions and support on-shoring. Raised $5.2M, reportedly with FJ Labs participating. Founded by an HBS student and former Navy Lieutenant.
OmniPulse Biosciences | $7M | Biotech
MIT-affiliated drug delivery startup co-founded by Bob Langer, Ana Jaklenec, and Robert Farra. Closed $7M toward a $12.5M filing.
Topologic Technologies | $7.2M | Stealth
Stealth startup developing automation software for textile manufacturing. Raised $7.2M from 10 investors. Co-founded by Alex Zimmer of MIT’s Center for Bits and Atoms.
Remix Therapeutics | $13.7M | Biotech
Clinical-stage RNA-modulation company. Raised $13.7M in debt/options toward a $90M filing, tied to a licensing deal with Roche worth up to $1B in milestones.
Sapphiros | $30M | Healthcare
Point-of-care diagnostics company. OraSure will lead an undisclosed Series B with a $30M investment. Founded in 2020; launched with KKR in 2021; partnered with Cencora for distribution.
Equilibrium Energy | $38.7M | Climate Tech
Startup enabling more efficient financing and operation of grid energy storage by paying battery owners for rights to their capacity. Raised $38.7M from investors including Breakthrough Energy Ventures.
OnPoint Surgical | $ Indefinite | Digital Health
OnPoint Surgical, one of the OnPoint Companies developing Augmented Reality (AR) guidance for multiple orthopedic, neurosurgical, and robotic procedures, has filed for an indefinite amount of funding. Reports presented late last year indicated the system is more accurate than standard navigation and robotic guidance while still allowing surgeons to retain tactile feedback when operating using fine motor control.
Lyndra Therapeutics | $123M | Biotech
Spyre Therapeutics | $180M | Biotech
Elicio Therapeutics | $7M | Biotech
All for now!
Covering the upcoming numbers to watch for (🔜) , the relevant numbers of last week (🔙), and the tech headlines of the last two weeks (🆕).
🔜 What’s coming up:
Inflation reports from the U.S., mainland China, and the UK, plus November UK GDP. The S&P Global Investment Manager Index may give fresh insight into sentiment after two turbulent quarters. I’ll be watching December CPI closely — both headline and core are expected to tick up slightly and will shape the Fed’s next move. Also on deck: U.S. trade data, PPI, and global industrial production numbers.
🔙 What just happened:
• Fed: Minutes suggest rates will stay elevated for longer, though peak levels are likely behind us with cuts expected in 2024.
• Jobs: Initial claims fell and private-sector hiring outperformed expectations to close out 2023.
• Real estate: Forbes ran an interesting piece last week worth a skim.
🆕 Headlines:
• Peloton x TikTok: A new “#TikTokFitness Powered by Peloton” partnership aims to revive Peloton’s momentum.
• Red Sea shipping disruption: Maersk continues rerouting ships around the Cape of Good Hope amid Houthi militant threats.
• Idaho abortion ruling: SCOTUS will hear arguments in April; the state can enforce its strict ban in the meantime.
• Copyright fight: Nonfiction authors have sued OpenAI over alleged misuse of copyrighted books in model training.
• Walgreens: Beat earnings and revenue expectations; cut its dividend to free up cash for its expanding healthcare strategy.
• ESPN x NCAA: An eight-year media agreement covering 40 championships, including exclusive coverage of women’s basketball.
• Blank Street Coffee: Launched a subscription program — 5,000 members so far.
• Ukraine: Approaching day 700 of the war. Russia is reportedly using North Korean ballistic missiles. U.S. aid remains tied up in Congress.
Jan 11 — MIT Horizon: Weaving Innovation into Textiles Decarbonization Strategy
Jan 17 — DigitalHealth InvestorTalk: More Selling to Payers in 2024
Jan 23 — MassChallenge U.S. Early Stage 2024 Launch Event
Feb 8 — MassChallenge’s RESOLVE ’24 Awards
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