This is a monthly column that lists five interesting offers each month that may have flown under the radar. Check out last month’s entry here.
After a bumpy first quarter for venture capital, the second quarter is in full swing.
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Let’s look at a handful of rounds that may have been overlooked but have tech that deserves a second read.
Chopsticks upcycled
We all grab those takeout chopsticks on the way out of our favorite Chinese or sushi joint when we’re getting takeout.
But how many of us throw them in the trash after using them?
Canada-based company ChopValue is here to help with some of our environmentally unfriendly eating habits. The startup raised $7.7 million in new funding to support its network of waste-to-resource microfactories.
ChopValue has already saved more than 100 million chopsticks from landfills – by turning what we normally use to scoop Lo Mein into our mouths into sustainably made decorations, kitchen accessories and other products.
The company plans to use the new money to expand into new markets in Asia Pacific and Europe. It’s already testing its microfactories in US cities like Las Vegas and Boston.
While ChopValue started with chopsticks, the company’s model can be used for other types of reuse.
A cyber brain
It sounds a bit like something out of a sci-fi movie, but isn’t that where all the great ideas come from?
Australia-based Cortical Labs, a “bioinformatics startup” that combines lab-grown human brain cells with computer chips, has just raised $10 million in a funding round led by Horizons Ventures.
Cortical Labs plans to use the money to commercialize its biological computer chips – called DishBrain – which have already learned to play basic video games like Pong.
Some think such a development could be the next advancement in AI, as human neurons have some advantages over their digital counterparts.
If all that isn’t scary enough, In-Q-Tel – the venture capital arm of the Central Intelligence Agency – is an investor.
Think about it.
More AI
A list like this is legally required to include at least one generative AI startup, so let’s look at legal AI startup Harvey.
According to an Insider report, the company held an undisclosed round this month valued at $150 million, led by Sequoia Capital.
Although not much was reported about this round, last November Harvey announced a $5 million seed round led by the OpenAI Startup Fund – when AI was just beginning to take off – so it wasn’t long before Raise another round from a big name investor, even in a declining market.
Rather than using AI for sales or marketing purposes, the San Francisco-based startup is deploying it to attorneys, giving them an interface to use AI when processing legal documents or conducting legal research.
The only question now is: What is Harvey’s hourly rate?
A new way of composting
Many of us shovel leftovers down our sink garbage disposal, thinking most of us will just disappear into the ether.
Well, the sad fact is, that’s not the case. In fact, food waste worldwide exceeds 3 billion tons each year, and some cities in North America have imposed garbage disposal bans and made organic waste separation mandatory.
Canada-based company Sepura Home raised a $3.7 million seed round led by sink maker Blanco to solve the growing problem while not further complicating after-dinner cleaning.
The startup has developed a “smart” composter that plugs into the plumbing just under the sink and can effectively separate 99.9% of solid waste that goes down the drain, while allowing liquids to flow through. The waste is stored there in a closed and odorless container until it is removed.
The device will cost around $700 when it starts shipping in a few months.
Can’t you make it faster?
While everyone wants to find ways to remove carbon dioxide from the atmosphere, there are natural methods for storing it in places like the ocean.
However, once absorbed and stored, it takes millions of years to turn into bicarbonate, so the process is a bit slow.
Ebb Carbon of San Carlos, California is trying to make this process a little faster. The ocean-based carbon removal startup raised $20 million Series A through two deals led by Prelude Ventures and Evok Innovations, respectively
Ebb’s proprietary solution accelerates the natural process of alkalization, reducing the ocean’s acidity and restoring its natural chemistry so it can once again absorb more carbon dioxide.
The new money will allow Ebb to deploy its first systems – one with the capacity to remove 100 tonnes of CO2 later this year and a system with a capacity of 1,000 tonnes shortly thereafter.
Figure: Dom Guzman
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