Q3 2024 Investment Report

Investment in the Southern Tier will be distributed on a quarterly basis to highlight the significant startup investment activity in the Southern Tier. Note: while some information is made publicly available in real time, certain fundraising activities may be reported later, leading to potential fluctuations beyond the reporting timeframe. $20,000 is the threshold for determining which funding events to include.

Grants 

• Agri-trak*, headquartered in Pultneyville, received a $50,000 grant from Broome County and The Koffman Southern Tier Incubator in July, 2024. Read more about Agri-Trak’s funding. 

• EnergyGuard (FKA Hub Controls), headquartered in Binghamton, received a $20,000 grant from Broome County and The Koffman Southern Tier Incubator in July, 2024. Read more about EnergyGuard’s funding. 

• KLAW Industries, headquartered in Binghamton, received $65,000 in grant funding from FuzeHub in July, 2024. Read more about KLAW Industries’ grant.  

• LiBama Power, headquartered in Binghamton, received a $30,000 grant from Broome County and The Koffman Southern Tier Incubator in July, 2024. Read more about LiBama’s grant.  

Total: $165,000 

Investments 

• 8B Education Investments, headquartered in Ithaca, raised an undisclosed amount of seed funding from Impellent Ventures, True Ventures, and 54 Collective in September, 2024. Bold Ventures and The WES Mariam Assefa Fund also participated in the round. Read more about 8B Education Investments’ funding. 

• Agri-trak*, headquartered in Pultneyville, joined Morgan Stanley Inclusive Ventures Lab as a part of Tenth Lab cohort program in September, 2024 and received $250,000 in funding. Read more about Agri-Trak’s funding. 

• Capro-X Inc., headquartered in Ithaca, raised an undisclosed amount of seed funding from SOSV and IndieBio in August, 2024. Read more about CaproX Inc.’s funding.  

• CareTech Human, headquartered in Ithaca, raised an estimated $250,000 of angel funding from Allan Mink, David Esrig, and John Bartlett in August, 2024. John Freeman also participated in the round. Read more about CareTech Human’s funding. 

• Ecolectro, headquartered in Ithaca, raised $10.61 million through a combination of debt and Series A venture funding in a deal led by Toyota Ventures in August, 2024. Starshot Capital, Energy Revolution Ventures, DNX Ventures, Cornell University, New Climate Ventures, Techstars, and Plug and Play Tech Center also participated in the round. Read more about Ecolectro’s funding.  

• GustoMarket, headquartered in Ithaca, joined Techstars as a part of its 2024 cohort in September, 2024 and received $20,000 in funding. Read more about GustoMarket’s funding. 

Total: $11,130,000 

Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR)  

Note: These are federal programs that provide non-dilutive seed funding to startup companies for early-stage product development. Read more about SBIR and STTR grants. 

• Anova Biomedical, headquartered in Ithaca, was awarded a Phase I SBIR grant totaling $275,000 through the U.S. National Science Foundation in August, 2024. Read more about Anova Biomedical ‘s grant. 

• Capro-X Inc., headquartered in Ithaca, was awarded a Phase I SBIR grant totaling $206,500 through the U.S. Department of Energy. Read more about CaproX Inc.’s grant. 

• CyteQuest, headquartered in Ithaca, was awarded a Phase II SBIR grant totaling $2 million from the National Institutes of Health in August, 2024. Read more about CyteQuest’s grant. 

• EchoICs, headquartered in Ithaca, was awarded an STTR Phase I grant totaling $275,000 through the U.S. National Science Foundation in August, 2024. Read more about EchoICs’ grant. 

• Natrion, headquartered in Binghamton, was awarded both Phase I & Phase II SBIR grants totaling $1.5 million through the U.S. Air Force in August, 2024. Read more about Natrion’s grant. 

• RETRN Bio*, headquartered in Syracuse, was awarded an STTR Phase I grant totaling $275,000 through U.S. National Science Foundation in August, 2024. Read more about RETRN Bio’s grant. 

Total:  $4,531,500 

Please note: Companies marked with an asterisk (*) may not be headquartered in the region, but they operate in and contribute to job creation in the Southern Tier.   

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