2024 Investment Report
Welcome to our 2024 annual report on startup investment activity in the Southern Tier region of New York. This report captures investments made throughout the year, including a surge of new funding in Q4 and several earlier deals that had previously gone unreported.
One of the trends this year was the mix of funding going to both homegrown startups and companies that, while not headquartered in the Southern Tier, remain actively engaged in the region’s startup ecosystem. This includes funding for long-standing regional companies like Soctera, Standard Hydrogen, and KLAW, as well as for Agri-Trak and Edenesque—businesses that are based elsewhere in New York State but maintain a presence in the Southern Tier.
We’ve learned that taking the long view pays off – supporting small companies in their early stages can help lay a strong foundation for future growth rooted in the region. We continue to champion startups with connections to the Southern Tier, regardless of where they’re headquartered, because they often go on to grow, hire, and contribute in valuable ways to our local entrepreneurial community.
We welcome your feedback—please reach out via our contact page with any tips, corrections, or suggestions, including colleagues you’d like us to add to our mailing list. Your input helps make this report stronger.
Best regards,
Brad Treat
Program Director, Southern Tier Startup Alliance
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
Q1
- N/A
Q2
- Natrion, headquartered in Ithaca, received $65,000 of grant funding from FuzeHub in April, 2024. Read more about Natrion’s grant.
- REEgen, headquartered in Ithaca, received $50,000 of grant funding from ClimateTech in May, 2024. Read more about REEgen’s grant.
- REEgen, headquartered in Ithaca, received $65,000 of grant funding from FuzeHub in April, 2024. Read more about REEgen’s grant.
- RETRN Bio, headquartered in Syracuse, received $50,000 of grant funding from ClimateTech in May, 2024. Read more about RETRN Bio’s grant.
Q3
- 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.
- Gallox Semiconductors, headquartered in Ithaca, was selected for the fourth cohort of the Breakthrough Energy Fellows, receiving $500,000 in funding in October, 2024. Read more about Gallox Semiconductors’ funding.
- Hempitecture*, headquartered in Idaho, received $1.1 million in grant funding from the State of New York in July, 2024. Read more about Hempitecture’s grant.
- 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.
Q4
- Greene Acres Processing, headquartered in Ithaca and Boonville, NY, received a $25,000 grant from Naturally Lewis in November, 2024. Read more about GreeneAcres’ grant.
- Hempitecture*, headquartered in Rogersville TN, received a $8.42 million grant from the U.S. Department of Energy in November, 2024. Read more about Hempitecture’s grant.
- Standard Hydrogen Corporation, headquartered in Ithaca, received a $2 million grant from the New York State Energy Research and Development Authority (NYSERDA) in October, 2024. Read More about Standard Hydrogen Corporation’s grant.
Total: $12,440,000
Investments
Q1
- Orchard Robotics, headquartered in Ithaca, raised $3,200,000 of seed funding in a deal led by General Catalyst on March 27, 2024. Read more about Orchard Robotics’ funding.
- ProtoGenix (FKA Forte Protein), headquartered in Ithaca, raised $250,000 of venture funding from New York Ventures on February 15, 2024. Read more about ProtoGenix’s funding.
- TET Medical*, headquartered in Fair Haven, NJ, raised $500,000 of venture funding from New York Ventures on February 15, 2024. Read more about TET Medical’s funding.
Q2
- Agri-Trak*, headquartered in Pultneyville, raised $180,000 of Series 1 venture funding from Launch NY, The W Fund, JHH vc, and other investors in July, 2024. Read more about Agri-Trak’s funding.
- CareTech Human, headquartered in Ithaca, raised $175,000 of funding from Launch NY in May, 2024. Read more about CareTech Human’s funding.
- Edenesque*, headquartered in Kingston, raised $175,000 of funding from Launch NY in May, 2024. Read more about Edenesque’s funding.
- GreeneAcres Processing, headquartered in Ithaca, raised $50,000 of angel funding from an undisclosed investor in April, 2024. Read more about GreeneAcres Processing’s funding.
- LoBio, headquartered in Ithaca, raised $1.7 million of seed funding from BR Venture Fund, Techstars, and other undisclosed investors in April, 2024. Read more about LoBio’s funding.
Q3
- 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.
- 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 $10.6 million in Series A venture funding led by Toyota Ventures with participation from Starshot Capital, DNX Ventures, Energy Revolution Ventures, New Climate Ventures, Banco Popular Impact Fund, and Techstars, among others, in August, 2024. 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.
- Ursa Space, headquartered in Ithaca, raised $7,530,000 of venture funding from Mana Ventures, Neil Devani, Firdavs Abdunaz and other undisclosed investors in August, 2024. Read more about Ursa Space’s funding.
Q4
- Capro-X, headquartered in Ithaca, was selected for IndieBioNYC’s Cohort #9, receiving a $275,000 investment. Read more about Capro-X’s funding.
- MAVRIK, headquartered in Ithaca, raised $1.4 million of pre-seed funding from Outlander VC and 640 Oxford in November, 2024. Read more about MAVRIK’s funding.
- Natrion, headquartered in Binghamton, raised $4.40 million of venture funding from undisclosed investors in December, 2024. Read more about Natrion’s funding.
- PLATFORM Golf (FKA Perfection Platforms), headquartered in Binghamton, received $5 million of venture funding in December, 2024. Read more about PLATFORM Golf’s funding.
- Restored Cloud, headquartered in Ithaca, joined Forum Ventures on December 10, 2024 and received $100,000 in funding. Read more about Restored Cloud’s funding.
- SimpliFed, headquartered in Ithaca, raised $1.2 million of venture funding from The Artemis Fund, Cultivation Capital and other undisclosed investors in December, 2024. Read more about SimpliFed’s funding.
Total: $37,265,000
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.
Q1
- Soctera, headquartered in Ithaca, was awarded a Phase II SBIR grant totaling $1,000,000 through the National Science Foundation in March 2024. Read more about Soctera’s grant.
Q2
- N/A
Q3
- Anova Biomedical, headquartered in Ithaca, was awarded a Phase I SBIR grant totaling $274,811 through the U.S. National Science Foundation in August, 2024. Read more about Anova Biomedical ‘s grant.
- CyteQuest, headquartered in Ithaca, was awarded a Phase II SBIR grant totaling $1,002,657 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 Ithaca, 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.
Q4
- Capro-X, headquartered in Ithaca, was awarded a Phase I SBIR grant totaling $206,500 through the Department of Energy in October, 2024. Read more about Capro-X’s grant.
- KLAW Industries, headquartered in Binghamton, was awarded a Phase II SBIR grant totaling $400,000 through the U.S. Environmental Protection Agency in October, 2024. Read more about KLAW’s grant.
- NovaSterilis, headquartered in Ithaca, was awarded an SBIR grant totaling $892,763 through the National Institute of Allergy and Infectious Diseases in December 2024. Read more about NovaSterilis’ grant.
Total: $5,826,731
Acquisitions
Q1
- Odyssey Semiconductor Technologies, headquartered in Ithaca, reached a definitive agreement to be acquired by Power Integrations for $9,520,000 in March 2024 through a public-to-private transaction.
Q2-Q4
- N/A
Total: $9,520,000
Competitions
Note: The Grow-NY Competition prizewinners may not be headquartered in the region, but as a condition of the prize money, they commit to making a positive impact in the growing startup hub located in New York state’s Finger Lakes, Central NY, and Southern Tier regions. Learn more about Grow-NY.
Q1
- N/A
Q2
- Serida (FKA Agrivoltaic Design Studio), headquartered in Ithaca, won $22,000 from the 2024 EnergyTech University Prize competition in April 2024. Read more about Agrivotaic’s winnings.
- ReviMo*, headquartered in Boston, won the Graduate Track Winner grand prize of $25,000 and received an additional $7,000 for the Tech Innovation Award, totaling $32,000 in awards in April, 2024. Read more about ReviMo’s winnings.
- Roadmap, headquartered in Binghamton, won $50,000 from Microsoft Imagine Cup in May 2024. Read more about Roadmap’s winnings.
- spekld, headquartered in Ithaca, won $50,000 from the Annual Cornell Hospitality Business Plan Competition in April 2024. Read more about spekld’s winnings.
Q3
- N/A
Q4
- Anova Biomedical, headquartered in Ithaca, won $150,000 at the New York State Innovation Summit Commercialization Competition in October, 2024. Read more about Triton Bio’s winnings.
- Clean Crop Technologies*, headquartered in Holyoke, MA, won $250,000 at the Grow-NY business competition in November, 2024. Read more about Clean Crop Technologies’ winnings.
- ClearLeaf*, headquartered in San José, Costa Rica, won $250,000 at the Grow-NY business competition in November, 2024. Read more about ClearLeaf’s winnings.
- Empower Equity, headquartered in Ithaca, won $100,000 in the Veteran Pitch Competition. Read more about Empower Equity’s winnings.
- Ergami Endoscopy, headquartered in Brooklyn, won $50,000 in the New York State Innovation Summit Commercialization Competition in October, 2024. Read more about Ergami Endoscopy’s winnings.
- Eutrobac*, headquartered in Ashford, won $50,000 in the New York State Innovation Summit Commercialization Competition in October, 2024. Read more about Eutrobac’s winnings.
- FASS*, headquartered in Westchester, won a $50,000 prize toward their startup venture in the New York State Innovation Summit Commercialization Competition in October, 2024. Read more about FASS’ winnings.
- For Bitter For Worse*, headquartered in Portland, won $250,000 at the Grow-NY business competition in November, 2024. Read more about For Bitter For Worse’s winnings.
- PureNanoTech*, headquartered in Parsippany, NJ, won $500,000 from the Grow-NY business competition in November, 2024. Read more about PureNanoTech’s winnings.
- Triton Bio, headquartered in Syracuse, won $50,000 in the New York State Innovation Summit Commercialization Competition in October, 2024. Read more about Triton Bio’s winnings.
- UdderWays*, headquartered in Albion, MA, won $500,000 from the Grow-NY business competition in November, 2024. Read more about UdderWays’ winnings.
- Unibaio*, headquartered in New York, won $1 million from the Grow-NY business competition in November, 2024. Read more about Unibaio’s winnings.
- Zordi*, headquartered in Oakfield, NY, won $250,000 from the Grow-NY business competition in November, 2024. Read more about Zordi’s winnings.
Total: $3,604,000
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.
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.