Stories of Technology, Innovation, & Entrepreneurship in the Southeast

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December 05, 2023 | Tom Ballard

Southeast Shoutouts | Solas BioVentures participates in large Series B round for NC start-up

A $30 million workforce training center focused on electric vehicle technology will be built on the campus of the Alabama Robotics Technology Park.

From Morrisville, NC:

Arrivo BioVentures has announced the closing of an oversubscribed Series B preferred financing round, totaling $45.25 million in committed capital, bringing the total raised since the company’s inception to $100 million. The round was led by Orlando Health Ventures with additional investment from Solas BioVentures Emerging Healthcare Fund L.P., Rex Health Ventures, and several private investors.

Arrivo will use the funds to advance its first-in-class treatment for major depressive disorder (MDD), SP-624, through the completion of a Phase 2b/3 clinical trial and complete a Phase 2 Proof-of-Concept study with its novel treatment to prevent patients with pancreatitis advancing to severe acute pancreatitis, RABI-767.

From Decatur, AL:

A $30 million workforce training center focused on electric vehicle (EV) technology will be built on the campus of the Alabama Robotics Technology Park in Decatur.

Part of AIDT’s $73 million training center, funding for the new facility was approved in the most recent session of the Alabama legislature. Plans for the training center come as Mercedes-Benz and Hyundai have launched production of EVs at their Alabama manufacturing plants, and companies in the EV battery supply chain have begun locating in the state.

A group of academic partners has been assembled as allies to advance the effort. They include the Alabama Mobility and Power Center at the University of Alabama, the Alabama Community College System, and the state’s K-12 school system. AIDT Director Ed Castile said the center could occupy up to 40,000 square feet at Robotics Park and be operational in 18 to 24 months.

From Miami, FL:

Applications are now being accepted from start-ups that want to pitch at the Florida Venture Capital Conference scheduled for January 31 through February 2 at the JW Marriott Marquis. It is one of the largest venture events in the U.S., attracting 1000 attendees, including 250 active venture investors from across North America and the world.

According to the promotional materials, it is an opportunity to “Get your business in front of the nation’s top funders. Connect with cutting-edge service providers. Go from promising start-up to powerful success story.”

Another from Miami, FL:

Miami Inno reports that Imran Siddiqui, the founding Executive Director of Tech Equity Miami, is departing after a year on the job.

Founded last year, the organization is granting $100 million in philanthropic funding over five years to organizations that remove entry barriers to careers in the technology industry. The long-term goal is to connect local talent with higher-paying jobs to help close the region’s racial wealth gap. JPMorgan Chase partnered with the John S. and James L. Knight Foundation, the Miami Foundation and Aire Ventures to form the organization.

Prior to joining Tech Equity Miami, Siddiqu served for three years as Associate Vice President at Broward College, where he helped launch the BCEx accelerator and entrepreneurship center.


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