NEWS: SoCal Funding Roundup, June 1-5, 2020: Buy It Installed, TAE Life Sciences, Iteris, 8minute Solar Energy…
Here are startups throughout SoCal that announced receiving investments this week, June 1-5, 2020. And, also those that opened up new rounds or extensions.
Irvine (installation): Buy It Installed, a provider of on-site installation services, reopened a $4.5 million extension to its Series A round.
The startup recently pivoted most of its attention into the rapidly-growing automotive aftermarket industry with its “do it for me” (DIFM) installation. That yielded its highest monthly performance in April, as well as getting several new clients.
There’s been a recent surge in e-commerce sales and business during the lockdown.
The Buy It Installed platform allows online and offline consumers to purchase products with installation included,
Buy It Installed also owns and operates the Craftsman Republic network, which consists of thousands of craftsmen and installation professionals nationwide who are brand certified and ready to help consumers.
The company has raised $18.5 million to date and has already received commitments for further investment.
(from a company press release)
Foothill Ranch, OC (lifescience): TAE Life Sciences, which is developing boron-based radiation therapy drugs for the treatment of cancer, has raised $30 million.
The company said the funding comes from a consortium of investors, including ARTIS Ventures.
The company said the new funding will allow it to further accelerate development of its products.
It’s working on parallel development of new boron-10 drugs and a neutron accelerator system, a combination aimed at difficult-to-treat cancers.
It’s used part of the funding to establish a drug development facility in Santa Monica that includes dedicated labs for cell biology and antibody production, medicinal chemistry, and molecular biology.
Santa Ana (smart mobility infrastructure management): Iteris has been awarded a $1 million contract by the city of Round Rock to provide its mobility intelligence tools and video detection technology updates throughout the Texas city.
The goal of the company’s tech is to improve safety and mobility for vehicles, cyclists and pedestrians, in an efficient way.
Iteris uses cloud computing, AI, advanced sensors, advisory services and managed services to achieve safe, sustainable mobility.
(from a company press release)
Los Angeles (solar energy):
8minute Solar Energy says it has received a $225 million letter of credit, to go towards development of its pipeline of solar and energy storage projects.
According to the company, the letter of credit was led by CIT, and also included KeyBank, HSBC, Rabobank and Nomura Holdings.
The company said the letter of credit will be used to post securities for its power purchase agreements (PPAs).
The company said the new letter of credit replaces an existing facility it had with Rabobank, which closed in 2016.
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