A diverse range of funding news hit Massachusetts last week. Funding rounds, acquisitions and statewide expansions hit the headlines. Read on to see who’s hiring, acquiring and making Massachusetts their new market. This is the Built In Boston weekly refresh.
XSET raised $15M. XSET, a Boston-based gaming and lifestyle startup, pulled in a star-studded $15 million funding round last week. The raise, announced last Wednesday, brought on Lil Wayne’s record label Young Money as an investor and Atlanta-based record label Quality Control. XSET manages e-sports teams and sells gamer centric streetwear. With its new capital, XET plans to scale the business and hire across all teams. [Built In Boston]
Electrified Thermal gained $4.5M. The heating process needed to produce industrial materials contributes to nearly 25 percent of greenhouse gas emissions in the U.S. To combat that, Medford-based Electrified Thermal is creating technology that uses renewable energy to produce the materials instead. Last Tuesday, the startup gained $4.5 million in funding from Clean Energy Ventures and Starlight Ventures. Electrified Thermal plans to use the funding to hire, accelerate product development and build two Massachusetts locations. [Built In Boston]
Doobie expanded to Massachusetts. After previously operating in Missouri, California and Arizona, Doobie, a direct-to-consumer cannabis delivery startup, planted roots in Massachusetts. The expansion comes shortly after a similar startup Lantern, a Drizly spin-out, expanded its operations beyond medical cannabis and now delivers recreational cannabis to consumers in Boston. [Built In Boston]
boston TECH QUOTE OF THE WEEK
Cohere Health partnered with Geisinger. Boston-based Cohere Health, a producer of utilization management technology that helps boost consumer’s medical savings, announced a partnership with Geisinger, a Danville, Pennsylvania-based insurance provider. Geisinger handles coverage for over 500,000 members throughout Pennsylvania, according to a company statement. The partnership is set to help Geisinger streamline and boost patients’ access to care with Cohere’s artificial intelligence-backed technology. [Cohere Health]
Projector PSA was acquired by BigTime Software. Projector PSA, a cloud-based automation startup in Boston, was acquired by Chicago-based BigTime Software, a consulting management and software development company. Projector PSA CEO Denis Whelan will remain on board as the president of the Projector PSA business unit at BigTime. Projector PSA’s Boston office will join BigTime’s network of locations nationwide, including offices in Chicago and Phoenix. [Projector PSA]
Upstart Power reached a new milestone. Upstart Power, a Southborough-based developer of sustainable and carbon-efficient oxide fuel cell (SOFC) generators reached a technical milestone last week. The startup’s generators delivered 1,000 on/off cycles. Upstart Power delivers energy to industrial and residential buildings. [Business Wire]
