Sponsored by

Quick Exit

It’s been less than a year since we first profiled Raleigh-based legal tech startup Blue Pencil Box last April, about the time it was a finalist for one of NC IDEA’s $50K SEED grants. Now the startup founded by attorney Jonathan Crook (rough surname for a lawyer btw) has already been acquired, by Atlanta-based labor and employment law firm Fisher Phillips. That’s less than two years from launch (August 2022 in this case) to acquisition, which is both quick and impressive.
 
Blue Pencil Box’s offering will be part of Fisher Phillips’ in-house tech subsidiary, FP Solutions, and Jonathan is joining the firm as a partner. Read our full story on the acquisition here.

ELF Sequel

When we wrote about Organic Transit and its pedal-powered ELF vehicle as part of our 2022 “Where Are They Now?” series—it’s the third-most-read story in GrepBeat history—we assumed that the last chapter of the ELF tale had been told, at least as it pertained to the Triangle. After all, Organic Transit entered bankruptcy protection in 2019 and was acquired a year later via auction by oil and gas company PetroSun, which never produced any vehicles.
 
But Rob Cotter, Organic Transit’s original founder and the inventor of the ELF, has teamed up with business partner Guy Primus to re-acquire the company. Given that the concern over global warming and the trendline toward more environmentally friendly vehicles have only increased over time, Rob and Guy believe the ELF has a brighter future than past. They’re hard at work on prototypes and hope to begin production within about a year.
 
See our full story on the return of Rob and the ELF here.

Vision Aid

Raleigh-based digital healthcare startup Lumata Health has raised $5.5M to fuel its growth, according to TBJ. Lumata partners with ophthalmology practices to support patient adherence with treatment plans between patient visits, especially for diseases that require daily attention. Lumata previously raised $4M in 2022. The company operates virtually but as it grows—it currently has about 75 employees and could add 100 more in 2024—it may look to establish a physical presence in the Triangle.

Cloudy Forecast

Sure, we’re already more than 1/12^th through the year, but it’s not too late for another 2024 outlook, at least not one as thorough as this one from TBJ. Powered in part by the insights gained from a survey that Raleigh’s First Citizens Bank put out to 319 business leaders in the Triangle and Charlotte, the biggest-picture takeaway is that CEOs see plenty of uncertainty ahead in 2024. The cloudiest macro factors are the election, inflation and interest rates.
 
Interestingly, the business leaders tended to be much more confident in their own firms—60% said they were “very confident”—than in the national economy, about which only 14% were “very confident.” There are plenty of other nuggets in the far-reaching story that touches on the outlook for VC funding, M&A, banking, commercial real estate and much more.
 
While we’re on the topic of macro trends, here’s a column for WRAL TechWire from NC State economist Dr. Mike Walden on what went right in the U.S. economy in 2023 to avoid the recession that he and many others had predicted.

Almost There

Raleigh climbed to No. 2 in the Milken Institute’s Best-Performing Cities list for 2024, moving up from No. 3 last year and all the way down at No. 16 in 2022. This year’s top spot went to Triangle archrival (as GrepBeat tells it anyway) Austin. Raleigh’s strong overall performance was paced by ranking fourth in the number of high-tech industries, sixth for wage growth and eighth for job growth. See TBJ for more.

Teaming Up

Yesterday, NC TECH and MetLife announced the establishment of the NC TECH | MetLife Center for Technology Workforce Innovation. The center will serve as a hub for the state’s tech companies, providing resources and thought leadership while encouraging collaboration. It’s all about working toward the goal of fostering growth and vitality in the state’s tech sector. See TechWire for more.

Wolfpack Founders

If you’re a startup founder who’s an NC State student or recent alum (within five years), applications are open for the next cohort of the Andrews Launch Accelerator. (See some of our past coverage of the program here.) The 14-week accelerator that was established by a $1M gift from Lyn and Chip Andrews will start in May and end in August, culminating in a Demo Day. Accepted startups typically receive grants in the range of $5-$10K in addition to hands-on mentoring and much more. Read more about the program on NC State’s site here, and you can apply here.

Build Great Software

Extra Bit

GrepBeat wants to beef up our business side so we can more sustainably fulfill our mission of lifting the Triangle tech community. We’ve posted the following positions: Executive Director and Director of Sales and Marketing. Successful candidates will be able to explain in detail how they will make Pete’s life better. (That’s a joke, mostly; just wanted to make sure you were paying attention. Please share these positions with anyone you think might be a fit!)

Because too much news is never enough.

• Tech jobs grew by a net 18K in January (WRAL TechWire)
• Steve Rao: Want a cleantech revolution? Start by fixing the immigration system (WRAL TechWire)

Here's some helpful content from our partners.

	UNCW Program To Incubate Female, Blue Economy Startups Published January 30, 2024 by NC IDEA
	Opine Joins Primordial Published January 25, 2024 by Primordial
	IBM's Continued Collaboration with CED: Driving Innovations in North Carolina's Entrepreneurial Ecosystem Published January 24, 2024 by CED
	Workshop preview: Small business tips for landing a federal contract Published January 23, 2024 by Innovate Carolina

You can find all our Partner Feeds here.