If Threads is indeed successful in stealing a lot of users from Twitter—and 30 million users in 24 hours is a decent start—we’re going to launch a new newsletter platform called Words. Or we should, anyway.
Bundle Up
While you were hopefully sneaking out for a long holiday weekend, you may have missed our Friday story that recapped last Thursday night’s Demo Day for CED’s GRO Incubator program. Today we also have a feature story on one of the startups that pitched, Apex-based RBundle (pronounced “Rebundle,” we’re told). Led by former U.S. Army lawyer-turned-CPA-turned-entrepreneur Russell Gailfoile, RBundle is a two-sided platform that connects businesses with providers of professional services like lawyers, accountants, IT professionals, consultants and the like.
Seven years ago, Pieter Kruithof discovered that he has a memory-related disability, especially when it comes to recalling statistics in his short-term memory. That’s why a few years ago, the IBM and Intel vet created Wake Forest-based Eight arms to hold you (yes, just the initial word is capitalized). Now the startup has launched its first product, the aptly named SaaS platform FluidMemory. It uses ChatGPT to summarize and analyze chunks of text and also make recommendations. It’s currently seeking beta users.
The Triangle Tweener Fund chugged along in Q2 with a record number of investments (18) across 14 new startups (there were several follow-on investments) totaling more than $860K. The average investment continues to be right around $50K—$47,809 to be specific—while the average round size that the Tweener Fund participated in was $2.3M.
Durham-based Wolfspeed is rapidly figuring out how to scare up the cash for its planned $5B semiconductor production facility in Chatham County. The company announced yesterday that it has signed a 10-year agreement to supply silicon carbide wafers to Japanese-based Renesas that includes a $2B deposit. The news comes about a week after Wolfspeed received a $1.25B loan from a group led by the investment firm Apollo as part of a credit line that could go up to $2B.
News of the Renesas deal sent Wolfspeed’s stock climbing 16 percent on Wednesday afternoon. See more info in TechWire, TBJ and the N&O.
Funding News
Durham-based Sift Media, founded by serial entrepreneur (and former Download subject) Jud Bowman, has raised $1M according to an SEC filing. We have a feeling that this is the round that the Tweener Fund hopped into, as noted back in Item 3. We first profiled Sift Media—which collects data on what apps a smartphone user has downloaded to help serve hyper-targeted ads—in March, 2019. See TechWire for more.
Pitch Prowess
Durham-based startup Lavni won first place and $20K in the recent Summerfest Tech Pitch Competition in Milwaukee. We first profiled Lavni back in March for its platform that provides accessible, virtual mental health services to under-served populations. See TBJ for more.
Cloud-y Combo
Raleigh’s Red Hat and tech giant Nokia have agreed on a deal that will transfer Nokia’s cloud infrastructure business to Red Hat. The deal will not only open up Red Hat to new customers, it will add about 350 Nokia employees to Red Hat's rolls. See TechWire and the N&O for more.
Charged Up
The Boyd Company—a site selection consulting company—has released a report that names the Triangle as among the top markets to attract new investment and jobs in the electric vehicle and supply equipment (EVSE) industry. In particular, the Triangle was cited as having one of the lowest operating costs for a 500-worker EVSE plant. As you likely all know by now, VinFast has plans to build an EV factory in Chatham County, which would undoubtedly lead to offshoot service and component companies. See TBJ for more info.
Build Great Software
Founded by serial entrepreneurs, Dualboot is a software and business development company. Their clients include tech and non-tech founders as well as Fortune 500 companies, so they can start small or scale fast depending on what you need. Every client is assigned a U.S.-based Product Director with years of experience bringing products to market, and they can manage the entire development process. They focus on how the software fits into your company to drive revenue and build the business. At Dualboot, they don’t just write your software—they help you grow your business. Intrigued? Email them here.
Extra Bit
OK, this is purely self-promotional, but I am competing in the NC’s Funniest contest for standup comedians that is sponsored by (and held at) Goodnight’s Comedy Club in Raleigh. My preliminary round will be next Wednesday, July 12, at 7:30 p.m. Three of the 13 competitors in my preliminary group will advance to the semifinals. BURIED LEDE: Advancement out of the prelims is entirely based on audience vote. And obviously I’m not above trying to stuff the ballot box with people who know me (or sorta know me via the GrepBeat newsletter).
Tickets are $10 each in advance and can be purchased here, though you can also call the box office at 919-828-5233 by 5pm on the day of the show to reserve tickets on a buy-one, get-one-50%-off basis if you give them my stage name (which is “Pete Smack,” my college nickname). Full disclosure: I only started doing standup this year, but here’s a video of a performance from March so you can judge for yourself whether I’m worth seeing. Don’t worry, no spoilers; I’ll be doing entirely different material next Wednesday.
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