3 days ago
Philly's FORT Robotics lands $19M to scale machine safety platform
Biotech has always been a regional strength, and there's news about wins in that sector, but the Philly ecosystem also saw strong performance that points to other sectors on the rise.
Robotics is one: On the heels of last year's Ghost Robotics acquisition and the continuing success of Burro, this month brought an announcement that FORT Robotics added a major chunk to its Series B, upping its total raise to over $60 million.
Meanwhile, Dispatch Bio emerged from stealth and announced it had raised $216 million over the last three years. Plus, tech workforce development program Hopeworks received a donation from Dell Technologies to launch AI hubs.
Get all the details on the latest money moves below the hiring trends chart.
FORT Robotics raises $18.9 million
FORT Robotics, which makes wireless functional safety systems for autonomous machines, raised an additional $18.9 million for its Series B round. The Center City company previously raised $25 million for its Series B, in 2022.
Since then, the company launched a new hardware system that offers distributed control over internet protocol and wireless networks and allows users to control fleets of machines. It's now expanding its reach to industries beyond agriculture, construction and warehousing, FORT's CEO Samuel Reeves told
'This next period will be all about extending and enhancing our existing platform,' Reeves said. 'Building more comprehensive safety solutions that can continue to displace traditional machine control systems.'
The company now has 550 customers, he said, and this additional funding will help increase its operations to support them.
Hopeworks partners with Dell to increase AI education
Dell Technologies donated equipment to tech workforce development org Hopeworks to launch AI Innovation Hubs at both its Camden and Philly campuses. Hopeworks declined to share the dollar amount of the donation.
The hubs include Dell Pro Max workstations, which allows users to run large language models and store large amounts of data, according to Hopeworks CEO Dan Rhoton. The workstations will be infused into all aspects of Hopeworks training, including as a mock interview tool, lessons on how to use AI for productivity and integrating it into its work experience programs.
The plan is to open up these AI hubs to other workforce organizations in the city, allowing more people to become familiar with the technology, he said. Dell's support also allowed Hopeworks to start an AI navigators program, where program participants will go out into the community and teach about AI.
'In an AI-powered world, our young adults aren't limited by knowing the right people or going to the right school or knowing how to write an email the right way,' Rhoton said. 'AI can eliminate a lot of those equity gaps.'
Dispatch Bio launches with $216B after three years in stealth
Biotech company Dispatch Bio emerged from stealth at the end of July, announcing it had raised $216 million since being founded in 2022.
The company is developing a treatment for solid tumors, an antigen called Flare that identifies solid tumor cells and directs the body's immune system to those cells.
Dispatch announced it closed a second installment of its Series A funding round, raising another $100 million. The company's original Series A closed in 2023 and raised over $100 million, Sabah Oney, CEO of Dispatch, told
'The financing will support Dispatch's growth, further expand its platform capabilities, and advance its first therapeutic candidate into clinical studies through … initial data readout,' Oney said.
While the company has a presence in both Philly and San Francisco, 75% of the company's employees and its research and development facility are based in the Philly area, he said.
More Money Moves:
Global biopharma company AbbVie will acquire cell therapy company Capstan Therapeutics for $2.1 billion. A Penn spinout, Capstan's headquarters is in San Diego, but its research operations are in Philly.
Social services organization SEAMAAC was selected to receive a $500,000 grant by Asian Americans Advancing Justice to support digital skills, AI literacy and job readiness training.
Exton-based business communications company White Label Communications acquired Grupo NGN, an AI communications platform.
Penn Spinout Carisma Therapeutics entered a merger agreement with OrthoCellix. This deal comes shortly after the company laid off most of its staff earlier this year.
Statewide digital equity nonprofit KINBER received an ARPA Digital Connectivity Technology Program grant from the PA Broadband Development Authority to distribute 200 laptops to community partners across the state.
