Birmingham startup raises $15.5M in funding + other tech news in Alabama
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With big tech news on the rise in the state, it’s an exciting time to be in Alabama. We took a look at three new stories to learn more.
Immediate secures $15.5M in funding
A Birmingham-based financial wellness company just secured $15.5M in funding from a wide swathe of investors. Immediate, a previous winner of Alabama Launchpad‘s imerge2019 event, partners with employers to help their employees access earned wages on-demand, rather than wait for a paycheck.
This isn’t Immediate’s first big round of funding. In 2020, another round of funding allowed Immediate to bring additional employees into the team. Currently, Immediate employs 30 people—15 of which work at their office in Birmingham’s Innovation Depot.
Alabama Launchpad announces finalists for Cycle 1 2021
Alabama Launchpad, the most active early-stage seed fund investor in the state, has announced 12 finalists competing in the program’s first pitch competition of the year. With the new year, Alabama Launchpad has introduced several updates to the program that further emphasizes personal support to the participating startups, whether they win or not.
Those startups are:
- Concept Stage — Competing for $25,000
- Bordo — a social media management platform that helps small businesses grow throughorganic content marketing
- Fighting Cancer Network, Inc. — providing trusted information and actionable knowledgeto cancer patients and caregivers using educational videos and a companion app
- MRIMath, LLC — which will deliver precise contouring of a tumor from surroundinghealthy tissue to reduce the time it takes to plan radiation treatment, decrease humanvariability, and boost patient outcomes
- Pure Game Sports Network, Inc. — a sports information and marketing company that helpshigh schools overcome the increasing demands of running a successful program, helpingteams connect and engage with fans and raise more money
- Stelona Shoes — an innovative approach to women’s footwear with the first seasonlessshoe
- Vulcan Line Tools — offering the Wave Timer, a method for measuring sag, tension, andtemperature in power lines to reduce costs for electric utilities, improve efficiency, and ensure power lines are built properly
- Seed Stage — Competing for $50,000
- Babypalooza — a startup that equips new and expectant moms for motherhood throughcommunity, virtual and live events, personalized content, and a product marketplace
- Con.doit — the first cloud-based analysis platform for real-world electrical systems
- Endpoint Logistics — building a network of connected delivery safes that provide safety and convivence to consumers while reducing costs and improving visibility for e- commerce and delivery companies
- Sure Med Compliance — a mission-based organization with a vision of curbing the substance misuse epidemic by designing tools and programs that facilitate greater prescribing compliance
- TabX, LLC — an app that lets people open and close their bar/restaurant tabs from their phones
- Vendrix, Inc. — offering cards and software to help companies manage spending among employees and within budgets
Alabama Innovation Corp. seeks public-private partnership in Alabama
A bill that could further improve the environment for innovative companies in Alabama is working its way through the state legislature. House Bill 540 and Senate Bill 338, sponsored by Alabama Representative Bill Poole and Senator Greg Reed respectively, would create a public-private partnership known as the Alabama Innovation Corporation.
By working with private sector experts and state lawmakers, the Alabama Innovation Corp would help support entrepreneurship and innovation in the state. The Alabama Innovation Corp aims to transform the state into a hub for innovation, in both urban AND rural areas. For example, the Corp would work with Mercedes-Benz and other auto manufacturers in the state to create innovative transportation systems in Alabama.
In addition, the Alabama Innovation Corp would include an Alabama Innovation Fund, used to support new, fresh ideas from entrepreneurs in the state.
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