Drive Capital raises an additional $1B | Rolls-Royce signs $75M research agreement with Purdue
Drive Capital cements Flyover funding vision with 2 funds totaling $1B
COLUMBUS, OH–Multi-strategy venture firm Drive Capital announced two new funds totaling $1 billion. With the new funds, Drive has $2.2 billion in assets under management to support founders from pre-seed to IPO in the “Driveway,” the region in North America between the Hudson River and the Rocky Mountains. Some notable Flyover companies that Drive has previously invested in include Olive (AI for healthcare), Beam Benefits (employee benefits), and Path Robotics when they were pre-product.
Purdue is home for Rolls-Royce research
WEST LAFAYETTE, IN–Rolls-Royce has signed a $75 million research and testing agreement with Purdue University. Purdue is designated among the top class of partners as a Rolls-Royce University Technology Center, recognizing their collaborations on research, including advanced engine technology, materials and testing capability. The newly signed agreement will fund testing and research with a focus in the areas of gas turbine technology and electrical and digital technology.
GM invests $81M in global tech center
WARREN, MI–Rolls-Royce is not the only manufacturer that is game to invest in Flyover Country. General Motors will invest more than $81 million into its Global Technical Center in Warren to build the Cadillac Celestiq, an ultra-luxury electric vehicle. Celestiq will leverage GM’s extensive additive manufacturing capabilities and supplier network, featuring more 3D printed parts than any GM vehicle program to date.
With Google’s help, Durham startup to develop public version of crisis response software
DURHAM, NC–Startup NeedsList will receive a $1 million grant from Google to scale up a free and public version of its crisis response software, RespondLocal. A team of software engineers from Google will assist in the mission to “address the humanitarian crisis in Ukraine.”
Disaster response research in Kansas
KANSAS–A new research initiative funded by a program through the NSF will fund $24 million to universities and colleges in Kansas to research how the state can better support residents before and after disaster emergencies. The Adaptive and Resilient Infrastructures Driven by Social Equity, or ARISE, is a five-year initiative that will partner universities, business leaders, health professionals, and other community stakeholders to advance the resiliency of the state infrastructure.
Grand Rapids startup to be in Y Combinator program
GRAND RAPIDS, MI–Tech startup Payload CMS, which helps developers build complex websites and apps, has received $500,000 from Y Combinator and will be participating in an intensive three-month program. The program will culminate in a demo day for pitching to an audience of investors.