Pittsburgh fintech startup adds $22M
PITTSBURGH, PA–Fintech startup IRALOGIX has raised $22 million from investors through a combination of equity and debt that will be used to accelerate growth. The financing was led by a group of individual financial technology investors represented by Matt Vettel and Nick Cayer, along with participation from Hybrid Capital, Roan Capital, University Growth Fund, Trog Hawley Capital, Circadian Ventures, Great North Ventures, and Riverfront Ventures. The company said the funding is earmarked for speeding development of new platform features and increasing its sales effort.
Panasonic to bring battery plant to Kansas
WICHITA, KS–Japan’s Panasonic Corp. announced Kansas as the location for a multibillion-dollar mega-factory to produce electric vehicle batteries for Tesla and other carmakers. The factory is expected to hire as many as 4,000 employees and supply a new high-capacity battery for Tesla. Panasonic aims to triple or quadruple EV battery production capacity by fiscal 2028 from the current level of roughly 50 gigawatt-hours per year.
Carnegie Mellon startup acquired by Michelin
Pittsburgh, PA–A startup spun out of Carnegie Mellon University’s Robotics Institute has been acquired by French tire manufacturer Michelin. Roadbotics, Inc., specializes in the analysis of road infrastructure images it captures with smartphones. As part of the acquisition, Michelin said it will look to bring RoadBotics’ tech to its already existing Michelin DDi (Driving Data to Intelligence) platform, which is used to analyze data relating to human driving behavior.
Eton Solutions closes Series C funding round
RESEARCH TRIANGLE PARK, NC–Eton Solutions, developer of the cloud-based AtlasFive technology platform, announced that it has raised $38 million in a Series C funding round. The investment from Navis Capital Partners will help Eton fund growth, product development, and international expansion.