Despite the turbulence created by the collapse of Silicon Valley Bank last week, several Boston-area tech companies announced plans for growth. Local tech businesses made headlines by raising funds, boosting their headcount and reaching customer milestones. Catch up on all the Boston tech news you might have missed last week with the Built In Boston Weekly Refresh.
Tech companies stepped up amid a bank collapse. Tech founders were stunned on March 10 when the Federal Deposit Insurance Corp. took control of Silicon Valley Bank. The federal government quickly responded on Sunday, announcing that all depositors would be made whole beyond the $250,000 covered by FDIC. Several tech companies, like Deel and Mercury Bank, worked through the weekend to develop financial solutions for tech companies impacted by the bank’s closure. [Built In]
Navisun received $235M in debt financing. Headquartered in Hingham, Navisun owns and operates 21 solar projects across the U.S. and another five are under construction. The funding, which came in the form of two financing facilities led by MUFG, will allow Navisun to grow its portfolio of solar and energy storage projects. [Built In Boston]
Boston Tech Quote of the Week
“Building responsible and trustworthy AI is a complex challenge for insurance companies. Our strong value proposition, commitment to the broader ecosystem and shared vision with our new investors are fueling the company’s growth, and we are well-positioned for the future.” — Monitaur co-founder and CEO Anthony Habayeb
Monitaur raised $4.6M. Monitaur’s platform helps insurance companies use AI and machine learning models that can be trusted by enterprises. The funding round led by Cultivation Capital will help the Boston insurtech startup grow its team and further develop its AI governance software. [Built In Boston]
Flywire added 335 employees last year. The payment software company’s headcount grew 50 percent last year from 665 employees to about 1,000 employees, according to the company’s annual report. A Flywire spokesperson told the Boston Business Journal that the hiring spree was due to the addition of more than 590 clients, as well as the acquisition of Australia-based Cohort Go. [Boston Business Journal]
We wrapped up our Future 5 series. Our series highlighting unique early-stage companies has come to a close for Q1. In case you missed it, we compiled all five of this quarter’s features in a handy recap article. Keep reading to learn more about EarlyBird Education, Tangle, Future, High Time Foods and SOS. [Built In Boston]
Nasuni reached a customer milestone. Nasuni provides cloud-native file data services like file storage and data protection. The Boston company announced last week that more than 500 enterprise customers are using Nasuni to protect as much as 100 petabytes of data in Microsoft Azure. Enterprise customers who use Nasuni’s file data platform with Microsoft Azure’s Blob Storage have access to Nasuni’s Continuous File Versioning feature, which stores all file changes and allows teams to restore previous versions of a file. [Nasuni]
