As always, there’s lots to catch up on in the busy world of Boston tech. From fresh funding rounds to pending public debuts, these companies have reached new heights. Keep reading to find out what’s next. This is the Built In Boston weekly refresh.
Solo.io is now a unicorn. After months of substantial growth, the application networking startup recently closed on a $135 million Series C, bringing its total valuation to more than $1 billion. Solo.io is one of many local tech companies to have hit this milestone, but it is one of the only ones here that is headed by a woman. Now it will use this fresh funding to double its Cambridge-based team. [Built In Boston]
Neural Magic raised $30M. Born out of MIT, Neural Magic is on a mission to replace machine learning hardware with software. The startup offers developers and machine learning engineers free tools to help them build AI models, with the hope of eventually commercializing it as a subscription service down the line. The Series A was led by NEA, with participation from VC giant Andreessen Horowitz and a handful of other investors. [Neural Magic]
Boston Tech Quote of the Week
Starry is going public. The high-speed internet provider has announced plans to go public through a $1.66 billion deal with special purpose acquisition company (SPAC) FirstMark Horizon Acquisition, joining the bevy of other Boston startups to do the same this year. The deal is expected to close in the first quarter of 2022, when Starry expects it will land $452 million in cash and start trading under the ticker symbol “STRY.” Founder and CEO Chet Kanojia will lead the newly combined company. [Starry]
Summit Partners closed an $8.35B fund. This is the firm’s 11th fund, bringing its total capital raised to $43 billion — $10.5 billion of which was raised within the last two years. Over the decades, Summit has become one of Boston’s most active and influential private equity firms, with more than 400 global investments under its belt, including local standouts like Klaviyo and Acacia Communications. This new fund will be used to target minority and majority investments of $75 million to $500 million, sticking mainly to profitable growth companies based here in the United States. [Built In Boston]
Rocket Software named a new CEO. After spending a year as Rocket Software’s business unit president, former Hewlett Packard Enterprise executive Milan Shetti is being promoted to CEO. Effective November 5, he will replace co-founder Andy Youniss, who will transition to an executive chairman role and remain on the board. Looking ahead, the company, which provides enterprise software to a variety of organizations, is continuing to grow, and has plans to add 30 people to its Boston office next year. [Boston Business Journal]
Stavvy appoints new execs. The fintech company just named Eduardo Arreaga as its new chief financial officer, and Jeremy Potter as its VP of legal and capital markets. Arreaga previously served as an executive director of MSCI in Mexico City and New York City. Potter previously worked as a senior director at Quicken Loans. The appointments will help the company continue to scale its operations following its $40 million Series A announced earlier this year. [Stavvy]
