Tech:NYC Digest: August 3

Tech:NYC Digest: August 3

August 03, 2023 • Estimated Reading Time: 7 minutes

Thursday, August 3, 2023

In today’s digest, the public and private sector boost climate-tech, outdoor dining becomes permanent, and the (occasionally awkward) return of business lunches.

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  • While still far from the levels seen in 2022, the New York State Dept. of Health warns that transmission of COVID-19 is increasing statewide, based on its most recent hospitalization and wastewater surveillance data.

  • The NYC Council approved rules to make outdoor dining permanent, with an updated licensing system. (New York Times)

    • The rules allow for “roadway cafes” from April through November and sidewalk seating year-round. (Grub Street)

  • The Council is also expected to vote on a bill that requires the Dept. of Transportation to create a searchable, real-time map showing all the city’s bike lanes. (Gothamist)

In other reading:

  • The solar-powered Biggie Smalls sculpture unveiling in Downtown Brooklyn (CBS New York)

  • NYC Parks wants your help: New website features 100+ volunteer groups, including kid-friendly options (Staten Island Advance)

  • The Rise of the Reservation Fee (Eater New York)

New York officials have opened up a new round of state funding for projects that use advanced technology to help buildings operate more efficiently — with $18 million total up for grabs, StateScoop reports. 

Public and private investment is converging on climate tech. The headline represents the latest effort to fund technologies focused on cutting emissions or mitigating the impacts of climate change. 

  • Venture capital put just over $17 billion into sustainability-focused companies in the first half of 2023, according to Crunchbase, tracking close to 2021 investment (but behind a record-setting 2022). 

  • The federal Inflation Reduction Act dedicated billions toward climate-focused investments and the city released an updated PlaNYC agenda focused on creating a homegrown green economy.

The public-sector focus is adding another tailwind for climate startups, especially as venture investing as a whole remains slow compared to recent years. 

  • Venture capital investor Michael Sonnenfeldt recently cited the increased public-sector focus as a reason climate investment should prove more resilient than other innovation sectors. 

  • "In addition to an influx of venture and private equity investors, we are also seeing sources of non-dilutive capital such as accelerators, and grants from the governmental, philanthropic, and business communities, all of which create a more robust climate tech ecosystem to aid in growth from early stage to exit," Sonnenfeldt wrote for Fortune.  "The acceleration of technology will likely be a driver in the acceleration of climate solutions."

More on that state program: The so-called NextGen Buildings Innovation Challenge is part of the state's $6 billion Clean Energy Fund.

  • This is the seventh round of the contest, with 64 projects awarded $45 million in previous iterations of the program. This year's competition includes a focus on “intelligent building” controls that help reduce carbon emissions.

  • Additional information available here.

In other reading:

  • How Accenture increased internal email open rates by 10x (Axios)

  • The key to getting tech workers back into offices might be…better tech? (Tech Brew)

  • Business Meals Are Back With a Vengeance, and Everyone Feels Awkward (Wall Street Journal)

  • Emtech, a NYC-based provider of central banking infrastructure in Africa, raised $4 million in seed funding. Matrix Partners India led the round and were joined by BTN, Vested, Equity Alliance, and LoftyInc Capital.

  • Knot API, a NYC-based startup to help fintech companies and banks maintain deposits, raised $10 million in Series A funding. Nava Ventures led the round and were joined by Plaid, Amex Ventures, and Ken Chenault.

First Round Capital is accepting applications for Cohort 15 of its Fast Track program. The 90-day program pairs rising startup stars with trusted mentors based on interests and areas of expertise. To be considered for a mentor or mentee slot, learn more and apply by August 4 here.Endless Frontier Labs is accepting applications for its 2023-24 cohort. The program is open to early-stage science and technology-based startups, with a focus on technical founders who could benefit from a performance-driven mentoring process. Learn more and apply by August 7 here.URBAN-X is accepting applications for Cohort 13 of its accelerator program. The four-month program is interested in startups with scalable climate mitigation and/or adaptation solutions in areas such as mobility, real estate, energy, and community.  Learn more and apply by August 22 here.The Environmental Tech Lab, a public-private initiative between the NYC Department of Environmental Protection (DEP) and Partnership Fund for New York City, is accepting applications for its inaugural cohort. The Lab is seeking early- and growth-stage companies with data and operations solutions to help solve pressing challenges facing the city’s water and wastewater network. Learn more and apply by August 23 here.

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