Tech:NYC Digest: June 7

Tech:NYC Digest: June 7

June 07, 2023 • Estimated Reading Time: 8 minutes

Wednesday, June 7, 2023

Hope you’re staying safe out there (or ideally, not out there at all)! In today’s digest, everything you need to know about NYC’s air quality alerts, how to prepare for the first primary elections of the year, and the new metric we’re using to track venture funding for NYC startups.

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All eyes are … distracted by the scene outside, obviously. We’ve heard from several Tech:NYC member companies today that are putting a brief pause on their hybrid work rules to encourage employees to WFH tomorrow and Friday due to ongoing air quality advisories. Here are a few of the latest updates:

  • A statewide health advisory has been extended through midnight tomorrow, June 8, with the local “air quality index” (AQI) expected to reach the “unhealthy” category yet again. Today’s AQI peaked above 320 — the worst since the Environmental Protection Agency began recording air quality in 1999. 

  • Vulnerable populations, including those with heart or respiratory problems, children, and older adults may be especially sensitive to current conditions and should stay indoors. If you must go outdoors, wear a high-quality N95 or KN95 mask.

  • All of the city’s library systems closed their doors early today, and outdoor school activities have been suspended in most regions of the state. Alternate side parking rules are also suspended tomorrow, June 8.

  • Low visibility due to surface-level smoke (and dangerous working conditions for tarmac employees) is causing significant delays at all NYC metro area airports.

Our takeaway: Just stay home.

Here are a few other resources:

  • The best air quality apps to check wildfire smoke near you (Washington Post)

  • When is New York’s Smoke Apocalypse Going to End? (New York Magazine)

  • Talking to an Air-Quality Expert About That Haze (Curbed)

In other news:

  • New York’s first primary elections of the year are in 20 days. Here’s a handy FAQ for how to check your voter status and what competitive races to expect in your district.

  • After pleas from local officials, US Senate Majority Leader Chuck Schumer and House Democratic Leader Hakeem Jeffries announced FEMA is providing another $105 million for asylum-seeker assistance services in NYC, a much larger allocation than payments being made to other cities. (Politico)

We’ve been tracking several venture capital metrics in parallel — measures based on deal size, funding stage, sector area, and of course, geography. With broader economic uncertainties, it's even more important to track local venture activity — and compare it to other major tech hubs.

One additional way to do that is by tracking investment per company: A new study analyzing Crunchbase data for startups around the country found that startups in New York attract the highest average investment per company in the nation.

  • When it comes to US cities, NYC has also seen the second highest funding growth over the past five years, with investments in NYC startups rising nearly $10 million per business since 2017.

  • NYC sits at the top of the list in deal volume, as well: In 2022, Crunchbase recorded 4,078 major funding rounds, compared to 1,844 in San Francisco.

It’s another proof point that the New York tech sector — and the jobs it creates — have jumped into the driver’s seat on supporting the NYC economy overall. Find more global insights from Merchant Machine’s study here.

In other reading:

  • How remote work has reshaped New York’s ‘super commutes’ (Crain’s New York)

  • Job listings asking for generative AI skills are soaring (Insider)

  • This is a manager’s secret to help junior staff succeed (Fast Company)

  • 2045, a NYC-based network for professionals of color, raised $4.2 million in pre-seed funding. Benchstrength led the round and was joined by AAF, CT Innovations, NBA athlete CJ McCollum, Miguel McKelvey, and others.

  • Bonside, a NYC-based financing platform for brick-and-mortar businesses, raised $4.35 million in equity financing. Floating Point led the round.

  • Builder Prime, a Staten Island-based software platform for residential contractors, raised $6 million in Series A funding. Blueprint Equity led the round.

  • EliseAI, a NYC-based conversational AI platform for real estate, raised $35 million in Series C funding. Point72 Private Investments led the round and was joined by Koch Real Estate Investments, as well as insiders Golden Seeds, Navitas Capital, JLL Spark, and DivcoWest.

  • Mend, a NYC-based life sciences and digital health company, raised $15 million in Series A funding. S2G Ventures led the round and was joined by iSelect Fund, Touchdown Ventures, Colorcon Ventures, Keen Growth Capital, and others.

Samvid Ventures

, in partnership with

Techstars

, is accepting applications for its Economic Mobility Accelerator program. The program is seeking entrepreneurs with solutions focused on generating greater economic mobility for low- and moderate-income Americans. Learn more and

.

The

NYU Tandon Future Labs

is accepting applications for its Keystone program, a no-cost, virtual 8-week entrepreneurship training program for early-stage founders in New York. Learn more and

.

The

Grand Central Tech Residency Program

is accepting applications for its Fall 2023 cohort. Selected startups receive free office rent for a year, as well as other community and programming benefits. Learn more and

.

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