Dallas Venture Deals

November 2023

Howdy!

Welcome to the fifth edition of the Dallas Venture Deals newsletter. We hope everyone had a wonderful Thanksgiving! We are grateful for the responses, feedback, and engagement. Our goal remains simple: shine a spotlight on DFW’s venture capital activity, in a region where remarkable transactions often go unnoticed. Cheers to the future of DFW startups!

Venture Deals

DFW-Based Company Fundings - November

Articulate Labs (Dallas, TX), a developer of wearable medical devices, was awarded $1.3M by the Orthopaedic Research and Education Foundation, the Medical Technology Enterprise Consortium (MTEC), and the U.S. Army’s Medical Research and Development Command.
Asset Entities (Dallas, TX), a provider of digital marketing and content delivery services across Discord and other social media platforms, has acquired both Ternary Inc., a cloud-based subscription management solution for Discord communities and Stripe-verified payment processor, and OptionsSwing Inc., an investment research and analysis education service.
Cercle (Frisco, TX), an AI company focused on advancing healthcare for women, launched out of stealth and raised a seed round from Sandberg Bernthal Venture Partners.
Flowtrac (Southlake, TX), a warehouse management software provider, was acquired by Unanet via its financial sponsors, Monroe Capital Income Plus Corp BDC, JMI Equity, Monroe Capital, Northleaf Capital Partners, and Onex.
Rad (Dallas, TX), a Web3 video streaming platform, has secured significant funding in a follow-on round led by Ayre Ventures.
Work Shield (Dallas, TX), a workplace misconduct incident management technology company, raised a $6M round led by Ballast Point Ventures.

DFW-Based Investor Transactions - November

Balerion Space Ventures (Dallas, TX) participated in venture funding round for X-Bow Systems (Albuquerque, NM), a low-cost hypersonics provider. The round was led by Lockheed Martin Ventures with participation from Bravo Victor Venture Capital, Capital Factory, Crosslink Capital, and Razor's Edge Ventures.
Bobby Cox Companies (Fort Worth, TX) invested in Qu (Bethesda, MD), an agile restaurant tech company, alongside Cota Capital, Enlightened Hospitality Investments, and NRD Capital.
Crow Holdings (Dallas, TX) participated in $37M Series A for Ingenious.Build (Nashville, TN), a project management software company for real estate development and construction. The round was led by Morpheus Ventures, Navitas Capital, and Koch Real Estate Investments, with participation from American Family Ventures, and JLL Spark Global Ventures.
Star Castle Ventures (Fort Worth, TX) led and Cubit Capital (Dallas, TX) participated in a $7.5M Seed Round for Wilder Systems (Austin, TX), a robotics company that builds and maintains military and commercial aircraft. The round also included AeroX Ventures, Cortado Ventures, Echo Global, Plains Venture Partners, and Square Deal Capital.
Energy Transfer (NYSE: ET) (Dallas, TX) completed its acquisition of Crestwood Equity Partners (NYSE: CEQP) (Dallas, TX).
FortyTwo VC (McKinney, TX) participated in $4M Seed round for Protecto (Cupertino, CA), a leading data privacy solution enabling safer AI. The round was led by Together Fund with participation from Better Capital, Arali Ventures and Speciale Invest.
NexPoint Capital (Dallas, TX) invested in $7.7M funding round for PlantSwitch (Sanford NC), a bioplastics manufacturing company.
NGP (Dallas, TX) participated in $185M Series E for Infinitum (Austin, TX), a provider of a sustainable air-core motor. The round was led by Just Climate with participation from Ajax Strategies, Alliance Resource Partners (NASDAQ: ARLP), Chevron Technology Ventures, Cottonwood Technology Fund, Galvanize Climate Solutions, Riverstone Holdings, and Rockwell Automation (NYSE: ROK).
NGP (Dallas, TX) participated in $32M Series A for PhysicsX (London, UK), a startup using AI to power engineering in advanced industries. The round was led by General Catalyst, with participation from Standard Investments, Radius Capital, and KKR co-founder and co-executive chairman, Henry Kravis.
Summit Peak Investments (Fort Worth, TX) co-led $30.2M Series B for Cyble (Atlanta, GA), a cybersecurity company, alongside King River Capital, with participation from Care Super, and BlackBird Ventures.
TPG (Fort Worth, TX) led and Avidity Partners (Dallas, TX) participated in $85M Series B for MBrace Therapeutics (San Diego, CA), a biopharmaceutical company. The round also included Cowen Healthcare Investments, Venrock and Alta Partners.
What If Ventures (Frisco, TX) participated in $5.3M funding round for Cromatic (Stanford, CA), a full-stack digital platform for outsourced life sciences research. The round was co-led by LifeX Ventures and AgFunder, with participation from Work Life Ventures, Not Boring Capital, FJ Labs, Lux Capital, and angel investors.
What if Ventures (Frisco, TX) participated in $45M Series C for Alto Neuroscience (Los Altos, CA), a mental health company. The round was led by InVivium Capital, with participation from Franklin Templeton, Point72, Eli Lilly and Company, Alexandria Venture Investments, Alpha Wave Ventures, Lightswitch Capital, Alkeon Capital, and Windham Venture Partners.