A relatively quiet week on the Windy City tech front still yielded new moves from a handful of companies. From new partnerships to fresh funding, catch up on the Chicago tech scene’s latest developments. This is the Built In Chicago weekly refresh.
CareBand partners with Amazon Sidewalk. The company manufactures a wearable tracker for people with dementia. Amazon’s program uses frequencies to extend a device’s reach beyond someone’s home Wi-Fi network. The devices stay connected so long as they’re within reach of a Sidewalk Bridge, so this partnership provides CareBand users with more freedom while maintaining their personal safety. [Built In Chicago]
Reverb saw huge Q1 growth. For the online musical instrument marketplace, the first quarter this year marked its most successful period to date. Reverb recorded a 50 percent year-over-year increase in sales. It also launched its Advertising Dashboard feature for sellers on its site. As it anticipates the next stage of growth, the company is currently hiring for roles across product, engineering and marketing. [Reverb]
Chicago Tech Quote of the Week
Kin Insurance raised $63.9M. With plans to expand its platform and hire 100 people across its data science, engineering and marketing teams, this home insurance startup pulled in a Series C round led by Senator Investment Group. Kin uses data and technology to inform home insurance coverage, especially in high-risk areas for natural disasters and the like. To date, the company has raised $116 million in funding. [Built In Chicago]
Kenna Security to be acquired by Cisco. The company’s cybersecurity platform employs machine learning to pinpoint potential cyber risks and highlight the biggest threats among them. San Francisco-based security giant Cisco is acquiring the company with plans to integrate its tech into its own offering, SecureX. The deal is set to close in Q4 this year. [Built In Chicago]
