The Windy City tech scene was busy last week, as companies raised funds, announced acquisitions and tested new technology. Catch up on the latest tech news with the Built In Chicago Weekly Refresh.
Puttshack raised $150M. Puttshack is a high-tech mini-golf startup where players’ scores are automatically tracked and saved for future visits. The company launched in 2018 and has one location in the Chicago area and another in Atlanta. With the new funding, Puttshack is looking to open more mini-golf venues across the country and already has some locations that will open this year. [Built In Chicago]
Chicago scientists talked about their plans for a quantum internet. Scientists with the University of Chicago and Argonne National Laboratory are testing a new technique to transfer data using a fiber-optic network and quantum particles. According to the researchers, this method is an extremely secure way to transmit data while still achieving lighting fast speeds. [Washington Post]
Chicago Tech Quote of the Week
Rheaply acquired a new materials marketplace. Rheaply, a company that helps large companies sell their unwanted furniture, acquired The United States Business Council for Sustainable Development’s Materials Marketplace (US BCSD). US BCSD is a marketplace that also helps refurbish furniture and other assets, however, it focuses mainly on small businesses and government agencies. The acquisition will help the Chicago-based startup repurpose more materials that would otherwise end up in landfills. [PR Newswire]
VC funding dropped in Chicago. A new report from PitchBook-NVCA Venture Monitor showed that funding for Chicago startups in Q3 was down by 20 percent than in the previous quarter. They have also raised 36 percent less money as compared to a year ago. The dip in funding for startups comes as inflation has hit historic highs and economic uncertainty looms. Despite the dip, several companies have still managed to raise large rounds. [Chicago Inno]
