Two Chicago tech startups secured new capital last week that will help finance hiring and product development efforts. Keep reading to catch up on the latest Windy City tech news, which includes a C-suite hiring announcement and a new environmental initiative. This is the Built In Chicago Weekly Refresh.
Coro raised $75M. Coro is a cybersecurity company offering customers an AI-enabled platform capable of protecting email accounts, cloud apps and devices from threats like phishing and ransomware attacks. A recent funding round brought the company’s valuation to $575 million. The financing will be used to invest in R&D, hire new team members and initiate M&A talks with smaller startups. [TechCrunch]
Optimas Solutions named a new CFO. Optimas Solutions provides manufacturers with products and services to help them save money while improving quality and efficiency. The company named Phil Battaglia, a financial management and reporting veteran with more than two decades of experience, as its new chief financial officer. Battaglia most recently worked for construction equipment manufacturer Caterpillar, where he served as vice president of financial planning and analysis, CFO of the product support and logistics division and assistant corporate treasurer. [Newswire]
Chicago Tech Quote of the Week
“We developed Coinflow to bridge the gap between traditional finance and blockchain technology and make it easier for non-crypto native customers to engage across the Web3 ecosystem, including interacting with games, wallets and other Web3 consumer products. With the support of our investors and partners, we look forward to onboarding additional customers and building fintech 2.0, the next generation of financial blockchain technology.” — Daniel Lev, Coinflow Labs co-founder and CEO
Coinflow Labs got $1.45M. Founded in 2022, startup Coinflow Labs has established a library of payment processing solutions that let Web3 companies accept credit card payments from their customers. Coinflow raised $1.45 million in a pre-seed funding round co-led by Jump Crypto and Reciprocal Ventures. The company plans to use the financing to accelerate product development, reach new customers and bring on more employees. [Business Wire]
Allant Group partnered with Evertreen. Allant Group’s customer orchestration engine helps businesses access technology and solutions to enhance their customer journey. As part of the company’s social responsibility program, it’s partnering with Evertreen on an initiative that will fund the global planting of 1,000 trees this year. Through its corporate collaborations, Evertreen oversees tree planting by local farmers to help businesses reduce their carbon footprint and enables satellite monitoring that lets its partners keep track of project progress in real time. [PR Newswire]
