The first week of January is typically a slow time for business news as companies rebound from the holidays and chart a course for the new year. Several Bay Area tech companies did start the year off with a bang, though, by announcing new funding rounds and acquisitions. Catch up on the tech news you might have missed with the Built In SF Weekly Refresh.
Netskope raised $401M. The rise of remote work and cloud technology has created a need for security company Netskope’s secure access service edge technology. The company, which has more than 2,400 customers around the globe, announced last week that it raised $401 million in a funding round led by Morgan Stanley. The new capital will be used for product development and to expand its go-to-market efforts. [Built In SF]
Caban Systems landed $51M. Caban Systems uses lithium-ion energy storage technology and its intelligent remote monitoring software to provide renewable energy for infrastructure, starting with the telecommunications industry. This Series B round, led by investor BCP Ventures, will be used to scale its battery manufacturing technology, expand globally and reach other sectors of infrastructure. [PR Newswire]
SF Tech Quote of the Week
“We are pleased to have raised this capital and to have completed the acquisition of Knox Financial’s portfolio in Massachusetts. What we’ve seen in the last twelve months is increased demand for reliable investment income and hassle-free property management. We offer guaranteed payments and a hands-off experience for investors in a volatile real estate market.” — Ryan Waliany, Doorstead co-founder and CEO
Doorstead scored $21M. Doorstead is a tech-enabled property management company that provides landlords and homeowners with an upfront guarantee about the amount of rent they can expect to collect each month, even if Doorstead has not found a tenant to lease the property. This Series B funding, co-led by Avanta Ventures and MetaProp, brings the company’s total funding to $37 million. In addition to the funding round, Doorstead announced that it acquired Knox Financial, an investment property platform. The acquisition of the Boston-based company will expand Doorstead’s operations to the East Coast. [Email]
The 10 largest San Francisco funding rounds of 2022 totaled more than $7.8B. As we celebrate the start of the new year, Built In SF took a look back at the 10 largest funding rounds raised by Bay Area tech companies last year. These funding rounds generated more than $7.8 billion for companies across fintech, cryptocurrency and artificial intelligence. [Built In SF]
