Highlights from the Florida venture capital and entrepreneurship community: News highlights last week included (please visit our website for even more news):

Congratulations to:

• FloSpine, a Boca Raton medtech startup developing a spinal medical device that provides support and alleviates pain caused by spinal stenosis, on raising a $1.7M seed round from an unnamed Silicon Valley firm and a group of high-net worth individuals.
• SKROL, a Miami fintech startup building a platform to source, acquire, and improve small and medium sized businesses, on closing a $1.2M pre-seed round led by Magnetic Capital.
• Hextronics, a Miami drone station startup offering autonomous drone battery-swapping technology, on closing a $2M seed round from Founders Fund.

Making news:

• Q2 2024 Pitchbook-NVCA Venture Monitor report: The market has bottomed out and valuations are rebounding—but those up rounds are concentrated within a small cohort of high-growth startups, while middle-of-the-road startups are struggling.  Concentration in funding has shifted back to the four top VC hubs: SF, NYC, LA, and Boston - seems to be a result of the AI boom, in which the entrepreneurial ecosystems are more concentrated than in general tech or biotech. FL$761.7M across 140 deals (down 16% from a revised $908.6M across 159 deals in Q1 24 and down slightly from $778.2M in Q2 23). Miami-Fort Lauderdale $361M across 71 deals (down 42% from $623.2M across 106 deals in Q1 24 and about the same as $377.7M in Q2 23).  Orlando $147.9M across 18 deals (up 500% from $24.7M across 11 deals in Q1 24 and up 63% from $90.6M in Q2 23) Tampa Bay $62.5M across 13 deals (up 127% from $24.4M across 16 deals in Q1 24 and down 35% from $95.9M in Q2 23). (Data source Nancy Dahlberg, Refresh Miami)
• Miami smart eyewear manufacturer Lucyd partners with Eddie Bauer and introduces audio eyewear powered with ChatGPT.
• The Florida Board of Governors designates FIU as a Preeminent State Research University - FIU’s rise to preeminence includes a 22% increase in four-year graduation rates in the last five years and an increase in research expenditures of $91M - joins UF, FSU, and USF – receives $25M in preeminent funding for investment in excellence, including the recruitment and retention of top faculty and students.
• David Goldberg, a founder-turned-investor and general partner at Alpaca VC, on Miami’s rise as a tech hub since moving there 4 years ago: “I started tracking partner-level folks in South Florida and the number has grown from about 25 to 125. Miami has become a part of the rotation for fundraising, similar to New York and San Francisco. This growth in the ecosystem is what excites me the most.”
• Miami cybersecurity firm Appgate completes recapitalization and is now debt-free after filing for Chapter 11 bankruptcy earlier this year - equity financing secured for an unspecified amount from Magnetar, an investment firm with almost $14B in assets under management.
• USF St. Petersburg first academic institution in the continental US to house a remotely operated vehicle (ROV) capable of deep-sea exploration - can reach depths of 2.5 miles and transmit high-definition, live-streamed video to researchers at the Florida Institute of Oceanography (FIO) and its host, the USF College of Marine Science (CMS).
• Tampa managed cybersecurity platform provider Deepwatch names new CEO, John DiLullo - founding CEO Charlie Thomas to serve as chairman.

Upcoming technology entrepreneurship events on our calendar:

• Venture Atlanta, October 8 - 9, The Woodruff Arts Center and Atlanta Symphony Hall, Atlanta. One of the largest and most reputable venture conferences in the country with over 1,500 annual attendees, 450 funds, and previous presenting startups achieving $17B in successful exits.  Pitch application deadline August 2.
• BioFlorida Annual Conference, November 18 - 20, all-day, Walt Disney World Swan, Orlando. This conference brings together the life sciences community in the state and showcase current scientific advancements, business achievements, and public policy affecting the industry.
• I/ITSEC (Interservice/Industry Training, Simulation and Education Conference) 2024, December 2 - 6, Orange County Convention Center, Orlando. The world's largest modeling, simulation and training event showcasing MS&T technology for the exchange of information among industry, the military, and the educational communities.
• TECHpalooza 2024, December 11, all-day, Broward County Convention Center.  Celebrating the South Florida tech community with opportunities to learn about ground breakthrough technologies and network with global innovators.  Produced by Tech Hub South Florida, TECHpalooza is the only tech conference that showcases the entire Florida tech landscape at one event.
• eMerge Americas Conference + Expo 2025, March 27 - 28, 2025, Miami Beach Convention Center, Miami Beach. With over 20,000 attendees from 50+ countries, 200+ speakers, and 250+ sponsors/exhibitors, the eMerge Americas Conference + Expo brings a global tech community together at the largest tech conference in the Southeastern U.S.