A BOLD NEW START: Jeff Leventhal, co-founder and former CEO of Huntington-based staffing juggernaut Work Market, is joining Boldstart Ventures as an investment partner and has chipped in some of his own money, WSJ reports. Boldstart has amassed $20M to invest in NY software startups, mostly in the B2B space.
8-18 AT 6: LaunchPad’s August pitch night will be held at the chain’s new digs at NYIT.
NEEDING A LIFT: One of the biggest losers in Uber’s disruption of the NYC taxi business could be Queens’ Melrose Credit Union, which has an interest in more than 3K medallions. Delinquencies on medallion loans are up 22% since the end of May; they were all current in January. Current exposure is $200M.
REALITY SETS IN: Gov. Cuomo’s proposed facelift of LaGuardia Airport, which was expected to cost $4B and take three years, will really cost $8B and require a decade of construction.
UNICORN DU JOUR: Stripe, the online payments startup, completed a funding round that included financial giant Visa. Stripe also has agreements with Amex and Alibaba’s Alipay and is a preferred partner for Apple Pay. The firm is now valued at $5B.
Also: Requests for funding by NY fintech companies more than doubled in the second quarter versus the same period last year.
LIKE THIS? Please pass along a good thing to a friend or colleague. Forward this newsletter and encourage your crowd to sign up here.
GOING FOR BROKERS: NYC-based Oliver has landed a $1M seed round to help cut the middleman out of apartment rentals by linking prospective tenants and landlords. Not clear how Oliver plans to monetize, but it does have that $1M.
Not especially related: Looie allows you to use clean NYC restrooms – scrubbed seven to 10 times daily – for $25 per month. Now in Tribeca, with 40 more facilities coming to the Financial District, SoHo and the West Village.
REDUX: Less than a week after winning FDA approval for a cholesterol-lowering drug, Terrytown-based Regeneron and French development partner Sanofiannounced a new deal to develop a cancer treatment. Sanofi agreed to pay at least $1.7B to fund research into antibodies that can be targeted at cancer cells.
Lyss Stern and the power of the word of mom
Envisagenics lands $100K in startup funding
Rochester beat out California and Florida for a $600M photonics center
VISIT US: Between newsletters, check out breaking news at InnovateLI.com. And don’t forget to like us on Facebook.
ABOUT OUR SPONSOR: Nixon Peabody – the largest full-service law firm on Long Island – works with clients who are building the technologies and industries of the future. We’ve got the expertise necessary to drive your business forward and help you negotiate risks and opportunities related to all areas of business and the law, including business formation, capital raising, IP, labor and immigration, and FDA.
IN THE EVENT YOU NEED ONE: We can work with you to increase registration and awareness for your events. Want to partner with us on an event? We do that, too. Email us:firstname.lastname@example.org
EGALET TAKES FLIGHT: Penn-based specialty pharmaceutical company Egalet Corp. has priced an IPO to raise $75M. The firm, which is focused on developing abuse-deterrent pain medications, is selling 6.7 million shares of common stock at $11.25 per share.
BOSTON WATCH: Flush with $300M in cash from a funding deal with Fox Sports, Boston-based online fantasy sports startup DraftKings is hiring up and planning an expansion into Europe and Asia. You know, where American sports are so popular.
SIGHT SITE: Chicago-based Opternative aims to be the first online eye tester that lets users obtain prescriptions for glasses and contacts from the comfort of the home or office. A clinical trial has proven its accuracy and the firm is rolling out the service in 25 states, with more to come. One drawback for Long Island: You have to be under 40 to use it. Or lie.
MONEY, IT’S A HIT: Jeff Price, founder of royalty-finding NYC startup Audiam, estimates that songwriters routinely miss out on 17 percent of what’s due them. He collects and takes a cut. Price sees plenty of growth thanks to streaming services, which routinely screw up royalties. Best example: Money due White Christmaswas being paid to Eric Clapton’s publisher for Cream’s 1968 hit White Room.
Don’t remember it? You probably qualify for the eye test.
MISSED A ROUNDUP? Most are archived here.
THEY OPENED WIDE: Stony Brook Dentistry has named a reception area after medical products giant Henry Schein, in recognition of the firm’s $2M of support over the years. (Wonder what a foyer costs.)
WE’RE NOT USING VIRGIN? NASA has completed the design review of its next-gen Space Launch System, which will one day power a manned mission to Mars. The design now faces outside scrutiny before final approval and production. The SLS is planned in three sizes, with the third standing 384 feet tall, or 50 feet more than the Saturn V rockets of the moon race, and with 20 percent more thrust.
GOOGLE+ WAS REALLY A MINUS: Turns out you’re not the only one who didn’t quite get what Google+ was all about. In a memo released yesterday, the firm said it would continue to delink its top services – Google Photos, YouTube, etc. – and turn Google+ into a sort of low-rent social media for people with “shared interests.” They didn’t use the term low rent, of course.
COOL ON WARMING: With the Republican presidential field almost fully assembled – former Virginia guv Jim Gilmore will announce in August, and who knows after that? – it’s time to check the GOP’s pulse on climate change. As in, who would most roll back President Obama’s environmental agenda? The winner: Ted Cruz, who maintains global warming is a hoax. Our own George Pataki fares best. You can probably guess where Trump is.
I’M AVAILABLE FOR CLINICAL TRIALS: Mankind has dreamed about an exercise pill for decades. It may be here. Scientists at the University of Southampton have developed a molecule that mimics the effects of exercise by influencing the metabolic process, giving it the potential to treat type 2 diabetes and obesity. Basically, the compound tricks cells into thinking they are running out of energy, which encourages an increase in glucose uptake and metabolism. Works in fat mice, anyway.
BLADE RUNNER: Rotor Air Cam is readying high-res 3D mapping and other services that founder David Sanders believes will send his drone startup sky-high.
HELP FOR THE POUR: Port Jefferson’s LI Pour House is the first local establishment to utilize innovative iPourIt self-serve technology that never lets you sample irresponsibly. World class ‘cue, too. You’ve maybe heard about the wings? EGC beverage meister Jimmy McCune walks us to the head of the line.
A REMINDER: There’s really no such thing as “free” news. Please support our sponsors.
Compiled by John Kominicki. Thanks for reading.