South Florida Tech HubSouth Florida Tech Hub
19
Jan, 2024

By Nikki Cabus

Boca Raton-based New World Angels invests $700k in Miami’s Fuego dance shoes

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New World Angels (NWA), Florida’s premier structured angel investment group, announced that it completed an approximately $700,000 investment into Fuego, Inc., as part of a $2.5 million capital raise. The additional funding provides capital for Fuego to continue its successful new product development efforts and global expansion.

New World Angels (NWA) is a group of 100+ accredited, private investors, operators and entrepreneurs dedicated to providing equity capital and guidance to early-stage entrepreneurial companies, especially those with a strong presence in Florida. Members of NWA have extensive experience in founding, building, and managing companies in a wide variety of industries. NWA members are involved in the entrepreneurial communities from Miami to Melbourne on Florida’s east coast and from Naples to Orlando on Florida’s west coast. NWA has invested over $30 million in innovative start-ups. In addition to providing funding, NWA members make their expertise and resource networks available to portfolio companies to facilitate a company’s growth.

Fuego is a global, tech-enabled dance-inspired athleisure and lifestyle brand providing patented sneakers worn by dancers in 120 countries around the world. Its sole technology is engineered for dancing and spinning on any surface as well. It serves a large and growing market of people of all ages enjoying dancing across all formats, including Hip-Hop, Ballroom, Salsa, Dance fitness, Swing, Ballet, Jazz, and more.

Designed in collaboration with Jade Chynoweth, world-renowned dancer, actress and social media sensation, the Jade X Fuego show is eco-friendly sneaker features a raw Jade stone and a knit fabric texture made from recycled plastic water bottles. It’s the shoe that went viral and really put Fuego on the map.

The investment reflects NWA’s interest in supporting new business opportunities for exciting new consumer products, a driving force in economies throughout the world. Ken Wilkes, lead of the Consumer Products team at NWA, commented that “The investment in Fuego is a great example of our investment thesis. We focus on consumer product start-ups in-revenue experiencing strong growth and high customer satisfaction, with a focus on wellness, sports, and leisure.

He continued “Consumer products and services are quickly evolving with changes in tastes and preferences, providing abundant opportunities for new products and businesses. Speed to market is accelerating, adoption of new technologies is disrupting established Go-To-Market approaches and providing great efficiencies, and innovation is rampant. Focused product offerings and identifiable customer segments are good, getting personal is important, and providing for interconnectivity is value-added. Fuego is a great example.”

Ron Tarro, President of NWA, commented “We are excited to add Fuego to our portfolio, especially as it marks another NWA investment in this area of focus for our organization. We will continue to look for investment opportunities that allow NWA to leverage its deep well of member experience and talent to assess investments and guide our portfolio founders toward growth.”

Fuego CEO Kevin Weschler noted, “It was a pleasure to work with the NWA team, especially as they brought an understanding of our business and insights on meeting the challenges and opportunities of growth, including global expansion. We are delighted that Ken Wilkes will join our board as an observer and share his experience as we continue to grow our company domestically and abroad for the benefit of all of our stakeholders.”

Click here to learn more about Fuego.

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01
Jan, 2024

By Nikki Cabus

ADT Officially Exits Residential Solar Business

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Boca Raton-based ADT Inc. (NYSE: ADT) announced it will be exiting its residential solar business.

The Company will remain focused on cash flow generation and capital-efficient growth within its core security and smart home business. As part of this continued focus, ADT is also advancing its capital allocation strategy, including a cash dividend increase and authorization of a new share repurchase program.

ADT is the most trusted brand in smart home and small business security providing safe, smart and sustainable solutions for people, homes and small businesses. Through innovative offerings, unrivaled safety and a premium customer experience, all delivered by the largest network of smart home security professionals in the U.S., the company empowers people to protect and connect to what matters most. For more information, visit www.adt.com.

“The decision to exit solar operations was made after careful deliberation, and we expect this strategic action to drive substantial operational and financial benefits to ADT,” said ADT Chairman, President and CEO, Jim DeVries. “We want to acknowledge and thank our employees, partners, and customers as we work through this transition.”

Solar Business Update

Over the first nine months of 2023, ADT’s core business exhibited strong performance, while the solar business faced challenges, including operational difficulties and macroeconomic headwinds causing deterioration of conditions industrywide. As a result of these challenges, the Solar segment generated an Adjusted EBITDA loss of $89 million during this period. Following the previously announced restructuring of its solar footprint and a detailed strategic review, ADT’s Board of Directors has approved the exit of this segment, which may include the transfer of components of the business to other parties.

The Company expects to incur certain one-time exit charges and cash expenditures with potential offsets from asset sales or reduced tax expenses. As previously disclosed, as of September 30, 2023, the goodwill balance for the Solar reporting unit was zero. At this time, the Company is still analyzing the estimated net amount or range of amounts expected to be incurred in connection with this plan.

Strong Cash Flowing Core Business Propelling Capital Allocation Update

Supported by ADT’s confidence in the strong cash flow generation of its core business, today the Company is also announcing the following:

  • Dividend Increase – The Company’s Board of Directors has declared a quarterly cash dividend of $0.055 per share, payable on April 4, 2024, to shareholders of record at the close of business on March 14, 2024. The quarterly dividend represents a 57% increase over the previous quarterly dividend.
  • Share Repurchase Authorization – The Company’s Board of Directors has authorized a $350 million share repurchase program. As the Company executes share repurchases, the Board will periodically review the remaining authorization as part of its capital allocation strategy.
  • Balance Sheet Fortification – Consistent with the plan from its third quarter earnings announcement, on December 29, 2023, the Company repaid $500 million of First Lien Senior Secured Notes due 2024, completing an overall 2023 reduction of ADT’s total debt by approximately $2 billion. Further, following two corporate rating upgrades in 2023, the Company improved borrowing costs and extended debt maturities and in 2024, will have only $150 million of maturities and amortization payments. The Company remains focused on achieving its targeted net leverage ratio of less than 3.0x.
  • Core Investment – On December 20, 2023, the Company closed on a strategic bulk purchase of approximately 57,000 customer accounts for $89 million cash with attractive returns. This portfolio of customers is concentrated in a few key geographies, all of which align with existing platforms, enabling strong economies of scale upon integration. This transaction was not included in prior cash flow guidance.

Fourth Quarter and Full Year 2023 Earnings Conference Call

More details and an update on the business will be provided when the Company releases its fourth quarter and full year 2023 results on February 28, 2024. Following the release, management will host a conference call at 10 a.m. ET to discuss the financial results and lead a question-and-answer session.

Participants may listen to a live webcast through the investor relations website at investor.adt.com. A replay of the webcast will be available on the website within 24 hours of the live event. Alternatively, participants may listen to the live call by dialing 1-404-975-4839 (domestic) or 1-833-470-1428 (international) and providing the access code 533961. An audio replay will be available for two weeks following the call and can be accessed by dialing 1-866-813-9403 (domestic) or 1-929-458-6194 (international) and providing the access code 375946.

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19
Nov, 2023

By Nikki Cabus

Boca-based startup Guiltless to Go awarded funding on Entrepreneur Media Elevator Pitch reality show

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South Florida startup, Guiltess To Go, pitched their startup on the reality show Elevator Pitch and received funding from one of the prestigious investors. 

In each episode of the show, entrepreneurs are challenged to pitch their business to a panel of investors. If the team of investors like what they hear, the business owner is invited into the board room to see if they can strike a deal. The entrepreneurs can’t see the investors or their reactions as they pitch.

After each pitch, the investors each vote whether they want to hear more from that entrepreneur or not. If the investors likes what they hear, the elevator doors open to reveal the boardroom, and the business owner/executive is invited into the board room to discuss further and negotiate. Contestants have the chance to walk away with life-changing funding, mentorship from the smartest minds in business and a personal and brand-defining moment.

Founder, Lucie Allaire, made her 60 second pitch in an elevator to the prestigious panel of investors which included Kim Perell, Serial Entrepreneur and CEO of 100.co, Marc Randolph, Co-founder and first CEO of Netflix, and Logan Stout, Keynote Speaker and Best-Selling Author of Grit Factor. The board room of judges wanted to hear more.

Guiltless To Go is a technology company that has developed an ordering platform and app that makes healthy on-demand ordering easy. The app allows users to filter, search, and order from nearby grocery retailers and restaurants by diet types, ingredients, allergies, calories, and price for either pick up or delivery so users can “order smarter, eat healthier, and guilt-less”.

Powered by AI technology, Guiltless To Go curates its own set of menus from nearby restaurants, applying specifications and modifications to menu items to create a wider variety of less guilty, diet-friendly options. This way, users can stick to their dietary restrictions or lifestyles with less thinking, more time, and fewer distractions.

After her pitch and a round of intense questioning, Lucie thought she had missed the opportunity when all investors decided to pass for one reason or another with the common feedback being that the startup was still a little too early. Lucie had requested $500k for 7% of the company.

As she began to walk back to the elevator empty-handed, Lucie was called back into the board room by Netflix Co-founder March Randolph.

Marc told Lucie, “For a $500k investment for 7% of the company, you are just too early, but I think you’re close to being able to prove the premise so I’d be happy to write a check for $25k at the existing valuation.” To which Lucie responded, “Absolutely! Let’s do it.”

“As Marc pulled me back into the room my heart jumped with hope and anticipation of what he would say next…then as he proceeded to offer me a smaller check, I was elated to be getting any offer at all considering a minute earlier I thought I was leaving without a deal,” said Lucie.

And just like that, a deal was made. Congratulations, Guiltless To Go and South Florida Founder, Lucie Allaire.

To watch the Guiltless To Go pitch and learn more about how Lucie scored an investment, read her interview with Entrepreneur staff writer here. 

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08
Nov, 2023

By Nikki Cabus

Climate Tech startup Blue Frontier hosts official ribbon cutting in new Boca Raton headquarters

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On October 26th, Blue Frontier held their official Open House and Ribbon Cutting in their new Boca Raton headquarters.

Blue Frontier is revolutionizing air conditioning for commercial buildings. The company is the developer of patented solutions for hyper-efficient comfort space conditioning, low-cost energy storage, and smart IoT controls to aggregate its air conditioners as distributed energy resources for use as a Utility-Managed Virtual Power Plant.  Blue Frontier’s first product addresses the 5 through 10-ton commercial packaged rooftop air conditioner market with a drop-in replacement offered under an HVAC-as-a-Service subscription-based business model.

Through exclusive invites, guests in attendance included City of Boca officials, members of the Economic Development department, and other important members of the Clean Tech industry and local technology and innovation leaders. The event featured a ribbon-cutting ceremony, speeches from Blue Frontier CEO, Dr. Daniel Betts, and from Andrew Duffell, MBA, President of Research Park at FAU, a tour of our facility as well as drinks and hors d’oeuvres for all.

“When we were looking for a headquarter, Boca Raton was top in our list. Boca Raton is a beautiful and diverse city, which gives us access to an extraordinary, skilled, and highly educated labor pool. Also, Boca Raton is green and celebrates its natural environment. The beaches, trees, parks, and pathways keep us always in contact with our company’s most important stakeholder: our planet. We are lucky to be here,” stated Dr. Daniel Betts, CEO of Blue Frontier.

“We have been showcased in the Wall Street Journal, Fast Company, MIT Magazine, and Scientific American, amongst other national and international media outlets. Our unique, ultra-efficient, energy-saving technology has won several prestigious awards, and this is just the beginning of our commitment to “Make Heat Waves Go Away.”

Blue Frontier’s systems address every major issue associated with present-day air conditioning with a ground-breaking replacement for Packaged Rooftop Units that dominate the commercial buildings air conditioning market:  

  • Eliminates high Global Warming Potential (“GWP”) refrigerant with breakthrough liquid desiccant technology
  • Dramatically reduces AC electrical consumption by 50-90% depending on weather and usage
  • Eliminates peak electrical demand by integrating energy storage with a proprietary saltwater solution, which allows AC to intelligently store and use excess renewable energy
  • Enables early replacement of traditional ACs with HVAC-as-a-Service, a business model designed to speed market adoption by removing capital investment requirements

In August of 2022, Blue Frontier announced that it has raised a $20M Series A equity investment led by Bill Gates-founded Breakthrough Energy Ventures, or “BEV,”  2150 Urban Tech Sustainability Fund and VoLo Earth Ventures. Blue Frontier’s commercialization partner, Modern Niagara, also participated in the funding round. The Series A financing has accelerated Blue Frontier’s plans to bring its product to market, thereby helping to propel the company towards its goal of creating gigaton reductions in greenhouse gas emissions by decarbonizing building cooling.

Founded by Bill Gates and backed by many of the world’s top business leaders, BEV has raised more than $2 billion in committed capital to support cutting-edge companies that are leading the world to net-zero emissions. BEV is a purpose-built investment firm that is seeking to invest, launch and scale global companies that will eliminate GHG emissions throughout the economy as soon as possible. BEV seeks true breakthroughs and is committed to supporting these entrepreneurs and companies by bringing to bear a unique combination of technical, operational, market and policy expertise. BEV is a part of Breakthrough Energy, a network of investment vehicles, philanthropic programs, policy advocacy and other activities committed to scaling the technologies we need to reach net-zero emissions by 2050.

VoLo Earth Ventures seeks to accelerate the new energy economy by addressing the planet’s climate crisis at its roots and providing first-in funding and hands-on leadership to early-stage climate tech companies. VoLo Earth strives to grow, propagate, and capitalize on climate solutions with an intent to deliver superior investment returns and quantifiable carbon benefit.

Dr. Daniel Betts had commented, “We are delighted to receive the support of some of the highest-profile cleantech funds who share our vision of driving decarbonization both in the power grid and beyond – into the buildings where we live and work. Our partnership with these sustainable investors enables the immense global environmental impact of our technology – to bring affordable, efficient, sustainable air conditioning with low-cost energy storage to buildings around the world – and to reduce the cost to utilities of supplying carbon-free electricity for cooling.”

Jessica Del Vecchio, Economic Development Manager for the City of Boca Raton, stated, “We are so pleased to officially welcomed Blue Frontier, Inc. to their new HQ in the Park at Broken Sound in the beautiful city of Boca Raton. With their recent raise of $20MM from Breakthrough Energy Ventures (Bill Gates’ VC fund) this company’s technology is disrupting and revolutionizing the air conditioning industry. We’re lucky to have this clean tech company based in Boca Raton and congratulate them on their beautiful new space.”

To learn more about Blue Frontier, visit https://bluefrontierac.com/

 

 

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07
Nov, 2023

By Nikki Cabus

Bluegreen Vacations to be Acquired by Hilton Grand Vacations

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Bluegreen Vacations Holding Corporation (NYSE: BVH) (OTCQX: BVHBB) or “Bluegreen Vacations” announced November 6th, 2023 that it has entered into a definitive agreement to be acquired by Hilton Grand Vacations Inc. (NYSE: HGV) (“HGV”) for a total enterprise value of approximately $1.5 billion.

Under the terms of the merger agreement, Bluegreen Vacation’s stockholders will receive $75.00 in cash for each share of the Company’s Class A Common Stock and Class B Common Stock that they hold at the time of closing of the merger. The all cash transaction is inclusive of net debt.

In the 1970’s, Alan B. Levan founded the predecessor to Bluegreen Vacations Holding Corporation, and it has been a diversified holding company for over 50 years. During that time, it previously held controlling interests in IRE Financial Corporation (former NYSE) (real estate funds), Bank Atlantic (former NYSE) (100-branch bank), Levitt Corporation (former NYSE) (America’s oldest homebuilder), BBX Capital Corporation (Real Estate: multi-family housing, industrial, affordable housing; chocolate/confections; manufacturing) and more recently, became the holding company for Bluegreen Vacations in 2020. BBX Capital was spun out into a separate public company in 2020.

With headquarters in Boca Raton, Florida located at the Boca Raton Innovation Campus, or “BRIC,” Bluegreen Vacations has become a well recognized leading vacation ownership company with 49 Club Resorts and 24 Associate Resorts. It proudly develops, markets, and operates a system of high-quality vacation ownership resorts in selected vacation destinations such as Orlando, Panama City Beach, Las Vegas, the Smoky Mountains, Myrtle Beach, Charleston, the Branson, Missouri area, Nashville and New Orleans, among others.

Alan Levan, the Company’s Chairman and Chief Executive Officer, said, “Today’s announcement represents another exciting chapter for Bluegreen Vacations. Combining with HGV will create an even more compelling vacation ownership offering, continuing to provide our owners and guests with enjoyable and unique experiences across a broader range of world-class destinations. I am extremely proud of the entire Bluegreen team for helping build Bluegreen into a leading vacation ownership company.”

“I’m excited to enhance the breadth and quality of our already best-in-class vacation ownership and experiences offering with the announcement of our agreement to acquire Bluegreen Vacations,” said Mark Wang, president and CEO of Hilton Grand Vacations.

“Bluegreen Vacations has a strong track record of demonstrated organic growth, a dedicated customer base of more than 200,000 members, and boasts key lead-generating strategic partnerships that will broaden our reach and diversify our tour flow. Along with our long-standing relationship with Hilton, this highly complementary combination will also unlock additional upside by leveraging the infrastructure we have built over the past few years with the launch of the Hilton Vacation Club brand, our HGV Max membership offering, the HGV Ultimate Access experiential platform. I’m particularly excited about the opportunity to enter into a new relationship with Bass Pro Shops and its actively engaged, loyal community of outdoor enthusiasts. We’re confident that our members and guests will all significantly benefit from the combination of these exceptional organizations.”

Closing of the transaction is subject to the approval of the Company’s stockholders and other customary closing conditions, including regulatory approvals. Subject to the satisfaction of the closing conditions, the transaction is expected to close during the first half of 2024.

It is expected that HGV’s management team, including President and CEO Mark Wang, chief financial officer Dan Mathewes, and chief operating officer Gordon Gurnik, will continue to serve in their current roles in the combined company upon closing the transaction. The transaction is expected to increase HGV’s membership base from 525,000 to more than 740,000 owners and its resort portfolio from 150 to nearly 200 properties.

Credit Suisse Securities and Wells Fargo are acting as exclusive financial advisors to the Company, and Stearns, Weaver, Miller is acting as legal counsel. BofA Securities is acting as the exclusive financial advisor for HGV, and Alston & Bird LLP, Simpson Thacher & Bartlett LLP and Foley & Lardner LLP, are acting as legal counsel.

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25
Oct, 2023

By Nikki Cabus

FAU’s Research Park celebrates recipients of the Annual Awards & Celebration of Entrepreneurship

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On October 18th at the Boca West Country Club, the Research Park at Florida Atlantic University® celebrated the recipients of its Annual Awards & Celebration of Entrepreneurship.

Since its thirtieth anniversary in 2015, the Research Park at FAU has been celebrating distinguished contributors to its mission of promoting scientific research and development in affiliation with Florida Atlantic University and fostering economic development in Palm Beach and Broward counties. Each year, impactful contributions and greater potential for the future can be seen: South Florida has a vibrant, diverse economy ahead, driven by the work of all these distinguished recipients, partner organizations in the Research Park, and others.

The Research Park at Florida Atlantic University® is home to technology companies and research-based organizations working to support the research and development activities of Florida Atlantic University and to foster economic development and broaden the economic base of Broward and Palm Beach counties. The Research Park at FAU hosts Global Ventures, an international soft-landing center for second-stage technology companies and FAU Tech Runway, a South Florida public-private partnership that serves as a hub to accelerate technology development and incubate startup companies.

The Research Park at FAU is a 70-acre destination for R&D companies to thrive, established in 1985, it is widely regarded as South Florida’s laboratory for new entrepreneurial ideas and technologies. The Research Park at FAU is governed by the Florida Atlantic Research and Development Authority, an independent special district created by Palm Beach and Broward counties in partnership with Florida Atlantic University.

This year’s awards are made as the South Florida region experiences record-setting growth, facing new challenges, and benefiting from stronger regional institutions. Florida Atlantic University has emerged as a regional healthcare leader, addressing the need for better, more accessible healthcare. Technologies developed at the Research Park at FAU help provide more predictable, positive outcomes and they are made as more people recognize the virtue and strength of diversity in our society and economy.

Each year, friends and stakeholders – business, government and academic leaders – of the Research Park at FAU gather to celebrate the achievements of the entrepreneurs and innovators who make the Park community stronger. Approximately 200 leaders from the business, academic and governmental fields strengthen relationships and share ideas for the future.

This year’s honorees are:

Bob Swindell | Chair’s Distinguished Service Award

Mr. Swindell was appointed to the Florida Atlantic Research and Development Authority, which governs the Research Park at FAU, in 2005 by the Broward County Commission; he went on to serve with distinction for eighteen years, including twice as chairman. Swindell was appointed president & CEO of the Greater Fort Lauderdale Alliance in 2009 where he has led the strengthening of Broward County’s economy and become a universally respected servant leader and authority across industries and sectors.

A lifelong Broward resident, Swindell has served in several business and community leadership roles, including leading the American Red Cross during and after Hurricane Andrew in 1992. Since that time, he has been appointed to statewide roles by governors Martinez, Chiles, Bush and Scott. Bob’s knowledge and guidance have been indispensable to the development of the Research Park at FAU.

 

Michael Allison | Distinguished Leader

Mr. Allison distinguished himself as a leader in every role he took on. From leading student government at Ohio State University where he earned his law degree, to coaching young football and baseball players, to leading at both Office Depot as Executive Vice President of Human Resources, and at Burlington as Executive Vice President & Chief Administrative Officer, to leading the Florida Atlantic Research and Development Authority. Allison’s leadership style was to empower those around him to achieve their full potential, having done so with his own life.

Allison joined the Authority in retirement, as a commitment to his community. Later, when he came out of retirement and consulting at Allison Consulting, which he created in 2018, to join Burlington, he maintained his commitment and he led the development of the Research Park at FAU’s current strategic plan through extensive collaboration during his unprecedented three years as chairman of the Authority. He helped so many see, pursue, and achieve their own potential, including himself. Sadly, Michael untimely passed away on August 11, 2023, and this award is made in memoriam.

 

Robert Colton, M.D. | Distinguished Entrepreneur 

Dr. Colton is the co-founder and Chairman of Thema Brain Health (Thema), a Research Park at FAU-based company. Thema is revolutionizing how the world approaches cognitive brain health. Over the last five decades, tremendous progress has been made in the prevention and treatment of all major diseases of aging except for Alzheimer’s Disease. While aging is inevitable, Thema Brain Health is on a mission to ensure that cognitive decline is not.

Before founding Thema, Colton was the co-founder and chairman of ClearlyDerm, a multi-location easy access dermatology company. ClearlyDerm currently has five locations in South Florida with twelve dermatologists, nine nurse practitioners and physician assistants and 100 employees. Prior to founding ClearlyDerm, Colton conceptualized and co-founded MDVIP, the largest concierge medicine company in the United States; he sold MDVIP to Procter and Gamble in 2009. Today MDVIP’s more than 1,100 affiliated physicians serve more than 385,000 patients nationwide. Colton’s contribution to South Florida’s innovation and knowledge economy has already been distinguised, and his entrepreneurial energies continue with Thema.

 

Siri Terjesen, M.D. | Distinguished Researcher

Dr. Terjesen is Associate Dean, Research & External Relations, founding Executive Director of the Madden Center for Value Creation, and Phil Smith Professor of Entrepreneurship at Florida Atlantic’s College of Business. She is a nationally recognized expert in higher education, strategic management, entrepreneurship, and philanthropy. She was nominated by the president of the United States to serve as one of 15 voting directors to the National Board for Education Sciences (NBES) which advises the U.S. Department of Education’s Institute for Education Sciences. Terjesen serves as a reviewer for the European Commission’s Horizon 2020 project and the Swedish and Norwegian governments’ higher education agencies, and as advisor to the World Bank, Kauffman Foundation, and a variety of think tanks.

Terjesen’s research on entrepreneurship, corporate governance, and strategy includes over 80 articles, 2 books, many white papers, and manuscripts (Kauffman Foundation, World Bank, and U.S. Small Business Administration, for example). She is amongst the world’s top 2% most cited scholars (Clarviate) and has over 13,000 citations in Google Scholar. Terjesen’s distinguished work has inspired several Research Park and Global Ventures companies to get further involved with Florida Atlantic’s work and her research has helped innovate companies’ strategies.

Read more about Dr. Terjesen here.

 

Canada-Florida Chamber of Commerce | Distinguished Organization 

The Canada-Florida Chamber has partnered with the Research Park at FAU since before the creation of Global Ventures, the second-stage entrepreneur support initiative to attract and grow innovative technologies in South Florida. Through its innovative programming, relationships, engaged membership and trade missions, the Canada-Florida Chamber has contributed to the growth and success of Global Ventures. Several entrepreneurs have learned about Global Ventures through the chamber’s events and programming, resulting in two Canadian companies expanding their offerings with Global Ventures, and a robust pipeline of prospects.

 

The Awards & Celebration of Entrepreneurship is made possible by the investments of Palm Beach County and the City of Boca Raton in the Research Park at FAU’s programs and by the support of Gold Partner Florida Power & Light and 35 Mules and Silver Partner Kaufman Rossin. Innovation Partners include: 2TON, Baptist Health, Banyan Development, Boca Raton Airport, CBIZ, CohnResznick, Comcast, FAU College of Engineering & Computer Science, FAU Executive Education, HGreg, Invest: Palm Beach, Lorium Law, PEBB Enterprises, People’s Trust Insurance Company, Neptunya Ocean Power, Seascoast Bank and the BV Group at UBS.

To learn more about the FAU Research Park, visit http://www.research-park.org/

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10
Oct, 2023

By Nikki Cabus

ADT completes sale of commercial business for $1.6 billion

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On October 2nd, ADT announced the completion of the divestiture of its commercial security, fire and life safety business unit to GTCR.

GTCR LLC is a leading private equity firm, based in Chicago, with over 40 years of deep sector expertise. They purchase the ADT commercial business for $1.6 billion.

The net proceeds of approximately $1.5 billion significantly reduced the company’s net debt and leverage upon the closing. All net proceeds will be used for debt redemptions and repayments, expected to occur during the current quarter. As previously announced, the commercial business unit will be reported as discontinued operations beginning in the third quarter of 2023 for current and historical periods. ADT will provide further information as part of its upcoming third quarter 2023 earnings conference call.

Strategic Rationale:

  • The transaction supports ADT’s journey to be the premier provider of smart home and residential solar solutions by leveraging our strategic differentiators: innovative offerings, unrivaled safety and premium customer experiences.
  • With a stronger financial profile, ADT will be better positioned to prioritize investments that we believe will drive profitable, capital-efficient revenue growth for the long term.
  • At the close of the transaction, ADT plans to use the net proceeds from the transaction for debt reduction, resulting in a meaningfully lower leverage profile, improved margins and strong free cash flow generation.

Financial Impacts:

  • Represents an attractive EV/Commercial Adjusted EBITDA multiple of approximately 11.2X1 including the estimated allocation of corporate costs.
  • Estimated cash interest savings from debt paydown approximately offsets the impact of divesting the commercial business.
  • Upon completion of the sale, ADT plans to use the net after-tax cash proceeds of approximately $1.5 billion for significant debt reduction, accelerating long-term leverage goals and improving our leverage ratio from the current level of 3.7 down to 3.3.
  • ADT’s capital allocation priorities remain unchanged; the company does not plan to change its quarterly dividend.

Jim DeVries, ADT President and CEO, said, “The decision to divest ADT’s commercial business is a value-enhancing transaction that focuses our portfolio on growth opportunities in our consumer markets. The sale enables ADT to monetize the commercial business at an attractive valuation and accelerate our debt reduction goals. With greater financial flexibility, we will be better positioned to grow through our strategic differentiators and innovative offerings, including our partnerships with Google and State Farm. We will continue our journey to be the premier provider of safe, smart and sustainable solutions that meet the evolved definition of what safety means to consumers today.”

DeVries continued, “This transaction is mutually beneficial for ADT and ADT Commercial, which will benefit from GTCR’s support and expertise, positioning the business to continue providing best-in-class solutions and services to its customers. We thank the entire ADT Commercial team for their hard work and look forward to seeing them grow.”

“ADT Commercial has established itself as an innovative leader in providing the critical safety services that businesses need to protect their day-to-day functionality,” said David Donnini, Managing Director and Head of Business & Consumer Services at GTCR. “We are very proud to once again partner with the leadership team of ADT Commercial to continue to invest in the platform and deliver the solutions its customers have come to expect. ADT has done a tremendous job in further developing this segment in recent years and we are excited to help drive the business forward in its next chapter of growth.”

ADT provides safe, smart and sustainable solutions for people, homes and small businesses. Through innovative offerings, unrivaled safety and a premium customer experience, all delivered by the largest network of smart home security and rooftop solar professionals in the U.S., we empower people to protect and connect to what matters most. For more information, visit adt.com.

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10
Oct, 2023

By Nikki Cabus

FIU & FAU student duo wins $10K to develop wearable tech

Read Time 4 Minutes

South Florida students Laura Garcia (FIU) and friend Juan Fortich (FAU) win $10k to develop their wearable technology. 

The new company using sensor technology to help athletes perform better won the first prize in the 15th annual FAU Business Pitch Competition. The company develops small wearable pods that allow athletes to be healthier and maximize performance by improving their form in real time.

Laura is a health and fitness buff and was left frustrated as she trained for her first half-marathon in Yosemite.

“On top of spending months working on my physical endurance, I had to ensure my form was correct and my technique was on point to avoid any injuries,” says the computer engineering student, who is also a member of the FIU Honors College and Startup FIU. “It was during this grueling experience that I realized there had to be a better and more effective way to train,” Laura continued.

It is often said that necessity is the mother of invention, and Garcia’s months of physical training gave birth to the idea for DashOne.

Wanting to translate the challenges she faced during her marathon training into a creative solution, Garcia and Fortich doubled-down on their idea for wearable tech and began conducting market research to learn more about her target audience’s needs.

Garcia credits her time spent at StartUP FIU, the university’s dedicated innovation hub, with instilling a foundational knowledge of what entrepreneurship is all about. That consequently inspired her as she mulled her senior class project, a requirement for all College of Engineering seniors.

Garcia is quoted on the Startup FIU site stating, “What I like best about StartUP FIU is that it allows me to be surrounded by an amazing community of ambitious, talented and brilliant people that are passionate about being changemakers in the world regardless of industry or major. StartUP FIU has also taught me the value of seeking and discovering new insights when approaching complex problems.”

“Determined, creative and tech-savvy, Lara is emblematic of the future-ready student StartUP FIU produces,” says Emily Gresham, Assistant Vice President of Research, Innovation and Economic Development and a Co-Founder of StartUP FIU. “Our experiential programming, dynamic learning communities and dedicated mentorship prepares students for success after graduation, and arms them with the self-confidence, skills and knowledge to help them excel.”

Laura partnered with her friend and Florida Atlantic University  student, Juan Fortich, to build DashOne. The pair’s prototype device has two components: a wearable sensor that can attach to different parts of the body, such as the torso, knees or ankles, and a mobile app that tracks and analyzes a workout in real time.

“Our goal is to reach competitive runners looking for real-time feedback on their stride, technique and form,” said Laura. “Most injuries happen due to poor form and running posture,” she explains. “While other devices focus on output and biometrics, such as a person’s stride or pressure when hitting the pavement, DashOne homes in on a runner’s form, which is critical to achieving peak performance.”

Garcia and Fortich started to develop the prototype in January 2023. Fortich was able to get the duo entered into Florida Atlantic University’s Business Pitch Competition where they won first place – and a $10,000 prize.

The annual FAU Business Pitch (formerly Plan) Competition is hosted by the College of Business, Adams Center for Entrepreneurship with support from local partners and sponsors. The competition encourages FAU students, faculty, staff and recent graduates to pitch their game-changing idea for a chance to fund their new ventures.

Along with prize money, teams compete for legal and business services, preferred access into the FAU Tech Runway Venture Program and the opportunity to present their business pitch to local angel, venture capital groups and more. Competitors have the opportunity to meet and network with successful entrepreneurs. Resources are provided to aid students in the creation and implementation of their businesses. Students will gain valuable skills and experiences to be successful.

“This year, the competition was the largest and best we’ve hosted,” said Kevin Cox, Ph.D., associate director of the Adams Center. “We expanded the finalists, given the large number of high-quality applications. The judges agreed that the competitors and pitches were excellent, making it especially difficult to select the winners.”

Named in recognition of Florida Atlantic University graduate and serial entrepreneur Scott H. Adams, the Adams Center for Entrepreneurship brings students, faculty and the community together to fuel the innovation needed to create new venture opportunities in the ever-changing global marketplace.  The mission of the Adams Center for Entrepreneurship at the DeSantis Pavilion is to create and educate entrepreneurial leaders who find sustainable solutions to economic and social problems. The goal of the Adams Center is to prepare FAU students in business, science, engineering, and all disciplines who are looking to become entrepreneurs through business ownership or through venturing.

Additionally, they have raised $5,000 by participating in the Blackstone Launchpad Fellowship, hosted by FIU’s Pino Entrepreneurship Center. The dynamic duo also competed in the semifinals of Draper Competition for Collegiate Women Entrepreneurs, one of the largest collegiate entrepreneurship competitions in the nation.

Garcia and Fortich plan to continue perfecting the prototype so DashOne can start raise enough capital to bring the unique device to market.

“DashOne has allowed me to step into rooms that I never expected to be in, connect with and inspire other students to pursue their own passions through entrepreneurship, and make the most out of FIU’s diverse resources and network before graduation,” Garcia says. “For that, I’m incredibly grateful.”

Click here to learn more about the other pitch competition winners and their companies. 

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26
Sep, 2023

By Nikki Cabus

4Geeks Academy and Boca Code announce merger and plans to expand tech education in Florida

Read Time 5 Minutes

4Geeks Academy, a leading coding bootcamp in Miami, is thrilled to announce its merging with Boca Code, a respected coding school in Boca Raton.

South Florida Tech Hub sat down with 4Geeks Founders, Marcelo Ricigliano and Alejandro Sanchez, and Boca Code Founder, Todd Albert, to discuss this newly formed relationship.

4Geeks Co-Founder, Marcelo Ricigliano, opened the conversation by stating that “Boca Code is a respected and engaging coding school that I had been following for the last few years. The first time I met Todd I let him know he was doing a great job for technical education in Boca Raton and South Florida. This is a great day for everyone involved!”

This strategic merger marks a significant milestone in the evolution of both institutions and promises to enhance the landscape of technology education in the state. With their international headquarters already based in Miami and another Florida location in Orlando, Boca Raton will become the third location in the Florida for 4Geeks Academy.

Marcelo shared that he and Alejandro have dreamed of making 4Geeks a reference in Florida for those wanting to change careers into technology.

Under this new alliance, Boca Code students and alumni will now become part of the 4Geeks family. Prospective learners and the broader community interested in coding education will gain additional access to a wider array of educational resources, courses, and career opportunities. By joining forces, 4Geeks Academy and Boca Code aim to better serve the rapidly growing tech community across the state. 

“Internally, we always talked great things about Boca Code’s results and approach,” Marcelo admits. “This merger aligns with our mission of making quality coding education accessible to all and will enable us to provide even more comprehensive, industry-relevant training to our students.”

Boca Code students are heavily involved in the community through organizations such as South Florida Tech Hub, attending and volunteering for Hackathons, conferences and supporting local entrepreneurs such as with the pitch scoring app they built for last year’s Ignite Florida Startup Summit. Although based in Boca Raton, Boca Code students attend meetups and networking events across the region from Miami-Dade to Indian River.

Alejandro Sanchez, Co-Founder of 4Geeks added, “The job that Todd has done was always followed by us. We really like everything he was doing at Boca Code. It’s really exciting to do this and welcome everyone to 4Geeks Academy. I’m sure it will be an extraordinary experience.” 

He continued, “The Boca Code curriculum is very thorough and are still digesting it. My first reaction when seeing it, was to keep it. We want to take the best from both schools offering students additional options as well as ensure the best possible educational content.”

4Geeks currently offers a more concentrated curriculum around mobile web development with courses in Full Stack Coding Bootcamp, Data Science and ML, and Blockchain and Web3 while Boca Code code curriculum is a little more broad offering courses such as Software Engineering Career Track, Data Analytics and Python, AR / VR and Game Development, Intro to Web Development, Intro to JavaScript and Node.js, and React.

4Geeks is known for offering a unique value, (quality + methodology + financing options + price) aimed to scale among the best coding bootcamps in the state and this will certainly keep them on track to achieving that goal. During the transition phase, Todd Albert, Founder of Boca Code is expected to continue teaching some of the classes.

Boca Code founder Todd Albert added, “Partnering with 4Geeks is a great deal for us. Their team, credibility and experience will drive our community to great standards and outcomes; also, they align well with what we’ve been working to build at Boca Code. I’m happy to be a part of this journey and ready for new challenges to come.” 

Todd is currently the Bootcamps Sub-Committee Chair of the Tech Talent Committee pulling together industry, higher education, bootcamps across the region. 4Geeks is also a part of the Miami Talent Coalition supporting the expansion of tech education connections in Miami. With the merger, Alissa Landra, Campus Manager at 4Geeks will be joining Todd as the South Florida Tech Hub Bootcamps Sub-Committee Co-Chair, helping further connect Miami efforts to the entire region.

Alissa shared that, “Across the United States, 4Geeks has graduated more than 70 cohorts, more than 2,000 graduates, and 35% of those graduates are women. We want to push more women to take our program!” This sentiment is shared across both organizations who have worked with other partners and nonprofits to aid in access and financial assistance to their programs creating more diversity in the tech landscape.

4Geeks Academy and Boca Code share a commitment to providing top-tier coding education as well as making this education accessible to underserved and underrepresented groups of people in the community. 4Geeks has worked with organizations such as United Way Miami and Miami Dade College to offer education to those who may not have access otherwise. Boca Code has built a long-standing relationship with TechStrong Group, a Boca Raton-based media and events company, who provide scholarships to students through the “Engineer the Change” program. 

This merger brings together the expertise and resources of both organizations, resulting in improved learning materials and support for students. Students will gain access to a wider range of coding languages, technologies, industry-focused courses, and even scholarships and financial support. Graduates will also benefit from an expanded professional network, providing more opportunities for career growth across the South Florida region. 

For more information about the merger or to inquire about enrollment opportunities, please visit 4geeksacademy.com  or contact (786) 416-6640.

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17
Sep, 2023

By Nikki Cabus

The Center for Arts & Innovation announced world renowned architect for Boca Raton project

Read Time 4 Minutes

Just this month, The Center for Performing Arts & Innovation held a press conference announcing Renzo Piano Building Workshop as the design architect selected for the future site.

The search for The Center’s architect attracted incredible international interest from renowned firms contending for the coveted title of Design Architect. After 22 design firms responded with interest in the project’s RFP, The Arts & Innovation Building Committee, led by Board Member Camilo Miguel, Jr. of Mast Capital, assessed each proposal through an extensive selection process accounting for factors such as project capacity, market fit, exclusivity, and more.

The committee selected 10 finalists after which four internationally acclaimed firms were ultimately shortlisted. Of the four finalists, three were prestigious Pritzker Architecture Prize winners: Foster + Partners (London), OMA (Rotterdam) and RPBW Renzo Piano Building Workshop (Paris/Genoa).

The Pritzker Architecture Prize, often referred to as “architecture’s Nobel” and “the profession’s highest honor,” is awarded each year to a living architect or architects whose built work demonstrates a combination of those qualities of talent, vision, and commitment, which has produced consistent and significant contributions to humanity and the built environment through the art of architecture. This speaks to the regional and global significance of this tremendous project.

“The selection of these firms was based on their incredible contributions to architectural excellence, their tremendously compelling proposals that resonated with the essence of our project, and, most importantly, their keen understanding and enthusiasm for the significance of this legacy project for our city, region and the world at large,” said Andrea Virgin, PE, LEED AP, Chair and CEO.

September 6th, 2023 will mark a notable milestone for The Center for Arts & Innovation and equally The City of Boca Raton. Over five years ago, Andrea Virgin came up with the idea for The Center and just last ear the Boca Raton City Council approved the plans. Held at the Mizner Park Amphitheater, the site where The Center will be built, plans for the future site seemed to grow some legs when the Design Architect, Renzo Piano Building Workshop or “RPWB” was announced.

“We have been a city very long known for the visionary who was Addison Mizner, we have established our first hundred years as a city on the pillars of this great man,” Virgin said. “Today, we gather to honor that past, but too, just as Mizner did, inspire the future, to build upon those pillars for our greater tomorrow and the architect we selected will undoubtedly do that for us in a way that honors our great heritage.”

 

Renowned design architect Renzo Piano was born 1937 in Genoa, Italy to a family of builders. Renzo studied architecture at the University of Florence and Polytechnic University of Milan. In 1970, he received his first international commission, for the Pavilion of Italian Industry for Expo 70 in Osaka, Japan which he collaborated with his brother Ermanno and the family firm. After receiving great admiration for his work, this was a catalyst for the rest of his career and foundation for The Renzo Piano Building Workshop established in 1981.

In addition to his most notable design award, Pritzker Architecture Prize in 2013, Piano also received The American Institute of Architects (AIA) Gold Medal and the Sonning Prize, among man others. Piano brings extraordinary experience, skills and talent to each design project. As one of the world’s most sought-after architects, Renzo Piano engages in only two to three new projects per year.

Alongside visionaries, local press and media, and local elected officials including The City of Boca Raton Mayor Scott Singer, The Center for Arts & Innovation announced their most significant project milestone to date. Next,

“Culture and art are essential—they shape our society, improve our quality of life, influence our behavior in making us more human, and help us to better connect with one another. The programming of The Center and its architecture must play in harmony, so that the project becomes a cultural and artistic destination.” Antoine Chaaya, Partner in charge of the new project.

To learn more about The Center for Arts & Innovation, visit https://thecenterforartsandinnovation.org/

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17
Sep, 2023

By Nikki Cabus

ModMed doubles down on efforts to empower young girls in tech with Pace Center for Girls Broward

Read Time 4 Minutes

ModMed and Pace Center for Girls Broward double down on their efforts to empower high school girls and promote the technology industry. This collaboration seeks to inspire the next generation of female technologists and expand their horizons when it comes to career opportunities in science, technology, engineering and mathematics (STEM).

ModMed’s Women in Innovation & Technology, or “mmWIT,” is focused on advancing women in STEM fields by fostering diversity and inclusion within the tech sector. mmWIT is an Employee Resource Group that provides support, mentorship, and resources to empower women in technology-related careers. This program develops and enables women to lead and innovate as they grow in their professional careers. mmWIT hosts educational panel discussions, mentoring events, networking gatherings, book clubs and community outreach programs. Through mmWIT, ModMed strives to establish a strong community for women to reach their highest potential.

Pace Center for Girls envisions a world where all girls and young women have power, in a just and equitable society. Founded in 1985, Pace provides free year-round middle and high school academics, case management, counseling, and life skills development in a safe and supportive environment that recognizes and deals with past trauma and builds upon girls’ individual strengths. Dedicated to meeting the social, emotional, and educational needs of girls, Pace has a successful and proven program model that has changed the life trajectory of more than 40,000 girls and is recognized as one of the nation’s leading advocates for girls in need.

For more than four years, mmWIT and Pace Center for Girls Broward have worked hand in hand to champion women in STEM.

An early effort was mmWIT’s 2018 Fashion Show to raise funds for the Pace Center for Girls Broward. ModMed’s employees received a casting call and the response was amazing. As if strutting their stuff down the catwalk for a good cause wasn’t enough, the model who sold the most raffle tickets won a prize: an outfit they wore on the runway. That event raised over $4000 for the Pace Center for Girls.

Their joint efforts are designed to introduce high school girls to the vast potential of a tech career and encourage more women to pursue opportunities in this dynamic industry. By broadening the perspectives of young women, this collaboration not only advances women in STEM but also motivates them to explore the myriad of possibilities available at forward-thinking companies like ModMed®.

Headquartered in Boca Raton, ModMed is transforming healthcare around the countryy by placing doctors and patients at the center of care through an intelligent, specialty-specific cloud platform. With our electronic health records (EHR) and practice management (PM) systems, and our patient engagement and revenue cycle management (RCM) services, our all-in-one solution empowers specialty medical practices by providing clinical, financial and operational software solutions. Our staff physicians help to develop products and services for allergy, dermatology, gastroenterology, OBGYN, ophthalmology, orthopedics, otolaryngology, pain management, plastic surgery, podiatry and urology practices, as well as ambulatory surgery centers.

The “Life After High School” Event: Inspiring and Equipping the Next Generation

The “Life After High School” event is a standout collaboration between mmWIT and Pace Center for Girls Broward. Esteemed women from the technology industry come together to share their insights and personal journeys with the students. The panel discussion covers a wide range of essential topics, including effective communication skills, professionalism in the tech industry, the transition from high school to the professional world, and the art of collaboration with individuals from diverse backgrounds. Through these discussions, the aim is to provide the young audience with the valuable knowledge they need to seize limitless opportunities and excel in their chosen paths.

Rose Anderson, Career & College Readiness Coordinator at Pace Center for Girls Broward, expressed her enthusiasm for the collaboration with mmWIT, saying, “This event perfectly aligns with our mission to empower girls and equip them with the necessary skills and confidence to thrive in their future careers. We are immensely grateful to ModMed for their unwavering support and commitment to advancing women in STEM.”

The panelists, accomplished women with diverse backgrounds in technology, will leverage their expertise and experiences to engage and inspire the Pace girls. Through this event, ModMed and Pace Center for Girls Broward aim to provide young women with the skills and confidence they need to flourish in their future careers.

Breaking Barriers

Girls aspiring to enter the tech field sometimes struggle due to factors such as the lack of visible role models, gender stereotypes and biases, a lack of support and encouragement, and the challenge of maintaining work-life balance. To address these issues, it is important to provide girls with mentorship, promote diversity and inclusivity and ensure equal access to education and resources.

The collaboration between mmWIT and Pace Center for Girls Broward represents a significant stride toward creating a more inclusive and diverse tech industry. By inspiring and empowering high school girls, this collaboration aims to pave the way for a new generation of female technologists who will drive innovation and contribute to a more equitable future. Together, they are dismantling barriers, breaking stereotypes, and creating a brighter and more inclusive tomorrow for women in technology.

Jodi Sherman, senior manager of customer success operations at ModMed and the President of mmWIT, shared her views on how the collaboration with the Pace Center for Girls Broward is making a difference. Sherman stated, “By sharing our experiences and knowledge, we hope to ignite the passion and curiosity of these high school girls, encouraging them to pursue careers in the technology industry. We firmly believe that by increasing the representation of women in STEM, we can drive innovation and create a more inclusive and diverse future.”

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22
Aug, 2023

By Nikki Cabus

Boca Raton-based GRUBBRR partners with national firm on gas station ordering tech

Read Time 3 Minutes

Today, GRUBBRR, a global self-ordering solutions and POS systems provider, announced a new partnership with Dover Fueling Solutions (“DFS”) allowing customers to purchase much more than just gas at the pump.

The Boca Raton-based GRUBBRR is a cutting-edge provider of self-ordering solutions and POS systems provider at the forefront of self-ordering technologies. GRUBBRR’s award-winning eco-system, including kiosks, mobile ordering, POS, online ordering, KDS, contactless smart lockers, and more, are proven to help businesses maximize revenue, decrease labor costs, and solutions are adaptable and beneficial to a multitude of businesses, and power both enterprise-level and small and medium businesses across verticals such as quick-service restaurants, fast casual restaurants, petro / convenience stores, stadiums, movie theaters, casinos, micro-markets, retail and more.

Dover Fueling Solutions (“DFS”), a part of Dover (NYSE: DOV), is a leading global provider of advanced customer-focused technologies, services and solutions in the fuel and convenience retail industries with annual revenue of over $8 billion. The company delivers innovative equipment and components, consumable supplies, aftermarket parts, software and digital solutions, and support services through five operating segments: Engineered Products, Clean Energy & Fueling, Imaging & Identification, Pumps & Process Solutions and Climate & Sustainability Technologies. Based in Illinois the company has been in business for over 65 years with a team of over 25,000 employees collaborating with customers to redefine what’s possible.

The partners will launch a self-ordering solution, DX Market™ powered by GRUBBRR, within the DFS Anthem UX™ platform on the Wayne Ovation® fuel dispenser.

“To maximize profitability, merchants need to reduce friction in the checkout process and engage consumers in new and innovative ways,” said Sam Zietz, CEO of GRUBBRR. “Our software is designed to streamline the ordering process and provide a seamless customer experience, creating a one-stop-shop solution that empowers retailers to grow revenue through improved consumer retention and increased basket size.”

DFS’s collaboration with GRUBBRR will generate increased revenue for fuel retailers by providing them the opportunity to offer customers the convenience of ordering food and shopping for products while pumping gas. DX Market powered by GRUBBRR will also enable retailers to offer customizable promotions and upsell opportunities with video and static content. This cutting-edge experience delivers on the transgenerational consumer expectation that fueling stations are becoming increasingly automated and featuring more self-checkout options.

“DFS Anthem UX is a powerful tool for retailers to drive foot traffic into their stores and increase sales for promoted items,” said Kurt Dillen, VP Global Business Development at DFS. “Integrating GRUBBRR’s self-ordering technology into DFS’s Anthem UX platform, DX Market will enable customers to make purchases before stepping into the store, allowing for a quicker, more streamlined experience and increased satisfaction. With many gas station owners making a majority of their money in retail, we expect a meaningful impact on revenues.”

“As a customer-centric company, DFS seeks to enhance the fueling experience and provide value-added solutions,” said Kendra Keller, Vice President and General Manager, North America at DFS. “The integration of GRUBBRR’s self-ordering software into the Anthem UX reinforces our commitment to providing our customers with the best overall experience while at the pump. The self-ordering solution also simplifies the order fulfillment process for store operators, improving operational efficiency for the benefit of not only the consumer, but the retailer as well.”

“Consumers expect frictionless shopping experiences, both online and in-store,” said Farshad Tafazzoli, Chief Strategy Officer at GRUBBRR. “We’re honored to be selected by DFS as their self-ordering solution to enhance consumer convenience. As gas stations and convenience stores make this digital transition, GRUBBRR is proud to optimize the customer journey.”

DX Market powered by GRUBBRR is set to roll out initially in select fuel stations across the United States, with plans for global expansion in the future.

 

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13
Aug, 2023

By Nikki Cabus

FAU Tech Runway announces the 16 startups of cohort 12

Read Time 3 Minutes

FAU Tech Runway® recently announced the 16 companies accepted to participate in the 12th cohort of its Venture Program.

FAU Tech Runway is a South Florida public-private partnership that serves as a hub to accelerate technology development and incubate startup companies. The Venture Program provides the most promising startups and talented entrepreneurs in South Florida with an opportunity to join a year-long program that offers resources from FAU’s Innovation and Business Development pipeline, entrepreneurial instruction, structured team-based mentoring, networking, marketing and capital-raising assistance, co-working space, events, intern support, and other vital programs.

Companies accepted into the Venture Program must have strategic alignment with FAU’s research focus areas, including drone technologies; educational technologies; environmental science; marine science; ocean engineering; neuroscience; healthy aging; big data analytics; artificial intelligence; machine learning; cyber security; sensing; and smart systems.

The 16 companies in Venture Class 12 are:

  • Clinical Fitness provides a safe environment where clients can be guided and educated by medical professionals in the proper use of gym equipment.
  • DashOne is a developing wearable tech that empowers athletes to improve their form and performance in real time through reinforcement cues and in-depth analytics.
  • DealHero, LLC is a web platform designed to connect military, veterans and first responders with businesses that support them by offering deals and discounts on their products and services.
  • Glowby Lightbulbs are patent-pending, long-lasting, rechargeable lightbulbs for places where running wiring is impossible or impractical. Install lighting fixtures anywhere and have easy, instant light that can last years before requiring a recharge.
  • Housing Nonprofit is a platform connecting renters with housing grants to purchase a home. Their technology analyzes the requirements for all incentives to buy a house and allow users to check eligibility for all programs via a single form.
  • HUMM STAFFING is an app platform that connects healthcare professionals with hospital shift work.
  • Integral Vista Solutions is a company that provides innovative technological solutions to improve the efficiency and profitability of residential service companies.
  • Kastaco connects talent such as models, actors, voice-over artists, singers and musicians with valuable opportunities.
  • MM COMMUNICA INC is a digital public relations firm dedicated to helping small businesses and personal brands improve their reputation and authority online.
  • Printed Patio uses concrete 3D printing to generate bespoke landscape and architectural features.
  • Puttrax 360 is golf’s first AR gaming and training experience for putting, where computer vision technology automatically tracks and scores every putt.
  • RideGuide is an app that provides a highly customized library to educate drivers on the proper use and operation of features and technology in their cars using videos, searchable manuals and how-to guides.
  • SecureTec ID is a software mobile application that uses biometric data gathered from contactless fingerprints for the community and policing. It also provides identification and additional intel, utilizing numerous databases, to promote and encourage safety.
  • Telly College LLC empowers students to maximize their college experience, by use of daily on- and off-campus events with voting and attendance stats.
  • Therapy in a Click aims to establish a 501(c)(3) nonprofit that uplifts mental health care accessibility by offering free virtual therapy sessions with licensed mental health professionals to high school students within Palm Beach County.
  • Wisp Energy LLC (WE) will employ a proprietary Dual Axis Wind Turbine (DAWT) using advanced AI and ML to improve wind turbine performance, adding variables to the wind interaction and yielding improvements of more than 30 percent in efficiency and/or ROI.

Venture Class 12 participants join a robust community of fellow entrepreneurs, mentors, investors, instructors and top-level support professionals.

FAU Tech Runway® is a public-private partnership formed to incubate and accelerate early-stage technology-based companies, under the purview of FAU’s Division of Research . Applications for the next cycle of the Venture Program will open in Fall 2023.

For more information on FAU Tech Runway® Venture Program, visit https://www.fau.edu/techrunway/tech-runway-venture-program/

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17
Jul, 2023

By Nikki Cabus

Autonomous vehicle company Guident receives funding through Florida-Israel Innovation Partnership

Read Time 3 Minutes

Boca Raton-based, Guident, a leading autonomous vehicle teleoperation company, has announced that it has been awarded funding for a groundbreaking project under the Florida-Israel Innovation Partnership program, together with its valued Israeli partner, NOVELSAT.

Guident commercializes patented technology to enable safer autonomous vehicles and devices by providing industry-leading AV remote monitor, control, assistance, and passenger support services. Guident and NOVELSAT, a global leader in content connectivity, partnered earlier this year to develop an innovative always-on, ubiquitous remote monitor and control solution for autonomous vehicles and devices.

NOVELSAT is a leading provider of next-generation content connectivity solutions. Powered by innovative technologies, our broadcast and broadband solutions are transforming networks’ capabilities to expand growth potential and to drive new experiences on any device, anytime, anywhere. Our high-performance products for satellite and terrestrial content connectivity include integrated video solutions and highly efficient broadband connectivity solutions, and best-in-industry content security solutions. Transforming data and video delivery with new levels of performance, efficiency, agility, and security, NOVELSAT empowers mission-critical and demanding applications for the mobile, media, entertainment, government, and mobility markets.

The solution combines space communications and augmented intelligence technologies to ensure optimal safety and security for autonomous vehicles and devices, enabling remote monitoring and operation at any time and place. This integration of NOVELSAT’s satellite-based space connectivity technologies and Guident’s human-in-the-loop AI technologies will provide reliable and high-speed bi-directional connectivity. This connectivity enables continuous, high-quality video streaming to monitor autonomous vehicles remotely and, when necessary, to allow remote control of the vehicles to resolve various edge cases. Additionally, the connectivity will provide real-time audio and video communication with passengers, pedestrians, or first responders, ensuring the highest level of safety for autonomous systems, which is a crucial factor in the deployment and management of such systems.

The cooperation between the companies opens the door for new markets and revenue opportunities by offering a new level of autonomous systems safety for a wide range of applications: transportation, delivery, agriculture, hospitality, mining, logistics, and more.

The grant being awarded is for the purpose of developing a safer Remote Monitor and Control Center (RMCC) for the monitoring, management, and backup control of terrestrial autonomous vehicles, with the assistance of satellite communications. This innovative approach is aimed at providing redundant, continuous monitoring of autonomous vehicles. Additionally, space communications provide a mobile network connectivity alternative in areas with low signal or no terrestrial mobile wireless network coverage.

“Through this extraordinary collaborative partnership, Space Florida is at the forefront of welding cutting-edge innovation with the boundless knowledge derived from scientific exploration. It thereby forges a path that shapes the very essence of the future of autonomous mobility,” stated Tony Gannon, Vice President of Research & Innovation for Space Florida.

Space Florida is an aerospace and spaceport development authority in Florida that aims to promote and support the growth of the aerospace industry in the state. Space Florida offers various advantages to leading aerospace companies and has extensive experience and expertise in the aerospace industry, providing valuable knowledge and resources to companies. The organization offers financial tools such as grants, loans, and tax incentives to help aerospace companies with their new initiatives, encouraging economic growth and development.

Scheduled to commence in early July 2023, the joint project brings together the collective expertise, resources, and vision of Space Florida, Guident Corp, and NOVELSAT. Each organization’s unique strengths will synergistically contribute to developing pioneering safety solutions for ground-based autonomous vehicles using satellite communications.

“Guident is privileged to have the invaluable support and guidance of Space Florida with their unrivaled experience and strategic location for this new initiative,” stated Dr. Gabriel Castaneda, Guident’s Vice President for AI and Research.

“This generous funding will propel us forward as we embark on the development and scale of an effective Remote Monitor and Control Solution with enhanced vehicle safety, together with our Israeli Partner NOVELSAT.”

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06
Jun, 2023

By Nikki Cabus

Research Park at Florida Atlantic University® entrepreneur support initiative welcomes four new companies, graduates two

Read Time 4 Minutes

The Research Park at Florida Atlantic University’s entrepreneur support initiative, Global Ventures at Florida Atlantic, is proud to welcome four (4) new companies into its incubator program which serves both international and domestic second-stage technology companies.

To be considered second-stage, a company has achieved annual sales of at least $750,000 and has at least six (6) employees. Global Ventures focuses on healthtech and smart systems technologies.

The companies, which have all opened physical offices at Global Ventures in Boca Raton, FL this year include:

  • Biobeat Medical – The first Israeli company to join Global Ventures, Biobeat’s solution uses artificial intelligence and machine learning to provide actionable insights for patient care. More than just analyzing the data, Biobeat also generates it, using a proprietary sensor for continuous monitoring of vital signs unique to Biobeat. For more visit: https://www.bio-beat.com/
  • Ecosign Technologies –Ecosign was established as a spin-off of Contech Brazil, a company with over 30 years of experience in the pulp and paper industry. Ecosign is committed to providing innovative solutions for diverse industrial sectors working towards a more sustainable future. Through its technological leadership the company brings constant improvements to control of process contaminants in pulp and paper, textile, agribusiness, and poultry, among others. For more visit: https://www.ecosignus.com/
  • Isolab USA – Originating in Germany with manufacturing operations in Turkey, ISOLAB dedicates itself to providing products and solutions to its customers worldwide for various applications and research activities in universities, institutions, laboratories and home use. For more visit: https://www.isolab.de/
  • Triangulate Labs – Based in South Florida, Triangulate Labs created Skinmap™ to find skin cancer early. Skin cancer kills someone every five minutes. When discovered early, skin cancer is easily treated. Skinmap digitizes skin to save lives. For more visit: https://www.triangulatelabs.com/

“The addition of so many international companies to Global Ventures brings new intellectual and financial capital to South Florida while creating job opportunities for FAU students and alumni well as existing residents. The impact is overwhelmingly positive for this region,” stated Andrew Duffell, president of the Research Park at FAU.

Companies are served within Global Ventures at Florida Atlantic for two (2) years, accessing resources at Florida Atlantic University’s campus, networking opportunities and introduction to relevant businesses before expanding out of the incubator to the South Florida business community.

This month, two (2) companies will graduate from the initiative, having leveraged its resources for growth and success, reaching new heights.

  • FloSpine – An industry leader in spinal implants, the company is graduating after securing its fourth FDA device clearance. It now has six (6) issued patents with three (3) additional patents pending. FloSpine’s staff of seven (7) includes four (4) FAU alumni. Recognized in 2022 as one of the 50 Florida Companies to Watch by GrowFL, FloSpine has built strong relationships in the South Florida healthcare community and will expand to larger facilities within the Research Park at FAU itself. For more visit: https://flospine.com/

 

Peter Harris, Founder and CEO of FloSpine, said, “We are extremely grateful for the guidance and opportunities we received from Global Ventures. The support from their management team has been tremendous in helping accelerate FloSpine’s growth. We look forward to continued collaboration with Global Ventures.”

  • Gustie Creative – Gustie is a leading disruptive retail solutions provider for brands, businesses, agencies and nonprofits. The company develops, markets and sells design and strategy products and services. Gustie is graduating after completing research and development, obtaining three copyrights, publishing two business workbooks and launching Create Disruptive Retail, a mobile design platform devoted to creating disruptive retail solutions for a global user. Gustie has a new office in Boca Raton and will expand nationwide. For more visit: https://gustiecreative.com/

“While at Global Ventures, Gustie gained global recognition as a disruptive retail thought leader, and the company’s next stage of growth includes launching a SaaS learning platform for Disruptive Retail,” said Karen S. Herman, CEO and Design Director of Gustie Creative.

The Research Park at Florida Atlantic University® is home to technology companies and research-based organizations working to support the research and development activities of Florida Atlantic University and to foster economic development and broaden the economic base of Broward and Palm Beach counties. The Research Park at FAU hosts Global Ventures, an international soft-landing center for second-stage technology companies and FAU Tech Runway, a South Florida public-private partnership that serves as a hub to accelerate technology development and incubate startup companies. The Research Park at FAU is a 70-acre destination for R&D companies to thrive, established in 1985, it is widely regarded as South Florida’s laboratory for new entrepreneurial ideas and technologies. The Research Park at FAU is governed by the Florida Atlantic Research and Development Authority, an independent special district created by Palm Beach and Broward counties in partnership with Florida Atlantic University, organized under Chapter 159, Part V, Florida Statues.

To learn more about Research Park at Florida Atlantic University, visit https://www.research-park.org/

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