CHICAGO | Economic & Business Development

[marothisu]

Tock was sold to SquareSpace for $400M today. Team remains in Chicago and Nick Kokonos is still the CEO.

[marothisu]

Aclaimant, a Chicago insuretech startup, raises $15M

https://www.bizjournals.com/chicago/...aises-15m.html

Aclaimant, a Chicago startup making a platform for employers to report workplace injuries, has raised another round of funding as it works to ramp up marketing and acquire more customers.

The startup announced Thursday that it raised $15 million in Series B equity and debt funding in a round led by Next Coast Ventures.

..

The new financing brings Aclaimant’s total funding to more than $20 million. The startup last raised $10 million in 2020.

Founded in 2013 by David Wald and Michael Schultz, Aclaimant’s software helps companies improve the risk and claims management processes after a workplace injury. The platform caters to multiple industries, including construction, manufacturing, staffing, real estate and hospitality.

The company says it saw record growth in 2020, with monthly active usage increasing by more than 400% last year. Aclaimant participated in Moderne Ventures’ Passport Program accelerator last year. The seven-month program mentors real estate, finance, insurance, hospitality and home services startups.

..

The new funding will be used to hire more employees, find additional clients, and ramp up sales and marketing efforts.

[marothisu]

These don't create a lot of permanent jobs but it's still good to see, I guess. Nice boost in the temporary construction jobs though.

Microsoft Plans $200M Data Center Development Near Chicago

https://www.bisnow.com/chicago/news/...chicago-108102

Microsoft is building two new data centers outside of Chicago, according to planning documents filed this week.

The data center facilities will occupy a 53-acre site in Hoffman Estates, and be built in two phases, according to the plans. The development will span about 400K SF in total once completed.

Microsoft plans to invest over $200M in the project and says it will create 280 construction jobs and 20 permanent data center jobs once it is ready to open in the fourth quarter of 2022.

The company is also building a $123M data center campus in nearby Elk Grove Village.

..

According to CBRE, Chicago boasted total data center inventory of 278 megawatts with another 16.2 MW under construction as of the second half of 2020. It is the fourth-largest data center market in the U.S., behind Northern Virginia, Silicon Valley and Dallas-Fort Worth.

[bnk]

Originally Posted by marothisu

These don't create a lot of permanent jobs but it's still good to see, I guess. Nice boost in the temporary construction jobs though.

Microsoft Plans $200M Data Center Development Near Chicago

https://www.bisnow.com/chicago/news/...chicago-108102

[Oh know there is more jobs still to work and mantain the sites after their huge construction.



BTW

According to CBRE, Chicago boasted total data center inventory of 278 megawatts with another 16.2 MW under construction as of the second half of 2020. It is the fourth-largest data center market in the U.S., behind Northern Virginia, Silicon Valley and Dallas-Fort Worth.

OK can understand Northern VA and DC which is part of the capital of the usa


I understand Silicon valley getting tons of data, but were is NYC in this ranking? What about wall st and the nano seconds that count for speed in data.


Just thinking about it NYC should be in the top 5 at lest.

[marothisu]

Originally Posted by bnk

I understand Silicon valley getting tons of data, but were is NYC in this ranking? What about wall st and the nano seconds that count for speed in data.


Just thinking about it NYC should be in the top 5 at lest.

That represents a mere, small fraction of the entire industry. There is MUCH MUCH MUCH more data, applications, etc outside of what you are talking about. And when you are talking about geographical dispersion of customers, you don't always just pick the obvious. If you have a bunch of NE customers for example, you might pick a place in CT or PA, or maybe central NJ for one of your data centers. There are data centers for massive companies in places you would never expect. Like in small towns or cities in Ohio. Places like Chicago and Dallas happen to be well situated geographically for their respective regions with regards to where customers are.

Anyway, stuff like NYSE is such a small amount of data, apications, etc on the grand scheme of things. NYC is still 6th, but being the largest metro area in the country doesn't mean that is where a data center always goes even for the region.

[sixo1]

Ingersoll Machine Tools launches major expansion at its Rockford campus to build Giant Magellan Telescope mount. The investment will create 75 new jobs.

[Source]

[left of center]

I'm actually fairly surprised we are behind DFW. I didn't even think they would be top 5 honestly. I wonder how close we are to them in megawatts. Maybe the MSFT investment will put us over the top and knock them out of 3rd place?

[jpIllInoIs]

Originally Posted by left of center

I'm actually fairly surprised we are behind DFW. I didn't even think they would be top 5 honestly. I wonder how close we are to them in megawatts. Maybe the MSFT investment will put us over the top and knock them out of 3rd place?

I think Chicago is #2 behind NoVa

Northern Virginia keeps top spot in Cushman & Wakefield's latest index, US holds six of the top 10 spots

February 09, 2021 By Peter Judge

Northern Virginia and Chicago have taken the top two spots in the world's top 10 data center markets, but US dominance has taken a knock as Sydney enters at number three in a subjective list prepared by Cushman & Wakefield.

[marothisu]

FuboTV hiring over 100 in Chicago for new sports gambling division

https://www.bizjournals.com/chicago/...-division.html

Television streaming company FuboTV is launching a sports gambling division that will be headquartered in Chicago, and it plans to hire over 100 employees in the next three months.

FuboTV, a live TV streaming service that launched in 2015 and went public in 2020, is launching its new Fubo Gaming subsidiary in Chicago in the fourth quarter of this year. The company first announced the launch of Fubo Gaming in January after acquiring Chicago startup Vigtory, a sports betting company.

The Vigtory acquisition will allow FuboTV to launch its own sportsbook, putting it in direct competition with DraftKings, FanDuel, Barstool and other online sports betting operators. The entire 15-person Vigtory team has joined FuboTV, and co-CEOs Sam Rattner and Scott Butera have joined Fubo Gaming as chief operating officer and president, respectively.

Rattner, who founded Vigtory in 2019, said the company plans to hire over 100 employees in Chicago in the next 60 to 90 days, including over 60 engineers. The company recently signed a roughly 30,000 square-foot lease at 1 N. Dearborn St. in the Loop, Rattner said.

..

FuboTV's standalone sports betting app will look to stand out by incorporating live streaming, Rattner said, allowing users to watch and bet from the same platform. The company is also developing a loyalty feature that allows users to earn rewards towards things like sports merchandise and tickets to live games. Fubo can also provide gamblers with other perks not found in traditional bettings apps, such as subscriptions to NFL Red Zone or NBA TV.

Fubo Gaming expects to be live in several states by the time its app launches later this year.

[marothisu]

Fast-growing cannabis startup Fyllo raises $30M to double staff

https://www.bizjournals.com/chicago/...aises-30m.html

Fyllo, a fast-growing Chicago startup that helps cannabis firms with marketing and compliance, just raised a new round of funding as it looks to double its headcount in the next year.

Fyllo announced Tuesday that it raised a $30 million Series B round co-led by JW Asset Management and Sol Global. Other backers include K2, Entourage Effect Capital, Arcadian Capital Management, Salveo Capital, 2 NRP Managers and George Steinbrenner IV, the grandson of the late New York Yankees owner George Steinbrenner.

Founded in 2019 by Chad Bronstein, Aristotle Loumis and Erik Shani, Fyllo has now raised nearly $60 million in funding to date. The startup currently has 120 employees, Loumis said, and it plans to double its headcount in the next 12 to 18 months.

Fyllo's software helps cannabis brands ensure that their ads comply with state and federal advertising regulations, and is used by cannabis dispensaries like Columbia Care and Grassroots Cannabis. But Fyllo believes its software can grow beyond the legal marijuana space and help companies in other highly regulated industries with advertising.

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Bartesian lands $20M and Mila Kunis endorsement as it aims to become the ‘Peloton of home cocktails’

https://www.bizjournals.com/chicago/...dorsement.html

Bartesian, a Chicago-based startup selling a Keurig-like machine for cocktail making, has raised new funding as it works to become the “Peloton of home cocktails.”

Bartesian raised $20 million in a Series A round led by Cleveland Avenue, a Chicago VC firm from former McDonald’s CEO Don Thompson.

The new funding will be used to expand into international markets and double Bartesian's staff, said founder and CEO Ryan Close.

He would not disclose how much capital Bartesian has raised since it launched, but Tom Ricketts, the chairman of the Chicago Cubs, and Beam Suntory, the owner of bourbon whiskey brand Jim Beam, have previously invested undisclosed amounts in the company.

In addition to the funding round, Bartesian also announced Tuesday that actress Mila Kunis has joined the company’s board of advisors. Close would not disclose whether Kunis has invested in Bartesian but confirmed that she has an ownership stake in the business.

Bartesian debuted on Kickstarter in 2015 as a countertop device that creates cocktails on demand. The device, which retails for $350, was named to Oprah's Favorite Things list in 2019, which helped propel it into mainstream popularity.

Bartesian works by using Keurig-like capsules, which are used to make drinks like an old fashioned, margarita, gin martini or a long island iced tea. Each pod offers the appropriate amount of bitters, extracts, juice concentrates and other ingredients needed to make the cocktail. Users provide their own alcohol and simply push a button to make a drink.

During the pandemic, as bars closed and people began drinking more at home, Bartesian saw 975% year-over-year revenue growth in 2020, with subscribers growing more than 30 times since March 2020.

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Shell invests in Chicago company making sustainable jet fuel

https://www.bizjournals.com/chicago/...-lantajet.html

A Chicago firm that's bringing clean energy to the aviation industry by converting alcohol into jet fuel just received backing from oil giant Shell.

Shell announced Tuesday that it has invested in LanzaJet, a spinoff of Chicago-based LanzaTech that's making sustainable aviation fuel and renewable diesel for the commercial aviation market. Terms of the deal weren't disclosed, but Shell's funding is part of a phased investment approach that will allow the company to make further investments in LanzaJet over time, the company said.

Shell joins other high-profile backers of LanzaJet –which just launched in 2020– including British Airways, All Nippon Airways and Suncor Energy.

..

LanzaJet is building a plant in Soperton, Georgia, that can make up to 10 million gallons of jet fuel per year – with operations scheduled to begin in 2022. With its technology that converts alcohol to jet fuel, the company says it can produce up to 90% of its fuels as sustainable aviation fuel, with the remaining 10% as renewable diesel.

LanzaJet says its fuel delivers more than a 70% reduction in greenhouse gas emissions compared to conventional fossil jet fuel.

[IrishIllini]

https://www.chicagobusiness.com/resi...enix-or-dallas

Red don't show up on inbound and green doesn't show up on outbound. Marothisu should find us numbers

Top 10 destinations for moves out of Chicago:
1. Phoenix
2. Dallas-Fort Worth
3. Los Angeles-Long Beach-Anaheim, Calif.
4. Denver
5. New York
6. Houston
7. Nashville, Tenn.
8. Atlanta
9. Miami/Ft. Lauderdale, Fla.
10. Tampa, Fla.

Top 10 cities for moves to Chicago:
1. New York
2. Los Angeles-Long Beach-Anaheim, Calif.
3. Houston
4. Washington, D.C.
5. Dallas/Fort Worth
6. Denver
7. Seattle
8. Detroit
9. Atlanta
10. Philadelphia

[SIGSEGV]

UChicago putting 20 million behind quantum startups

https://www.chicagobusiness.com/john...antum-startups

The University of Chicago is launching an accelerator for quantum technology startups.

It’s committing at least $20 million to invest in startups over 10 years in hopes of generating jobs and wealth from Chicago’s rapidly expanding research effort in quantum mechanics to make the next leap in computing.

[marothisu]

Originally Posted by IrishIllini

https://www.chicagobusiness.com/resi...enix-or-dallas

Red don't show up on inbound and green doesn't show up on outbound. Marothisu should find us numbers

Looks like you have to request the data from them. What you have shown at least for inbound isn't that much of a surprise. The Census has the FlowMapper which does this county-to-county but the last data they have is the 2018 (via 5 year ACS).

I actually had looked at a handful of MSA to MSA movement previously. For Chicago at least here's some numbers. I'm not counting MSAs in the region like Indianapolis, Milwaukee, etc here:

From ___ MSA to Chicago MSA in 2018:
NYC: 7307 people
Los Angeles: 4753 people
Washington DC: 3531 people
Atlanta: 3271 people
San Francisco: 2865 people
Boston: 2677 people
Phoenix: 2587 people
Dallas: 2569 people
Miami: 2534 people
Houston: 2518 people
San Diego: 1928 people
Virginia Beach: 1745 people
Denver: 1723 people
Philadelphia: 1616 people
Seattle: 1607 people
Austin: 1367 people


Chicago MSA is actually a larger destination of people moving from NYC than Dallas who seems to always tell people just how many people are moving there from NYC apparently. They do, however, get a lot of people from LA.

I should continue this analysis..

Originally Posted by SIGSEGV

UChicago putting 20 million behind quantum startups

https://www.chicagobusiness.com/john...antum-startups

That's great. I hope some great things will come out of. It'll be awhile before we see anything super super useful application wise but these things are important. Hope the Chicago region can keep companies/orgs who provide any breakthroughs. The entire paradigm of how a quantum computer works down to how the algorithms work is completely different than a classical computer.

[SIGSEGV]

(accidental double post)

[SIGSEGV]

Originally Posted by marothisu

The entire paradigm of how a quantum computer works down to how the algorithms work is completely different than a classical computer.

Can we start calling ourselves Qubit Prairie?

[jtown,man]

Originally Posted by marothisu

Looks like you have to request the data from them. What you have shown at least for inbound isn't that much of a surprise. The Census has the FlowMapper which does this county-to-county but the last data they have is the 2018 (via 5 year ACS).

I actually had looked at a handful of MSA to MSA movement previously. For Chicago at least here's some numbers. I'm not counting MSAs in the region like Indianapolis, Milwaukee, etc here:

From ___ MSA to Chicago MSA in 2018:
NYC: 7307 people
Los Angeles: 4753 people
Washington DC: 3531 people
Atlanta: 3271 people
San Francisco: 2865 people
Boston: 2677 people
Phoenix: 2587 people
Dallas: 2569 people
Miami: 2534 people
Houston: 2518 people
San Diego: 1928 people
Virginia Beach: 1745 people
Denver: 1723 people
Philadelphia: 1616 people
Seattle: 1607 people
Austin: 1367 people


Chicago MSA is actually a larger destination of people moving from NYC than Dallas who seems to always tell people just how many people are moving there from NYC apparently. They do, however, get a lot of people from LA.

I should continue this analysis..




That's great. I hope some great things will come out of. It'll be awhile before we see anything super super useful application wise but these things are important. Hope the Chicago region can keep companies/orgs who provide any breakthroughs. The entire paradigm of how a quantum computer works down to how the algorithms work is completely different than a classical computer.

The top three (NY LA DC) make complete sense. Just speaking to urbanity, you get a great dose of it here for WAY less cash.

Funny that Virginia Beach made the list, weird really. I mean, I am apart of that inbound number, but still.

[marothisu]

Originally Posted by jtown,man

The top three (NY LA DC) make complete sense. Just speaking to urbanity, you get a great dose of it here for WAY less cash.

Funny that Virginia Beach made the list, weird really. I mean, I am apart of that inbound number, but still.

I had a limited set of MSAs I checked out so far, and most of what I put was every non Midwestern metro I'd checked out. Virginia Beach to for Chicago was relatively high though compared to some other cities getting migration from Virginia Beach.

[marothisu]

Superposition city?

[SIGSEGV]

Originally Posted by marothisu

Superposition city?

maybe too nerdy for here, but...

[Steely Dan]

Originally Posted by SIGSEGV

maybe too nerdy for here, but...

I want to be smart enough to understand that.

But I guess I'll just have another beer instead.

Beer is pretty good.