On the lakeshore last week, a handful of tech players announced new growth moves. An investment firm secured its first fund and a digital transformation consultancy launched new products. See what else is new with the Built In Chicago Weekly Refresh.
Towed raft at $30M. The company works alongside cargo logistics companies, providing them with solutions to incorporate artificial intelligence into their tasks and interactions with customers. Eight Roads VC led the company’s Series B round of capital, which it plans to invest to accelerate the development and deployment of its core products, improve data collaboration and deepen its market reach. (TheLoadStar)
Chicago Tech Quote of the Week
“Generative AI has the potential to revolutionize healthcare and we are excited to be at the forefront of this transformation. Our new suite of solutions and services enables healthcare organizations to maximize efficiencies, enable patient engagement in self-service, and improve care coordination, ultimately leading to better patient outcomes and significant cost savings.” – Raheel Retiwalla, Director of Strategy at Productive Edge
Productive Edge released new tools. Software and consulting company Productive Edge works to help companies in spaces like healthcare through their digital transformations. The company announced the launch of its newest suite of products: a suite of tools powered by generative artificial intelligence for tasks like reviewing prior authorization requirements, engaging with health plan members, and automating patient marketing content. (Accesswire)
Distributed Ventures closed a $100 million fund. The investment firm aims to help founders demonstrate the suitability of the product to the market and foster commercial traction in various distribution channels. Its inaugural fund came from a group of insurers, brokers, executives, and others. The capital will go toward seed and Series A investments in insurtech, fintech, and digital health startups working to reduce risk in their respective industries. (FinSMEs)
It has been reported that ( these recent developments in the Chicago tech scene highlight the continued growth and innovation in the industry. The investment secured by Towed Raft will enable them to further develop their AI solutions for cargo logistics companies, enhancing efficiency and customer interactions.
Meanwhile, Productive Edge’s launch of their generative AI suite for healthcare demonstrates the potential for artificial intelligence to revolutionize the industry. With tools designed to streamline administrative operations, improve care coordination, and engage patients, Productive Edge is at the forefront of this transformation.
As well as, Distributed Ventures’ $100 million fund will provide much-needed support to insurtech, fintech, and digital health startups working on reducing risk in their respective industries. This injection of capital will help these startups demonstrate their product’s viability in the market and foster commercial success.
Generally, these announcements signify the dynamic nature of Chicago’s tech ecosystem. As companies continue to innovate and invest in new technologies, we can expect further advancements that will shape various sectors and drive economic growth in the region.