British startup Cocoon raises £4.2 million to transform steel production runoff into cement
The London-based startup Cocoon has just raised £4.2 million (the equivalent of around €4.9 million) in pre-seed to develop its innovative technology that go towards producing more sustainable cement.
Its patented technology is used to transform steel production runoff from electric arc furnaces into a substitute that is “almost identical” to slag, which is created when steel is produced in a traditional coal-powered furnace. The startup’s innovative process solves an emerging problem, as the steel industry moves toward more energy efficient electric arc furnaces, whose production runoff previously could not be used as a substitute for cement, unlike blast furnace slag.
The advantage of Cocoon’s system is that it integrates easily into existing steel production processes, without major operational changes or compromises on safety. Initial tests are currently being conducted at a steelworks in the north of England, with testing soon to follow in the US. The company aims to integrate its technology into a pilot plant by the end of 2025.
Wireframe Ventures, Celsius Industries, Gigascale Capital and SOSV participated in the funding round.
EliseAI becomes a proptech unicorn thanks to a recent $75 million funding
EliseAI, a New York startup founded in 2017, has just reached unicorn status after landing $75 million in funds. The Series D round was led by Sapphire Ventures, with participation from Point72 Private Investments, Divco West, Navitas Capital and Koch Real Estate Investments, bringing the company’s valuation to more than $1 billion.
As specialists in AI-powered property management tools, EliseAI has now developed an AI-powered chatbot messaging platform specifically designed for the real estate and housing sector. Its main product is a chatbot capable of handling many rental-related tasks, such as lease renewals, property visits, maintenance issues and customer service.
Thanks to its proprietary language model, EliseAI offers specialized solutions tailored to the real estate industry’s specific needs. And its proving successful, as the AI assistant is now used by 70% of the fifty largest rental companies in the US market. What’s more, AvalonBay Communities, the third largest apartment owner and manager in the US, has not only invested in the company, but has also deployed its technology across its entire real estate portfolio.
Estonian startup Myceen raises €2 million in grants for its mycelium-based building materials
Myceen, a startup based in Tallinn, Estonia, has just secured more than €2 million in grants in 2024, with an additional €1-1.5 million in seed investment anticipated. The goal is to accelerate the commercialization of its mycelium-based insulation solutions.
While the company first established its name in the design sector, it is now positioning itself in the promising sustainable building materials industry. According to Myceen, mycelium-based insulation materials combine efficiency, cost-effectiveness and sustainability. They also meet the principles of a circular economy, by transforming industrial by-products into high-performance, eco-friendly materials.
The mycelium insulation will be tested in a pilot house set to be completed in autumn 2024, with the aim being to measure and compare its performance with conventional materials. This test will be operated in collaboration with the Timber Architecture Research Center (PAKK).
The startup secured funding from a wide range of partners, including the Mistletoe Japanese Impact Fund, EIT Climate KIC, Enterprise Estonia (EAS), the German Ministry of Culture, the Estonian Research Council (ETAG), Beamline Deep Technology Accelerator, the Estonian Environmental Investment Centre (KIK), the Estonian Ministry of Climate, Horizon EuroClusters, SoTecIn Horizon and Tehnopol.
The grants will be used to increase Myceen’s production capacity, by moving to a larger facility and establishing a pilot factory. Myceen subsequently plans to launch industrial production technology, while also expanding its product range.
There’s more…
German parking tech startup Wemolo secures new funding – Read more on Tech.eu
Toyota opens European Toyota Open Lab to support mobility startups – Read more on Global Venturing
US startup Trunk Tools raises $20 million to streamline construction project paperwork using AI – Read more on Techcrunch
Swiss startup Optiml raises €3.5 million to decarbonize real estate – Read more on EU-Startups
