Parkway Venture Capital, an NYC-based technology venture capital firm, announced its second $60 million venture capital fund, bringing new opportunities for investors for a diversified, institutional-quality portfolio of venture capital investments.
Parkway is a generalist venture firm with an emphasis on technology companies that are using artificial intelligence (AI), complex engineering and data science to enable the advanced simulations in construction and other sectors. Parkway has eight investments in its portfolio, and is operating on a rolling close through 2021.
“Parkway operates at the convergence of technology, simulation and production,” says Jesse Coors-Blankenship co-founder and managing partner, Parkway. “This is based on our insight that everything will be simulated as our world embraces a higher complexity future.”
Parkway is focused on disruptive technologies across all sectors, with a specific emphasis on companies using simulation and AI at the heart of their development process to drive digital transformation. Parkway is targeting investments in future-forward companies that have this at the core of their product development.
Nearly every part of technology advancement requires simulation and AI to best manage the extreme complexity these technologies require, the company says.
Parkway’s portfolio companies reflect this mission and represent advanced technologies that can be transferable across multiple sectors:
● Frustum: Focus on AI, data science, simulation, complex engineering for pioneering generative design applications. Frustum Inc., was acquired by industrial innovation leader PTC for $70 million in 2018. The company uses generative design software to allow engineers to specify materials and manufacturing processes to create manufacture-ready designs.
● TAE Technologies: A fusion energy company, uses AI, data science, simulation, complex engineering to simulate data to allow optimization of their reactors;
● Burrow: Data science and complex engineering are used to predict positive product outcomes through data. Parkway were lead investors in Burrow, the D2C modular furniture innovator, whose unique business model has led to triple digit growth and 19 new products launched in 2020 alone;
● SIERA AI: Uses industrial AI vision solutions to prevent forklift accidents.
Watch a video of Siera.AI in action:
● OnScale: AI, data science and simulation optimize for end user computer aided engineering software-as-a-service with cloud computing;
● TestFit: AI, data science, simulation, and complex engineering have enabled a generative design building configurator. TestFit allows changes to unit mix, road layout and parking configurations on the fly.
Learn how TestFit works:
● r4 Technologies: AI, data science and simulation for cross-enterprise business management software as a service;
● Persefoni: Uses AI in its software to provide performance scores for companies to manage their carbon transactions and inventory to lower their carbon footprint.
Building on the success of its first fund, Parkway recently invested in the energy industry disruptor TAE Technologies, alongside Google, Goldman Sachs, NEA, Venrock, and Kuwait Investment Authority, among others. Parkway has also attracted global energy leader Omran Al-Kuwari to its advisory board. Al-Kuwari, a pioneer in clean technology in the MENA region, serves as the CEO of Qatar Foundation International, and is a researcher on decarbonization and energy transition matters. He has held key leadership positions in Qatargas, GreenGulf, and various ventures across three continents. He will play an integral role in shaping and growing Parkway’s investments in the energy sector.