What a year 2020 has been!
Despite the challenges brought on by the global pandemic, Archangel Network of Funds announced its debut through the launch of its COVID-19 Leadership Initiative. Since the initiative’s inception in Spring 2020, Archangel received approximately 50 funding applications from start-ups working urgently on solutions to mitigate the devastating health, social, and economic effects of the global COVID-19 pandemic.
Of the 50 applications received, Archangel General Partners conducted due diligence on 20 of the most promising start-ups. Through the summer, we were in negotiations with six of the best companies that survived the due diligence process. Archangel Network of Funds is excited to share that three investments have now closed, bringing an exciting conclusion to the COVID-19 Leadership Initiative.
Each of the three funds within Archangel (Adrenaline, Axion, and StarForge) are actively raising money from accredited investors, with a goal to close early in 2021. And the good news is that even investors who join any Archangel fund in this closing, will have all 3 COVID-phase companies in their portfolios.
Beginning January 2021, Archangel Network of Funds will continue to build the portfolio of companies for Adrenaline, Axion, and StarForge funds according to each of their own investment theses. Each of these funds will be looking for early stage start-ups with ground-breaking innovations in sectors that are not restricted to COVID-19 products or services. Please contact any Archangel GP to learn more.
COVID-19 Leadership Initiative Investments
DarwinAI (Waterloo, ON) a leading “explainable” AI company, has successfully closed an investment round with participation by Archangel Network of Funds and its alliance of partners. The investment round is led by Honeywell Ventures. Meanwhile, Archangel Network of Funds leverages the network of partner Wharton Alumni Angels to help DarwinAI expand their business to the American market. See Media Release
EAIGLE (Markham, ON) vision combines space optimization, crowd monitoring and video analytics technology enabling smart facilities that are prepared for future disruptions. During the COVID-19 pandemic, this includes Self Declaration, Thermal Screening, Automatic Instruction, and Access Control for many organizations and facilities. Archangel has led EAIGLE’s seed round funding to help scale its platform and business. See Media Release.
ForceN (Toronto, ON) has a great success in its recent fundraising round, where Archangel joined with NorthSpring Capital Partners and various angel groups to provide ForceN with capital to expand their development of cutting-edge pressure sensor technology and meet growing customer demand for prototypes. ForceN has created a paper-thin, human-level touch sensor that can be applied to any surface and is ideal for use in high-reliability robotics and medical instrumentation.