And we're back! 2023 is looking to be another year of promising opportunities for New York Angels. Our pipeline is refilling and we are about to close our first deals of the new year. We've heard 22 company pitches so far and are looking forward to deeper dives as appropriate.
This month we hear about some exciting developments from our portfolio companies, we look at the impact of ChatGPT on our ecosystem and sit down with Philip Thune.
New York State's Empire State Development program recently announced the launch of a $30M matching fund program for pre-seed and seed-stage companies raising private funds. Companies must be based in New York State and have raised less than $2M in dilutive funding prior to the current round. You can see all eligibility requirements and apply for the program here.
New York Angels is well-suited to help founders access this funding. We will be hosting representatives from ESD at our March Investment Forum who will discuss the program with our members. We look forward to guiding eligible founders in our members' portfolios through the application process.
COMPANY NEWS
NEW VIEW SURGICAL ANNOUNCES FIRST COMMERCIAL CASE
New View Surgical has successfully completed its first-in-human procedure with its novel VisionPort™ system (pictured above). What makes the VisionPort™ system unique is it eliminates the need for a surgical team member to hold and manage the laparoscope, and the need for a separate port in the patient.
First-in-human trials for any medical device are a major milestone, and we are extremely proud of the progress made by the entire New View Surgical team to reach this stage. With FDA approval in hand, the company is now entering the first phase of its Limited Market Release. We continue to expect full commercial release of the device this year. Read More
COMPANY NEWS BUOY
Men's Health just named NYA portfolio company Buoy Hydration as the #1 water flavoring option. Buoy's Hydration Drops are purposefully unflavored which means it's sugar-free and sweetener-free, and only contains clean, functional ingredients that enhance hydration. Read More
COMPANY NEWS US Integrity
The PGA Tour has partnered with US Integrity to assist with maintaining the integrity of its golf competition across the world. Through the partnership, US Integrity will proactively monitor and identify irregular contest-level, officiating and wagering patterns. Read More
COMPANY NEWS SIA ACQUIRED
At the end of 2022, Integra LifeSciences acquired Surgical Innovation Associates (SIA). SIA has developed DuraSorb, a fully-resorbable knitted mesh designed to address the limitations of existing soft tissue support products in reconstructive and aesthetic surgery. Members of New York Angels first invested in SIA in 2017 and continued their support through the acquisition. Read more
COMPANY NEWS MEDCURA Medcura, which has developed a novel material to control bleeding, was recently awarded Breakthrough Device Designation from the FDA for its LifeGel™ surgical product. What sets Medcura apart is its product causes no swelling, which can cause significant adverse events. LifeGel™ is the first and only hemostatic agent to receive this FDA designation. Read More
MEMBER PERSPECTIVES
The Impact of ChatGPT on Investors
Everyone seems to be talking about ChatGPT. In just five days after its unveiling last November the AI chatbot, created by a startup called OpenAI, attracted over one million users, making it one of the fastest consumer-product launches in history. But how will it change the start-up ecosystem, and what do investors need to know. This month, we asked NYA Member Steve Schwartz, award winning author of the book Evil Robots, Killer Computers, and Other Myths for his perspective. Read his article here.
Putting ChatGPT to Work
Member Michael Costa decided to validate ChatGPT by giving it the following task: "Please write a blog post describing how New York Angels has funded multiple NY based start up companies and is in a unique position to work with New York founders to take advantage of the new $30 million Pre-Seed and Seed Matching Fund Program, which will offer early-stage start-up companies $50,000 to $250,000 in growth assistance which they will match with funds from private sector co-investors". The result can be seen here.
The Metaverse
In a recent meeting, member Taher Baderkhan presented his thoughts to the group on The Metaverse. The vision, what it is today and the challenges that exist in order to achieve the vision. He also spoke about how Angels should approach investing in the Metaverse ecosystem, a snippet of his presentation is shown below.
Please note: New York Angels does not offer investment advice. The video content is for informational purposes only and should not construe any form of investment, financial, or other advice.
MEMBER SPOTLIGHT
This month we sat down with NYA member Philip Thune. Phillip, a Princeton graduate, started his career as an investment banker before founding HireMeNow.com, the first online temporary staffing firm. Latterly he was CEO of Textbroker, a company responsible for the creation of over 15 million custom articles (read here).
Phillip discusses a wide range of topics, including how ChatGPT is impacting an industry he is deeply familiar with.
COMMUNITY CONNECTIONS PRIMARY New York City Seed Report
NYA Seed Report, Q4 2022
Our friends at Primary have just published their report on the NY funding ecosystem. To quote from the report "Our long-predicted wipeout of New York City seed deals has finally hit" (and given the headline-grabbing layoffs from in the tech sector, this may not come as a surprise). The report makes sobering, but essential reading for investors and companies alike.
NVP (Newark Venture Partners)
Investment Thesis
Investors are always looking for clues for "the next big thing", and taking inspiration from as many sources as they can. Newark Venture Partners published its Investment Thesis for 2023 called "From the Supply Chain to the Manufacturing Stack and back again". The article provides an analysis and context for investing in the manufacturing/logistics space.
UPCOMING MEMBER MEETINGS
Investment Forum (Hybrid):
• February 13 (9:30 AM - 1:00 PM)
Screening (Virtual):
• March 1 (9:30 AM - 1:30 PM)
FOUNDER DEADLINES
March 29 Screening Application:
• Due March 8
*New York Angels, Inc. ("NYA") is a not-for-profit corporation that is funded by membership dues for individuals and/or entities that NYA has designated as members as well as from certain sponsors. Its purposes include providing administrative support to its members. NYA does not invest in companies. Investments, if made, are made by individual members of NYA.
