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Are you wondering whether or not investors are investing in startups during the COVID-19 crisis? On this morning’s WJR Business Beat, Jeff shares how firms like Detroit’s own Ludlow Ventures continue to invest in startups.
San Francisco-based Density, a company that makes sensors to monitor the number of people entering and exiting a room, building or space at any given time, just received a $51 million investment from several companies, including Ludlow Ventures.
The insights Density’s technology offers is incredibly important information during the COVID-19 crisis as we keep social distancing top of mind. Big-name brands using the platform include the likes of Pepsi, Verizon, Fidelity and more.
Tune in to today’s WJR Business Beat to learn more!
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Good morning, Kevin.
Wondering whether or not investors are investing in startups during the COVID-19 crisis? Well, they are in this one and investors include Detroit’s own Ludlow Ventures.
The total investment round? $51 million into this hot company. And that company is Density, based in San Francisco. They make sensors to monitor the number of people entering and exiting a room or building or a space for the purpose of understanding how many people are in that space at any given time.
This has obviously become important information during the COVID-19 crisis as we keep social distancing top of mind.
Density’s website indicates that they build the technical infrastructure for cities, spaces and buildings to measure how they’re being used. Brands using the platform include the likes of Pepsi, Verizon, Fidelity and a hundred other big-name brands.
Density’s CEO, Andrew Farah, says regarding headcount control, “This was an important and material thing for those that led large real estate portfolios,” wanting to know how spaces were used. But now, during the pandemic, this has become a main street issue and so has Density’s product and corresponding revenues.
While Farah declined to give specifics on revenue and valuation, he says new bookings grew 493 percent in the quarter beginning February compared to the quarter prior, as reported in Fortune magazine.
So, if you’re wondering if venture money is flowing into startup companies during the COVID-19 pandemic and economic crisis associated with it, well, look no further than Density and our own Ludlow Ventures, making a significant investment into the company.
I’m Jeff Sloan, founder and CEO of StartupNation.com, and that’s today’s Business Beat on the Great Voice of the Great Lakes, WJR.