Focused Energy Raised $11M, Snap.Build Expanded, and More Austin Tech News
Many tech companies are expanding their presence in the Lone Star State capital. With new offices, local team expansions and more, check out how these innovators are growing. This is the Built In Austin Weekly Refresh.
Snap.Build expands in Austin. With new CEO Matt Merritt at the helm, Florida-based fintech company Snap.Build will expand its footprint in Austin and other U.S. markets. The company focuses on non-recourse loans for the residential housing construction industry. Merritt, who formerly worked at Lynd Group Holdings, will help launch the Snap.Build’s tech platform in summer 2023. [Yahoo Finance]
Focused Energy secured $11M. Focused Energy wants to use laser-based fusion to create clean alternative energy supplies. With a Series A capital raise from lead investor Prime Movers Lab, the company plans to further the research and commercialization of nuclear fusion as a climate-neutral energy source. Its funding to date totals $82 million. [PR Newswire]
Austin Tech Quote of the Week
“FileTrail has experienced significant growth over the past couple of years, prompting our need for a larger headquarters. The new location offers improved security measures along with the flexibility we require for continued expansion. In addition to seeking a newer building with modern amenities, we chose to stay in the popular East Austin area which remains helpful in attracting and retaining the quality talent for which FileTrail is known.”— Harold Westervelt, FileTrail CEO
FileTrail moved into a new office. FileTrail serves clients in highly-regulated spaces, with software tools for information governance and records management. To accommodate its growing team, the company moved into a new office in East Austin that has twice the square footage of its previous space. The space features open workspaces, natural lighting, a rooftop patio and other amenities. [Globe Newswire]
Firefly buys Virgin Orbit assets. Headquartered in Cedar Park, Firefly Aerospace manufactures rockets for commercial launches into Earth’s orbit. The company is bolstering its tech with $3.8 million worth of materials from Virgin Orbit, a satellite launching company that closed in May. Firefly is acquiring inventory from three different production facilities, including raw materials and finished goods. Firefly is also expanding its team, with dozens of Austin-area job listings. [Austin Inno]