ATDC companies raise $280.2 million in investments in 2023

Team Shot Slip Robotics
Employees of Slip Robotics. The Norcross, Georgia-based ATDC portfolio company raised $11 million in 2023. (PHOTO: Erin McDuff/McDuff Photography)

ATLANTA — Startups in the Advanced Technology Development Center (ATDC) current portfolio raised more than $280.2 million in investment capital and created or saved more 2,021 jobs in 2023.

While the investment capital raised was down from the $305.7 million ATDC’s active portfolio companies raised in 2022, it mirrors the prevailing trend across the investment landscape, said Caroline Ford, investor relations manager at ATDC, a program of Georgia Tech’s Enterprise Innovation Institute.

“As expected, deal raise and deal volume for Georgia are down in all stages of venture capital,” Ford said, “but we are stable and holding our own relative to the past 5 years in terms of percent of deals done and percent of all capital raised among Georgia’s early-stage tech companies.”

Still, companies at ATDC, a program of Georgia Tech’s Enterprise Innovation Institute, represented a large slice of the completed deals in Georgia under $12 million in 2023.

“While deal volume and deal amounts were weaker across tech companies raising venture capital in 2023, we are pleased that ATDC companies continued to account for about 18 percent of all reported deals done under $12 million for tech or tech-enabled businesses,” ATDC Director John Avery said. “This figure is consistent with the aggregate activity in Georgia from our companies.”

Among select deal highlights in 2023:

  • ATDC portfolio company Slip Robotics raised $11 millionFounded in 2020, Slip Robotics, whose clients include Nissan, John Deere, and Valeo, is a developer of robotic trailer technology designed to simplify the loading and unloading process of trucks.
  • Layr, a 2022 ATDC graduate, an insurance technology business that builds software to automate and digitize insurance brokerages’ small business departments, closed on an oversubscribed $10 million round.
  • Kayhan Space, a leading provider of high-performance software and solutions for space mission operations, raised $7 million in an oversubscribed seed extension round.  The company is scaling quickly as it accelerates the commercial delivery of the industry’s first autonomous space traffic coordination (STC) framework, Pathfinder™ 3.0.

There were other bright spots in ATDC’s overall 2023 results, too.

ATDC portfolio companies received more the $10.2 million in non-dilutive federal funding grants through the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs in 2023.

When ATDC’s graduate companies are included with the incubator’s current startup portfolio, more than $6.2 billion in investment capital was raised in 2023, up nearly 8% from the $5.7 billion reported in 2022.

What’s more, ATDC’s current portfolio and graduate companies recorded revenue of $2.43 billion in 2023 — up nearly 54% from the $1.58 billion they reported in 2022.

“Traditionally, our companies stay in business after graduating from the portfolio and will typically go on to raise later rounds of capital, bringing jobs and economic activity to the Georgia economy as they scale,” Avery said.

Greenlight, a 2018 ATDC graduate is one example, he said. The ATDC-born financial technology startup behind smart debit cards for parents monitoring their children’s spending, reached unicorn status in 2020, is now valued at $2.3 billion, and employs 515.

ATDC companies are also more likely to be acquired than their Georgia peers as evidenced with the acquisition of Medxoom, a 2023 ATDC graduate and healthcare financing platform, which was acquired by Allied Health that same year.

Jobs were also a highlight in 2023 in the incubator’s ecosystem. ATDC’s current and graduate companies reported saving or creating 14,770 jobs in 2023, up from 11,793 in 2022.