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6+ things to know in #MiamiTech: Local startups make Inc 5000’s top 100, plus news from Terran Orbital, Moon Mortgage, RadiusDC, a civic hackathon and much more

Nancy Dahlberg
Nancy Dahlberg
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1

Lockheed Martin to acquire Terran Orbital in $450M deal

Lockheed Martin announced today the signing of a definitive agreement to acquire Terran Orbital, a global leader of satellite-based solutions primarily supporting the aerospace and defense industries that was founded in 2013 in Boca Raton.  

“We’ve worked with Terran Orbital for more than seven years on a variety of successful missions,” said Robert Lightfoot, president of Lockheed Martin Space. “Their capabilities, talent and business momentum align with Lockheed Martin Space’s strategic plans – and we’re looking forward to welcoming them to our team. Our customers require advanced technology and even faster product development, and that’s what we can achieve together.”

Lockheed is Terran Orbital’s largest customer and a key investor. Lockheed has used Terran Orbital satellites in its Space Development Agency’s Transport and Tracking Layer programs. In those programs, Terran Orbital, which went public in 2022, has supported more than 80 missions over the past decade for government and commercial customers with complex mission requirements, from low earth orbit to the Moon and beyond.

Yet, Terran Orbital’s cash reserves have been dwindling. The company reported cash reserves of $14.6 million as of July 31, down from $30.6 million as of the end of June. It told regulators on August 12 that it was pursuing “strategic options.” 

The acquisition value is about $450 million. Lockheed will retire Terran Orbital’s existing debt and pay $0.25 in cash for outstanding shares of common stock. Lockheed Martin and other creditors of Terran Orbital will also set up a new working capital facility worth $30 million. It is expected to close in the fourth quarter of 2024, and upon closing, Terran Orbital will remain a commercial merchant supplier to industry.

 “This move will open new opportunities for growth and innovation, and we couldn’t be more excited about the future. Access to Lockheed Martin’s incredible engineers and world class facilities will only accelerate our business plan to provide low-cost, high-value solutions to our ever-growing customer base,” said Terran Orbital Chairman and CEO Marc Bell, who also founded the company.

2

Find out which Miami tech companies rank highest in Inc 5000

Three #MiamiTech startups made the top 100 of the 2024 Inc 5000 Fastest Growing Companies.

StatusPRO led the pack, coming in at No. 15, with 11,379% three-year revenue growth. Founded by former football players Troy Jones and Andrew “Hawk” Hawkins, StatusPRO brings high-quality VR simulation to the sports space. Through StatusPRO’s first-person simulations, fans can play as their favorite pros while interacting and competing with each other in the virtual world.

Earlier this year, StatusPRO raised a  $20 million Series A fundraise led by Google Ventures and including a number of sports world icons.   “No matter if it’s virtual reality or spatial computing, our vision at StatusPRO is to define first-person sports and deliver experiences that truly embody the emotion, competition and sense of community that comes with being a professional athlete,” CEO Jones said at the time.

GoTu, the dental staffing platform formerly known as TempMee, came in at 42, with 6,282% 3-year growth

Founded by Cary Gahm and Edward Thomas in 2019, GoTu connects dental professionals with jobs. Dental offices can post open shifts along with hourly rates, and dental professionals can browse jobs and either accept the proposed rate or submit a counteroffer. Along with short-term gigs, offices can post permanent opportunities. GoTu received its first outside investment from Florida Funders in 2020 and raised $4.1 million in 2022.

GoTu says it has more than 34,000 professionals on its platform and serves over 20,000 dental offices. The platform has filled over 200,000 shifts, paying over $40 million directly to dental professionals.

Novo, a financial solutions platform for small businesses with offerings such as a free business checking account, invoicing, and access to working capital, ranked 77 on the list of the Inc. 5000, with 3,843% 3-year growth.

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It was the second year in a row Novo, founded by Michael Rangel and Tyler McIntyre, ranked in the top 100. Novo was also the 9th fastest growing company in financial services nationwide.

More than 250,000 small businesses across the US use Novo. The company has surpassed $30 billion in small business transactions since launching in 2018.

Novo raised a $125 million credit facility a year ago, following its Series B raise.

“Over half of all workers in the US either work for or own a small business. At Novo, we provide simple, digital business banking with tools to automate the back office, so that business owners can focus on what they love,” said CEO Rangel.

The other four South Florida companies in the top 100 of  Inc 5000 list were: ABA Centers of America (No. 5); COMPEO (17); Dryeye Rescue (51); and Spot Pet Insurance (No. 62). The 208 South Florida companies ranked in the Inc 5000, including Payabli (233), Biller Genie (259) and Blackfactor (280), combined had a median 3-year growth rate of 238% and generated 24,742 jobs.

In all, this year’s Inc. 5000 companies have added 874,458 jobs to the economy over the past three years. For the complete list, go to www.inc.com/inc5000. 

3

Moon Mortgage merges with Avrio Worldwide

Avrio Worldwide announced it has acquired Miami-based Moon Mortgage through a bi-directional common stock acquisition between Avrio and Moon. The “merger partnership” will focus on delivering crypto lending products to retail and non-retail markets, including through the Avrio ecosystem of companies and partners. Terms of the transaction were not discloed

Moon specializes in collateralized crypto lending products to enable customers access to money for discretionary expenses, purchases, and mortgages, without losing the ability to trade those crypto assets once the loan is taken out. Customers can trade crypto and borrow against it with confidence knowing Moon does not lend out their assets.

Avrio is the parent of several companies delivering digital financial market infrastructure, services, and data across public, private, and digital markets. The deal marks another milestone for Avrio’s ecosystem of companies that develop and scale new and innovative digital financial products and services to retail and non-retail markets.

Aaron Nevin, Moon Co-founder, and CEO says, “Of all the partners we were looking at for a Moon strategic partnership, Avrio offered the most innovate platform with a world class team and ecosystem of companies and partners for us to work with. The opportunity to get our products in the market in weeks through the Avrio ecosystem, with the opportunity to extend to global markets, was the real deal maker for Moon,” said Moon co-founder and CEO Aaron Nevin in a statement.

4

Miami-Dade data center serving Latin America acquired

 RadiusDC, a Chicago-based owner and operator of data centers, announced its acquisition of Miami I, one of the most highly interconnected data centers in the South Florida market, located in Sweetwater. RadiusDC acquired Miami I from NextStream, a data center operator in Latin America owned by Actis. Terms of the transaction were not disclosed.

Miami I comprises approximately 170,000 square feet of data center space constructed to withstand Category 5 hurricane winds. The facility is a carrier-neutral, telecommunications-focused data center serving latency-sensitive workloads in South Florida, offering connectivity to European and South American markets. RadiusDC anticipates Miami I has the potential to support more than 15 total megawatts (MW) of critical IT power capacity, and plans to expand the site’s capacity, with initial phase of construction is expected to be completed during the first half of 2026.

5

Coming up: South Florida Tech Hub’s civic hackathon

The South Florida Tech Hub Hackathon returns Sept. 20-21 with the theme “Civic Hacking: Uniting South Florida Cities.”

Projects should address issues faced by South Florida’s cities/counties/municipalities and could include cyber hacking and ransomware, transportation and smart cities initiatives. Teams will collaborate to build a solution to support local South Florida communities and compete for a chance to win cash and in-kind prizes! Find out more and enter here.



6-PLUS

Opportunity knocks

  • The Levan Center of Innovation at NSU’s Accelerate Program for Life Science & HealthTech Startups is looking for startups with their product or service in the marketplace, generating revenue and ready to scale. The free 11-week program, designed to help entrepreneurs increase funding, customers, and revenue streams, kicks off on September 9th and wraps up on November 22nd, 2024. Founders will meet on Mondays, Wednesdays, and Fridays from 8:30 – 11 AM with their facilitator to discuss various topics to support their growth, including financials, pitch coaching, marketing, legal, HR, fundraising, and technology. Apply by Aug. 9.
  • Endeavor Miami is accepting applications for its fall EndeavorLAB Cohort for early-stage female founders. The two-month accelerator program is free to founders, thanks to the support of JPMorgan Chase, and concludes with a DemoDay event. Applications are also open now through Aug. 23 here. Endeavor Miami is also accepting applications for its next ScaleUp Program. Apply for ScaleUp here.
  • The Miami Downtown Development Authority (DDA) is offering $1.1 million in incentives to attract businesses seeking to move to or expand their operations to Downtown Miami’s Central Business District, Arts & Entertainment District or Brickell. The program offers grants up to $25,000 per business for startups, and is flexible to allow businesses to either operate out of a co-working space or lease their own dedicated office space. Grants up to $50,000 are available for mid-size businesses and ground floor retail operators moving into downtown. Learn more here.
  • As part of its 100 Startup Project Scholarship Program, The Levan Center of Innovation is offering 10 entrepreneurs a one-year membership to the Levan Center of Innovation, thanks to the support of Memorial Healthcare System. Apply here.

ICYMI

Have news to report? Email Nancy Dahlberg at nancy@refreshmiami.com and follow her on X @ndahlberg. Subscribe to Refresh Miami’s free weekly newsletter here. Thank you for supporting Refresh Miami.

Nancy Dahlberg
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