More Good News for Austin Startups
Nice to see friends from Lombardi days doing well, at various startups in Austin. Looks like Social Dynamx has launched its first product publicly:
Backed with $2.9 million in angel capital, the company has been operating quietly since January 2011, attracting a small group of beta testers. It now employs 22 workers, CEO Mike Betzer said.
The monitoring software is designed to enable companies to weed out online comments it should respond to instead of requiring customer service employees to wade through thousands of such postings per day. The typical enterprise company only responds to 20 percent of its Twitter posts, he said.
And beyond that, VC’s put a lot more money to work in Austin in Q1 2012 than they did in the year ago quarter:
Venture capital investment in Austin-area companies increased sharply 47 percent during the first quarter compared with the same period last year.
Local venture-backed businesses collected $250 million in 32 financings during the three-month period versus $170.5 million in 29 deals during the first quarter 2011, according to Dow Jones VentureSource.
The key difference, as far as I can tell, is that the uptick wasn’t driven by a single large deal or two outsized deals. The average funding round was $4 million. This should be a leading indicator for Austin’s startup ecosystem.