🎮 Riot Games' Valorant Finals Are Another Jewel In LA's Gaming Crown

🔦 Spotlight

🎮💥🔫 “USA, USA, USA!” If you wandered into the Kia Forum this past Saturday and listened to the cheers, you might have thought you had stumbled into a secret Olympic Games, and honestly you’d kind of be right.

Photo courtesy of Riot Games

That not-so-secret Olympics was the Valorant Champions Tour Grand Final, hosted by LA-based gaming giant Riot Games.

I was lucky enough to attend, and, as I sat in the sold-out crowd of 11,500 screaming fans, watching (real) fire erupt from the stage and (CGI) explosions and gunshots flash on the jumbotrons, I felt like a kid on his first day at a new school. Everyone around me seemed to know exactly what to do, and I was just sitting there, confused and overwhelmed, looking exactly like this emoji → 😮

For those of you not familiar with Valorant, it’s a first person shooter game (á la Call of Duty) where two teams of five compete to shoot each other or finish various tasks while avoiding being shot by the other team (sorry to all of the Valorant fans out there for butchering this description). Last month, more than 20 million people played the game, and over a million fans tuned in online to watch the Championship Finals live, according to Riot. While those numbers are obviously huge, Valorant is tiny compared to Riot’s flagship game League of Legends, which counted over 150 million players last month.

So why the “USA, USA, USA!” chant? For the same reason traditional pro sports teams are built around cities. People love cheering for the home team. Riot has organized the professional Valorant league (Valorant Champions Tour or VCT) into regional teams. Saturday’s eventual champion was the North American team, Evil Geniuses - an underdog who triumphed against the heavily favored Southeast Asian Paper Rex team. Fans couldn’t get enough of both sides, though “EG” was the definitely a little more hometown love.

These fans didn’t just come for the 3+ hour actual competition, though. Attendees started showing up more than four hours before the Grand Finals started, hanging out in the baking hot parking lot at the Riot-organized “Fan Fest” before watching the wildly impressive opening musical acts performing Riot-created music from the Valorant game. It was, dare I say it? A Riot of a good time.

So what does this all mean…

This competition is living proof of how gaming is now the largest category in entertainment, and it’s not even close. The industry’s estimated $192B in 2022 revenue is double the size of the TV and movie businesses, and more than 7x the size of the music industry.

It also demonstrates the strength of gaming as one of LA’s core tech sectors. Riot is an LA company, through and through. It was born out of founders Brandon Beck and Marc Merrill’s USC dorm room, opened its first office in Santa Monica in 2006, and maintains its headquarters on Olympic Blvd in West LA to this day. For more evidence of LA’s gaming prowess, look no further than our Around the Internet section below. 😎

🤝 Venture Deals

LA Startups

• LA-based Trellis, a provider of state trial court data, raised $15m in Series B funding led by Top Tier Capital Partners, with participation from Okapi Ventures, Calibrate Ventures, Craft Ventures, Revel Partners and Sky Dayton - learn more

LA VCs

• MFast, a financial services distribution network, raised a $6M Series A led by LA-based Wavemaker Partners, with participation from Krungsri Innovate, Headline Asia and insiders Do Ventures, JAFCO Asia and Ascend Vietnam Ventures - learn more
• Pi-xcels, a startup that manufactures an NFC-enabled point of sale device that can issue interactive e-receipts, raised a $1.7M Seed Round led by LA-based Wavemaker Partners, and joined by Hustle Fund, Amand Ventures, and Black Kite Capital - learn more
• TeamSense, a platform that helps manufacturers manage the attendance of their deskless workers, raised a $4M Seed Round led by LA-based Bonfire Ventures, with additional funds provided by Operator Collective - learn more

New LA Funds

• Black Ostrich Ventures, an LA-based venture capital firm, has launched a $20 million pre-seed and seed stage fund to support African founders to grow their businesses in the cleantech, supply chain, ag-tech, and edtech sectors. The newly created firm says it will mainly support startups in Tanzania, Zambia, Morocco and Uganda, with check sizes ranging from $50,000 to $200,000. - learn more

⚒️ Open Roles

Operations Associate @ Techstars Space Accelerator

Techstars Space Accelerator is hiring a Los Angeles based Operations Associate. This role is responsible for the administrative duties and operational execution throughout the duration of the accelerator program. Logistics experience as well as familiarity with the early stage venture backed company ecosystem is preferred. A willingness to learn and comfort tackling new problems is a must.

It’s a chance to get amazing experience, broaden your network in ways you could never imagine, get exposure to some of the greatest up and coming companies and teams in the country. Historically, most associates end up being employed by one of the teams or by someone they met during the span of the three months. Many also go on to build their own companies. Apply directly here.

✨Featured Event✨

Plug In South LA is hosing its Accelerator Cohort 4 Founder Showcase on September 14th.

Hosted by our friends at Plug In, this event will showcase Early Stage Black and Brown Founders rolling out new service and platform solutions in Digital Health/Healthcare Tech, FinTech, Digital Media, PropTech, and EdTech.

🚀 For Early Stage Investors looking to diversify their portfolios with high-potential companies led by Black and Brown Entrepreneurs, this showcase is a must-attend. We also extend a warm welcome to the LA Tech community, including LPs, Corporate Executives & Foundations, and Family Offices.

🎟️ Secure your spot now and immerse yourself in a night of innovation, inspiration, and boundless opportunities. Register for the Plug In Accelerator Cohort 4 Founder Showcase here.

📅 LA Tech Calendar

Tuesday, September 5th

• Tacos and Tech 🗽 - ScaleHealth’s monthly happy hour for tech and healthcare innovators.

Thursday, September 7th

• JFE Startup and Tech Mixer - JFE Networking mixers bring together LA's top startup founders, technologists, and business professionals in the Jewish community.
• Opus Research Happy Hour at Gridspace: The ROI of AI- Join Opus Research for a free, happy hour discussion about the "ROI of AI in the Enterprise.”

Other events to add to the calendar

🗽 - Free

🌍 Around The Internet

Over the past few years, there has been a shift in startup dynamics that has resulted in a dispersion of funding across the country. This geographical redistribution of seed investments mirrors the evolving landscape of venture capital, propelled by trends such as remote work and the strength of emerging startup ecosystems.

Unsurprisingly the Bay Area stands as the preeminent force in startup funding taking the top spot for capital invested in 7 of the 10 verticals listed below. That being said Los Angeles had a strong showing in the first half of 2023 and dominated the gaming vertical. Total capital raised by gaming companies based in Los Angeles during in the first half of 2023 was nearly $85M, more than 4X the next leading market, Dallas/Fort Worth. 🎮👾🕹️

📙 What We’re Reading

• SEC Settles First NFT Enforcement Action, Against Media Company Impact Theory. -
• Completion of the $2 billion automated people mover project at Los Angeles International Airport has been pushed back to fall of next year. -

WIl Chockley is a partner at 75 & Sunny, where he evaluates potential investment opportunities across sectors and works with founders to build their strategy and execute on their vision.

🚗 Toyota Launches H2HQ in Advanced Gardena

May 10 2024

🔦 Spotlight

Image Source: Toyota

Toyota has transformed its facility in Gardena, CA, into a hydrogen research and development center to capitalize on the expanding market for hydrogen technology in California. With three decades of experience in hydrogen-powered mobility, Toyota is aligning with California's efforts to transition to fuel cells, particularly in the trucking and stationary power sectors. The facility, now named North American Hydrogen Headquarters, will house around 50 engineers and specialists focused on advancing both vehicle and stationary power applications. The revamped office space will serve as a hub for research, development, and commercialization of hydrogen-related products and technologies. Additionally, they have plans to expand the campus with features like a flexible microgrid and sustainable education center for people to learn more about sustainability and hydrogen's role in it. Toyota's President and CEO, Ted Ogawa, emphasizes their commitment to scalable, zero-emission technology and reducing carbon emissions through real-world products like the Mirai fuel-cell car.

Despite challenges such as a shortage of hydrogen refueling stations, Toyota is leveraging its resources to scale up hydrogen technology. The company operates a hydrogen stationary power at its Long Beach port facility, using biomass waste gas to produce clean hydrogen. California's stringent regulations, including requiring newer trucks and buses and eventually banning all internal combustion trucks by 2036, are driving the adoption of clean technologies..

🤝 Venture Deals

LA Companies

• Mother Science, a biotech skincare brand, raised a $3.5M Funding Round led by Greycroft. -
• Rainmaker, a cloud-seeding startup, raised a $6.3M Seed Round from Long Journey Ventures, Day One Ventures, Tamarack Global, 1517 Fund, Starship VC, Champion Hill Ventures, Garry Tan, and Balaji Srinivasan. - learn more
• Elementary, an AI-powered machine vision software developer, raised an undisclosed amount from Rockwell Automation. - learn more

LA Venture Funds

• Joyful Ventures co-led a $2.3M Pre-Seed Round for Maia Farms, a startup that specializes in producing and supplying mycelium-based products primarily targeting the meat alternatives market. - learn more
• Magic Fund participated in a $1.9M Funding Round for Renda, a startup that offers African businesses services such as warehousing, fulfillment, and last-mile delivery. - learn more
• Fika Ventures co-led a $4.1M Seed Round for Volta, a startup that focuses on providing financial institutions with tools and services to manage and optimize their cryptocurrency portfolios. - learn more
• OCV participated in a $50M Series B for Rad AI, a provider of AI-guided tools for radiologists. -
• Unlikely Capital Partners participated in a $14M Series A for Backpack Healthcare, an online provider of pediatric mental health care. - learn more
• B Capital led a $20M Series B for Sift Healthcare, an AI-powered healthcare payment solutions company. - learn more

LA Exits

• Bar Bakers, a nutritional snack maker, was acquired by TruFood Manufacturing. -

🤖 🏥 How Robots and Artificial Intelligence Are Saving Lives in Los Angeles Hospitals

May 03 2024

🔦 Spotlight

Image Source: Children’s Hospital Los Angeles

The integration of robots and artificial intelligence (AI) is transforming healthcare in Los Angeles, with hospitals increasingly employing these technologies to enhance patient care and operational efficiency. According to a Morgan Stanley report from August 2023, 94% of healthcare companies are utilizing AI or machine learning (ML), with the industry's budget allocation for AI and ML projected to double from 5.7% in 2022 to 10.5% this year. These technologies are being used for various applications, from autonomous robots delivering medications to AI systems predicting emergency room wait times and identifying life-threatening infections like sepsis (the third most common cause of death in U.S. hospitals).

Institutions like City of Hope are pioneering AI applications in healthcare, such as real-time clinical decision support tools. City of Hope's sepsis prediction model utilizes AI to monitor patients and detect subtle changes in their vitals, providing early alerts to medical staff, which has led to decreased ICU admissions and improved patient outcomes. Similarly, Antelope Valley Medical Center has implemented autonomous robots like Diligent Robotics Inc.'s Moxi to streamline medication and lab deliveries, reducing staff workload and enhancing efficiency.

Cedars-Sinai is leveraging AI through its CS Connect app, utilizing a chatbot to interact with patients and assist in scheduling appointments and providing diagnostic insights to physicians. Moreover, the hospital is actively combating AI bias to ensure fair and accurate treatment across patient demographics. UCLA Health's Robotic Surgery program, led by Dr. Mark Girgis, has been utilizing robotic surgery for over seven years, offering enhanced recovery, less pain, and shorter hospitalizations for patients. Girgis highlights the benefits of competition driving down costs and improving accessibility to robotic surgery platforms, such as the Da Vinci surgical systems.

The widespread adoption of AI and robotics in Los Angeles hospitals not only represents significant advancements in healthcare but also offers opportunities for the city's tech industry. Hospitals like Cedars-Sinai and Children's Hospital Los Angeles are leading the way with innovative AI-driven solutions. As a result, LA has the potential to attract top health tech talent, bolstering its growing health tech sector.

🤝 Venture Deals

LA Companies

• Diddo, a startup that uses computer vision to identify products in videos and enables viewers to purchase products seen on screen without leaving the video, raised a $2.8M Seed Round led by Link Ventures - learn more
• Shinkei Systems, a developer of fish-processing tech, raised a $6M Seed Round led by Cantos and joined by 8VC, Impatient Ventures, Susa/Humba Ventures, Carya Venture Partners, Ravelin Capital, Red & Blue Ventures, and Undeterred Capital - learn more
• Moso, a shop-to-earn crypto rewards startup, raised a $2M Seed Round from Symbolic Capital, Dao5, Coinlist, and Polygon Ventures - learn more
• Holograph, a startup whose platform enables the creation and management of tokens that can operate across multiple blockchain networks, raised an $11M funding round co-led by Mechanism Capital and Selini Capital, with Northrock Capital, Arca, Courtside Ventures, and Hartmann Capital also stepping up - learn more
• LiNova Energy, a developer of polymer cathodes for batteries, raised a $15.8M Series A led by Catalus Capital and joined by Saft - learn more
• Altruist, a custodian for RIAs, raised a $169M Series E led by Iconiq Growth and joined by Granite Capital Management in addition to insiders Adams Street Partners and Sound Ventures - learn more

LA Exits

• Insight Treatment Programs, a provider of teen outpatient programs for mental health and addiction treatment in Southern California was acquired by Torrance, CA-based Your Behavioral Health, a portfolio company of Comvest Partners - learn more
• SameSky Health, a patient engagement company merged with Tampa, FL-based GroundGame.Health, a startup linking community-based organizations with health plans and providers. After they combined the company raised a $17M funding round led by 7wireVentures - learn more
• Viking Holdings Ltd, a cruise operator based in Woodland Hills raised $1.5B in its IPO. On Wednesday Viking (VIK) closed at $26.10, 9% higher than the IPO price ($24) - learn more

📖 What We’re Reading

• Triller Corp., the Hollywood rival to TikTok, is being bought in an astounding $4 billion deal by AGBA Group Holding Ltd - learn more
• Despite the somewhat bleak gaming venture landscape, Santa Monica's Griffin Gaming Partners gears up for expansion, tapping into Hollywood's top talent and exploring new avenues in IP licensing and investment - learn more
• Sony and Apollo bid $26 billion for Paramount Global, intensifying the competition for the renowned film and TV company - learn more
• Rivian will receive an $827 million incentive package from Illinois to expand its manufacturing plant - learn more
• SAG-AFTRA partners with Nielsen for third-party streaming content measurement, ensuring transparency and accuracy in tracking hits on platforms like Netflix and Prime Video - learn more
• New platform, ProdPro Network, aims to help Hollywood crew members find work -

🕔😃 Tech Happy Hour Guide

May 01 2024

Good Afternoon!

Given the challenging times in the startup and venture capital world, we wanted to lift spirits (pun intended) with some of the LA tech community’s favorite happy hours on the Westside, offering a chance to take a break, network, and relax. So, without further ado, here are some top picks for happy hours on the Westside.

Ester’s Wine Shop

Image Source: Esters Wine Shop

Neighborhood: Santa Monica

Address: 1314 7th Street Santa Monica, CA 90401

Happy Hour Details: Esters Wine Shop’s happy hour runs Tuesday through Saturday from 4 to 6 p.m. and all day Sunday and Monday. A selection of wines are $10 by the glass and the special happy hour cocktail of the day is $14. Happy hour bites range from $3.5 oysters to a $23 charcuterie plate for two.

What You Can Expect: A sophisticated yet unpretentious wine bar with a diverse selection of wines, delicious food, and knowledgeable, friendly service in a beautiful and inviting atmosphere.

The Waterfront Venice

Image Source: The Waterfront Venice

Neighborhood: Venice

Address: 205 Ocean Front Walk Venice, CA 90291

Happy Hour Details: The Waterfront’s happy hour runs weekdays from 3 to 7 p.m. A selection of cocktails, beers, seltzers are buy one get one free including but not limited to espresso martinis, margaritas, and palomas.

What You Can Expect: Delicious margaritas, ample outdoor seating just steps from the beach, and a Venice vibe that includes a gaggle of post-work tech bros.

Santa Monica Brew Works

Image Source: The Infatuation

Neighborhood: Santa Monica

Address: 1920 Colorado Avenue Suite C, Santa Monica, CA 90404

Happy Hour Details: Santa Monica Brew Work’s happy hour runs Monday through Thursday from 5 to 6 p.m.

What You Can Expect: A spacious coastal vibe despite the location with refreshing beers and the added bonus of New York City's famous Emmy Squared craft pizza operation.

Birdie G’s

Image Source: Birdie G’s

Neighborhood: Santa Monica

Address: 2421 Michigan Ave, CA 90404

Happy Hour Details: Birdie G’s happy hour, also known as “Early Birdie’s Happy Hour” runs daily from 5 to 6 p.m. A selection of wines and cocktails are $12 and featured beers are $8. Happy hour bites range from $5 lavender almonds to $12 reuben fries.

What You Can Expect: A stylish industrial setting with a unique twist on comfort food that stands out from typical upscale dining options in LA.

Zinqué - Venice

Image Source: Eater LA

Neighborhood: Venice

Address: 1440 Lincoln Blvd, Venice, CA 90291

Happy Hour Details: Zinque Venice’s happy hour runs Monday through Friday from 4 to 6 p.m. All cocktails and wines by the glass are $12. Happy hour bites let you choose 3 from their list of tapas for $20.

What You Can Expect: A vibrant and airy, low-key neighborhood restaurant with french-inspired dishes bustling with people in meetings or out grabbing a meal with friends.

Maple Block Meat Co.

Image Source: TimeOut

Neighborhood: Culver City

Address: 3973 Sepulveda Blvd, Culver City, CA 90230

Happy Hour Details: Maple Block’s happy hour runs Tuesday through Friday from 5 to 6 p.m. and Monday from 5 to 9 p.m. Drinks are buy one get one free. Happy hour bites range from $7 chopped pork grilled cheese to $12 brisket nachos.

What You Can Expect: A modern, fantastic BBQ with standout brisket and a varied menu of comfort foods in a laid-back, approachable atmosphere.