Angel investment platform focuses on securing funding for startups steeped in science and technology; funding led by angels including senior execs from Lending Club
Redwood City, Calif. – June 1, 2015 – Propel(x), an online investment platform connecting deep technology startups with angel investors, today announced it has received $1.5 million in seed financing from investors including senior executives at Lending Club. Propel(x) features startups in the life sciences, energy, cleantech, computer sciences, materials and chemicals sectors.
Propel(x) Inc., was founded in 2013 by CEO, Swati Chaturvedi and Lisheng Wang, classmates from MIT. Through its community-centric diligence processes, Propel(x) demystifies deep technology investment and removes the funding barriers for these startups. The aim is to empower investors to make more informed decisions, while diversifying and building their alternative portfolios with more meaningful investments.
Additional funding for Propel(x) also comes from IDG Capital Partners, Zhen Fund, TEEC Angels, TBN Network and CLI Group. The funding will be used to further develop Propel(x)’s technology, build its community of experts, grow its investor base and secure key partnerships.
To date, consumer startups have driven the crowd investment phenomenon, while aspiring deep technology companies have had difficulties securing funding due to the complex nature of their offerings. At the same time, investors interested in deep technology have struggled to find the right deal flow. Even investors who are able to access deep technology deals, often do not have the resources to properly research and execute due diligence on these companies. As a result, the funding field for deep technology startups remains limited.
“We are building a community of investors who are truly passionate about deep technology startups and the positive impact they have on humanity,” said Chaturvedi. “By developing tools and resources not currently offered through other investment platforms, we are providing investors, from Silicon Valley and beyond, access to the right deal flow and diligence insights, while enabling startups to reach their funding goals more quickly.”
Propel(x) sees deep technology as a growing area of opportunity underserviced on today’s investment platforms. The company estimates out of the estimated $22 billion invested by angels last year, nearly $8.5 billion was invested in deep technology. According to company estimates based on the Angel Market Analysis Report by the Center for Venture Research at New Hampshire University, more than 20% of deals and 30% of all angel investment dollars go into deep technology companies each year.
Propel(x) is an investment platform built for the “Accredited Investor” as outlined in Rule 501 of Regulation D by the Securities and Exchange Commission. For more information, please visit: http://www.propelx.com.
About Propel(x)
Propel(x) Inc. is an online investment platform that connects deep technology startups with angel investors, and features startups in the life sciences, energy, cleantech, computer sciences, materials and chemicals sectors. Propel(x) was founded in 2013 by CEO, Swati Chaturvedi and Lisheng Wang, classmates from MIT. Through its community-centric diligence processes, Propel(x) demystifies deep technology investment and removes the funding barriers for these startups. For more information, please visit: http://www.propelx.com.
