1
Miami Beach attracts SAB BIO HQ
SAB BIO is on a mission to treat and prevent immune and autoimmune disorders with the use of its unique immunotherapy platform. The clinical-stage biopharmaceutical company recently relocated its headquarters from South Dakota to Miami Beach, joining hundreds of life science and medical technology startups and larger companies that call South Florida home.
SAB Bio recently received clearance from the U.S. Food and Drug Administration to start phase one clinical trials for SAB-142, a treatment for type 1 diabetes with the goal of delaying the onset or progression of the disease. SAB-142 is a human alternative to rabbit anti-thymocyte globulin (ATG), a substance that has been shown to modulate the body’s immune response and slow down the disease progression in patients with new or a recent onset of diabetes, a press release said.
According to SAB BIO Chairman and CEO Samuel J. Reich, the company relocated on April 4. “We have maintained our South Dakota location as a manufacturing, research and development campus, and our Miami location is our corporate headquarters. We’re excited to join the growing biotech community of South Florida and look forward to expanding our presence here.”
“We have a minimal staff in Miami currently, as we have a remote-first hiring philosophy. However, with growth and success we hope to attract more talent and do hiring in Miami,” Reich said. “Right now, we are focused on expanding our clinical program now that FDA has accepted our investigational new drug application to proceed with clinical trials for our lead candidate, SAB-142. The development of SAB-142 as a revolutionary disease-modifying therapy is an important milestone, and as we progress our clinical program, we’ll grow our staff in Miami, as well.”
2
UrbanLink vertiport project moves forward
UrbanLink Air Mobility, a pioneering South Florida-based advanced air mobility operator, has entered into a partnership with Ferrovial Vertiports, a subsidiary of a leading global infrastructure company, to explore the development of sites for vertiports in key U.S. markets, including South Florida. The vertiports will serve as launchpads for UrbanLink’s Lilium Jets and are essential for urban air mobility operations.
Vertiports provide the necessary hubs for electric vertical take-off and landing aircraft, or eVTOLs, providing infrastructure for take-off, landing and recharging. Innovation in vertiport development is critical for the scalable and efficient operation of eVTOL aircraft, which are poised to revolutionize urban and regional transportation. UrbanLink and Ferrovial Vertiports will collaborate on the development of the facilities beginning with Ferrovial’s planned South Florida vertiport network.
“This partnership is a critical step in accelerating the deployment of our Lilium Jets and enhancing connectivity in the U.S., bringing us one step closer to making AAM a reality. We will continue to lead this charge with our partners,” said Ed Wegel, founder and Chairman of Urbanlink.
UrbanLink says it aims to be the first airline in the U.S. to integrate eVTOL aircraft into its fleet and will lead the entry into service and management of AAM in South Florida and other markets. In May, UrbanLink announced its partnership with Lilium, developer of the first eVTOL jet, and a commitment to purchase 20 Lilium Jets with scheduled pre-delivery payments. With entry into service expected by Summer 2026, UrbanLink is collaborating with partners Ferrovial Vertiports, Lilium, and other AAM leaders to select service routes for its initial eVTOL flights as well as site selections for vertiports.
READ MORE: Miami-based UrbanLink orders 20 Lilium eVTOL air taxis for a planned 2026 launch
3
Hut 8 secures $150M investment
Miami-based Hut 8 has received a $150M investment from Coatue Management.
Hut 8 is an energy infrastructure provider and bitcoin miner that went public last year. A $150 million investment from Coatue, an investment firm founded by billionaire Philippe Laffont, comes as more cryptocurrency miners strive to meet the growing demand for power from energy-intensive artificial intelligence businesses. “We are committed to supporting innovators advancing AI and believe that compute capacity is crucial to unlocking significant growth across the ecosystem,” Laffont said in a statement.
Cryptocurrency asset mining is critical to verifying and securing blockchain networks and releasing new cryptocurrencies like Bitcoin into circulation. Yet, many traditional data center operators are failing to meet the surging demand for AI compute capacity due to power shortages, long lead times to bring new capacity online, and the extensive upgrades required for existing data centers to support the latest generation of high-density compute. Hut 8 believes it can leverage its proven ability to develop and operate complex energy infrastructure to address unmet demand and emerge as a leader in the AI infrastructure market.
“We believe this partnership will allow us to unlock significant opportunities and connectivity to the broader space as we enter this next phase of growth,” Hut 8 CEO Asher Genoot said.
4
Promptly Technology raises funding
Promptly Technology, a Miami-based startup that specializes in streamlining patient engagement, secured a strategic minority investment led by Telegraph Hill Partners. The investment will accelerate the expansion of the company’s technological capabilities, new feature development, and existing service enhancements. The amount of funding was not disclosed.
Led by founder and CEO Anish Kapur, Promptly is a healthcare technology company whose flagship product, the Promptly Patient Experience Suite is a software platform designed for specialty practices to drive patient engagement, increase productivity, assist in staff training and retention, and improve overall economics in response to the reimbursement environment.
“Partnering with Telegraph Hill Partners further solidifies Promptly’s core mission to facilitate patient access, education, and communication while improving clinic workflows. Their investment will accelerate our growth and enhance our ability to deliver exceptional patient engagement solutions,” Kapur said in a statement.
5
Founders, it’s time to enter the $1M Startup World Cup competition
The Source, a new hub for founders and investors in Miami, is giving one startup founder the opportunity to pitch for a chance to win a $1 million investment prize through the Startup World Cup, one of the largest startup competitions globally. The Source has partnered with Pegasus Tech Ventures, a Silicon Valley venture firm with $2 billion in assets under management, to bring the competition to South Florida.
The Source has recently extended the deadline to enter a regional Startup World Cup competition in Miami. Through a local Demo Day and Regional Finals in the Magic City, one startup will ultimately advance to the finals in San Francisco to compete for a $1 million investment prize. Apply here by July 7 (deadline extended).
READ MORE: Could your startup use $1M? The Source invites you to compete in Startup World Cup
6
Pair of reports focus on state’s future and tech’s promise
The Florida Council of 100 today, a 63-year-old non-partisan group of business leaders, unveiled a statewide economic development blueprint that aims to add 200,000 high-wage jobs and $100 billion to the state’s GDP by 2030.
The report, “Beyond Sunshine: Advancing Florida’s World Class Economy for the Next Generation,” is based on research by McKinsey and conversations with industry leaders and economic development officials around the state. It identifies both existing and emerging “priority sectors” based on wages, growth and resiliency for Florida’s economic development community to focus on in each of the state’s six regions.
The Southeast region, the report said, is already known for a world-class financial sector that contributes over 150,900 direct jobs and $51.1 billion in GDP. Finance is among the best bets for job growth, in addition to IT and tech, now a much smaller sector contributing $8.9 billion in GDP and 17,000 direct jobs. Among emerging clusters include biopharma/ medtech and aviation/aerospace. Combined these two sectors contribute 18,100 jobs and nearly $5 billion in GDP.
Meanwhile, the Florida Chamber Foundation recently unveiled theFlorida Workforce Needs Study 2.0, diving deeper into the challenges faced by Florida’s employers when seeking the right talent for open job. This study builds upon the foundation’s ongoing efforts to analyze and address the skills gaps and opportunities that exist in the Florida workplace.
The report found that despite examining job post data for six mutually exclusive occupation groups, there is a set of universal soft skills that all employers need, the top being communication. What’s more, larger employers are more likely to have utilized training grant programs, due to more robust human resources departments with sufficient bandwidth to pursue the funding, while smaller employers seek guidance in taking advantage of these crucial funds. Also, the report found that direct employer listening sessions and surveys reveal that there are limited examples of industry-education partnerships, revealing an area of opportunity for improved alignment between educational institutions and employers.
Locally, the Miami Tech Talent Coalition, part of the Miami Tech Works initiative, is addressing those skills gaps and working to create more pathways to tech careers.
READ MORE: The data is in: We have tech talent, but are not retaining it. Now what?
7
Tim Tebow joins Florida venture capital firm
Govo Venture Partners announced that Tim Tebow, the two-time college national football champion with the Florida Gators, will be a Govo partner. The venture capital firm focuses on early-stage companies. Tebow was drawn to the firm’s mission as a reflection of his values and passion, said Managing Partner Rob Panepinto in a news release.
Tebow has invested in businesses in the past, including a $5.5 million backing of a pediatric dental surgery center in Jacksonville. He is also a partner with the Eagle Venture Fund.
Founded by fund general partners Panepinto, Jonathan Kilman, Brian D’Ambrosio and 1858 Capital Partners, GOVO Venture Partners launched its first venture fund — Govo Fund I — in January 2023. The $50 million Govo fund has made seven investments in startups since then, including Miami-based Mavi and Kind Designs and Palm Beach Gardens-based Medzown. Read more in the South Florida Business Journal.
8
Mana tech announces next immersion program
Mana Tech, a soft landing provider for international entrepreneurs in Miami, announced its sixth edition of the Miami Immersion Program, which offers international tech founders the resources and connections to successfully land and scale in the US.
The Immersion Program – four weeks of virtual training and one immersive week in Miami – aims to help international founders adjust their product market fit for the US market, guided by a group of mentors. “We recognize that the path of entrepreneurship can be isolating and the difficulties they face when it comes to growing and expanding into new markets. That is why we created a support system essential for continuous growth and innovation” said Sally Buberman, Endeavor entrepreneur, former CEO and founder of Wormholeand now COO of Mana Tech.
The program will conclude with a Demo Day hosted at Mana Tech’s Loft 10 in Downtown Miami, where selected startups will pitch in front of a panel of judges. This final event aims to showcase the potential of international tech founders and their ventures, providing them with the visibility and support needed to succeed. Learn more here.
PLUS
Opportunity knocks
- 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 open now through Aug. 10 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.
- Mana Tech is accepting applications for its Miami Immersion Program, a program that gives international startup founders on-site experience in Miami. Learn more and apply here.
ICYMI
Have news to report? Email Nancy Dahlberg at [email protected] and follow her on X @ndahlberg. Subscribe to Refresh Miami’s free weekly newsletter here. Thank you for supporting Refresh Miami.
- 8+ things to know in #MiamiTech: A medtech HQ relocation, plus news from UrbanLink, Hut 8, Promptly, Startup World Cup, Govo Venture Partners, ManaTech & more – June 29, 2024
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- Endeavor Miami announces2024 EndeavorLAB cohort for Black founders: Let’s meet them. – June 26, 2024
