Charlotte Tech News

[CarolinaDaydreamin]

On 6/25/2021 at 10:55 AM, KJHburg said:

Dice Tech jobs and salary reports shows some interesting information.  These photos show the highlights I saw.

And the fact Charlotte is now on the list of the top 25 tech markets is great which 10 years ago nobody would have included our city.  Our average tech salaries are about 4% less than Los Angeles for example yet their average home price more than doubled ours.  

The Dice 2021 Tech Salary Report | Report | Dice Resources

How is Miami not on that list?

[tozmervo]

39 minutes ago, CarolinaDaydreamin said:

How is Miami not on that list?

The list says "metro area," but it does seem odd that both Miami and Atlanta are missing.  "City area" would explain that, as both are relatively small cities in their metros.

[CarolinaDaydreamin]

16 hours ago, tozmervo said:

The list says "metro area," but it does seem odd that both Miami and Atlanta are missing.  "City area" would explain that, as both are relatively small cities in their metros.

I'm sure that doesn't matter. Tampa, Raleigh, Cleveland, Orlando are all smaller. Atlanta is on the list at 19, and that also seems VERY low.

[Blue_Devil]

58 minutes ago, CarolinaDaydreamin said:

I'm sure that doesn't matter. Tampa, Raleigh, Cleveland, Orlando are all smaller. Atlanta is on the list at 19, and that also seems VERY low.

The only thing I can think of is the amount of data people being hired by the banks are being labeled as tech workers. 

[KJHburg]

Yet another Fin-tech startup in Charlotte raises major money.

XUP Payment systems

Charlotte Inno - Local fintech startup XUP Payments raises $3M round (bizjournals.com)

XUP Payments | Drive Transactions Up

Based it seems also in wework in the Railyard. 

 

 

[rancenc]

Not only are tech jobs coming but also company lobbyists as well!

https://www.bizjournals.com/triangle/news/2021/06/30/apple-amazon-google-flood-nc-with-lobbyists.html

[KJHburg]

Charlotte based wireless tech upstart company raises $15 M

Charlotte wireless solutions company Airwavz raises $15M, could raise more | WRAL TechWire

DAS In Building Wireless Solutions | AirWavz Solutions

[CltFlyer]

1 hour ago, KJHburg said:

Charlotte based wireless tech upstart company raises $15 M

Charlotte wireless solutions company Airwavz raises $15M, could raise more | WRAL TechWire

DAS In Building Wireless Solutions | AirWavz Solutions

Clearly all of these companies raising multi millions of dollars is great news.  As someone who is unfamiliar with these tech start ups though, what does the millions in financial raising mean for company growth?  More money to put into research and development?

[J-Rob]

It varies, but often their burn rate isn't sustainable, so the capital raises give them longer runway to stay operational and grow faster. Many venture capitalists are looking for companies that can grow big and grow quickly, so the capital enables them to do that in a way they might not be able to do based on sustainable/organic growth.  Certainly sometimes it is used for R&D, or at least invested in advancing their technology. Other times, its used for headcount to help them get bigger faster.   To be clear, I'm no insider, but that's my understanding. 

Edited July 1, 2021 by J-Rob

[JHart]

I wouldn't really call this a tech company though, they really are just a relatively new building contractor based out of Charlotte going through some private funding. There are plenty of local Commscope or Cisco contractors providing DAS and wireless options like this one, nothing special. 

[KJHburg]

Intapp's IPO and parent of Charlotte based DealCloud means more growth for their Charlotte office.

DealCloud parent Intapp raises $273M IPO: What that means for local operations - Charlotte Business Journal (bizjournals.com)

""Palo Alto, California-based Intapp (NASDAQ: INTA) sold 10.5 million shares at $26 per share, garnering an approximately $1.6 billion valuation. Underwriters still have a 30-day option to purchase up to another 1.575 million shares. Intapp provides cloud-based software for professional and financial services firms. It acquired Charlotte fintech company DealCloud in 2018. The IPO is the next step in Intapp's growth trajectory, said Ben Harrison, president of financial services at Intapp and co-founder of DealCloud. "Certainly that means we'll be investing in all of our office locations around the world. Charlotte is a huge hub and a very important center for us, and so we will be growing there as we have in past years," Harrison said. About 900 of Intapp's 1,600 clients are in the financial-services sector, Harrison said. Intapp's DealCloud offering largely focuses on investment banking and private capital markets firms. Active markets and an increase in M&A and other transactions has led companies to look for infrastructure to support their own growth, he said. Intapp's other offering, OnePlace, is marketed toward professional services firms.   Charlotte is a good place for Intapp to do business for multiple reasons — lower real estate costs, an international airport and access to talent, Harrison said. Intapp plans to hire for positions in sales and marketing, the service and delivery teams and account management, among other roles. The firm's website now shows more than 30 positions available locally.  Intapp will have to expand its Charlotte office at 300 South Tryon as it adds employees, Harrison noted.""

[SouthEndCLT811]

Also on the IPO front is Snap One, the newly rebranded name of SnapAV and Control4. 

https://www.renaissancecapital.com/IPO-Center/News/83584/Smart-home-integration-company-Snap-One-Holdings-files-for-a-$100-million-I

[KJHburg]

Charlotte Inno awards and look at the variety of tech firms on this list.   Charlotte tech community is a lot more than just Fintech though that is very important.

Charlotte Inno - Charlotte Inno’s Fire Awards: Meet the 50 winners of 2021 (bizjournals.com)

[KJHburg]

Of the top 50 tech markets in US and Canada Charlotte is #2 most in the Brain gain category ie tech people moving here in the US cities while NYC was the biggest loser in this category.

Charlotte is the #2 most diverse tech market in terms of employees.

Charlotte overall is #25 biggest tech market in the US  and Canada  with 62,000 plus techies and Raleigh Durham comes in at #24 with 67,000 plus techies.  Nashville comes in with 35,000 plus techies.  

Charlotte is a very affordable market given salaries here and average apartment rent in the bottom 1/3

Scoring Tech Talent in North America 2021 | CBRE

I would download the entire report if you want the indepth look.  

overall it shows Charlotte is attracting tech talent and continuing to grow as one of the fastest growing large tech markets in the country. 

[KJHburg]

I remember when Charlotte was not thought of as a tech city.  Here is a locally based AI startup raising $14 M.   Charlotte. Tech.  Rising! 

Charlotte Inno - Charlotte startup Anduin raises $14M to build out its AI platform, grow customer base (bizjournals.com)

Anduin | AI for an easier, faster, smarter work-to-cash cycle

Based in the pink tower of the Arlington.  

[KJHburg]

Charlotte still attracting the tech workers according to Linkedin study.  Charlotte comes in #3 after Austin and Nashville. 

Biggest losers  San Fran, Boston and Chicago 

Austin Is Biggest Winner From Tech Migration, LinkedIn Data Show - Bloomberg

[KJHburg]

Credit Karma parent company of Intuit making huge tech purchase in Atlanta just down the road with Mailchimp.     Since the Credit Karma facility here in Charlotte is really growing and almost acts as a 2nd HQ why not move closer Intuit from Silcon Valley? #380 on the Fortune 500 list.  

""Atlanta-based marketing technology giant Mailchimp is set to sell to global financial technology platform Intuit (Nasdaq: INTU) for $12 billion, according to a Sept. 13 announcement.  Intuit, which makes TurboTax, QuickBooks and Credit Karma, plans to create an end-to-end customer growth platform for small and mid-sized businesses, which is Mailchimp’s main customer base."" From ATL Business Chronicle 

[kayman]

On 7/19/2021 at 9:35 AM, KJHburg said:

Charlotte Inno awards and look at the variety of tech firms on this list.   Charlotte tech community is a lot more than just Fintech though that is very important.

Charlotte Inno - Charlotte Inno’s Fire Awards: Meet the 50 winners of 2021 (bizjournals.com)

Charlotte is wise to diversify beyond fintech. Although Charlotte is not as huge as the Triangle tech sector now. Eventually, the synergy of the Charlotte tech sector will be similar to San Francisco, Washington, Atlanta, Dallas, and Seattle if it keeps up its strategy. Charlotte will be able to be in the company on the C-Suite, regional hub, and R&D sides of tech as the aforementioned cities. Something on that will help raise its profile in the tech world as well as becoming a Tier I metro (4M+). 

[kayman]

17 hours ago, KJHburg said:

Credit Karma parent company of Intuit making huge tech purchase in Atlanta just down the road with Mailchimp.     Since the Credit Karma facility here in Charlotte is really growing and almost acts as a 2nd HQ why not move closer Intuit from Silcon Valley? #380 on the Fortune 500 list.  

""Atlanta-based marketing technology giant Mailchimp is set to sell to global financial technology platform Intuit (Nasdaq: INTU) for $12 billion, according to a Sept. 13 announcement.  Intuit, which makes TurboTax, QuickBooks and Credit Karma, plans to create an end-to-end customer growth platform for small and mid-sized businesses, which is Mailchimp’s main customer base."" From ATL Business Chronicle 

This is interesting as there's a stiff competition between Atlanta and Charlotte over HQs and de facto 2nd HQs in the Southeast of major corporations. Especially after the creation of Truist, the merger of BB&T and SunTrust, to place its HQs in Charlotte. If Intuit does have the purse strings of 2nd HQ here then you know the competition gonna get even more heated between the 2 cities. 

The airports (ATL & CLT) are already battling it out now.

Edited September 14, 2021 by kayman

[KJHburg]

This is good news AvidXchange files for IPO.  Besides raising money it makes some employees much wealthier and they go out and start their companies.  It is all part of the tech eco-system and it is happening here in Charlotte.  

Business Software Provider AvidXchange Files for IPO - TheStreet

[KJHburg]

How Charlotte angel investors will be richly rewarded in the IPO for AvidXchange and lets hope they invest again and win again.

20 years later, a big bet on tech pays off - The Charlotte Ledger (substack.com)

We need more of this kind of investing for all kinds of startups.  

[SydneyCarton]

From today’s Observer.  I can't open the link, as I don't have an account.

Edited October 14, 2021 by SydneyCarton

[J-Rob]

Here is the Charlotte Business Journal article:

https://www.bizjournals.com/charlotte/news/2021/10/14/the-meta-lab-aims-charlotte-as-fintech-destination.html

This is actually pretty exciting and aspirational stuff.  Here are a few excerpts:

"The Meta Lab will tie health care and finance startups into an accelerator program supported by local finance and tech giants and MassChallenge, an entrepreneurship nonprofit...."

"There are two sides to The Meta Lab initiative, said Carolina Fintech Hub Executive Director Tariq Bokhari, who is also a Charlotte City Council member. While startup applicants are being reviewed for participation in the program, the City of Charlotte and the initiative’s partners will aggressively recruit the companies to move here."

“We’ve done this thing kind of ad hoc over for the last couple years,” Bokhari said. “But even doing it ad hoc, that’s why Better.com has over a 1,000 people working here. That’s why RobinHood is here. That’s why Varo Bank is here because the fintech hub found opportunities and tossed it over to the city to recruit them to come here.”

The Meta Lab will build on that momentum, institutionalize it and create a factory of bringing the hottest companies and small businesses to Charlotte, Bokhari said. “Then we’re going to find the best startups in the world, for all of (the challenges), and ultimately bring them here, recruit them to town and see if we can make deals happen.”

 

[KJHburg]

Shout out to Wilmington and this new tech job announcement.   NC's coastal city is starting to get a bigger and bigger tech scene with Live Oak Bank, nCino, PPD etc. 

Real-Time Market Research Technology Firm to Open Wilmington Office in November 2021 | Suzy to add 40 new jobs in New Hanover County - Wilmington Chamber of Commerce, NC

40 new jobs in downtown Wilmington from NY based startup average pay $140K  

 

 

[KJHburg]

Tech news from the Raleigh area.   Food delivery by drone in suburban Holly Springs.   They also tested Walgreens prescriptions by  drone in this area too.  And Holly Springs is about suburban as it gets.  (very nice town by the way too) 

Drone food delivery available for some in Holly Springs - ABC11 Raleigh-Durham