CORONAVIRUS UPDATE
Shipping and logistics platform and tech firm FreightPop in Lake Forest said it’s seeing increased interest for its cloud-based software amid supply chain uncertainty due to the pandemic.
Clients are “rushing to automate their supply chain and gain visibility [into] their supply chain,” according to Chief Executive Kurt Johnson.
FreightPop’s software offers carrier shopping, shipping, tracking and visibility, as well as analytics and reporting and invoice auditing.
New features include shipment invoice auditing, load/package optimization, multi-leg inbound and third-party in-transit reporting and expanded partner rates in its carrier marketplace.
FreightPop connects to more than 300 outside carriers and ultimately aims to create “an Expedia-like marketplace for shippers,” according to Johnson.
The company recently added Chief Technology Officer Brad Perry, co-founder of DealerSocket, an automotive tech company based in San Clemente.
Irvine-based workforce productivity software firm Prodoscore is experiencing higher-than-usual demand as companies transition to remote work.
“We’re bringing visibility to leaders who are struggling with how to handle remote workforces. Our clients feel more at ease having actionable business insights and visibility into productivity, and quickly recognize how powerful that information is whether teams are remote or in-office,” said Head of Marketing Nadine Malek Sarraf.
Prodoscore’s cloud-based software plugs into in-use tools, such as CRM, communication, and office platforms like Microsoft 365 and G Suite to measure thousands of daily activity points and generate a productivity score of workers.
The productivity score is based on things such as emails sent, duration and number of phone calls, number of proposals created, calendar events, and number of leads entered into a CRM database.
The company recently launched a LinkedIn integration, giving users the ability to track activity on the networking platform.
The company said its software can be deployed in as little as 15 minutes with no impact to the end user.
Prodoscore is seeing interest in a wide range of sectors, with prospective clients looking to manage sales teams, developers, financial workers and more.
The 4-year-old company manages about 15,000 employees on their platform and counts partnerships with Google Cloud, RingCentral Premier and Vonage.
Prodoscore raised a $1.1 million seed round last year and plans a Series A round this fall.
LAUNCH
Zero Student Debt Initiative Inc. in San Clemente recently launched its fintech app, called Round Up to Zero, for Android and iOS devices.
The company aims to help users reduce student loan debt with automated payments and educational tools. The platform helps users prioritize various loans and funnels small amounts of money to payments each month.
The company also partners with universities to offer its platform to students and alumni for free.
It charges users a $0.99 monthly subscription fee and a small transaction fee for each deposit.
Since its launch, the platform has a retention rate north of 90%, according to Chief Executive Patrick Salomé. On average, its users have five loans and two lenders.
In addition to subscription and transaction fees, the company earns money through refinancing and third-party offers. A portion of proceeds are currently going to the COVID-19 Solidarity Response Fund, organized by the World Health Organization.
For a limited time, Zero Student Debt Initiative is also offering its technology platform and engineers to organizations looking to fundraise for coronavirus relief.
Zero Student Debt Initiative recently closed a seed round led by the Cove Fund II.
The company has five employees and expects to move into a Newport Beach office in the next few months.
Perry is leading a second round of financing, which the company expects to close soon. Additional investors include Avetta co-founder Jared Smith and the Cove Fund.
FreightPop previously raised capital in 2018. It is the fourth startup to spin out of Lake Forest-based distribution company Horizon Technology.
Johnson said the company is hiring and expects to outgrow its 5,000-square-foot headquarters in the next year or so.
ACCELERATOR
Aliso Viejo-based Octane recently announced the second iteration its nonprofit accelerator, which is modeled after its LaunchPad SBDC accelerator for business and life sciences companies.
The pro bono service is made possible through a partnership with the Edwards Lifesciences Foundation. The new cohort includes:
• Achievement Institute of Scientific Studies, a Santa Ana-based nonprofit that guides disadvantaged students interested in STEM careers.
• Breakthrough San Juan Capistrano, which offers free college-access programs to first-generation students, from middle school to college graduation. The organization received a $28,000 gift from Fountain Valley’s Kingston Technology earlier this month.
• Patient Safety Movement Foundation in Irvine, a Joe Kiani-created group focuses on eliminating preventable harms and deaths in healthcare settings.
• Orange-based Innovos Robotics Inc., a competitive robotics program that aims to introduce underrepresented minorities to the field.
• MedTech Color, a Los Angeles-based nonprofit that strives to introduce persons of color to the medical technology industry.
In its annual impact report, Octane said it has created 13,830 jobs since 2010. The company aims to generate over 55,000 jobs in Southern California by 2030.
CALL TO ACTION
UCI Beall Applied Innovation has issued an invitation to the UCI community to share their ideas for the fight against COVID-19.
“We are in the midst of a pandemic and we know that there is an entrepreneur, industry collaborator, faculty researcher, student innovator or funding partner that has developed an idea or prototype or concept that might play a role in slowing the spread of COVID-19 or curing those ailing because of it,” said Executive Officer Richard Sudek.
Contact one of their experts below with your startup, product idea or resource need related to COVID19. Whether you’re an individual, team or company, Beall Applied Innovation said it will provide the contacts, resources, labs and guidance to help.
• For corporate entities: Carolyn Stephens, Managing Director of Enterprise Collaborations, carolyn.stephens@uci.edu.
• For individuals, inventors and entrepreneurs: Luis Vasquez, Associate Director, Venture Capital Collaborations, luis.
vasquez@uci.edu.
The Cove is currently closed and expects to reopen on April 6.
