Dynamo Dispatch (2025/07/14)
Issue 337 | Bonx, Zeelo, Lux Aeterna
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Weekly Commentary đ
Back from the July 4th break and into the swing of things, weâre seeing a surge of funding and M&A activity across the industrial technology space. This includes a flurry of announcements from Dynamoâs own portfolio, including Bonxâs Seed raise, Zeeloâs Series B round, Stordâs acquisition of Penny Black, and our new investment in Lux Aeterna. As always, more details below!
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Make, Move & Monetize đŠ
â Trump Will Charge 35% Tariff on Canadian Imports Starting Aug. 1. The US will impose a 35% tariff on Canadian imports starting August 1, though goods compliant with the USMCA trade agreement are currently exempt. Trump tied potential tariff adjustments to cooperation on fentanyl control and criticized Canadaâs dairy protections, while Carney emphasized continued collaboration and recent progress on border security. The move comes amid broader tariff threats to other US trade partners, including potential future tariffs on pharmaceuticals. Elsewhere, Brazil Vows Retaliatory Tariffs Against US if Trump Follows Through on 50% Import Taxes and Donald Trump Deal to Leave EU Facing Higher Tariffs Than UK.
Longshore Unions to Unite for âAnti-Automationâ Protest. Longshore unions are organizing a global anti-automation conference in Lisbon this November to build a united front against what they see as job-threatening automation in maritime industries. The event aims to gather unions and labor leaders worldwide to strategize and share experiences, emphasizing that automation endangers not just jobs but entire working-class communities. This follows a major contract dispute in 2024 where the ILA secured job protections amid growing automation, and union leaders argue that corporations are using automation to cut labor costs under the guise of efficiency and safety. Completely unrelated, Amazon Releases Waste Diversion Metrics as Part of Larger Sustainability Plan.
Trumpâs Copper Tariffs Set to Include Products for Power Grids, Data Centers. President Trump plans to impose a 50% import tariff on copper, potentially including semi-finished products like wires, sheets, tubes, and plates used in power grids, military systems, and data centers. While refined copper was expected to be targeted, extending tariffs to semi-fabricated goods would significantly broaden the impact, raising costs across industries reliant on copper. The US currently lacks sufficient domestic capacity to replace the 800K tons of semi-finished copper imported annually, and expanding that capacity could take up to seven years. Related, Trumpâs 50% Copper Tariff Could Rattle US Supply Chains.
Red Sea Insurance Soars After Deadly Houthi Ship Attacks. Insurance costs for shipping through the Red Sea have more than doubled after Yemenâs Houthis sank two vessels and killed at least four seafarers, ending months of relative calm. War risk premiums have surged from 0.3% to as high as 1% of a shipâs value, adding significant costs and prompting some underwriters to suspend coverage. The Houthis, aligned with Iran, have attacked over 100 ships since late 2023, targeting vessels with direct or indirect ties to Israel as part of their stance in the Gaza conflict. The renewed violence has heightened caution among insurers and operators, signaling a return to earlier, more aggressive targeting criteria. Related, Shipping Industry Calls for Action After Deadly Red Sea Attacks.
North American Intermodal Notches Solid First Half Despite Trade Turmoil. North American intermodal volumes rose 3.6% YoY in the first half of 2025, despite trade uncertainty and tariff-related disruptions, with US âBig Fourâ railroads seeing a more modest performance and a recent 2.9% volume decline. Tariffs, particularly the imposition and rollback of steep China duties, significantly influenced shipping patterns, causing an early peak in activity during Week 6 followed by a steady decline. Canadian railroads have fared better, showing recent strength without the same tariff-induced volatility. Analysts suspect much of the early-year strength was pulled forward from peak season, suggesting any upcoming seasonal surge will likely be delayed and relatively weak. For more, AAR: Carload Volume Rose, Intermodal Fell in June and June Rebound as West Coast Containers Best East, Gulf Ports.
US Port Operators Seek To Mitigate Hefty Expected Tariffs On China-Built Port Cranes. US seaport operators are seeking more time to comply with anticipated tariffs of up to 100% on Chinese-made ship-to-shore cranes, which they expect will effectively ban future purchases of the equipment. The proposed tariffs, driven by national security concerns over China's dominance in crane manufacturing and fears of cyber vulnerabilities, follow similar actions taken by the Biden administration in 2024. While US officials argue the move is critical to protect infrastructure, port operators warn it could impose billions in costs and hinder port competitiveness, and are requesting exemptions and transition periods for already-ordered cranes. Unrelated, NEURA & Hyundai Start Real-World Testing Of Robots For Shipbuilding.
Asia-Europe Freight Rate Surge Stalls Amid Port Congestion and Mixed Market Signals. Container freight rates on the AsiaâNorth Europe route have plateaued after recent increases. Forwarders report relatively stable pricing and easy space availability, although congestion at North European ports could soon drive rates higher as carriers reroute and skip port calls. Rates on the AsiaâMediterranean and AsiaâNorth America routes have declined, with the former dropping 7% and the latter showing milder decreases, especially on the ShanghaiâLos Angeles and ShanghaiâNew York lanes. Geopolitical tensions and tariff uncertainties are distorting transpacific trade patterns, while the transatlantic market has also weakened, signaling continued volatility across global container shipping. Related, Another Painful Headache for Shippers as Asia - N Europe Rate Rally Ends.
Honda Brings Innovation to the Delivery Service Industry. Honda has unveiled the Fastport eQuad, an all-electric micromobility vehicle designed for last-mile urban deliveries, which can operate in bike lanes and features a pedal-assist powertrain and swappable batteries. With a top speed of 12 mph and a suite of energy-saving features like regenerative braking and automatic parking brakes, the eQuad aims to provide a safe, efficient, and zero-emission alternative to traditional delivery vans. Targeting North American and European markets, Honda plans to begin vehicle deliveries in late 2025, with full-scale production starting in summer 2026. Related, Your Packages Could Soon Be Delivered By Honda's Electric Quadricycle.
FedEx Establishes Automotive Vertical in B2B Shipping Push. FedEx has launched a dedicated automotive vertical to grow its B2B revenue, focusing on the $18B high-margin North American automotive supply chain market, and has already earned recognition from GM as a top supplier. The company aims to become a key logistics partner for automakers facing supply chain and tariff challenges, leveraging its global capacity to adapt to shifting demand. In parallel, FedEx is also targeting growth in healthcare logistics, achieving $9B in revenue and new certifications to compete more directly with UPS in the sector.
China Is Poised to Buy More EVs Than Gas-Only Cars This Year. EVs are on track to outsell gasoline cars annually in China for the first time, driven by rising plug-in hybrid sales, expanded trade-in subsidies, and a growing lineup of affordable, feature-rich EV models. In the first half of 2025, new-energy vehicles made up over 50% of car sales, and projections suggest sales could hit 16M by yearâs end, with demand bolstered by improved battery technology, fast-charging platforms, and range-extender hybrids. While concerns remain about inflated sales figures through bulk dealer registrations, Chinaâs EV market is growing rapidly and is expected to soon surpass the entire US car market in size. Also, What Killing Tax Credits Means for the Electric Vehicle Market.
The Future of Supply Chain đïž
Check out our podcast series thatâs been running since 2018. On each episode of the Future of Supply Chain, we sit down with a different entrepreneur, investor, or industry veteran to discuss innovation, technology, and the most exciting opportunities in supply chain as we build the future of the industry together.
Fundraises and M&A đž
đ„ Lux Aeterna Raises $4M in Pre-Seed Funding. Lux Aeterna is developing Delphi, a reusable satellite designed to re-enter Earthâs atmosphere and land, aiming to dramatically reduce launch costs and increase mission flexibility. The funding will support development and the planned 2027 launch and recovery test of the Delphi satellite aboard a SpaceX Falcon 9. The round was led by Space Capital, with participation from Dynamo Ventures and Mission One Capital.
đ„ Bonx Raises $8.6M in Seed Funding. Bonx delivers a no-code, graph-based ERP platform tailored for mid-sized manufacturers, enabling rapid deployment and integration with existing operational tools to streamline production, logistics, and procurement. The funding will support team growth, enhanced AI capabilities, and expansion in key European markets like Italy and Spain. The Seed round was led by 9900 Capital with participation from Dynamo Ventures, Kima Ventures, Purple, and OSS Ventures.
đ„ Zeelo Raises $23M in Series B Funding. Zeelo provides an AI-powered smart bus platform offering sustainable shared transportation solutions for commuters and students through a TaaS model. The funding will support scaling of its proprietary platform, expansion in North America, and strategic acquisitions. The round was led by Blue Earth Capital with participation from Direttissima Growth Partners and Peter Bauerâs family office.
đ„ Stord Acquires Penny Black. Stord is a technology driven, end-to-end fulfillment platform which enables eComm brands to provide Amazon-like delivery experiences to their customers. Penny Black is a SaaS platform which specializes in hyper-personalized post-purchase inserts. The acquisition will enhance Stordâs consumer experience suite, enabling brands to boost average order value, retention, and revenue through these marketing enrichments in the unboxing experience.
Nascent Materials Raises $2.3M in Seed Funding. Nascent Materials is developing a novel process for manufacturing lithium-ion battery cathode materials. The funding will support the scaling of its LFP and LMFP cathode material production and expansion into additional chemistries. The round was led by SOSV, with participation from the New Jersey Innovation Evergreen Fund and UM6P Ventures.
Nordic Air Defence Raises $3M in Pre-Seed Extension Funding. Nordic Air Defence creates battery-powered drones that can intercept other drones for military and civil uses like protecting airports or industrial sites. The funding will in part be used for an array of senior hires. Inflection led the round.
Woodchuck Raises $3.75M in Seed Funding. Woodchuck uses AI-powered image recognition to convert wood waste from construction and manufacturing into high-quality biomass for clean energy. The funding will support scaling operations, deepen partnerships with energy providers, and expand Woodchuckâs AI platform capabilities. The round was led by Mason Fink and included participation from NorthStar Clean Energy, Alloy Partners (formerly High Alpha Innovation), and Beckett Industries.
Parter Raises $5.5M in Seed Funding. Parter offers an AI-powered platform designed to streamline workflows for hardware R&D, engineering, and supply chain teams by automating manual tasks and delivering real-time data insights. The funding will support product development and growth as the company expands its customer base across industries. The round was led by StageOne Ventures, with participation from Zenda Capital.
BackOps Raises $6M Seed in Funding. BackOps provides an AI-powered automation platform called Relay that integrates with existing logistics systems to eliminate manual processes in warehouse and order operations. The funding will support product innovation and expand Relayâs capabilities across more logistics workflows. The round was led by Construct Capital with participation from Gradient and 10VC.
Tibo Energy Raises âŹ6M in Seed Funding. Tibo Energy develops an AI-driven Energy Management System (EMS) that enables industrial and commercial sites to manage decentralized energy assets in real-time, optimizing for cost, capacity, and carbon intensity. The funding will support team expansion, product development, and market entry into Germany and Belgium. The round was led by KOMPAS VC, with participation from Hitachi Ventures, WEPA Ventures, SET Ventures, and Speedinvest.
Aircon Raises $5M in Seed Funding. Aircon offers an AI-powered digital platform for air freight that automates quoting, booking, and tracking. The funding will support platform expansion and help modernize air cargo operations for small and midsize logistics firms. The round was co-led by Blumberg Capital and Las Olas VC.
Civ Robotics Raises $7.5M in Series A Funding. Civ Robotics has developed an outdoor layout robot that automates surveying tasks with high precision, reducing labor needs and increasing site productivity across sectors like renewables, oil and gas, and infrastructure. The funding will support product line expansion and further development of autonomous jobsite technologies. The round was led by AlleyCorp with participation from Bobcat Co. and ff Venture Capital.
Klutch AI Raises $8M in Seed Funding. Klutch AI provides an AI-powered construction management platform with field-trained agents that automate workflows, extract insights from jobsite communications, and integrate seamlessly with tools like Procore and Salesforce. The funding will support expanded agent capabilities and deeper integrations across the construction lifecycle. The round was led by Bain Capital Ventures and Bling Capital, with participation from Brick and Mortar Ventures, Original Capital, and Anthology Fund.
Unchained Robotics Raises âŹ8.5M in Series A Extension Funding. Unchained Robotics offers a software platform that standardizes control of factory robots across manufacturers. The funding will support international expansion and further development of scalable, turnkey solutions. The round was led by Direttissima Growth Partners, with participation from Navivo Capital, Future Industry Ventures, vent.io, and D11Z.
Liki24 Raises $9M in Series A Funding. Liki24 is a health marketplace that aggregates listings sellers, offering consumers medicines, supplements, and personal care items with AI-powered logistics for price comparison and consolidated delivery. The funding will support expansion into new European markets, enhancement of its platform, and growth of its product and seller network. The round was backed by u.ventures, TA Ventures, iClub, SID Venture Partners, MA7 Ventures, N1 Ventures, Dnipro VC, and angel investor Anton Borzov.
Filics Raises âŹ13.5M in Funding. Filics develops autonomous transport robots that handle standard Euro pallets and load carriers. The funding will support continued product development, international expansion, and rollout of its Filics Unit for floor block storage and future autonomous truck loading. The round included new investors Sandwater, Alven, F-LOG Ventures, and the Amazon Industrial Innovation Fund, alongside Bayern Kapital and existing backers Capnamic and 10x Founders.
AllSpice Raises $15M in Series A Funding. AllSpice provides a collaboration and automation platform for electronics teams, combining structured design data and AI tools to streamline hardware development workflows. The funding will support enterprise feature expansion and the public release of the AllSpice AI Agent for hardware design validation. The round was led by Rethink Impact, with participation from L'ATTITUDE Ventures, GingerBread Capital, DNX Ventures, Root Ventures, Benchstrength, and Flybridge.
Ekho Raises $17.3M in Series A Funding. Ekho provides an end-to-end digital checkout platform for OEMs and auto dealers. The funding will support platform growth, customer expansion, and continued automation of vehicle sales workflows. The round was led by Activant Capital with participation from JP Morgan, Winnebago Industries, and existing investors Y Combinator, RiverPark, and Westcott Investment Group.
Voliro Raises âŹ19.8M in Series A Extension Funding. Voliro develops autonomous aerial robots for precision inspection and maintenance of hard-to-reach industrial infrastructure. The new funding will accelerate development of the next-generation Voliro T platform, focusing on enhanced autonomy, modular payloads, and AI-powered diagnostics. The extension included new participation from noa and a debt facility from UBS, following an original round led by Cherry Ventures.
Parspec Raises $20M in Series A Funding. Parspec offers an AI-native procurement platform for wholesale construction product distributors and sales agents. The funding will support expansion across the full project order lifecycle and the development of a contractor portal. The round was led by Threshold Ventures, with participation from Innovation Endeavors, Building Ventures, Heartland Ventures, and Hometeam Ventures.
Tailor Raises $22M in Series A Funding. Tailor provides a modular, headless ERP platform. The funding will support US expansion, continued product development, and growth of its Japan operations. The round included investments from ANRI, JIC Venture Growth Investments, NEA, Spiral Capital, and Y Combinator.
Emerald AI Raises $24.5M in Seed Funding. Emerald AI offers a real-time orchestration platform that transforms AI data centers into grid-responsive assets by dynamically adjusting energy consumption. The funding will accelerate large-scale deployments and support further development of solutions addressing the grid constraints limiting AI infrastructure growth. The round was led by Radical Ventures, with participation from NVentures (NVIDIA), AMPLO, CRV, Neotribe, and notable individual investors Jeff Dean, John Kerry, and John Doerr.
Hived Raises $42M in Series B Funding. Hived operates a fully electric parcel delivery network. The funding will support the companyâs expansion to cover 80% of the UK within two years and explore potential international licensing of its technology. The round was led by NordicNinja, with participation from Wex Venture Capital, Marunouchi Innovation Partners, and Elemental Impact.
RealSense Raises $50M in Series A Funding. RealSense, an AI-powered computer vision company spun out from Intel, provides depth camera and perception systems for robotics, biometrics, and industrial automation. The funding will support global expansion in manufacturing, go-to-market operations, and product development. The round was led by a semiconductor-focused private equity firm, with participation from Intel Capital and MediaTek Innovation Fund.
Levelpath Raises $55M in Series B Funding. Levelpath offers a mobile-first, AI-enabled procurement platform designed to modernize sourcing processes and reduce rogue spending across enterprises. The funding will support aggressive revenue growth and continued product development to challenge legacy incumbents in the procurement software space. The round was led by Battery Ventures, with participation from Benchmark and Redpoint.
ServiceUp Raises $55M in Series B Funding. ServiceUp offers a comprehensive platform and managed service for fleets and insurance carriers to automate and oversee vehicle repair processes. The funding will support expansion into Canada and additional U.S. states, while enhancing automation and AI features on the platform. The round was led by PeakSpan Capital, with continued participation from Hearst Ventures, Trestle Partners, Capital Midwest Fund, and Litquidity Ventures.
CarOnSale Raises âŹ70M in Series C Funding. CarOnSale operates a digital B2B marketplace for used car trading, offering vehicle inspections, logistics, and payment processing to streamline cross-border transactions across Europe. The funding will support rapid European expansion, platform enhancement, and team growth, with the goal of scaling to 1 million annual used car sales. The round was led by Northzone, with participation from HV Capital, Insight Partners, Stripes, and Creandum.
Tacta Systems Raises $75M in Seed and Series A Funding. Tacta Systems is building a dextrous intelligence platform that equips robots with human-level tactile sensing and spatial awareness to perform complex, delicate tasks autonomously. The funding will accelerate development of robotic solutions designed to manipulate the physical world with human-like precision and adaptability. The round was led by Americaâs Frontier Fund and SBVA, with participation from B Capital, EDBI, Sojitz Corporation, and Woven Capital.
MaintainX Raises $150M in Series D Funding. MaintainX offers a cloud-based maintenance and operations platform that uses AI to automate inspections, safety procedures, and machine health monitoring, helping industrial teams cut downtime and maintenance costs. The funding will enhance its AI capabilities and expand platform adoption across its 11,000+ global customers. The round included participation from Bessemer Venture Partners, Bain Capital, Amity Ventures, and August Capital.
PhysicsX Raises $135M in Series B Funding. PhysicsX develops an AI-native engineering software platform to accelerate innovation across industries such as aerospace & defense, automotive, semiconductors, and energy. The funding will support global expansion and the development of more advanced physics foundation models. Atomico led the round, with participation from Temasek, Siemens, Applied Materials, July Fund, and existing investors including General Catalyst, NGP, Radius Capital, Standard Investments, and Allen & Co.
Varda Space Raises $187M in Series C Funding. Varda Space develops in-orbit manufacturing platforms that enable the crystallization of biologics like proteins and antibodies under microgravity conditions to enhance drug purity, stability, and shelf life. The funding will support the build-out of a 10,000-square-foot laboratory. Natural Capital and Shrug Capital co-led the round, with participation from Peter Thiel, Lux Capital, Khosla Ventures, and Caffeinated Capital.
Also Raises $200M in Funding. Also is a Rivian spinoff focused on micromobility and small EVs. The funding will be used to scale development and bring its compact EV products to market. Greenoaks Capital led the round.
Who's Hiring? đ©âđ»
Be sure to check out the Dynamo website for more job opportunities at our portfolio companies!
AI Voice Engineer-Founding Team at FreightHero in Brazil (Remote).
Sales Development Representative at Importal in Austin, TX.
Program Operations Manager at Zeelo in Boston, MA.