Dynamo Dispatch (2026/01/26)

Issue 359 | Zipline, brick.eye, Noveon Magnetics

Dynamo Dispatch. A weekly update from Dynamo Ventures covering the latest and greatest in supply chain, mobility, and building venture-scale businesses.

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Weekly Commentary 💭

Tariffs are back in the headlines—but the bill isn’t going overseas. New research shows they’re landing squarely on American consumers, even as Washington ramps up fresh trade threats. At the same time, the US is pouring capital into AI infrastructure, rare earths, ports, and cross-border logistics, tightening capacity and locking in higher costs. Prices are sticking, not snapping back. Read more below!

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Madelyn, Madison and the rest of the Dynamo team

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Make, Move, and Monetize 📦

⭐ Americans Are the Ones Paying for Tariffs, Study Finds. New research from Germany’s Kiel Institute finds that US tariffs are largely passed through to Americans, acting like a consumption tax, contradicting President Trump’s claim that foreigners pay. The study, aligned with Yale and Harvard work, shows foreign exporters mostly held prices rather than discounting, with some cutting volumes instead, and it lands as the White House wields new tariff threats in its standoff with Europe. Taken together, tariffs are more likely to creep into US prices over time, squeezing consumers and importers, while potential Europe-focused measures would sap eurozone growth—so companies should assume higher landed costs, stress-test pricing and sourcing, and prepare for slower relief from inflation than headlines suggest. Completely unrelated, Port of Los Angeles Forging Ahead with Aggressive Construction Program.

OpenAI Seeks US suppliers for AI Supply Chain. OpenAI issued a US-focused RFP to build out the physical backbone of AI—spanning racks, cabling, power and cooling systems, electromechanical modules, robotics components, and final assembly—aimed at expanding domestic manufacturing and data center capacity. The push dovetails with its massive “Stargate” buildout with partners like Microsoft, Nvidia, Oracle, and SoftBank, with proposals due in mid-2026 and vendor selection planned for 2027. Beyond chips, this is a demand signal for a broader AI-industrial base, likely accelerating US investment in compute, power, and thermal infrastructure while de-risking supply chain choke points. Also, AI Readiness Lagging in Procurement and Musk at Davos: AI to Overhaul Supply Chains by 2026.

Trump Administration to Acquire 10% of USA Rare Earth in $1.6B Deal: Reports. The US plans a $1.6B investment package in USA Rare Earth to build a domestic mine-to-magnet supply chain, including an equity stake and government-backed financing. Reports suggest more details are coming, with the Texas Round Top project focused on heavy rare earths and an Oklahoma magnet plant anchoring downstream capacity. Beyond one company, this signals a more hands-on industrial policy that could accelerate onshoring and quietly shift supply risk and pricing power across EVs, wind, and defense. For more, check out US to Invest $1.6B Into Rare Earths Group in Bid to Shore Up Key Minerals.

Gartner Predicts Fewer Than 20 Companies Will Scale Humanoid Robots for Manufacturing and Supply Chain to Production Stage by 2028. Gartner forecasts humanoid robots will largely stall at pilot scale through 2028, with fewer than 20 companies reaching production, and mostly in tightly controlled environments. Technical limits, integration complexity, costs, and energy constraints leave humanoids trailing polyfunctional robots that deliver higher throughput-per-dollar for tasks like case movement, scanning, and inspections. Treat humanoids as an R&D bet for high-risk innovators, while most supply chains focus on outcome-driven, modular automation and pilots with adaptable wheeled systems.

Federal Crackdown Pulls Thousands of Foreign Truckers Off Roads. The Trump administration is moving to sideline foreign truckers by tightening non-domiciled CDLs and strictly enforcing English-proficiency rules—pressuring states to revoke licenses and threatening funding cuts—even as a federal court has paused parts of the new framework. Big carriers say capacity is already thinning and spot rates are firming, though analysts note seasonality and ongoing exits by small fleets are also driving the shift, and DOT argues service won’t suffer. The practical effect: a gradually tighter trucking market where compliance risk, not just freight demand, increasingly dictates pricing power, lead times, and network choices. Related, Federal Agents Take Aim at ‘Cabotage’ in Arizona.

Geopolitical Risks Prompt Thoughts of Supply Chain Routing Alternatives. Geopolitics are reshaping Asia–US routing: Houthi attacks have pushed Suez traffic around the Cape of Good Hope (adding ~2 weeks and soaking up spare capacity), while US–China–Panama tensions keep the CK Hutchison terminal sale—and Panama Canal stability—uncertain. Futuristic workarounds—from the Arctic’s Northern Sea Route to the Kra/Nicaragua canals and new intermodal corridors—remain hamstrung by seasonality, cost, and politics, leaving the trans-Pacific, Suez, and Panama as the only practical networks for now. Expect persistent volatility in transit times, equipment balance, and risk premiums; diversify routings and contracts, model Cape detours as a baseline scenario, and treat “new corridor” bets as long-dated, speculative—not near-term relief. Completely unrelated, The Elephant in the Room: Defense is Reshaping Global Logistics.

Europe Prepares for a Nightmare Scenario: The US Blocking Access to Tech. Europe is accelerating plans to curb dependence on U. tech after Trump’s Greenland threats spotlighted the risk of a White House cutoff. The European Parliament passed a “technological sovereignty” resolution, and the EU is drafting supportive legislation. Despite US firms holding ~83% of Europe’s cloud spend, providers are racing to localize (AWS EU sovereign cloud, Microsoft–Delos Cloud, Google EU-run JVs) while France/Germany push openDesk and court AI/data-center builds, including support for Mistral AI. Expect procurement to tilt toward EU-controlled options and portability/sovereign-hosting mandates—raising switching/compliance risk for US vendors while creating near-term upside for European cloud, OSS, and AI infrastructure. Also, Decoupling from Trump’s America and Digital Sovereignty: Europe’s Declaration of Independence?

Trump Threatens Canada with 100% Tariff Over Pending Trade Deal with China. Trump warned he’ll impose a 100% tariff on all Canadian imports if Ottawa proceeds with its China trade arrangement, sharpening a week of friction with Prime Minister Mark Carney over Greenland and Davos remarks. Canada says it isn’t pursuing a full free-trade pact—only resolving tariff issues—but the threat would bite autos, metals, and machinery, and adds a volatile new variable ahead of USMCA renegotiation in July. The saber-rattling injects fresh uncertainty into North American pricing and supply chains, likely prompting quiet reassessments of sourcing and contingency plans as Ottawa and Washington test red lines. For more, check out Trump Threatens Canada With Tariffs as Post-Davos Fallout Continues.

Borderlands Mexico: DSV Plans $14.5M Arizona Regional HQ Amid Cross-Border Boom. DSV just broke ground on a new regional HQ in Mesa, consolidating air, ocean, road, and contract logistics, proof the US–Mexico freight buildout is moving from headlines to hardware. The wave is broad: Kuehne+Nagel and C.H. Robinson are adding border capacity, SEFL and Averitt are deepening LTL and warehousing, Cainiao and Maersk are extending cross-border networks, and Realty Income is entering Mexican industrial real estate while EOS scales its Texas footprint. Taken together, expect tighter industrial space along the AZ–TX corridors, faster cycles, and firmer pricing power—making now the time to lock in capacity and re-map networks before competition pushes costs higher.

79% of Manufacturing Leaders Cite Skilled Labor as Top Challenge. A new CADDi survey finds 79% of US manufacturing leaders cite skilled labor as their top growth hurdle, with the shop floor hit hardest amid added strain from tariffs, geopolitics, and inflation. Budgets are tilting toward visible, throughput-boosting assets—69% plan to invest in robots and equipment in 2026—while spending on ERP/MES slips to 33%, and many are doubling down on recruitment and training. The direction of travel is clear: extract more from existing assets with targeted automation and better parts-data visibility, rather than broad system overhauls, as planning uncertainty keeps leaders biasing toward tangible capacity gains. Related, The Trade Shortage Crisis: How Data Centers Are Exposing America’s Skills Gap.

Request for Startups 📢

Dynamo is always looking to meet startups that are helping to make, move, and monetize goods. Check out our latest request for startups below!

AI & Compliance for the Industrial “Silver Tsunami”: We seek to invest in startups developing AI “apprentices” that transform legacy industrial data into durable, intelligent systems that preserve institutional expertise and automate compliance and maintenance workflows in highly regulated industries. Read more about this request for startups here.

The Future of Supply Chain 🎙️

Check out our podcast series that’s 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 💸

Another Raises $2.5M in Seed Funding. Another provides a software platform that helps retail brands manage and optimize the sale of excess inventory across secondary markets. The funding will accelerate product development and support hiring efforts. The Seed round was led by Anthemis FIL and Westbound.

NEOintralogistics Raises €3M in Seed Funding. NEOintralogistics offers a modular robotic picking system for warehouses, delivered through a pay-per-pick Robotics-as-a-Service model. The funds will be used to accelerate customer acquisition, enhance the product, grow the team, and expand internationally. The seed round was co-led by the Amadeus APEX Technology Fund and Cetus Holding.

ABZ Innovation Raises €7M in Growth Funding. Hungary-based ABZ Innovation manufactures heavy-duty drones for agricultural and industrial applications such as spraying, spreading, and hazardous cleaning tasks. The new capital will support scaling production, advancing R&D, and expanding the company’s global distributor network. Vsquared Ventures led the round, with participation from Day One Capital and Assembly Ventures.

Nexxa.ai Raises $9M in Seed Funding. Nexxa.ai develops specialized AI agents for heavy industries such as rail, construction, and manufacturing, integrating its Nitro platform on top of existing engineering software to streamline complex workflows. The funding will support the expansion of Nexxa’s forward-deployed engineering teams and accelerate adoption across US infrastructure sectors. Construct Capital led the seed round, with participation from a16z speedrun, Augment Ventures, Propeller Ventures, and others.

Brickeye Raises $10M in Series B Funding. Brickeye offers an IoT-based risk mitigation platform for construction sites, enabling real-time monitoring and automated interventions to prevent costly incidents. The new capital will support product development in AI-enabled software, team expansion, and international market growth beyond North America. The Series B round was led by GreenSky Ventures, with participation from Brightspark Ventures, Graphite Ventures, Export Development Canada, Beauchamp Construction, and a major North American building materials supplier.

one.five Raises €14M in Series A Funding. one.five develops an AI-powered platform that helps packaging companies improve product-market fit by translating technical, regulatory, cost, and consumer requirements into actionable development targets. The funds will be used to scale its Product Market Fit Compass platform, expand proprietary data generation, and grow its customer base. The Series A was led by Dr Hans Riegel Holding, with participation from 212 NexT, Symbia VC, Btomorrow Ventures, KIMPA Impact, Zubi Capital, and existing investors, including Speedinvest and Planet A.

D-Orbit Raises $53M in Series D Funding. D-Orbit provides orbital logistics and in-space computing services, including satellite deployment via its ION Satellite Carrier platform. The funds will support strategic acquisitions and the expansion of its space-to-space infrastructure, particularly in Orbital Edge AI and robotic servicing. The Series D round was led by Azimut Group.

DeepWay Raises $173M in Pre-IPO Funding. DeepWay develops assisted-driving technology and freight solutions for heavy-duty electric trucks. The capital will support the company’s growth ahead of its planned IPO in Hong Kong, following strong revenue performance despite not yet reaching profitability. The round was backed by ABC Impact (a Temasek affiliate), Lenovo Capital, Puhua Capital, and battery maker Sunwoda Electronic.

Noveon Magnetics Raises $215M in Series C Funding. Noveon Magnetics manufactures sintered rare earth permanent magnets for applications across automotive, defense, AI, and advanced manufacturing. The new capital will expand the company’s US manufacturing capacity beyond 2,000 tons per year and support secondary share sales. The round was led by One Investment Management with a $200M investment.

Zipline Raises $600M in Growth Funding. Zipline develops autonomous drone delivery systems, offering a proprietary logistics platform that includes drones, launch and landing infrastructure, and software for short- and long-range deliveries. The funding will support US expansion, with new operations launching in Houston and Phoenix and additional states planned throughout 2026. Fidelity Management & Research Company led the round, joined by Baillie Gifford, Valor Equity Partners, and Tiger Global.

Hadrian Raises Undisclosed Funding, Reaching $1.6B Valuation. Hadrian builds AI-powered automated manufacturing facilities serving aerospace, defense, and critical infrastructure sectors, integrating its proprietary Opus software and factories-as-a-service model. The new capital will accelerate factory expansion, scale workforce training programs, and advance development of additive manufacturing capabilities. The round was led by T. Rowe Price Associates, with participation from Altimeter Capital, D1 Capital Partners, StepStone Group, 1789 Capital, Founders Fund, Lux Capital, a16z, Construct Capital, and others.

Echo Global Logistics to Acquire ITS Logistics. Echo Global Logistics has announced the acquisition of ITS Logistics to form a $5.4B transportation and supply chain services platform. The combined company aims to expand its capabilities in brokerage, managed transportation, and cross-border logistics, integrating Echo’s AI-driven technology with ITS’s DropFleet trailer program. ITS will continue operating under its existing leadership and workforce, while gaining access to Echo’s tech-enabled services for enhanced execution and network optimization.

KPS Capital Partners Acquires Controlling Stake in Novacel from Chargeurs. Novacel is a global manufacturer of surface protection solutions, including films, tapes, papers, and specialty machines serving industrial, construction, appliance, and transportation markets. The acquisition marks Novacel’s transition to an independent company, with KPS planning to support its growth through operational improvements and strategic expansion. KPS will hold a controlling interest, while Compagnie Chargeurs Invest SA retains a 25% stake and will co-invest alongside KPS.

Who’s Hiring? 👩‍💻

Be sure to check out the Dynamo website for more job opportunities at our portfolio companies!

Founding Product Engineer (full-stack, backend) at Guided in Paris, France.

Founding Engineer at Importal in Austin, Texas.

Head of Airworthiness at Manna in Dublin, Ireland