Finetune acquired & Running Tide Technologies faces scrutiny over plans to bury gigatons of CO2 on ocean floor
☀️ Good morning!
Happy Sunday. Let’s dive in. Here’s what's covered in this edition:
Running Tide Technologies faces scrutiny over plans to bury gigatons of CO2 on ocean floor
Finetune, a Maine Venture Fund portfolio company, is acquired
Maine Venture Fund launches the Maine Startup Challenge
MTI launches a directory of consulting
Before we get to the news, I want to thank Maine Startups Insider's newest Sustaining Member: John Pavan, an early stage investor as well as a part-time Entrepreneur in Residence at MTI.
I wouldn’t be doing this without the support from Maine’s startup community. If, like Alan, you appreciate what MSI is trying to do and have the financial wherewithal to support my efforts, please consider becoming a Sustaining Member.
Keep creating, keep innovating, keep curious.
-Whit Richardson
/ News
Running Tide Technologies faces scrutiny over plans to bury gigatons of CO2 on ocean floor
Running Tide Technologies, the Portland-based startup that’s creating kelp forests for the purpose of capturing carbon and selling the credits, is facing scrutiny over its plans to create free-floating kelp farms that would capture carbon dioxide before sinking to the ocean floor.
In September 2020, Running Tide made a splash when it raised more than $11 million from high-profile investors including Chris Sacca, Shopify’s Sustainability Fund, Pathbreaker Ventures, and Yes VC.
Now the company is facing some pushback from the scientific community. The MIT Technology Review, a bimonthly magazine published by the Massachusetts Institute of Technology, published a lengthy article in June that lays out a series of arguments by scientists for why Running Tide’s plans are risky and that question whether they are capable capturing the amount of carbon capture the company says they will. The article also claims the company has lost several of its own scientists “due, in part, to concerns that the company’s executives weren’t paying sufficient attention to the potential ecological effects of its plans.”
The article’s author, James Temple, interviewed several scientists who shared not only doubt that Running Tide’s plan to sink kelp to the ocean floor would remove any significant amount of carbon dioxide from the atmosphere, but also concern that sinking that much kelp could adversely impact delicate, deep-water ecosystems. Concerns cited include the fact that large rafts of free-floating kelp could help spread invasive species and microbes, as well as cast shadows that might distort the behavior of deep-sea zooplankton and fish known to migrate upwards around dusk to avoid getting eaten. And once the kelp is sunk to the ocean floor, it could choke off dense communities of species that live within ocean sediments, and attract and repel different creatures that will alter the chemistry and biodiversity of the ecosystem.
“This is a major threat to the ocean’s biosecurity,” one scientist is quoted as saying. “We have no idea what happens when we scale this up.”
The article also cites a study published in June by scientists at the National Oceanography Centre that claims to show that carbon storage in the deep ocean may be considerably less permanent than previously assumed, raising questions about the role the ocean may play as a carbon sink in the future.
Marty Odlin, Running Tide’s founder, pushed back on the claims made in the article, including those about scientist departures from his company, which he said currently has 17 scientists, seven with PhDs, who have expertise in agronomy and ocean science.
“There’s a speed of innovation here,” Odlin told Temple. “This is hard work. And it’s not going to be for everybody.”
Odlin also addressed the claims that the company isn’t taking potential ecological effects into account. He said the company has implemented systems and processes that include “safeguards and reviews … to minimize any possible ecological perturbations.”
As for doubts over the ability for the company to capture as much carbon as it claims, Odlin said the company is “probably building the most complete and robust quantification engine” for monitoring, reporting, and verification of ocean-based carbon dioxide removal, adding: “And we’re going to look to partners, to third parties, to validate that.”
Just last month, Iceland granted Running Tide a four-year permit to release up to 50,000 tons of biodegradable rafts off Iceland's coast, according to Maine Public, which published a radio piece and article that does a good job further summarizing the company’s work to-date and the criticisms raised in the MIT Technology Review article.
🙏 MSI is sponsored by Eaton Peabody, a Maine law firm with particular expertise in structuring startup investment transactions—from early seed investment, friends/family and angel investors, through later stage venture capital funding. Meet Jeff Joyce, a member of the team.
Finetune, a Maine Venture Fund portfolio company, is acquired
Finetune, a Boston-based educational technology company with Maine roots and Maine investors, has been acquired for an undisclosed sum by a Baltimore-based company.
The company, founded as Academic Merit in 2004 by a teacher in Falmouth, has evolved over the years into a leading innovator in the use of artificial intelligence in education and workforce-readiness software tools. Investors in the company included Maine Venture Fund and members of the Maine Angels.
The company, which was a fully remote company prior to the pandemic, officially moved its HQ to Boston in 2016 after hiring Steven Shapiro as its new CEO.
Read more at Maine Startups Insider »
Maine Venture Fund launches Maine Startup Challenge
Maine Venture Fund is launching a business-plan competition to encourage entrepreneurial thinking across all ages. The competition will have K-8, high school, collegiate and open tiers.
The business plans will be judged by a panel of Maine investors and entrepreneurs, and the winner in each tier will be awarded a cash prize to build their business.
The event will take place Oct. 26, 2022.
MVF will begin accepting applications on Sept. 1 and the application window will close on Sept. 30. For those who need guidance on developing a business plan, MVF has made templates and learning materials available on its website.
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Maine Technology Institute creates new program to subsidize consulting services for small businesses
The Maine Technology Institute has introduced a new program called the Maine Entrepreneurial Resource Corps, or MERC. It consists of a new database of available consultants in the state (sorted by specialty) and a process to match consultants with companies needing targeted assistance in their growth. MTI will pay 50% of consulting agreements, up to $10,000.
It’s currently accepting applications from consultants and plans to begin matching consultants with clients in September.
🙏 MSI is sponsored by Gorham Savings Bank, which recently hosted its ninth annual LaunchPad small business pitch competition. If you missed it, you can watch the recording.
/ Briefly Mentioned
⛰ Chimani, a Yarmouth-based developer of mobile apps for the travel and recreation industry, has announced a partnership with Pacifico, the Mexican beer company, and LOGE Camps to support The Conservation Alliance.
💸 The Maine Venture Fund has launched a microfund program to help support earlier stage entrepreneurs. In addition, John Murray, chair of MVF’s board, is stepping down from the board.
⛵️ Mainebiz published an article about a South Portland-based startup called NaviTour, which has developed an online platform to connect tourists with independent tour guides in Maine.
/ ICYMI
Here are some recent articles from Maine Startups Insider you may have missed:
Roux Institute accepts five companies for its second 2022 Founder Residency program
bluShift Aerospace wins Dirigo Labs’ inaugural pitch competition, selects launch site
Finsulate, a cleantech startup, wins 2022 Top Gun pitch event
Friday, the startup building software for remote teams, shuts down
/ Classifieds
✅ Have a product you want to sell online but don't know where to begin? Launching an innovative product but don't know how to market it? Already have an Amazon listing, but it’s not getting the job done? Brickyard Collective, a DTC product lab and growth marketing firm in Portland, is actively looking to partner with entrepreneurs to launch and grow their businesses. Get in touch for a free consultation.
Have a product or service and want to reach Maine's startup community? Purchase one or more classified ads for $25 each.
/ Jobs
If you apply for a job you see here, let them know you saw the opportunity in Maine Startups Insider.
+ Nearpeer, a Portland-based edtech startup that aims to improve student retention and graduation, is hiring a Director of Marketing and a Sales Director.
+ The Roux Institute at Northeastern University is hiring a Start Summit Program Manager and the Director of its new Future of Healthcare Founder Residency program.
+ Two Sigma Impact, a “financial sciences” company with offices in New York and Portland, is hiring a Data Analytics Associate.
+ MedRhythms, a Portland-based digital therapeutics startup, is hiring for several positions, including a VP of Engineering and a Senior Full Stack Engineer.
+ Generated Health is hiring an account manager.
+ Constant, a Portland-based fintech SaaS startup, is hiring a full-stack developer and a junior QA engineer.
+ HighByte, an industrial software startup, is hiring an Account Executive.
+ Pumpspotting, a femtech startup in Kittery, is hiring a product manager.
+ ElleVet Sciences, which sells CBD products for pets, is hiring for several roles.
+ EnergyCircle, a digital marketing and lead-gen agency in Portland, is seeking a Digital Marketing Account Manager.
+ CourseStorm, an Orono-based EdTech startup, is hiring a Software Engineer and a Software Engineering Manager, among other positions.
+ Defendify, a cybersecurity startup in Portland, is hiring a SaaS Product Manager and a SaaS Software Engineer.
+ Theory and Principle, a legal-tech product design and development startup in Portland, is hiring a Client Executive.
+ VETRO Inc., a SaaS company in Portland, is looking for a Senior Software Engineer, a Director of Platform Engineering, and a Senior Accountant, among other roles.
+ Guideline, the fintech company with offices in California, Texas, and Portland, is hiring for several software engineering positions.
+ AskGMS, a Portland-based company that provides benchmarking and data analysis tools to the insurance industry, is hiring a full-stack developer.
+ Arkatechture, a Portland-based company that provides business intelligence and data analytics services, is hiring for a host of positions.
Seeking a full-stack engineer? A technical co-founder? A sales or biz dev superstar? Send me your job postings to make this a great resource!
/ Calendar
Maine Venture Fund begins accepting applications for the Maine Startup Challenge
Sept. 1 — Online
Maine Venture Fund is accepting applications during the month of September for the Maine Startup Challenge, a business-plan competition to encourage participation and entrepreneurial thinking across all ages. The challenge has four tiers: K-8, High School, Collegiate and Open. Business plans will be judged by a panel of Maine investors and entrepreneurs.
Blockchain Maine Meetup
Wed., Sept. 14, 5-7 p.m. — Cloudport CoWorking in Portland
Join us for this monthly meetup of folks interested in all things blockchain-related, whether crypto, NFTs, web3, P2E gaming, etc. MSI co-hosts this meetup. Watch this space for a RSVP link.
Maine Start Summit: Blue Tech
Sept. 16-18 — Roux Institute in Portland
The second Maine Start Summit focuses on Blue Tech, which includes a broad spectrum of industries and innovative technologies focused on promoting sustainable ocean activities. Over the course of three days, participants will form teams, develop a unique idea, and learn how to build and pitch a successful business. Cash prizes will be awarded to the first and second place teams (for both a Blue Tech track as well as a general open track). For more info and to register.
First Annual Roux Institute Venture Showcase
Fri., Sept. 30, 1:30 p.m. — Roux Institute in Portland
The first-of-its-kind event will feature final pitches from the nine startups graduating from the Roux’s 2022 Founder Residency, keynote speeches from high-profile entrepreneurs and local leaders, and updates from the Roux’s portfolio companies—who have collectively raised $18 million in funding over the past 24 months. RSVP here.
Please send me your event or calendar item for possible inclusion.