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CarMax embraces AI to boost sales and efficiency, with focus on 'generative engine optimization'

4 days ago | bizjournals.com | Richmond Inno |Drew Hansen

Goochland-based used car giant CarMax Inc. says it is increasingly focused on rolling out AI technology across its operations to boost sales, marketing and efficiencies. On an earnings call last week, CarMax CEO Bill Nash said his company is putting a particular emphasis on “generative engine optimization,” or how it makes its content and listings easily understood and leveraged by AI-powered search engines.
Biospecimen Management Consortium spins out of Slope as independent nonprofit

4 days ago | bizjournals.com | Richmond Inno |Drew Hansen

The Biospecimen Management Consortium, a group that aims to develop industry standards and streamline operations in biospecimen lifecycle operations, has officially spun out of Richmond-based Slope as a stand-alone nonprofit. Slope, a provider of biospecimen lifecycle software and services for clinical trials, founded the consortium last summer with other industry partners, including pharma giants like GSK PLC, Moderna Inc. and Novartis Pharmaceuticals Corp.
Luminoah, Rivanna Medical selected to prestigious med-tech accelerator

2 weeks ago | bizjournals.com | Richmond Inno |Drew Hansen

Two Charlottesville startups have been selected to MedTech Innovator, a well-known accelerator for medical technology startups. Luminoah and Rivanna Medical are among 65 companies selected for the Los Angeles-based accelerator’s 2025 cohort. They will participate in a four-month program geared toward accelerating a path to U.S. market success. Luminoah and Rivanna were both selected in the diagnostic and monitoring category.
Richmond's Brandito acquires New Jersey's Inkwell Global Marketing

3 weeks ago | bizjournals.com | Richmond Inno |Drew Hansen

Richmond corporate swag company Brandito has acquired Inkwell Global Marketing, a promotional merchandise agency based in Manalapan, New Jersey. Terms of the deal were not disclosed. Brandito said the deal strengthens its position in the promotional products industry and increases its presence in the Northeast. It’s the second acquisition for Brandito since itself was acquired in 2023 by Chicago’s Monroe Street Partners.
Iron Path Capital invests in epoxy maker Gougeon Brothers

3 weeks ago | bizjournals.com | Richmond Inno |Drew Hansen

Iron Path Capital, a private equity firm with dual headquarters in Charlottesville and Nashville, Tennessee, has made an investment in epoxy manufacturer Gougeon Brothers Inc. The amount of the investment was not disclosed. Headquartered in Bay City, Michigan, family-owned Gougeon both formulates epoxies with in-house chemists and manufactures products for applications in marine, recreational, automotive, aerospace and industrial composites markets.
Joint venture behind Chesterfield data center closes on new $750M tranche

1 month ago | bizjournals.com | Richmond Inno |Drew Hansen

Blue Owl Capital, Chirisa Technology Parks and PowerHouse Data Centers on Wednesday announced the close of a $750 million transaction toward their $5 billion joint venture to build data centers to support AI infrastructure startup CoreWeave Inc. The partnership’s first project is Chirisa Technology Parks’ 350-acre data center campus in Chesterfield it started in 2024.
Rising Tide secures $1.2M in seed funding

1 month ago | bizjournals.com | Richmond Inno |Drew Hansen

Rising Tide, a Richmond company that automates processes for home services companies, has raised $1.2 million in seed funding. The fresh funding was announced May 20 by the Virginia Innovation Partnership Corp., which participated in the round through its VC program, Virginia Venture Partners. Other participants in the round were not revealed. Rising Tide told Richmond Inno a year ago it was setting out to raise a round totaling seven- or eight-figures.
Lighthouse Labs rebrands as Lighthouse Network, shifts focus to long-term founder development

1 month ago | bizjournals.com | Richmond Inno |Drew Hansen

Longtime Richmond accelerator Lighthouse Labs is rebranding to better reflect its commitment to startup founders. The organization will now be known as Lighthouse Network and will make a “renewed focus” on long-term, human-centered development of founders, it said in its announcement. “We’ve always believed that when founders thrive, so do their companies,” Debbie Irwin, who became the organization’s executive director in February 2024, said in a statement.