AI, robotics innovator Tesseract Ventures secures $2M investment from UMB Capital
March 5, 2020 | Tommy Felts
One of Kansas City’s leading startups is making good on a teaser that it’s collaborating with local “titans of industry” to defy the boundaries of space and time through next-generation technologies.
Tesseract Ventures — which uses robots, smart spaces, wearables and connected platforms in its mission to make industries smarter, better connected and more efficient — announced early Thursday a $2 million equity investment from UMB Capital Corporation, a financial entity headquartered in Kansas City since 1984.
“We are thrilled to have the opportunity to partner with UMB as we grow Tesseract,” said veteran inventor John Boucard, founder and CEO of Tesseract Ventures. “Both companies are committed to fostering innovation in Kansas City, and it’s wonderful to work with a team that understands the potential of this space. The process has been seamless so far and we’re looking forward to working together to build something special.”
The AI and robotics company was named one of Startland News’ Kansas City Startups to Watch in 2020. At the time of that list’s release in January, Tesseract reported $15 million-plus in investments from undisclosed backers.
Click here to read more about Tesseract Ventures selection for the Startups to Watch in 2020 list.
Terry Dunn, JE Dunn; Startland News’ Kansas City Startups to Watch in 2020 celebration
At a celebration of Startland News’ Startups to Watch companies, Boucard and Tesseract were notably introduced by mentor and investor Terry Dunn, the now-retired former president and CEO of longtime Kansas City construction firm JE Dunn.
“We don’t think we need to go out to anybody else to raise money, which is different than most companies,” Boucard told Startland News in January, teasing Tesseract’s strategy for seeking investments. “We think we can raise it all here and we’ve put together a dream team of investors. I couldn’t be more proud of the group that we put together, which will be revealed.”
Click here to learn more about Tesseract, which was founded by Boucard in 2018 in Martin City before opening headquarters offices in the Crossroads Arts District in 2019.
Financial backing from UMB — one of Kansas City’s largest financial entities — ensures the company will be able to continue the development of its innovative work, Tesseract officials said Thursday. UMB typically invests $250,000 to $2,500,000 via its financial technology strategy, putting the Tesseract deal in a top tier.
“Utilizing this investment, Tesseract plans to broaden its expertise in areas such as advanced robotics, AI systems, 21st century Construction + Design and its own internal research and development studio, Future Lab,” the tech company said in a press release.
Mariner Kemper, chairman, president and CEO of UMB, lauded Tesseract as an innovator helping Kansas City achieve its goal of becoming the Most Entrepreneurial City in America.
“With a long history of making investments across the country, we are honored to be a part of Tesseract’s equity round of financing,” Kemper said. “We believe they demonstrate what makes Kansas City great — an entrepreneurial spirit and the drive to make businesses work smarter.”
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