1
Brightline bringing back commuter passes
Brightline, which discontinued popular South Florida commuter passes last year, will at least partially restore them, with the help of a $33.8 million grant from Washington.
The higher speed rail company, which services Miami, Aventura, Boca Raton, West Palm Beach and most recently to Orlando, will “reintroduce a new South Florida commuter pass designed for the frequent traveler,” the company announced. The program is scheduled to launch in March and details will be available on Brightline’s website and app. “The funding allows us to expedite new passenger cars into service and with that capacity, increased availability for the South Florida traveler,” Patrick Goddard, the company president, said in a statement.
Brightline launched its Central Florida service in September 2023, but in order to increase seating capacity from South Florida to Orlando it canceled three popular pass options for frequent riders using South Florida stations. While overall ridership rose, short-haul numbers have declined.
Brightline’s new commuter offering that will save commuters money may be seen as a bridge or interim plan before Brightline and local counties are able to establish commuter lines in Miami-Dade, Broward and Palm Beach Counties, Goddard said. Miami-Dade and Broward counties continue to advance projects to provide commuter service along the FEC corridor and discussions to finalize an agreement are ongoing.
“We’ve been working on developing a true commuter system in South Florida for years, but that solution takes time and can’t be turned on overnight. This is the next best thing and can be seen as an interim commuter program before Miami Dade and Broward launch service,” said Goddard.
2
Report: Warburg Pincus exploring a $5B+ ModMed sale
Private equity firm Warburg Pincus is weighing options, including a sale, for Boca Raton-based Modernizing Medicine (ModMed) that could value the medical software provider at more than $5 billion, including debt, according to a report in Reuters. ModMed is working with a financial adviser to solicit interest in the coming weeks from potential buyers, which include other private equity firms, sources told Reuters. Warburg Pincus, which first invested in ModMed in 2017, previously explored options for the company in 2022.
Founded in 2010 by entrepreneur Daniel Cane and physician Michael Sherling, ModMed is a healthcare technology provider and an early South Florida tech success story. Now with more than 1,000 employees including dozens of doctors, ModMed powers a medical specialty-specific cloud platform. Under Cane, who previously founded Blackboard, ModMed created an all-in-one solution for medical practices such as for allergy, dermatology, gastroenterology, OBGYN, ophthalmology and other specialties provides clinical, financial and operational software solutions as well as ambulatory surgery centers.
The company primarily helps develop software and systems for the maintenance of electronic health records of patients and makes software that helps clinics replace outdated technology and automate routine tasks, such as payment processing. Since its founding, ModMed has raised more than $332 million from investors and Its solutions are used by more than 40,000 healthcare providers. Last February, ModMed named a co-CEO to help lead the next chapter of this homegrown electronic health records pioneer: Joe Harpaz, who joined the Boca Raton-based company in 2018 as president and COO.
Warburg Pincus manages more than $86 billion of assets and is an active investor in more than 230 companies.
3
$167M available to Florida small businesses
FloridaCommerce officials announced this week they are enacting the “Florida Small Business Credit Initiative 2.0.” The initiative will make $167 million available for small businesses in Florida, according to a news release. The additional funding comes on top of some $202 million in loans and venture capital investments the state approved for small businesses in the past two years. The latest program is an extension of that effort.
“Gov. [Ron] DeSantis has made Florida the most financially ready state in the nation, with a leading 3.3 million businesses formed since 2019, 99% of which are small businesses, and FloridaCommerce will continue to work with partners like Florida’s Small Business Development Center network and incubators and accelerators throughout the state to continue supporting the Governor’s focus on Florida being the No. 1 state for small and emerging businesses,” said Florida Secretary of Commerce J. Alex Kelly, in a statement.
FloridaCommerce officials say the initial program, launched in January 2023, has helped 149 small businesses in the state and resulted in $769 million in private capital stimulation and has led to adding or keeping nearly 5,000 jobs in the state. The funds can be used for startup costs, franchise fees, equipment upgrades, inventory expansion and additional business acquisition. The capital access, loan guarantee and loan participation programs are specifically geared toward businesses that are Florida-based and have fewer than 500 employees. Collateral support programs are aimed at Florida-based companies with fewer than 750 employees. For more information about the SSBCI program and eligibility requirements based on the program type, visit www.FloridaJobs.org/SSBCI
4
AI VC deals way up, both nationally and locally
In US venture capital results in 2024, AI startups capturing nearly 50% of the $209 billion raised in 2024, up from less than 10% a decade ago, according to new PitchBook data. Total capital raised in 2024 was also nearly 30% higher year- Brightline’s new commuter offering may be seen as a bridge or interim plan before Brightline and local counties are able to establish commuter lines in Miami-Dade, Broward and Palm Beach Counties. Miami-Dade and Broward counties continue to advance projects to provide commuter service along the FEC corridor and discussions to finalize an agreement are ongoing.
“We’ve been working on developing a true commuter system in South Florida for years, but that solution takes time and can’t be turned on overnight. This is the next best thing and can be seen as an interim commuter program before Miami Dade and Broward launch service,” said Goddard.
over-year. The results were led by OpenAI, xAI and Anthropic deals. By deal count, 30% of the deals went to AI startups.
“Artificial intelligence continues to be the story of the market and drove a near majority of dollars for VC in 2024,” said Pitchbook VC analyst Kyle Stanford, in a statement. “OpenAI, xAI, Anthropic and others have become synonymous with outsized deals in venture and seemingly operate in a different funding environment than most VC-backed companies who continue to struggle with lower capital availability.” Still, concerns remain about whether the enthusiasm will last.
In South Florida, in the first half of the 2024, 43 deals for AI startups attracted $209 million, closing in on the $319 million attracted in all of 2023, according to the eMerge Insights Mid-Year VC Report. But the second half of the year will far exceed the first half, with mega-rounds and sizable Series A’s raising the total. Stay tuned to find out the share of AI startups in our full-year results when the eMerge Insights report comes out later this winter.
5
Muck Rack makes key acquisition
Muck Rack, the leading provider of PR software built for how enterprises work, has acquired Ruepoint, a leading global media intelligence company, to deliver even more robust professional services through curated monitoring, digests and insights, to inform PR and communication decisions and strategies. The purchase follows the company’s acquisition of social media platform Keyhole in September 2024, rounding out Miami-based Muck Rack’s comprehensive and integrated platform.
The acquisition unites Ruepoint’s industry expertise, seasoned content augmentation capabilities, and measurement and insights services with Muck Rack’s worldclass data and AI-powered tooling. “In today’s media landscape, where the plethora of new platforms and rapid news cycles can overwhelm, Ruepoint serves as a guiding light, illuminating the path for brands to navigate through the noise,” said Greg Galant, cofounder and CEO of Muck Rack. “By integrating Ruepoint’s expertise with Muck Rack’s innovative tools, we empower our customers to chart a clear course toward impactful PR strategies.”
Muck Rack’s concierge-led media intelligence services are available as an additional offering in the Brand Premier subscription package. The company leverages the latest in AI and machine learning to monitor more than 600,000 media outlets worldwide and more than 3.5 million articles a day, across television, print, digital, podcasts, newsletters and social media. Muck Rack received its first ever institutional capital investment of $180M in 2022, and remains founder-controlled, majority-founder owned and profitable.
6
Taxfyle ready to launch AI customer assistant
Miami-based Taxfyle announced that its new AI customer assistant, Luis, is set to launch on Jan. 31. Luis can make the tax filing process easier by quickly answering questions about required documents and other topics that could speed up tax filing and potential tax refunds before the Tax Pro gets to work. This feature then reduces Pros’ time gathering what’s required before they file the customer’s taxes.
Luis serves as a bridge during the customer journey to make their experience easier and quicker. Users retain the flexibility to opt out of interacting with Luis and speak directly with a customer support representative or Tax Professional. When it comes to preparing and filing tax returns, the work will still be completed by one of the accountants using the Taxfyle platform. Luis was trained using over 300 CPA and IRS publications for reliability, hallucination reduction, and improved correctness.
PLUS
Opportunity knocks
- Founders, apply to join the eMerge Global Startup Accelerator + Showcase, an opportunity to take your company to the next level. eMerge Americas offers startups the opportunity to debut and share their transformative ideas by providing access to resources, investors, curated bootcamps, mentors, and networking opportunities with global enterprises. Learn more and apply here by Jan. 12 (deadline extended).
- Calling all South Florida Latinx Founders: Apply for the 2025 EndeavorLAB Latinx Cohort. Apply here by Jan. 17.
- Endeavor Miami is accepting applications for its next ScaleUp Program. Apply for ScaleUp here.
- The Florida Venture Forum is now accepting presenter applications for the 2025 Florida Venture Capital Conference in Coral Gables next March. Apply here by Jan. 17.
ICYMI
What you may have missed over holidays:
- Innovating, scaling, adapting, collaborating: Here’s #MiamiTech founders’ roadmap for 2025. Theyshare their plans, lessons, and advice for building stronger businesses and a thriving startup ecosystem.
- Miami VCs share what they’re focusing on in 2025: Investors predict a year of efficiency, strategic funding, and global innovation for South Florida’s tech ecosystem
- Cheers to #MiamiTech 2024: A global ranking, healthtech and proptech rising, megarounds, new funds, a climatetech hub & more. Read about South Florida’s big global moves, hot tech sectors, relocations and expansions, VC trends and, of course, AI. We’ve got your year in review.
- Kaseya CEO Fred Voccola transitions to vice chairman role
- Get to know 5 communities at the heart of Miami’s tech scene
- Plei is building the world’s largest pickup soccer app, one game at a time
- From Miami to Mars, Mission Space is safeguarding life on Earth and beyond
- Building a global IoT leader, from Brickell to the world
- South Florida’s UKG grows in Ireland, plans to employ 200 there
Have news to report? Email Nancy Dahlberg at [email protected] and follow her on X @ndahlberg. Subscribe to Refresh Miami’s free weekly newsletter here featuring startup news, tech job opportunities and events. Thank you for supporting Refresh Miami.
- 6+ things to know in #MiamiTech: News about Brightline, ModMed, small business funding, AI and VC, Muck Rack, Taxfyle & more – January 10, 2025
- Kaseya CEO Fred Voccola transitions to vice chairman role – January 9, 2025
- 8+ things to know in #MiamiTech: News from Miami Climate 365, Endeavor Miami, Félix, Botmaker, Thumzup, Blue Frontier, HotelPlanner, plus the top Refresh Miami stories of 2024 – December 29, 2024
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