Key Takeaways
- • Draper-based Savory Fund closed its third investment fund at $201.5 million, according to Utah Business, and the fund is already 35% deployed across four restaurant brands.
- • Savory is the firm behind the growth of Utah restaurant brands Swig and Mo' Bettahs, per the article.
- • Fortem Technologies closed a second tranche of its $50 million Series B, led by Lockheed Martin, to scale manufacturing of its SkyDome counter-drone systems.
- • Park City-based Guardrail Technologies raised nearly $3 million across two seed rounds led by Filter Fund Venture Capital to expand its AI agent governance platform.
- • Utah's October venture activity spanned defense, AI, healthcare and food and beverage, with several seed-stage rounds from local and regional investors.
Summary
Draper-based Savory Fund closed its third investment fund at $201.5 million, according to Utah Business. The fund is already 35% deployed across four restaurant brands. Savory is the firm behind the growth of Utah-based restaurant category leaders Swig and Mo' Bettahs, and the article characterizes the fund as evidence that Utah is managing substantial capital in the food and beverage sector.
The article's October venture roundup also highlights defense activity. Fortem Technologies closed a second tranche of an overall $50 million Series B, led by Lockheed Martin, at the end of September. Lockheed Martin had previously committed $25 million, which the publication highlighted in May. The funding will help Fortem scale manufacturing and expand deployment of its SkyDome counter-drone system, which combines radar, AI-powered command-and-control software and autonomous interceptors. Its customers include the U.S. Army and the Department of Homeland Security.
AI and enterprise software startups also drew capital. Park City-based Guardrail Technologies raised nearly $3 million across two seed rounds led by Filter Fund Venture Capital. Its platform monitors and governs AI agents operating within organizations, and the company plans to use the proceeds to expand into Australia and enter Asian and European markets. Chatsi secured a $2.5 million seed financing commitment led by Jonathan Ord, co-founder of DealerSocket, to develop AI sales agents for ecommerce businesses in automotive aftermarket, powersports and electronics. Lehi-based Adminify received an undisclosed investment from Gray Line Partners to expand its AI platform for franchise networks and multi-location businesses.
In healthcare, North Salt Lake-based RefloDx raised a $2 million seed round with participation from Crocker Ventures, Wild Tree Ventures, Convoi Ventures, Nucleus Fund, Park City Angels and TransAtlantic Angels. The company is developing SondeFlux, a wearable ultrasound device to detect reflux in the upper esophagus, and the funds will support further development and multi-center clinical validation.
The article characterizes October's activity as evidence of a broadening Utah innovation economy, with local investors helping finance growth across national security, healthcare, commerce, business operations, and food and beverage.
The article's October venture roundup also highlights defense activity. Fortem Technologies closed a second tranche of an overall $50 million Series B, led by Lockheed Martin, at the end of September. Lockheed Martin had previously committed $25 million, which the publication highlighted in May. The funding will help Fortem scale manufacturing and expand deployment of its SkyDome counter-drone system, which combines radar, AI-powered command-and-control software and autonomous interceptors. Its customers include the U.S. Army and the Department of Homeland Security.
AI and enterprise software startups also drew capital. Park City-based Guardrail Technologies raised nearly $3 million across two seed rounds led by Filter Fund Venture Capital. Its platform monitors and governs AI agents operating within organizations, and the company plans to use the proceeds to expand into Australia and enter Asian and European markets. Chatsi secured a $2.5 million seed financing commitment led by Jonathan Ord, co-founder of DealerSocket, to develop AI sales agents for ecommerce businesses in automotive aftermarket, powersports and electronics. Lehi-based Adminify received an undisclosed investment from Gray Line Partners to expand its AI platform for franchise networks and multi-location businesses.
In healthcare, North Salt Lake-based RefloDx raised a $2 million seed round with participation from Crocker Ventures, Wild Tree Ventures, Convoi Ventures, Nucleus Fund, Park City Angels and TransAtlantic Angels. The company is developing SondeFlux, a wearable ultrasound device to detect reflux in the upper esophagus, and the funds will support further development and multi-center clinical validation.
The article characterizes October's activity as evidence of a broadening Utah innovation economy, with local investors helping finance growth across national security, healthcare, commerce, business operations, and food and beverage.
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