Dynamo Dispatch. A weekly update from Dynamo Ventures covering the latest and greatest in supply chain, mobility, and building venture-scale businesses.

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Weekly Commentary 💭

Happy New Year from Dynamo Ventures!

2026 is opening with its first real stress test, as pre–Lunar New Year activity lifts trans-Pacific rates without a true demand breakout. With tariff uncertainty back on the agenda and execution risk rising across modes, leverage is quietly shifting toward disciplined shippers and operators. Read more below!

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We Are Dynamo,

Madelyn, Madison and the rest of the Dynamo team

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Make, Move, and Monetize 📦

⭐ Pre-Lunar New Year Demand to give Trans-Pac Market First Test of 2026. Pre-Lunar New Year is shaping up as 2026’s first trans-Pac test: NRF flags the first MoM import gain in six months, bookings to North America have climbed since December, and LA/LB are peaking in early January, with the later Feb. 17 holiday pushing more arrivals into February. Spot rates are up 33–42% in four weeks on GRIs and blank sailings, even as forwarders report only a modest pre-holiday bump and little inventory building. With spot sitting above 2025–26 contract levels but demand still muted and capacity rising, bargaining power tilts toward shippers—rewarding disciplined bids and timing awards into the post-LNY lull unless carriers proactively tighten supply. Completely unrelated, Europe and China’s Feud Over Chips Is Reaching a Breaking Point.

US Importers Eye Refund Options as Tariff Fight Goes to Supreme Court. An appeals court invalidated much of Trump’s IEEPA tariffs, and the administration is seeking a fast-track Supreme Court review, leaving the duties in place for now. Importers are scrambling to assemble refund claims and map scenarios—from automatic repayments to an administrative application process—while logistics and trade firms prep for a wave of filings. The upshot: potential refunds could meaningfully boost working capital and reshape pricing and inventory plans; executives should audit entries, preserve documentation, and have a claims strategy ready if the high court strikes the tariffs. Also, Why Tariffs Have Hit Americans’ Jobs Harder Than Their Shopping Carts, and Importers Brace for $150B Tariff Refund Fight if Trump Loses at Supreme Court.

North American Rail Container Fleet Fully Outfitted with GPS Devices. North America’s ~75,000 rail-owned UMAX/EMP containers are now fully GPS-equipped, delivering real-time location, geofencing, alerts, and API access via Blume Global across UP, CN, CSX, NS, and Ferromex. The upgrade closes a long-standing visibility gap with private fleets (Hub, J.B. Hunt, Schneider) and strengthens IMCs’ competitiveness; it also bolsters UP’s truck-to-rail conversion case in its STB push tied to the proposed NS acquisition. Expect sharper ETAs, higher asset turns, and a modest shift in pricing leverage toward rail/IMCs—tempered by concentrated platform risk given reliance on Blume (hit by a 2022 cyber incident), making contingency workflows and security diligence table stakes. For more, check out From Rail to Real-Time: Union Pacific Empowers Intermodal Customers with Enhanced GPS Tracking.

The Data Center Rebellion is Here, and It’s Reshaping the Political Landscape. A bipartisan revolt against AI data centers is erupting from Oklahoma to Arizona as communities decry secret NDAs, rezoning, and massive energy/water demands. Local councils are increasingly killing projects, Senate Democrats opened a pricing probe, Sanders floated a moratorium, the NAACP mobilized, and even DeSantis is backing local veto power—while industry insists benefits outweigh costs. Roughly $98B in projects were blocked or delayed in a single quarter, signaling real execution risk. That means data-center expansion now carries bipartisan political and permitting risk: expect slower approvals, mandated community-benefit deals, and hard scrutiny of utility pass-throughs that can blow up pro formas. Teams that lead with transparency, revenue sharing, and self-provisioned power/water on pre-zoned or brownfield sites will keep velocity; everyone else should mark up timelines/CapEx and model moratoria.

Which Industries Face the Biggest Manufacturing Disruptions? McKinsey finds disruption risk is uneven: electronics, machinery, and semiconductors are most exposed given geographic concentration, heavy capex, and geopolitics—pushing footprint choices beyond cost toward market access, incentives, and supply security. Life sciences and chemicals feel moderate pressure to localize but move slower under regulatory and validation hurdles, while agriculture, minerals, and energy face lower near-term risk because assets are tied to place—even as climate and resource nationalism simmer. The move now is multi-node capacity, incentive capture, and supplier diversification—anchored by end-to-end visibility and digital monitoring—so decisions are driven by live scenario planning rather than one-off redesigns. Related, US Factory Headcount Falling Despite Trump’s Promised Manufacturing Boom.

Trump Ready to Pivot If Court Overturns Tariffs, Aide Says. The White House says it can swiftly reimpose tariffs via other authorities if the Supreme Court overturns Trump’s IEEPA-based levies, with NEC Director Kevin Hassett pointing to tools like Section 301 and Section 122 and noting USTR Jamieson Greer would lead a “Plan B.” No ruling came on Jan. 9, but more opinions could land in the next two weeks, with the decision expected to affect “reciprocal” duties and fentanyl-related charges. The bottom line is even if IEEPA tariffs are struck, duties could snap back fast—so importers and investors shouldn’t bank on sustained relief or quick refunds. Prepare for renewed tariff exposure, potential 301 probes, and pricing/sourcing adjustments under Section 122 caps. Completely unrelated, Portland Re-Opens Oregon’s Only Container Terminal.

Borderlands Mexico: Tariff Noise to Stay Loud in 2026, Flexport Warns Importers. Tariff headlines will stay loud in 2026, but Flexport says actual duties often get softened by delays, carve-outs, and exemptions—while CBP ramps audits and scrutiny of valuation, tariff stacking, and USMCA claims. Importers should prep now for a possible Supreme Court shakeup of IEEPA tariffs (map affected entries, watch liquidation dates) and avoid DDP “workarounds” that invite enforcement. For operators, plan for policy noise but restrained outcomes: double down on compliance agility and cross-border resilience as providers expand solutions (EchoXBorder) and power-infra demand rises (LS Cable’s new Houston-area hub). Also, US Trade Gap Shrinks to Lowest Level Since 2009 as Imports Fall and US Trade Deficit Fell to Lowest Level Since 2009 as Tariffs Reshape Trade.

Layoffs, Bankruptcies Batter US Logistics and Manufacturing at Start of 2026. US logistics and manufacturing opened 2026 with a sweep of layoffs, closures, and Chapter 11s impacting 2,200+ workers across rail support, parcel (UPS, FedEx), food/packaging (ADM, PCA), furniture, last-mile/e-comm ops, and DCs. Drivers include lost contracts, excess capacity, high input/energy costs, and tighter credit; bankruptcies hit Ample (EV swapping), FlexShopper (lease-to-own finance), and Food52 (assets to America’s Test Kitchen). For operators and investors, this flags early demand/financing stress and faster consolidation—hedge concentrated-customer risk, tighten supplier credit checks, and keep modal/footprint flexibility. Unrelated, Why US Drone Manufacturing Can’t Scale Without Fixing The Supply Chain First.

5 Supply Chain Management Trends to Watch in 2026. Supply chains enter 2026 still choppy: tariffs, fragmented trade, and geopolitical risk drive short-term hedging, diversification/regionalization, and a normalization after 2025’s tariff-driven frontloading. Economic pressure—slower consumer spend, weak housing, and supplier refinancing risk—shifts focus to cost optimization via footprint rationalization, transport re-quoting and modal flexibility, and tighter inventory/payment strategies. The edge goes to operators who reset AI expectations and scale responsibly while treating labor as a strategic constraint—stress-test suppliers, reconfigure networks, and invest in skills now to protect margins and resilience.

Copper Pushes Toward Record on Supply Concerns and Weaker Dollar. Copper is surging toward record highs as a weaker dollar, tariff-driven reshuffling of metal flows to the US, and mounting supply anxieties turbocharge a broader base-metals rally. Investors are rotating into hard assets on expectations of US monetary easing and fractured supply chains, even as warehouse inventories rise—signaling tightness may be felt outside the US and keeping aluminum/tin elevated too. Expect margin pressure and hedging urgency for electrification-heavy sectors (grids, autos, electronics), while miners and traders gain pricing power and tariff/policy decisions amplify volatility in 2026. Related, One Eye-Popping Prediction Shows Why Copper Prices Could Continue to Surge for Years to Come.

Request for Startups 📢

Dynamo is always looking to meet startups that are helping to make, move, and monetize goods. Check out our latest request for startups below!

Inference on the Edge — AI inference is shifting from the cloud to on-premise edge environments because real-time, safety-critical operations can’t tolerate latency, connectivity failures, or brittle cloud dependencies. Edge-native compute platforms enable deterministic, autonomous inference for factories, logistics, energy, and supply chains, unlocking real-time control and resilience where decisions are actually made. Read more here.

The Future of Supply Chain 🎙️

Check out our podcast series that’s been running since 2018. On each episode of the Future of Supply Chain, we sit down with a different entrepreneur, investor, or industry veteran to discuss innovation, technology, and the most exciting opportunities in supply chain as we build the future of the industry together.

Fundraises and M&A 💸

Interos.ai Raises $20M in Growth Funding. Interos.ai provides AI-powered supply chain risk management software used by public and private sector clients to assess cyber, financial, and geopolitical vulnerabilities. The new capital will support enhancements to its predictive AI models, allowing the platform to generate actionable recommendations directly from customer data. The round was led by existing investors Blue Owl Capital and Structural Capital.

GSME Raises $35M in Series B Funding. GS Microelectronics US (GSME) provides a semiconductor services platform that integrates advanced packaging, design enablement, and real-time supply chain visibility. The funding will support platform development, R&D, hiring, and potential acquisitions, as well as the scaling of 2.5D/3D packaging and AI-driven decision support tools. The round was led by Maverick Silicon, a division of Maverick Capital focused on semiconductor investments.

Swap Raises $100M in Series C Funding. Swap offers an all-in-one e-commerce operating platform that consolidates logistics functions such as shipping, returns, tax, and inventory forecasting for global brands. The new capital will be used to expand payment capabilities, enhance AI-driven features, and accelerate international market growth across Europe and North America. The round was co-led by Iconiq and DST Global, with continued backing from previous investor Iconiq.

Greenbriar Equity Group Acquires eShipping. eShipping is a tech-enabled provider of managed transportation services, offering multi-modal logistics solutions through a proprietary cloud-based platform. The investment will support the company’s continued growth, technology enhancements, and expansion of its product capabilities. The acquisition was led by Greenbriar Equity Group, with Stifel and Harris Williams advising eShipping on the transaction.

Clarksons Acquires Zuma Labs. Zuma Labs is a UK-based technology company that provides AI-powered tools for the Forward Freight Agreement and commodities markets, including its flagship hybrid voice-electronic trading platform, Venetian. The acquisition will support the expansion of Zuma’s Venetian platform and AI capabilities, enhancing technology adoption across maritime and commodity trading markets. Clarksons has acquired 100% of Zuma Labs and will integrate the company as a wholly owned subsidiary.

Stord Acquires AI Fulfillment Platform Shipwire from CEVA Logistics. Stord, an Atlanta-based e-commerce logistics startup, has acquired Shipwire, an AI-powered fulfillment platform previously owned by CEVA Logistics. The acquisition expands Stord’s network with 12 new locations, 60 employees, and additional AI-driven tools for execution, planning, and routing. Financial terms were notfff disclosed, but the deal marks Stord’s seventh acquisition and aligns with its strategy to scale operations for mid-market and large e-commerce customers.

Veritas Capital to Acquire Majority Stake in GHX. Global Healthcare Exchange (GHX), a healthcare supply chain software provider, is being acquired by Veritas Capital, which will take a majority stake in the company. GHX’s platform helps providers and suppliers streamline operations through AI-driven automation, cloud-based tools, and decision support systems. The investment will support GHX’s growth strategy, including product innovation, AI integration, and both organic and inorganic expansion. Existing shareholders Temasek and Warburg Pincus will remain involved as minority investors.

Diginex Acquires Plan A for €55M. Plan A provides carbon accounting software that helps businesses calculate and manage their environmental impact. The acquisition includes a €3M cash payment and €52M in Diginex shares, with an additional €25M earnout contingent on performance over the next two years. Plan A had previously raised $40M from Lightspeed, HV Capital, Deutsche Bank, Opera Tech Ventures, and notable angel investors.

Mobileye Acquires Mentee Robotics for $900M. Mobileye, known for its automotive computer vision and autonomous driving technologies, is acquiring humanoid robotics startup Mentee Robotics in a $900M deal. The acquisition aims to expand Mobileye’s focus into “Physical AI” by combining Mentee’s humanoid robotics with Mobileye’s AI and autonomy capabilities. The deal includes $612M in cash and up to 26.2 million shares of Mobileye stock, and was approved by both Mobileye’s board and Intel.

Who’s Hiring? 👩‍💻

Be sure to check out the Dynamo website for more job opportunities at our portfolio companies!

Founding AI Engineer at Guided in Paris, France.

Lead Software Engineer - Aircraft at Manna in Dublin, Ireland

Founding GTM at Ceto in Newcastle, London.

Dynamo Dispatch. A weekly update from Dynamo Ventures covering the latest and greatest in supply chain, mobility, and building venture-scale businesses.

💥 Have you seen any interesting startups recently? Introduce us.

🗞️ If you were forwarded this and found it interesting, please sign up.

🎙 Check out Dynamo’s podcast series, The Future of Supply Chain.

Weekly Commentary 💭

As we head into the holidays, the global economy isn’t slowing down—it’s resetting, with tariffs, front-loaded freight, automation gaps, and supply-chain realignment shaping a choppy 2026. This week’s Dispatch breaks down where the pressure is building—and where disciplined operators and investors can still find an edge across how we make, move, and monetize.

From all of us at Dynamo Ventures, thanks for reading and building with us this year, and wishing you a great holiday season! See you next year!

🥰 Love reading the Dispatch? Make sure you forward it to anyone looking to stay up to date with all things supply chain and mobility.

We Are Dynamo,

Madelyn, Madison and the rest of the Dynamo team

Note: please add “dynamo@substack.com” to your email client, so you don’t miss future issues due to aggressive spam filters.

Make, Move, and Monetize 📦

⭐ How Trump’s Trade War is Playing Out Inside US Supply Chain as Retailers Stocked Up For the Holidays. Holiday freight held up despite tariffs, with apparel, housewares, and promos leading, e-commerce volumes rising, and inventories already front-loaded for peak; luxury and furniture lagged, and overall US imports eased as replenishment grew costlier. The 2026 setup is choppy—tariff uncertainty, geopolitics, and new vessel capacity point to volatile volumes, pressured rates, and more carrier exits, while sourcing keeps tilting toward Southeast Asia, Mexico, and Turkey alongside steady reshoring. The edge goes to shippers and logistics firms that pair hybrid inventory models with AI-driven visibility and dual sourcing, positioning for uneven demand (ocean strength into Lunar New Year, niche air growth in data centers and healthcare) rather than a broad rebound. Completely unrelated, Georgia Regulators Approve Massive Power Grid Expansion to Serve Data Centers.

How 2026 Will Reshape the US Critical Mineral Resilience. In 2026, Washington will widen critical minerals policy beyond rare earths to high-risk inputs like antimony and tungsten, shifting funding toward domestic processing that is cleaner, cheaper, and more resilient than extraction alone. Aging US midstream capacity for aluminum, copper, magnesium, and titanium is colliding with surging power demand from AI and data centers, creating white space for technologies that cut electricity use, emissions, and total cost. The practical outcome is that capital, grants, and procurement will concentrate around processors that can prove scalable, energy-thrifty, low-emission methods, while extraction-only strategies and power-hungry incumbents lose ground. Also, USA Rare Earth Mine-to-Magnet Gap: America’s Strategic Supply Challenge and Rare Earth Metals Market Size - By Product Type, Application, Industry Analysis, Share, Growth Forecast 2025 - 2034.

How Tariffs Hit in 2025: Who Lost, Who Gained, and What’s Next. Two tariff waves and the lapse of AGOA rewired market access in 2025, pushing the average US tariff up sharply and hitting developing countries hardest as least developed economies lost preference and saw their relative position erode. Trade was front-loaded before the hikes and slowed after, and while most partners’ relative access barely moved, the gap widened in favor of developed economies, with a few outliers gaining or losing big based on product mix. The practical takeaway is that exporters from developing countries face a multi-year demand and margin squeeze unless they move up the value chain, build regional supply links (e.g., AfCFTA), and diversify products and markets, while investors and operators should plan for costlier, more politicized trade routes in 2026. For more, check out Manufacturers Plan Price Hikes Over Reshoring to Combat Tariff Effects.

Trump Promised a Blue-Collar Jobs Boom. The Opposite is Happening. Trump promised a blue-collar jobs boom, but by late 2025 core manual-labor sectors—manufacturing, transportation/warehousing, and mining—are trimming headcount, with construction a rare bright spot and health care continuing to hire. Economists point to tariff shock, high borrowing costs, pricier inputs, and automation; even policies aimed at reshoring are landing with a lag, while wages have risen for some workers. The takeaway for operators and investors is to expect near-term softness in tariff-exposed, energy- and materials-intensive industries, plan for multiyear reshoring timelines and greater automation, and position around construction and health-care adjacencies until trade uncertainty and financing costs ease.

Chinese Chipmakers Race to IPO Market After Back-to-Back Listings Surge. Chinese chipmakers are stampeding to IPOs on Shanghai’s STAR board and in Hong Kong, using blockbuster debuts and secondary listings to bankroll AI and memory ambitions and advance Beijing’s tech self-reliance agenda. Names like Biren, Kunlunxin (Baidu), Iluvatar, Enflame, GigaDevice, Montage, ChangXin Memory, and Yangtze Memory are pitching themselves as domestic Nvidia alternatives or critical memory suppliers, with Hong Kong listings doubling as a test of global investor appetite amid US export controls. The implication is a faster-capitalized China chip stack that could pressure Nvidia’s pricing power and reroute supply chains, while investors face a volatile mix of state backing, growth narratives, and sanction risk; expect capital markets to bifurcate further, with valuations driven as much by geopolitics and access to tools as by fundamentals. Related, NVIDIA Aims to Begin H200 Chip Shipments to China by Mid-February, Sources Say

How Mexico is Doing the US’ Dirty Work For It. Mexico’s Senate approved sweeping 50% tariffs on imports from China, India, Brazil, South Korea, Vietnam, and Taiwan—widely seen as aligning with Trump’s tariff agenda ahead of the 2026 USMCA review to avoid jeopardizing market access. The move raises costs at home (inflation risk) and abroad (e.g., India’s auto parts and small-car exports), threatens supply crunches at border factories, and invites retaliation—all while offering no guarantee Washington preserves USMCA. The broader signal is a cascading, copycat trade war: countries may quietly enforce US preferences or band together against “collaborators,” leaving Mexico exposed if the US. walks and forcing companies to hedge with nearshoring alternatives, diversified inputs, and contingency pricing. Completely unrelated, Aptiv and Vecna Robotics to Develop Next Generation Autonomous Mobile Robots.

Rail Giants Aim to Prove Benefits of Coast-to-Coast Network. Union Pacific and Norfolk Southern have filed to create the first coast-to-coast US railroad, promising end-to-end service, fewer handoffs, and pricing commitments; a decision is expected in 2027 under tougher STB rules. Rivals, shipper groups, and parts of labor warn the deal could reduce choices, raise rates, and spur a follow-on CSX–BNSF tie-up. For operators, shippers, and investors, the question is whether real service gains and truck-to-rail shifts outweigh weaker competition—plan for prolonged regulatory conditions, network redesign, and pricing shaped by STB safeguards. Also, A Union Pacific Kicks Off Regulatory Review for $85B Coast‑to‑Coast Rail Merger and Union Pacific and Norfolk Southern File Historic Rail Merger Application.

Port of LA Defies Tariffs, Heads for One of Its Biggest Cargo Years Ever. Despite tariff volatility and a sharp November dip, the Port of Los Angeles is on pace to top 10 million TEUs in 2025—its third-busiest year—thanks to coordinated operations that kept cargo flowing without congestion. Weak late-year volumes reflect heavy frontloading and softer demand, with forecasters projecting US import declines to extend into 2026 even as holiday sales top $1 trillion, underscoring a growing gap between consumer spending and containerized imports. For shippers and carriers, the edge shifts to ports that offer reliability and quick turns, but planning still hinges on tariff policy: expect choppy volumes, leaner inventories, and selective routing to resilient West Coast gateways as 2026 uncertainty builds. For more, check out Even If the Supreme Court Rules Trump’s Global Tariffs Are Illegal, Refunds Are Unlikely Because That Would Be ‘Bery Complicated,’ Hassett Says.

Only 37 Percent of US Manufacturers Have Significant or Full Automation in Place, Vention Report Finds. US manufacturers say automation is mission-critical (92%), yet only 37% report significant or full deployment; most plan to spend more over the next three years, with nearly half targeting robotics. Projects stumble on basics—choosing the right tech (50%), thin in-house expertise (39%), and budget overruns (32%)—pointing to integration, complexity, and predictability as the real blockers rather than intent. Expect budgets to favor turnkey, modular, and low-code stacks that compress deployment and de-risk outcomes; vendors and integrators that guarantee faster time-to-value and cost certainty will capture the next wave of automation spend.

Maersk Makes First Red Sea Transit Since December 2023. Maersk completed a cautious, first Red Sea/Bab el-Mandeb transit after two years, signaling a stepwise test toward restoring Suez routings if security and insurance thresholds hold. With CMA CGM also trialing sailings and January restorations planned, a broader return would shorten routes and release capacity—BIMCO pegs the impact at roughly a 10% drop in effective ship demand—which would pressure freight rates and ease schedules. The practical read is to plan for gradual normalization and softer spot rates into 2026, while keeping contingency routings and war-risk coverage in place as carrier policies remain highly conditional. Related, Shipping Giant Maersk Completes First Red Sea Voyage After Nearly Two Years Away.

Request for Startups 📢

Dynamo is always looking to meet startups that are helping to make, move, and monetize goods. Check out our latest request for startups below!

The Future of Operational Technology (OT) — Reindustrialization is colliding with decades-old, vendor-locked PLCs and fragmented OT networks, creating a critical opportunity for software-defined, interoperable, secure, and AI-assisted control systems to become the foundation of the next industrial era. Read more here.

The Future of Supply Chain 🎙️

Check out our podcast series that’s been running since 2018. On each episode of the Future of Supply Chain, we sit down with a different entrepreneur, investor, or industry veteran to discuss innovation, technology, and the most exciting opportunities in supply chain as we build the future of the industry together.

Fundraises and M&A 💸

Square Robot Secures Series B Funding. Square Robot has completed a Series B funding round with participation from Marathon Petroleum, which will also collaborate on developing the company’s next-generation submersible tank inspection robots. The funding supports expansion of Square Robot’s technology that enables in-service tank inspections without confined space entry. Marathon will continue deploying the existing fleet across its US terminals and refineries.

Quintrans Raises $750K in Pre-Seed Funding. Quintrans, a deep tech startup developing electromagnetic linear motion systems for industrial automation, has raised $750,000 in pre-seed funding. The capital will support manufacturing setup, R&D, and team expansion as the company prepares for commercial rollout. The round was led by Capital-A with participation from Sumeet Kabra, SanchiConnect, AIC-Pinnacle, and IIMA Ventures.

Digicust Raises €2.3M in Pre-Series A Funding. Vienna-based Digicust has raised €2.3M in Pre-Series A funding to enhance its AI-driven customs clearance platform. The investment will support product development, expansion of AI capabilities, and market entry across Europe. The round was led by Jet Investment with participation from Look AI Ventures and existing investors.

MyDello Raises €3.1M. Estonian logistics startup MyDello has secured €3.1M in funding, led by Frumtak Ventures, to expand into the UK and further automate its freight operations using AI. The B2B digital freight forwarder serves 12,500 businesses in 12 countries and offers instant door-to-door pricing across all freight modes. The company plans to automate most shipment processes by 2026 and reach full European coverage by 2027.

Unlimited Raises $12M. Unlimited Industries, which automates the construction design process for data centers, has raised $12M in new funding. The investment will support product development and reduce the time needed to move projects from design to ground-breaking. The round was led by Andreessen Horowitz with participation from CIV.

Pyxis Raises $13M. Singapore-based Pyxis has secured $13M in the first close of its $18M growth round to scale electric vessel production and marine charging infrastructure. Funds will expand capabilities of its ElectraTM platform, increase vessel manufacturing, and accelerate regional deployments. Backers include Shift4Good, Motion Ventures, MOL PLUS, SEEDS, and OCBC via green financing.

Ember LifeSciences Raises $16.5M in Series A Funding. Ember LifeSciences has secured $16.5M in Series A funding to enhance its temperature-controlled shipping solutions for global healthcare logistics. The funds will support the launch of Ember Cube 2, scale high-volume deployments, and expand into new markets. The round was led by Sea Court Capital with participation from Cardinal Health, Carrier Ventures, and former US Secretary of State Mike Pompeo.

Cerrion Raises $18M in Series A Funding. Cerrion, a Zurich-based startup providing AI-powered factory monitoring and analytics, has raised $18M in Series A funding. The company will use the funds to scale its platform, which helps manufacturers reduce downtime and improve operational efficiency. The round was announced by CEO Karim Saleh.

Galatek Raises $30M in Series A Funding. Singapore-based AI and automation startup Galatek has raised $30M in Series A funding to advance its smart lab tools and semiconductor packaging systems. The funds will support product development, supply chain enhancements, and team expansion across Europe, North America, and Southeast Asia. Investor names and valuation were not disclosed.

Axion Raises $37M in Series B Funding. Axion, a startup focused on reducing product recalls and failures through manufacturing flaw detection, has secured $37M in Series B funding. The capital will be used to expand its AI-driven platform and grow its presence across key industrial markets. The round values the company at $300M and was disclosed by CEO Daniel First.

Generative Bionics Raises €70M. Genoa-based Generative Bionics has secured €70M to accelerate the development of its intelligent humanoid robots for use in manufacturing, logistics, healthcare, and retail. The funding will support product launch efforts, including the unveiling of its first model at CES 2026. CDP Venture Capital led the round, joined by Tether, AMD Ventures, Duferco, and Eni Next.

Nirvana Raises $100M in Series D Funding. Nirvana Insurance has raised $100M in a pre-emptive Series D to accelerate development of its AI-powered insurance operating system for commercial fleets. The funds will support enhancements in telematics integration, underwriting automation, and in-house claims processing. Valor Equity Partners led the round, with continued support from Lightspeed Venture Partners and General Catalyst.

Galbot Raises Over $300M. Beijing-based Galbot has secured more than $300M in new funding, bringing its total to $800M and valuing the company at $3B. The funds will support further development and global expansion of its humanoid robots, which are already deployed at scale across manufacturing, logistics, healthcare, and retail. Investors from China, Singapore, and the Middle East participated in the record-setting round.

Diginex Acquires The Remedy Project to Strengthen Supply Chain Compliance Capabilities. Diginex Limited has signed a definitive agreement to acquire The Remedy Project, a Hong Kong-based advisory firm specializing in labor and human rights in global supply chains. The deal enhances Diginex’s offering by integrating advisory services into its AI-powered compliance platforms, particularly for grievance mechanisms and remediation. This move supports growing regulatory demands such as the EU’s corporate sustainability due diligence directive.

Samsung Biologics Acquires Human Genome Sciences Facility from GSK for $280M. Samsung Biologics has acquired GSK’s Human Genome Sciences facility in Rockville, Maryland, marking its first US-based manufacturing site and expanding its global CDMO footprint. The company plans to invest further to increase the site’s 60,000-liter drug substance capacity and enhance its capabilities to support a broader range of biologics programs. The $280M acquisition was made through Samsung Biologics America, its US subsidiary, and includes the retention of over 500 staff to ensure continuity.

Who’s Hiring? 👩‍💻

Be sure to check out the Dynamo website for more job opportunities at our portfolio companies!

Founding Engineer at Mello in Berlin, Germany.

Founding Product Engineer at Guided in Paris, France.

Senior Software Engineer – Founding Team Member at FuelUp in Utah County, UT

Weekly Commentary 💭

This week’s Dispatch highlights hybrid air–ocean networks, tariff-driven trade rerouting, and accelerating AI and automation—all signaling a shift from static, mode-based planning to interoperable, software-led networks built for resilience. Winners are moving faster than policy, labor, and geopolitics, while laggards face rising volatility.

🥰 Love reading the Dispatch? Make sure you forward it to anyone looking to stay up to date with all things supply chain and mobility.

We Are Dynamo,

Madelyn, Madison and the rest of the Dynamo team

Note: please add “dynamo@substack.com” to your email client, so you don’t miss future issues due to aggressive spam filters.

Make, Move, and Monetize 📦

⭐ Why Hybrid Air–Ocean Networks Are Becoming the Backbone of Supply Chain Resilience. Companies are moving from single mode transport to hybrid air and ocean networks to balance cost, speed, and resilience as supply chains regionalize and shocks persist. The key is digital interoperability: real time, standardized data that enables smooth handoffs, with pharma and chemicals leading due to strict compliance needs and predictive workflows. This shifts focus from mode thinking to network thinking, rewarding providers that deliver integrated visibility, validated cold chain and hazardous goods handling, and turnkey sea to air corridors, while laggards face more volatility and slower recovery. Completely unrelated, Demand for Zero-Emissions Operations Sparks Growth in Maritime Battery Propulsion.

Tariffs Shrank Trade Deficit in September, New Data Show. The US trade deficit narrowed in September to its lowest since mid-2020 as sweeping tariffs slowed imports and exports rose, though front-loading and the end of the de minimis exemption muddy the signal. Economists warn it’s too early to call a trend amid legal uncertainty and multidecade-high effective tariff rates. The upshot is that tariffs seem to be rerouting trade rather than reviving manufacturing—shifting sourcing from China to other Asian hubs and squeezing allies like Canada and Europe—so expect choppy monthly prints and more goods routed through third countries. Also, Thousands of Carveouts and Caveats Are Weakening Trump’s Emergency Tariffs, and It’s Not Just Americans Who Are Feeling Trump’s Tariffs. Five Charts Show Their Global Impact.

China Prepares as Much as $70B in Chip Sector Incentives. China is readying a massive new incentive package to turbocharge its chip industry, separate from its existing national semiconductor fund, to back champions like Huawei, SMIC, Cambricon, and Moore Threads. The plan pairs fresh subsidies with tighter guidance to swap in domestic components, sidelining Nvidia’s China-specific chips and keeping higher-end imports at bay despite recent US policy shifts. Expect faster import substitution across China’s AI stack, more pressure on Nvidia’s China business, and a subsidy-fueled sprint where local AI accelerators, foundry capacity, and design IP are poised to be near-term winners. For more, check out, Exclusive: Intel Has Tested Chipmaking Tools from Firm with Sanctioned China Unit, Sources Say.

Inbolt Launches Next-Generation Bin Picking Solution. Inbolt unveiled an on-arm, AI 3D-vision bin-picking system that ditches fixed cameras and pre-calculated grasps, letting robots “see in hand,” adapt on the fly, and place parts accurately in unstructured, moving bins. The closed-loop approach is already running in multiple factories and pairs NVIDIA hardware with Inbolt’s real-time pose estimation and trajectory correction to cut setup complexity and boost uptime. This collapses vision, planning, and control onto the arm—cutting hardware and integration overhead, accelerating brownfield deployments, and squeezing fixed-camera incumbents. Expect faster rollouts on high-throughput lines, tighter OEM partnerships, and a sticky software layer that makes the robot brand secondary to the Inbolt stack.

Report: 95% of US Manufacturers Plan New Automation by 2028. US manufacturers are racing to automate as reshoring and labor shortages bite, with a new RobCo survey finding most plan fresh deployments by 2028 and many already piloting robots and AI on connected equipment. Early adopters report quick productivity and waste-reduction gains, while high upfront costs and skills gaps are pushing buyers toward leasing and robots-as-a-service to speed rollouts and lower risk. The takeaway is that flexible financing and software-led automation will accelerate factory upgrades, favor vendors with fast integration and managed services, and shift the labor debate from replacement to augmentation on the plant floor. Related, AI In 2026: 10 Predictions On Automation And The Future Of Work.

US Manufacturers Slow Orders Ahead of Supreme Court Tariff Ruling. US manufacturers are dialing back orders amid uncertainty over the Trump administration’s reciprocal tariffs, with buying activity slipping to its weakest since spring as firms await a Supreme Court ruling. Justices have signaled skepticism of the levies, and North America’s supply chains look underused versus other regions—keeping input prices soft and favoring buyers. Expect procurement teams to lean into short-term price advantages while hedging inventory and sourcing until the court clarifies the tariff path, which could quickly flip cost and demand dynamics. Completely unrelated, Putting AI to Work in Trucking.

AI is Stepping Into the Fight for Supply Chain Resilience and Battlefield Readiness. Defense leaders see fragile supply chains and maintenance bottlenecks, and AI “world models” are emerging to fuse real-time logistics, demand, and mobility data so commands can optimize purchasing, stocking, transport, and readiness at enterprise scale. Predictive maintenance signals—accurate in aggregate—feed these models, while AI also helps place expeditionary 3D printing and gives OEMs multi-year visibility to cut whiplash and build surge capacity. The edge goes to programs that digitize legacy data, enforce interoperability, and ground LLMs in validated sources—yielding faster re-plans and higher fleet availability while easing the cultural shift from ERP reports to decision-quality AI. Also, Where Do We Stand With AI In The Supply Chain? What Is Real? and Redefining Entry-Level: How AI Is Reshaping the Supply Chain Career Ladder.

Mexico’s Truck Drivers Stage Blockades, Disrupting Trade With US. Coordinated blockades by Mexican truckers and farmers are choking key highways and border crossings, exposing how fragile Mexico’s overland cargo network is and spilling delays into US-bound trade. Sparked by rampant highway robberies and a water-rights fight, the stoppages have already rippled into factory downtime and show how easily just-in-time supply chains can be upended amid tariff brinkmanship. The takeaway is clear: diversify routings and buffers now—shift volume to alternative crossings, ports, and rail, harden security, and plan for more policy-driven shocks as USMCA talks and tariff politics keep baseline risk elevated. For more, check out Blockades Choke Mexico’s Border Trade as Farmers, Truckers Escalate Unrest.

Teradyne Robotics to Expand Presence with New US Operations Hub in Metro Detroit, Michigan. Teradyne Robotics will open a US Operations Hub in Wixom (Metro Detroit) in 2026 to manufacture Universal Robots cobots, with potential MiR AMRs, and serve as a regional training, service, and visitor center—adding local capacity to meet rising US automation demand. The site puts Teradyne closer to major manufacturers and talent, supporting reshoring, faster deployments, and workforce upskilling as buyers lean into flexible, software-led automation models. This deepens the US robotics supply base and tightens Teradyne’s grip on cobots and AMRs, positioning it to win big program rollouts in automotive, logistics, and aerospace while raising the bar for service, integration speed, and total-cost-of-ownership across the category.

Compete or Complement? Trucking Foresees Mixed Intermodal Impact from Merger of Rail Giants. Trucking leaders see a split impact from the proposed Union Pacific–Norfolk Southern merger: some long-haul volumes could shift to rail as service speeds up, while drayage and final-mile carriers gain more short hops to and from rail hubs—especially around Chicago. Carriers with strong intermodal partnerships stand to benefit, though consolidation raises concerns about pricing power and fewer shipper options. The practical move is to lean into rail-adjacent work, expand drayage, deepen rail partnerships, and reposition terminals along key corridors, while long-haul fleets prepare for lane mix changes and potential margin pressure. Related, Union Pacific–Norfolk Southern Merger Faces STB Test.

The Future of Supply Chain 🎙️

Check out our podcast series that’s been running since 2018. On each episode of the Future of Supply Chain, we sit down with a different entrepreneur, investor, or industry veteran to discuss innovation, technology, and the most exciting opportunities in supply chain as we build the future of the industry together.

Fundraises and M&A 💸

GT Wings Raises Funding. GT Wings, a UK-based developer of the AirWing Jet Sail system, has secured new investment to advance its wind-assisted propulsion solution for commercial vessels. The funding will support manufacturing readiness and expand the company’s global supply chain amid rising regulatory demand for clean shipping technologies. Grieg Kapital led the round, with participation from Blackfinch Ventures and One Planet Capital.

Sperra Seaworks and Bardex Receive £1M. Sperra Seaworks and Bardex Energy UK are developing the Floating Construction Station (FCS), a mobile platform for nearshore assembly and deployment of floating wind foundations. The funding will support engineering, site evaluation, and planning for a full-scale FCS, with Port Talbot among the candidate sites. The £1M award was provided by The Crown Estate’s Supply Chain Accelerator, with additional backing from industry partners and the National Offshore Wind R&D Consortium.

Rotostitch Raises $1M in Pre-Seed Funding. Rotostitch is developing automated textile manufacturing technologies to enable faster, more flexible apparel production. The funding will support product development, manufacturing scale-up, and go-to-market expansion. Boost VC and Nova Threshold co-led the oversubscribed pre-seed round.

Buildcheck Raises $5.9M in Seed Funding. Buildcheck offers an AI-powered platform that reviews construction drawings to detect design errors and coordination issues across all major disciplines. The funding will accelerate AI development, expand the engineering and operations teams, and enhance platform capabilities. The round was led by Uncork Capital, with participation from Peterson Ventures, Xfund, and strategic angels from OpenAI, Opendoor, CBRE, and Zillow.

Mach Raises $7M. Mach, a Tier 1 supplier of modular autonomy systems for off-road equipment, has raised $7M and secured OEM deals across agriculture, defense, and landcare sectors. The funds will support scaling production and assist over 25 OEMs in integrating Mach’s hardware and software stack. The round was led by The Venture Collective, with participation from Next Level Ventures and Midwest Growth Partners.

Soleos Solar Energy Raises $12M. Soleos Solar Energy provides turnkey solar and storage solutions, including rooftop and ground-mounted systems, solar parks, and battery energy storage for industrial and government clients. The funding will support project development, construction, and expansion into solar-plus-storage and round-the-clock renewable offerings. The $12M (~₹1.07B) round was led by GVFL, with participation from Tipsons Group, Navin Dalmia, family offices, and existing investors.

Matta Raises $14M in Seed Funding. Matta, a University of Cambridge spinout, develops AI-driven systems that automate defect detection and process optimization across manufacturing lines. The funding will accelerate customer adoption, enhance AI capabilities, and support expansion in Europe and the US The seed round was led by Lakestar with participation from Giant Ventures, RedSeed VC, InMotion Ventures, 1st Kind, Unruly Capital, Boost VC, and support from Innovate UK and the Royal Academy of Engineering.

Enerin Raises €15M in Series A Funding. Enerin develops modular high-temperature heat pumps for industrial use, capable of delivering process heat up to 250°C to replace fossil-fuel boilers. The funds will expand manufacturing capacity, enable serial production, and advance the next generation of its HoegTemp system. The round was co-led by Climentum Capital, The Footprint Firm, Johnson Controls, and Move Energy, with participation from PSV Hafnium and Momentum.

Locus Fermentation Solutions Raises $20M. Locus FS develops high-performance, bio-based glycolipid biosurfactants used across energy, agriculture, mining, and industrial markets. The funding will support expansion of US fermentation infrastructure, product commercialization, and broader market deployment. The oversubscribed $20M convertible note round was led by Hudson Bay Capital at a $100M valuation, with participation from company leadership.

AnySignal Raises $24M in Series A Funding. AnySignal develops end-to-end radio systems for space and defense applications, designed to simplify satellite communications infrastructure. The funding will support expansion into a larger manufacturing facility and scale production capacity from 100 to over 1,000 radios annually. Upfront Ventures led the round, with participation from BlueYard Capital, First In Ventures, and others.

Qargo Raises $33M in Series B Funding. Qargo provides an AI-powered transport management system (TMS) that automates logistics workflows and reduces operational costs for European transport operators. The new funding will support team growth, product development, and expansion into additional logistics markets. The round was led by Sofina, with participation from existing investors and brings Qargo’s total funding to $54M.

Bobyard Raises $35M in Series A Funding. Bobyard offers an AI-powered platform that automates up to 70% of the construction takeoff process using trade-specific computer vision models. The funding will support continued product development in landscaping and expansion into trades such as drywall, electrical, HVAC, plumbing, and framing. The round was led by 8VC, with participation from Pear VC, Primary Venture Partners, Tishman Speyer, RXR, Caffeinated Capital, and Merrick Ventures.

bound4blue Raises $44M. bound4blue develops automated suction sail systems that reduce ship fuel use and emissions by converting wind into auxiliary thrust. The funding will support industrial-scale production, expand manufacturing capacity in Spain and China, and deepen R&D to meet growing demand for retrofit and newbuild applications. The $44M round was co-led by Katapult Ocean and OCTAVE Capital, with participation from Motion Ventures, the Odfjell family office, ReOcean Fund, Shift4Good, GTT Strategic Ventures, KAI Capital, and CDTI.

Blue Current Raises Over $80M in Series D Extension Funding. Blue Current develops silicon solid-state batteries designed for mobility, stationary storage, and other energy-reliant applications. The funding will accelerate commercialization of its silicon composite battery platform. The round was led by Amazon, with participation from Koch Disruptive Technologies, Piedmont Capital, Rusheen Capital Partners, and Allen & Company.

xLight Raises $150M in Strategic CHIPS Act Funding. xLight is developing Free-Electron Laser (FEL) systems to enable next-generation semiconductor lithography beyond current EUV capabilities. The $150M from the US government will fund its first FEL system at the Albany Nanotech Complex and advance domestic lithography innovation. The investment comes from the CHIPS Research and Development Office under the Department of Commerce.

Thoma Bravo Plans $12B Merger of Auctane and WWEX Group. Thoma Bravo is in talks to merge shipping software firm Auctane with logistics provider WWEX Group. The firm would invest $500M in new equity to support the deal and reduce leverage. It is also seeking $5B in private credit financing, with Blackstone among the potential lenders.

Beyond Now Receives Majority Investment from Bregal Milestone. Beyond Now provides AI-powered ecosystem orchestration and digital commerce platforms for telecom and enterprise clients. The investment will accelerate global expansion, advance AI product development, and enhance customer support capabilities. Bregal Milestone led the majority investment, marking Beyond Now’s transition from a management buyout to strategic scale-up.

New State Capital Partners Acquires Majority Stake in Harrell-Fish Inc. Harrell-Fish Inc. provides HVAC and plumbing installation, maintenance, and repair services to commercial and institutional customers across the Midwest. The investment will support geographic expansion, service capability enhancements, and strategic acquisitions. New State Capital Partners led the majority investment in partnership with Amethyst Capital Group and HFI’s existing owners, who retained significant equity.

Who’s Hiring? 👩‍💻

Be sure to check out the Dynamo website for more job opportunities at our portfolio companies!

Founding Product Engineer (Full-Stack, Backend) at Guided in Paris, France

Senior Software Engineer – Founding Team Member at FuelUp in Utah County, UT

Founding GTM at Ceto in London, England

Dynamo Dispatch. A weekly update from Dynamo Ventures covering the latest and greatest in supply chain, mobility, and building venture-scale businesses.

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Weekly Commentary 💭

A major headline in this week’s Dynamo Dispatch is IBM’s acquisition of Confluent, underscoring how essential real-time data infrastructure has become as AI and automation spread through the industrial economy. Alongside this, Apple’s expanded manufacturing academy, ongoing onshoring challenges, network disruptions, and tariff uncertainty highlight how quickly operating conditions are shifting — and how much demand is building for tools that boost resilience, visibility, and edge decision-making.

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Madelyn, Madison, and the rest of the Dynamo team

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Make, Move, and Monetize 📦

⭐ Apple Manufacturing Academy Launches Virtual Programming to Train More American Businesses. Apple expanded its Apple Manufacturing Academy with free virtual courses aimed at US small and midsize manufacturers, covering automation, predictive maintenance, quality control optimization, and ML/vision—plus professional skills. Built in collaboration with Michigan State University, the online program builds upon a Detroit pilot that has already trained over 80 businesses, with a curriculum set to expand over time. Expect lower barriers to advanced manufacturing adoption, faster upskilling, and tailwinds for US capacity expansion—creating opportunities for equipment vendors, systems integrators, and founders building AI-in-manufacturing tools aligned to Apple’s ecosystem. Completely unrelated, Amazon Eyes Expanding Delivery Network After Talks with USPS Stall.

18,000 Reasons It’s So Hard to Build a Chip Factory in America. TSMC’s $165B Phoenix complex lays bare the frictions of US chip onshoring—18,000 permitting rules costing $35M, skills gaps and cultural clashes, water constraints, and local pushback (e.g., Amkor’s relocation). Despite ~$40B in supplier co-investment and CHIPS support (~$6.6B), only one fab is producing with two more underway, and timelines/costs remain far above Taiwan norms even as AI demand (Nvidia) pulls capacity stateside. Executives should plan for schedule and capex risk and higher unit costs, making permitting reform, workforce pipelines, and local stakeholder management non-negotiable; EPC, automation, training, and water-reuse providers are positioned to win as onshoring shifts from announcements to execution. Also, AI Chip Demand Creates New Global Supply Chain Strains and The Power Crunch Threatening America’s AI Ambitions

Copper Thieves Are Wreaking Havoc Across America. Copper theft has surged to epidemic levels in the US, with 9,770 incidents reported from January to June, and outages affecting over 8 million customers. Los Angeles is a hotspot, as organized crews cut telecom lines, disrupt 911 services, schools, and businesses, amid copper prices near records. Carriers are fighting back with GPS in cables, sensors, fencing, rewards, and tougher state laws (14 enacted this year). Yet, losses mount—AT&T alone reports $76M in repair costs in the first 10 months—and thieves increasingly mimic utility crews to strike again after repairs. For operators and investors, expect elevated opex, service-risk headlines, and accelerated capex to retire copper and push fiber—plus tighter scrapyard compliance and enforcement—while price and outage pressures could catalyze regulatory support and reshape timelines for network upgrades. For more, check out The Great Global Copper Swindle.

Costco Sues Trump Administration as Tariff Backlash Intensifies. Costco sued the Trump administration to challenge broad tariffs imposed under emergency powers and to preserve refund claims before CBP begins liquidating entries on Dec. 15. It joins dozens of importers as the Supreme Court reviews the tariff regime, which helped push duties to ~$195B in FY2025 from $118B in FY2024, amid growing corporate backlash. If the regime is overturned, import-heavy companies could see sizable cash refunds and earnings volatility; if upheld, expect continued margin pressure and a push to tighten tariff pass-through and contingency clauses in supplier contracts. Related, Why Costco is the Only Big Retailer to Challenge Trump on Tariff Refunds.

10 Roads Express to Shut Down After Losing USPS Business. 10 Roads Express will shut down after losing the US Postal Service, which accounted for ~70% of its revenue, as the USPS revamps its network toward insourcing and brokered capacity. The company is winding down while completing its remaining obligations, ending a 50-year relationship with USPS. Why it matters: Postal linehaul capacity will reshuffle quickly with brokers absorbing lanes at tighter margins; expect distressed equipment/terminal sales and elevated revenue-concentration risk for carriers tied to USPS as the network redesign advances.

Kroger Dismantles Its Ocado Network: Billion-Dollar Vision Turns Into Industry Warning. Kroger is unwinding its Ocado bet, paying a $350M penalty and closing three CFCs plus spokes after a density-first cube system couldn’t meet US same-day speed and volatile demand, pushing costs above digital growth. The pivot moves to store-based picking, light in-store automation, and Instacart/DoorDash/Uber, with CFCs used only where density truly pencils, while Ocado’s “flexible ecosystem” echoes past US micro-fulfillment disappointments. The implication is clear—profit will favor flexible, edge-first networks, so re-run cost-to-serve on real demand, optimize for proximity and cycle time, and preserve optionality to avoid lock-in and margin drag. Completely unrelated, US Vows Over $1B for Congo Critical Minerals Supply Chain.

Return of Container Ships to Red Sea Edges Closer: Major Carrier Announces New Full-Loop Service via Suez Canal. CMA CGM is formally routing its INDAMEX service back through the Suez Canal on both legs starting Jan 15, its first full-loop return to Suez since Red Sea diversions began. It will drop two ships from the rotation due to shorter transit times, while peers remain cautious and ZIM awaits insurance, with Suez transits still far below pre-crisis levels. A structured return to Suez restores speed and effective capacity; if others follow, capacity could flood back and drive sharper spot-rate declines—improving shipper costs and lead times while pressuring carrier margins and remaining contingent on security/insurance conditions. Also, CMA CGM Set to Restore First Route Through Suez/Red Sea, and Shipping Industry’s Return to Suez Will be Gradual, Hapag-Lloyd CEO Says.

DHL Supply Chain Launches Singapore’s First Autonomous Vehicle in Supply Chain Operations. DHL Supply Chain launched Singapore’s first autonomous, fully electric vehicle for supply-chain ops at its Asia Pacific Advanced Regional Centre, co-developed with Zelostech and deployed across Infineon. Integrated with DHL’s WMS and advanced navigation/monitoring/safety, it’s expected to cut emissions by >80% vs the prior diesel truck. Phase one precedes expansion onto selected public roads and additional customers, aligning with Strategy 2030—and signaling a shift from pilots to scale that boosts productivity, safety, and decarbonization, sets an AV template for Asia, and intensifies demand for AV platforms/sensors/AI while pressuring 3PLs to automate yard and linehaul handoffs. For more, check out DHL Deploys Autonomous Supply Chain Vehicle in Singapore.

IKEA to Ramp Up US Production as Tariffs Bite. IKEA will ramp up US sourcing and production as tariffs raise import costs, reversing a decade-long slide in US-made share (now ~15%). The shift includes a $70M SBA Home factory in North Carolina making KALLAX shelves and plans to buy more from US suppliers, with a goal to produce most mattresses in-country. While unit manufacturing costs are higher in the US, IKEA cites rising, less predictable shipping costs and the need for faster, more resilient supply. This points to a broader localization push in home goods: expect new supplier opportunities in bulky categories, capex into automated plants near demand, and pricing steadier on tariff-exposed SKUs as IKEA trades ocean freight risk for domestic cost control.

Tariff Threat Forces US Ports to Rethink Upgrade Plans. Threatened 100% tariffs on Chinese ship-to-shore cranes (now paused for a year) have frozen US port orders, nudging operators to sweat or upsize aging gear. With ~80% of cranes sourced from China and just three non-Chinese suppliers charging ~15% more and capped at ~20 units/year, modernization for larger vessels is slipping into retrofits. Expect delayed capex, rising berth bottlenecks and costs, near-term tailwinds for life-extension/automation vendors and non-Chinese OEMs, and a costly, multi-year path to any domestic crane build-out. Related, Trump’s Trade War Shift Away from Chinese Manufacturing Has Reached Tipping Point.

The Future of Supply Chain 🎙️

Check out our podcast series that’s been running since 2018. On each episode of the Future of Supply Chain, we sit down with a different entrepreneur, investor, or industry veteran to discuss innovation, technology, and the most exciting opportunities in supply chain as we build the future of the industry together.

Request for Startups 📢

Dynamo is always looking to meet startups that are helping to make, move, and monetize goods. Check out our latest request for startups below!

Starlink as a Platform — Dynamo believes Starlink will unlock massive value by connecting previously offline parts of industrial supply chains—creating investable opportunities for founders building real-time, data-driven platforms that transform how physical operations are monitored, optimized, and insured. Read more here.

Fundraises and M&A 💸

Hypercritical Raises £2M in Pre-Seed Funding. Hypercritical develops AI-powered agents that autonomously generate, verify, and optimize control software for safety- and mission-critical systems in heavy industry. The funding will support team expansion and cloud compute resources to further develop its proprietary foundation model. Join Capital led the round, with participation from Octopus Ventures, Tiny Supercomputer Investment Company (tiny.vc), and Plug and Play.

Interface Raises $3.5M in Seed Funding. Interface provides an AI-powered industrial safety platform that integrates with existing systems to help operators reduce document review time, unplanned downtime, and regulatory exposure. The funds will support expansion across the Americas, including new engagements with producers in Guyana and Brazil. The round was led by defy.vc, with participation from Precursor Ventures, Rock Yard Ventures, and angel investors including Meta board member Charlie Songhurst.

Spotlite Raises €3.5M in Seed Funding. Spotlite provides a satellite-powered platform that delivers automated infrastructure monitoring and predictive maintenance insights for sectors like transportation, mining, energy, and construction. The funding will support global expansion and further development of its AI-driven infrastructure intelligence capabilities. The round was co-led by Índico Capital Partners and Explorer Investments.

Reditus Space Raises $7.1M in Seed Funding. Reditus Space is developing a reusable orbital platform for microgravity research and in-space manufacturing, with its first ENOS spacecraft set to launch in mid-2026. The funding will support the development and deployment of a 40-kilogram payload demonstrator designed for recovery after an eight-week orbital mission. The round included participation from Antler, Y Combinator, and other investors in a party round format.

Autolane Raises $7.4M in Seed Funding. Autolane provides coordination software and infrastructure to manage autonomous vehicle pickups and drop-offs on private property, starting with retail locations. The funding will support the deployment of its “air traffic control” system for AVs at Simon Property Group shopping centers in Austin and San Francisco. The round was backed by Draper Associates and Hyperplane.

Ply Raises $8.5M in Strategic Funding. Ply provides an inventory and purchasing platform tailored to contractors and suppliers in the trades. The funds will be used to expand product capabilities, deepen integrations with field service and accounting platforms, and strengthen supplier partnerships. The round was led by Ferguson Ventures, with participation from Primary and SignalFire.

StirlingX Raises $11M in Seed Funding. StirlingX develops secure drone operations and data intelligence systems for critical national infrastructure and defense applications. The funds will accelerate product development, international expansion, recruitment across technical roles, and the scaling of manufacturing and R&D at its Cambridge and Oxford facilities. The round was led by the RCM Private Markets Fund managed by Rokos Capital Management, with participation from GALLOS Technologies, ONE9, and a group of angel investors.

Unlimited Raises $12M in Seed Funding. Unlimited is an AI-native, vertically integrated construction company automating the end-to-end delivery of large-scale infrastructure like data centers, power plants, and mining facilities. The funding will accelerate development of its AI platform, which compresses engineering timelines and delivers optimized, automation-ready designs. The round was co-led by Andreessen Horowitz and CIV, with participation from Abhijoy Mitra and Kathryn Boyle

Gravis Robotics Raises $23M in Series A Funding. Gravis Robotics develops autonomous earthmoving technology that retrofits heavy machinery with AI and vision systems to boost productivity and safety on construction sites. The funding will accelerate global expansion, grow the team, and deepen partnerships with OEMs, contractors, and equipment dealers. The round was co-led by IQ Capital and Zacua Ventures, with participation from Pear VC, Imad (CVC of Nesma & Partners), Sunna Ventures, Armada Investment, and Holcim.

PermitFlow Raises $31M in Series A Funding. PermitFlow provides end-to-end workflow and automation software for construction permitting, streamlining the process for residential and commercial developers. The funds will support national expansion, platform enhancements, and integration of LLMs to further simplify permitting across municipalities. The round was led by Kleiner Perkins, with participation from Initialized Capital, Y Combinator, Felicis Ventures, Altos Ventures, and several angel investors.

Tutor Raises $34M in Series A Funding. Tutor develops low-cost, drop-in robots powered by fleet-scale learning for manufacturing and logistics applications. The funds will support further development of high-capability robotic systems, expanding deployment, and learning efficiency across customer operations. The round was led by Union Square Ventures, co-led by Fundomo, with continued support from Neo.

Mujin Raises $233M in Series D Funding. Mujin develops MujinOS, an intelligent robotics platform that integrates perception, motion planning, and digital twin orchestration to automate manufacturing and logistics operations. The funding will accelerate MujinOS productization, expand real-time digital twin capabilities, and drive global expansion across Europe and North America. The $133M equity round was led by NTT Group and co-led by Qatar Investment Authority, with debt financing of $100M secured from Japanese financial institutions.

Stonepeak and EEP Acquire 65% Stake in JET in €2.5B Deal. JET operates a major network of fuel retail stations across Germany and Austria. The acquisition supports JET’s continued service delivery while positioning it to contribute to the broader energy transition. Stonepeak and Energy Equation Partners led the deal, acquiring the majority interest from a subsidiary of Phillips 66.

IBM to Acquire Confluent for $9.3B. Confluent provides a real-time data streaming platform that enables enterprises to process and analyze live data flows, supporting applications like inventory optimization and fraud detection. The acquisition supports IBM’s strategy to expand its enterprise AI software offerings and is expected to close by mid-2026. The $9.3B transaction, representing an $11B enterprise value, follows a five-year partnership between the two companies.

Who’s Hiring? 👩‍💻

Be sure to check out the Dynamo website for more job opportunities at our portfolio companies!

Sales Development Representative (SDR) at Mello in Berlin, Germany.

Cassette Assembly Operator at Manna in Leinster, Ireland.

Founding GTM at Ceto in Newcastle, London.

Dynamo Dispatch. A weekly update from Dynamo Ventures covering the latest and greatest in supply chain, mobility, and building venture-scale businesses.

💥 Have you seen any interesting startups recently? Introduce us.

🗞️ If you were forwarded this and found it interesting, please sign up.

🎙 Check out Dynamo’s podcast series, The Future of Supply Chain.

Weekly Commentary 💭

Exciting news from Dynamo — we’re thrilled to announce our recent investment in Orion Geo, an AI-native platform for Global Security Operations Centers (GSOCs) to help organizations protect physical assets, assets in motion, and personnel. Check out the fundraising section below for more on Orion and the round.

🥰 Love reading the Dispatch? Make sure you forward it to anyone looking to stay up to date with all things supply chain and mobility.

We Are Dynamo,

Madelyn, Madison and the rest of the Dynamo team

Note: please add “dynamo@substack.com” to your email client, so you don’t miss future issues due to aggressive spam filters.

Make, Move, and Monetize 📦

⭐ US Supply Chains Deemed Vulnerable to Chinese Exploitation. A new report to Congress warns Beijing can weaponize US reliance on Chinese supply chains, citing recent rare-earth curbs and pointing to outsized exposure in pharmaceuticals (APIs), electrical equipment, batteries, and foundational chips. The US-China Economic and Security Review Commission urges mandatory disclosure of supply-chain origins to surface risks that are poorly understood, while noting that zero reliance is unrealistic. For operators and investors, this signals looming reporting requirements and policy shocks: map single points of failure now, dual-source with allies, and secure buffers in life-critical inputs to avoid production hits and margin surprises. Completely unrelated, Yangzijiang Secures $2.17B in New Orders for 2025.

BNSF and CSX Expand Intermodal Partnership to Midwest, Northeast. BNSF and CSX expanded their interline intermodal partnership to link Los Angeles with the Ohio Valley and Northeast, cutting transit times by ~22–52 hours to CSX terminals, including Northwest Ohio, Philadelphia, South Kearny, and Springfield. The move builds on their August launch, connecting the Southwest–Southeast (which already won Phoenix–Atlanta business and share from Norfolk Southern) and arrives amid the proposed UP–NS merger. Faster, integrated schedules signal a reversal of the long decline in interline service, likely pulling freight back from highway and increasing pressure on NS, while giving shippers more speed, flexibility, and Chicago handling relief. Also, BNSF, CSX Launch Faster Cross-Country Intermodal Service and BNSF and CSX Expand Their Intermodal Partnership Across the Midwest and Northeast.

Robot Threat to Drivers’ Jobs in China Heralds Wider Shift. China’s robotaxis have moved from demo to deployment, now running geofenced rides in ~20 cities as cheaper sensors, bigger datasets, and regulatory backing push Baidu and peers toward scale, one of the only large pilots outside the US. Banks see the market swelling to the tens of billions by 2035, raising a hard question: how to handle the displacement of millions of ride-hailing and delivery drivers in a system with uneven social protections. Fare discounts and automation squeeze unit economics for DiDi and traditional taxis, push insurers and city regulators to rewrite risk and permitting, and turn China’s next five-year plan into a test of how fast labor can be retrained—while an export push for AV services starts to pressure wages and timelines in global taxi and logistics markets. For more, check out ‘Robotaxi Has Reached a Tipping Point’: Baidu, Nvidia Leaders See Momentum as Competition Rises.

Inside the High-Risk Business of Explosives Manufacturing. An October 10 explosion at Accurate Energetic Systems’ Building 602 in Tennessee killed 16 workers during the melt-casting of TNT/PETN boosters, with a chain reaction near heating kettles detonating up to 28,000 pounds of explosives and a search spanning 500 acres. Despite a web of regulators, the Pentagon didn’t inspect the commercial booster building, ATF focuses on storage/security (not manufacturing safety), and Tennessee OSHA had rarely inspected, leaving a high-risk process effectively self-policed. Expect coordinated federal–state fixes and more frequent inspections of commercial lines, driving higher insurance premiums and capex for process safety (heat control, segregation) and pushing delays/costs into mining, construction, and energy supply chains—making process safety and regulatory exposure a material board-level risk.

Cybercrime Groups Team with Organized Crime in Massive Cargo Theft Campaigns. Cyber gangs are teaming with organized crime to divert freight at scale, abusing legitimate RMM tools like ScreenConnect and SimpleHelp to evade detection, steal credentials, and hijack broker load-board accounts. Proofpoint tracks campaigns since early 202, enabling fake listings, load bidding, and cargo resale amid ~$34B in annual losses and accelerating theft rates. This convergence of cyber and physical risk means logistics leaders should secure RMM, enforce MFA on load boards and email, verify loads out-of-band, and harden against BEC/phishing to avoid rising losses, tighter scrutiny, and a margin squeeze. Related, Cargo Theft Surges 29% in Q3, as Thieves Target Electronics, Food.

Egypt’s Suez Canal Container Terminal Completes $500M Expansion. SCCT at East Port Said has opened a major expansion that significantly boosts capacity, adds new quay and yard space, and brings in next-gen cranes and electric equipment—creating new jobs and advancing APM Terminals’ net-zero ambitions. As a designated hub in the Maersk/Hapag-Lloyd East-West network and a top-ranked port for efficiency, the terminal also rolled out digital twins and advanced planning tools to sharpen schedule reliability. This lifts throughput at a critical Suez chokepoint, giving carriers and BCOs more berth productivity and greener operations, and strengthening resilience on the Asia-Europe corridor. Completely unrelated, DHL Express Does Deal with US SAF Producer Phillips 66.

Lineage Announces Texas Cold-Storage Facility Amid Tariff Turbulence. Lineage broke ground on an automated cold-storage facility in Hutchins, TX, its first of two next-generation warehouses for a long-time customer, situated by UP’s Dallas Intermodal Terminal to serve US and Mexico flows, with an opening targeted for late 2027. The build comes on the heels of major expansions in Hobart, IN, and the Port of New Orleans, as Lineage scales its 485-facility global network with deeper automation and intermodal connectivity. Even as tariff uncertainty and high food prices pressured guidance and produced a Q3 net loss, the company is doubling down on capacity where customers are consolidating and running lean—positioning for share gains when inventories normalize. Also, Why Refrigerated Airfreight is the New Gold Rush, and Cold Storage and Sanitizing Hub on the Way for Air and Sea Cargo.

Port of L.A. Operational as Firefighters Continue to Battle Cargo Ship Blaze. An electrical fire on the ONE Henry Hudson at the Port of Los Angeles burned up to ~100 containers and triggered a brief shelter-in-place before the ship was moved outside the breakwater; all crew were evacuated, and no injuries were reported. Four terminals paused operations on Friday, but the port said normal operations resumed Saturday, while fire boats continued cooling and salvage crews mobilized; drones monitored air quality with early indications of no exceptional toxicity. The incident highlights hazmat and vessel-safety risk at a critical US gateway—expect localized schedule disruption and insurance/salvage costs, and renewed pressure on cargo declarations, emergency response protocols, and carrier/terminal resilience. For more, check out Cargo Ship Fire in Los Angeles Nearly Contained After Shelter-in-Place Order Lifted.

Uber Freight Expands Last-Mile Reach With New Better Trucks Deal. Uber Freight is deepening last-mile with a strategic investment and partnership in Better Trucks, plugging into its tech and delivery network to reach ~68% of the US population and improve speed, visibility, and first-attempt delivery from stores and DCs. The deal folds Better Trucks’ open API integrations, seven sortation sites, and address/geocoding tools into Uber Freight’s asset-light, end-to-end offering—alongside Uber Eats/Direct—after a year of working together. This positions Uber Freight as a fuller supply chain coordinator heading into peak, giving retailers faster, better-tracked home delivery and expanding coverage without heavy capex.

Canadian Government Announces $6B in Infrastructure Funding. Canada is launching Ca$6B over seven years for two trade funds—Ca$5B for Trade Diversification Corridors (ports, rail, roads) and Ca$1B for an Arctic Infrastructure Fund (dual-use transport)—aimed at doubling non-US exports and unlocking up to $300B in trade. Delivered via Transport Canada with multiple federal partners, the criteria and proposal windows are expected shortly. This sets up a multi-year capex pipeline across ports, CN/CP intermodal, and northern corridors, accelerating routes for critical minerals, clean tech, agri-food, and manufacturing, likely favoring P3s and shovel-ready projects while creating clear demand for logistics, construction, and equipment suppliers. Related, Canada Unveils Investments Totaling $6B to Strengthen Canada’s Trade and Transportation Infrastructure.

Request for Startups 📢

Dynamo is always looking to meet startups that are helping to make, move, and monetize goods. Check out our latest request for startups below.

Industrial robotics is bottlenecked by limited dexterity, as robots can’t yet match the precision and sensing capabilities of the human hand. AI-driven manipulation breakthroughs could unlock broad automation and licensable hardware opportunities for the next industrial wave. Read more about our thoughts on Human-like Dexterity and Manipulation.

The Future of Supply Chain 🎙️

Check out our podcast series that’s been running since 2018. On each episode of the Future of Supply Chain, we sit down with a different entrepreneur, investor, or industry veteran to discuss innovation, technology, and the most exciting opportunities in supply chain as we build the future of the industry together.

Fundraises and M&A 💸

💥 Orion Raises $3.5M in Seed Funding. Orion provides an AI-powered risk intelligence platform that enables teams to anticipate disruptions in real time. The funding will support the scaling of its adaptive platform, which tailors risk models to specific assets and operational behaviors. The round was led by Dynamo Ventures, with participation from Techstars, BVVC, and Service Provider Capital.

Logistica OS Raises €1.5M in Pre-Seed Funding. Logistica OS develops AI agents to automate repetitive workflows in supply chain operations, with its flagship product, PalletClaim, streamlining pallet reconciliation from delivery slips. The funding will be used to expand its agent-based platform, support deployment across over 100 companies, and further develop its proprietary OCR and workflow automation tools. The pre-seed round was led by NAP, with participation from Daphni and several angel investors, including Javier de la Fuente, Nono Konopka, and Daniel Khachab.

Parallax Worlds Raises $4.9M in Seed Funding. Parallax Worlds provides a simulation platform that allows companies to virtually stress-test industrial robots by turning videos into interactive 3D environments with full physics integration. The funding will support team expansion, R&D, and efforts to scale its simulation technology across manufacturing, warehouse, and robotics sectors. The seed round was led by Pear VC, with participation from GS Futures, Kakao Ventures, Lightscape Partners, and multiple angel investors.

NexDash Raises €5M in Seed Funding. NexDash is developing a Trucking-as-a-Service platform built around an AI-powered operating system and a fully electric logistics network for European road freight. The funding will support acquisitions of logistics operators, early electric truck rollouts, charging infrastructure, and continued development of its NexOS software. Extantia Capital and Clean Energy Ventures co-led the seed round.

Shipday Raises $7M in Series A Funding. Shipday provides an AI-powered delivery and logistics platform tailored for small and medium-sized businesses, including restaurants and local retailers. The funding will support the development of new platform features, expansion of AI automation capabilities like AgentFlow, and geographic growth. The Series A round was co-led by ECP Growth and Ibex Investors, with participation from B Capital and Supply Chain Ventures.

Keychain Raises £7.5M in Strategic Funding. Keychain is an AI-powered manufacturing platform that enables consumer packaged goods (CPG) retailers to design and produce their own-brand products while optimizing supply chain efficiency. The new funding will support the company’s expansion into the UK, where it has already onboarded over 2,000 local manufacturers. The round was led by W23 Global, a fund backed by Tesco, Ahold Delhaize, Woolworths Group, Empire Company Limited, and Shoprite Group.

Voltrac Raises $8.1M in Seed Funding. Voltrac develops autonomous electrified vehicles tailored for agriculture and defense logistics applications. The funding will accelerate vehicle development, expand testing operations in challenging environments, and support the company’s first planned customer delivery in January 2026. FoodLabs and Antler are the company’s current backers.

Reelables Raises $10.4M in Series A Funding. Reelables produces ultra-thin, flexible wireless smart labels that provide real-time tracking for cargo and inventory across supply chains. The new capital will support scaling up manufacturing, including the addition of two new production lines to reach 100M labels annually. The Series A round was led by Amigos Ventures with participation from Moneta, Raptor Group, Silicon Labs, and Smooth Brain.

Bone AI Raises $12M in Seed Funding. Bone AI develops autonomous aerial, ground, and marine robotic systems for defense and government clients, starting with defense-focused UAVs for missions such as logistics support, wildfire detection, and anti-drone operations. The funds will support integration of its AI and robotics divisions, further acquisitions, and expansion of its unified AI–hardware manufacturing platform. The seed round was led by Third Prime with participation from South Korea’s Kolon Group.

Hummink Raises €15M in Funding. Hummink develops High-Precision Capillary Printing (HPCaP) technology that enables nanoscopic printing of metals and functional materials, with applications in semiconductors, advanced displays, and next-generation memory. The funding will accelerate deployment of its technology, support industrial module development, and prepare for full integration in manufacturing fabs. The round was co-led by KBC Focus Fund, Cap Horn, and Bpifrance, with participation from Elaia Partners, Sensinnovat, and Beeyond.

Coverbase Raises $16M in Series A Funding. Coverbase offers an AI-powered procurement platform that automates vendor onboarding and risk assessment for regulated industries like financial services, healthcare, and defense. The funds will support expansion into contract management, continuous security monitoring, and a quadrupling of the sales team to meet growing enterprise demand. Canapi Ventures led the Series A round, with participation from Fika Ventures, TTV Capital, Pear VC, Valley Bank, and Founders You Should Know.

Flexion Raises $50M in Series A Funding. Flexion is developing a full-stack autonomy platform for humanoid robots, integrating reinforcement learning, vision-language-action models, and transformer-based whole-body control to enable adaptive, task-agnostic behavior. The funds will be used to expand the R&D team in Zurich, scale compute and robot fleets, establish a US presence, and accelerate commercialization efforts. The Series A round was led by DST Global Partners and NVentures (NVIDIA), with participation from redalpine, Prosus Ventures, and Moonfire.

NestAI Raises €100M. NestAI is building AI technologies for unmanned systems, autonomous operations, and command platforms, with a focus on defense and real-world robotic applications. The funding will support the creation of a European physical AI lab and deepen collaboration with the Finnish Defence Forces and Nokia. The round was led by Finland’s sovereign fund Tesi and Nokia.

Who’s Hiring? 👩‍💻

Be sure to check out the Dynamo website for more job opportunities at our portfolio companies!

Founding GTM at Ceto in London, England.

Commercial Insurance Agent - Trucking at Logrock in Concord, NC.

Autonomous Vehicle Test Driver (CDL) at Gatik in Phoenix, AZ.