San Diego, CA

Funding for San Diego startups tumbles to smallest quarterly investment total in 8 years

Published

4 months ago

November 27, 2025

Funding for San Diego startups tumbles to smallest quarterly investment total in 8 years

San Diego County startups raised only $590 million in the third quarter, a 60% drop compared to a year ago and the smallest quarterly investment total in eight years.

The number of deals told a similar sluggish story. The county saw 48 venture capital deals inked in the three months ended Sept. 30, according to a report by PitchBook, an industry research firm, and the National Venture Capital Association. That’s a decrease from 61 deals in the third quarter of last year and the lowest quarterly count in seven years.

Nizar Tarhuni, executive vice president of research and market intelligence at PitchBook, said: “Fundraising continues to lag amid ongoing market hesitancy, driven by years of capital influx the industry was ultimately unable to absorb.”

Mike Krenn, managing director for Prebys Ventures, offered additional insight: “Both early-stage money and growth capital is increasingly difficult to raise, both for tech and life science companies. And we’re seeing the hottest sector of the day, AI investment, is largely concentrated in the Bay Area, with billion-dollar funds deploying large amounts of capital at very rich valuations. That, too, is affecting all regions, not just San Diego.”

Krenn added that while the total dollar investment for San Diego County is “certainly low, that’s attributable to the fact that we didn’t have any large rounds. We already have one $200 million round logged for Q4.”

He’s talking about San Diego-based Crystalys Therapeutics, which Krenn’s fund invested in. Crystalys is a clinical-stage biopharmaceutical company that recently announced a $205 million Series A financing. It was co-founded by James Mackay, a veteran biotech leader with 40 years of drug development experience and six drug approvals.

Its drug — a pill called dotinurad — has been approved in Japan and China and is providing “meaningful relief for people living with gout,” a common inflammatory arthritis, said Crystalys CEO Mackay. “Our experienced team is now well-positioned to accelerate dotinurad’s development in the U.S. and Europe as a much-needed second-line therapy for patients who do not respond adequately to first-line treatments.”

AI focus

“AI’s rapid momentum continues to reshape the U.S. venture landscape, driving deal count growth and capturing the majority of capital deployed in Q3,” Tarhuni said:

Nationally, top AI investments went to Anthropic in San Francisco, which raised $13 billion in September, and xAI in Palo Alto, which raised $10 billion in July, according to PitchBook.

Locally, three of the top 10 deals went to AI startups.

Alvys, a Solana Beach transportation management system using artificial intelligence and automation to transform freight operations, said in September that it raised $40 million in Series B funding.

Founded in 2020, Alvys said its customers achieve a 30% increase in monthly loads, a 10% sales boost, 90% faster accounting, 80% reduction in data entry, and savings of hours weekly in dispatch and administrative tasks.

“We’re scaling enterprise-grade solutions with AI at the core,” said Nick Darman, Alvys founder and CEO. “That means using AI, automation, and integrations to remove wasted steps, give teams smarter decision-making in real time and help carriers and brokers grow their operations and their profit margins without adding overhead. This funding helps us push toward that goal even faster.”

Turnout, which was founded about a year ago in San Diego, is an AI-powered consumer service that streamlines complex government and financial processes such as tax debt relief and Social Security Disability claims. It said in September that it raised $21 million in seed funding.

Its AI automates nearly 60% of tasks by pulling transcripts, checking eligibility, pre-filling and filing applications, gathering medical and wage records, tracking deadlines and sending status updates.

“Turnout is using AI to transform the lives of everyday Americans, helping them navigate their finances, secure the benefits they are entitled to,” said Mo Koyfman, founder and general partner of Shine Capital.

GigaIO, a Carlsbad scalable infrastructure designed for AI inferencing, said in July that it raised $21 million in Series B financing.

The new funding allows the company to expand production of its flagship products: SuperNODE, a cost-effective and energy-efficient infrastructure designed for AI inferencing at scale, and Gryf, a carry-on suitcase-sized AI inferencing supercomputer.

“As enterprises and cloud providers race to deploy AI at scale, GigaIO delivers a uniquely flexible, cost-effective and energy-efficient solution that accelerates time to insight,” said Jack Crawford, founding general partner at Impact Venture Capital.

In a PitchBook report, J.P. Morgan experts noted that while implications of investors’ love affair with AI “will take time to play out, history tells us significant market concentration carries risks.”

Defense

In addition to artificial intelligence, Bobby Franklin, president and CEO at NVCA, said U.S. deal values are climbing across other key sectors, including robotics. “This momentum isn’t just encouraging; it’s essential. Startups are the engine of U.S. job creation and the cornerstone of long-term economic growth.”

J.P. Morgan experts added that investment activity in sectors such as defense tech and robotics reflects prevailing geopolitical considerations and national security priorities.

A local example is San Diego’s Firestorm Labs, which was founded in 2022. The expeditionary manufacturing company said in July that it secured $47 million in Series A funding. The investment will help Firestorm add engineers and open a larger production facility to meet the evolving needs of U.S. and allied defense organizations.

“Our military needs technology it can trust to be ready when the circumstances demand it,” said Chris Moran, vice president and general manager of Lockheed Martin Ventures. “Deployable, on-site 3D drone printing is a powerful tool that further extends the warfighter’s ability to secure the battlespace, while advancing U.S. leadership on the frontiers of defense technologies.”

Retired U.S. Army Gen. Richard D. Clarke, who recently toured Firestorm’s San Diego facilities, said: “Firestorm’s innovation is really helping that logistics chain to operate more efficiently.”

Exit deals

Carly Roddy, co-head of venture capital relationships for J.P. Morgan, said nationally, “Strong performance of the latest wave of tech IPOs is bolstering confidence for others in the pipeline, and M&A activity is also rebounding. While there is still a long way to go in some areas of the market, recent developments are encouraging to see.”

Locally, Carlsmed went public in July. The Carlsbad company has developed a patented, machine learning technology that taps a patient’s X-ray and CT scans to design a digital surgical plan to achieve the best spinal alignment and then 3-D print titanium implants.

Company revenue for the six months ended June 30 was $22.3 million, nearly double from the same period a year ago. The company has a market cap of about $315 million.

Inmagene Biopharmaceuticals in July completed a reverse merger with Ikena Oncology and $75 million private placement with new and existing investors. The combined company in San Diego publicly trades under the name ImageneBio and has a market cap of about $82 million. The clinical stage biotech business develops treatments for autoimmune and inflammatory diseases.

Also, AbbVie in August completed the purchase of San Diego-based Capstan Therapeutics for up to $2.1 billion.

Founded in 2021, Capstan develops therapies that modulate unhealthy cells inside the body — rather than editing the cells outside of the body — through RNA delivery methods. Capstan encodes mRNA and packages it in a lipid nanoparticle that is “decorated” with an antibody, which directs the body’s T-cells to attack problematic cells.

“AbbVie and Capstan aim to transform the care of those living with autoimmune diseases by developing treatments that have the potential to reset the immune system,” said Dr. Roopal Thakkar, executive vice president of research and development and chief scientific officer at AbbVie.

In late October — after the close of the third quarter, Boston Scientific announced another local acquisition. The Massachusetts company said it will pay about $533 million for the portion it doesn’t already own of Nalu Medical, a Carlsbad company that develops a minimally invasive system to treat chronic nerve pain in areas such as the shoulder, lower back and knee. Boston Scientific has invested in Nalu since 2017.

Earlier this year, Boston Scientific said it bought another Carlsbad company called Bolt Medical, which develops intravascular lithotripsy that treats coronary and peripheral artery disease.

Nalu’s therapy uses mild electrical impulses to interrupt pain signals before they reach the brain. The system uses a miniaturized, battery-free implantable pulse generator powered wirelessly by a small externally worn therapy disc and controlled via a smartphone app.

Boston Scientific expects Nalu to generate sales of more than $60 million this year and to post year-over-year growth of about 25% next year.

Jim Cassidy, Boston Scientific’s neuromodulation president, said: “Peripheral nerve stimulation is an exciting field with significant unmet patient need.”

Nguyen is a freelance writer for the U-T.

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San Diego, CA

New Venues in San Diego for Spring 2026 Meetings and Events

Published

10 hours ago

March 27, 2026

Press Room

New Venues in San Diego for Spring 2026 Meetings and Events

Here’s a closer look at San Diego’s newest eateries, drinking spots, hotels, conference areas, private rooms, and other spaces available for events this spring. The new and renovated San Diego venues are available for corporate parties, weddings, fundraisers, outdoor functions, business dinners, team-building activities, conferences, meetings, and more.

Roppongi Restaurant & Lounge

Photo: James Tran

Roppongi Restaurant & Lounge has debuted a redesigned dining and lounge space in the heart of La Jolla, blending modern elegance with globally inspired design. Led by restaurateur Sami Ladeki, the venue features standout elements like a gold-brushed statement wall, sculptural ceiling installations by Milan-based artist Mirei Monticello, a dramatic fireplace framed by Buddha statues, and a leathered quartzite bar that anchors the space. The 5,700-square-foot restaurant accommodates up to 230 guests seated or 300 reception-style, with full buyouts available, plus a covered patio with heaters that extends the footprint for year-round events. Additional options include a 12-seat private dining room and two semiprivate spaces for 18 and 34 guests. Executive chef Alfie Szeprethy leads a globally inspired, shareable menu—from sushi and dumplings to wok-fired dishes and signature plates like Polynesian Crab Stack and Japanese hot rock steak—paired with a beverage program featuring premium sake, wine, and craft cocktails.

Bonne Vie Brasserie & Bar

Photo: Courtesy of Bonne Vie Brasserie & Bar

Bonne Vie Brasserie & Bar debuted in November 2025 at The Westgate Hotel in San Diego’s Gaslamp Quarter, offering a design-forward dining destination that blends French culinary tradition with a relaxed California sensibility. Designed by Jacoi Mann, the space features deep blue and gold tones, velvet seating, and softly lit chandeliers, creating a setting that feels both polished and inviting for group dining and social gatherings. The all-day concept is led by executive chef Fabrice Hardel, whose menu reimagines classic French dishes with locally sourced ingredients, from Burgundy escargot and French onion soup to seafood specialties and modern American-inspired plates. Overall, the 222-room Westgate Hotel has 12 meeting and event spaces and four culinary concepts.

Diamond Room

Photo: Eric Scire/Finest Collective

Diamond Room opened in January inside the historic Simon Levi Building at Gallagher Square in San Diego’s Petco Park, bringing an intimate, retro-chic cocktail experience to the Ballpark District. Developed by Patina Group and Finest Collective—the newly rebranded events and hospitality division of the San Diego Padres—the 50-seat lounge channels a late-1970s aesthetic with velvet, leather, mirrors, and a disco ball, creating a moody, design-forward setting for small gatherings and VIP events. The cocktail program focuses on elevated classics with a local twist—like a clarified margarita and a nitro-infused Garibaldi—while a menu of shareable bites complements the experience. The venue also offers interactive “Shaken & Stirred” mixology classes for small groups. Located steps from the Gaslamp Quarter, the space is available for buyouts and group bookings.

Dora Ristorante

Photo: Kimberly Motos

Dora Ristorante opened near the La Jolla Playhouse at UC San Diego, bringing a coastal Italian dining concept from the team behind Cori Trattoria to the city’s theater district. Led by chef Accursio Lota, the restaurant draws inspiration from southern Italy with a California twist, featuring handmade pastas, Mediterranean seafood, and a house gelato program designed for sharing. Located steps from the theater, Dora offers a pre-theater dining experience with a rotating three-course menu inspired by current productions, as well as options for full-service dinners and wine pairings. The venue includes multiple event spaces, from a 14- to 16-seat private dining room to a main dining room, bar lounge, and patio, with full buyouts accommodating up to 130 seated or 180 guests for receptions.

Paradise Point Resort & Spa

Photo: Courtesy of Paradise Point Resort & Spa

Paradise Point Resort & Spa has completed a full renovation of its conference center, reimagining more than 60,000 square feet of indoor and outdoor meeting space with a coastal-inspired design and enhanced technology. Located on a 44-acre island in Mission Bay, the refreshed venues—including the Paradise Ballroom, Sunset Ballroom, and Mission Bay Ballroom—feature abundant natural light, flexible layouts, and seamless indoor-outdoor flow, with many spaces opening onto waterfront terraces or lawns. Upgrades include integrated lighting, advanced AV capabilities, and high-speed connectivity to support both in-person and hybrid events, alongside sustainability-focused enhancements like LED lighting and eco-conscious materials. Beyond the meeting rooms, groups can take advantage of on-site amenities such as waterfront dining, a full-service spa, five pools, and beachside activities.

Fox Point Farms

Photo: Courtesy of Fox Point Farms

Fox Point Farms in Encinitas is a newly developed regenerative farm and event destination designed for immersive, multi-moment gatherings. The multi-acre working property blends indoor and outdoor venues with on-site food and beverage programs, live music capabilities, and a strong emphasis on sustainability and seasonality, allowing events to flow between gardens, fields, and dining spaces. The venue has already hosted corporate buyouts, private celebrations, and large-scale gatherings, with programming that integrates food, drink, and environment in a way that feels cohesive and place-driven. A standout feature for planners is the on-site wellness studio, which offers private group classes ranging from yoga and Pilates to sound healing and mindfulness.

Wedgewood Weddings at The Headquarters

Photo: Courtesy of Wedgewood Weddings

Wedgewood Weddings at The Headquarters has debuted in San Diego’s Seaport Village, transforming the city’s historic 1939 police headquarters into a 15,000-square-foot event venue that blends art deco heritage with modern design. The waterfront property features a range of flexible spaces for meetings and social events, including the Velvet Lounge, a speakeasy-inspired cocktail space with a circular bar and jewel-toned finishes, and the Gilded Hall, which accommodates up to 280 guests seated beneath exposed beams and statement chandeliers. Additional highlights include two VIP suites—The Rose Room and The Vault—designed for pre-event gatherings and photo moments. Located minutes from the San Diego Convention Center and airport, the venue offers a turnkey option for corporate events, galas, and celebrations within a landmark setting.

Courtyard by Marriott San Diego Downtown Little Italy

Photo: Courtesy of Courtyard by Marriott San Diego Downtown Little Italy

Courtyard by Marriott San Diego Downtown Little Italy opened in November 2025, bringing a 334-room hotel with design-forward suites and more than 10,000 square feet of event space to one of the city’s most vibrant neighborhoods. Located in the heart of Little Italy, the property offers a range of flexible venues—including the Amici Ballroom and Cardini Boardroom—suited for everything from intimate receptions to conferences. Guest accommodations include spacious, townhouse-style suites with features like lofted layouts, Juliet balconies, and dedicated living areas. On-site amenities include Orexi, a Mediterranean-California restaurant serving shareable plates and cocktails, along with a rooftop Skydeck pool, sunset terrace with a fireplace, and a fitness center with Peloton bikes.

Ox Coffee Roasters

Photo: Courtesy of Ox Coffee Roasters

Ox Coffee Roasters in Mission Valley is now offering its storefront for private events, providing a casual, community-driven setting for small gatherings and interactive experiences. Located near several convention hotels, the venue accommodates up to 40 guests and can host everything from morning mixers to hands-on latte art classes and coffee tastings led by resident expert Chris Dennis, a competitor in national roasting competitions like the U.S. Brewers Cup Championship. In addition to its coffee program, Ox serves tea, including matcha, and a small menu of pastries and light bites, making it a flexible option for low-key networking events, workshops, and group experiences.

Bacari North Park

Photo: Jakob Layman

Bacari North Park opened in February, marking the San Diego debut of the LA-born, family-owned Mediterranean wine bar in one of North Park’s most recognizable two-story buildings. Known for its shareable, seasonally rotating menu, Bacari offers Mediterranean-inspired small plates, wood-fired pizzas, handmade pastas, and an extensive wine list in a setting designed to feel like an elevated dinner party. The new location spans two levels plus an outdoor patio, making it a flexible option for group dining, receptions, and full buyouts.

NÓMADA

Photo: Kimberly Motos

NÓMADA opened in Carlsbad from Grand Restaurant Group, bringing a regionally driven Mexican dining concept inspired by chef Alex Carballo’s Sinaloan roots and travels throughout Mexico’s coastal and agricultural regions. The menu highlights traditional techniques with a focus on coastal seafood, featuring dishes like Birria Chimichanga Bites, Duck Mole Taco Trio, and Cochinita Pibil. Designed for gatherings, the restaurant offers a mix of indoor dining rooms, an open-air patio, and a lively bar with a live music stage, creating a flexible setting for group dining, celebrations, and private events.

Life Time Otay Ranch

Photo: Robert Reyes

Life Time Otay Ranch opened in December 2025 in Chula Vista as the brand’s first San Diego-area destination built from the ground up, bringing a 150,000-square-foot athletic country club and wellness-focused gathering space to South County. Designed as a two-level, all-in-one lifestyle hub, the property features a 26,000-square-foot workout floor, dedicated group training studios, indoor and outdoor pickleball courts, and a more than 50,000-square-foot outdoor beach club with pools, dining, and lounge areas. In addition to fitness and recreation, the venue includes a Kids Academy, LifeSpa, and LifeCafe, making it a versatile option for wellness-driven corporate events, team-building experiences, and community-focused gatherings.

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San Diego, CA

Sir Mohamed Mansour brought a global movement to San Diego, and nearly won MLS Cup in Year 1

Published

1 day ago

March 26, 2026

Press Room

Sir Mohamed Mansour brought a global movement to San Diego, and nearly won MLS Cup in Year 1

As Sir Mohamed Mansour was finalizing a deal with the Sycuan Band of the Kumeyaay Nation to invest in San Diego FC in 2022, he reflected on their combined history. The Sycuan said they’d lived in the San Diego region for 12,000 years. Mansour looked to his own Egyptian culture’s 7,000-year existence.

“If we have 19,000 years of history we can’t lose,” said the 78-year-old.

When San Diego FC finally lost in the 2025 MLS Cup playoffs, it was in the Western Conference finals, capping the best debut season in the league’s history. Mansour spoke about the experience Thursday morning during the Business of Soccer conference at Mercedes-Benz Stadium in Atlanta.

“The first game, to me, meant everything. That night was a sleepless night because I’m very passionate about soccer,” he said.

Mansour would have settled for a respectable loss; they were playing defending MLS Cup champs L.A. Galaxy. But San Diego FC scored twice unanswered, winning the opener. And another sleepless night ensued.

Mansour discussed early life health issues, including being hit by a car when he was 10 years old, which left him bed-ridden for three years. He read American comic books and studied. His family’s wealth was confiscated by the Egyptian government during a 1965 revolution, and he later beat cancer as a 20-year-old while studying in the U.S.

Now the billionaire chairman of Mansour Group, an Egyptian conglomerate owned by his family, Mansour is also chairman of the Right To Dream Academy, which has made San Diego its fifth outpost. San Diego FC’s $150M Sharp HealthCare Performance Center includes residences and a school for Right To Dream participants in the club’s academy system. Mansour mentioned his plans to construct 100 pitches for underprivileged kids in San Diego.

“We are more than a football academy. We’re a global movement, built upon the belief that everyone has the right to dream,” said Mansour. “We’ve been rewriting the rules of talent development for over 20 years, guided by our core belief that excellence can be found anywhere.”

While creating hundreds of opportunities for children in underdeveloped countries, Right to Dream has generated tens of millions of euros in transfer fees for clubs within the network.

Mansour, who graduated from N.C. State in 1968 with an engineering degree and then earned a Masters’ from Auburn, differs from many MLS owners because he is a native soccer fan, he had extensive soccer business experience, and even an idea of how he’d like his team to play (possession-based).

Asked which he’d prefer — for Egypt to win the World Cup or San Diego FC to win MLS Cup — Mansour answered the United States (to win the World Cup) and San Diego FC to win MLS Cup.

“I tell you why. I’m a businessman too,” he said, grinning. “And if the US does well in this World Cup, soccer is going to grow.”

Rapid fire with Sir Mohamed Mansour

Comic book hero: Superman

Kryptonite: Worrying

Favorite athlete: Michael Jordan

Favorite soccer player: Mohamed Salah

Childhood hero: His father

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San Diego, CA

3 San Diego State players who won’t be on the roster in the 2026–27 season

Published

2 days ago

March 25, 2026

Press Room

3 San Diego State players who won’t be on the roster in the 2026–27 season

The San Diego State Aztecs are bracing for some possible serious turnover this offseason and it’s not all going to be via the transfer portal.

Leading scorer Reese Dixon-Waters is out of eligibility, as are Jeremiah Oden and Sean Newman Jr. Newman can petition for another season based on his junior college years, but it’s anyone’s guess if he’d get it.

Obviously, San Diego State’s roster movement is far from complete and the transfer portal doesn’t even open until April 7, the day after the national championship game.

The Aztecs’ once-promising season ended when they were left out of the NCAA Tournament following their loss to Utah State in the Mountain West Tournament championship game.

There are some players we know will not be on the squad next season, which will be the Aztecs’ first in the new-look Pac-12:

Guard Reese Dixon-Waters

San Diego State Aztecs guard Reese Dixon-Waters (39). | Mark J. Rebilas-Imagn Images

After missing all of the 2024-25 season with a broken foot, Dixon-Waters returned for his final season of eligibility and led the Aztecs in scoring at 13.1 points per game. He was a second-team All-Mountain West pick. He scored his 1,000th career point at UNLV on Jan. 24 and finished his career with 1,220 points.

Dixon-Waters played his first three seasons at USC before transferring to SDSU, where he started 23 of 37 games in 2023-24. He was a preseason All-Mountain West pick the next season before breaking a foot. He was so highly regarded that, despite missing all of last season, he was named to the preseason All-MW team in October.

One of his notable accomplishments was attempting more free throws (43) without a miss to start the 2023-24 season than any player in the country.

Forward Jeremiah Oden

San Diego State Aztecs forward Jeremiah Oden (25). | Isaiah J. Downing-Imagn Images

Oden started 15 games and played in 30 of 33 games in his final season of eligibility after transferring from Charlotte, where he redshirted in 2024-25. He averaged 4.6 points, 2.3 rebounds and 13.8 minutes.

Oden scored his 1,000th career point on Feb. 3 against Wyoming, where he played his first three college seasons. He finished his career with 1,024 points and 495 rebounds.

Oden didn’t play at all in a blowout home win against Utah State on Feb. 25, when Dutcher shortened his rotation from 11 to nine players. He had started the previous nine games.

Oden also played one season at DePaul.

Guard Sean Newman Jr.

San Diego State Aztecs guard Sean Newman Jr. (4). | Mark J. Rebilas-Imagn Images

The transfer from Louisiana Tech played in all 33 games and made four starts, including Senior Night in the regular-season finale against UNLV and all three games in the MW tournament, when freshman Elzie Harrington was out with an injury.

Newman averaged 3.3 points, 2.4 assists and 15.4 minutes.

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