NEW YORK, Oct. 03, 2023 (GLOBE NEWSWIRE) -- Parkway Venture Capital, a leading venture firm, today reveals its top four most critical trends to follow in 2024. Throughout the next year, Parkway expects significant changes in the quantum technologies, humanoid robotics, climate technologies and health technologies to take shape. Propulsive advances in deep technology and artificial intelligence are pushing these markets into new territory.
“Since day one, we have worked to invest in companies that will change the way our world works and have already seen great success with those we have funded,” said Gregg Hill, co-founder and managing general partner of Parkway. “Large institutions and governments are already paying attention to the market trends we are seeing – and now investors have the opportunity to be a part of these movements such as investing in the security of the United States.”
- Quantum technologies and computers – These technologies and computers will have a transformative impact on society—from medicine and materials, science to banking and clean energy. It will influence how we interact with each other as a society but will also make a necessary dramatic shift in the global cyber-security architecture. Developing quantum technologies will include communications, computing, quantum sensing and simulation. Just as important as the technologies are the quantum computers. These computers are in the nascent stage of being developed by large technology companies but will pose a threat to how we transmit and store confidential data including bank transactions, sensitive government information and intellectual property. The threat will exist because unlike classical computers, quantum computers will be able to crack the encryption systems that provide secure data communication and storage and underpin the global economy. Parkway’s investment in SandboxAQ is a critical investment in the quantum technologies industry.
- Humanoid robotics – With the U.S. labor shortage in the millions, another key trend to watch is humanoid robotics. Several viable prototypes already walk among us and will soon be working side by side with humans in warehouses. Advanced artificial intelligence technology and movement mechanics enable these robots to take on the warehouse jobs companies have trouble filling – increasing efficiencies and enabling drastic business growth in 2024 and beyond. Figure AI, one of Parkway’s recent investments, is a key leader in this industry.
- Global climate technology – Parkway foresees large movement in the climate regulation space. Last year, there were three major climate-related proposals: U.S. Proposed Climate Disclosure Rules, the European Union's European Sustainability Reporting Standards and the International Sustainability Standards Board’s Global Climate Disclosure Guidelines. Government agencies are increasingly looking to track the carbon emissions of large institutions to reduce the impacts of climate change. All of these regulatory proposals will require companies to play a significant role in managing their impact on the environment and more importantly report their impact to governing bodies. Due to these proposals and existing climate regulations, we expect significant movement in the number of companies who will look to technology to help manage and account for their environmental impact ranging from carbon emissions to greenhouse gas reductions. Parkway’s portfolio company Persefoni showcases how this space is changing and ClimateTech companies are stepping up to provided needed solutions.
- High-powered medical care – The past three years have proven how fast the medical innovation market can move and change society. Dynamic changes in technology, from artificial intelligence to powerful portable devices and more effective treatments, are going to change the way our society approaches healthcare and wellness. Providers worldwide will soon have access to tools to save more lives and help people live healthily for longer. OXOS Medical, which Parkway has invested in, is the first company to revolutionize x-ray technology in 60 years. 2024 will see many similarly mission-driven companies enter the medical industry.
“We’re at the cusp of multiple societal, economic, and technological innovations that will change life as we know it. Venture capitalists and other investors interested in these industries will have a very interesting 2024 and beyond,” said Jesse Coors-Blankenship, co-founder and managing general partner of Parkway.
For more information, visit parkway.vc.
Parkway Venture Capital
Parkway Venture Capital is a leading venture capital firm with offices in New York, NY and Winter Park, Fla. Founded in 2018 by Managing Partners Gregg Hill and Jesse Coors-Blankenship, Parkway is focused on supporting future-forward companies that are building their businesses around simulation and AI disruptive technology innovations, at every stage. Parkway investment exits include Frustum Inc., sold to PTC in Nov. 2018 and Onscale Inc., sold to ANSYS in March 2022. The company has participated and led recent investments in Figure AI, OXOS Medical, TestFit Inc. and SandboxAQ.
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