{"id":7953,"date":"2018-12-14T15:43:28","date_gmt":"2018-12-14T20:43:28","guid":{"rendered":"https:\/\/blog.brainstation.io\/?p=7953"},"modified":"2019-10-28T15:13:29","modified_gmt":"2019-10-28T19:13:29","slug":"2018-in-review-nycs-tech-industry-makes-it-big","status":"publish","type":"post","link":"https:\/\/brainstation.io\/blog\/2018-in-review-nycs-tech-industry-makes-it-big","title":{"rendered":"2018 in Review: NYC&#8217;s Tech Industry Makes it Big"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Even after <\/span><a href=\"https:\/\/brainstation.io\/blog\/why-new-york-is-poised-to-surpass-silicon-valley\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">years of rapid growth<\/span><\/a><span style=\"font-weight: 400;\">, 2018 was special for the New York tech industry.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">With the holidays approaching, we decided to take a look back at the past 12 months in the Big Apple.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Here are some of the most important New York tech industry stories and developments from 2018.<\/span><\/p>\n<h2><b>Getting a Boost From the Government<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Over the past year, several new municipal programs and initiatives helped maintain the momentum of the local tech ecosystem. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">In January, the New York City Economic Development Corporation (NYCEDC) <\/span><span style=\"font-weight: 400;\">announced<\/span><span style=\"font-weight: 400;\"> the city would provide up to $100 million to build the Applied Life Sciences Hub. Also in the biotech sphere, the city provided $17 million to help with the June launch of Johnson &amp; Johnson\u2019s new <\/span><span style=\"font-weight: 400;\">JLabs<\/span><span style=\"font-weight: 400;\"> biotech incubator at the New York Genome Center.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In May, the city announced two new initiatives to solidify New York City as a hub for blockchain innovation: the NYC Blockchain Resource Center, intended to stand as a physical hub for the industry; and a public blockchain competition.<\/span><\/p>\n<div id=\"attachment_7958\" style=\"width: 433px\" class=\"wp-caption alignleft\"><img aria-describedby=\"caption-attachment-7958\" decoding=\"async\" loading=\"lazy\" class=\"wp-image-7958 \" src=\"https:\/\/d1jxdyr49kipv5.cloudfront.net\/prod\/wp-content\/uploads\/2018\/12\/VRAR_Lab.jpg\" alt=\"VR\/AR Lab\" width=\"423\" height=\"282\" srcset=\"https:\/\/d2re7sjnpekmig.cloudfront.net\/prod\/wp-content\/uploads\/2018\/12\/VRAR_Lab.jpg 3840w, https:\/\/d2re7sjnpekmig.cloudfront.net\/prod\/wp-content\/uploads\/2018\/12\/VRAR_Lab-300x200.jpg 300w, https:\/\/d2re7sjnpekmig.cloudfront.net\/prod\/wp-content\/uploads\/2018\/12\/VRAR_Lab-768x512.jpg 768w, https:\/\/d2re7sjnpekmig.cloudfront.net\/prod\/wp-content\/uploads\/2018\/12\/VRAR_Lab-1024x683.jpg 1024w, https:\/\/d2re7sjnpekmig.cloudfront.net\/prod\/wp-content\/uploads\/2018\/12\/VRAR_Lab-960x640.jpg 960w\" sizes=\"(max-width: 423px) 100vw, 423px\" \/><p id=\"caption-attachment-7958\" class=\"wp-caption-text\">source: NYC EDC<\/p><\/div>\n<p><span style=\"font-weight: 400;\">The city also sought to seize an opportunity with the October opening of <\/span><span style=\"font-weight: 400;\">RLab<\/span><span style=\"font-weight: 400;\">, the first-ever city-funded virtual and augmented reality lab in the United States. Powered by a $5.6 million investment by the NYCEDC and the Mayor\u2019s Office of Media and Entertainment, the space was set to create 750 new jobs. Meanwhile, another <\/span><span style=\"font-weight: 400;\">tech hub<\/span><span style=\"font-weight: 400;\"> in Union Square received full council approval in August.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Further, municipal officials have taken steps to bridge the diversity gap in entrepreneurship. In August, the city <\/span><span style=\"font-weight: 400;\">announced<\/span><span style=\"font-weight: 400;\"> a $10 million investment as part of a new program called WE Venture, which targets investments in women-led early-stage companies. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">And in October, the New York City Economic Development Corporation and <\/span><span style=\"font-weight: 400;\">Cyber NYC<\/span><span style=\"font-weight: 400;\"> \u2013 the $100 million public-private investment intended to grow New York\u2019s cybersecurity ecosystem \u2013 announced the launch of the Global Cyber Center, an innovation hub for startups and new talent pipelines to train the cyber workforce of the future. With $30 million in public funds, Cyber NYC\u2019s goal is to catalyze 10,000 quality middle-class jobs, with a <\/span><span style=\"font-weight: 400;\">15,000 square-foot center<\/span><span style=\"font-weight: 400;\"> set to open in Chelsea and a 50,000 square-foot international cybersecurity investment hub planned for Soho.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cWe\u2019re convinced that New York City, the world capital of finance and media, will soon emerge as the new global hub for cybersecurity,\u201d <\/span><a href=\"https:\/\/www.nycedc.com\/press-release\/nycedc-unveils-global-cyber-center-innovation-hub-and-new-talent-pipelines-secure-nyc\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">said<\/span><\/a><span style=\"font-weight: 400;\"> Jerusalem Venture Partners founder and chairman Erel Margalit, whose organization will head up the Soho hub.<\/span><\/p>\n<div id=\"attachment_7960\" style=\"width: 650px\" class=\"wp-caption aligncenter\"><img aria-describedby=\"caption-attachment-7960\" decoding=\"async\" loading=\"lazy\" class=\"size-full wp-image-7960\" src=\"https:\/\/d1jxdyr49kipv5.cloudfront.net\/prod\/wp-content\/uploads\/2018\/12\/Copy-of-SOSA-fixes-6-wider-640x400.jpg\" alt=\"\" width=\"640\" height=\"400\" srcset=\"https:\/\/d2re7sjnpekmig.cloudfront.net\/prod\/wp-content\/uploads\/2018\/12\/Copy-of-SOSA-fixes-6-wider-640x400.jpg 640w, https:\/\/d2re7sjnpekmig.cloudfront.net\/prod\/wp-content\/uploads\/2018\/12\/Copy-of-SOSA-fixes-6-wider-640x400-300x188.jpg 300w\" sizes=\"(max-width: 640px) 100vw, 640px\" \/><p id=\"caption-attachment-7960\" class=\"wp-caption-text\">Illustration of the NYC Cyber Center | source: SOSA<\/p><\/div>\n<p><span style=\"font-weight: 400;\">Along with initiatives including NYC Open Data and the Computer Science for All (CS4All) programs, these developments are not just seen as crucial for encouraging and sustaining investment in the local tech ecosystem, they\u2019ve also contributed to an overall awareness of the crucial role tech will play in New York\u2019s economy.<\/span><\/p>\n<div id=\"attachment_7962\" style=\"width: 253px\" class=\"wp-caption alignleft\"><img aria-describedby=\"caption-attachment-7962\" decoding=\"async\" loading=\"lazy\" class=\" wp-image-7962\" src=\"https:\/\/d1jxdyr49kipv5.cloudfront.net\/prod\/wp-content\/uploads\/2018\/12\/Dq7bh3EWsAA4bhZ.jpg\" alt=\"\" width=\"243\" height=\"243\" srcset=\"https:\/\/d2re7sjnpekmig.cloudfront.net\/prod\/wp-content\/uploads\/2018\/12\/Dq7bh3EWsAA4bhZ.jpg 500w, https:\/\/d2re7sjnpekmig.cloudfront.net\/prod\/wp-content\/uploads\/2018\/12\/Dq7bh3EWsAA4bhZ-150x150.jpg 150w, https:\/\/d2re7sjnpekmig.cloudfront.net\/prod\/wp-content\/uploads\/2018\/12\/Dq7bh3EWsAA4bhZ-300x300.jpg 300w, https:\/\/d2re7sjnpekmig.cloudfront.net\/prod\/wp-content\/uploads\/2018\/12\/Dq7bh3EWsAA4bhZ-109x109.jpg 109w, https:\/\/d2re7sjnpekmig.cloudfront.net\/prod\/wp-content\/uploads\/2018\/12\/Dq7bh3EWsAA4bhZ-100x100.jpg 100w\" sizes=\"(max-width: 243px) 100vw, 243px\" \/><p id=\"caption-attachment-7962\" class=\"wp-caption-text\">Andy Saldana, NY Tech Alliance Executive Director<\/p><\/div>\n<p><span style=\"font-weight: 400;\">\u201c(These) are all examples of amazing programs the city is pushing forward to facilitate conversations around tech and educate its residents so they can both use it and bring their perspectives to new development,\u201d said <\/span><a href=\"https:\/\/nytech.org\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">NY Tech Alliance<\/span><\/a><span style=\"font-weight: 400;\"> Executive Director <\/span><span style=\"font-weight: 400;\">Andy Saldana<\/span><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cIt is really fostering a deep community of physical and virtual spaces for connection, collaboration, and innovation that will continue to attract everything from early-stage startups to established tech giants to this market while also increasing the workforce training and education that must happen to provide access for a city as diverse as New York.\u201d<\/span><\/p>\n<h2><b>Funding Trends Skyward<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Across all industries, 2018 was a banner year for funding.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In the first quarter, health insurance company <\/span><span style=\"font-weight: 400;\">Oscar Health<\/span> <span style=\"font-weight: 400;\">raised $165 million<\/span><span style=\"font-weight: 400;\"> from Alphabet and others, robotic process automation vendor <\/span><span style=\"font-weight: 400;\">UiPath<\/span><span style=\"font-weight: 400;\"> raised <\/span><span style=\"font-weight: 400;\">$153 million<\/span><span style=\"font-weight: 400;\"> in Series B funding \u2013 before receiving another <\/span><span style=\"font-weight: 400;\">$225 million Series C<\/span><span style=\"font-weight: 400;\"> in September \u2013 and online startup <\/span><span style=\"font-weight: 400;\">Harry\u2019s<\/span><span style=\"font-weight: 400;\"> shaving club <\/span><span style=\"font-weight: 400;\">raised $112 million in Series D<\/span><span style=\"font-weight: 400;\"> funding<\/span><span style=\"font-weight: 400;\"> before announcing plans to move beyond the shaving business. Other startups raising major money in that period included eyewear brand <\/span><span style=\"font-weight: 400;\">Warby Parker<\/span><span style=\"font-weight: 400;\"> (<\/span><span style=\"font-weight: 400;\">$75 million Series E<\/span><span style=\"font-weight: 400;\">), luxury beauty company <\/span><span style=\"font-weight: 400;\">Gl<\/span><span style=\"font-weight: 400;\">o<\/span><span style=\"font-weight: 400;\">ssier<\/span><span style=\"font-weight: 400;\"> (<\/span><span style=\"font-weight: 400;\">$52 mil<\/span><span style=\"font-weight: 400;\">l<\/span><span style=\"font-weight: 400;\">ion Series C<\/span><span style=\"font-weight: 400;\">) and online lending platform <\/span><span style=\"font-weight: 400;\">CommonBond<\/span><span style=\"font-weight: 400;\"> (<\/span><span style=\"font-weight: 400;\">$50 million Series D<\/span><span style=\"font-weight: 400;\">).<\/span><\/p>\n<div id=\"attachment_7961\" style=\"width: 867px\" class=\"wp-caption aligncenter\"><img aria-describedby=\"caption-attachment-7961\" decoding=\"async\" loading=\"lazy\" class=\" wp-image-7961\" src=\"https:\/\/d1jxdyr49kipv5.cloudfront.net\/prod\/wp-content\/uploads\/2018\/12\/2b71502c21.jpg\" alt=\"Warby Parker Store\" width=\"857\" height=\"571\" srcset=\"https:\/\/d2re7sjnpekmig.cloudfront.net\/prod\/wp-content\/uploads\/2018\/12\/2b71502c21.jpg 1170w, https:\/\/d2re7sjnpekmig.cloudfront.net\/prod\/wp-content\/uploads\/2018\/12\/2b71502c21-300x200.jpg 300w, https:\/\/d2re7sjnpekmig.cloudfront.net\/prod\/wp-content\/uploads\/2018\/12\/2b71502c21-768x512.jpg 768w, https:\/\/d2re7sjnpekmig.cloudfront.net\/prod\/wp-content\/uploads\/2018\/12\/2b71502c21-1024x683.jpg 1024w, https:\/\/d2re7sjnpekmig.cloudfront.net\/prod\/wp-content\/uploads\/2018\/12\/2b71502c21-960x640.jpg 960w\" sizes=\"(max-width: 857px) 100vw, 857px\" \/><p id=\"caption-attachment-7961\" class=\"wp-caption-text\">NYC Store | source: Warby Parker<\/p><\/div>\n<p><span style=\"font-weight: 400;\">Somehow, that momentum carried over into the second quarter.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In fact, total venture capital investment in New York firms during the second quarter of the year rose 28 percent to $2.97 billion from a year prior \u2013 the second-highest quarterly figure on record \u2013 according to <\/span><span style=\"font-weight: 400;\">numbers from the NYCEDC<\/span><span style=\"font-weight: 400;\">. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">During that period, <\/span><span style=\"font-weight: 400;\">Dataminr<\/span><span style=\"font-weight: 400;\"> \u2013 billed as the world\u2019s first real-time information discovery company \u2013 closed a $392 million funding round at a $1.6 billion valuation, more than twice its 2015 valuation of $680 million. Other big winners in that period included cryptocurrency application <\/span><span style=\"font-weight: 400;\">R3<\/span><span style=\"font-weight: 400;\"> and wedding planning service <\/span><span style=\"font-weight: 400;\">Zola<\/span><span style=\"font-weight: 400;\">, both of which scored deals above $100 million.<\/span><\/p>\n<div id=\"attachment_7963\" style=\"width: 480px\" class=\"wp-caption alignleft\"><img aria-describedby=\"caption-attachment-7963\" decoding=\"async\" loading=\"lazy\" class=\" wp-image-7963\" src=\"https:\/\/d1jxdyr49kipv5.cloudfront.net\/prod\/wp-content\/uploads\/2018\/12\/1046x616_peloton3.jpg\" alt=\"\" width=\"470\" height=\"277\" srcset=\"https:\/\/d2re7sjnpekmig.cloudfront.net\/prod\/wp-content\/uploads\/2018\/12\/1046x616_peloton3.jpg 1046w, https:\/\/d2re7sjnpekmig.cloudfront.net\/prod\/wp-content\/uploads\/2018\/12\/1046x616_peloton3-300x177.jpg 300w, https:\/\/d2re7sjnpekmig.cloudfront.net\/prod\/wp-content\/uploads\/2018\/12\/1046x616_peloton3-768x452.jpg 768w, https:\/\/d2re7sjnpekmig.cloudfront.net\/prod\/wp-content\/uploads\/2018\/12\/1046x616_peloton3-1024x603.jpg 1024w, https:\/\/d2re7sjnpekmig.cloudfront.net\/prod\/wp-content\/uploads\/2018\/12\/1046x616_peloton3-960x565.jpg 960w\" sizes=\"(max-width: 470px) 100vw, 470px\" \/><p id=\"caption-attachment-7963\" class=\"wp-caption-text\">Peleton&#8217;s at home spin experience | source: Peleton<\/p><\/div>\n<p><span style=\"font-weight: 400;\">The money continued to flow in the third quarter. <\/span><span style=\"font-weight: 400;\">Peloton<\/span><span style=\"font-weight: 400;\"> \u2013 which aims to create an indoor cycling studio experience that can be accessed from anywhere \u2013 <\/span><span style=\"font-weight: 400;\">raised $550 million<\/span><span style=\"font-weight: 400;\"> to bring its total to $994.7 million in equity funding ahead of an expected 2019 IPO, second-hand shopping app <\/span><span style=\"font-weight: 400;\">Letgo<\/span><span style=\"font-weight: 400;\"> raised <\/span><span style=\"font-weight: 400;\">$500 million<\/span><span style=\"font-weight: 400;\"> Series E, real-estate platform Compass brought in <\/span><span style=\"font-weight: 400;\">$400 millio<\/span><span style=\"font-weight: 400;\">n<\/span><span style=\"font-weight: 400;\"> Series F<\/span><span style=\"font-weight: 400;\">, and commerce company <\/span><span style=\"font-weight: 400;\">Boxed<\/span><span style=\"font-weight: 400;\"> brought in <\/span><span style=\"font-weight: 400;\">$111 million Series D<\/span><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Even as the momentum slowed slightly toward the end of the year, New York companies found a reason to celebrate. Customer engagement platform <\/span><span style=\"font-weight: 400;\">Braze<\/span><span style=\"font-weight: 400;\"> raised <\/span><span style=\"font-weight: 400;\">$80 million<\/span><span style=\"font-weight: 400;\"> in October, more than doubling its valuation to $850 million, while plus-sized clothing and accessories brand <\/span><span style=\"font-weight: 400;\">Dia&amp;<\/span><span style=\"font-weight: 400;\">C<\/span><span style=\"font-weight: 400;\">o<\/span><span style=\"font-weight: 400;\"> raised <\/span><span style=\"font-weight: 400;\">$40 million<\/span><span style=\"font-weight: 400;\"> in Series C funding.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">NYCEDC\u2019s report found that artificial intelligence, cryptocurrency and wedding planning venture firms were most in-demand among VC investors, but it seemed many other industries found significant momentum as well.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">New York\u2019s biotech scene, for instance, generated significant interest in 2018. Gut-brain start-up <\/span><span style=\"font-weight: 400;\">Kallyope<\/span><span style=\"font-weight: 400;\"> raised <\/span><span style=\"font-weight: 400;\">$66 million<\/span><span style=\"font-weight: 400;\"> in series B funding, while cancer immunotherapy start-up <\/span><span style=\"font-weight: 400;\">Quentis Therapeutics<\/span><span style=\"font-weight: 400;\"> launched with <\/span><span style=\"font-weight: 400;\">$48 million<\/span><span style=\"font-weight: 400;\">. <\/span><\/p>\n<h2><b>Notable Exits<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The year started off with a bang when the digital health analytics startup <\/span><span style=\"font-weight: 400;\">Flatiron Health<\/span><span style=\"font-weight: 400;\"> was acquired by <\/span><span style=\"font-weight: 400;\">Roche<\/span><span style=\"font-weight: 400;\"> for <\/span><span style=\"font-weight: 400;\">$1.9 billion<\/span><span style=\"font-weight: 400;\">\u00a0\u2013\u00a0the largest tech acquisition in New York\u2019s history.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">That set the table for a number of major IPOs.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Adtech pioneer <\/span><span style=\"font-weight: 400;\">AppNexus<\/span><span style=\"font-weight: 400;\">, a marketplace for digital advertising, was acquired in June by AT&amp;T for a reported <\/span><span style=\"font-weight: 400;\">$1.6 billion<\/span><span style=\"font-weight: 400;\">. Meanwhile, AI-powered marketing intelligence platform <\/span><span style=\"font-weight: 400;\">Datorama<\/span><span style=\"font-weight: 400;\"> was acquired by <\/span><span style=\"font-weight: 400;\">Salesforce<\/span><span style=\"font-weight: 400;\"> for a reported <\/span><span style=\"font-weight: 400;\">$800 million<\/span><span style=\"font-weight: 400;\"> in July, and spa management platform <\/span><span style=\"font-weight: 400;\">Booker<\/span><span style=\"font-weight: 400;\"> was acquired by <\/span><span style=\"font-weight: 400;\">MINDBODY<\/span><span style=\"font-weight: 400;\"> for <\/span><span style=\"font-weight: 400;\">$150 million<\/span><span style=\"font-weight: 400;\"> in March.<\/span><\/p>\n<div id=\"attachment_7964\" style=\"width: 353px\" class=\"wp-caption alignright\"><img aria-describedby=\"caption-attachment-7964\" decoding=\"async\" loading=\"lazy\" class=\" wp-image-7964\" src=\"https:\/\/d1jxdyr49kipv5.cloudfront.net\/prod\/wp-content\/uploads\/2018\/12\/The-Citi-Bike-App.png\" alt=\"Bike Sharing\" width=\"343\" height=\"215\" srcset=\"https:\/\/d2re7sjnpekmig.cloudfront.net\/prod\/wp-content\/uploads\/2018\/12\/The-Citi-Bike-App.png 578w, https:\/\/d2re7sjnpekmig.cloudfront.net\/prod\/wp-content\/uploads\/2018\/12\/The-Citi-Bike-App-300x188.png 300w\" sizes=\"(max-width: 343px) 100vw, 343px\" \/><p id=\"caption-attachment-7964\" class=\"wp-caption-text\">source: Citi Bike<\/p><\/div>\n<p><span style=\"font-weight: 400;\">There were also two major acquisitions of New York-based public bicycle and electric bicycle sharing platforms. In April, <\/span><span style=\"font-weight: 400;\">JUMP Bikes<\/span><span style=\"font-weight: 400;\"> was acquired by Uber for a reported <\/span><span style=\"font-weight: 400;\">$200 million<\/span><span style=\"font-weight: 400;\">, and just months later <\/span><span style=\"font-weight: 400;\">Mot<\/span><span style=\"font-weight: 400;\">i<\/span><span style=\"font-weight: 400;\">vate<\/span><span style=\"font-weight: 400;\">, the company behind Citi Bike, was scooped up by Lyft for a rumored <\/span><span style=\"font-weight: 400;\">$250 million<\/span><span style=\"font-weight: 400;\">.<\/span><\/p>\n<h2><b>Expanding Operations<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Amid all this activity, several tech giants broadened their footprints in New York City.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Facebook expanded its presence at 770 Broadway in Noho, <\/span><span style=\"font-weight: 400;\">securing an additional 78,000 square feet<\/span><span style=\"font-weight: 400;\">, before claiming another <\/span><span style=\"font-weight: 400;\">370,000 square feet<\/span><span style=\"font-weight: 400;\"> in May after J. Crew relocated. The social media company\u2019s total footprint is now up to nearly 900,000 square feet.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Instagram also unveiled an <\/span><span style=\"font-weight: 400;\">appropriately picturesque new office<\/span><span style=\"font-weight: 400;\"> at 770 Broadway, an 80,000-square foot space that now houses 350 employees \u2013 up from a mere three in 2015.<\/span><\/p>\n<div id=\"attachment_7965\" style=\"width: 970px\" class=\"wp-caption aligncenter\"><img aria-describedby=\"caption-attachment-7965\" decoding=\"async\" loading=\"lazy\" class=\"size-full wp-image-7965\" src=\"https:\/\/d1jxdyr49kipv5.cloudfront.net\/prod\/wp-content\/uploads\/2018\/12\/5b1703881ae66254008b490b-960-720.jpg\" alt=\"Instagram's Office\" width=\"960\" height=\"720\" srcset=\"https:\/\/d2re7sjnpekmig.cloudfront.net\/prod\/wp-content\/uploads\/2018\/12\/5b1703881ae66254008b490b-960-720.jpg 960w, https:\/\/d2re7sjnpekmig.cloudfront.net\/prod\/wp-content\/uploads\/2018\/12\/5b1703881ae66254008b490b-960-720-300x225.jpg 300w, https:\/\/d2re7sjnpekmig.cloudfront.net\/prod\/wp-content\/uploads\/2018\/12\/5b1703881ae66254008b490b-960-720-768x576.jpg 768w, https:\/\/d2re7sjnpekmig.cloudfront.net\/prod\/wp-content\/uploads\/2018\/12\/5b1703881ae66254008b490b-960-720-705x529.jpg 705w\" sizes=\"(max-width: 960px) 100vw, 960px\" \/><p id=\"caption-attachment-7965\" class=\"wp-caption-text\">Instagram Office | source: Instagram<\/p><\/div>\n<p><span style=\"font-weight: 400;\">Meanwhile, JPMorgan advanced plans to build a new <\/span><span style=\"font-weight: 400;\">2.5 million-square-foot headquarters<\/span><span style=\"font-weight: 400;\"> at 270 Park. The building of the new skyscraper is tied directly to the multinational investment bank\u2019s tech ambitions \u2013 the firm recently <\/span><a href=\"https:\/\/www.businessinsider.com\/theres-a-subtle-shift-underway-at-jpmorgan-and-it-shows-how-amazons-influenced-the-banking-giant-2018-4\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">told Business Insider<\/span><\/a><span style=\"font-weight: 400;\"> that it has a $10.8 billion tech budget and 50,000 technologists on its payroll. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">In other news, pharma giant Pfizer signed an <\/span><span style=\"font-weight: 400;\">800,000-square foot lease<\/span><span style=\"font-weight: 400;\">, media investment company <\/span><span style=\"font-weight: 400;\">GroupM<\/span><span style=\"font-weight: 400;\"> \u2013 which encompasses Essence, MediaCom, Mindshare, Wavemaker, and Xaxis \u2013 cut the ribbon on a <\/span><span style=\"font-weight: 400;\">new 700,000 square-foot space<\/span><span style=\"font-weight: 400;\"> at 3 World Trade Center, and Peloton announced plans to move into <\/span><span style=\"font-weight: 400;\">312,000 square feet<\/span><span style=\"font-weight: 400;\"> of the redeveloped Hudson Commons building.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">And then, of course, there was the real-estate news that no one missed: a year after <\/span><span style=\"font-weight: 400;\">signing a lease<\/span><span style=\"font-weight: 400;\"> for a 359,000 square-foot office at 5 Manhattan West, Amazon announced that Queens would be the home of the e-commerce giant\u2019s HQ2.<\/span><\/p>\n<div id=\"attachment_7966\" style=\"width: 930px\" class=\"wp-caption aligncenter\"><img aria-describedby=\"caption-attachment-7966\" decoding=\"async\" loading=\"lazy\" class=\"size-full wp-image-7966\" src=\"https:\/\/d1jxdyr49kipv5.cloudfront.net\/prod\/wp-content\/uploads\/2018\/12\/image-8.png\" alt=\"\" width=\"920\" height=\"613\" srcset=\"https:\/\/d2re7sjnpekmig.cloudfront.net\/prod\/wp-content\/uploads\/2018\/12\/image-8.png 920w, https:\/\/d2re7sjnpekmig.cloudfront.net\/prod\/wp-content\/uploads\/2018\/12\/image-8-300x200.png 300w, https:\/\/d2re7sjnpekmig.cloudfront.net\/prod\/wp-content\/uploads\/2018\/12\/image-8-768x512.png 768w\" sizes=\"(max-width: 920px) 100vw, 920px\" \/><p id=\"caption-attachment-7966\" class=\"wp-caption-text\">Rendering of Long Island City redevelopment by WXY architecture + urban design<\/p><\/div>\n<p><span style=\"font-weight: 400;\">Even beyond that splashy announcement, New York was at a record pace for new office development. According to <\/span><span style=\"font-weight: 400;\">Cushman &amp; Wakefield<\/span><span style=\"font-weight: 400;\">, 12.6 million square feet of new office construction is due to hit the market over 2018 and \u201919, which represents the most of any two-year period since 1985-86.<\/span><\/p>\n<h2><b>Sustainable Growth<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Despite the speed at which New York\u2019s tech scene continued to grow in 2018, few are concerned about the Big Apple\u2019s capacity to continue that momentum.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In fact, Saldana points out that technology has become increasingly woven into New York\u2019s identity.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cThe maturation of tech is really opening up conversations about how technology can impact a city the size of New York and empower its citizens no matter their industry or walk-of-life. Increased conversations around diversity, impact, access to technologies like AI, machine learning, data security, blockchain, and smart cities are really fueling innovation and making it easier for each citizen to get involved in technology,\u201d Saldana said.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cThe city\u2019s diversity in culture and industry makes it such a rich environment for starting and growing business,\u201d he added. \u201cWe are not building technology for the sake of technology, we are building products and services here in New York that are intended to help and support the crazy, diverse city we live in.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cNew York\u2019s strong sense of community and its \u2018don\u2019t waste my time\u2019 attitude really work together to spark innovation.\u201d<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Recapping some of the Big Apple&#8217;s most important tech stories over the last twelve months, including funding rounds, acquisitions, government initiatives, and more.<\/p>\n","protected":false},"author":7,"featured_media":7954,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[692,84],"tags":[694,242,660,693,637,695],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v18.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>2018 in Review: NYC&#039;s Tech Industry Makes it Big<\/title>\n<meta name=\"description\" content=\"2018 was special for the New York tech industry. 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