Artificial intelligence, loyalty card companies draw venture capital funding

The flow of venture capital to Long Island companies slowed in the second quarter, with funding going to a restaurant loyalty card and an artificial intelligence system for options trading, according to data provider Crunchbase Inc. After a first quarter highlighted by a $20 million funding round to Farmingdale biotechnology company Codagenix Inc., there were two funding rounds in the second quarter: $1.5 million for Foodie Card Inc. and an undisclosed bootstrap round for Neuratrade LLC, according to San Francisco-based Crunchbase. The economic slowdown and safety measures prompted by the COVID-19 pandemic cut venture capital to a trickle, said Neil Kaufman, managing partner at Hauppauge law firm Kaufman & Associates LLC and chairman emeritus of the Long Island Capital Alliance. "The venture capital investment market has obviously slowed," he said. "It's difficult to do due diligence and meet people and develop relationships."