The Capital Region may not be as busy with startups and investors as New York City, but this area has had its share of deals this year.
Despite difficulties spurred by the pandemic, several companies in the Capital Region have raised well over $100 million in venture capital this year.
Here’s a look at some Capital Region companies that have raised venture capital and other forms of financing so far.
Ecovative Design
Ecovative makes environmentally friendly materials for the textile, food and packaging industries out of a mushroom root structure called mycelium. The company’s long-term plan is to use mycelium for multiple products in various industries.
In March, Ecovative said that it raised $60 million in series D funding. The money will go toward expanding the mycelium foundry within the company's 40,000-square-foot space in Green Island, allowing it to expand research capabilities and produce pilot-scale manufacturing and commercial-scale manufacturing.
Atlast Food
The startup and Ecovative spinoff Atlast Food said in April that it raised $40 million in series A funding. The funding will go toward building a mycelium farm inside a newly leased 80,000-square-foot facility in Green Island. The mycelium will be used to expand production of a vegan bacon that Atlast released last year.
UCM Digital Health
The telehealth triage software startup UCM Digital Health said in April that it raised $5.5 million in series A funding. Through its platform, patients can work with emergency medicine providers to determine whether an issue requires an ER visit or a different type of care, potentially avoiding unnecessary trips to emergency rooms.
Armory Square Ventures was the lead investor with $4 million, the largest deal the upstate firm had ever made.
United Aircraft Technologies
The Troy startup United Aircraft Technologies said earlier this month that it had raised $1.35 million in a round of oversubscribed financing led by Hudson Valley Startup Fund.
UAT is developing a device that holds the electrical wiring of an aircraft or vehicle in place. The non-metal device is lighter than traditionally used clamps, and it takes less time and effort to secure because its two pieces click together without the use of tools. Sensors in the clamp allow users to monitor the system through a software application.
Distributed Solar Development
Distributed Solar Development in Schenectady has secured a total of $535 million in financing for various solar panel projects throughout the country. That includes $150 million from Rabobank, $300 million from Credit Suisse and $85 million from Bank of America.
Grant awards
Three startups based in the Capital Region are developing products in part with federal grants they received last year.
Lux Semiconductors is developing a next-generation circuit board. SMART Pad is developing technology that leads to better-polished semiconductor wafers. And Sunthru is developing a more efficient process of making aerogel windows.
A grant also went to Kaden Health, a health software startup formerly based in Cohoes, which explained earlier this year that it raised $20 million after relocating downstate.
