A telehealth business and rocket motor company stood out from the pack of funding rounds in New Mexico in 2022 — a year that saw total funding fall to less than a third of 2021 totals.
Multiple reports from Crunchbase — a web database with investment and funding information on private companies — show that capital funding has shrunk throughout North America in 2022. New Mexico has seemed to follow that trend, with total funding for companies headquartered in the state falling to $99,297,194 in 2022 from around $400 million in 2021, according Crunchbase data.
This drop is fueled by a combination of lower individual funding rounds and a smaller number of deals closed overall. Crunchbase includes figures for 42 New Mexicodeals in 2022 — it shows figures for 54 in 2021. And, as you'll see below, the amounts raised in the state's largest rounds are smaller when compared to the largest rounds of 2021, a year that was led by Albuquerque-based BayoTech Inc. with a $157 million Series C round.
Below is a list of the largest funding rounds for companies headquartered in New Mexico in 2022, according to data from Crunchbase.
Read last year's tech funding roundup here.
Albuquerque Business First didn't include grants and post-IPO equity or debt fundings in its list.
1.) Electronic Caregiver: $42.5 million
The Las Cruces-based telehealth company announced the close of a $42.5 million funding round on Oct. 24. The company, which makes smart telehealth products, plans to use the money for "general operations," its president Joe Baffoe told Albuquerque Business First this fall.
The company's developing a new product, called Addison, which is a home health care display that comes with facial recognition and runs on Electronic Caregiver's ADDI telehealth platform. Baffoe previously told Business First that he expected Addison to be in the market by the end of 2022.
Electronic Caregiver is one of the state's fastest-growing companies, according to the annual Inc. 5000 list. Repeat investors provided 90% of the money in the round, according to a news release from the company.
2.) X-Bow Systems Inc.: $27 million
The company, based in Albuquerque, isn't included in Crunchbase's database. But its $27 million Series A round, reported in Business First on April 26, stands as the state's second-largest round of 2022.
X-Bow Systems emerged from stealth in March this year after about six years of operating underground. The company, which prints solid rocket motors, came to New Mexico from Huntsville, Alabama, in 2019. Its co-founder and chief revenue officer, Maureen Gannon, previously told Business First that the company has plans to hire 20 or more people in Albuquerque.
Crosslink Capital and Razor's Edge Ventures co-led the round.
3.) mPower Technology: $10 million
The Albuquerque-based company, which recently landed a deal to deploy its flagship DragonSCALES product on space station modules, closed a $10 million round on Feb. 1 of this year. Kevin Hell, mPower's CEO, told Business First that the company planned to use the money to scale up (pun intended) production.
Hell also told Business First that the company has plans for a production facility in New Mexico, but he didn't provide any updates about that facility's progress. mPower has previously landed deals with NASA and Lynk Global Inc.
Cottonwood Technology Fund led the round.
4.) BioFlyte: $6.1 million
The startup, based in Albuquerque, has an autonomous technology that detects biological threats. It named a new CEO, Todd Sickles, in July. Its previous CEO, Charles "Chuck" Call, Ph.D., moved to the role of CTO with Sickles' takeover.
Sickles told Business First that BioFlyte is in a process of "market mobilization," with more expansion in New Mexico planned in terms of both facility space and new employees.
Cottonwood Technology Fund led the round.
5.) Green Theme Technologies Inc.: $5.4 million
Rio Rancho's Green Theme Technologies Inc. announced that it closed its $5.4 million round on Oct. 10. The company has a flagship textile technology product called EMPEL, which the company manufactures using no water or perfluorinated compounds.
The company's vice president of business development, Martin Flora, told Business First that Green Theme wants to use the new money to expand EMPEL into more products like footwear and high fashion designs.
Cottonwood Technology Fund led the round.
6.) Build With Robots: $5 million
Build With Robots, based in Albuquerque, is another company not included in Crunchbase's database. Business First reported that it closed its $5 million round on Jan. 11 of this year.
Business First named the company, which is making robots that disinfect large spaces, one of its Startups to Watch in 2022. Its chief strategy officer, Matthew Ennis, told Business First that the money would be used to push sales of Build With Robots' Breezy One product. The startup has another robot product, Breezy Blue, that's smaller and more versatile.
New Mexico Angels provided the bulk of the money behind the round.
