Form D Friday is an Atlanta Inno feature highlighting regulatory filings and tips about Atlanta companies raising capital. If you have any tips or comments about new Atlanta fundraises, email Zach Armstrong at zarmstrong@bizjournals.com.
Amid an investor pullback and fears of recession, venture capital funding into Atlanta startups has been more robust toward the end of the year than during the third quarter.
Between Dec. 2 and Dec. 9, Atlanta-based startups raised at least $55 million in capital across five deals. The deals are according to filings with the U.S. Securities and Exchange Commission, news releases and Atlanta Inno reporting.
Although that number trails last week’s figure of $80.9 million, it is still substantially larger than what the city’s startup ecosystem has been seeing on a weekly basis in recent months. Comparatively, Atlanta startups received at least $2.6 million between Nov. 11 and Nov. 18. Between Oct. 28 and Nov. 4, Atlanta startups raised at least $10.5 million.
Investors have traded a focus on growth for profitability, leading company valuations to decrease as far as 70%. Businesses whose valuation decreases from their prior capital raise don’t tend to seek outside funding. Fears of recession, rising interest rates and high inflation has also made investors more cautious.
PitchBook and National Venture Capital Association's latest report showed that local startups saw a 28% decrease of venture funding in the third quarter, prompting layoffs, cuts to product development and marketing.
Here are the venture deals you might've missed this week:
- OMNY Inc., a healthcare data platform that helps providers and researchers, raised a $17 million Series B round led by Chicago Pacific Founders, according to a news release. Vance Vanier, co-founder and managing partner of CPF, will join the company’s board of directors. OMNY CEO Mitesh Rao founded the company in 2018, according to his LinkedIn. Previously, Rao was the assistant professor of emergency medicine at Stanford University's School of Medicine.
- Micron Biomedical Inc., an Atlanta-based biopharmaceutical company, raised just over $14 million, according to an SEC filing. There were four investors participating. The company has been led by CEO Steven Damon since May 2020, according to LinkedIn. The company develops dissolvable, microneedle technology for vaccines and therapeutics.
- Atlanta auto financing startup Carputty raised a $12.3 million Series A round co-led by Fontinalis Partners and Atlanta-based TTV Capital. Other investors included Porsche Ventures, Grand Ventures and Kickstart Fund, which led the company’s $7.2 million seed round last year. The company’s total funding is just under $22 million.
- Supply chain management startup Amplio raised $6 million in seed funding led by Construct Capital, Slow Ventures, Koch Disruptive Technologies, and several angel investors, according to a news release. The company has six employees and plans to build out its supplier network and hire across its departments. Launched in 2021, the company was founded by Trey Closson and Taha Zinifi, former workers of Georgia Pacific and project44. The company aims to help manufacturers streamline the process of purchasing materials while improving their purchasing decisions based on availability and price.
- ChiroHD Inc., a management software company for chiropractic offices, has raised $6 million, according to an SEC filing. Founded in 2017, the company provides technology inside of a chiropractic office. That could include patient scheduling, text reminders to doctor's notes, patients managing their own appointments through an app or credit card processing. It was founded by CEO Gabriel Doty. Prior to ChiroHD, Doty was a senior engineer at California-based content software company Amobee. ChiroHD is based in Marietta.
