Between Feb. 3 and Feb. 10, Atlanta-based companies have raised at least $10 million across two deals. That number is based on filings with the U.S. Securities and Exchange Commission and reporting by Atlanta Inno.
Inhibikase Therapeutics Inc., a company developing treatments for Parkinson’s Disease and chronic myelogenous leukemia, and Pollen Technologies Inc., a logistics platform with a sustainability focus, received the funds.
Raises for businesses have become harder to come by. Georgia companies raised about half the amount of venture capital in 2022 they got the prior year, largely a consequence of investors changing their priorities from growth to profitability. The impact: Layoffs from tech companies in the past half-year to cut costs amid this market shift.
Here are the venture deals you might've missed this week:
- Pharmaceutical company Inhibikase Therapeutics Inc. (Nasdaq: IKT) raised $10 million for development of treatments for Parkinson’s Disease and chronic myelogenous leukemia. The investment included a $4.2 million in a private investment in public equity (PIPE) deal from New York-based Armistice Capital and $5.2 million from a confidentially marketed registered direct offering. It expects to learn the "potential clinical benefit” of the drugs within the next two years. President and CEO Milton Werner founded the company’s predecessor in 2008 as an Atlanta startup with financial backing from the Georgia Research Alliance.
- Logistics and sustainability-focused company Pollen Technologies Inc. raised $25,000 as it tries to raise $2 million, according to a filing with the SEC. One investor was involved in the raise. The company is a business-to-business platform that optimizes returns for e-commerce retailers in an environmentally friendly way. The company’s office is located at the Lenox Center Building at 3355 Lenox Road NE, according to its website. It is led by CEO Spencer Kieboom.
