Check out the details below on three recent funding deals totaling nearly $38 million.
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Pattern Bioscience Inc., a medical diagnostics company fighting bacterial resistance, said April 27 it raised a $28.7 million series C funding round to continue developing its rapid phenotypic test platform, conduct clinical studies and submit its pneumonia tests for regulatory review with the Food and Drug Administration.
The new round was led by Bay Area firm Illumina Ventures and Dallas-based Omnimed Capital, and includes participation from the Antimicrobial Resistance Action Fund and Daleshaw Ltd. Illumina also led the company's $9 million B-1 round in 2020, and Omnimed led its $6.4 million series B earlier that year. Then, in 2021, the company was granted breakthrough device designation from the FDA.
Pattern, led by co-founder and CEO Nick Arab, has now raised a total of $68 million since its founding in 2016.
NetRise Inc., an internet of things security company formed in 2021, announced April 25 $8 million in new funding to expand its technology. The round was led by Baltimore-based firm Squadra Ventures, with participation from existing major investors Miramar Digital Ventures, Sorenson Ventures and DNX Ventures.
The company is led by co-founders by co-founders Thomas Pace and Michael Scott. Pace, previously vice president of global enterprise solutions at BlackBerry, is CEO and Scott, previously a senior software developer at Tanium, is chief technology officer and chief scientist.
The company, one of Inno's 2022 Startups to Watch, has developed a software-as-a-service platform that analyzes and monitors the firmware of XIoT devices, which helps device manufacturers and enterprise customers detect, respond to and prevent threats throughout their supply chains.
NetRise says its new funding will help it expand its platform capabilities, including coverage for Windows systems. The company's customers include small and large businesses in manufacturing, automotive, medical devices, industrial control systems, and satellites.
"While working at the Department of Energy, I saw firsthand how little insight we had into the vulnerabilities and risks embedded in technology critical to every aspect of our daily lives," Pace stated. "Our vision is that every technology user understands the ingredients in their tools and the potential implications of those components, no matter the source."
Albedo Space Corp., a satellite imagery startup that's co-headquartered in Austin and Denver, said April 27 it landed a $1.25 million government contract to support the National Air and Space Intelligence Center. The contract comes through AFWERX, which also has offices in Austin. Its aim is to test and evaluate Albedo’s thermal infrared imaging for nighttime conditions.
Last year, the company raised a $48 million series A funding round led by Bill Gates' investment firm, Breakthrough Energy Ventures. The company is led by CEO Topher Haddad.
For more local deals, check out another recent funding wrap. And subscribe to Austin Business Journal for startup resources such as lists of venture capital and private equity firms, incubators and accelerators, angel investors and coworking providers.
