Each year, a collection of startups in Buffalo raises money from investors that range from local angels to coastal venture capital firms. Business First closely tracks this deal flow as a way of explaining what ambitious entrepreneurs and cutting-edge technologies are being baked in Western New York.
Following is a history of the startup dealflow in Buffalo in 2020.
2020
Kyklo
Round: $8.5 million in Series A funding.
Known investors: Felicis, IA Ventures, angel investors including the founders of Hybris, Shippo and Magenta and investment firms Jungle Ventures, Wavemaker and Seedplus.
The funding: Kyklo moved headquarters to Buffalo in 2020 and proceeded to raise an $8.5 million round of Series A funding, designed to fuel its growth as it tackled the North American market.
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Ellicottville Grens
Round: $250,000 in seed funding
Known investors: Launch NY and unnamed angel investors in Buffalo
The funding: The vertical farming startup raised seed funds to establish its first mobile shipping container/farms at its Ellicottville headquarters and on the Eastern Hills Mall property
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Squire Technologies
Round: $93 million in Series B and C funding in 2020
Known investors: M&T Bank chairman and CEO Rene Jones contributed to the round, which was led by ICONIQ Capital and included contributions from Tiger Global, Charles River Ventures, Trinity Ventures, New General Market Ventures, and SoftBank Opportunity Fund. Celebrity and strategic investors included Stephen Curry, Trevor Noah, Quincy Jones, Tooey Courtemanche, Ara Mahdessian, Vahe Kuzoyan, and Pharrell Williams
The funding: Squire Technologies raised funding to support the fast growth of its business in the U.S., Canada and United Kingdom. The 43North awardee came to Buffalo in 2018, and its largest employee cluster remains in Western New York.
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ACV Auctions
Round: $55 million in Series E-1 funding
Known investors: Durable Capital Partners, a Maryland private-equity firm, and existing investors such as Fidelity Management and Research Co.
The funding: The Buffalo software startup raised $55 million in equity funding and another $50 million line of credit as it laid the groundwork for its March 2021 initial public offering.
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Centivo
Round: $34 million in Series B funding
Known investors: The round was led by B Capital Group and included contributions from Rand Capital Corp. of Buffalo.
The funding: Centivo's formal headquarters is in Manhattan but its main base of operations is in Cheektowaga. The company is led by Western New York native Ashok Subramanian, who co-founded Liazon Corp.
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Tackle.io
Round: $7.2 million in Series A funding
Known investors: Bessemer Venture Partners led the round. Buffalo investor Jack Greco contributed as well.
The funding: Tackle has a distributed workforce, but its CEO John Jahnke leads a growing cluster of employees in Buffalo.
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CleanFiber
Round: $5.9 million in Series A funding
Known investors: N/a
The funding: CleanFiber continued to raise money to invest into its production facility in Blasdell. The clean-tech startup came to Buffalo in 2017 after winning the 43North competition.
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CleanSlate
Round: $7 million in Series A funding
Known investors: Prolog Ventures
The funding: CleanSlate experienced a huge uptick in demand for its tabletop sanitizing devices after the Covid-19 pandemic hit. Splitting operations between Buffalo and Toronto, the company first came to Western New York after winning a 43North award in 2015.
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SparkCharge
Round: $3.3 million in private financing
Known investors: PJC
The funding: SparkCharge came to Buffalo in early 2019 after winning the $1 million grand prize in the 43North competition. The company retains an R&D and production facility at 683 Northland Ave.
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Pop Biotechnologies
Round: $3 million strategic corporate investment
Known investors: Eurobiologics
The funding: The University at Buffalo received a $3 million funding injection as part of its broader vaccine development partnership with Eurobiologics.
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Circuit Clinical
Round: $2.2 million in Series A funding
Known investors: Launch NY, the Buffalo Angels fund, an investment group led by businessman Charles Lannon and KMG Capital Partners out of Denver
The funding: Circuit Clinical closed on the round shortly after winning $500,000 in the 43North competition. The homegrown startup is seeking to build a nationwide clinical trials network.
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MimiVax
Round: $2 million in angel funding
Known investors: Roswell Park Comprehensive Cancer Center, Jerry Jacobs Jr. and Scott Friedman
The funding: The Roswell spinout is developing an immunotherapy for an aggressive form of brain cancer.
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UDDA
Round: $750,000 in friends and family funding
Known investors: N/a
The funding: Company leaders say they are using the funding to explore a big opportunity in taking play-for-fun gaming apps to the sports market.
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Buffalo Automation
Round: $500,000 in seed funding
Known investors: University at Buffalo Innovation Seed Fund, Varia Ventures
The funding: The self-driving boat startup is seeking to scale its high-tech software into the commercial shipping and recreational boating industries.
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HELIXintel
Round: $500,000 in seed funding
Known investors: Launch NY
The funding: Buffalo-based HELIXintel is developing an equipment maintenance marketplace.
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Thimble
Round: $500,000 in seed funding
Known investors: Angel investor Jack Greco and the Learn Launch Accelerator and Halcyon entrepreneurship programs
The funding: Thimble used the funds to pivot back toward at-home STEM kits for parents to do with their children.
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Swift Rails
Round: $402,065 in equity crowdfunding
Known investors: The first Buffalo startup to successfully executive a Wefunder campaign
The funding: Swift Rails launched its Wefunder campaign in summer 2020, ultimately gaining support from more than 300 individual investors.
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CloudInsyte
Round: $300,000 in seed funding
Known investors: Angel investor Jack Greco and former Paychex executive Sanjay Hiranandani
The funding: The Buffalo software startup is building a marketplace that seeks to match IT and cybersecurity providers with customers ranging from government agencies to corporations.
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Bettermynd
Round: $250,000 in seed funding
Known investors: Launch NY and Z80 Labs
The funding: Rochester native Cody Semrau moved his web-based therapy and consulting startup to Buffalo in 2020.
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Jeca Energy Bars
Round: $120,000 in seed funding
Known investors: Launch NY
The funding: Founder Ree Dolnick is using the funds to establish a larger production facility in Cheektowaga
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Lift Bridge
Round: $100,000 in seed funding
Known investors: N/a
The funding: Local entrepreneur Greg Ross raised the money before his firm was acquired by CloudInsyte.
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Capti Voice
Round: Amount not disclosed
Known investors: ETS Strategic Capital
The funding: Buffalo-based Capti Voice is provides a personalized literacy and learning platform that seeks to help K-12 students improve reading comprehension through machine learning, artificial intelligence and natural learning processes.
