This is our roundup of Chicago tech and startup companies that received venture capital investments during the last month. If we missed one, let us know at info@chicagoinno.com.
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Chicago tech and startup companies raised at least $42 million in venture capital throughout the month of October, according to data compiled by Chicago Inno.
The month’s fundings were carried by AVIA, which raised $22 million. No other Chicago startups raised more than $5 million this month.
October’s venture capital fundings were down significantly compared to the two previous months. In September, Chicago tech raised about $129 million, and in August, tech companies raised about $215 million.
Below are eight Chicago tech and startup companies that raised money in October.
AVIA: The Chicago-based digital healthcare consulting company raised $22 million in a round of funding led by First Trust Capital Partners. Other backers included Sumitomo Corporation of Americas, investment bank Ziegler and a dozen health systems across the U.S. AVIA has created an innovation network that provides digital health insights, strategic guidance and consulting services to the healthcare industry.
BiomseSense: The startup raised $2 million in a seed round led by BioX Clan, a venture capital firm that invests in early-stage bioscience technology. Founded in 2018, BiomeSense is developing biosensors that can detect particular kinds of bacteria in patients’ feces that could help improve the efficacy of clinical trials. The sensors, which are designed for patients to use in their home, can be particularly useful to scientists studying the microbiome because they receive dramatically more data over the course of a trial than is currently available, the startup says.
Gearflow: This Chicago startup, which makes it easier for companies to sell forklifts, bulldozers and other types of construction equipment, raised $1.1 million in a seed round. Investors included Seth Lawry, Cindy Lawry and Soren Oberg of Thomas H. Lee Partners, Phoenix-based VC firm Annabelle LLC and Chicago Early Growth Ventures.
NOCD: NOCD raised $4 million in a Series A round of funding led by Chicago Ventures. Other backers include 7Wire Ventures, Meridian Street Capital and Hyde Park Angels. The startup has created a mental health app that uses cognitive behavioral therapy techniques to assist in treating OCD patients.
Purchasing Platform: Founded in 2012, Purchasing Platform raised $3.5 million in a Series A funding round led by Method Capital. Participate Capital and Old Town Capital also participated. The startup is building a B2B online marketplace for real estate developers to buy products for their properties, ranging from kitchen appliances to light fixtures.
Remote Year: Founded by Chicagoan Greg Caplan, the startup raised $5 million in a round led by Chicago VC firm Lightbank. Existing investor Highland Capital Partners also participated in the round. Remote Year has now raised $17 million since it was founded in 2015. The startup offers 4, 6 and 12-month programs that make working remotely while traveling abroad more accessible.
Rentgrata: Founded in 2016 by Ben Margolit, Sam McArtor and Zach Sloan, Rentgrata operates a referral reward platform that connects prospective renters with current residents of apartment communities. In October, it raised $1 million from Chicago-based VC firm M25, Syndicate Fund, Right Side Capital Management and Nelnet. Additionally, individual investors like Package Concierge Founder Georgianna W. Oliver and ApartmentJet Co-Founder Eric Broughton also participated in the round.
Surgical Innovation Associates: This medical device spin-out from Northwestern University raised $4 million in a Series A round that included Harvard Business School Angels and Minneapolis-based Gopher Angels. The startup, founded in 2016, is developing and commercializing medical products used in reconstructive and aesthetic surgery. The new funding will help the startup commercialize its products, receive necessary regulatory approvals and finance development of future products.
