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 $154 million in venture capital during the month of August, according to data compiled by Chicago Inno.
August's fundings were led by Keeper Security, which raised $60 million, and Kin Insurance, which raised $35 million.
Local VC activity was down compared to July, when Chicago startups raised more than $330 million, but was still an increase compared to the first couple months of the pandemic.
In May and April, Chicago tech funding was just $68 million and $62 million, respectively. In June, Chicago tech and startup funding began to tick back up, reaching nearly $200 million
Below are 9 Chicago tech and startup companies that raised money in August.
Azul 3D: The 3D printing company based in Skokie raised $12.5 million in new financing. Known investors include Louis A. Simpson, the former CIO for Geico, the former manager of Berkshire Hathaway and founder of SQ Advisors; Wally Loewenbaum, the former chairperson of 3D Systems; Joe Allison, the former CEO of Stratasys Direct Manufacturing; and Hugh Evans, the former senior vice president of corporate development for 3D Systems. To date, Azul 3D has raised more than $20 million.
Azul 3D manufactures 3D printers to quickly print highly-customizable structures. It will use the new financing to enhance its rapid printing technology and launch its first commercial printers.
CancerIQ: The Chicago startup that helps health care providers identify patients who have a genetic predisposition to certain cancers raised $4.8 million in new funding. The Series A round was led by HealthX Ventures, a VC firm led by Mark Bakken, the founder of Nordic Consulting. Other backers include Chicago-based Impact Engine and Lightbank.
The funding is significant in that it not only will help fuel CancerIQ’s growth, but it’s also one of the largest rounds raised by a Black founder in Chicago in recent memory. Led by Feyi Olopade Ayodele, CancerIQ has now raised more than $8 million since it launched in 2013.
Cashdrop: Cashdrop raised a $2.7 million seed round led by Harlem Capital, a New York-based VC firm that takes a special focus in backing founders of color. The startup has developed a new contactless commerce platform for small businesses that makes accepting payment as easy as sending a Venmo.
CoPilot: The startup raised a $10 million Series A round led by Next Coast Ventures. Other backers include SciFi ventures, the VC firm from PayPal co-founder Max Levchin, along with Accel Partners co-founder Arthur Patterson and Chicago Ventures. CoPilot has raised a total of $17 million to date. The startup is a mobile app that uses machine learning and human experts to help buyers find the best price on a new or nearly new vehicle.
Fyllo: Fyllo raised an additional $10 million in Series A2 financing. Investors in the round include JW Asset Management, K2 & Associates, Arcadian, Salveo Capital and Phyto Partners. The startup has now raised $26 million to date. Founded last year by Chad Bronstein, Aristotle Loumis and Erik Shani, Fyllo helps companies comply with state and federal advertising regulations.
High Definition Vehicle Insurance: Founded in 2018, HDVI raised $16 million in a Series A funding round led by 8VC and Munich Re Ventures, with additional participation from Qualcomm Ventures and Autotech Ventures. HDVI makes a tech-based insurance service for trucking fleets that advertises itself as cheaper than traditional insurance models, while also helping its clients improve safety, compliance and operations.
Keeper Security: The Chicago tech company raised $60 million in its first outside fundraise since the company was founded nine years ago. Keeper, a cybersecurity company that develops a password management platform, announced the $60 million minority investment was led by Insight Partners. Thomas Krane, a principal at Insight Partners, is joining the company’s board as part of the investment.
Kin Insurance: Fast-growing startup Kin Insurance raised a $35 million Series B round led by Commerce Ventures. Other backers include Hudson Structured Capital Management, Flourish Ventures, QED, Alpha Edison, Allegis NL Capital, Avanta Ventures, August Capital and the University of Chicago. Kin has now raised $86 million to date.
Founded in 2016, Kin’s insurance platform allows it to make underwriting decisions quickly based on data from satellite images, public records and other sources. Kin sells insurance directly to homeowners, rather than through outside agents, and has piloted its product in Florida—where many homeowners experience inclement weather.
Trala: The startup raised $3.5 million in seed round led by Next Play Ventures, an early-stage VC fund launched this year by Jeff Weiner, who currently serves as LinkedIn's executive chairman. Founded in 2017, Trala's app features video tutorials with notable violinists along with "signal processing" technology that listens while you play the violin and gives instant feedback on rhythm and pitch mistakes.
