The first quarter of 2024 marked another tough time for companies looking to raise capital.
The five largest rounds raised by Colorado businesses in January totaled an impressive $5.2 billion. That number dropped to $347.2 million in February and dropped again in March to $103.5 million, landing closer to the top five rounds raised by Colorado companies in March 2023 (approximately $140.1 million, according to Crunchbase data).
Even with small rounds being secured, a variety of local companies are closing capital. Last month, two quantum companies raised a collective $30 million and a software startup working in the defense and national security realms pulled in $35 million.
Here are the five largest rounds raised by Colorado companies in March.
Vescent — $5 million
Founded in 2002, Golden-based Vescent manufactures devices to enable the commercialization of quantum technology. The company raised a $5 million seed round — Vescent’s first round of outside capital — to keep up with customer demand. The seed round was led by New York investment bank Corporate Fuel with participation from Boulder-based Caruso Ventures.
Pattern Labs— nearly $8.5 million
Erie-based Pattern Labs secured approximately $8.5 million from five investors, according to a Form D filed with the U.S. Securities and Exchange Commission in early March. Led by former Amazon Robotics manager Kellen Schroeter, Pattern Labs builds robots that can operate inside and outside and navigate around people and cars. The company’s goal is to “build the most capable autonomy systems for the most challenging unstructured environments in the solar system.” According to SEC filings, the company also raised nearly $1.25 million in 2022.
Maybell Quantum Industries — $25 million
Named a Colorado Inno Startup to Watch this year, Maybell Quantum Industries is a quantum startup developing systems to make quantum tech more reliable, scalable and accessible. The company, which raised a $25 million Series A in early March, developed a 10mK cryogenic platform that fits 10 times more qubits in just 1/8th the space of similar platforms. Maybell will use its Series A to open a new 8,000-square-foot facility in Denver.
Axiota Animal Health — $30 million
According to a Form D filed with the SEC, the Fort Collins biotech business raised $30 million in equity from 34 investors in March. Founded in 2019, Axiota Animal Health develops products for beef and dairy producers. Its goal is to support cattle health and performance.
Defense Unicorns — $35 million
Colorado Springs-based Defense Unicorns, a software startup working in the defense and national security realms, secured a $35 million Series A co-led by Sapphire Ventures and Ansa Captial in March. The startup uses open source software that allows artificial intelligence tools and software to be deployed in any environment, including places that don’t have access to the internet. The approximately 125-person company also won a $300 million contract with the U.S. Department of Defense to “accelerate software and GenAI solutions in classified and air gap environments,” per a company statement.
