Venture capital activity in the U.S. declined again this past quarter, continuing a downward trend seen since early last year. The tight market is being driven by inflation rates, bank failures and an increase in the number of venture capital-backed companies.
“U.S. deal activity has been roughly flat over the past few quarters, remaining elevated above pre-2021 levels, despite the swift decline seen from the end of 2021 and early 2022 figures,” Kyle Stanford, PitchBook’s U.S. VC analyst, said in a statement.
Nationally, the number of VC deals dipped 14% and the overall deal value declined 13% between Q1 and Q2, according to PitchBook data released on Thursday.
Despite the national downward trend, Colorado fared well last quarter.
In Q2, local companies collectively raised nearly $1.22 billion, as compared to $1.17 billion in Q1. The number of rounds raised by Colorado companies, however, is down quarter over quarter, from 102 in Q1 to 89 in Q2.
One company that did raise the largest round in Q2 did so at a $1 billion valuation, securing unicorn status. Other sizeable rounds went to companies in the battery, space and biotech industries.
Here are the top 10 Colorado deals of Q2, according to PitchBook.
AMP Robotics — $8M
Robotics company AMP Robotics raised additional funding bringing its $91 million Series C first announced in November to $99 million, according to PitchBook. The company uses robots and artificial intelligence to transform the recycling industry. AMP also opened a new 84,000-square-foot headquarters in Louisville in November.
Orbit Fab — $28.5 million
Orbit Fab has developed an in-orbit refueling station. In addition to raising a $28.5 million Series A round in April, the company announced plans to add 25 people to its rapidly growing team, which doubled in size over the last year. This Series A round, according to PitchBook, brings the Lafayette company’s valuation to $113.5 million.
Sierra Space — $30.56 million
Broomfield-based Sierra Space, previously part of Sierra Space Corp., secured $30.56 million from 37 investors in April, according to a Form D filing with the U.S. Securities and Exchange Commission. In addition to raising capital, the commercial space company recently began live docking exercises with NASA.
Iontra — $46.9 million
Iontra Inc. aims to improve the lifespan of rechargeable batteries. According to a filing with the U.S. Securities and Exchange Commission, Iontra raised nearly $46.9 million from 30 investors in May. The Denver-based company previously emerged from stealth mode in 2022 when it raised a $38 million Series B round. Iontra CEO Jeff Granato previously told Colorado Inno that its mission is to become the default charging standard for all batteries and applications.
Forge Nano — $50 million
Also operating in the battery industry is Forge Nano. The company’s technology allows it to precisely engineer materials to optimize a battery’s performance. Its tech is used in the aerospace, vehicle, defense and consumer electronics industries. The Thornton-based company will put its $50 million Series C capital toward a new pilot production facility.
Enveda Biosciences — $51 million
The Boulder-based drug discovery and development company raised $51 million in April, adding to a Series B round first announced in December. This latest raise brings Enveda’s Series B round to $119 million and increased its valuation from $200 million to $319 million, according to PitchBook data. Enveda previously raised a $51 million Series A round in 2021.
Foresight Diagnostics — $58.75 million
The Aurora-based company has developed a liquid biopsy testing platform that measures cancer cells in the body after treatment, also known as the minimal residual disease, and is working on a cancer recurrence testing platform. Foresight Diagnostics raised the Series B round in late April led by Foresite Capital with participation from Bluebird Ventures, Stanford University, the University of Colorado Healthcare Innovation Fund and others. Foresight Diagnostics is now valued at a post-money valuation of $138.7 million, according to PitchBook.
BillGO — $94.3 million
Fort Collins-based BillGO is a real-time bill payments and management platform. The fintech company raised approximately $94.3 million from 69 investors in May, according to a filing with the U.S. Securities and Exchange Commission. BillGO is now valued at $500 million, per PitchBook data.
Strive Health — $166 million
The tech-enabled kidney care company raised a $166 million Series C round in May. The round was led by NEA with participation from CVS Health Ventures. Since Strive Health’s founding in 2018, it has grown to more than 550 employees serving patients with kidney disease in 30 states.
Redaptive — $250 million
Entering unicorn status with a post-money valuation of $1 billion, energy company Redaptive raised $250 million in May, according to PitchBook. The company also announced in April that it moved its headquarters from San Francisco to Denver, with plans to have at least 50 employees in the Mile High City by the end of the year. Redaptive helps businesses reduce their energy usage by implementing energy conservation strategies.
