A national and local slowdown in venture capital funding didn't stop some local startups from collecting large chunks of change in the third quarter.
Collectively, funding going to startups in Greater Philadelphia plunged 77% from a record-high of $2.7 billion in the second quarter, according to the latest PitchBook-NVCA Venture Monitor report.
Companies across the region raised $619.6 million during the three-month period from July to September, bolstered by health care and information technology. A New Hope health care firm scored the biggest VC deal of 3Q, closing a $100 million deal and going public in July.
Here are the top 10 venture capital deals closed during the third quarter in Greater Philadelphia, according to Pitchbook:
- Orchestra BioMed — $100 million Series D: The New Hope-based health care company closed on $100 million of funding before teaming up with a special purpose acquisition company, called Health Sciences Acquisition Corp. 2, to go public in July.
- Vitara Biomedical — $75 million Series B: The University City health care startup raised funding that totaled $75 million in September. The round was led by Sands Capital and included participation from Google Ventures and the Children’s Hospital of Philadelphia (CHOP) Foundation, which had previously invested in Vitara.
- Savana — $45 million Series A: The Malvern-based fintech raised the funding in August and plans to use the cash to grow its platform so any bank can use the company's technology to "speed time to market of new products and services."
- PurpleLab — $40 million Series B: The Wayne-based health care analytics company raised the funding in September in a round that included participation from Princeton's Edison Partners. It follows a $3 million Series A three years ago.
- Enterin — $31 million: The Philadelphia-based pharmaceuticals company raised the late-stage funding in September, including $6 million in convertible note funding.
- Cornelis Networks — $30 million: The Wayne data analytics firm received the cash in a deal disclosed in documents filed with U.S. Securities and Exchange Commission.
- NeuroFlow — $25 million growth round: The mental health care startup recently moved into a new office at 1601 Market St. in Center City. It followed that up with a $25 million growth round led by Wayne-based SemCap Health.
- Fort Robotics — $25 million Series B: The Philadelphia startup closed on the funding in July in a round that was led by international venture capital firm Tiger Global. The robotics business also received a $13 million investment round in March 2021 that included an investment from billionaire Mark Cuban.
- Advisor Credit Exchange — $24 million: The Berwyn wealth management platform received the influx of cash in July, according to filings with the U.S. Securities and Exchange Commission.
- InHomeTherapy — $22 million: The King of Prussia company that makes house calls to homebound patients requiring physical, occupational and speech therapy raised $22 million in a private stock sale in late September.
