While 2017 isn't over yet, there's still been a host of notable and significant funding news from Rhode Island worth talking about before the curtain falls on the year. In the list below, we take a quick look at the companies across the state that have raised more than $100,000 in capital a variety ways.
Crunchbase Pro's database provided most of the information used in this report, with previous Inno coverage filling the gaps.
Based out of North Kingston, the 2011-born Clarke Industrial Engineering produces the Shutter Valve, a technology developed by the company's founder, Kyle Daniels. The valve "provides the best attributes of all types of valves," aiming to simplify the choice for those buying and using industrial valves. The company completed Series C funding with $1 million from New World Angels.
Crave Food Systems is a Providence-HQed company established in 2014. It looks to help foster sustainable food ecosystems that streamline an enterprises operations. In 2017 alone, CFS has raised $825,000 in capital and is still currently fundraising.
CEO and founder Pat Sabatino's third-party data delivery platform completed a seed round of funding in January 2017, bringing in $200,000 from Slater Technology Fund. Previously, Providence-based Datarista raised $1.6 million in 2016 (again via Slater Technology Fund) and $350,000 in 2015 from an unnamed angel investor.
Advanced materials company NanoSteel completed its seventh funding round in February, with its second-largest haul of $15 million. GM Ventures was the lead investor on the round, with Lear Corporation and SPDG also participating. NanoSteel was founded in 2002 and is headquartered in Providence.
Newport's Siren Marine launched in 2011 with an app that allows boat owners to track and monitor their boat remotely. It received a convertible note of $350,000 in February, its first capital raising move since its inception.
The Series B funding round for athletic apparel design and ordering company SquadLocker raised $7 million in capital for the company, which is headquartered in Warwick and founded in 2011. Causeway Media Partners was the lead investor, among others.
Headquartered in Providence, Vitae Industries has developed an "AutoCompounder" that streamlines the tablet and gummy compounding process. In February, the company received a $100,000 convertible note, the first of its funding moves.
Rhode Island's top-funded startup, Providence-based Upserve, received a high-profile investment from Vista Equity Partners in July, although the restaurant management platform declined to specify the sum. However, Upserve CEO Angus Davis did mention that the company hopes to scale “from mid-eight figures of revenue today, to nine figures of revenue" in a BostInno report.
