More than a dozen Minnesota companies from a variety of industries raised funding this fall. The majority of these deals were with medical startups, including Minnesota Cup winner MicroOptx.
In September, Celcuity became the third Minnesota company to complete an initial public offering. The last time Minnesota saw more than two IPOS in one year was in 2007. This summer, gene-editing company Calyxt made its debut on the Nasdaq. Grand Rapids-based ASV Holdings Inc., which makes compact truck loaders, also completed an initial public offering this year.
Below, Minne Inno lists the notable fundings initiated or completed over the last three months by local tech companies and startups.
SEPTEMBER
Celcuity: Biotech startup Celcuity raised nearly $23 million through its initial public offering. The startup debut on the Nasdaq as CELC, offering 2.4 million shares for $9.50 apiece. Celcuity plans to put the money toward research and development, as well as tripling its office space in Plymouth. The company is led by serial entrepreneur Brian Sullivan, who previously led medical-device reprocessor SterilMed, which was sold for $330 million in 2011.
NeoChord Inc.: Medical-device startup NeoChord lined up $10 million in bridge financing to fund ongoing clinical trials and product development efforts. The St. Louis Park-based company develops artificial tendons and an accompanying device that secures heart valves in place.
Rebiotix Inc.: Biotech company Rebiotix reported that it's raising $10 million to fund a clinical trial that will test its product for treating severe bacterial infections. The Roseville-based business has already raised around $8.5 million from 29 investors, according to a regulatory filing. Historically, Rebiotix has raised funding rounds from angel investors and closed on $25 million three years ago.
The Stable: The Stable, a firm that specializes in brokering deals between companies (particularly startups) and large retailers like Best Buy and Target, closed a $4 million round of funding. The Minneapolis-based company landed the capital from Gen7 Investments, a subsidiary of North Dakota-based media company Forum Communications Co. The Stable recently opened a Seattle office this fall, which will focus on helping clients make get their products on e-commerce sites like Amazon.
Spark DJ: Spark DJ, a startup using artificial intelligence to create music playlists, raised $115,000 from seven investors, according to a regulatory filing. Read Minne Inno's story about the company here.
OCTOBER
Silk Technologies Ltd.: Plymouth-based biotech startup Silk Technologies raised $11.2 million for early testing of its product, which is an eye drop made from silkworm cocoons intended to treat dry-eye disease.
NoSweat: NoSweat, a startup that makes perspiration-absorbing liners for helmets and hats, is seeking $1 million in financing as it expands beyond the sports market. The Minnetonka-based company was established around five years ago, and quickly caught on with hockey players and game officials. This summer, NoSweat landed an additional investment of an undisclosed amount from Washington Capitals forward T.J. Oshie.
NimbeLink: NimbeLink, a startup that creates small modems, raised nearly $1.2 million in equity financing, according to a regulatory filing. The Plymouth-based startup's devices are around the size of a quarter and connect to cellular networks, allowing equipment and other devices to be connected to the internet.
TruSignal: St. Cloud tech venture eBureau recently spun out TruSignal, a startup developing predictive-marketing software. In October, TruSignal closed $5M in venture capital. Investors include Eden Prairie-based Split Rock Partners, Redpoint Ventures and Tenaya Capital. All three firms are also investors in eBureau, which makes analytics software that predicts a customer's value to a business.
Venn Foundation: Minnesota Cup impact division winner Venn Foundation reported that it received a $100,00 grant from the Bush Foundation.
Medibio Ltd.: Medibio, which develops technology that helps diagnose mental-health conditions, raised nearly $14 million through a private placement. The company plans to put the funding toward preparing for a product launch, plus testing and development. Medibio is based in Australia, but expanded to the Twin Cities around three years ago.
Miromatrix: A biotech company that aims to turn pig organs into transplantable human organs has raised $1.7M, and hopes to raise up to $12M, according to an SEC filing. Eden Prairie-based Miromatrix uses research developed by the University of Minnesota to convert pig livers, kidneys, hearts and pancreases into fully-functioning human organs. Currently, the company has raised just over $1.7M from 12 investors, according to the filing.
MyAlerts: Marketing startup MyAlerts has raised $215,000 in a $1 million round from three investors, according to a regulatory filing.
NOVEMBER
Kwikbit: Kwikbit, a Twin Cities telecom startup focused on the market for a gigabit-speed wireless internet, is seeking to raise up to $12 million in equity financing, according to a regulatory filing. So far, the Bloomington-based company has raised around $2.3 million from seven investors.
MicroOptx: MicroOptx is seeking $2.75 million for its latest round of financing, and has already landed $1.4 million through the sale of debt and securities to 27 investors, according to a regulatory filing. Maple Grove-based MicroOptx makes a tiny, implantable device for treating glaucoma, and won the Minnesota Cup startup competition last month.
