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Midwest Funding Report: Ann Arbor’s WorkIt closes $118M

The Funding Roundup is a weekly note about companies that raised venture capital.  We use four sources – 1) those that are sent to us via press release (hello@mug.news), 2) Form D filings in the sixteen states that we cover, 3) Databases to which we subscribe (particularly Pitchbook, Crunchbase), 4) Other sources (such as SBIR grant database).  The goal of the funding roundup is to provide a quick synthesis of companies that are actively raising money.  This is not a value judgment placing VC backed companies over bootstrapped – only a recognition that VC backed companies often file paperwork that puts them on our radar. 

This was another big week in the Middle.  We were one state short of a full Middle again.  This week there was not an investment in Kentucky.  Otherwise, all of the other states in our coverage areas received at least one investment.  Chicago had a big week with seven investments.  Ann Arbor and West Lafayette had two investments each.  This included the largest investment of the week in Workit Health.  Workit Health is an online therapy for addiction recovery.  This investment echoes many of the other investments in health care  this week including the second, third, and fourth largest companies:  SPR Therapeutics (central nervous system treatment), MediCardia (Cardiology), and Plato BioPharma (in vivo pharmacology, physiology, and biomarker data).  There have been an increasing number of interesting insurtech companies that have come through the last couple of weeks including – Bardavon Health Innovations, this week. Based on October, Q4 is going to be a big quarter for the Middle.

Large Round
Workit Health$118M Ann ArborMichigan
Bardavon Health Innovations$90M Overland ParkKansas
SPR Therapeutics$37M ClevelandOhio
CIBO Technologies$30M Saint Louis ParkMinnesota
Our Next Energy$25M NoviMichigan
TripleBlind$24M Kansas CityMissouri
Vascudyne$17.7M Saint PaulMinnesota
Query.AI$15.1M BrookingsSouth Dakota
Aspire$10.3M Chicago Illinois
Hunt Club$10M Chicago Illinois
    
Series A ($2M to $10M)
AIQ Global$9.4M MadisonWisconsin
Mesh++$6.9M ChicagoIllinois
Ludex$5.3M ChicagoIllinois
Inotiv$5M West LafayetteIndiana
BluePallet$5M ChicagoIllinois
Stone Lock$4M Overland ParkKansas
Fresh Street$4M FrankfortIllinois
Round River Research$3.5M EdinaMinnesota
MediCardia$3M MequonWisconsin
Plato BioPharma$3M West LafayetteIndiana
Abilitech$2.9M Eden PrairieMinnesota
Kovina Therapeutics$2M IndianapolisIndiana
    
Early Stage ($500k to $2M)
Retail Aware$1.9M OmahaNebraska
Clear Software$1.7M ZionsvilleIndiana
AMOpportunities$1.6M ChicagoIllinois
IBC Advanced Alloys$1.5M FranklinIndiana
Boddle$1.3M TulsaOklahoma
ShapeLog$1.2M Ann ArborMichigan
Greenfield Robotics$1.2M CheneyKansas
BitLyft$1M St. John’sMichigan
Layer$.9M LincolnNebraska
Infinite Composites$.7M TulsaOklahoma
    
Seed Stage (0 to $500k)
Waldo$.4M ChassellMichigan
4Privacy$.3MColumbusOhio
PlayBooked$.3M Grand RapidsMichigan
Total AI Systems$.25M FlintMichigan
Wheelhouse Games$.22M WillistonNorth Dakota
Viroment$.2M MinneapolisMinnesota
BizFleets$.15M BirminghamMichigan
Membershine$.13M IndianapolisIndiana
HiLink$.1M ChicagoIllinois

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