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Midwest Funding Report


Midwest Funding Report: May 2nd – May 8th

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 (, 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.

Ohio has two big fundings this week, and both represent cool technologies making it to market.  First, Path Robotics helps build robotic efficiency into the welding process – with autonomous welding.  The goal is to dramatically reduce waste.  Second, Oculii provides “virtual aperture imaging radar” without additional equipment. Basically this allows for autonomous vehicles to crowdsource aperture information – building a better picture of the sky.  As with their neighbor, Michigan had a strong week with a variety of smaller fundings in biopharma and other technology companies.  Overall, the more technical companies appear to be having a strong 2021 with numerous large fundings in the former Rust Belt.  Moreover, the large cities of Chicago, Minneapolis, Detroit, Saint Louis, and Cincinnati continue to drive regular, consistent funding activity for the Middle.

Large Rounds (More than $10M)
Path Robotics$56MColumbus, Ohio
Oculii$55MBeavercreek, Ohio
Sharpen Technologies$14MIndianapolis, Indiana
Thentia$10MChicago, Illinois
Series A Rounds (Between $2M and $10M)
Fair Xchange$7.5MChicago, Illinois
Adalo$7MSaint Louis, Missouri
MUSH$4.2MChicago, Illinois
Grove Biopharma$4MEvanston, Illinois
Eikonoklastes Thereapeutics$3.2MCincinnati, Ohio
Plastomics$3.2MSaint Louis, Missouri
pValue$3.1MChicago, Illinois
Purchasing Platform$2.5MChicago, Illinois
ADHD Online$2MGrand Rapids, Michigan
Mazen Animal Health$2MSaint Joseph, Missouri
VividCharts$2MLexington, Kentucky
Early Stage Rounds (Between $500k and $2M)
Stopwatch$1.9MBentonville, Arkansas
Ellis Isle$1.9MDetroit, Michigan
Wedge$1.6MHolland, Michigan
Pluie$1.3MLake Forest, Illinois
BenefitBay$1.2MOmaha, Nebraska
Seed Rounds (Less than $500k)
Thermavance/Promethient$.5MTraverse City, Michigan
Sniffle Health$.3MLittle Rock, Arkansas
Talentei$.3MDetroit, Michigan
Lake to Table$.1MShoreview, Minnesota
LegalQ$.1MHallock, Minnesota
Integrated Vital Medical Dynamics$.1MVerona, Wisconsin

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