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 ([email protected]), 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.