Midwest Funding Roundup: Strata Oncology Closes $90M

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. 

This week’s funding report recognizes that there is a wide range of commercial activity in the region.  For example, Niron Magnetics of Minneapolis raised more than $20 million from University of Minnesota sources, as well as Volvo and Anzu Partners.  The company has developed the world’s commercial, high-performance, rare-earth free permanent magnet – according to their website.  This is an unusual type of company – but with the strength and power of the Big 10’s research – the Midwest has many deep technical development companies.  Another good example is Strata Oncology, which raised $90 million this week.  The co-founder, Dr. Daniel Rhodes, has a PhD from the University of Michigan in Bioinformatics – laying the foundation for Strata’s precision medicine strategy for attacking cancer.  The point is that the Middle is not dependent on a single type of research and development based company – but instead has great depth led by their regional prowess in university research and development.