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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.

Large Rounds (More than $10M)
Strata Oncology$90M Ann Arbor, Michigan
Recsolu$43M Chicago, Illinois
AcreTrader$22M Fayetteville, Arkansas
Niron Magnetics$21M Minneapolis, Minnesota
FlexDex$11M Brighton, Michigan
Series A ($2M to $10M)
Rise Gardens$9.3M Chicago, Illinois
BIoXroute Labs$9M Chicago, Illinois
Wicked Foods$8.1M Edina, Minnesota
Cohesion$7M Chicago, Illinois
Radian IoT$4.5M Milwaukee, Wisconsin
Norton Hurley$3.4M Spearfish, South Dakota
Atlas Digital Group$3M St. Louis, Missouri
Supply Hive$2M Chicago, Illinois
Early Stage ($500k to $2M)
NextGem$1.1M Maple Grove, Minnesota
Enroll HQ$.75M Fishers, Indiana
Seed Stage (0 to $500k)
Milestone$.43M Carmel, Indiana
HomeRoom$.28M Prairie Village, Kansas
BlueConduit$.25M Ann Arbor, Michigan
Martell Diagnostic Laboratories$.2M Roseville, Minnesota
eCourt Reporters$.12M Burlington, Wisconsin
Watton$.12M Milwaukee, Wisconsin
BaKIT Box$.1M Chicago, Illinois
Dormie$.09M Beverly Hills, Michigan
Jibber$.03M Lees Summit, Missouri
The Young Entrepreneur Project$.01M Overland Park, Kansas


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