VC Report: Q1 2018 investments in Indiana technology companies

During the first quarter of 2018, there were four publicly announced capital raises with a combined total of over $33 million. There were also six acquisitions of Indiana tech companies by out-of-state companies, while two Indiana tech companies played the role of acquirer.

Below is a list of public investments and acquisitions involving Indiana technology companies that occurred in the first quarter of 2018.

Zylo kicked off the year strongly with a $9.3 million Series A raise in January led by Bessemer Venture Partners of Silicon Valley, Rise of the Rest’s Revolution firm and investments from the venture capital firms operated by Salesforce and Slack. Zylo is a leading SaaS optimization and cloud intelligence platform with headquarters on the circle in downtown Indianapolis.

Perhaps the biggest news to hit the Indiana tech ecosystem was that of Springbuk’s $20 million Series B raise that occurred in late January. The downtown Indianapolis health analytics firm posted one of the largest Indiana tech company raises in recent years. It’s also part of a possible growing trend of capital raises beyond Series A within Indiana tech companies. Others include Lessonly’s Series B and SmarterHQ’s Series C raises, both in 2017.

South Bend’s EmNet announced their acquisition in February from New York-based Xylem for an undisclosed amount. EmNet is an open, integrated smart water utility technology platform developed through a partnership between the city of South Bend and the University of Notre Dame.

KAR Auction Services of Carmel announced the acquisition of Stratim Systems of San Francisco in February. Stratim’s software allows companies to manage large fleets of vehicles. The transaction marks KAR’s third major acquisition in recent years, including Chicago-based CarCo in 2017 for $43 million and Flint Auto Auction for $76 million in 2016.

Bolstra announced a $1.5 million seed round in February. The Carmel-based customer success platform company also noted the addition of Steve Ehrlich as Bolstra’s new president and COO. Ehrlich is a veteran of several Indiana software companies including PolicyStat, Aprimo and Software Artistry.

VeriCite, a plagiarism detection software company with offices located in Launch Fishers, was acquired by Turnitin of Oakland, California in mid-February. Details of the purchase were not released.

Early March brought the announcement of plans by Colorado-based Conga to acquire Octiv, a marketing Software-as-a-Service platform company used for web-based document solutions. Details of the acquisition were not disclosed.

Upper Hand, a sports software platform that helps sports organizations manage their business, acquired Double Blue Sports in March for an undisclosed amount. The acquisition of the Maine based company brings in industry-leading app-based video analysis platforms to complement Upper Hand’s existing offerings.

Lumavate reported a $2.5 million seed round in March with multiple firms contributing to the raise. Lumavate is a leading enterprise platform for developing progressive web apps (PWAs) at scale. Investors included local firms Allos Ventures, Collina Ventures, Don Brown, Elevate Ventures and 4G Ventures as well as Jupiter Peak of Park City, Utah.

Spensa Technologies of West Lafayette announced plans to be acquired by Minneapolis-based DTN. The Purdue Research Park company’s software helps growers develop a network of industry-leading devices and innovative technologies to manage agronomic pests such as insects, weeds, and disease.

Intervision, with offices in Santa Clara, California and St. Louis, Missouri, announced the acquisition of Indianapolis-based Bluelock in March. Bluelock is known as a leader in Disaster Recovery as a Service (DRaaS) and Infrastructure as a Service (IaaS) solutions. Details of the acquisition were not made public.

Bitwise Solutions, a quarter of a century old web design and development firm based in Carmel, was acquired by SilverTech in late March. The New Hampshire based digital marketing and technology company did not disclose details of the acquisition.

How does this quarter stack up to 2017? Read the 2017 VC report here.

Each quarter we report public investments in Indiana technology companies. Interested in sharing your funding deals? Email roger@techpoint.org.

Bluelock

CATEGORY: Cloud/Hosting Technology, Data Storage/Hosting Technology CITY: Indianapolis

Bluelock is a provider of Disaster Recovery-as-a-Service (DRaaS) for complex environments and sensitive data

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Bolstra

CATEGORY: Business Productivity Software, Technology/Services CITY: Carmel

Bolstra offers a customer success management solution for B2B companies looking to maximize customer lifetime value and increase retention.

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KAR Auction Services

CATEGORY: Service Provider Technology CITY: Carmel

Together, KAR’s complementary businesses provide support, technology and logistics for the used vehicle industry.

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Lumavate

CATEGORY: Internet of Things (IOT), Mobile Technology CITY: Carmel

Lumavate is the leading enterprise platform for building cloud-based mobile apps at scale.

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Octiv

CATEGORY: Marketing/Sales Technology CITY: Indianapolis

Octiv revolutionizes the way sales assets, including presentations, proposals, and contracts are created, distributed, and tracked.

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Springbuk

CATEGORY: Analytics, Healthcare Technology CITY: Indianapolis

Springbuk is a health analytics tool that simplifies employer data into a single warehouse for 1:1 engagement and predictive insights.

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Upper Hand

CATEGORY: E-Commerce, Sports Technology CITY: Indianapolis

Upper Hand sports software partners with sports organizations to help manage and grow their business.

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Zylo

CATEGORY: Analytics, Procurement Technology CITY: Indianapolis

Zylo is the leading SaaS optimization and cloud intelligence platform. Discover, manage and optimize cloud investments within the enterprise

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ABOUT THE AUTHOR

Roger Shuman is the Business Development Program Manager for TechPoint. He introduces Indiana’s emerging scale-up tech companies to capital and networking resources.