VC Report: Q2 2018 investments in Indiana technology companies
During the second quarter of 2018, there were six publicly announced capital raises by Indiana tech companies with a combined total of over $18 million in funding. There were also six acquisitions of Indiana tech companies by out-of-state companies, while two Indiana tech companies were on the acquiring end of these transactions.
Below is a list of public investments and acquisitions involving Indiana technology companies that occurred in the second quarter of 2018.
The quarter started out with the acquisition of Q5 Division by N2Growth of Philadelphia for an undisclosed amount. Q5 Division is an applied advanced analytics company based in Sellersburg.
Upper Hand of Indianapolis announced a $1.5 million venture funding round in early April led by Park Ten Capital of Houston, Texas. Upper Hand’s software platform simplifies front and back-end office tasks to help sports organizations manage and grow their business.
A $6 million Series A raise was announced in April by DemandJump of Indianapolis. DemandJump’s Traffic Cloud customer acquisition platform enables marketers to find and target new customers. The round included Cultivation Capital of St. Louis, 4G Ventures of Indianapolis, Hyde Park Venture Partners of Indianapolis and Chicago, Revolution’s Rise of the Rest fund of Washington, D.C. and newcomer Flyover Capital from Kansas City.
Hc1.com, based in the northwest side of Indianapolis, announced a $7 million Series B raise led by Health Cloud Capital, a private equity firm based in Indianapolis, along with Elevate Ventures. Hc1.com is a healthcare-specific CRM platform designed to unlock the answers to healthcare’s biggest challenges.
Indianapolis-based OneCause, a ten-year-old tech scale-up that rebranded from their BidPal name in January, announced their acquisition of Austin, Texas based Great Feats in April. Great Feats is a rapidly-growing social engagement and fundraising platform. The addition of peer-to-peer social fundraising expands the OneCause portfolio to provide a full suite of easy-to-use solutions to reach new donors with modern social engagement tools.
April closed out with Fishers-based Strada Education selling off Student Connections to Loan Science of Austin, Texas. Details of the acquisition were not announced.
The month of May raced in with a $1 million seed round raised by Indianapolis-based tend.ly, a Care Relationship Management Platform that brings together care providers and the families of those for whom they are caring. The round included a number of individual investors along with funds from Elevate Ventures.
Jasper-based Kimball Electronics, a nationally traded provider of complete product life cycle support and contract manufacturing for the Automotive, Industrial, Medical, and Public Safety markets, announced the planned acquisition of GES Holdings in May. GES Holdings of San Jose, California, specializes in production processing and test equipment design, volume manufacturing, and global services for the semiconductor and electronics product manufacturing industry.
May came to an end with the announcement that eleven Purdue-based tech startups were receiving investments from the Elevate Purdue Foundry Fund. Haptimage, Cyber Inform, MediTrack, UniRide, HySonic Technologies and Unibubbles each received the $20,000 Black Award while Vinsense, BrightLamp, Explore Interactive and Mira Award winner Heliponix pulled in the $80,000 Gold Award. Socio Labs garnered both awards for a total of $100,000. More than $500,000 was invested into these companies.
In June Allegiant International LLC. a professional services network based in Indianapolis, was acquired by Belcan LLC of Cincinnati, a global supplier of engineering, supply chain, technical recruiting, and information technology (IT) services to the aerospace, defense, automotive, industrial, and government services markets. Details of the transaction were not announced.
The last major funding announcement of the second quarter belonged to Costello, based in the Union 525 building in downtown Indianapolis. The real-time sales playbook platform company announced a $2.1 million seed round that included a number of individual investors along with Indiana venture capital firms Collina Ventures, Innovatemap Ventures, the Innovate Indiana Fund and Elevate Ventures. Outside firms included Dundee Ventures of Omaha, Social Capital of the Silicon Valley area, M25 of Chicago and GAN Ventures of Colorado.
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 firstname.lastname@example.org.