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Funding Roundup: Week of Oct. 7

This was a relatively light week for funding announcements in the Silicon Prairie, but it was dominated by rounds from Chicago, Minnesota, and Wisconsin. Large Rounds ($10+ million) The Milwaukee Business Journal reported that Shine Medical Technologies raised $50 million in new financing from Oaktree Capital to continue to commercialize radioisotopes for medical uses. In…

Funding Report Graphic

This was a relatively light week for funding announcements in the Silicon Prairie, but it was dominated by rounds from Chicago, Minnesota, and Wisconsin.

Large Rounds ($10+ million)

The Milwaukee Business Journal reported that Shine Medical Technologies raised $50 million in new financing from Oaktree Capital to continue to commercialize radioisotopes for medical uses. In addition, last week the company received approval from the Nuclear Regulatory Commission on their application to commercialize molybdenum-99 (MO-99).

Medium and Series A Rounds ($2mm – $10mm)

Imbed Biosciences – Fitchburg, Wisconsin – raised $4.03 million – Imbed Biosciences makes ultrathin wound care applications – called a matrix.  These matrices absorb fluids and conform to the shape of the wound – creating a moist, superior healing environment.  The company raised $4.03 million from Formidable Asset Management.

Purchasing Platform – Chicago – raised $3.5 million – According to Crunchbase, the company raised $3.5 million of Series A capital from Method Capital.  At the time of the announcement, the company, which provides software and purchasing support for the manufactured housing industry, posted a press release on Business Wire.  In the release, Dave Bowen, CEO of Purchasing Platform stated: “By providing an easy-to-use, fully customizable marketplace that supports the specific needs of our manufactured housing customers as well as their preferred local, regional, and national vendors, we have quickly become a ‘one-stop shop’ for the industry to rely on.  The network effect we’ve experienced in the form of referrals from clients and vendors alike demonstrates both the demand for our solution and the opportunity to transform procurement for the industry. In doing so, we also help our clients improve the tenant experience and overall quality of every participating community.”  To read the rest of the press release check it out here – https://www.businesswire.com/news/home/20191017005257/en/Purchasing-Platform-Raises-3.5M-Continue-Revolutionizing-Procurement

2ndKitchen – Chicago – raised $3.0 million – The company is a TechStars graduate from the Chicago 2018 cohort and has received past funding.  According to Pitchbook, undisclosed investors have placed $3.0 million into this DoorDash competitor. The company provides food to order and delivered – but targets bars and other gathering places that do not serve food.

StemoniX – Maple Grove, MN – raised $2.07 million – StemoniX is a biotechnology company that has created a platform for testing efficacy and toxicity of new drugs.  According to a recent press release: “StemoniX is accelerating the discovery of new medicines to treat challenging diseases via the world’s first ready-to-use assay plates containing living human microOrgans®, including electrophysiologically active neural (microBrain®) and cardiac (microHeart®) cells. Predictive, accurate, and consistent, StemoniX’s products combined with its proprietary data management and analytical tools enable a simplified high throughput screening workflow to quickly and accurately evaluate drug efficacy and toxicity.”

 

Early Rounds (Less than $2 million)

Gear

Flow – Chicago – raised $1.1 million – GearFlow helps construction companies utilize the internet to rent and buy construction equipment.  https://www.prnewswire.com/news-releases/gearflowcom-raises-1-1m-seed-funding-to-elevate-construction-equipment-rental-300938054.html

FanFood – Chicago – raised $1.05 million in convertible debt according to Pitchbook.

Picture of Team

Civic Eagle (Pictured) – Minneapolis – raised $200k – The company raised $200k through the Meda Million Dollar Challenge last week.  This early stage funding will help the company continue to help organizations and individuals find and analyze legislation.

Checkable Medical – Hopkins, MN – raised $150k from angel investors.  The company helps children stay at home during sore throat incidents providing virtual care plans to decrease time in emergency rooms and other urgent care facilities.

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