2018 in Minnesota’s startup scene started off with a bang. Here are the top funding raises, acquisitions, and moves from around the region in the first quarter of 2018.
26 companies in Medical Alley raised a Q1 record high $112M in capital.
Medical Alley experienced the largest funding in the digital health sector, with $69M raised by 6 companies.
Biotechnology companies also had a strong Q1 with 6 companies raising $29M. The largest raise in this sector was led by Biothera, a company developing a unique cancer immunotherapy called Imprime PGG.
The medical device sector experienced a $14M capital raise by 12 companies.
Bind Benefits, a company providing on-demand health insurance, saw the overall largest Q1 raise in Medical Alley of $60M. This funding was led by Lemli Ventures.
Startup Upsie closed a $1.7M round of funding. Upsie is an app that helps consumers purchase warranties for devices- like Apple Watches, laptops, and headphones- at lower prices than retailers.
Startup Kaleidoscope closed on a $1.3M seed round in Q1. This company designs and administers scholarships and locates and manages scholarship applicants.
Learn to Live- a mental health startup providing online therapy for social anxiety, depression, and more- raised $4.3M in capital in Q1.
phData, a data management company, secured $2.5M funding, led by Arthur Ventures.
Two companies in Medical Alley were acquired in Q1 for $1.2B.
This included ABILITY Network, an IT company that simplifies administrative and clinical aspects of healthcare.
Urology startup NxThera was acquired by Boston Scientific this quarter.
The Southeast Minnesota Capital Fund made its first three investments, including funding for the Rochester-based Sonex Health and Minneapolis-based Oculogica. Sonex Health has developed the SX-One microknife to achieve minimally invasive carpal tunnel release surgery. Oculogica is creating the EyeBox device to collect and analyze eye movements to diagnose traumatic brain injuries and concussions.
Rochester tech startup Spark DJ is admitted into the Techstars Music Accelerator program in Los Angeles. Spark DJ is utilizing machine learning and artificial intelligence in their mobile application to allow your phone to be a DJ.