Indiana tech companies see major jump in venture capital

Indiana tech companies made a major haul in venture and growth funding in 2019, scoring a 260% increase over 2018, according to TechPoint, a statewide tech industry advocacy group and accelerator.

In 2019, 62 Indiana tech companies publicly announced venture capital investments, grant funding, merger and acquisition deals, private equity and debt financing for total investments of more than $358 million. That’s a huge increase from the $135 million raised by Indiana’s tech companies in 2018.

TechPoint tracked the economic information via publicly available announcements.

According to the data, 2019’s fourth quarter included 12 venture and growth capital raises and three grants for more than $151 million. At least two shared investments did not include dollar amounts raised. The fourth quarter total was higher than the money raised in all of 2018.

“Last year’s VC activity is a reflection of the smart investments that have been made here in prior years and serves as a harbinger of things to come,” TechPoint CEO Mike Langellier said in a written statement. “It’s great to have so many innovative and inspirational members of the tech community—from all levels and across so many industries and services—working together to grow a community that will attract, retain and grow top talent.”

The fourth quarter got a big boost when Indianapolis-based tech apprenticeship and coding school Kenzie Academy in November announced it had lined up $100 million in tuition financing to help incoming students pay for training. It was the biggest deal of the year.

Other big fourth quarter deals included Fishers-based software firm Emplify’s $15 million growth round led by New Jersey-based Edison Partners; West Lafayette-based Blue Wave AI Labs’ $6.9 million grant from the U.S. Department of Energy; and Fishers-based audio marketing technology firm Vibenomics’ $5 million seed round from High Alpha, Elevate Ventures and the Ricker family.