2023: A look back at Indiana’s biggest tech-sector investments

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Venture investing activity remains far below its 2021 peak, but deals were still happening this year.

A handful of Indiana tech firms secured eight-figure venture investments—and one was likely even larger than that. Indianapolis-based financial technology firm Ren Inc. announced in July that it had landed an investment of between $75 million and $300 million from a fund associated with Boston-based Bain Capital. Ren declined to reveal the exact size of the investment but said it was nearer to the top end of that range than the low end.

Also this year, several Indiana-based companies made significant tech-related venture investments of their own.

Here’s a recap of the year in tech investments:

January

Indianapolis-based Authenticx Inc., a business communications software company, announced it had raised $20 million in Series B funding, led by Richmond, Virginia-based Blue Heron Capital. Authenticx, which launched in 2018, has developed software that allows customers in the health care and insurance industries to analyze millions of client interactions such as phone calls, texts, online chats or emails.

May

A new Indianapolis-based venture capital firm, Ivy Ventures, launched with a $20 million investment fund. The firm’s co-founders are entrepreneur Scott Kraege, Innovatemap CEO Mike Reynolds and Valeo Financial Advisors CEO and co-founder John Wortman. The firm’s investment targets are early-stage hardtech, enterprise software and life sciences startups.

June

Indianapolis-based Emmis Corp. was the lead investor in a $48 million Series B funding round for Israel-based Anzu Virtual Reality Ltd. Anzu has developed a way for advertisers to insert personalized ads into video games—advertisements that are part of the game’s visual landscape and that are tailored to each player’s demographics or interests.

New Albany-based RxLightning closed on a $17.5M Series A round of funding led by Boston-based LRVHealth. RxLightning’s software platform helps health care providers more quickly get their patients started on specialty medications, typically cutting the wait time from days or weeks down to minutes or hours. The company launched in 2020.

 July

Indianapolis-based food-tech firm True Essence Foods Inc. closed on a $27.6 million round of Series B funding led by Indianapolis-based AFM Capital Partners. True Essence, which launched in 2013, has developed two different technologies for use with a range of foods and beverages. One of the technologies allows foods to be dehydrated without the use of heat, and the other can remove undesirable flavor molecules from food or beverages.

August

Sortera Technologies Inc., which is based in the northeast Indiana town of Markle, closed on a $30.5M Series C funding round led by Boston-based RA Capital Management-Planetary Health. Sortera has developed a technology platform that makes it easier to sort and recycle mixed aluminum alloys.

November

Carmel-based Allegion Ventures, the venture investment arm of security-products company Allegion Plc, announced it had made a $20 million investment into a California-based tech firm called Ambient.ai. Ambient.ai, which launched in 2017 and is based in San Jose, has developed technology that helps large-scale security camera systems identify and prevent threats.

December

Indianapolis-based High Alpha Innovation announced it had closed the first $17.5 million of investment into a new $35 million fund that will target startups with ties to the University of Notre Dame and the surrounding South bend-Elkhart area. The fund, called the 1842 Fund, is part of a larger partnership that High Alpha Innovation formed last year with Notre Dame’s IDEA Center. IDEA, which stands for “innovation, de-risking and enterprise acceleration,” launched in 2017.

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One thought on “2023: A look back at Indiana’s biggest tech-sector investments

  1. Indys tech sector is definitely growing and helping to diversify Indys economy and that’s always a good thing. Future looks bright for the city and it just goes to show that there’s smart people and good investments right here in Indiana as well. You dont have to run to California, Texas, Nashville Tennessee or North Carolina.

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