2025 Innovation Issue: VC by the numbers

Venture capital is the lifeblood of most startups and later-stage companies in growth mode. But much of the nation’s VC funding is concentrated in just a few places, which experts say makes it harder to raise money in the Midwest. Across the country, venture funds have raised less money since pandemic highs, which means the number of deals has been down, too.

10 largest Indiana venture capital raises closed in 2024

1. $147M
Sudo Biosciences
10401 N. Meridian St., Carmel
Investors: Enavate Sciences, TPG, Dementia Discovery Fund, Leaps by Bayer, UPMC Enterprises, Sanofi Ventures, Frazier Life Sciences, Surveyor Capital, Monograph Capital, Eventide Asset Management, Velosity Capital
Products/services: drugs for autoimmune, neurologic and inflammatory disorders
Top executive: Scott Byrd, CEO

2. $100M
Remodel Health
601 S. Meridian St., Suite 500
Investors: Oak HC/FT, Hercules Capital
Products/services: individual and group health insurance consultation software, ICHRA specialty
Top executive: Austin Lehman, CEO

3. $63.5M
MBX Biosciences
11711 N. Meridian St., Suite 310, Carmel
Investors: Deep Track Capital, Driehaus Capital Management, T. Rowe Price Associates, Frazier Life Sciences, OrbiMed, Wellington Management
Products/services: treatments for rare endocrine diseases
Top executive: Kent Hawryluk, CEO

4. $58.3M
AZ Isotopes
7796 S. Innovation Way, Bunker Hill
Investors: did not disclose
Products/services: medical isotopes to treat cancer
Top executive: Greg Brooksby, president and CEO

5. $44.4M
Sortera Technologies Inc.
5224 Asher Drive, Markle
Investors: RA Capital Management, Mitsubishi Mineral Resources Group, Macquarie GIG Energy Transition Solutions, Breakthrough Energy Ventures
Products/services: technology platform for complex sorting and recycling of mixed aluminum alloys
Top executive: Michael Siemer, CEO

6. $43M
120Water
250 S. Elm St., Zionsville
Investors: Edison Partners, Allos Ventures
Products/services: digital water-quality analysis and compliance platform for cities, schools, municipalities and other organizations
Top executive: Megan Glover, CEO

7. $10M
Ixana
3000 Kent Ave., Suite 1544, West Lafayette
Investors: Purdue Strategic Ventures, Ultratech Capital Partners
Products/services: deep tech, wearables, semiconductors, silicon chips
Top executive: Angik Sarkar, CEO

7. $10M
Traction AG
P.O. Box 600, Auburn
Investors: Allos Ventures, Cooperative Ventures, Plymouth Growth
Products/services: farm management software
Top executive: Dustin Sapp, CEO

9. $9M
Paxafe Inc.
55 Monument Circle, Suite 900A
Investors: Framework Venture Partners, M12, Rosecliff Ventures, Elevate Ventures, AngelList Quant Fund, Gaingels, Mana Ventures
Products/services: AI platform for cold-chain logistics
Top executive: Ilya Preston, CEO

10. $8M
Tenon Software Inc.
830 Massachusetts Ave.
Investors: High Alpha, StepStone Group, ServiceNow Ventures
Products/services: marketing software
Top executive: Ben Person, CEO

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