Report: Hoosier firms raised $17.5M in VC for first quarter

April 17, 2015

Venture capitalists invested nearly $18 million in Indiana companies in the first quarter this year, in line with comparable quarters in recent years.

Investors pumped $17.5 million into four Hoosier firms over the first three months of 2015, according to The MoneyTree Report by PricewaterhouseCoopers and the National Venture Capital Association based on data from Thomson Reuters.

The report said Blue Pillar Inc. raised $14 million; WellFount Corp. raised $1.5 million; SonarMed Inc. raised $1.3 million; and Tinderbox Inc. raised $750,000.

BluePillar, which drew the lion's share of tracked investments, is reportedly no longer based here. The energy-management software company moved its headquarters from Indianapolis to Frederick, Maryland, last month, according to the Maryland Department of Business and Economic Development.

CEO Tom Willie told IBJ the company doesn't consider anywhere its headquarters and will continue to grow its workforce in Indianapolis.

The $17.5 million invested is comparable to other first quarters in the past few years, MoneyTree data showed, including $18.3 million on seven deals through the first three months of 2014.

For all of 2014, Indiana saw $49.8 million on 21 deals.

MoneyTree data dates back to 1995, but its figures may not be comprehensive. Beer-management software company SteadyServ Technologies LLC, for instance, raised more than $5 million this year, according to Securities and Exchange Commission filings. But the Carmel-based firm wasn't mentioned on its list.


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