2018 Year in Review: Tech firms raise big money

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Indianapolis tech companies got off to a fast start in 2018, raising $34.5 million in venture and growth capital in the first quarter of the year, according to PricewaterhouseCoopers.

The second quarter slowed, with only $27.2 million raised on 12 deals. But the third quarter saw $53.5 million raised in 16 deals.

The $115.2 million raised in Indiana through three quarters put the state within shooting distance of last year’s total of just more than $134 million and far ahead of the $81.7 raised in 2016.

Then in October, a massive fund-raise by Scale Computing assured 2018 will top 2017. It will be part of fourth-quarter numbers that won’t be available until early 2019.

Among the state’s biggest deals this year:

Health analytics software firm Springbuk raised $20 million in January.

Zylo, a company that helps enterprises manage their software subscriptions, raised $9.3 million in January.

High Alpha in July announced it secured $85 million for its High Alpha Capital II, a seed and Series A venture fund, and $16.7 million for its High Alpha Studio II, an enterprise-startup studio focusing on software-as-a-service companies. Only the $16.7 million qualifies as venture capital raised as defined by PricewaterhouseCoopers.

In late October, Scale Computing Inc. landed $34.8 million, one of the biggest rounds of funding in Indiana in recent years and is planning to more than double its workforce—to more than 200 employees—over the next two years.•

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