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Indiana tech firms saw more venture investment activity last year than in 2023—but still far below the activity level the state saw during its 2021 peak, according to a newly released report from the Central Indiana Corporate Partnership.
The CICP’s 2024 Indiana Venture Report, released March 14, says tech firms landed a combined $549 million in venture investment in 139 separate deals last year. In 2023, the state’s tech firms secured $278 million in 115 separate deals.
By comparison, in 2021 Indiana’s tech firms pulled in an all-time record of $1.4 billion in 159 deals.
Chelsea Linder, TechPoint’s vice president of innovation and entrepreneurship, said she was not surprised by the report’s findings, which show that tech-industry funding has still not rebounded from the slowdown that began in 2022.
“The numbers that came out were very much what we expected,” Linder said. “We know it’s hard right now on every front.”
The largest venture investment into an Indiana tech company last year went to Indianapolis-based Remodel Health, an insurance tech company that landed $100 million from Connecticut-based OAK HC/FT and California firm Hercules Capital Inc.
A total of 17 Indiana tech companies had exits through a merger or acquisition. This represents a slight decline from 2023, when the state’s tech sector saw 19 exits.
The CICP report also detailed Indiana venture activity in three other sectors that align with CICP’s other industry initiatives: life sciences, agbiosciences, and advanced manufacturing and hard tech.
The report, published Friday, can be found at this link.
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