Updated 10/26: 26 MN Tech Ventures Collected $73m In Q3 2015

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The TECHdotMN Quarterly Capital Review is a comprehensive look at all things money in Minnesota tech every quarter.

For five years running, we’ve been following the paper trail to bring clarity around Minnesota’s investment climate.  The review serves as proxy for private funding activity, including: crowdfunding, incubators, angel investments, venture capital, corporate strategic and equity.

At least 23 different Minnesota tech ventures received $75m$67m of investment capital during the third quarter of 2015 according to information collected and analyzed from July 1 through September 30, 2015.

Let’s take a closer look at what happened in Q3 2015:

+Q3 saw a drop in unique companies represented when compared to the previous quarter (40 to 26), but was on par in terms of aggregate dollars invested ($72m vs.$73m) [source: Q2 2015 Capital Review].

+Looking at the same period last year (YoY), both the number of companies and their total fundraisings were higher.

+The three largest funding rounds during the third quarter were: FieldNation ($30m), Ativa ($15m), and TrackIF + When I Work + Conservis tied at $5m.

+More out of state investors want in on the action — notably Dakota Venture Group (ND), Brand Foundry Ventures (NY)Drive Capital (OH).   All three have broken the ice here.

+Accelerator watch: WellTwigs just came out of Healthbox while Prescribe Nutrition is going through gener8tor.

+Minnesota’s two tech crowdfuding wins for the quarter were Hidrate ($627k) & Exogal ($54k)

+Sofia Fund 2 capped out at $5.5m for female-led startups.

+Minnesota’s angel tax credit was absent this quarter, although a few million more rolled over at the end of September into October.

+Local angels Steve London & Amber Christian opened up about their early stage investing experiences.

+A 3rd party report says Minnesota ranks 4th in the sahre health care VC dollars nationwide.

+Saunders Dailey unvieled an online fundraising platform exclusively for accredited real estate investors.

+The big unknown was just how much Parker Hannifin put into Exosite – therefore not factored in the gross dollar figure for this report.

…and here’s the hard data. Consider this a worse case scenario as there are always undisclosed transactions not fully factored. Publicly traded companies are not included.

9/28 – Ambient Clinical Analytics – $212k

9/21 – Medication Management Systems – $300k

9/11 – Conservis$5m

9/10 – Slice Engine – $200k

9/10 – Field Nation – $30m

9/10 – Zivix$751k

9/9 – AstroHQ – $80k

9/8 – Imbio – $1m

9/4 – Ativa – $15m

9/4 – Real Time Translation$100k

9/1 – SenseAI – $420k

8/31 – Kidizen – $300k

8/25 – Exogal – 54k

8/20 – Learn To Live – $120k

8/18 -TrackIF – $5m

8/10 – Prescribe Nutrition – $90k

8/5 – WellBeats – $2.8m

8/20 – OneOme – $2m

7/31 – WellTwigs – $50k

7/22 – Exosite – $UNK

7/22 – TRACK (TravelNet Solutions) – $750k

7/20 – Argos Risk – $200k

7/15 – KeyedIn Solutions – $2.7m

7/14 – Hidrate – $627k

7/13 – When I Work – $5m

7/9 – TightKnit – $120k

RELATED

40 MN Tech Ventures Banked ~$72m in Q2 2015

Q1 2015 Quarterly Capital: 28 MN Tech Ventures Saw $49M Combined

2014 Minnesota Tech Funding Review: 119 Ventures Raised $173m

Comments

  • Frank Jaskulke

    Hey Jeff,

    Two quick things – Ativa’s raise was really $15 million. The other $7 million was not cash. http://www.businesswire.com/news/home/20150916006753/en/Ativa-Medical-Secures-15-Million-Series-Funding

    Second, you have four companies that are doing FDA regulated devices! Ativa, welltwigs, Imbio and ambiant.

    Which you know I’m ok with. But if you want to include device, there a bunch more in Q3 not on your list:)

    • http://tech.mn Jeff Pesek

      thanks frank, i’ve updated ativa; what other data do you suggest adding?

      • Frank Jaskulke

        I use this site to find information: http://formds.com/

        It scrapes the SEC’s EDGAR database and you can sort by geography. Each morning when I come to the office I check tech.mn, the FormD filings and LinkedIn :)

        You have to sort through unrelated filings, but it really is not that bad if done once a week

        • http://tech.mn Jeff Pesek

          i am familiar with the method; what ‘high tech’ deals (it/saas/web/mobile/hardware/etc.) do you suggest adding?

          • http://twitter.com/casey__allen Casey Allen

            Jeff, out of curiosity, do you have a definition you use for yourself of “med device” vs “healthtech hardware”.

            Admittedly, it gets more blurred every day.

          • http://tech.mn Jeff Pesek

            tend to take it case by case – looking at factors like: internal vs external application, FDA clearance, degree of software involved, etc.

          • Frank Jaskulke

            Casey and Jeff – more blurred by the minute! While a medical device can be defined there are medical devices that are also health IT tools. The imaging industry would be a great example – regulated medical devices that collect, store, transform, transmit and interpret data generated from medical images!

          • Frank Jaskulke

            Jeff – I did just a quick glance (looked at September) and saw these ones had formD filings and not on your list:

            Conservis for $12 million http://formds.com/issuers/conservis-corp

            Zivix for $750 thousand http://formds.com/issuers/zivix-llc

            Real Time Translation for $100 thousand: http://formds.com/issuers/real-time-translation-inc

          • http://tech.mn Jeff Pesek

            goodstuff, Frank – updated! the aggregate climbed up again to $73m after the Ativa loss ;)

            Conservis was $5m of $12m in Q3.

          • Frank Jaskulke

            Cool! Bigger numbers = better feelings.

  • http://pmeenan.com Patrick Meenan

    love the additional commentary jeff – provides a better feel for additional momentum outside of the raw dollars

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