[UPDATED] The Top 25 VC Backed Tech Ventures In Minnesota

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Updated as of 5/21/2019: An examination of Minnesota based technology companies based on the gross amount of investment capital received since inception.  Excluding Private Equity (majority buyout) deals & debt financing, here are Minnesota’s 25 most funded tech firms based on public disclosure and years of archived reporting:

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[Slideshow] See The Minnesota Tech Appearing At CES 2016

CES — the largest electronics and technology trade show in the world is happening January 6-9 in Las Vegas, Nevada.   2 million+ square feet of space will house over 4,000 exhibitors this year, featuring products—and the companies that create them — for the consumer technology market.

22 different Minnesota-based firms are represented, from Afinia to Zivix.  In alphabetical order they are:

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Minneapolis’ Exosite Forms ‘IoT Alliance’

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Via News Release

“MINNEAPOLIS — Exosite, whose enterprise-grade cloud platform accelerates the time-to-market for IoT solutions, announced the Exosite IoT Alliance, a collaboration of edge devices, communication, business systems and software, and solution providers. The Exosite IoT Alliance is an ecosystem of like-minded companies and technology providers focused on advancing innovation in the digital enterprise and accelerating the overall adoption of IoT.

Founding members of the Exosite IoT Alliance include some of the world’s leading technology companies: Artila, Atmel, Bitwise IO, Digi, exceet Secure Solutions, GainSpan, Microchip Technology, MultiTech, NimbeLink, Powelectrics, Robustel, SMT Engineering, Synapse Wireless, Texas Instruments, The Nerdery, WPI Group, and WT Microelectronics.”

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Updated: Minneapolis IoT Startup Exosite Receives Corporate Investment

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Updated 2/11/15 – Multiple sources are confirming $38.5 was the amount invested.

Via News Release

MINNEAPOLIS, July 22, 2015 /PRNewswire/ — Invenshure, LLC, a technology incubator and venture catalyst, today announce that Parker Hannifin Corporation (NYSE:  PH) completed a significant minority equity investment in Exosite LLC, one of Invenshure’s portfolio companies.”

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Meet A Minnesota CTO: Mark Benson

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Mark BensonThank you to Andcor Companies for underwriting the Meet a Minnesota CTO series.

Mark Benson is the CTO of Exosite in Northeast Minneapolis, a cloud-based data platform enabling the Internet of Things and M2M solutions.

How long have you been working in technology for and what is your technical background?

I’ve been working with technology for 15 years. Growing up, I wanted to be an artist or psychologist and the last thing I wanted to do was work with technology. However, in college I stumbled on computer science and loved the way in which it combined math, art, and psychology in a way that could make real impact in the world.

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[Updated] Q3 2014 Capital Review: 21 Minnesota tech ventures saw $45m+

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5693558-green-tree-growing-currency-with-dollar-sign-on-white-backgroundAt least 20 21 different Minnesota tech ventures received $38m $45m in financial capital during the third quarter of 2014, according to information collected and analyzed from July 1 through September 30, 2014.

The data includes on the record activity compiled from multiple sources; this proxy of current local funding activity and trends is a worse case scenario as there are always undisclosed transactions not factored.

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Minneapolis M2M SaaS startup Exosite raising 2.5m

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exositeMinneapolis M2M SaaS startup Exosite is raising a $2.5m round of financing with $375k secured, according to a SEC disclosure.

Exosite provides software for connected device systems via platform and white label, simplifying the process of collecting and analyzing data. The technology can be applied to industrial process, embedded systems, agriculture, automotive, manufacturing and mobile devices in both enterprise and consumer environments.

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New DEED data shows millions more flowing to MN tech startups

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mn_deed_logoNew data released on Minnesota’s Angel Investor Tax Credit (AITC) by DEED administrators shows a significant increase in the Q1 fundraising activity for Minnesota’s tech ventures.

We Originally counted 16 unique startups that had cumulatively raised ~$40m during the period. 

When factoring this new information, those figures increased to 40 firms (+24 AITC) and ~$50m (+$9.2m AITC) for Q1 2014, +66% / +79%  from the same time period YoY:

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Updated: Minnesota tech startups raised ~$50m in Q1 2014

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pile-of-moneyAt least 16 40 Minnesota tech ventures raised $40m+ $50m investment capital in the first quarter of 2014, according to information collected and analyzed from January 1 through March 31, 2014.

The data includes on the record activity compiled from multiple sources. This proxy of current local funding activity and trends is a worse case scenario as there are always undisclosed transactions not factored.    It goes well beyond what you would read in the legacy media [2] — which tends to ignore a lot of startup funding (why?).

Relative to the same period last year, 24 different companies received $28m.  The largest deal of Q1 is Sport Ngin @$15m; median Q1 deal is ~$650k and the smallest deal was Leav’s $22k crowdfunding.

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