Indiana sees major quarterly growth in tech VC investment
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Indiana’s tech sector saw continued strength in venture capital activity in the second quarter with a combined $216 million in investment through 48 deals, according to a new report from TechPoint.
The investment total is a 360% increase over the second quarter of 2023.
The growth initiative for Indiana’s tech sector said the increase in VC deals in Indiana suggests a “growing interest and diversification in the state’s startup ecosystem despite broader financial headwinds.”
Indiana’s results in the second quarter, TechPoint said, come as the number of VC deals and exits are on the decline nationally.
“The increase in deal numbers within Indiana, however, suggests a potential shift towards exploring more smaller investments and a broader array of sectors than previous years,” TechPoint said. “Indiana’s ability to maintain a vibrant number of deals amidst the nationwide decrease underscores its growing reputation as a nurturing ground for new businesses and innovations.”
The majority of the tech investments came in the life sciences (11 deals/$124.2M) and artificial intelligence and machine learning (9 deals/$56.85M) markets. However, investments were made across a variety of areas, including agbioscience, tech services, and software-as-a-service.
The majority of the deals involved investments in startups at the pre-seed stage, totaling $3 million.
Among the largest deals was a $58.3 million investment in Bunker Hill-based AZIsotopes, which came from undisclosed investors. Sortera Technologies in the northeast Indiana town of Markle also secured $44.4 million to expand its current operation and begin development on a second facility.
You can connect to the full TechPoint report by clicking here.