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Funding

Four Iowa startups receive IEDA funding
The Iowa Economic Development Authority (IEDA) has approved innovation funding in support of four Iowa startups. In total, $250,000 was awarded. Here are the startups that received funding. Janas Materials Ames-based Janas Materials, Inc. develops sustainable technology for the coating industry that improves the appearance and application of wood stains. The additive is for water-based stains to achieve the…
Digital Diagnostics raises $75 million Series B
Digital Diagnostics, an artificial intelligence diagnostic healthcare technology company, announced this week that it has successfully closed a $75 million Series B funding round. Global investment firm KKR led the round, with participation from new and existing investors, including Cedar Pine, Kinderhook, 8VC, Optum Ventures, OSF Ventures, Gundersen Health System, Edward - Elmhurst Health Venture Capital, and the University of Iowa. The $75 million…
Sabanto raises $17 million in Series A funding
Sabanto, a Midwest-based farm autonomy company, has raised $17M in Series A funding. The round was led by Fulcrum Global Capital, with participation from DCVC Bio, Hico Capital, Yara Growth Ventures, Cavallo Ventures, Johnsonville Ventures, and Trimble Ventures.  Sabanto automates small farming equipment such as tractors with between 60 and 90 horsepower. The company also…
Ames startup Genvax Technologies raises $6.5M seed round
Genvax Technologies, a startup animal vaccine company located in Ames, has secured $6.5 million in series seed funding. United Animal Health led the financing round with participation from Johnsonville Ventures, Iowa Corn Growers Association, Summit Agricultural Group and Ag Startup Engine. Founded in Feb. 2021, Genvax is developing a non-living vaccine composed of self-amplifying…
IEDA awards funding to four Iowa startups
The Iowa Economic Development Authority (IEDA) has approved innovation funding in support of four Iowa startups. Here are the startups that received funding. True360 Founded in 2016, True360 of Ames captures immersive experiences through their 'WOW! Moment Finder' that can automatically compile highlight reels and their 360-degree camera enclosures that immerse users directly into different worlds. The company…
IEDA Board approves assistance for six Iowa companies
The Iowa Economic Development Authority (IEDA) Board has approved awards for six Iowa companies, which will assist in the creation of 640 jobs and result in nearly $265 million in new capital investment for the state. The projects are located in Burlington, Cedar Rapids, Davenport, Hampton, Osage and Red Oak. The board also approved…
Iowa City based TextRetailer raises $150K to simplify consumer shopping experience
TextRetailer, an Iowa City based technology firm that created a conversational commerce platform to sell products through text messages recently announced that it has raised $150,000 from the Minneapolis based TinySeed accelerator program. The funding and TinySeed’s collaborative mentor network will aid TextRetailer in its mission to provide a unique and simplified shopping experience for…
Digital Diagnostics files paperwork showing $46 million raise
Coralville-based AI diagnostics company Digital Diagnostics (previously IDx) filed paperwork late last month indicating it has raised just over $46 million in funding. In April 2018,  Digital Diagnostics (became the first company to ever receive FDA clearance for an AI diagnostic platform that makes a diagnosis without physician input at the point-of-care. The company’s first diagnostic system, IDx-DR,…
Mazen Animal Health raises $11 million Series A
Mazen Animal Health announced this week the closing of its Series A round of over $11 million. The round was led by Fall Line Capital and joined by all previous seed investors including Next Level Ventures, ISA Ventures, Kent Corporation, Ag Startup Engine, Ag Ventures Alliance Summit Ag. New investors, AgFunder, 1330 Investments, Addison Laboratories,…
Bristola raises $400,000 seed round
Bristola, an Iowa-based clean energy technology and maintenance company, announced last week the successful close of a $400,000 seed investment round. Headquartered in Des Moines, Bristola is a renewable energy technology services company that has a patent pending technology that revolutionizes servicing, cleaning and maintenance in the renewable energy digester industry. Bristola’s patent pending…
Funding Archives | Page 2 of 14 | Clay & Milk
A central Iowa ag-tech accelerator has secured more backers and finally has a name. The Greater Des Moines Partnership first announced the accelerator last year, naming four initial investors. On Monday, the Partnership said the program will be called the "Iowa AgriTech Accelerator" and named three new investors. The new investors include Grinnell Mutual, Kent Corp. and Sukup Manufacturing, all Iowa companies. They join investors Deere & Co., Peoples Co., Farmers Mutual Hail Insurance Co. and DuPont Pioneer. Each investor has agreed to put up $100,000 for the first year of the accelerator. Startups entering the program will receive $40,000 in seed funding in exchange for 6 percent equity. Tej Dhawan, an angel investor and local startup mentor, is serving as interim director until the AgriTech Accelerator names a permanent leader. Dhawan held a similar role with the GIA before Brian Hemesath was named as managing director. As interim director, Dhawan said his main job includes hiring the accelerator's executive director, establishing a business structure and initial recruiting for the first cohort. The accelerator will place few filters, such as location and product, on the applicant pool, Dhawan said. "When you’re seeking innovation, innovation can come from every corner of the world so why restrict ourselves," he said. One area the the AgriTech Accelerator won't recruit from is biotech. For its first cohort, the AgriTech Accelerator will work out of the GIA's space in Des Moines' East Village, Dhawan said. A future, permanent home is still to be decided. The accelerator's program will host startups from mid-July through mid-October, ending with an event connected to the annual World Food Prize. The GIA, which the AgriTech Accelerator is based on, also ends with presentations at an industry event. The accelerator has also started lining up a mentor pool. The Iowa Corn Growers Association, Iowa Soybean Association and the Iowa Pork Producers Association have agreed to provide mentors, as has Iowa State University. While the AgriTech Accelerator is loosely based off of the GIA, it will differ in its business structure, Dhawan said. The GIA runs through a for-profit model for both operations and its investment fund. The AgriTech Accelerator will have a nonprofit model for its operations and a for-profit setup for its fund. Dhawan said the nonprofit model is being used so the accelerator can better work with other nonprofit partners, such as trade associations. "These are all organizations that are nonprofits and can be amazing stakeholders without ever having to be investors in the accelerator," he said. "It becomes easier to work with trade associations in their nonprofit role when we are also a nonprofit." When it's up and running, the AgriTech Accelerator would be one of a handful of ag-focused startup development programs in Iowa. Others include the Ag Startup Engine out of Iowa State University and the Rural Ventures Alliance from Iowa MicroLoan. Matthew Patane is the managing editor and co-founder of Clay & Milk. Send him an email at mpatane@clayandmilk.com.
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