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Heartland Express acquires CFI’s assets for $525 million
Heartland Express announced Monday the acquisition of Contract Freighters Inc.’s (CFI) truckload unit and its logistics unit in Mexico from TFI International for $525 million. The deal does not include CFI’s dedicated trucking business or its U.S. brokerage operations. The $525 million purchase is the largest in Heartland Express history, according to a news release from Heartland.…
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…
Winners of the 2022 Pappajohn Iowa Entrepreneurial Venture Competition
The sixteenth annual John Pappajohn Iowa Entrepreneurial Venture Competition awarded $100,000 in cash prizes to nine Iowa startups on Friday, August 12. The competition is a collaborative project of the Iowa John Pappajohn Entrepreneurial Centers located at Drake University, Iowa State University, North Iowa Area Community College, the University of Iowa and the University…
27 Iowa companies named to 2022 Inc. 5000 list
27 Iowa companies have been named to Inc. Magazine’s 2022 list of the 5,000 fastest-growing private companies. Companies on the 2022 Inc. 5000 are ranked according to percentage revenue growth from 2018 to 2021. To qualify, companies must have been founded and generating revenue by March 31, 2018. Iowa companies that made the list reported…
Iowa Energy Center awards $1 million in energy grants
The Iowa Energy Center (IEC) announced $1,051,872 in grants to four projects at last week's board meeting. “Iowa is fortunate to have diverse energy resources, innovative companies and academic institutions, and a collaborative spirit,” said Debi Durham, director of the IEDA and the Iowa Finance Authority. “Today, the Iowa Energy Center supported projects…
Entrepreneurial events happening at the University of Iowa this fall
The Iowa Pappajohn Center for Entrepreneurship is hosting several events this fall for student entrepreneurs. Here are some of the entrepreneurial events happening at the University of Iowa this fall. Startup Incubator Open House The Startup Incubator Open House is an open house for students interested in entrepreneurship or starting their own business. Iowa JPEC…
Entrepreneurial events happening at Iowa State University this fall
The ISU Pappajohn Center for Entrepreneurship is hosting several events this fall for student entrepreneurs. Here are some of the entrepreneurial events happening at Iowa State University this fall. ISU Innovation Prize The ISU Innovation Prize is an incentive competition at Iowa State University on the weekend of September 30 – October 1, 2022.  The Iowa State Pappajohn…
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…
Iowa releases new broadband map
The Department of Management Office of the Chief Information Officer (OCIO) has released a new broadband internet map for the state of Iowa. The newly released map gives an updated look at the current condition of broadband internet access in the state. The publication of the map commences a 30-day challenge process where the public, broadband providers, and communities throughout…
MidAmerican installs sixth and largest solar project in Iowa
MidAmerican Energy has completed its 100-megawatt Holliday Creek solar array, the company’s largest of six inaugural solar projects that it began placing online starting in January. The Webster County project’s 265,000 solar panels can generate enough electricity to power the equivalent of 19,000 average Iowa homes. The six solar energy sites range from 3 MW…
News Archives | Page 2 of 94 | 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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