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Cision acquires Viralheat, expands social media tools
Cision, a leading global media intelligence company based in Chicago, announced March 23 the acquisition of Viralheat, a top social media engagement platform. Viralheat’s technology, which is consistently rated as a top performer on software review sites, will power Cision’s social services. This media intelligence software, which includes rich analytics, will help digital marketers and communicators improve their marketing while strengthening data-driven decision making.
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Chicago not in top 5 for early- and late-stage valuations
PitchBook, a research firm in Seattle that specializes in private equity and venture capital, recently published a report that ranks Chicago No. 6 in the U.S. for early- and late-stage valuations. According to the report, early-stage Chicago startups had a median valuation of $12.5 million in 2014, more than double the 2010 amount. However, the 2014 medians for early-stage startups nationwide were $18.2 million. Median valuations for late-stage startups worldwide amounted to $95.1 million last year. For Chicago late-stage startups, the median valuation was $74.1 million. [PitchBook report: Chicago startup valuations grow but lag major hubs: Chicago Tribune Blue Sky Innovation]
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ITA Launches Internet of Things Council
The Illinois Technology Association (ITA) announced March 25 the formation of the ITA Internet of Things Council. The council is a cross-disciplinary effort bringing together leaders from the technology industry and academia, as well as consumers and civic leaders, to collaborate towards driving the growth and use of Internet of Things technologies in Chicago and the Midwest.
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Smart Chicago partners with CTCL
Smart Chicago, a civic group determined to upgrade life in Chicago through technology, announced a partnership this week with the Center for Technology & Civic Life (CTCL), a non-partisan non-profit that betters communication between local governments and communities through technology. As a result, three CTCL executives moved from Washington, D.C. to Chicago and are working out of 1871. The team will focus on educating local government, building free or low-cost tools for local government, and developing infrastructure to accelerate the exchange of information between government and communities. [The Center for Technology & Civic Life Sets Up Shop In Chicago: ChicagoInno]
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SEC allows startups to sell up to $50M of stock online
The SEC voted on new crowdfunding rules, enabling startups to sell a maximum of $50 million of stock online to any interested parties. The unanimous vote breaks the mold of the only eligible crowdfunding partners being accredited investors with at least $200,000 in annual income or a worth more than $1 million. [The SEC is Changing the Rules for Startup Investing: ChicagoInno]
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Edgeflip gets $50K from New Ventures Media
Edgeflip, a Chicago-based marketing platform co-founded by Rayid Ghani and Matthew Rattigan — former chief scientist and lead digital analyst for the Obama 2012 campaign — are one of the first six startups to receive funding from New Ventures Media (NVM), a national network of angel investors. Each startup receives $50,000 from the Innovation Fund, a NVM fund launched in fall 2014 that focuses on growing startups that effect progressive change. [Former Obama Data Scientists Get $50K for their Mission-Driven Marketing Startup: ChicagoInno]
