Venture funding is piling up on the Chicago tech scene. Read more to find out what these companies are doing with the new capital. This is the Built In Chicago weekly refresh.
Thoughtworks secured $720M. The software consultancy pulled in the funding from investors GIC, Siemens AG, Fidelity Management and Research LLC and Mubadala Investment Company. The company helps its clients design, build and execute products to digitally transform their image. It plans to use the money to expand its worldwide footprint and buy back equity investments. [Built In Chicago]
Enfusion pulled in $150M. Its platform is meant to help simplify the workflow of asset and investment managers. It helps them achieve a clearer overview of their clients’ portfolios and provides them with insightful data to analyze financial activity. The funding came from ICONIQ Growth and will allow Enfusion to grow and acquire clients in new markets. [Built In Chicago]
Chicago Tech Quote of the Week
Dina secured $7M. The startup just closed on a Series A round led by Osage Venture Partners. Its AI platform provides hospitals with a network of providers, telehealth tools, remote monitoring capabilities and patient insights to ensure seniors receive optimal at-home care. Dina plans to use the funding to develop new products and expand its team. It’s currently hiring across its sales, marketing and product departments. [Built In Chicago]
ThreeFlow raised $8M. Formerly known as Watchtower, this company engineers software to help employers make better employee benefits decisions and just closed on its Series A round led by Emergence Capital. The round will fund company growth as it plans to double its 62-person headcount. It’s also planning to expand into more states across the country. [Crunchbase News]
VC firms invested generously in Chicago tech last year. Undeterred by a global pandemic, Chicago tech companies banked $2.8 billion in venture funding in 2020, topping the previous decade high of $2.2 billion the year before. The funding was distributed across 273 companies, a 10 percent decrease from 2019, but PitchBook projects non-traditional tech hubs like Chicago will see an increase in VC activity as talent relocates from more expensive locations. [Chicago Inno]
