Despite an industry-wide dip in venture funding, Chicago tech companies raised new funds in August. Together, the five largest rounds last month totaled a collective $84.65 million. While the rounds might be smaller in size compared to what the industry saw last year, the funds are still going to companies with innovative ideas and products. Read on to find out which tech startups raised funds and how they plan to spend their new capital.
#5. $3.4 million, August 19
Founded in 2013, Atom Switch is a video game studio that has been working on a title called InfestStation, which will soon be released for PC and console. Hiro Capital and 1Up Ventures funded Atom Switch’s latest $3.4 million round. The company will use the money for the final stage of production for its video game.
#4. $7.25 million, August 23
EeroQ moved to Chicago earlier this year and closed a seed round shortly afterward. The company specializes in creating hardware for quantum computers in order to make the tech more accessible. In August, it closed a $7.25 million seed round led by B Capital’s Ascent Fund. According to the startup, the funding will be used to speed up the production of tiny computer chips needed to power its supercomputers.
#3. $17 million, August 18
Sabanto wants to make autonomous farming equipment easier to obtain and after securing $17 million last month, it will do just that. The company, based in Chicago, develops tech to convert regular small tractors into self-driving ones that can run unmanned for multiple days. The Series A round was led by Fulcrum Global Captial and will be used to scale Sabanto’s autonomous solutions.
#2. $24 million, August 17
KeyCare is a telehealth platform that offers 24/7 access to virtual urgent care treatments in all 50 states. In August, the company raised a $24 million Series A round. With the new capital, KeyCare will look to increase its headcount.
#1. $33 million, August 4
Health sensor startup Sibel Health is a Chicago-based company that develops sensors to measure body temperature, heart rate, respiratory rate and other vitals. The sensors have been cleared by the FDA and work in tandem with the company’s ANNE One platform. The Series B, which netted the company $33 million, was led by Steele Foundation for Hope, a charitable organization that funds projects aimed at improving quality of life. The funds will be used to scale Sibel’s platform.
