These 11 Chicago Tech Companies Raised the Most Funding in 2022
From seed-stage to late-stage companies ready to go public, Chicago is home to a large range of tech businesses and many of them successfully secured millions of dollars last year. The 11 largest funding rounds in Chicago were spread amongst tech companies in healthtech, logistics, blockchain and more. Keep reading to find out which companies raised the most capital in 2022 and what they have planned for the year ahead.
Largest Chicago Tech Funding Rounds in 2022
- Emalex Biosciences
- Zero Hash
- BigTime Software
#9 (tied). Tempus: $100 million, October 20
Tempus is a healthtech company that uses artificial intelligence to understand diseases better. In October, the company raised $100 million. Tempus announced that the new funding would focus on drug discovery and disease diagnostics.
#9 (tied). BigTime Software: $100 million, January 20
BigTime Software also raised $100 million in funding last year in a strategic growth investment from Vista Equity Partners’ Endeavor Fund. BigTime Software develops cloud-based software to help professional services firms manage, track and invoice their time. The company also offers real-time insights.
#9 (tied). Foxtrot: $100 million, January 11
Foxtrot is a digital-first market that sells local goods. With $100 million in new funding from D1 Capital Partners, the Chicago-based company planned to launch 25 new locations across the country in 2022. Foxtrot previously had 16 locations in Dallas, Chicago and Washington, D.C.
#8. Zero Hash: $105 million, January 12
Zero Hash is a business-to-business platform that allows clients to integrate digital currencies and assets onto their own platforms. The $105 million round came just four months after Zero Hash raised $35 million in a Series C round.
#7. Nerdio: $117 million, December 14
Nerdio is a virtualization management platform for businesses that use Microsoft Azure, Microsoft 365 and other Microsoft technology. The Chicago-based company raised $117 million in a Series B round led by Updata Partners. Nerdio said it plans to use the fresh funding to double its headcount in 2023.
#6. Puttshack: $150 million, October 11
Puttshack is a high-tech mini golf company founded in Chicago that has since expanded to several states. Last year, the company raised $150 million in a growth capital round. The fresh capital funded new locations in Boston and Miami, with more locations opening in 2023.
#4 (tied). Loadsmart: $200 million, February 2
Loadsmart is a logistics company that uses machine learning and automation to generate shipping quotes. In February, the company raised $200 million and became a tech unicorn with a $1.3 billion valuation. SoftBank Latin America Fund led the round.
#4 (tied). Atlas: $200 million, September 15
Atlas secured $200 million in a Series B round led by Sixth Street Growth. According to the company, Atlas planned to fuel its global expansion with the new funding. The Chicago-based HR company enables businesses to hire and pay overseas employees and is supported in over 160 countries.
#3. Emalex Biosciences: $250 million, November 3
Emalex Biosciences, a biotech company developing drug treatment for Tourette Syndrome, secured a $250 million Series D round in November. Emalex planned to use the new funding to conduct clinical trials on new medicines for patients with Tourrettes Syndrome.
#1 (tied). Project44: $500 million, January 11 and November 3
Chicago-based logistics company project44 raised $500 million in funding across two rounds — a $420 million round in January and an $80 million round in November. Project44 provides supply chain visibility solutions for clients that help them manage all their shipments. After the latest round, project44 valued at $2.7 billion.
#1 (tied). LanzaTech: $500 million, October 3
LanzaTech develops carbon recycling technologies that convert emissions into sustainable fuel and other byproducts. LanzaTech raised $500 million in 2022 from Brookfield Renewable Corp. The capital was used to finance projects in Europe and North America.