From companies relocating to Chicago to the launch of new investment firms, catch up on the latest tech news from the Windy City. Read up on Bitwise’s expansion to Chicago’s South Side and its $80 million raise, or catch up on the newest investment from a firm backing early-stage startups. This is the Built in Chicago Weekly Refresh.
Five Chicago tech companies raised a collective $121.5M last month. VC activity in February began picking up after a slow start to the year. In Chicago, five tech companies raised a combined $121.5 million. NanoGraf, a battery manufacturer, toped the funding charts with a $65 million raise. Other companies that raised funds include Monad Labs, Mattiq, Dimension Inx and Rhaeos. [Built In Chicago]
Beacon was featured in Built In’s Future 5 series. Beacon manufactured a disinfecting device that uses far-UVC technology to kill pathogens in homes and offices. The company was co-founded in 2020 by Brian Clark, Susie Spigelman and Andrea Clark and recently opened pre-orders for the device. Beacon said it will also donate devices to underserved communities. [Built In Chicago]
Chicago Tech Quote of the Week
“This latest raise, led by a group of distinguished investors, acknowledges the role technology plays in driving economic impact in previously underserved communities, validates our model and makes it possible for us to roll out our proven approach into other parts of the country.” — Jake Soberal, Bitwise Industries co-CEO and co-founder
Bitwise Industries announced expansion plans to Chicago. Bitwise Industries provides paid tech apprenticeships in underserved communities. Last week, it raised $80 million. The company is headquartered in California, but it will expand to Chicago with the new capital. The new office will be located in the city’s South Side. [Bitwise Industries]
Illinois Ventures launched an early-stage investment network. Illinois Ventures is an investment arm of the University of Illinois. Its new network, called Illini Angel, will back early-stage companies founded by University of Illinois alums and faculty. The program will focus on companies in the engineering, computer science, healthcare, agtech and energy industries. [Illini Angel]
PangoBooks appointed a new CEO. PangoBooks is an online marketplace where readers can buy and sell books. The company recently appointed David Kalt as its new CEO. Kalt is the former CEO of Reverb, a music equipment marketplace that Etsy acquired in 2019. Kalt also founded an investment company that Charles Schwab later acquired. [Email]
