Chicago’s 5 Largest Tech Funding Rounds Totaled $121.5M in February

Check out which Chicago companies secured the most capital last month.

Written by Abel Rodriguez
Published on Mar. 03, 2023
Chicago’s 5 Largest Tech Funding Rounds Totaled $121.5M in February
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The five largest funding rounds raised by Chicago tech companies in February totaled $121.5 million — significantly higher than the funds raised in January. The tech businesses that managed to raise fresh capital last month were a mixture of new startups and well-established companies. They also spanned several industries, including blockchain, artificial intelligence and bioscience. Read on to learn how these companies plan to use their new funds.

Largest Chicago Tech Funding Rounds, February 2023

  1. NanoGraf
  2. Monad Labs
  3. Mattiq
  4. Dimension Inx
  5. Rhaeos


#5. $10.5 million, February 16

Rhaeos is a medical device company that spun out of Northwestern University. It raised $10.5 million in a Series A round last month led by the Steele Foundation for Hope. The new capital will speed up Rhaeos’ development of sensors to treat hydrocephalus, a chronic condition when one has too much fluid in and around the brain


#4. $12 million, February 1

Dimension Inx, a bioscience therapeutics company, closed a $12 million Series A round that Prime Movers Lab led. With the round’s closure, Dimension Inx will advance its therapeutics technology for organ restoration. Prior to the Series A, the company raised $5.7 million from investors, according to Crunchbase.  


#3. $15 million, February 7 

Another company that spun out from Northwestern University is Mattiq, a tech business that uses AI to develop new sustainable chemical and fuel products. Material Impact led the company’s $15 million seed round. Mattiq also appointed Jeff Erhardt as its new CEO. 


#2. $19 million, February 14

Monad Labs secured $19 million in a seed round led by Dragonfly Capital. The new investment will enable Monad Labs to continue developing and improving its blockchain. The company was founded in 2022 and developed the Monad blockchain for developers to create Web3 applications. 


#1. $65 million, February 14

NanoGraf raised the most money in February after securing $65 million in a Series B round co-led by Volta Energy Technologies and CC Industries. NanoGraf produces lithium-ion batteries with silicon anodes that produce a higher power output, according to the company. The funding will enable the company to supercharge its local battery manufacturing capabilities. 

Methodology: Built In tracked the largest funding rounds of the month using previous reporting, data from Crunchbase and articles from other publications and companies. This list highlights the five largest funding rounds raised in February by tech companies with a headquarters in Chicago. We only include venture capital and equity raises and do not include debt or post-IPO funding rounds in this list.

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