Whether it’s insurance-focused software or digital education solutions, Chicago tech companies offer a range of innovations geared toward various industries. Several of these developers announced fresh capital raises last month. Learn more about which names in tech secured March’s largest rounds and how they’re spending the money.
Largest Chicago Funding Rounds, March 2023
- Adeptia
- Janus Health
- ClearFlame Engine Technologies
- Drift Net Securities
- RedShelf
- Kin Insurance
#5 (tied). $15 million, March 22
Insurtech company Kin Insurance provides users with customized home insurance plans without the need for an external agent. The company closed for a third time on its Series D round, initially announced back in March 2022, with a $15 million investment from Geodesic Capital, QED Investors and others. The capital will help Kin expand its offerings and market share.
#5 (tied). $15 million, March 7
RedShelf offers an online marketplace for university students to purchase or rent digital versions of their course textbooks. The platform works with more than 10,000 publishers and content creators to digitize their materials and make them available to students through university’s bookstores. To date, RedShelf has secured $43.1 million in venture capital, including its latest $15 million round.
#4. $15.6 million, March 20
In an effort to keep children across the country safe while attending school, Drift Net Securities developed a campus safety solution that works to detect threats and alert authorities before a dangerous situation materializes. Its latest injection of funding will help the company develop new products and expand its business.
#3. $30 million, March 9
Hoping to help heavy-duty vehicles reduce their carbon emissions, ClearFlame developed a solution that allows diesel engines to run on renewable liquids. The company secured a Series B funding round led by Mercuria Energy Group that will enable it to launch a pilot program of its solution with five trucks, as well as expand its tech into agriculture, mining and power generation.
#2. $45.1 million, March 21
Enhanced Healthcare Partners made an investment in Janus Health, a company developing digital solutions for healthcare revenue cycle management. Janus works to help health systems lower their administrative costs while increasing cash collections. Its new capital will go toward market expansion, product development and go-to-market initiatives.
#1. $65 million, March 22
Operating a business-to-business software solution, Adeptia helps speed up data integration between companies and their customers, partners and suppliers. Adeptia serves hundreds of mid- and large-size companies. With its recent investment from PSG, Adeptia will fuel software innovation and customer success and further market adoption.
