Seed Funding is Sprouting Up All Kinds of New Companies

Building Indiana Business

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Dollars from venture capital and other investment firms have been tilling a lot of soil in Indiana lately. Seed funding rounds have come to an assortment of unique startup companies, several of which are pioneering totally new concepts. It’s clear that savvy investors see a great deal of potential in Hoosier entrepreneurs and are willing to bank on their success.

We’ve gathered an overview of a range of startup companies that each have interesting plans for their new funding.

$1M – Building Inclusive Cultures

Storybolt is a Hammond-based startup that offers equity and inclusion training. The company recently closed on a $1 million seed round from Ohio-based CareSource and Indianapolis-based Elevate Ventures as the inaugural investment from the CareSource Diversity & Social Impact Investment Fund.

Storybolt offers a platform that connects companies with documentary films to educate employees around topics like implicit bias, racial injustice, mental health, and diversity. Storybolt’s active learning methodology, or Mpathi, guides employees and business leaders to approach workplace decisions with empathy and help them build more inclusive workplaces. The company plans to use the funds to build and market their Mpathi platform.

$1.8M – Diagnostics to Detect Diseases Early

Amplified Sciences is a West Lafayette-based startup life science diagnostic company that is developing diagnostics to detect debilitating diseases earlier than traditional methods do. The company recently received a $1.8 million seed round of funding by Chicago-based OCA Ventures.

Company officials have said the funding will enable validation of the company’s lead assay to detect pancreatic cancer and bring it closer to commercial launch, and to hire additional talent.

$4M – Computer Science Education Platform

Codelicious is a company based in Carmel that makes education software. They specialize in computer science lessons for K-12 students. The company received just shy of $4 million in a seed round by Indianapolis-based Allos Ventures, a venture capital firm, and Boston-based EduLab Capital Partners, a venture capital firm that focuses on learning and training tech.

Company officials have stated that Codelicious plans to use the new funding to expand their sales and marketing, and to add personnel that will help them scale up. Currently, the company serves school districts in 23 states. There is reportedly great demand for more tools to assist educators with teaching computer science because many teachers lack the skills to effectively teach the subject.

$1.2M – Medical Athletic Braces for NFL, NCAA

TayCo Brace is a medical device company from South Bend that develops ankle braces for injury recovery. The company raised $1.2 million in seed round financing from investors including Elevate Ventures, Chicago-based IrishAngels, Notre Dame-based Pit Road Fund, and other angel investors.

TayCo Brace devices are designed to be stable enough to support a 300-pound lineman, yet lightweight and functional enough to allow athletes and patients to resume normal daily activities. The company will use the funds for growth and to launch and market an updated version of its acute product.

$3M – Remote Work Collaboration Software

Filo.co is a virtual collaboration platform from Indianapolis that has created a virtual collaboration software that facilitates training, workshops, kickoffs, and internal events. The company recently closed on a $3 million seed round led by Kansas-based Flyover Capital and Indianapolis-based High Alpha Capital.

Filo.co’s platform facilitates planning, engagement, and collaboration for teams. The company plans to use the recent funding to accelerate product development, deepen their Zoom integration, expand awareness, and go-to-market.

$400K – Healing Fractured Bones

Eclipse Orthopaedics is a Warsaw-based a startup focused on improving orthopaedic surgical procedures. The company closed on a seed round of $400,000 led by Elevate Ventures with participation from Illinois-based First Leaf Capital.

Eclipse technology helps surgeons perform distal locking, a procedure that involves placing a rod to improve healing of a fractured bone. The radiographic targeting device will improve accuracy, reduce operating time, and minimize exposure to radiation.

The new funds will enable Eclipse to improve their design and conduct testing.

Get Ready for Growth

The innovative ideas found among Indiana’s new startups are going to be great for business. Before long, many of these newly seeded firms could become household names as they continue to grow, develop new offerings, and expand their services. It’s going to be fantastic to watch.

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