Washington Startups Collect $24M in November, Med Devices Lead the Way
It looks like startup investors laid low during turkey month, when tech and life sciences companies collected a total of $24.4 million in equity-based funding across 19 deals. The November total shrunk from this summer and early fall, when the state’s startups pulled in anywhere from $50 million to $80 million per month in financing, according to data provided by CB Insights FundingFlash.
Most of the deals last month were on the smaller side; 12 of 19 were worth less than $1 million each. Healthcare companies led in dollars raised, with $11.7 million, and the Internet sector came in as runner-up with $8.4 million. But there were twice as many Internet financings (10) as there were healthcare transactions (five).
The top November financing went to a company we’ve seen before: Kirkland, WA-based Cardiac Dimensions, a developer of implantable devices for the treatment of mitral valve regurgitation associated with congestive heart failure. The startup brought in $6.5 million in an equity- and rights-based offering last month. In 2009, it nabbed clearance to sell its first device in Europe. Another med device firm followed closely at its heels last month. Gig Harbor, WA-based Generic Medical Devices develops products for soft tissue repair procedures, and grabbed a $4.3 million equity round last month.
The environmental products and services sector scored high on the deals list last month, with Arlington, WA-based MicroGreen Polymers taking the third spot, with $2.7 million in Series B money. The startup is developing technology to recycle plastics into coffee cups and other items. Back in May, the University of Washington spinout raised $6.9 million from WRF Capital, Northwest Energy Angels, private investors, and garbage giant Waste Management (NYSE: WM).
Seattle-based Stax Networks, a Java applications platform provider, raised $250,000 in November. It made big news earlier this week when it was acquired by Boston’s CloudBees, a maker of cloud-based platforms for Java computing and development.
We’ll have to keep our eyes out on the December list, to see if area investors amped up their activity with a pre-holiday funding rush. Meanwhile, check the full list of November financings below.
Also, another three Washington companies raised $4.5 million through non-equity-based deals. Check out those details here.