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Regional Startups Raised $95M

Sean McDonnell - smcdonnell@cleveland.com  - See original article from cleveland.com here

Startups in Cleveland and elsewhere have had a harder time raising money in a struggling venture capital ecosystem. But 10 local companies were able to raise $95 million in the last few months, according to the Q2 2023 Venture Monitor, a report published by market data company Pitchbook and the National Venture Capital Association.

The report looked at deals in April through June. Across Ohio, 45 companies raised $271 million.

Cleveland saw about $69 million of investment from April through June, according to the Venture Monitor report. That’s up from this year’s first quarter ($17 million) and fourth quarter of last year ($39 million), but down from the $113 million raised during the same time in 2022.

More than $26 million was raised in the Akron area, almost all by one company. The seven companies in the Cleveland area that raised venture capital, according to the Venture Monitor report:

Klutch Cannabis , $26 million. The Akron-based cannabis company raised $26 million in April. Founded in 2020, the company recently opened Citizen by Klutch in Lorain, the first dispensary in Ohio with a drive-thru.

LAND Energy, $22 million. LAND builds two-wheel EVs that can be used as bikes, mopeds or full-fledged motorcycles. The Cleveland company’s bikes have a removable battery that can be charged on a standard outlet.

Axuall, $20 million. The Cleveland-based health care-tech company creates software that helps health care systems shares data and information.

Mediview, $15 million. The Cleveland-based medical technology company uses augmented reality to create surgical navigation and teleprocedure platforms. The software gives surgeons a sort of 3D “X-ray” that shows a patient’s internal anatomy to a surgeon.

Folio Photonics, $5 million. This Solon company innovates in the data center industry, making software and devices that are faster and more secure.

UnifyWork, $3 million. Based in Willowick, it’s trying to change the way hiring works with its new app, which helps connect job seekers and companies by flipping the hiring process. Job seekers create a profile that is used to match them with employers. And if they like those matches, they can invite companies to contact them.

Augment Therapy, $2 million. This Chagrin Falls startup uses augmented reality software to help children through physical therapy exercises.

Other venture capital deals in the Cleveland area during the second quarter of 2023 include Octet Scientific, Verasana and Rust Best Rider.