VC Report Shows Tech Sector Rebounding From COVID

(photo courtesy of TechPoint)

The latest Venture Capital Report from TechPoint suggests Indiana’s tech sector is seeing the beginning of a “solid rebound” from the COVID-19 pandemic. The state’s technology initiative says the tech sector saw $32 million in investments during the second quarter, which is double the amount from the first quarter, though still more than $10 million lower than the same quarter last year.

The 2020 Q2 Venture Capital Report says 19 companies raised capital during the quarter, while two companies received grants or awards and nine companies were involved in mergers or acquisitions.

“We are seeing investments into Indiana companies from investors all over the country (16 states). We even had a sizable investment from Paris, France,” Mike Langellier, chief executive officer of TechPoint, said in a news release. “Moreover, the companies represented are spread throughout the state. While we certainly have the usual investments in the Indy metro area, we also see activity in South Bend, West Lafayette, Bloomington, Jasper and even New Albany.”

Some of the major investments during the second quarter include Lessonly’s $15 million Series C funding raise, Canopy’s $2 million seed funding round, and Pattern89’s $2 million raise.

You can read more from the VC Report by clicking here.