Austin companies netted over $75M in funding in May

June 3, 2019
overhaul atx company
image via shutterstock.

This month, Crunchbase recorded $76.7 million worth of new investments in Austin-based businesses. Not too shabby. What’s even more impressive is the range of companies that brought in cash this May. Below, we’ve rounded up the top three funding rounds featuring companies that are poised to be major players in logistics, energy and healthcare.

 

#5, $4M, May 26

What they do: THG Energy’s software platform collects data about power use, waste generation and consumption of gas and water. The company, which is headquartered in Austin and Oklahoma City, works with more than 50,000 businesses in every state in the country.

The funding: The George Kaiser Family Foundation provided half of the funding, with the Oklahoma Seed Capital Fund, the Oklahoma Angel Fund and the Accelerate Oklahoma investment fund providing the rest, according to Tulsa World

 

#4, $5.5M, May 21

What they do: Interplay Learning’s educational platform uses virtual reality and realistic 3D models to train tradespeople like electricians and HVAC technicians in realistic, simulated environments. According to CEO Doug Donovan, learning in a simulated environment makes it easier to remember what to do when you show up at an actual worksite.

The funding: At the time of the funding, Interplay’s user base was already growing 40 percent month over month. The company expects to nearly double its headcount by next year, making 20 new hires, primarily in sales and marketing roles.

 

#2, $7M, May 9 (tie)

What they do: Logistics may not be glamorous, but the industry is on track to be worth $15 trillion in the next four years. Austin’s Overhaul is bringing compliance to trucking logistics with its real-time supply chain and risk management platform. Overhaul analyzes a wealth of data to provide users with actionable insights on everything from temperature control to package tracking.

The funding: On May 9, Overhaul announced it had secured a strategic investment of $7 million led by a “strategic investor in the food industry,” according to a press release. Existing investor Abbey International Finance also participated in the round. The company plans to use the funds to continue expanding its product capabilities, particularly its supply-chain technology.  

 

#2, $7M, May 16

What they do: Oil and gas are major industries in Texas, and they have been for years. Now, Novi Labs is using machine learning and artificial intelligence to usher in a new era of efficiency in these spaces. The company, which was founded in 2014, builds tools for companies to better understand the geology of potential drilling sites. With this data, the platform is capable of making tailored recommendations about where exactly to drill, how to space out drilling sites and more.

The funding: Novi Labs announced the closure of its $7 million Series A round on May 16. According to the company, the new funds will be used to expand Novi Labs’s team, in addition to making improvements to its current software. The funding was led by Houston’s Cottonwood Venture Partners and Bill Wood Ventures.

 

#1, $20M, May 7

What they do: Founded in 2016, Elligo Health Research is working to solve the problem of too-small research pools for new health treatments. The Elligo platform works by cross-referencing patient health records with upcoming medical studies to determine eligibility. If there is a match, Elligo proceeds by coordinating scheduling, paperwork and more to ensure maximum efficiency.

The funding: On May 7, Elligo Health Research announced the closure of its $20 million Series C round. Piper Jaffray Merchant Banking led the round, with participation from existing investors Hatteras Venture Partners and Noro-Moseley Partners. The company plans to use its latest funding round to help further advance its mission of connecting eligible patients with clinical trials for cutting edge therapies.

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