These 5 Austin Tech Companies Raised a Collective $396M in May

Learn how these local innovators are spending their fresh capital.

Written by Cassidy Ritter
Published on Jun. 01, 2023
These 5 Austin Tech Companies Raised a Collective $396M in May
A view of downtown Austin from the river during sunrise.
Photo: Shutterstock

Ranging from fintech and medical devices to security systems, Austin tech companies raised some impressive venture capital last month. The five local tech companies that raised the largest funding rounds pulled in a collective $396 million in May, up from the $203.7 million raised in April’s top 5 rounds. Read on to learn how these companies plan to spend the funding.

Largest Austin Tech Funding Rounds, May 2023

  1. 8fig
  2. Eagle Eye Networks
  3. Noveon Magnetics
  4. Episode Six
  5. Paradromics


#5. $33 million, May 18

Austin-based Paradromics has developed brain-computer interfaces, or BCIs, that can help patients with ALS or a stroke better communicate. Led by Prime Movers Lab, this $33 million Series A round will help Paradromics launch the first human clinical trial for its Connexus Direct Data Interface, which is an assistive communication device that can help users speak and move in real-time. The Connexus DDI device has also received a breakthrough device designation from the FDA.


#4. $48 million, May 23

Offering enterprises payment processing and a digital ledger, Episode Six is available in 38 countries. In addition to a growing team in Austin, the company has team members located in the U.K., Hong Kong, Australia, Japan and Singapore. The $48 million Series C round led by Avenir will go toward scaling Episode Six’s go-to-market plans.


#3. $75 million, May 16

Noveon Magnetics claims to be the only U.S.-based manufacturer of neodymium rare earth magnets. These sustainable magnets are used in various industries, including automotive, medical, consumer goods and defense. The $75 million Series B round was co-led by NGP and Aventurine Partners and will help Noveon expand its manufacturing facilities to meet the increasing demand for these rare magnets.


#2. $100 million, May 17

Eagle Eye Networks is a cloud-based video surveillance company used by businesses like Planet Fitness and The UPS Store. Its platform and mobile app use artificial intelligence and analytics to help businesses be more efficient and better manage their physical security systems. Eagle Eye raised $100 million from security company SECOM to continue investing in its AI-based capabilities and expand its global operations. Based in Austin, Eagle Eye also has offices in Tokyo, Amsterdam and Bangalore.


#1. $140 million, May 9​​​​​​

Austin-based 8fig helps small and medium-sized e-commerce businesses grow sustainably. The company’s fintech platform assists businesses with supply chain management, logistics coordination and financial planning. Following this $140 million round led by Koch Disruptive Technologies, 8fig plans to offer its users additional business insights and alerts.

Methodology: Built In tracked the largest funding rounds of the month using previous reporting, data from Crunchbase and articles from other publications and companies. This list highlights the five largest funding rounds raised in May by tech companies with a headquarters in Austin. We only include venture capital and equity raises and do not include debt or post-IPO funding rounds in this list.

Hiring Now
General Motors
Automotive • Big Data • Information Technology • Robotics • Software • Transportation