Finishing up the month at over $82 million, the Austin tech sector collectively had its best month in terms of funds brought in since June. Led by Medici, November's funding saw a $24 million increase over capital raised in October. Here are the largest funding rounds for last month.
5. Illumitex, $4M, Nov. 10
Founded in 2005, Illumitex
develops LED technology that increases the amount of light produced while decreasing energy usage. The company's lighting has been used in commercial landscapes like warehouses and offices, as well as for horticultural lighting applications like indoor gardens, vertical farms, greenhouses, grow containers and green walls.
While it is unclear what the funding will be used for, November's funding follows a $16 million round
from August 2015.
4. M87, $8.5M, Nov. 23
develops software that strengthens mobile networks' reach and capacity. Ultimately, their solutions move network intelligence into mobile devices so that cell phones seek and receive only the power they need.
News: The M87 team is hard at work designing and testing a system that allows for mobile phones to feed off the signals from one another as opposed to network signals. Earlier this month, the team welcomed former T-Mobile CMO and CTO Cole Brodman as their new CEO.
3. Trendkite, $16M, Nov. 10
Investors: Adams Street Partners
makes software that measures the effectiveness of PR campaigns so clients can pay attention to quality of media coverage rather than quantity.
Since the company's launch, Trendkite has doubled its customer base every six months, yielding a 500 percent increase in revenue over the past year. The funding will be used
to grow the Trendkite team as it continues to attack market share.
2. Phunware, $22M, Nov. 2
Investors: Khazanah Nasional Berhad, Wavemaker Partners and PLDT Capital
With over 650 million monthly users, Phunware
is the maker of a first-of-its-kind, Multiscreen as a Service (MaaS) cloud platform. Using Phunware's product suite and data, brands can interact, collect insight and engage with mobile app users anytime and from anywhere in the world.
The $22 million brought in is Phunware's second tranche of funding
in a larger Series F round, which now totals $40 million. The remaining balance is expected to close before the end of the month, with the capital being used to increase global applications.
1. Medici, $24M, Nov. 23
Investors: 10 nondisclosed investors
launched in October of this year after six months in stealth mode. The HIPPA-compliant app allows patients and doctors to hold on-demand virtual appointments via text, photo messages and video conferencing in place of going into the doctor's or vet's office.
The fudning will be used for Medici's aggressive efforts
to expand to the entire southern half of the country in the upcoming weeks. The company's expansion efforts will continue during the first quarter in 2017, when it plans to go nationwide and internationally into South Africa and the U.K. shortly thereafter.
Images via featured companies and Shutterstock.
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