Michigan ranked 22nd nationally in venture capital investing in the first quarter, with more than $37.6 million invested in 14 companies, according to the MoneyTree Report released today by PricewaterhouseCoopers LLP and the National Venture Capital Association.
That’s down from the $57.6 million invested in 27 deals in the fourth quarter, but up substantially from the $19.4 million that was invested in 15 deals in the first quarter last year.
Nationally, it was the best quarter for investing since the second quarter of 2001, with $9.5 billion invested in 951 deals.
As usual, California led the way with $5.5 billion in 406 deals, Massachusetts was second with $961 million in 88 deals and New York was third with $754 million in 97 deals.
Illinois led the Midwest, with $235.6 million in 223 deals; Minnesota had $83.4 million in 11 deals; Ohio had $49.5 million in 20 deals; Wisconsin had $18.2 million in seven deals; and Indiana had $14.3 million in five deals.
Ann Arbor-based NeuMoDx Molecular Inc., a medical device company that Crain’s profiled earlier this month, was the top state company for capital raised during the quarter, getting more than $10.5 million. Kalamazoo-based Ablative Solutions Inc., another medical-device company, got $9.2 million and Ann Arbor-based Avegant Corp., a maker of virtual retinal display devices, received $4 million.
Details were withheld on four investments.
The other known recipients were:
• Grand Rapids-based Varsity News Network LLC, a website for high school sports, $3.8 million;
• Detroit Institute of Music Education, a startup music college, $3 million;
• Ann Arbor-based uRefer Inc., a marketing company, $2.7 million;
• Ann Arbor-based ArborMetrix Inc., which makes data analytics for health care, $1.3 million;
• Ann Arbor-based Larky Inc., which helps customers manage their various discount programs, $850,000;
• Detroit-based UpTo Inc., a smartphone calendar and marketing company, $667,000; and
• Detroit-based Quickly LLC, a marketing company, $500,000.
The four most successful fundraisers nationally were all in or around Silicon Valley in California: Dropbox Inc. raised $325 million; Airbnb Inc. and TangoMe Inc. each raised $200 million; and Cloudera Inc.raised $160 million.