Austin tech’s funding in January hit a high note as the local sector collectively raised more than $318 million. While February’s numbers didn’t break $100 million, funding remained high with startups securing over $88.5 million — up more than 10 percent from February 2017. Across 14 companies, the average amount raised this month came in at $6.5 million. Here are the top five rounds.
5. MineralSoft, $4M, Feb. 7
Investors: Cottonwood Venture Partners, Blue Bear Capital and Y Combinator
Bio: Launched in 2015, MineralSoft develops mineral asset management tools for private equity firms, investment funds, family offices, endowments, foundations, individuals and exploration and production companies.
News: The startup will use the Series A funding to add software features and continue hiring for engineering and support roles.
4. ZenBusiness, $4.5M, Feb. 26
Investors: Lerer Hippeau, Greycroft, Slow Ventures, Revolution’s Rise of the Rest Seed Fund and Founders Fund
Bio: ZenBusiness, led by HomeAway founding CTO Ross Buhrdorf, offers free LLC and corporation formation services online.
News: February’s seed funding news also announced the platform’s official launch. The fresh capital will be used for product development, marketing and to enter new verticals.
3. RigUp, $15.8M, Feb. 6
Investors: Quantum Energy Partners, Global Reserve Group and Founders Fund
Bio: RigUp’s oilfield work marketplace connects over 22,000 contractors and service providers with available work designated by participating oil and gas companies.
News: In addition to the Series B funding, RigUp secured $30 million in credit from Silicon Valley Bank to support its growth revenue path. The funding will be used to staff up RigUp’s sales and product teams and toward new payment solutions and features.
2. SparkCognition, $24M, Feb. 20
Investors: CME Ventures, Brevan Howard Investment Holdings Limited, Invenergy Future Fund, John Chambers, CEO of JC2 Ventures, and Cisco chief development officer Pankaj Patel
Bio: SparkCognition’s AI-powered solutions help predict, detect and analyze equipment failures, data breaches and other risks for a host of industries.
News: Investors added another $24 million to SparkCognitions $32.5 million Series B funding from last June, officially closing the round. The company plans to continue expanding its team and further secure its position in new market verticals.
1. Phunware, $26.7M, Feb. 7
Investors: 117 undisclosed investors
Bio: Launched in 2009, Phunware builds mobile experiences and monetization optimization tools for Fortune 5000 brands.
News: Phunware did not issue a statement regarding February’s bump in capital. This funding marks the third tranche of investments since Phunware initially raised $19 million in January, 2015, and another $22 million in November, 2016.
