Hey, I'm Dan! I invest in startups at Madrona and write the DL, a weekly newsletter about tech in the Pacific Northwest

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September 2020 PNW Venture Deals

Here are the PNW startups that announced new fundraising rounds in the month of September. These 40 companies raised more than $450M last month!


Series B and Later Rounds 🚀

  • Silverback Therapeutics - Therapies designed to modulate fundamental disease pathways - $85M Series C led by EcoR1 Capital
  • Virogin - Oncolytic virus technology designed to treat tumors - $62M Series C led by CDH Investments
  • Seeq - Advanced analytics for process manufacturing data - $28M Series B led by Chevron and Saudi Aramco
  • Thinkific - Platform to create and sell online courses and membership sites - $22M round led by Rhino Ventures
  • Cardiac Dimensions - Right-heart transcatheter mitral valve repair device - $17.5M Series C
  • Lumen Bioscience - Biologic drug platform to provide orally delivered antibody drugs - $16M Series B
  • Owl Insights - Behavioral health platform using patient reported outcome measures - $15.5M led by Blue Venture Fund
  • BulletProof - Food and beverage products designed to enhance health and performance - $13M round led by Beliv
  • Eclypsium - Enterprise device security platform - $13M round

Series A Rounds 🛫

  • Pure Watercraft - All-electric boats and outboard motors - $37.6M Series A led by L37 Ventures
  • Polyverse - Security company using polymorphing technology - $16M Series A
  • Optimize.health - Software for remote patient monitoring programs - $15.6M Series A led by US Venture Partners
  • Klue.com - Software platform to collect competitive and market intelligence - $15M Series A led by Craft Ventures
  • Cloudentity - Identity and access management for API security - $13M Series A led by ForgePoint
  • Boundless - Online immigration services for spousal visas and naturalization - $7.5M Series A1 led by Foundry Group
  • Spiceology - Freshly ground gourmet spices - $6.6M Series A
  • Fitplan - Customized fitness programs from top trainers - $6.2M round
  • Attunely - ML platform for receivables management - $6M Series A
  • Brüush - Direct-to-consumer electric toothbrush - CAD 6.5M Series A

Seed Rounds 🌱

  • ThruWave - Millimeter wave technology to see through packaging - $6.4M round
  • Immusoft - Technology to deliver protein therapeutics using a patient’s own cells - $4.5M round
  • Nori - Blockchain-based marketplace for carbon removal - $4M Seed led by Placeholder
  • The Dyrt - Campground search and review - $3.8M round led by Helios Capital Ventures
  • WhyLabs - AI observability platform to analyze data from ML models - $4M Seed led by Madrona
  • Inmedix - Devices to assist people suffering from autoimmune diseases - $3.5M Seed led by Keiretsu Forum
  • Intelage - End-to-end solution to manage global trade - $3.5M Seed led by Blumberg Capital
  • Cloud Paper - Tree-free toilet paper made with ultra-soft bamboo - $3M Seed led by Greycroft
  • SturdyAI - Software to analyze client communications - $2.3M Seed
  • VegaCloud - Cloud automation and optimization platform - $2.3M Seed led by Kick-Start
  • Resonance AI - Software to analyze video - $2.3M Seed
  • AltPep - Peptide-based platform for diagnosing and neutralizing amyloid diseases - $2.1M Seed
  • Cozy Finance - Risk management platform for decentralized finance - $2M Seed led by Electric Capital
  • Uberbinder - Low carbon concrete and asphalt - $1.4M Seed led by Espey Shaw
  • Zuper - Tool for field workforce collaboration - $1.1M Seed led by Prime Venture Partners
  • Sironix - Eco-friendly cleaning ingredients derived from plants - $1.1M Seed
  • PreAct Technologies - Pre-collision automotive safety technology - $1.05M Seed
  • DeepSurface - Predictive network vulnerability management - $1M Seed led by Cascade Seed Fund
  • Olive - Collaborative vendor selection software - $1M Seed led by Active Capital
  • DeepSurface Security - Software to predict and measure risk on enterprise networks - $1M Seed
  • Mindcurrent - Personalized suggestions from experts to reduce stress - $870K of equity crowdfunding

M&A and IPOs 💥

Thoughts and Observations 🧐

  • Wow! I think this is the longest list of PNW fundraises I have ever published. September was a busy month at every stage!
  • Special shout out to WhyLabs because one of their cofounders is a colleague from Madrona. Maria, we will miss you!!
  • Athira Pharma was the first WA state IPO led by a female CEO in twenty years!
  • Cool that one of the M&A deals this month was a local startup acquiring another startup - congrats to Xiao and the Boundless team!


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