Earlier this month, we wrote about some of the mammoth venture deals that helped add up to $355 million worth of investments in Massachusetts startups in January. But don’t think we’ve forgotten about the little guys.
These are what we call our under-the-radar deals, typically worth between $100,000 and $1 million (though the January list contains a deal smaller than that). Those numbers, tracked by New York-based private company intelligence platform CB Insights, are in now, and we think they have a lot to tell us about what’s going on in the innovation scene.
We look at both equity and debt forms of financing on this list, and see their smaller dollar values as valuable indicators of the New England startup landscape. The reports often tell us which new companies are about to emerge out of stealth mode or spin out a new product, and frequently these end up being companies we highlight in bigger stories later on down the line.
There were 13 of these financings in the month of January, with eight in equity, four in debt-based funding, and one that represents a security to be acquired through the exercise of option or warrants, according to the SEC filing. Software and cleantech companies showed up prominently on the list.
December saw a higher number of under-the-radar financings (21), but January had some bigger-sized deals than the month before it. There were three million-dollar financings on January’s list, with $1 million in debt to security software company eIQnetworks, $1 million in equity to DNA mapping company U.S. Genomics, and another $1 million in equity to Green Earth Technologies, developers of biodegradable patent-pending motor oil, as well as other home and lawn products.
As usual, Massachusetts took the biggest share of these deals, at 10. Connecticut pulled in two such deals, and New Hampshire had a solo under-the-radar financing, $215,000 in equity to Pittsfield-based American Energy Independence Company. The company’s website was under construction and they didn’t return calls, but other sources have described the company’s plans to capture spent vegetable oil from restaurants and refine it for home or business heating, auto fuel, and other energy purposes.
Some of these companies we’ve written about before, like Acton, MA-based eIQnetworks, when it nabbed $10 million in its first round of institutional financing last January. BioBehavioral Diagnostics, a Westford, MA-based maker of a system for diagnosing ADHD, showed up on the December under-the-radar list. Its $500,000 January debt financing also came in before the company announced the first close of its $10 million Series B round, a move we covered.
Life sciences companies weren’t huge on the under-the-radar list, though one unconventional medical devices maker pulled in $150,000 in equity. That would be UV Flu Technologies, Boston makers of an air purification system that kills airborne bacteria and viruses—even H1N1—and is FDA approved as a medical device.
Read below for the full list of last month’s under-the-radar deals.
|eIQnetworks||Acton, MA||Provider of computer platforms that collect and analyze security and regulatory compliance data||Debt||$1,000,000|
|Developers of genomic mapping technology used in bio-security, diagnostics, and food and drug contaminant monitoring||Equity||$1,000,000|
|Green Earth Technologies||Stamford, CT||Manufacturer of biodegradable, environmentally safe cleaning products, lawn and garden chemicals, and auto and marine performance chemicals||Equity||$1,000,000|
|GroundedPower||Gloucester, MA||Providers of software that monitors and analyzes home energy consumption||Equity||$918,000|
|Vitruva||Arlington, MA||Providers of career search website that uses social media to match recruiters with job seekers||Equity||$850,952|
|Egenera||Marlboro, MA||Providers of data center management software||Equity||$645,948|
|BioBehavioral Diagnostics||Westford, MA||Producers of ADHD diagnostic system||Debt||$500,000|
|Wormser Energy Solutions||Salem, MA||Developers of technology to make coal-powered plants cleaner and more efficient||Equity||$325,002|
|American Energy Independence Company||Pittsfield, NH||Refines spent vegetable oil into fuel and distributes multi-fuel burners||Equity||$215,000|
|Terascala||Avon, MA||Makers of high-capacity computing storage appliances||Security to Be Acquired||$150,000|
|UV Flu Technologies||Boston, MA||Manufacturers of air purification system that uses high-intensity ultraviolet radiation to kill airborne bacteria||Equity||$150,000|
|Infinetics Technologies||Boston, MA||Developers of software to create private virtual internetworks||Debt||$100,000|
|Market76||Old Saybrook, CT||Providers of software for the consumer financial services space||Debt||$50,000|