Seattle Venture Capital Watch: Modumetal, Illumagear, HaptX & More
February may be the shortest month of the year, but the past four weeks have seen many investments raised by technology businesses based in the Seattle area. Here are some notable deals from the past month:
—Modumetal, a Seattle-based company that develops nanolaminated materials for use in armor, vehicles, building exteriors, and other products, raised nearly $17.5 million in new capital, according to an SEC filing. Forty-two investors participated in the equity funding round, the filing shows. Modumetal uses an energy-efficient manufacturing process that involves using electricity, rather than heat, to produce the alloys it sells. Launched in 2006, Modumetal raised a $33.5 million funding round four years ago.
—Tango Card, which develops software allowing employers to buy gift cards for their workers or customers, raised just over $10 million in equity funding from two investors, according to a regulatory document. The Seattle-based company’s digital tools allow users to browse a catalog of 300-plus gift card options, and also to donate their account balances to non-profits. Tango Card has raised more than $55 million since launching in 2009, according to SEC filings.
—Illumagear, a Seattle-based startup that sells wearable safety lights for construction workers and other professionals, raised $2.5 million in equity funding from a single investor, according to a regulatory filing. The company’s flagship product is Halo, an LED light designed to attach to hard hats that casts a 360-degree ring of light around the person wearing it. Launched in 2012, Illumagear has raised nearly $6.6 million in equity and debt financing, SEC documents show.
—RealWear, a Vancouver, WA-based company developing augmented-reality headsets for people who work in factories and other industrial settings, raised $5 million in convertible debt funding and other securities from a single investor, per an SEC filing. RealWear’s wearable computers are voice-operated and can be clipped onto hard hats, the company says on its website. Launched in 2015, RealWear raised $17 million as part of a Series A funding round a year ago.
—HaptX, which is developing virtual reality hardware and software, raised more than $8.3 million in equity funding from 85 investors, according to an SEC document. Seattle-based HaptX, which previously known as AxonVR, has developed a system comprising a VR headset and gloves that give users feedback when they handle objects, the company says.
—Healionics, a Seattle-based company developing biomaterial-based devices designed to treat kidney disease and other conditions, raised nearly $2.8 million in new funding, according to a document filed with securities regulators. Healionics, which launched in 2007, is developing an artificial blood vessel designed to resist blockage and closing better than current vascular grafts. Over the long term, the company says its technology could allow people with kidney failure to undergo hemodialysis, a treatment to remove waste from the blood, without a need to place needles into the patient’s body.
—TinyBuild, a Bellevue, WA-based independent developer and publisher of video games for computers, mobile devices, and game consoles, raised $15 million in equity funding from a single investor, per a regulatory filing. Launched in 2017, TinyBuild lists dozens of the games it has developed, including Hello Neighbor and Phantom Trigger, on the company’s website.
—Deako, a Seattle-based company that manufactures light switches that can be controlled by Internet-connected devices, raised nearly $1.2 million in new funding from 30 investors, a regulatory document shows. Deako markets some of its products as components of so-called smart lighting systems, which builders are installing in many new homes and can be programmed to turn on and off at specific times, among other functions. Launched in 2015, Deako has raised more than $18.1 million in equity and debt financing from investors, according to SEC filings.
—Transform, a Seattle-based startup that develops software that it says can help media organizations measure their audiences and increase engagement, raised nearly $3.5 million in new funding, per a document filed with securities regulators. Thirty-five investors participated in the equity funding round, the document shows. CEO Thomas Chiarella and chief operating officer Randa Minkarah co-founded Transform in 2014, according to the startup’s website.