Spring has sprung, and Colorado tech companies are taking the opportunity to soak up some funding. Cybersecurity firm deepwatch kicked off the month with a $23 million Series A and Ablacon finished it with its own $21 million Series A. Combined, the five largest rounds of the month added up to $96.7 in funding, with the majority being either a Series A or B round. Here’s a look at the top funding rounds of the month — and the growth it portends for these startups.
$34M, April 30
What they do: Founded in 2013 in Denver, Red Canary helps companies protect their most important assets — their data – with a combination of cybersecurity experts and software. The software is able to block day-to-day threats, while the security experts work with companies to prevent and mitigate security breaches.
The round: Three investors joined in on Red Canary’s venture round. The company plans to use the funds to bolster its defense platform and hire across all positions.
$23M, April 3
What they do: Deepwatch combines cybersecurity experts with protection software to help companies protect their digital assets. Founded in 2015, the Denver-based company examines company data logs to detect unusual activity around a customers’ digital assets and then takes corresponding action to mitigate the threat.
The round: After doubling in size each year since 2015, deepwatch expects that growth to continue with this Series A funding round. The company plans to use the round to expand its market reach and add to its research and development efforts. The round was led by ABS Capital Partners.
$21M, April 30
What they do: Founded in 2015, Ablacon builds artificial intelligence for the heart. The healthtech startup’s AI is designed to monitor electricity flow through a patient’s heart to help doctors understand the causes of irregular heartbeats.
The round: Ablacon plans to use the round to boost its tech development and pay for clinical trials, but it also comes with a leadership addition. Ajax Health led the round, and its CEO, Duke Rohlen, will assume the role of CEO at Ablacon, while Ablacon’s founder Peter Ruppersberg will remain as chief scientific officer and president.
$14M, April 3
What they do: Faction helps companies manage both hybrid and multi-cloud data networks, allowing them to move and access data across the different clouds. The company’s platform allows users to flow between AWS, Azure and Google Cloud Platform without experiencing lock-in.
The round: Faction’s latest funding round comes a little more than one year after it raised a $18 million Series B round. The company plans to use its latest funding to expand its cloud services. Dell Technologies Capital led the round, with participation from existing investors River Cities Capital Funds, Sweetwater Cpaital, Meritage Funds and Charterhouse Strategic Partners.
$4.7M, April 3
What they do: Arryved aims to help brewpubs and breweries around the country keep the good times flowing with its POS software. The Boulder-based company’s platform allows servers to ring up orders, have drinks sent out and close out tabs without requiring them to shuttle back and forth from the bar to the customers.
The round: After three years of expanding to breweries and brewpubs across the U.S. and earning a spot on our 50 Colorado Startups to Watch, Arryved completed a $4.7 million Series A to fuel its growth. The company plans to increase its brand awareness, develop additional features and improve its services.
