Now that Q4 is underway, we’re seeing a gradual economic recovery after the initial shock of the pandemic. There are plenty of economic indicators that could signal an uptick, but if you want to put a finger on the pulse of the tech industry in particular, look no further than recent funding rounds. In October, the top five Colorado tech companies raised $194 million collectively, which is a significant increase from the previous month. Here are the largest rounds.
#5. $11 million, October 29
LightDeck Diagnostics recently announced its $11 million Series B funding round. The healthtech company, which was formerly MBio Diagnostics, officially launched this year to create a portfolio of human diagnostic tests. This funding will be used to help develop its new, affordable, five-minute COVID-19 tests.
#4. $25 million, October 17
Quantum Metric secured $25 million in funding to invest in its product, expand to new markets and hire for open roles. The company has designed a platform that acts as a centralized information hub for technical teams building software products. With digital solutions on the rise, Quantum Metric has also seen an increase in demand and plans to use this new capital to meet it.
#3. $40 million, October 22
BridgeHealth has created a platform that bundles surgical services with other forms of care to make healthcare more affordable. In October, the company was able to secure $40 million in a Series A funding round by merging with another healthtech company. With healthtech proving especially attractive to investors this year, BridgeHealth hopes to use this momentum to further expand.
#2. $53 million, October 12
With employees working remotely, many companies are starting to think harder about cybersecurity. Denver cybersecurity startup deepwatch understands this, and it raised $53 million this month to grow. The 200-person company plans to double its headcount during the next three years.
#1. $65 million, October 28
The largest funding round of the month went to Outrider, a startup out of Golden, Colorado, that offers an autonomous trucking yard set-up for logistics hubs. The company emerged from stealth earlier this year — before the COVID-19 pandemic caused a bottleneck for logistics providers. But what makes Outrider special is its ability to automate logistics operations, so trucking yard clients can still operate without putting employees at risk. Outrider raised this $65 million Series B round the same year as its $53 million Series A round.
