2019 is reaching its halfway mark, which means that 1) time is moving far too quickly, and 2) it’s safe to say Boston tech is in for another year of growth. This past month alone, Crunchbase recorded more than $700 million in new fundings across more than 40 unique companies for the state of Massachusetts.
$660 million may not be much to Silicon Valley stalwarts — but locally, the majority of that money is being distributed in seed, Series A and grants, proving that Boston is a place where fresh ideas can thrive, and new concepts are given a fighting chance. In that vein, this month’s largest local fundings are a perfect representation of the city’s old — and new, from healthcare and energy tech to office software.
5. $11M, May 29
What they do: Failure to follow medication as prescribed causes an estimated 125,000 deaths and costs the U.S. health care system up to $289 billion annually. Pillo Health hopes to solve that problem with a voice-enabled device that dispenses medication and keeps an open line of communication with care providers.
The funding: Stanley Black & Decker’s corporate venture capital branch led the round, in which Samsung Ventures and Hikma Ventures also participated. Other participants included existing investors BioAdvance, Hackensack Meridian Health System’s Innovation Center Fund and Civilization Ventures.
4. $15M, May 29
What they do: Mission is a consultancy focused on helping companies move into the cloud. Founded in 2017, Mission has already built up a portfolio of more than 200 partner companies.
The funding: According to a statement issued at the time of the funding, Mission will use the funding to grow its team of consultants and architects. The startup is also planning to launch a new Chicago office.
3. $20M, May 20
What they do: Founded in 2014, Robin is already making a nationwide impact with its digital displays designed to give structure to open office spaces. The software and hardware designed by Robin helps employees at companies like Kayak and Shopify get a real-time read on the office so they can book meeting space.
The funding: On May 20, Robin announced it had secured its $20 million Series B funding, led by Tola Capital. New investor Allegion Ventures and returning investors Accomplice and FirstMark Capital also participated in the round. Robin plans to use the funds to double its current headcount of 87 within the coming year. The Series B round brings Robin’s funding total to $29.1 million.
2. $52M, May 29
What they do: Logz.io’s technology helps companies maintain complex websites built with open source technologies. The company’s platform lets developers and DevOps teams investigate issues, monitor performance and stay on top of security threats and scalability issues.
The funding: Logz.io, which has 55 employees in Boston to date, plans to double its local presence in the upcoming year. The company is growing its sales and marketing teams, and making heavy investments in machine learning and data mining technologies.
1. $78M, May 15
What they do: Two of the biggest fields in Boston tech are healthcare and data. Put them together and you get BHE, a healthcare analytics firm that offers both custom research and raw data on medical technology and care. The longstanding firm was founded in 1996 by CEO Joseph Menzin, Ph.D.
The funding: BHE closed a $78 million private equity round on May 15, officially making it the largest tech funding in the Boston area this month. Local VC firms Silversmith Capital Partners and Leerink Transformation both participated in the round. The funding will be used to expand the distribution of its Instant Health Data platform, a data analytics platform currently in use by “two dozen major life science and research organizations,” according to a press release. Silversmith Managing Partner Jeff Crisian will also be joining BHE’s Board of Directors as part of the deal.
