The growth initiative for Indiana’s technology sector says the state is poised to take advantage of an expected upturn in venture capital activity in 2024.
TechPoint on Thursday released its 2023 Indiana Tech Venture Report, which showed that the tech sector saw small gains last year despite a slowed economy.
The report says tech-specific venture capital investments in Indiana totaled about $278 million through 115 deals last year. The number of deals was up 20% compared to 2022, but the total investment declined by 40%.
The venture activity was highest among health-tech companies with 35 deals worth nearly $74 million, followed by ag-tech and hard tech companies each with 11 deals worth $38 million.
TechPoint says the majority of VC activity took place in central Indiana, but every Indiana region saw at least one deal last year.
Among the deals highlighted in the report are the $20 million Series B round announced in January 2023 by Indianapolis-based Authenticx, as well as $17.5 million Series A round last June from New Albany-based RxLightning.
Chelsea Linder, vice president for innovation and entrepreneurship at TechPoint, said they are optimistic for the tech sector’s outlook in 2024.
“We’re heartened by indications that interest rate cuts are coming in 2024 and we know there’s a lot of dry powder out there,” Linder said in a news release. “We expect a return to growth this year.”
You can connect to the full report by clicking here.
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