Hey, I'm Dan! I'm the CEO of Plus and a venture partner at Madrona. I write the DL, a newsletter about tech in the Pacific Northwest

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May 2020 PNW Venture Deals

Here are the PNW startups that announced new fundraising rounds in the month of May. These 18 companies raised ~$340M last month!


Series B and Later Rounds 🚀

  • AbCellera - Single-cell platform for therapeutic antibody discovery - $105M Series B led by OrbiMed and DCVC
  • Nautilus Biotechnology - High-throughput, low-cost platform for proteome analysis - $76M Series B led by Vulcan
  • DefinedCrowd - Platform for sourcing, structuring, and enriching ML training data - $50M Series B
  • Knock - Front office platform for multifamily property management companies - $12M Series B led by Madrona
  • Bright.md - Asynchronous virtual healthcare platform - $8.7M Series C led by B Capital, Seven Peaks, and Concord Health


Series A Rounds 🛫

  • Good Therapeutics - “Context-dependent” protein drugs that act only when and where they are needed - $22M Series A
  • ARTMS – Systems for local production of diagnostic imaging isotopes - $19M Series A led by Deerfield
  • Wyze - Smart home cameras and devices at affordable prices - $10M Series A1 led by Norwest
  • Syndio - Pay-equity analysis platform - $7.5M Series A led by Voyager and Emerson Collective
  • Coinme - Bitcoin ATM network - $5.5M Series A1 led by Pantera
  • Beta Hatch - Insect protein for animal feed - $3M Series A1


Seed Rounds 🌱

  • Ziva Dynamics - Virtual character simulation software - $7M Seed
  • React Mobile - Panic button apps and devices - $6.8M Seed
  • Skinny Dipped Almonds - Chocolate coated almonds - $5.8M Seed
  • Latchel - Rental property maintenance platform - $3.4M Seed
  • Tripgrid - Workspace to manage project travel - $1.9M Seed
  • Cloud Paper - Toilet paper made with ultra-soft bamboo - $1.6M Seed
  • MDMetrix - Healthcare analytics platform - $1.15M Seed
  • Stably – Asset-backed stablecoins on the blockchain - $1M round


M&A and IPOs 💥

  • Tune - SaaS platform for managing marketing partnerships - Acquired by Constellation Software
  • – next two are not Seattle companies, but were acquired by one –
  • Softomotive - RPA platform focused on desktop automation - Acquired by Microsoft
  • Metaswitch - Software for communications platform providers - Acquired by Microsoft


Thoughts and Observations 🧐

  • Two-thirds of investment dollars went towards life sciences companies
  • Only one company on this list was founded in 2019 or later. We’ll continue watching how the pandemic slows down the rate of new startup formation in the PNW
  • Expect to see more big tech acquisitions in the coming quarters as startups look for exits, and valuations come down


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