Seattle-based pharmaceutical company Faraday Pharmaceuticals has secured $25 million in Series B funding, according to company database Crunchbase, topping the city’s recent funding headlines. The cash infusion was announced on Sept. 20.
According to its Crunchbase profile, "Faraday Pharmaceuticals is an early-stage therapeutics company focused on developing novel therapies to treat ischemia-reperfusion injury. Faraday has in-licensed proprietary liquid formulations of reduced nonmetal gaseous elements developed in the lab of Dr. Mark Roth at the Fred Hutchinson Cancer Center. The company was founded in 2014 and is located in Seattle, Washington."
The six-year-old company has raised three previous funding rounds, including a $33 million Series A round in 2017.
The round brings total funding raised by Seattle companies in health care over the past month to $59 million, an increase of $53 million from the month before. The local health care industry has seen 44 funding rounds over the past year, yielding a total of $385 million in venture funding.
In other local funding news, logistics and freight service company Logixboard announced a $4.2 million seed funding round on Sept. 1, led by Social Leverage.
According to Crunchbase, "Logixboard is a cloud platform transforming how the $2 trillion freight forwarding industry operates. Firms currently use paper, spreadsheets and email to track their customers’ shipments and provide visibility to shippers. They are encumbered by low-tech, hard-to-use solutions that are inefficient and costly."
The company also raised a $350,000 angel round in 2017.
Meanwhile, video company Inspo Network raised $3 million in seed funding, announced on Sept. 24. The round's investors were led by Greycroft.
From the company's Crunchbase profile, "Inspo is a Creator-driven media company transforming the $50B lifestyle market for creators, consumers and brands. Inspo helps leading Creators to inspire their audiences through original, short-form premium video experiences. Its video platform creates thousands of original, television-quality shows reaching more than 120 million loyal viewers."
Inspo Network last raised $5.5 million in seed funding in 2018.
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