Indianapolis funding news: Biotech company tops recent local investments

Indianapolis funding news: Biotech company tops recent local investments
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By Hoodline - Published on September 20, 2019.

 Indianapolis-based biotechnology company Scioto Biosciences has secured $2.3 million in grant funding, according to company database Crunchbase, topping the city’s recent funding headlines. The cash infusion was announced August 22 and financed by National Institutes of Health.

According to its Crunchbase profile, "Based in Indianapolis, Indiana, Scioto Biosciences is a preclinical stage company developing innovative therapies devoted to having a transformative impact on the delivery of microbiome therapeutics. The Scioto Platform has the potential to enhance efficacy wherever probiotics are used such as diabetes, neurological disorders, gastrointestinal health, alternatives to in-feed antibiotics (in livestock) and others"

The three-year-old startup has raised two previous funding rounds, including a $330,000 grant in 2018.

The round brings total funding raised by Indianapolis companies in science and engineering over the past month to $3 million. The local science and engineering industry has produced 11 funding rounds over the past year, capturing a total of $24 million in venture funding.

In other local funding news, artificial intelligence and manufacturing company ConverSight.ai announced a $700,000 seed funding round on September 16.

According to Crunchbase, "ConverSight.ai, an artificial intelligence  and analytics-based platform uncovers actionable business insights for enterprises through natural language conversations and enable them to take actions instantly. The platform generates tremendous efficiencies across organizational hierarchies from junior to senior leadership, reducing our customer report generation costs by over 50%."

Founded in 2017, the company has raised two previous rounds, including a $500,000 angel round in 2018.

This story was created automatically using local investment data, then reviewed by an editor. Click here for more about what we're doing. Got thoughts? Go here to share your feedback.