Colorado’s funding outlook appears to be on an upward trajectory the close of the first month of Q4.Venture capital raised by Colorado-based companies in Q3 fell below $1 billion for the first time since 2021, but local businesses pulled in significant capital in October.
The five Colorado companies that raised the largest rounds in October raised a total of $395.3 million, a slight uptick from August. Two of the five businesses that secured funding in October raised at least $100 million.
Husk Power Systems — $43 million
Developing and operating small hybrid power plants, Husk Power Systems electrifies communities in rural South Asia and Sub-Saharan Africa. The Fort Collins-based company recently closed a $43 million Series D equity round and $60 million in debt. Husk said the fresh capital will fund at least 1,400 new minigrids, and two-thirds of the funding will go to Sub-Saharan Africa. Since Husk last raised equity funding in 2019, it has grown its fleet to more than 200 minigrids across two continents.
AgentSync — $50 million
Tech unicorn AgentSync raised a $50 million Series B extension, bringing the round’s total to $125 million. This extension comes three months after the Denver-based company laid off at least a dozen employees. AgentSync builds efficiency tools for the insurance industry that connect agencies, carriers, agents and producers. The fresh capital will go toward building and improving its products.
PanTheryx — $52.3 million
Boulder-based biotech company PanTheryx researches and develops colostrum-based products aimed at addressing sports nutrition, early childhood nutrition and digestive, skin and immune health. The company raised approximately $52.3 million from one investor in October, according to a Form D filed with the U.S. Securities and Exchange Commission. PanTheryx also raised a similar size funding round in 2019.
Prins AI — $100 million
Prins AI, a tech company that uses artificial intelligence to help businesses and celebrities create digital identities, raised $100 million in October, per VC and private equity publication FinSMEs. This comes two months after Prins secured a $22 million Series A+ round. The company was formed on June 13, 2023, under the name Prins AI Technology, and is based out of an active Chuy’s Tex-Mex restaurant in Lakewood, according to documents from the Colorado Secretary of State.
BKV Corp. — $150 million
Natural gas production company BKV Corp. raised $150 million from eight investors, according to a Form D filed with the SEC on October 10. The Denver-based company purchased a power plant in Texas for $430 million in August 2021 and announced plans to go public in November 2022.