In a region better known for its enterprise software and cloud computing prowess, fast-growing startups in the Seattle area are now pushing into more far-out frontiers.
Companies developing rockets, fusion energy, and next-generation batteries account for a large share of total venture capital raised in the Seattle region over the past several months, according to GeekWire’s regularly updated fundings list.
- Most recently, Kent, Wash.-based Stoke Space Technologies, revealed last week that it raised $510 million in fresh funding to accelerate development of its fully reusable Nova rocket — less than a year a separate $260 million round.
- Woodinville, Wash.-based battery maker Group14 Technologies raised the largest round in the Pacific Northwest during the third quarter, raking in $463 million to support manufacturing of its silicon anode technology used in lithium ion batteries.
- In June, TerraPower, a Bellevue, Wash.-based company co-founded by Bill Gates, raised $650 million for its next-generation small modular nuclear reactors.
- Earlier this year, Helion Energy landed $425 million to fund its fusion innovations and construction of its first commercial reactor located in Eastern Washington.
The burst of funding into space, fusion, and energy startups marks a new chapter in Seattle’s innovation cycle. In earlier decades, local investment was dominated by software and e-commerce ventures — many launched by entrepreneurs who cut their teeth at hometown corporations such as Microsoft and Amazon.
Now, a new wave of “hard tech” startups is pairing the region’s engineering talent with federal funding, climate incentives, and investor appetite for transformative technologies.
Startups across the Pacific Northwest raised nearly $1.3 billion in venture capital dollars during the third quarter, according to GeekWire’s fundings list. That’s down about 35% compared to the year-ago period, and down from $1.8 billion raised in Q2.
Here were the other top deals from Q3:
- Kardium, a Vancouver, B.C.-based company behind a system that treats atrial fibrillation, raised $250 million.
- Sparrow Pharmaceuticals, a Portland, Ore.-based biotech startup, raised $95 million in a Series B round to advance development of its treatment for type 2 diabetes.
- Hubble Network, one of several up-and-coming startups in the Seattle area’s growing space industry, raised $70 million to accelerate the growth of its satellite-powered Bluetooth network.
- Augmodo, a Seattle startup that sells wearable tech for retail store employees, raised $37.5 million in July.
- Dropzone AI, a Seattle startup developing AI tools for cybersecurity, raised $37 million in a Series B round.
- 4AG Robotics, a B.C.-based startup making robots that can harvest and package mushrooms, raised $29 million.
