Upstate Deals and Doings – December 18, 2017

Deals, news and events for the investment community across Upstate New York


Datto, an information technology company founded by RIT alum Austin McChord, was acquired by Autotask after raising over $100M. The deal closed on December 11, and 32-year-old Austin immediately announced a $50M donation back to RIT.

Deal Highlights:


  • Formarum, a Buffalo, N.Y.-based development company offering swimming pool and spa solutions that integrate new technologies to improve water quality, closed on a venture investment from OneTen Capital in early December, the 2nd for OneTen investor Jenae Pitts in Buffalo this year.

  • HigherMe, a Buffalo, N.Y.-based HR solutions company, that raised an additional $400k from 43North in October, has raised additional angel investment from UpVentures, Martin Babinec's investment arm, and other investors.

  • Cypherworx, a Rochester, N.Y.-based e-learning solutions company, raised over $800k in early stage venture financing.  Excell Partners and the Rochester Angel Network are both invested in the company.


  • ICardiac, a Rochester N.Y.-based healthcare services company, was acquired by EResearch Technologies.  The company received early stage growth capital from Brian Model and Stonehenge, among other investors.

  • US Salt, a Watkins Glen, N.Y.-based salt products company, was acquired by Kissner Milling for $225M.

Industry News

  • More than $755 million in economic and community development funding has been awarded through Round VII of the Regional Economic Development Council initiative. Central New York, Mohawk Valley, Capital Region, Mid-Hudson and Long Island Named 'Top Performers', and awarded $425.9M in total funding.
  • Genius NY announced the six finalists selected to take part in the second round of one of the world's largest business competitions focused on unmanned systems, cross-connected platforms and other technology-based sectors. The six finalists are Dropcopter, Fotokite, Precision Vision, Quantifly, TruWeather and UsPLM.
  • M&T Bank Corporation announced that Chairman and Chief Executive Officer Robert G. Wilmers died suddenly and unexpectedly at home on December 16. He was 83. In accordance with its succession plan, M&T's Board of Directors named lead outside director Robert T. Brady, former Chairman and CEO of Moog. Inc., as M&T's Non-Executive Chairman, effective immediately. M&T's three Vice Chairman, Richard S. Gold, René F. Jones and Kevin J. Pearson, maintain responsibility for the bank's day-to-day operations.

Upstate Capital Events

  • Buffalo - January 18 - Investing Upstate: 2017 Trends & 2018 Challenges Upstate Capital is hosting an event to review 2017 investment trends in Upstate New York. Pitchbook is confirmed to participate. Register today! Prices go up January 5.
  • Ithaca - February 7 - Starting Up and Staying Here: Highlights and Challenges for Immigrant Entrepreneurs. Featuring immigrant founders pitching their startups and conversation with John Hill, VP of Network at Techstars, and Stephen Yale-Loehr, immigration law expert, Attorney of Counsel at Miller Mayer LLP and Professor of Immigration Practice at Cornell Law School. Register today! After January 19, prices will go up.

Community Events

  • BACC Academy Pitch Day - December 18 - Latham. Celebrate biomedical innovation as Siena College spotlights the Capital Region's newest biomedical entrepreneurs.

  • Findings from New Angel Research Could Improve Your Investing - January 10 - Webinar. What makes an angel investor successful? That’s one of the many questions answered in The American Angel, an in-depth study of 1,659 angels and how they invest. Hear report authors talk about angel investing today on this ACA Webinar Series.

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