News

Upstate Capital Weekly Newsletter – 2/9/22

Deals, News & Events for the Upstate Capital Investment Community 



UPSTATE CAPITAL NEWS

CEO STORY: INFIUSS HEALTH

Join Melissa Bime, CEO of Infiuss Health, in conversation with Maura Devlin, 43North’s VP of Marketing Strategy and PR, about scaling Buffalo-based Infiuss with Upstate NY resources and partners. The talk will take place on March 3 at Upstate Capital’s Invest NY: Health event in Buffalo and online.


VENTURE + GROWTH

OWL AUTONOMOUS IMAGING
RAISES $15M

Owl Autonomous Imaging, a startup developing thermal imaging and ranging technology, has raised $15M in Series A funding to help it pursue applications in automotive safety systems. Upstate Capital member Luminate NY Accelerator, an incubator for small photonics companies, is among the backers. Rochester-based Owl won $100,000 in 2021’s Luminate NY accelerator program.

BLUE HIGHWAY CAPITAL INVESTS IN
PTP INDUSTRIES

Upstate Capital member Blue Highway Capital, a growth equity firm dedicated to supporting growing businesses in rural America, has invested in Promise to Perform Industries, a manufacturer of industrial crane and fall protection systems and hoists. The business was acquired from its founding family, securing growth capital from Blue Highway.

GREEN PROJECT CLOSES OVER $1.8M IN SEED FUNDING

Green Project Technologies, a SaaS-based ESG accounting platform serving private markets and supply chains, has raised over $1.8M in its seed financing round. The round was led by Brooklyn-based investment firm Blue Collective. Jack McGowan, Director at the WNY Venture Association and an Upstate Capital member, took part in the deal.

CASANA RAISES ANOTHER $30M IN FUNDING

Casana, a Rochester-based health care tech firm, has raised a total of $46 million in capital, with $30 million coming from a recent Series B funding round. Launch NY and Excell Partners, both Upstate Capital members, had participated in Casana’s seed and Series A rounds. Casana plans to use the money for further development of the firm’s Heart Seat, a cuffless blood pressure monitor built into a toilet seat.


PRIVATE EQUITY + M&A

EWASTE+ ANNOUNCES STRATEGIC EQUITY INVESTMENT DEAL

EWASTE+, a provider of IT Asset Disposition and Electronics Recycling Services, announced a strategic equity investment by Sidereal Capital Group, a private equity firm. Upstate Capital member organization, Paramax, advised on the deal. EWASTE+ has facilities in Rochester, Albany and NYC. The company has diverted over 200 million pounds of electronic waste from disposal in landfills.

GENTECH SCIENTIFIC ACQUIRES CONQUER SCIENTIFIC

Lakelet Capital, a Buffalo-based private equity firm that invests in lower middle market companies, has led the strategic merge of GenTech Scientific and Conquer Scientific. Randy Bianchi, Lakelet’s managing partner and Upstate Capital board member, said, “Having the opportunity to combine two great companies is rewarding, particularly when both companies have proven leadership, shared core values and celebrate tenured and happy clients.”

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