Upstate Deals and Doings – December 13, 2018

Upstate Deals and Doings
December 13, 2018

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


The 3rd Annual Awards Celebration celebrated the Upstate New York investment ecosystem by highlighting the most interesting deals and most active dealmakers. See who won!

Here are some highlights from the most recent deals done in Upstate New York.

  • Continual Care Solutions, a Pittsford-based developer of a medical platform designed to complete and provide comprehensive care plans and better management of at-risk populations, raised $50,000 of convertible debt financing
  • Abandoned Hard Cider, a Neversink-based Owner and operator of a food and beverage company intended to offer dry ciders, raised $200,000 of angel funding
  • Breuer (Pet Food), a Bedford Hills-based producer of pet food products designed to offer innovative human grade dog food, raised $318,750 of seed funding from Guild Capital and other undisclosed investors
  • Algiknit, an Albany-based owner and operator of a bio-materials clothing company intended to offer fashionable clothes made from the most renewable organisms on earth, raised $556,000 of angel funding
  • Sodterra Beverage, a Poughkeepsie-based Producer of sparkling tea beverages, raised $882,000 of convertible debt financing
  • Orthogonal, a Rochester-based developer of chemicals designed to build organic electronic materials, raised $2.13 million of angel funding
  • IntroNet, an Albany-based developer of web applications intended to offer digital introductions and referrals, was acquired by SAM
  • Splyce, a Rochester-based developer of an online sports platform designed to offer an interface to users for team gaming, was acquired by OverActive Media Group
  • Specialty Silicone Products, a Ballston Spa-based designer and manufacturer of silicone materials for aerospace, defense, research, oil and gas, testing, pharmaceuticals, and other markets, was acquired by HEICO
  • Town Crier, an Ithaca-based developer of technology systems designed to provide data to smart contracts in a secure manner, was acquired by Chainlink
  • Flavormatic Industries, a Wappingers Falls-based producer of custom flavor development for customers in flavored alcohols, coffee flavors, sports drinks, baked goods, confections, desserts, and pharmaceuticals, was acquired by Flavor Producers, a subsidiary of Ceba-Tech Specialty Solutions
  • Flynn, Walker, Diggin, a Saratoga Springs-based provider of auditing, accounting, tax, and management services to individuals, closely-held companies, and not-for-profit and government entities in Saratoga Springs, the Albany Capital District, southern Adirondack region, and New York’s Tech Valley, was acquired by UHY Advisors
  • Thermal Kinetics, a Buffalo-based manufacturer of modular, double effect caustic soda (NaOH) evaporators for chemical, food processing, renewable fuels, metal processing, and pharmaceutical industries, was acquired by RCM Technologies for $1.065 million

*Have a deal you’d like to share? Submit your deal here.


  • Boulder-based Techstars recently completed an assessment of the Buffalo startup community, conducting online surveys and verbal interviews with people who run, invest in or support local startups, according to sources who participated in the survey. Techstars has also posted a Buffalo-based position it describes as “executive director – community development program.”
  • A former 43North winner that moved out of Buffalo has closed on a major round of funding. Regentys went under the name Asana Medical when it won a $250,000 prize as part of the first class of winners in 2014. The primary goal of 43North is to seed high-tech companies in Buffalo, but it still has a stake in the success of companies that move away. That’s because winning startups give up 5 percent of their company to accept the prize money. Bulman said 43North’s stake in Regentys is now valued at around $1.5 million. Two other early 43North winners that moved away made fundraising news this year. PathoVax, which won in 2016, raised $2.75 million while Genetesis closed on a $7.5 million Series A round.
  • Amazon HQ in NY could spur investment in upstate’s drone corridor. While reaction has been mixed to Amazon’s selection of Long Island City in Queens as one of its new headquarters, promising 25,000 high-paying jobs, Syracuse business leaders said they are expecting a spill-over effect of investment in central New York, because of the region’s drone corridor.
  • LaunchNY receives $300,000 to support a new investor network, building on the success of its seed fund. Over the past two years the Launch NY seed fund has invested in 33 startups, which employ more than 130 people.


  • February 13 – Ithaca – Women, Money and Tech – The Upstate Capital Association of New York is hosting its second event focused on female founders and investors. Cultivating relationships between entrepreneurs and capital providers is a pillar of a successful entrepreneurial ecosystem, and encouraging women to start businesses and to invest in them increases the visibility of women throughout the vibrant investment community across New York state, ultimately contributing to narrowing the gender gap in finance and entrepreneurship. More information to come.
  • April 25 – 26 – Albany – E^3 Conference – Upstate Capital is hosting the Northeast region’s leading event for new and experienced angel and seed investors, entrepreneurs and entrepreneurial ecosystem builders. The event will feature “Pathways Through Entrepreneurship”, an exhibition of incubators, accelerators, investment funds and resources for entrepreneurs of all ages, Angel investor education and networking, entrepreneurs and ecosystem builders discussing how to continue developing the startup ecosystem, and the intercollegiate business plan competition featuring up to 120 teams from all 10 regions across New York State (details at
  • August 7 – 8 – Saratoga Springs – Saratoga Forum – Mark your calendars. Next year’s premier investor event of the season is booked! The Forum is an exclusive event with great content for venture capitalists, middle market debt & equity investors, limited partners, venture-backed and second-stage entrepreneurs & angel investors. Members and invited guests will join us at the Saratoga Race Course. Watch the horses and place your bets with Upstate New York’s most active investors.


  • January 16 – Albany – 2019 Economic Developer’s Conference – The NYSEDC conference provides economic developers with key insights, ideas, best practices, and opportunities in economic development. Conference attendees will get up to date information on the NYS Fiscal Budget as well as the status of the Legislative Session and Executive Budget.
  • January 30 – Latham – CEO Connect: Economic Outlook – Join Albany Business Review and Siena College Research Institute for a discussion with top business leaders sharing their outlook on 2019 and beyond. We’ll start with a brief overview of the results from annual Siena Survey followed by a discussion with our panel for a deeper dive into the answers behind the data. They’ll discuss the current economic client, their outlook for the year and, what businesses can do for continued success in the current economy.