It’s Election Season! 🌎🗳️

⏰ Midwest Minute 

As election season rolls in, let’s take a look at the quirks and history that keep our democratic ball moving forward—quite literally, in some cases. The spirit of democracy has roots dating back to ancient Rome and Greece. In Rome, the concept of 'res publica' (public affairs) set a foundation for civic engagement. Over time, these early democratic ideals inspired the evolution of more inclusive voting systems, paving the way for what we recognize as modern democracy. 64 countries around the globe are set to hold elections this year, dubbing 2024 as the election year. The phrase "Keep the Ball Rolling" began in 1840 with William Henry Harrison’s campaign, which saw a massive slogan-covered ball pushed from town to town to symbolize relentless momentum. His grandson Benjamin Harrison revived the tradition in 1888, ensuring the concept of a “rolling campaign” would live on. Beyond these traditions, Midwest-born presidents like Lincoln and Hoover brought unique entrepreneurial spirit to the Oval Office, with Lincoln’s inventive patent—the only patent ever granted to a U.S. president—and Hoover’s mining engineering background.

And when elections are too close to call, some regions still use surprisingly old-school tie-breakers. In 2017, for instance, a tied Virginia House race was resolved by drawing a name from a bowl. Meanwhile, Midwest-based GovTech innovations—like Chicago’s BallotReady and Cleveland’s Votem—as well as global voting trends—from Australia’s mandatory voting to Estonia’s digital ballots—keep pushing voting practices forward. It’s a reminder that while democracy may have ancient roots, we’re always finding new ways to keep it fresh. Get out there and vote, even if it happens to be in one of America’s most unusual polling places.

Casting a vote to see the latest news from across the Midwest—Chicago’s Abbvie is acquiring Aliada Therapeutics in a $1.4B deal. Ypsilanti’s Luxwall raised a $51M Series B following their 2023 $33M Series A. Chicago-based Pathos AI also announced a $62M Series C. More announcements below!

Have any insights into the Midwest ecosystem or a funding announcement to share? Want to share your favorite startup that is innovating in GovTech? Send us an email: [email protected] 

📰 Notable News

Exits

• Chicago-based Abbvie set to acquire Aliada Therapeutics for $1.4B

• Mason-based Benchmark Gensuite acquired Cincinnati-based Anvl for an undisclosed amount

• Minneapolis-based Lucy was acquired by St. Louis-based Capacity for an undisclosed amount

Startup Funding

• Pathos AI - $62M Series C led by NEA | Chicago

• LuxWall - $51M Series B led by Climate Investments and Barclays Sustainable Impact Capital | Ypsilanti, MI

• WarrCloud - $20M Series B led by Centa Growth Partners | St. Louis

• Hummingbirds - $5.4M Seed from Allos Ventures, ground game, M25, Homegrown Capital, ISA Ventures, InnoVenture Iowa and Next Level Ventures | Des Moines

• Hydrosome Labs - $3.7M Seed from investors | Chicago

• Edge AI - $3M Seed led by LMNT Ventures | Pittsburgh

• Cold - $2.65M Pre-Seed led by York IE | Minneapolis

• FinOpsly - $1.92M Pre-Seed led by HPVP | Cincinnati

VC Funds

• Connectic Ventures - Connetic Venture Capital Access Fund | Covington, KY

Other News

• PitchBook NVCA Venture Monitor Q3 2024

• Technology job market status: Better but not great - Indianapolis Business Journal

• What’s next for The Alinea Group with Jason Weingarten at the helm

• PitchBook identifies which startups are likely to IPO next

• Cintrifuse Capital further details investment plans at record-breaking StartupCincy Week

📆 Mark your Calendar

Need to fill your social calendar? We’ve scoured newsletters, scanned LinkedIn and found some of the latest tech + startup events in the region. Know of any upcoming events and want to share them? Send us an email: [email protected]