Mississippi startup and high-growth companies raised over $43 million in seed funding and working capital in 2022, according to Innovate Mississippi CEO Tony Jeff.
“And that’s just a sampling of some of the largest funding rounds,” Jeff said. Innovate Mississippi focuses on early-stage and high-growth companies, most of whom are in seed or other early funding rounds. The $43 million figure represents money raised by 16 high-growth firms that Innovate Mississippi tracked last year, including some not reported publicly.
Adranos sits at the top of the list with a $20 million Series A funding round they closed in April 2022. The company, with facilities in McHenry, Miss., makes solid rocket motors that run on their proprietary ALITEC fuel. They closed the funding round after Adranos completed a test of ALITEC that the U.S. Navy and U.S. Air Force jointly funded.
“National security and commercial space customers want substantially more performance from solid rocket motors, and that is exactly what we offer them,” said Chris Stoker, CEO and co-founder at Adranos in a press release.
Carmigo, the Tupelo-based automotive technology company that offers an app-based system for selling your used car to dealers, raised $7 million in August of 2022 from new and existing investors.
“This round close is a significant milestone for Carmigo,” said Carmigo co-founder and CEO Andrew Warmath in a press release. “We are proud of what we have built, but this recent investment makes us excited for what’s to come.”
Shloop LLC, based in Meridian, raised $3 million in 2022 and is planning a $9 million project to convert a 30,000-square-foot 1930s-era bakery into a manufacturing facility for premium shoes that use sustainable materials.
Vibe LLC, the downtown Starkville-based company behind Glo Cubes and Glo Pals products, announced a $1.7 million round in April 2022, bringing their valuation close to $20 million.
“We’re fortunate to be part of a community that champions and invests in its new businesses,” said Hagan Walker, Glo’s co-founder and CEO, in a press release. “Now we have the capital to expand our creative team, develop some cool projects and launch more innovative products. With this momentum, who knows where we’ll be in a year.”
Additionally, several companies raised money through the Mississippi Seed Fund, managed by Innovate Mississippi. Shovel, ConnectVNA and The Skin Consult received $100,000 awards (which also required matching investments), while Humo LLC, Prospective Vision Solutions LLC, GS Research LLC and iResonate Corp. won $10,000 “proof-of-concept” awards.
“You can see why Innovate Mississippi’s theme for 2023 is ‘You can do it here,'” said Jeff. “We have the networks and resources to make high-growth, sustainable startups possible right here at home, and we’re excited to see so many of them succeed and grow.”