INDIANAPOLIS — Indianapolis-area startups raised a record $892 million in venture capital, private equity, and angel investment in 2024, according to data compiled by the Indy Chamber's TechPoint division — a figure that nearly doubles the previous annual record and signals a step-change in how national investors view the Central Indiana startup ecosystem.

The record was driven by several significant funding rounds, including a $210 million Series C for health data platform Springbuk, a $145 million Series B for agricultural technology firm AgriForce, and a $98 million Series A for cybersecurity startup ShieldAI. These lead deals attracted institutional follow-on investors who also funded smaller Indianapolis companies for the first time.

"There's a flywheel effect happening," said TechPoint CEO Mike Langellier. "When national-caliber venture firms make large bets in Indianapolis, they bring their networks. They introduce their Indianapolis portfolio companies to other investors. The ecosystem compound-grows."

Health tech accounted for the largest share of Indianapolis startup funding at $380 million, reflecting the city's life sciences industry depth and the access to clinical data and partnership opportunities it provides to healthcare technology companies. Logistics technology ranked second at $190 million, followed by fintech at $145 million.

Supporting the Startup Community

Indianapolis's 16 Tech Innovation District, which opened in 2020 adjacent to the IUPUI campus, has become the physical hub for the startup community, housing more than 40 startups and innovation-focused companies in its purpose-built campus. The district recently announced Phase 2 construction that will add another 280,000 square feet of lab, office, and maker space.

Growing startups building their digital marketing and brand presence can find support through Project Brilliant, which offers digital marketing and brand development services for Indianapolis-area businesses at all stages of growth.