The startup picture in Indianapolis

Venture activity is real but not dominant. Of 5802 tracked companies, 528 have ever raised outside money, and 150 sit in the funding-raised stage. SpectronRx's financing shows that life sciences can still attract a large cheque.

Startups in Indianapolis - Funding, Founders & Investors

Everything startup in one place: who's building, how the landscape clusters, the people and investors behind it, and whether the capital is real.

Anthem

Health Partner Connectivity Platform

est. 1992 · 51,500 staff · raised outside money

Gail Boudreaux — CEO & President

Nevin Ramanujan — Manager Corporate Development · Master of Business Administration The University of Chicago Booth School of Business

Lilly

Traditional pharmaceutical company focused on drug discovery

est. 1876 · 39,000 staff · raised outside money

Dave Ricks — CEO & President

Eli Lilly — Founder

Indiana University Health

Leading-edge Medicine Partnership at IU Health

est. 1997 · 34,097 staff · raised outside money

Michael Harlowe — President - Saxony & Tipton

Kelly Braverman — President - Frankfort Hospital

Marsh

Beacon-Enabled Convenience Store Experience

est. 1931 · 14,000 staff · raised outside money

Tom O'Boyle — President & CEO

Community Health Network

Provider of healthcare solutions for employees

est. 1998 · 13,897 staff · raised outside money

Bryan Mills — President and Chief Executive Officer

Republic Airline

Regional Airline Services for Safe, Clean, Reliable Experience

est. 1974 · 5,581 staff · raised outside money

Bryan Bedford — CEO & President

ADESA

Timed auction experience for wholesale buyers with a low buy fee.

est. 1991 · 4,500 staff · raised outside money

Laura Borusas — CEO

Orbis Education

Online degree programs for future healthcare professionals

est. 2003 · 3,820 staff · raised outside money

Daniel Briggs — Founder & CGO · Mizzou

Simon

Human Resources Agency Company in Indianapolis, IN

est. 1960 · 3,300 staff · raised outside money

David Simon — Chairman & CEO

TriMedx

TRIMEDX: Company with a focus on employee engagement and development.

est. 1998 · 2,796 staff · raised outside money

Greg Ranger — Founder, President & CEO

First Merchants Bank

Traditional financial services company with a long history of customer service

est. 1893 · 2,124 staff · raised outside money

Mike Rechin — CEO

Indiana Michigan Power

Electricity distribution company

est. 2004 · 2,000 staff · raised outside money

Archie Pugh — Managing Director

Equian

Equian: Eco-friendly payment integrity solutions for healthcare

est. 2004 · 1,741 staff · raised outside money

Scott Mingee — CEO

BrightPoint

Online B2B platform for wireless devices and other services

est. 1989 · 1,628 staff · raised outside money

Robert J Laikin — CEO · Indiana University South Bend

ExactTarget

Developer-focused email marketing platform

est. 2000 · 1,554 staff · raised outside money

Peter McCormick — Co-Founder

Scott McCorkle — President, Technology & Strategy

Vertellus

A leading provider in the world of chemical solutions with innovative technology

est. 1857 · 1,400 staff · raised outside money

Rich Preziotti — CEO & President

ProTrans

A perfect Fit

est. 1993 · 821 staff · raised outside money

Gary Cardenas — CEO

Duke Realty

Industrial Real Estate Services for Third-Party Owners

est. 1972 · 694 staff · raised outside money

Denny Oklak — Ex-CEO

James Connor — CEO

Franciscan Health

Health System

est. 1875 · 691 staff · raised outside money

Kevin Leahy — CEO & President

Morales Group

BUILDING BETTER FUTURES ONE STORY AT A TIME

est. 2003 · 395 staff · raised outside money

Tom Morales — Co-Founder & CEO

IAA

International airport that provides resources to help travelers navigate arrival and departure processes

est. 1962 · 390 staff · raised outside money

Mario Rodriguez — CEO

Birge & Held

Real estate investment firm offering equity investments

est. 2008 · 342 staff · raised outside money

Andrew Held — Co-Founder & Co-CEO

Bloomerang

Cloud-based donor management for nonprofits

est. 2012 · 337 staff · raised outside money

Jay Love — Co-Founder & CEO

Ross Hendrickson — CEO

FullStack PEO

Provider of recruitment, payroll management, and HR consulting & administration services

est. 2018 · 323 staff · raised outside money

Michael Kelly — CEO

cluster · 1042 companies

Business Services

69 founded since 2018 · 27 funded

Sub-themes

marketing services · 196it services · 136hr services · 126legal services · 88facility management services · 74event management services · 57

e.g. usic, WorkSmart Systems, Free-lance Graphic Design and Illustration

cluster · 634 companies

Real Estate And Construction

35 founded since 2018 · 22 funded

Sub-themes

real estate brokers · 93construction contractors · 92real estate & infrastructure developers · 89building materials · 65architects · 59construction management services · 44

e.g. American Senior Communities, infrastructure and energy alternatives, Asphalt Materials

cluster · 551 companies

Healthcare

33 founded since 2018 · 46 funded

Sub-themes

clinic chains · 111rehabilitation and long-term care · 93services for healthcare providers · 90home healthcare · 32biopharma outsourcing · 29fitness and wellness centers · 26

e.g. Lilly, Indiana University Health, Carelon Global Solutions

cluster · 512 companies

Consumer

67 founded since 2018 · 43 funded

Sub-themes

b2c e-commerce · 107professional consumer services · 99sports services · 60temples and religious trusts · 45logistics tech · 33sports tech · 29

e.g. ncaa, Angi, LIDS Sports Group

cluster · 471 companies

Enterprise Applications

109 founded since 2018 · 104 funded

Sub-themes

hrtech · 114marketingtech · 104saas · 102enterprise software · 99sales force automation · 39healthcare it · 21

e.g. Community Health Network, ms companies, ExactTarget

cluster · 379 companies

Financial Services

24 founded since 2018 · 15 funded

Sub-themes

finance & accounting services · 102asset management · 78insurance carriers · 54services for investment industry · 32insurance distribution · 27service providers to banks · 22

e.g. WellPoint, Simon, First Merchants Bank

cluster · 235 companies

Retail

34 founded since 2018 · 24 funded

Sub-themes

b2c e-commerce · 52internet first brands · 32fashion tech · 24home improvements · 21e-commerce enablers · 20b2b e-commerce · 16

e.g. Marsh, finish line, Angi

cluster · 208 companies

Education

13 founded since 2018 · 16 funded

Sub-themes

k-12 schools · 52educational support services · 44higher education institutions · 31continuing education centres · 30afterschool programs · 15early education & child care centres · 13

e.g. IUPUI, alpha kappa psi, Herff Jones

cluster · 175 companies

Media & Entertainment

26 founded since 2018 · 11 funded

Sub-themes

internet first media · 50film & tv studios · 37internet first news publishers · 20radio tech · 18b2c e-commerce · 16online event ticketing · 14

e.g. Webstream Productions, emmis communications, indianapolis star

cluster · 169 companies

Healthtech

56 founded since 2018 · 46 funded

Sub-themes

healthcare it · 82healthcare booking platforms · 22hrtech · 22employee health it · 18fitness & wellness tech · 14disease self management · 12

e.g. Anthem, Community Health Network, Orbis Education

Founder & Background	Role	Company
Gail Boudreaux United Healthcare, Dartmouth College.	CEO & President	Anthem
Nevin Ramanujan Ex-Anthem. University of Washington - Michael G. Foster School of Business BA 2016, The University of Chicago Booth School of Busi	Manager Corporate Development	Anthem
Dave Ricks Eli Lilly and Company. Purdue University BS 1990, Indiana University MBA 1996	CEO & President	Lilly
Michael Harlowe Ex-Floyd Memorial Hospital and Health Services, Good Samaritan Hospital.	President - Saxony & Tipton	Indiana University Health
Kelly Braverman Indiana University MHA	President - Frankfort Hospital	Indiana University Health
Brian Shockney Indiana University MHA	President - IU Health South Central Region	Indiana University Health
Daniel Neufelder Ex-Ernst & Young. University of Southern Indiana, University of Indianapolis	President -Arnett Hospital	Indiana University Health
Bradford Dykes Wabash College BA, Indiana University School of Medicine MHA, Murray State University MBA	President -Bedford Hospital	Indiana University Health
Larry Bailey Ex-Kimmerling, Myers & Co. Indiana University BS	President- IU Health Paoli Hospital and IU Health Morgan	Indiana University Health
Bryan Mills Community Health Network, ex-Visionary Enterprises	President and Chief Executive Officer	Community Health Network
Laura Borusas Ex-Quantum 9, Allure Day Spa. DePaul University 2015	CEO	ADESA
Daniel Briggs CEO Orbis Education, ex-CCS Medical, Best Buy, Roche Diagnostics. University of Missouri-Columbia BS 1982	Founder & CGO	Orbis Education
Greg Ranger Gospelink, ex-Trimedx, ex-Medxcel, University of Michigan - Stephen M. Ross School of Business	Founder, President & CEO	TriMedx
Archie Pugh American Electric Power, ex-Virginia Tech Ce Alumni Board, University of Virginia Darden School of Business, 2015	Managing Director	Indiana Michigan Power
Scott Mingee Xerox, ACS, Outsourced Administrative Systems. Indiana University 1988, Northwestern University 2009	CEO	Equian
Robert J Laikin Founder L7 Investments, ex- Founder Brightpoint, Washington Prime Group, Ingram Micro. Indiana University BS 1997	CEO	BrightPoint
Peter McCormick Operating Capital, ex-Cheetah Digital, ex-Clicktale, University of Minnesota - Carlson School of Management, 1999	Co-Founder	ExactTarget
Scott McCorkle CEO MetaCX, Torchlite Marketing, Vibenomics \| ex-Amplero, Mezzia, IBM \| Ball State University BS 1989, Indiana University MBA 1995	President, Technology & Strategy	ExactTarget
Tom Morales Purdue University BS 1975	Co-Founder & CEO	Morales Group
Andrew Held Birge And Held, Butler University, 2008	Co-Founder & Co-CEO	Birge & Held

backgrounds shown where available

143 investors are on record backing Indianapolis companies. The most committed:

Most active — backed 2+ companies

Collina Ventures

JMI Management

Allos Ventures

Elevate Ventures

2Tekla Capital Management

2TPG

2HHS

2HRSA

2ED

2United States Department of Agriculture

2Square 1 Bank

2OpenView

Institutional

Collina Ventures · VC fundAllos Ventures · VC fundElevate Ventures · VC fundOpenView · VC fundMK Capital · VC fundAlumni Ventures · VC fundLightspeed Venture Partners · VC fundAscension Ventures · VC fundTCV · VC fundScale Venture Partners · VC fundGreenspring Associates · VC fundSapphire Ventures · VC fundBaseline Ventures · VC fundRAA Ventures · VC fund+ 31 more

Private & corporate backers

JMI ManagementTekla Capital ManagementTPGHHSHRSAEDUnited States Department of AgricultureSquare 1 BankChris BaggottDynamic Technology+ 88 more

hover a name to see who they backed

Funded startups — peer cities

Indianapolis

528

Columbus

481

Cincinnati

460

Louisville

425

Milwaukee

284

Companies that have raised

Company	Industry	Rounds	Latest Round	Founded
Simon	real estate	3	2010-12	1960
Sanctuary Wealth	financial services	1	2022-07	2018
Sonitrol Security	security and investigations	2	2017-06	1964
Kennected	tech services	3	2024-07	2018
Consona Corporation	business/productivity software	3	2010-06	1997
Authenticx	hospital & health care	2	2021-06	2018
Strand Analytical Laboratories	biotechnology	0	—	2004
The Seasons of Carmel	real estate services (b2c)	1	2014-07	2014
RICS Software	computer software	1	2012-10	1983
Post Market Insights	marketing and advertising	1	2022-08	2022
Vigtec	financial services	2	2021-06	2018
Bekins	transportation/trucking/railroad	1	2009-07	1891
Franciscan Health	hospital & health care	1	2017-05	1875
Noble Roman’s	restaurants	2	2016-11	1972
Neurofox	biotechnology	1	2016-04	2011
Canvas	computer software	1	2017-08	2016
South Campus Surgery Center	medical practice	1	2022-11	1997
Godby	construction	1	2011-08	2011
Theratome Bio	biotechnology	1	2018-01	2017
Bountiful Labs	hospital & health care	1	2023-05	2022
Hale & Associates	insurance	1	2016-03	1983
ProBook	sports	1	2021-08	2020
Theoris Services	information technology and services	1	2020-01	1984
Rundown	internet	1	2013-07	2013
BATS	telecommunications	1	2011-01	2008

round amounts sparse for tier-3 cities — counts shown, dollar totals withheld

Company	Industry	Founded	Employees
DataXpert Solutions	information technology and services	2026	—
Snapteams	computer software	2025	—
AllEarsDigitalMarketingandConsulting	marketing and advertising	2025	—
Divine Essentials	cosmetics	2025	—
Grover	automotive	2025	—
Groot Books	accounting	2025	—
Hoosierr	other commercial services	2025	—
Joseph Premier Care	hospital & health care	2025	—
SeventySeven	computer software	2025	—
Tsenta	information technology and services	2025	—
Mozaic	transportation/trucking/railroad	2024	—
Qyn AI	computer software	2024	—
Backstroke	marketing and advertising	2024	—
Career Genius	writing and editing	2024	—
Catherine Rose Home Care	hospital & health care	2024	—
Crystal Onyx	computer software	2024	—
DEVNYE	computer games	2024	—
EvokeEdge	financial services	2024	—
FinsinTech	computer software	2024	—
Fishersrestorationexperts.com		2024	—

The startup picture in Indianapolis

Anthem

Lilly

Indiana University Health

Marsh

Community Health Network

Republic Airline

ADESA

Orbis Education

Simon

TriMedx

First Merchants Bank

Indiana Michigan Power

Equian

BrightPoint

ExactTarget

Vertellus

ProTrans

Duke Realty

Franciscan Health

Morales Group

IAA

Birge & Held

Bloomerang

FullStack PEO

Business Services

Real Estate And Construction

Healthcare

Consumer

Enterprise Applications

Financial Services

Retail

Education

Media & Entertainment

Healthtech

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