TechPoint today released its 2025 Venture Report, an annual analysis of venture capital investment trends shaping Indiana’s innovation economy. The report provides a comprehensive look at the national and state levels, highlighting a year defined by recalibration and renewed focus on long-term value creation.
New this year, the report also features Indiana’s top venture capital financings and M&A / IPO transactions of 2025, which together represent the finalists for the Deal of the Year Mira Award. Winners will be announced live at the 27th annual Mira Awards on April 24.
After several years of rapid expansion followed by sharp correction, 2025 marked a year of calibration for venture capital,” said Chelsea Linder, vice president of innovation & entrepreneurship at TechPoint. “Investors exited the year with greater clarity around pricing, risk tolerance, and where durable value is being created.”
Key findings from the report are:
Venture Capital Recalibration
Nationally, venture capital activity in 2025 reflected a more disciplined equilibrium following the market reset that began in late 2022. While total capital deployed remained below peak-cycle highs, investors emphasized selectivity, conviction, and capital efficiency.
Technology also continued to anchor venture investment across stages. Artificial intelligence remained dominant, though investor scrutiny increasingly differentiated between AI-native platforms and companies using AI as an enabling layer.
Life sciences also demonstrated strength nationally, supported by longer investment horizons and reduced sensitivity to short-term public market volatility. Exit activity overall remained constrained, with mergers and acquisitions emerging as the most viable and strategic liquidity pathway.
Indiana’s Tech Venture Ecosystem Shows Resilience
The recalibration was apparent in Indiana. Indiana-based tech companies raised approximately $290 million across 98 venture deals in 2025. Technology-focused investments accounted for 77% of all venture capital activity.
While total deal count and capital deployment declined compared to prior years, the data signals a market that is stabilizing rather than contracting. Deal activity increasingly prioritized product resilience, customer traction, and capital stewardship over growth-at-all-costs strategies.
Indiana’s ecosystem also benefited from improved syndication quality in 2025, with increased participation from experienced out-of-state investors alongside Indiana-based capital. This external engagement reflects growing confidence in select Indiana technology companies and stronger alignment between founders and investors on valuation, efficiency, and time horizons.
“2025 was a year of resetting momentum in Indiana,” Linder added. “Indiana’s tech venture ecosystem demonstrated resilience through disciplined capital deployment and growing alignment with national investor expectations. In 2026, the signals currently point to a more selective, and ultimately more sustainable, venture environment.”
2025 Deal Highlights and Deal of the Year Finalists
The finalists for the 2025 Deal of the Year Mira Award represent the most notable venture financings and exit events involving Indiana companies. These transactions stand out for their scale, strategic significance, execution quality, and long-term market impact.
Top Venture Capital Deals
- Sortera Technologies — $45M Later-Stage VC
- Fiber Global — $20M Series A
- BiomEdit — $18.6M Series B
- MetroNet acquired by T-Mobile US
- SEI Family Office Services (Archway) acquired by Aquiline Capital
- GeoH acquired by Council Capital & Boomerang Ventures
- Springbuk acquired by Truven Health Analytics (Merative)
- TRS Group acquired by Parsons Corporation
The 2025 Venture Report places Indiana’s tech venture activity in national context while identifying the data, dynamics, and signals shaping the next phase of growth for the state’s innovation ecosystem. While challenges remain, particularly around exits and scale-stage capital, Indiana enters 2026 positioned to convert disciplined investment and sector depth into durable, long-term growth.
Corteva Inc. (NYSE: CTVA) and bp (NYSE: BP, LSE: BP.L) today announced the launch of Etlas, their new 50:50 joint venture that will produce oil from crops – including canola, mustard and sunflower – for use in the production of biofuels like sustainable (or synthetic) aviation fuel (SAF) and renewable diesel (RD). Etlas will harness both Corteva’s century-long expertise in seed technology to develop crops ideally suited to produce SAF and RD as well as bp’s expertise in refining and marketing fuel for the commercial transportation market.
Etlas aims to produce one million metric tonnes of feedstock per year by the mid-2030s, which could produce over 800 thousand tonnes of biofuel. Initial supply is scheduled to begin in 2027 for use in co-processing at refineries as well as at dedicated biofuels plants.
Leading industry estimates have global demand for SAF growing to as much as 10 million tonnes by 2030[1] — from about 1 million tonnes in 2024, while global demand for RD could rise to as much as 35 million tonnes by 2030[2] from approximately 17 million tonnes in 2024. Etlas is designed to provide a reliable, scalable supply of feedstock to help meet this expected demand.
The feedstock Etlas uses will be harvested from crops that are grown on existing cropland, between main food cropping seasons. Such intermediate crops can help improve soil health while providing farmers with a new revenue stream. As they use existing cropland during times when it has previously been unproductive like a fallow or cover period, they also do not lead to additional demand for land.
Judd O’Connor, executive vice president of Corteva’s seed business unit added: “By helping found Etlas, Corteva continues to deliver on two critical parts of our mission: to help fuel the world and to support farmers. Agriculture is part of the solution, and we are excited to see Etlas come to life.”
Philipp Schoelzel, senior vice president, biofuels growth, bp added: “This capital light joint venture creates optionality in our biofuels value chain, strengthening our position and helping deliver attractive returns. We’re excited to collaborate with Corteva to deliver what our customers want.”
Ignacio Conti, Global Business Development Director at Corteva will be the new Etlas Chief Executive Officer and Gaurav Sonar, vice president, Novel Feedstocks at bp will become its Chair of the Board of Directors.
“As the aviation industry looks for reliable, sustainable and cost-competitive sources of SAF, it is clear farmers have a critical role to play,” said Etlas CEO, Ignacio Conti. “Etlas brings together global leaders in agriculture innovation and energy production to harness this demand by leveraging technological expertise and trusted relationships with farmers around the world to help scale production and boost supply while offering farmers new revenue streams.”
The Pantheon is a 501(c)(3) nonprofit organization and a regional hub for entrepreneurship and innovation. Their mission is to spark innovation and fuel entrepreneurship by inspiring, growing, and supporting new and existing businesses in Knox County.
The Executive Director will serve as the visionary leader responsible for executing The Pantheon’s strategic plan and driving long-term growth.
Interested candidates can learn more here.
Crossroads Health Ventures (CHV) announced its launch of a new early-stage venture fund created to accelerate the growth of Indiana’s life sciences startups and reinforce the state’s global leadership across human, animal, and plant health innovation.
The fund has secured more than $21 million in commitments from strategic and institutional partners such as Eli Lilly and Company, Corteva, Elanco Animal Health, Indiana University, Parkview Health, and the State of Indiana through the Economic Development Corporation (IEDC). CHV will begin deploying capital in early 2026.
“Indiana is one of the nation’s strongest and most vibrant life sciences hubs, and Crossroads Health Ventures is an important next step in fueling our state’s innovation economy,” said Vince Wong, President and CEO of BioCrossroads and Crossroads Health Ventures. “With the State of Indiana’s transformational commitment and the leadership of our industry, academic, and investment partners, Crossroads Health Ventures fills a critical early-stage funding gap to help translate breakthrough ideas into high-growth Indiana companies that ultimately make a global impact.”
“This collaborative initiative is a transformative opportunity to propel Indiana’s already strong One Health economy,” said Secretary of Commerce David J. Adams. “Through Crossroads Health Ventures, the state–in partnership with industry and regional leadership–is lifting up entrepreneurs and startups to drive innovation across human, animal and plant health, creating next-generation solutions and solidifying Indiana’s global leadership.”
Indiana’s life sciences sector is already experiencing historic momentum. The state now ranks #1 in the U.S. for life sciences exports driven by global industry leaders, world-class research universities, and a highly skilled workforce. Access to early-stage capital is important to startups, and CHV is designed to address this need. With coordinated statewide leadership, a strong pipeline of promising innovations, and a dynamic entrepreneurial ecosystem, the fund will help ensure that more of Indiana’s life science discoveries grow into Indiana-based companies, creating jobs, attracting investment, and advancing solutions that improve health around the world.
“Indiana University is proud to join this collaborative effort to advance life-changing innovation across our state,” said Pamela Whitten, President, Indiana University. “Crossroads Health Ventures will help ensure that breakthrough discoveries—from IU researchers and entrepreneurs throughout Indiana—have the support they need to reach patients, clinicians, and communities. This initiative reflects the strength of Indiana’s research ecosystem and our shared commitment to fueling economic growth through scientific discovery.”
CHV will invest in 15–20 early-stage U.S.-based companies with assets that align with the strategic priorities of its partners, with the flexibility to concentrate investments in Indiana-based startups where there is strong alignment, differentiated opportunity, and potential for outsized return. The fund will support companies through key development and commercialization milestones and will provide follow-on capital to help founders reach critical inflection points.
“At Elanco, we know that innovation flourishes in strong, connected ecosystems that serve as pipelines for the next generation of technologies. Leveraging the strong support from Indiana’s unique One Health ecosystem with global leaders in human, animal, and plant health sectors, Crossroads Health Ventures provides the early-stage capital and strategic partnerships necessary for emerging life sciences companies to thrive,” said Jeff Simmons, President and CEO of Elanco Animal Health. “We believe Indiana is the most ideal location to accelerate life sciences innovations given the collaboration of leading global companies, top-tier research universities, and a strong public partnership that creates access to capital, expertise and manufacturing and pilot capabilities.”
A cross-initiative collaboration among BioCrossroads, TechPoint, and AgriNovus Indiana, CHV leverages more than 60 years of combined investment, startup, and corporate operating experience. Through deep networks, proprietary deal flow, and an integrated platform of entrepreneurial support, CHV is designed to accelerate startups’ growth, attract outside capital, and expand Indiana’s life sciences economy.
Advanced Agrilytics today announced a strategic partnership with Mutiny Crop Performance, signaling a continued evolution in how Advanced Agrilytics brings its environment-based agronomy methodology to market through strategic value-chain collaborations.
The partnership reflects Advanced Agrilytics’ expansion of its technology-enabled agronomy platform to complement its long-standing grower-direct consulting services, enabling broader reach and impact through trusted industry partners.
“At its core, this partnership represents how Advanced Agrilytics is evolving to scale impact without compromising agronomic integrity,” said Scott Coldagelli, Chief Transformation Officer at Advanced Agrilytics. “Our methodology and proprietary technology were built to scale, but scale happens faster and more effectively through the right partnerships. Mutiny is one of the first strategic collaborators where one plus one truly equals more than two.”
Through the collaboration, Advanced Agrilytics will provide its research-backed, environment-based agronomy platform to support scalable prescription development and execution for Mutiny and its independent dealer network, demonstrating a model that can extend to other value-chain partners. By aligning fertility and management decisions to field-specific environments, the partnership is designed to support more informed product placement decisions, strengthening outcomes for growers and long-term value for partners.
“What differentiates Advanced Agrilytics is our ability to translate proven research and sub-acre environmental analysis into executable prescriptions at scale,” said Dr. Kess Berg, Chief Innovation Officer at Advanced Agrilytics. “This partnership allows that methodology to extend beyond individual engagements while maintaining the scientific rigor that underpins everything we do.”
Mutiny Crop Performance is known for its selective, product-agnostic approach, evaluating and delivering agricultural products based on performance rather than brand affiliation. The company works through an independent dealer network with a strong emphasis on relationships, trust, and on-farm results.
“Our customers expect us to focus on what works and why,” said Patrick Conyea, Co-Founder of Mutiny Crop Performance. “Advanced Agrilytics brings a data-based approach that strengthens the agronomic foundation behind product decisions. This partnership enhances the value we deliver while preserving the independence and trust that define Mutiny.”
Want to learn more? Advanced Agrilytics is actively exploring strategic partnerships with organizations aligned around research-backed agronomy and scalable execution. To learn more, they will share their approach to scalable, technology-enabled agronomy at their upcoming Innovation Summit events on February 9, 2026, in Marshalltown, Iowa; February 12, 2026, in Dublin, Ohio; and February 17, 2026, in Lafayette, Indiana. Registration is free at https://events.advancedagrilytics.com/innovation-summit-2026
