2022 was another record-breaking year for the welcoming, tightly connected Indiana ecosystem. Named Best State to Start a Business by Forbes thanks to its low taxes, reasonable cost of living and talented workforce, Indiana welcomed 218 companies that located or expanded here, investing more than $22.2 billion and creating 24,059 new jobs. According to the Indiana Economic Development Corp. (IEDC), 38 startups have participated in its accelerators to date, raising a record $65 million in funding. The IEDC also provided $18.5 million in tax credits through its Venture Capital Investment tax credit program. In 2022, state-supported VC firm Elevate Ventures made 128 investments totaling nearly $23 million, a new record. Indiana is set to receive $99.1 million in federal funding through the State Small Business Credit Initiative to increase capital for Indiana entrepreneurs. Approximately $70 million will be directed to accelerating Indiana’s startup ecosystem.

Cleantech companies are an increasing part of Indiana’s business community. Stellantis and Samsung SDI launched a joint venture to build a new EV battery manufacturing facility in May 2022. In September 2022, General Motors announced plans to invest $491 million to support the company’s EV production. Soulbrain MI is investing $75 million to increase production of high purity electrolyte for lithium-ion batteries, and Doral Renewables is building a 13,000-acre solar farm project in Indiana.

Recent significant funding news includes environmental software company Encamp’s $30 million Series C in June 2022 and IT infrastructure company Scale Computing’s $55 million venture round a month later.