This story appears in the August 2026 issue of Utah Business. Subscribe.
Utah’s technology sector has continued its strong momentum this summer with nearly $205 million in new venture funding announced over the past two months and a notable acquisition. The financings span e-commerce, financial data and digital health, showcasing growth across a variety of industries and a continually diversifying ecosystem.
Redo reaches unicorn status
The headline round came from Draper-based Redo, which raised an $81 million Series B at a reported $1.25 billion valuation. Smash Capital led the round, joined by existing backers Pelion Venture Partners and Cervin Ventures. Redo built its business helping more than 4,100 direct-to-consumer brands manage the post-purchase experience. Co-founder and CEO Sterling Snow said the funding would help Redo build “the infrastructure brands need to create direct relationships with customers across every touchpoint.” The company has already begun deploying the capital, including through its acquisition of ReturnBear, an international returns and fulfillment provider. Redo’s rapid growth adds another name to Utah’s expanding list of unicorns.
Databento lands massive Series B
Salt Lake City-based Databento closed a $97 million Series B led by New Enterprise Associates on July 9, with DRW Venture Capital, Redpoint Ventures and Tribe Capital also participating. The round underscores how quickly institutional appetite has grown for Databento’s market-data infrastructure, which gives trading firms faster, simpler access to institutional-grade data. It’s a strong signal for Utah’s fintech corridor.
Epitel closed its Series B
Epitel announced a $26 million Series B financing to expand commercialization of its REMI® Remote EEG Monitoring System, which combines wireless brain monitoring with AI-driven event detection. The round was co-led by Catalyst Health Ventures and Genoa Ventures and will support broader access to neurological care through remote monitoring technology. As artificial intelligence continues to reshape healthcare, companies like Epitel showcase Utah’s ability for AI to improve patient outcomes.
Domo announces significant acquisition
Alongside these financing announcements came another milestone for Utah’s technology sector. Domo, one of Silicon Slopes’ best-known software companies, agreed to Progress Software’s acquisition of Domo’s AI and data platform for $400 million in cash. While the purchase price is well below Domo’s peak public market valuation, it’s still a significant acquisition that will flow real dollars into the Utah economy.
Utah’s latest wave of venture activity tells a larger story than the dollar amounts alone. Companies are raising significant growth capital, attracting some of the country’s most respected investors and reaching the scale where acquisitions and billion-dollar valuations become part of the conversation. Those milestones are the result of years of founders and operators building ambitious companies. Keep building Utah.
