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The Venture Codex

Dipalo Ventures

350 N Orleans St Ste 9000, Chicago, IL, 60654, United States

Overview

Early stage connected hardware and hard tech investments in the US Midwest, de-risked via design and engineering focused Residency.

Total investments
4
Lead investments
1
Investments · 12mo
1
Active investors
2

Sector focus

  • AgTech
  • Consumer Electronics
  • Hardware
  • Industrial Automation
  • Internet of Things
  • Medical Device
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Investment portfolio

  • Throne Labs

    Participated · Series B · Oct 2025

    Throne Labs builds and manages smart, utility-free restroom units equipped with 21 sensors that monitor cleanliness, usage, and maintenance in real time. Each ADA-accessible unit offers running-water sinks, flushing toilets, baby-changing stations, and free menstrual products, enabling cities to deploy clean, reliable facilities without costly permanent infrastructure. The company currently serves four regions and 20 U.S. cities, partnering with agencies such as AC Transit, VTA, Caltrain, the Orange County Transportation Authority, and LA Metro. A notable 64-unit, four-year contract with LA Metro will expand restroom access ahead of the 2028 Olympic Games. Throne Labs claims it has not lost a municipal customer, highlighting strong retention and satisfaction. With fresh Series B funding, the firm plans to scale its footprint to additional markets nationwide, reinforcing its position as the largest network of connected public restrooms in the country.

  • Azumo

    Participated · Equity · May 2022

    Azumo develops LCD 2.0™, a next‑generation reflective display technology that targets sunlight readability and low power consumption. Its LCD 2.0 technology delivers up to 10x the energy savings versus traditional backlit LCDs while remaining extremely thin and eye safe. The company holds 47 patents and offers displays ranging from 1" to 17", combining high video‑rate capability with superior readability in bright sunlight to eliminate glare. Azumo targets consumer, medical, industrial, educational, and automotive markets and is positioning its technology for a variety of device form factors. The new financing is intended to accelerate international expansion, increase manufacturing capabilities, and support the launch of new products. Azumo also plans to expand sales and applications engineering support and grow its international team while leveraging a partnership with a global electronics manufacturer to scale supply chain and production. FLEx Lighting, founded in 2008 in Chicago, develops LCD 2.0™ — a next-generation reflective display technology that delivers full-color, video-rate capability with ultra-thin light transmission. The technology promises up to 10x battery power savings and best-in-class reflective color while providing superb sunlight readability without glare. FLEx targets consumer, educational, medical, industrial, and IoT markets with displays ranging from 1" to 21" diagonals. The company plans to commercialize tablet-sized reflective displays and expand its portfolio to include consumer and educational tablets as well as portable devices for industrial and medical use. FLEx is expanding its global footprint by opening an office in Changzhou, China to support partners and its growing customer base. The company recently raised $9 million to fund global growth and commercialization of its new displays. FLEx Lighting develops front-light systems for device displays that are power-efficient and sunlight-readable, targeting reflective LCDs used in mobile devices. Its core products provide front lighting solutions that improve readability while minimizing power consumption. The company plans to expand its product lineup into tablet-sized and 7-inch+ displays for consumer applications and larger personal information displays. FLEx also intends to widen distribution channels and increase global representation. Founded in 2004 and led by CEO Mike Casper, the company benefits from strategic supplier relationships, including investor SABIC, which can expand its supply chain and materials expertise. Financially, FLEx closed a $9M Series B to support product development and market expansion.

  • Mito Material Solutions

    Led · Seed · Aug 2020

    Mito Material Solutions develops graphene-based hybrid polymer modifiers that improve polymer performance at about 0.1% concentration. Its products are formulated to be easily dispersible, safe to handle and scalable so manufacturers can adopt new materials without changing existing processes. The company intends to use the seed funding to enter the market with new innovations. Mito participated in the Heritage Group Hardtech Accelerator powered by Techstars in late 2019. It has also received more than $1.1M in R&D grants from the National Science Foundation. The company is led by married founders Haley Marie and Kevin Keith and is based in Indianapolis.

  • Allergy Amulet

    Participated · Seed · Aug 2020

    Amulet builds portable sensors that provide rapid, on-site molecular detection for food allergens, toxins, and other environmental contaminants through a consumer wearable (Allergy Amulet) and a commercial detection platform (Amulet Scientific). The company plans to scale its team, expand its detection portfolio, and execute a full product launch to serve a growing waitlist. Since its 2020 seed round, Amulet has secured grant funding from the National Institutes of Health and the U.S. Department of Agriculture. Recent strategic hires include Michelle Wu (Head of Product) and Barkley Jenny (VP of Product) to support commercialization and product development. Amulet also recently became a benefit corporation, reflecting its mission-driven approach to improving food safety for individuals and businesses. The technology targets both consumer needs (people managing food allergies and intolerances) and commercial customers (restaurants, suppliers, and manufacturers) to reduce allergen exposure, contamination-related recalls, and associated health impacts. Allergy Amulet builds a consumer food-allergen detection platform centered on a thumb-sized reader (the "Amulet") paired with a disposable sampler. The device pairs molecularly imprinted polymer (MIP) technology with an electrochemical system to detect common allergenic ingredients in seconds. Its sleek, portable design supports everyday carry (keychain, necklace, wristband) and an optional mobile app to store and share results. Allergy Amulet closed additional Seed funding that brought the round to $4.1 million and previously raised an initial Seed led by a joint venture between Microsoft and the Green Bay Packers. The new capital will be used to accelerate manufacturing, expand product offerings to cover more allergens, grow the team, and educate consumers. The company positions the Amulet as an additional tool for individuals, parents, and businesses to better manage food allergies and reduce reliance on strict avoidance and emergency treatment. Allergy Amulet has developed a small, fast consumer food allergen sensor consisting of a USB-sized reader and disposable test strips housing proprietary sensor chips. The patented, portable technology is designed to fit on a keychain, necklace, wristband, or in a pocket and the company’s case also accommodates epinephrine and antihistamines. The company holds one issued U.S. patent with multiple applications and reports a waitlist with thousands of individuals signed up for an early beta release. Allergy Amulet plans to use new funding to manufacture beta units, launch pre-orders, expand product offerings to cover more allergens, grow its team, add additional restaurant and company partners, and educate consumers about food allergen management tools. The company is led by Co-founder and CEO Abigail Barnes and Co-founder and Scientific Advisor Dr. Joseph BelBruno. Pre-sales were slated for Fall 2020 with a broader launch planned for Fall 2021. Allergy Amulet develops a rapid, portable, point-of-consumption food allergen detection device that connects to a patent-pending disposable test strip. The device enables mobile measurements to help individuals avoid ingesting target allergens. It can be configured as a wearable (for example, a necklace) or integrated into everyday products (for example, an EpiPen). Led by CEO Abigail Barnes and based in Madison, WI, the company plans to begin beta testing of its prototype. Allergy Amulet raised $1.1M in seed funding to grow the team and accelerate product development. Investors in the round include Colle Capital, Bulldog Innovation Group, Foley Ventures, Gopher Angels, Mendota Venture Capital and the Wisconsin Medical Society Foundation.

Team