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This is a weekly feature highlighting the top 10 funding rounds announced in the U.S. for the week. See last week’s largest funding rounds here.
It’s been a big week for startups to raise money. It took nine-figure funding to make the list this week, with five of them raising more than $200 million. It’s unlikely that we’ll see those kinds of funding rounds in the next short week, so don’t expect similar amounts in the next seven days.
1. Sila Nanotechnologies, $375 million battery: Next-generation battery materials companies led the way in huge funding rounds this week. Alameda, California-based next-generation battery materials company Sila announced it has raised $375 million in Series G funding led by funds and accounts advised by existing investors Sutter Hill Ventures and T. Rowe Price Associates. The new capital will help the company complete construction of its Moses Lake, Washington, factory to produce its Titan Silicon anode material, scheduled for the first quarter of next year. Founded in 2011, the company has raised $1.4 billion to date, according to Crunchbase.
2. Formation Bio, $372 million, biotechnology: Every week, there are big funding rounds from biotech companies, but this week is especially big. AI-powered pharmaceutical company Formation Bio raised $372 million in a Series D led by a16z. Founded in 2016 as TrialSpark, the New York-based startup is building an AI-enabled platform and process to accelerate drug development and clinical trials. It integrates large-scale language models, AI models, and applications across its platform. More and more biotech startups are using AI in the drug development process, and investors are clearly taking notice. Founded in 2013, the company has raised $528 million, according to Crunchbase.
3. CData Software, $350 million, Data Integration: A round that most people probably overlooked was data connectivity company CData Software raising a huge $350 million growth round from two major firms. The round was led by Warburg Pincus with participation from Accel. The Chapel Hill, North Carolina-based company develops data products and connectivity solutions that provide access to live data from hundreds of on-premise and cloud applications. Founded in 2016, the company has raised $510 million, according to Crunchbase.
4th place (tie) Creatio, $200 million, Customer Relationship Management: Low-code and no-code startups aren’t raising capital like they did a few years ago, but they’re clearly not completely dry. Creatio has achieved unicorn status after securing a $200 million round led by Sapphire Ventures. The new funding, a minority investment, values ​​the startup at $1.2 billion and will be used to help it expand globally as revenue continues to grow 50% annually. The Boston-based startup is a developer of a no-code platform that automates customer relationship management and enterprise workflows. Naturally, the company has an AI angle, creating a new generative AI copilot that helps automate a variety of marketing and sales tasks. Founded in 2014, Creatio raised $68 million in 2021 in a round led by Volition Capital, according to Crunchbase.
4th place (tie) Foodsmart, $200 million, Healthcare: Foodsmart has closed a massive $200 million funding round led by The Rise Fund, TPG’s global impact investing platform. The San Francisco-based company developed a remote nutrition and food benefits management platform. Founded in 2010, Foodsmart partners with health plans and healthcare providers to help people living with chronic illnesses and food insecurity, providing patients with affordable healthy meal options, virtual nutrition counseling and meal plans. According to Crunchbase, Foodsmart has raised about $315 million to date.
6. Sidecar Health, $165 million, Healthcare: Healthcare is in chaos. That much is clear to almost everyone. Sidecar Health, a health insurer that offers major medical benefits to businesses, has closed a $165 million Series D round led by Koch Disruptive Technologies to try to clear up some of the chaos. The El Segundo, California-based startup offers plans that allow patients to get care where they want, without the need for doctor pre-approval, referrals or networks. Sidecar Health believes its free-market approach will make healthcare more accessible and affordable. The company was founded in 2018 and has raised $328 million, according to Crunchbase.
7. EvolutionaryScale, $142 million, biotechnology: It’s been a big week for biotech. EvolutionaryScale, a New York-based company that has developed a large-scale language model for creating new proteins, raised $142 million in seed funding led by Daniel Gross, Lux Capital, and Nat Friedman. Amazon Web Services and NVentures, the venture capital arm of Nvidia, also participated in the round. The company believes its AI can be used to accelerate drug discovery, but also for other applications, such as breaking down plastics.
8. Etched.ai, $120 million, Semiconductors: Etched.ai has become the latest startup to ride the wave of investor enthusiasm for AI chips. The San Francisco-based startup secured a $120 million funding round led by Positive Sum and Primary Venture Partners. The startup is the developer of Sohu, a transformer-focused AI chip used to train and deploy large-scale language models that are the foundation of generative AI. Etched said it would partner with Taiwan Semiconductor Manufacturing to manufacture the chip, which will be a direct competitor to chip giant Nvidia, which dominates the AI ​​market. But AI’s heavy energy consumption remains a concern, and Etched believes it can offer faster chips that are more cost-effective and energy-efficient.
9. Bright Machines, $106 million, Manufacturing: Bright Machines, a San Francisco-based software-defined manufacturing developer, raised $126 million in Series C funding, of which $106 million was led by investments from funds and accounts managed by BlackRock. Founded in 2018, Bright Machines has raised more than $400 million to date, according to the company.
10th place (tie) Heavy, $100 million, artificial intelligence: New York-based Hevia, a startup that uses generative AI to search large documents to find answers, has raised about $100 million in a Series B led by Andreessen Horowitz. Founded in 2020, the company has raised more than $130 million to date, according to Crunchbase.
10th place (tie) Lanzajet, $100 million, fuel: Chicago-based sustainable fuel technology company LanzaJet has announced a $100 million growth equity round, with investors including Mitsubishi UFG Financial.
Large Global Trade
There were some big rounds outside the US this week. Here are the biggest ones:
- Getir, a Turkish company that provides on-demand delivery services, has raised $250 million in a venture funding round.
methodology
In the Crunchbase database, we tracked the largest announced funding rounds raised by U.S.-based companies over a seven-day period from June 22 to June 28. Most announced rounds are reflected in the database, but there may be a slight lag as some rounds are reported later in the week.
Illustration: Dom Guzman
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