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This is a weekly feature highlighting the top 10 funding rounds announced that week in the US. Check out last week’s biggest funding rounds here.
After a slowdown in large rounds last week, investors are back on track, issuing nine-figure rounds. AI was definitely the theme this week, as many of the largest rounds went to startups using AI in coding and biotech.
1. Xaira Therapeutics, $1 billion, biotech: This week’s biggest round was really big. Xaira Therapeutics has emerged from behind closed doors with more than $1 billion in funding from lead investors Arch Venture Partners and Foresite Capital (both of which co-incubated the company), as well as several high-profile investors including Sequoia Capital and Lightspeed. announced that it has secured committed capital. Venture Partners. The San Francisco-based biotechnology company is led by founding CEO Marc Tessier Lavigne. He previously served as president of Stanford University, but resigned last year after questions arose about his scientific work. Xaira is the latest (and perhaps the most well-funded) startup to use AI models to discover new drugs.
2. Expansion, $227 million, Artificial Intelligence: AI coding startups have been making waves this week. The largest round went to another startup that emerged from stealth: AI coding assistance startup Augment. The Palo Alto, California-based company has secured a $227 million Series B round at a post-money valuation of $977 million. The round included cash from Sutter Hill Ventures, Index Ventures, Lightspeed Venture Partners and others. Augment helps developers and software teams by providing AI coding assistance. Founded in 2022, Augment’s total funding now stands at $252 million, according to the company, following a $25 million Series A led by Sutter Hill Ventures in January.
3. Ripples, $200 million, human resources: HR startup Rippling has closed on a massive $200 million round that values ​​the San Francisco-based startup at $13.5 billion. The agreement also included a $590 million secondary offering for employees to sell private equity to investors. The new equity round was led by Coatue. The company provides a workforce management platform that combines HR, IT, and finance to help customers streamline their operations. The new round means Rippling’s valuation, which was valued at $11.3 billion in March 2023, will increase by about 20%.
Four. Cognition, $175 million, Artificial Intelligence: It’s another nine-figure round for the AI ​​coding startup. The deal went to San Francisco-based Cognition, which reportedly secured a $175 million investment led by Founders Fund at a valuation of $2 billion. The six-month-old startup has developed an artificial intelligence-powered coding assistant called Devin. Just last month, the startup raised $21 million in Series A at a valuation of $350 million.
Five. Endeavor BioMedicines, $133 million, biotechnology: There was another big biotech price hike this week. San Diego-based Endeavor Biomedicines has secured $132.5 million in Series C led by Ayurmaya. The company, which focuses on drugs to treat idiopathic pulmonary fibrosis, last raised $101 million in Series B from Ally Bridge Group and Avidity Partners, which last raised more than two years ago. did. The company was founded in 2018 and has raised approximately $296 million to date, according to Crunchbase.
6. ThreatLocker, $115 million, Cybersecurity: Cyber ​​fundraising has been showing signs of booming recently, and this week we’re looking at another example. His ThreatLocker, a cybersecurity startup offering zero trust endpoint security solutions, has raised his $115 million Series D led by existing investor General Atlantic. Over the past year, ThreatLocker has doubled its revenue and grown its workforce by 50%. The company was founded in 2017, and to date he has raised nearly $240 million, according to Crunchbase.
7. Lumeris, $100 million, Healthcare: St. Louis-based healthcare spending platform developer Lumeris has raised $100 million in investment led by Deerfield Management and Endeavor Health. According to Crunchbase, the company was founded in 2000 and to date he has raised $325 million.
8. Perplexity AI, $63 million, Artificial Intelligence: It’s been a busy week for Perplexity AI. The company announced $62.7 million in funding on the same day it was reported that the AI ​​startup was seeking to raise an additional $250 million or more at a valuation of $2.5 billion to $3 billion. . The newly announced round was first reported last month and was led by Daniel Gross. This includes investors such as Nvidia, IVP, NEA, Jeff Bezos, and Garry Tan. The new funding reportedly values ​​the company at more than $1 billion. However, the AI ​​search engine’s launch is not yet over, with investors talking of a mega-round that would increase its valuation by at least 150%, according to a report from TechCrunch. IVP and NEA are said to be considering participating in a new round. Just in January, the company raised $73.6 million in Series B led by IVP, valuing it at $520 million.
9. Midi Health, $60 million, Healthcare: Midi Health, a women’s virtual care clinic based in Los Altos, California, has closed a $60 million Series B led by Emerson Collective. Midi Health was founded in 2021 and has raised $100 million to date, according to the company.
Ten. Givebutter, $50 million, CRM: Givebutter, a nonprofit fundraising and CRM platform based in Austin, Texas, announced it has completed a $50 million strategic growth investment led by BVP Forge. According to Crunchbase, the company was founded in 2016 and to date he has raised $57 million.
Large scale global transactions
There weren’t really any big rounds outside of the US this week. The largest one came from the Emerald Isle.
- Dublin-based SynOx Therapeutics, a biotechnology research company focused on developing treatments for giant cell tumors, has raised $75 million in Series B funding.
methodology
We tracked the largest rounds announced in the Crunchbase database raised by US-based companies over a seven-day period from April 20th to 26th. Most announced rounds are visible in our database, but there may be a slight lag for some rounds. Will be reported later in the week.
Illustration: Dom Guzman
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