This is a weekly feature looking at the top 10 funding rounds of the week in the US. Check out the biggest funding rounds of the past week here.
Investors spread their money everywhere this week, from healthcare to 3D printing auto parts. While that is not uncommon most weeks, it is unusual for no cryptocurrency, blockchain, or Web3 company to make the list, although cryptocurrencies did play a role in the week’s largest round.
one. Anthropic, $580M, artificial intelligence: While the use of AI has been growing over the years, advances in computing and memory have begun to reveal its potential. But how safe and reliable are some of the AI systems being built? San Francisco-based Anthropic raised the biggest round of the week in an effort to find out. The AI research company has closed a $580 million Series B led by Sam Bankman-Fried, CEO of crypto exchange FTX. Anthropic will use the new cash to expand its team and further explore the safety and reliability of computationally intensive AI models. The new round follows the company’s $124 million Series A last May.
two. iSpot.tv, $325 million, advertising: It’s always hard to break the stranglehold that a long-time dominant player can have on an industry. Television advertising is a good example of that, where the Nielsen name is synonymous with ad measurement and ratings. However, Goldman Sachs seems to be betting on another company. iSpot.tv, based in Bellevue, Washington, received a $325 million investment from funds managed by Goldman Sachs Asset Management. While exact details of the deal were not disclosed, the company said the investment is for a “significant minority stake” and is reported to have increased the value of the company by more than $1 billion. Founded in 2012, the company generates more than $100 million in annual recurring revenue and had previously only raised $58 million.
3. Biofourmis, $300 million, healthcare: Virtual care and digital medicine have been gaining traction for years, but the pandemic has certainly accelerated that adoption. Investors are taking note, as General Atlantic led a $300 million Series D for Boston-based Biofourmis, which values the company at more than $1 billion. Biofourmis uses artificial intelligence to help monitor patients’ biomarkers remotely, such as heart rate and temperature. From that data, the company can help predict illnesses. The new round, which includes an investment from CVS Health, brings the total amount raised by the company to $445 million since it was founded in 2015.
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Four. Sun King, $260 million, renewable energy: Chicago-based Sun King, formerly Greenlight Planet, has raised a $260 million Series D led by BeyondNetZero, General Atlantic’s climate investment firm. With around 1.8 billion people in Africa and Asia still lacking access to a reliable electricity grid, the company’s solar home systems power things like lights, mobile phones and appliances. The company has already reached more than 82 million people in 40 countries, he said in a statement. Founded in 2007, Sun King has raised nearly $500 million to date, according to data from Crunchbase.
5. Harness, $175, software development: Almost all big companies develop their own software and applications nowadays. However, releasing those apps into production without crashes or dropouts can be difficult for overloaded development teams. San Francisco-based software delivery platform Harness tries to help with that. Its platform uses machine learning to enable developers to launch apps faster by detecting the quality of implementations. That platform and the ongoing need for developer tools helped the company raise a $230 million Series D led by Norwest Venture Partners at a $3.7 billion valuation, more than double its valuation since January 2021. The round it was made up of $175 million in equity and $55 million in debt financing. Founded in 2016, the company has raised $425 million to date, according to Crunchbase.
6. Divergent Technologies, $160 million, 3D printing: With the automotive supply chain currently hit by disruptions, wouldn’t it be great if automakers could just print the parts they need? Los Angeles-based Divergent Technologies agrees. The company raised a $160 million Series C to further its efforts to create auto parts through its 3D printing technology and software. The company did not announce investors but named former Goldman Sachs chairman John Thornton to its board. Founded in 2014, the company previously raised $200 million from investors including Horizons Ventures and Altran Technologies.
7. Mavrck, $135M, Marketing: Boston-based influencer marketing platform Mavrck has received a $135M strategic investment from Summit Partners to acquire social media marketing and commerce platform Later. Founded in 2014, the company has raised more than $275 million, according to data from Crunchbase.
8. (tied) Ayar Labs, $130 million, semiconductors: Santa Clara, California-based Ayar Labs secured $130 million in additional financing led by Boardman Bay Capital Management. The round also included investments from Hewlett Packard Enterprise and NVIDIA. Founded in 2015, Ayar, a chip-to-chip optical connectivity developer, has raised nearly $200 million, according to Crunchbase.
8. (tied) Cavnue, $130 million, autonomous vehicles: Washington DC-based Cavnue closed a $130 million Series A led by SIP and Ford Motor Co. Founded last year, the company is building physical, digital, coordination and operational road infrastructure for autonomous vehicles.
10 FreeWire Technologies, $125 million, electric vehicle charging: Oakland, California-based electric vehicle charging company FreeWire Technologies has raised $125 million in new capital. The financing consists of a senior convertible note provided by funds and accounts managed by BlackRock, and a capital increase with institutional and strategic investors.
Great global deals
Although US startups saw some major rounds this week, two major rounds were held outside of the US, specifically in Berlin.
- Soccer media platform OneFootball closed a $300 million Series D.
- Taxfix, a tax filing app, closed a $200 million Series D.
We tracked the largest rounds in the Crunchbase database that were generated by US-based companies during the seven-day period of April 23-29. Although most of the announced rounds are represented in the database, there could be a slight delay as some rounds are reported at the end of the week.
Illustration: Dom Guzmán
This story has been updated.
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