The Week’s 10 Biggest Funding Rounds: A Varied Week For Big Deals, Led By AI And Defense

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This is a weekly feature that runs down the week’s top 10 announced funding rounds in the U.S. Check out last week’s biggest funding deal roundup here.

The pace of large-scale dealmaking picked up some this week, led by OpenAI’s disclosure that it raised another $10 billion to add to its record-setting megaround announced last month. Other big financings went to startups and growth-stage companies in sectors including defense tech, enterprise AI, autonomy and even laundry.

1. OpenAI, $10B, foundational AI: OpenAI is raising $10 billion in additional funding for its record-setting megaround announced in late February, reportedly bringing the total fundraise to the San Francisco-based company to over $120 billion. Backers in this latest financing include Andreessen Horowitz, D.E. Shaw, MGX, TPG and T. Rowe Price.

2. Shield AI, $2B, defense tech: San Diego-based defense tech unicorn Shield AI said it secured $2 billion at a $12.7 billion valuation. The round consists of $1.5 billion in Series G funding led by Advent International and JPMorgan Chase along with $500 million in preferred equity financing backed by Blackstone. Part of the proceeds will help pay for the planned acquisition of Aechelon Technology, a defense software company whose technology is used to train pilots and test advanced aircraft and autonomous systems.

3. Cambridge Mobile Telematics, $350M, transportation safety: Cambridge Mobile Telematics, a telematics and AI company focused on enabling safer mobility, picked up $350 million in a new financing  led by The Rise Fund and Allianz X. Founded in 2010, the Cambridge, Massachusetts-based company has raised over $850 million to date, per Crunchbase data.

4. (tied) Harvey, $200M, legal tech: Harvey, the fast-growing provider of AI-enabled tools for law firms and in-house legal teams, closed on $200 million in fresh financing at an $11 billion valuation. GIC and Sequoia Capital led the round, which brings total funding to 4-year-old San Francisco-based Harvey to around $1.2 billion.

4. (tied) eMed, $200M, healthcare: eMed, a provider of GLP-1 programs for employers that counts Tom Brady as chief wellness officer and backer, said it raised $200 million in new funding. Aon Consulting led the round, which set a $2 billion plus valuation for the Miami-based company.

6. Xona, $170M, satellite tech: Xona secured a $170 million Series C round led by Mohari Ventures Natural Capital. The funds will go to scaling satellite production for a planned constellation of next-generation navigation satellites. Founded in 2019, Burlingame, California-based Xona has raised over $320 million to date.

7. Cents, $140M, laundry tech: Cents, a provider of software and payments technology for the laundry industry, secured $140 million in Series C funding led by Sumeru Equity Partners. The New York-based company said the round represents “the largest single software investment in the laundry vertical to date.”

8. Qualified Health, $125M, AI health tools: Palo Alto, California-based Qualified Health, developer of an enterprise AI platform for health systems, locked up $125 million in Series B financing led by New Enterprise Associates.

9. DashO, $110M, data observability: Dash0, an agentic observability platform, announced it closed on $110 million in Series B funding led by Balderton Capital. Founded in 2023, the New York-based company has raised over $154 million to date.

10. Performance Drone Works, $110 million, drones: Huntsville, Alabama-based Performance Drone Works, a startup that designs, engineers and manufactures drones for defense and law enforcement, secured over $110 million in Series B funding led by Ondas.

Methodology

We tracked the largest announced rounds in the Crunchbase database that were raised by U.S.-based companies for the period of March 21-27. Although most announced rounds are represented in the database, there could be a small time lag as some rounds are reported late in the week.

Illustration: Dom Guzman