The Week’s 10 Biggest Funding Rounds: Metsera And Rivos Headline A Slow Week
Want to keep track of the largest startup funding deals in 2024 with our curated list of $100 million-plus venture deals to U.S.-based companies? Check out The Crunchbase Megadeals Board.
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 rounds here.
This week there was a slowdown in big rounds raised by U.S. startups. In fact, it only took raising about $30 million-plus to make the list. That’s still a lot of cash, but clearly round size trended down.
1. Metsera, $290M, biotech: This week was a slower week than normal for biotech — as it was for most sectors — but that didn’t stop New York-based Metsera. The clinical-stage biopharmaceutical startup emerged from stealth this week with $290 million in funding led by Arch Venture Partners. The company is exploring medicines for obesity and metabolic diseases with a collection of oral and injectable incretin, nonincretin and combination therapies.
2. Rivos, $250M, semiconductor: Semiconductor startups are seeing big money, in part thanks to the explosion in generative AI. This week, Santa Clara, California-based chip startup Rivos raised more than $250 million in a Series A-3 funding led by Matrix Capital Management. The company develops power-optimized chips targeting the data analytics and generative AI markets. Of course, chip startups have seen increasing interest recently. Late last month, optical interconnectivity startup Celestial AI raised a massive $175 million Series C led by Thomas Tull’s US Innovative Technology Fund. Also last month, Astera Labs — a developer of data center connectivity technology with use cases in generative AI — soared after its initial public offering on the Nasdaq.
3. Ramp, $150M, fintech: New York-based spend management startup Ramp saw a nice bump in its valuation this week, raising a $150 million round at a post-money valuation of $7.65 billion — neary 32% higher than its value in August. Last summer, the corporate card and expense automation platform raised $300 million at a $5.8 billion post-money valuation — which was actually a 28% drop from its previous valuation. The round was led by new investor Khosla Ventures and existing backer Founders Fund. Founded in 2019, the company has raised $1.8 billion, per Crunchbase.
4. Two Chairs, $72M, healthcare: Finding the right therapist can be hard, but San Francisco-based behavioral health startup Two Chairs closed a $72 million Series C to help. The round was a mix of debt and equity. The equity portion — which was not specified — was led by Amplo with Fifth Down Capital. The startup uses its own matching platform helped by its proprietary algorithm to help match the right therapist with the patient. It now has more than 500 clinicians on staff. Founded in 2017, Two Chairs has raised $103 million, per the company.
5. Cape, $61M, mobile: We are aware of the issues that telecom companies have had protecting customer information. Well, Arlington, Virginia-based Cape is hoping to fix that. The company is developing a privacy-first mobile network, and raised a $61 million round led by A* Capital and Andreessen Horowitz. Cape’s founder and CEO, John Doyle, formerly was head of Palantiir Technologies’ national security business. It’s the company’s first announced round, per Crunchbase.
6. Avive Solutions, $57M, healthcare: San Francisco-based Avive Solutions, a developer of connected automated external defibrillators, raised a $56.5 million growth equity financing led by Catalyst Health Ventures, Laerdal Million Lives Fund and Questa Capital Management. Founded in 2017, the company has raised $90 million, per Crunchbase.
7. Asher Biotherapeutics, $55M, biotech: South San Francisco-based Asher Biotherapeutics — a biotechnology startup developing targeted immunotherapies for cancer, autoimmune and infectious diseases — had the secondest biggest biotech raise of the week. The startup closed a $55 million Series C led by RA Capital Management. Founded in 2019, the company has raised $218 million, per Crunchbase.
8. Kontakt.io, $48M, artificial intelligence: New York-based Kontakt.io, which gives health systems analytics on how staff and patients move through facilities, raised a $47.5 million round led by growth equity at Goldman Sachs Asset Management. Founded in 2013, the company has raised nearly $69 million, per Crunchbase.
9. Anvilogic, $45M, cybersecurity: Palo Alto, California-based security information and event management startup Anvilogic closed a $45 million Series C led by Evolution Equity Partners. Founded in 2019, Anvilogic has raised $85 million, per the company.
10. Quilt, $33M, IoT: Redwood City, California-based Quilt, a smart-home climate startup, locked up a $33 million Series A funding round co-led by Energy Impact Partners and Galvanize Climate Solutions. Founded in 2022, the company has raised $42 million, per Crunchbase.
Big global deals
The biggest round outside the U.S. went to a drone company across the pond.
- London-based Skyports, an urban air mobility drone delivery service, raised a Series C worth approximately $109 million.
Methodology
We tracked the largest announced rounds in the Crunchbase database that were raised by U.S.-based companies for the seven-day period of April 6 to 12. 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
Read More
The Week’s 10 Biggest Funding Rounds: Metsera And Rivos Headline A Slow Week
Want to keep track of the largest startup funding deals in 2024 with our curated list of $100 million-plus venture deals to U.S.-based companies? Check out The Crunchbase Megadeals Board.
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 rounds here.
This week there was a slowdown in big rounds raised by U.S. startups. In fact, it only took raising about $30 million-plus to make the list. That’s still a lot of cash, but clearly round size trended down.
1. Metsera, $290M, biotech: This week was a slower week than normal for biotech — as it was for most sectors — but that didn’t stop New York-based Metsera. The clinical-stage biopharmaceutical startup emerged from stealth this week with $290 million in funding led by Arch Venture Partners. The company is exploring medicines for obesity and metabolic diseases with a collection of oral and injectable incretin, nonincretin and combination therapies.
2. Rivos, $250M, semiconductor: Semiconductor startups are seeing big money, in part thanks to the explosion in generative AI. This week, Santa Clara, California-based chip startup Rivos raised more than $250 million in a Series A-3 funding led by Matrix Capital Management. The company develops power-optimized chips targeting the data analytics and generative AI markets. Of course, chip startups have seen increasing interest recently. Late last month, optical interconnectivity startup Celestial AI raised a massive $175 million Series C led by Thomas Tull’s US Innovative Technology Fund. Also last month, Astera Labs — a developer of data center connectivity technology with use cases in generative AI — soared after its initial public offering on the Nasdaq.
3. Ramp, $150M, fintech: New York-based spend management startup Ramp saw a nice bump in its valuation this week, raising a $150 million round at a post-money valuation of $7.65 billion — neary 32% higher than its value in August. Last summer, the corporate card and expense automation platform raised $300 million at a $5.8 billion post-money valuation — which was actually a 28% drop from its previous valuation. The round was led by new investor Khosla Ventures and existing backer Founders Fund. Founded in 2019, the company has raised $1.8 billion, per Crunchbase.
4. Two Chairs, $72M, healthcare: Finding the right therapist can be hard, but San Francisco-based behavioral health startup Two Chairs closed a $72 million Series C to help. The round was a mix of debt and equity. The equity portion — which was not specified — was led by Amplo with Fifth Down Capital. The startup uses its own matching platform helped by its proprietary algorithm to help match the right therapist with the patient. It now has more than 500 clinicians on staff. Founded in 2017, Two Chairs has raised $103 million, per the company.
5. Cape, $61M, mobile: We are aware of the issues that telecom companies have had protecting customer information. Well, Arlington, Virginia-based Cape is hoping to fix that. The company is developing a privacy-first mobile network, and raised a $61 million round led by A* Capital and Andreessen Horowitz. Cape’s founder and CEO, John Doyle, formerly was head of Palantiir Technologies’ national security business. It’s the company’s first announced round, per Crunchbase.
6. Avive Solutions, $57M, healthcare: San Francisco-based Avive Solutions, a developer of connected automated external defibrillators, raised a $56.5 million growth equity financing led by Catalyst Health Ventures, Laerdal Million Lives Fund and Questa Capital Management. Founded in 2017, the company has raised $90 million, per Crunchbase.
7. Asher Biotherapeutics, $55M, biotech: South San Francisco-based Asher Biotherapeutics — a biotechnology startup developing targeted immunotherapies for cancer, autoimmune and infectious diseases — had the secondest biggest biotech raise of the week. The startup closed a $55 million Series C led by RA Capital Management. Founded in 2019, the company has raised $218 million, per Crunchbase.
8. Kontakt.io, $48M, artificial intelligence: New York-based Kontakt.io, which gives health systems analytics on how staff and patients move through facilities, raised a $47.5 million round led by growth equity at Goldman Sachs Asset Management. Founded in 2013, the company has raised nearly $69 million, per Crunchbase.
9. Anvilogic, $45M, cybersecurity: Palo Alto, California-based security information and event management startup Anvilogic closed a $45 million Series C led by Evolution Equity Partners. Founded in 2019, Anvilogic has raised $85 million, per the company.
10. Quilt, $33M, IoT: Redwood City, California-based Quilt, a smart-home climate startup, locked up a $33 million Series A funding round co-led by Energy Impact Partners and Galvanize Climate Solutions. Founded in 2022, the company has raised $42 million, per Crunchbase.
Big global deals
The biggest round outside the U.S. went to a drone company across the pond.
- London-based Skyports, an urban air mobility drone delivery service, raised a Series C worth approximately $109 million.
Methodology
We tracked the largest announced rounds in the Crunchbase database that were raised by U.S.-based companies for the seven-day period of April 6 to 12. 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
Read More