After a few quiet weeks, the situation for large financial transactions has improved somewhat. Most surprising is the proven fact that the week was led by a start-up dealing with autonomous vehicles – an industry that some have left to its fate. Artificial intelligence, biotechnology, space technologies and cybersecurity also recorded significant growth. Perhaps things will warm up as summer arrives.
1. Cruise$850 million, autonomous cars: For a penny, for a pound. This appears to be the case General Motors I feel for Cruise. The automotive giant has agreed to pump one other $850 million into the San Francisco startup. Cruise’s saga has been well documented. In 2021, Cruise raised the largest round of any U.S. venture-backed startup, increasing the round to $2.75 billion, valuing the company at greater than $30 billion. However, the situation began to show around in early 2022, when SoftBank failed to offer Cruise with the promised $1.35 billion as a part of an agreed deal upon completion of the autonomous carmaker’s industrial rollout of the vehicles. General Motors as an alternative acquired shares in the capital of SoftBank at Cruise for $2.1 billion. Then late last yr, Cruise suspended its self-driving taxi program nationwide after losing its operating license in San Francisco as a consequence of an accident with a pedestrian. The announcement got here almost exactly a yr after the next autonomous vehicle launch — Ford engine-supported Argo AI — closed after raising $3.6 billion in funding from investors similar to Ford Motor, Volkswagen Group AND Lift. Cruise is currently resuming ride programs in Phoenix, Dallas and Houston. Apparently, GM is betting big – on the return of the autonomous vehicle and robotxi markets.
2. AlphaSense$650 million, artificial intelligence: AI-powered market intelligence platform AlphaSense has raised $650 million in funding co-led by: Viking Global Investors AND BDT and MSD partners at a valuation of $4 billion, up 75% from just nine months ago. As a part of the transaction, AlphaSense acquired a startup dealing with expert research Work for $930 million. Last September, the company closed a $150 million Series E, led by him Bond capital at a valuation of $2.5 billion, an increase of virtually 30% from last April’s $100 million valuation of $1.8 billion. The New York startup’s market intelligence and search platform – powered by artificial intelligence and natural language processing – helps clients create corporate and investment strategies. In total, the company has raised $1.4 billion since its founding, on Crunchbase.
3. Santa Ana BiographyUSD 125 million, biotechnology: Biotech is rebounding with several nine-figure rounds this week. First on the list is Alameda, California-based Santa Ana Bio, an immunology company developing therapies for patients with autoimmune and inflammatory diseases, which got here out of stealth with a $125 million Series B round led by G.V. Founded in 2021, the company raised $168 million, on Crunchbase.
4. Alzheon$100 million, biotechnology: Alzheon was one other biotech who raised big this week. The startup raised $100 million in Series E, led by: Alerce Partners in Medical Technology. The Framingham, Massachusetts-based company is developing drugs for Alzheimer’s disease and other neurodegenerative disorders. Founded in 2013, the company has raised $237 million, on Crunchbase.
5. TopUSD 95 million, space: Spacecraft company Apex closed a $95 million Series B led by: XYZ enterprise capital AND CRV increase the production of satellite buses. A Los Angeles-based space technology startup is helping to streamline the approach to satellites by enabling mass production of space buses – the predominant body and structural element of satellites – to assist with growing demand from customers similar to US Department of Defense. The latest measures will enable the company to extend production to satisfy customer demand – following the launch of the first Apex bus in March. Funding for VC-backed space tech startups appears to be on the rise this yr, in response to Crunchbase data. Last yr, space technology startups raised $5.8 billion. However, in lower than half of this yr, $3.3 billion of such startups have already found their way into their coffers. Founded in 2022, the company has raised $122 million, on Crunchbase.
6. Cyberhaven$88 million, cybersecurity: Cybersecurity funding has picked up recently, and this week showed more evidence of that trend. San Jose, California-based data detection and response platform Cyberhaven raised $88 million in Series C, led by: Adams Street Partners AND Khosla ventures. The round follows a yr in which the company saw a 200% increase in latest bookings. Founded in 2016, the company has raised nearly $137 million, on Crunchbase.
7. InduProUSD 85 million, biotechnology: Seattle-based InduPro, which develops drugs to treat cancer and autoimmune diseases, has accomplished an $85 million Series A co-led by: Column group AND Life ventures. Founded in 2022, this is the company’s first announced round, on Crunchbase.
8. (certain) Enveda Biosciences$50 million, biotechnology: Boulder, Colorado-based Enveda Biosciences, a biotechnology company that uses artificial intelligence to develop medicines from plants, announced a latest round of funding price $55 million. No lead investor announced, but Microsoft is a latest investor in the company. Founded in 2019, Enveda says it has raised $230 million.
8. (certain) Canary Technologies$50 million, hospitality: San Francisco-based Canary Technologies, a hotel management platform, closed a $50 million Series C led by Insight partners. Founded in 2017, Canary has now raised nearly $100 million for the company.
10. Chic artificial intelligence$45 million, artificial intelligence: Boston-based Posh AI, a conversational AI platform for the banking industry, raised a $45 million round led by Curql. Founded in 2018, the company has raised nearly $73 million, on Crunchbase.
Great global offers
The next big round of AI took place in Europe.
Methodology
In the Crunchbase database, we tracked the largest announced rounds reported by U.S.-based corporations over the seven-day period from June 8 to June 14. While most announced rounds are represented in the database, there could also be a slight delay as some rounds are reported late in the week.