Multiple big rounds last month, including two massive ones value greater than half a billion dollars. While June began slowly, it ended with a flurry of big-money deals — which makes this list difficult to decipher.
1. Cruise$850 million, autonomous cars: I’m in for a penny, I’m in for a pound. That’s apparently how it really works General Motors feels about Cruise. The auto giant has agreed to pump one other $850 million into the San Francisco-based startup. The Cruise saga has been well-documented. In 2021, Cruise raised the largest funding round of any U.S. venture-backed startup, increasing it to $2.75 billion, valuing the company at greater than $30 billion. But the tide began to show in early 2022, when SoftBank did not deliver the promised $1.35 billion to Cruise as a part of an agreed-upon deal when the autonomous automobile maker accomplished its industrial rollout of the vehicles. Instead, General Motors acquired SoftBank’s equity stake in Cruise for $2.1 billion. Then, late last yr, Cruise suspended its self-driving taxi program nationwide after losing its San Francisco operating permit over an incident with a pedestrian. That announcement got here almost exactly a yr after one other self-driving startup — Ford engine-supported AI Slang — closed after raising $3.6 billion in funding from investors including Ford Motor, Volkswagen Group AND Lyft. Cruise is now resuming its driving programs in Phoenix, Dallas and Houston. It’s clear that GM is betting — and betting big — that the autonomous driving and robotaxi markets will return.
2. AlfaSense$650M, AI: AI-powered market intelligence platform AlphaSense raises $650 million in funding co-led by Viking Global Investors AND BDT and MSD Partners at a $4 billion valuation — a 75% increase from just nine months ago. As a part of the deal, AlphaSense acquired expert research startup Work for $930 million. In September last yr, the company raised $150 million in a Series E round led by Bond Capital at a $2.5 billion valuation — up nearly 30% from a $100 million round at a $1.8 billion valuation last April. The New York startup’s AI-powered, natural language processing-based market intelligence and search platform helps clients build corporate and investment strategies. The company has raised $1.4 billion in total since its founding, in line with Crunchbase.
3. Power of Nanotechnology$375 million battery: The company that makes next-generation battery materials raised a massive round of funding in June. Alameda, Calif.-based Sila, a company that makes next-generation battery materials, announced that it has raised $375 million in a Series G round led by existing investors Sutter Hill Enterprises and funds and accounts advised by T. Rowe Price Associates. The recent money will help the company finish building a facility in Moses Lake, Wash. — scheduled for the first quarter of next yr — to provide Titan Silicon anode material. The company, founded in 2011, raised $1.4 billion in line with Crunchbase.
4. Bio Formation$372 million, biotechnology: Formation Bio, an AI-powered pharmaceutical company, has raised $372 million in a Series D round led by a16z. The New York startup, launched in 2016 as TrialSpark, has built AI-enabled platforms and processes to speed up drug development and clinical trials—integrating large language models, AI models, and applications across its platform. More and more biotech startups are using AI to assist with drug processes, and investors are taking notice. Founded in 2013, the company raised $528 million, in line with Crunchbase.
5. CData Software$350M Data Integration: In a round that probably went unnoticed by most individuals, data connectivity company CData Software’s massive $350 million growth round from two well-known corporations was led by Warburg’s Pincuswith the participation of Acceleration. The Chapel Hill, N.C.-based company develops data products and connectivity solutions that provide live access to data from a whole lot of on-premises and cloud applications. Founded in 2016, the company raised $510 million, in line with Crunchbase.
6. (draw) CreativeUSD 200 million, Customer Relationship Management: Low-code and no-code startups aren’t getting the funding they did a few years ago, but it clearly hasn’t dried up completely. Creatio has achieved unicorn status after raising $200 million in a funding round led by Sapphire Projects. The recent money, a minority investment, values the startup at $1.2 billion and will probably be used to assist the company expand globally as its revenue continues to grow 50% yr over yr. The Boston-based startup is the creator of a no-code platform for automating customer relationship management and enterprise workflows. It’s no surprise that the company has a take on AI — it’s building a recent generative AI co-pilot that will help automate a variety of promoting and sales tasks. Founded in 2014, Creatio previously raised $68 million in 2021 in a round led by Freedom Capital, (*10*)in line with Crunchbase.
6. (draw) Eating correctly$200 million, healthcare: Foodsmart has raised a massive $200 million funding round led by TPGglobal impact investing platform, Growth Fund. The San Francisco-based company developed a telenutrition and food profit management platform. Founded in 2010, Foodsmart helps people struggling with chronic illness and food insecurity by partnering with health plans and providers to supply patients with inexpensive healthy eating options, virtual nutrition counseling, meal planning and ways to affordably purchase food. Foodsmart has raised nearly $315 million, in line with Crunchbase.
8. Marea Therapy$190 million, biotechnology: This large biotech round is actually a combination of two rounds. Marea Therapeutics, a clinical-stage biotech developing drugs for cardiometabolic diseases, raised $190 million in Series A and B funding. The Series A round was led by Third Rock Projects — where the startup was incubated — and the Series B financing round was co-led by Forbion Capital Partners, Observation Advisors, Sofinnova Investments AND VenBio PartnersThe company didn’t split the rounds, so we record them as one.
9. Sidecar Health$165 million, healthcare: Healthcare is a mess — almost everyone can agree with that. Sidecar Health, a corporate medical insurance company, has closed a $165 million Series D round led by Koch Disruptive Technologies attempt to untangle it at least a little. The El Segundo, Calif.-based startup offers plans that eliminate the need for prior authorizations, referrals and doctor networks — allowing patients to go wherever they need. Sidecar Health believes a free-market approach will make health care more accessible and inexpensive. Founded in 2018, the company has raised $328 million, in line with Crunchbase.
10. The Huntress$150M Cybersecurity: Maryland-based Huntress became the latest cybersecurity unicorn after raising $150 million in Series D funding at a valuation of greater than $1.5 billion. The recent round was led by Little Perkins, Meritech Capital Partners and existing investor Sapphire ProjectsThe startup focuses on security services for small businesses and microenterprises, an often ignored sector in cyberspace as many corporations rush to Fortune 500 corporations. Huntress is currently achieving over 70% year-over-year revenue growth over the past two years because it continues to “approach $100 million in annual recurring revenue.” Founded in 2015, Huntress has raised nearly $310 million, in line with Crunchbase.
Large global transactions
While Cruise’s raise was the largest in the world this month, the second-largest was in Asia
- Indian grocery delivery startup Zepto raised $665 million, doubling its valuation to $3.6 billion.
Methodology
We have been tracking the largest rounds in the Crunchbase database, which were collected by US-based corporations in June 2024. While most of the announced rounds are included in the database, there could also be a slight delay as some rounds are reported towards the end of the month.