Another big week for startups raising big rounds. All 10 rounds reached $100 million or more, this time led by space technology and biotech. Once again, the money was spread across sectors — even agritech, which hasn’t seen many megadeals this yr.
1. Astranis$200 million, space: Space startup Astranis raised a latest round of funding of $200 million to expand its Omega satellite program. The latest round was co-led by Andreessen Horowitz AND Lift BamThe San Francisco-based startup is developing small satellites for broadband communications for telecommunications and plans to have greater than 100 first-generation satellites in orbit by 2030. While Astranis didn’t disclose a valuation, the company raised $200 million in a funding round at a valuation of $1.6 billion in April 2023. in accordance with Bloomberg’s report in the contract conducted by Andreessen Horowitz. Space startups have done well this yr as satellite and communications firms proceed to draw latest investment. So far in 2024, space-related startups have raised greater than $3.7 billion, in accordance with Crunchbase data. Such startups raised about $5.9 billion over the course of all of last yr — putting this yr’s enterprise capital funding ahead of that pace. Astranis, founded in 2015, has raised greater than $750 million, in accordance with the company.
2. Third Arc Bio$165 million, biotechnology: Biotech also saw a massive Series A this week. Boston-based Arc Bio closed a $165 million Series A round co-led by Cormorant Asset Management, Hillhouse Investment AND Vida’s ventures. The biotech startup is developing therapies for solid tumors and inflammatory and immune diseases. Founded in 2022, this is the company’s first disclosed amount of funding, which shall be used to advance oncology and autoimmune programs through clinical trials.
3. (draw) Care is essential$150 million medical device: That’s odd, because we do not really know how much money Imperative Care has raised. The Campbell, Calif.-based startup, which develops medical devices to care for people with stroke and other ischemic diseases, announced the initial close of a Series E round led by Allied Bridge Group. However, the company didn’t say how much the initial close was price, but did say “additional closes to this Series E financing may occur, totaling up to $150 million.” So that essentially puts them on the list. The company, founded in 2015, raised $559 million, in accordance with Crunchbase.
3. (draw) This is commendable$150M Cybersecurity: Cyber startups proceed to do well. Compliance startup Vanta raises $150 million in a funding round led by Sequoia Capital which valued the company at $2.45 billion. In January, the San Francisco-based startup said it had reached $100 million in annual recurring revenue. Vanta raised $110 million in a funding round led by Artisanal ventures in 2022, valuing the company at $1.6 billion. Founded in 2017, the company has raised greater than $350 million, in accordance with Crunchbase.
5. (draw) Chain guard$140M, Cybersecurity: Another Big Security Hike: Kirkland, Washington-Based Software Supply Chain Security Startup Chain guard closed a $140 million Series C round, making it a unicorn at a valuation of $1.12. The round was led by IVP, Lightspeed Venture Partners AND Red dotThe company is seeking to expand its platform — which enables firms to build software securely — to secure AI workloads as well. Chainguard, founded in 2021, has raised $256 million, in accordance with the company.
5. (draw) SmartPeerUSD 140 million, customer relationships: Dania Beach, Florida-based IntelePeer has raised $140 million in a mixed debt and equity funding round, co-led by Savant Growth AND VantagePoint Capital Partners. The company offers an AI-powered contact center that automates customer interactions. Founded in 2003, the company has raised $392 million, in accordance with Crunchbase.
7. Monarch Tractor$133 million, agtech: Agtech has definitely had its ups and downs, but this week was a big one. Monarch Tractor — maker of an all-electric, driver-optional smart tractor — raised $133 million in Series C funding co-led by Astanor Projects AND HH-CTBC PartnershipThe company also offers the WingspanAI platform, which provides farmers access to farm data, vehicle tracking, crop image collection and more to assist close the industry’s profit gap. Founded in 2017, Monarch has raised greater than $220 million, in accordance with the company.
8. (draw) Autobahn Therapy$100 million, biotechnology: San Diego-based Autobahn Therapeutics, a biotechnology company developing treatments for neuropsychiatric and neuroimmune disorders, has closed a $100 million Series C funding round led by Newpath PartnersFounded in 2017, the company has raised nearly $209 million, in accordance with Crunchbase.
8. (draw) Harvey$100 million, legally: It’s been a big week for legal tech. San Francisco-based AI startup Harvey raised $100 million in Series C funding led by GV with the participation of people comparable to OpenAI, Little Perkins AND Sequoia Capital at a valuation of $1.5 billion. The round was actually barely lower than the previous one reported $600 million at a $2 billion valuation the startup reportedly sought, but it’s still big. On the same day, the Vancouver-based legal tools platform Clio raised a large $900 million Series F round at a $3 billion valuation, led by New company collaboratorsThe two rounds alone represent nearly two-thirds of the $1.6 billion the legal tech industry has raised in enterprise capital this yr, in accordance with Crunchbase. dataFounded in 2022, the company has raised $206 million, in accordance with Crunchbase.
8. (draw) Progress$100 million, mental health: Mental health care platform Headway has closed a $100 million Series D funding round led by Spark Capital. The latest funding values the company at $2.3 billion — a 130% increase from October, when it raised $125 million in Series C funding at a $1 billion valuation. The startup’s platform helps connect patients with therapists covered by a user’s insurance. The New York-based startup also announced its expansion to Medicare Advantage and MedicaidFounded in 2018, the company has raised over $325 million, in accordance with Crunchbase.
Large global transactions
The biggest round this week got here from our neighbors to the north.
Methodology
We tracked the largest announced rounds in the Crunchbase database, which was collected by US-based firms during the seven-day period from July 20 to July 26. While most announced rounds are included in the database, there could also be a slight delay as some rounds are reported late in the week.