Biotech and AI had one other strong week, as the sectors saw two major nine-figure funding rounds — including one for $370 million in biotech. But there was nothing else that was big. That continues a trend we’ve seen since before Labor Day.
1. Honest Therapy$370 million, biotechnology: There’s a big biotech raise every week — and this week is a really big one. San Diego-based Candid Therapeutics has launched a $370 million raise co-led by Fairmount Fund Management, TCG Crossword, venBio Partners AND Venrock Healthcare Capital Partners. Candid is developing antibodies that engage T cells to treat inflammatory diseases.
2. Collect$260 million, AI: Less than seven months after raising over $200 million in Series D funding at a $2.2 billion valuation, the AI-powered work assistant and enterprise search startup has raised over $260 million in Series E funding at a $4.6 billion valuation, co-led by Altimeter Capital AND Global DSTThe Palo Alto, California-based startup achieved unicorn status in May 2023 after raising $100 million in Series C funding led by Sequoia CapitalFounded by a former Google engineers, Glean’s generative AI search tool connects to enterprise apps and databases, and its AI assistant and platform let users build their very own AI apps. Founded in 2019, Glean says it has raised $620 million.
3. World Laboratories$230 million, AI: A startup focused on spatial artificial intelligence World Laboratories launched this week with over $230 million in total funding. The funding was co-led by Andreessen Horowitz, NEA AND Radical venturesOther investors include: Marc Benioff AND Projectsenterprise capital arm Nvidia. Just last month, it was reported that the Stanford, California-based company had raised two rounds of funding inside two months of each other, with the latest valuing the company at greater than $1 billion. World Labs is co-founded by the AI pioneer Fei Fei Licommonly known as the “Godmother of AI.” She previously led AI in Google Cloud and is co-director Stanford Institute for Human-Centered Artificial Intelligence. She has spent a lot of time trying to unravel the problems of building large models of the world for AI that may perceive and interact with the 3D world.
4. Hyperluminal drugs$120 million, biotechnology: Companies at the intersection of AI and biotech proceed to boost massive funding rounds. Boston-based AI-focused biotech startup Superluminal Medicines closed a $120 million Series A round led by RA Capital ManagementThe company’s platform creates ready-made compounds using “a combination of human understanding, generative biology, chemistry, machine learning, and a proprietary big data infrastructure.” Founded in 2022, the company has raised $153 million, by Crunchbasme.
5. Fortress$75 million, autonomous vehicles: Clarksburg, Maryland-based autonomous driving technology company Forterra has closed a $75 million Series B funding round led by Hedosophy, Moore’s Strategic Ventures AND XYZ Venture Capital. The company focuses on autonomous systems for each the defense and industrial markets. This is the company’s first round with a disclosed amount, in response to Crunchbase.
6. Second front systems$70 million defense: Wilmington, Delaware-based defense technology startup Second Front Systems has closed a $70 million Series C funding round led by Salesforce Projects 1Founded in 2014, the company has raised roughly $152 million, in response to Crunchbase.
7. Inflammation$57 million, biotechnology: Molecular diagnostics company Inflammatix has raised $57 million in a Series E round led by Khosla’s ventures AND Think.HealthFounded in 2016, Sunnyvale, California-based Inflammatix has raised greater than $200 million, in response to company data.
8. Strider Technologies$55M in productivity tools: Strider Technologies, a strategic intelligence provider, has raised $55 million in Series C funding. With the funding, Salt Lake City-based Strider will proceed to build out its AI-powered capabilities into an integrated global intelligence platform, expand into latest geographies in Europe and Asia, and more aggressively pursue the public sector market. Founded in 2019, Strider raised $112 million, in response to Crunchbase.
9. CSA Medical$53 million medical device: CSA Medical, a medical device company that treats chronic bronchitis, has raised $53 million in a Series D round co-led by TVM Capital Life Sciences AND Yonjin ProjectFounded in 1993, Boston-based CSA has raised $159 million, in response to Crunchbase.
10. (tie) At last$50M, Fintech: Miami-based startup that finally automates accounting and finance processes raises $50 million in Series B funding Peak Capital and a credit line of $150 million from Encina Capital PartnersFounded in 2018, the company eventually raised $305 million.
10. (tie) SpectraWave$50 million, healthcare: SpectraWave, a medical imaging company based in Bedford, Massachusetts, has raised $50 million in Series B funding led by Johnson & Johnson Innovations – JJDCFounded in 2017, the company has raised nearly $80 million, in response to Crunchbase.
10. (tie) Tuning.FM$50 million, music: Philadelphia-based decentralized streaming platform Tune.FM has received $50 million in capital from Global Emerging MarketsFounded in 2011, Tune.FM has raised $80 million, the company said.
Large global transactions
The largest deal outside the US was in Belgium — in what could also be a first for this text.
- Biotechnology company Pantherwhich produces personalized cancer therapies and radiopharmaceuticals, has raised Series A funding of roughly $103 million.
Methodology
We tracked the largest announced funding rounds in the Crunchbase database, which were raised by U.S.-based firms during the seven-day period from September 7 to September 13. 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.