There may not have been a $1 billion increase this week, but there was no shortage of big money deals. Two U.S. startups raised half a billion dollars each, and one other eight raised at least $100 million, representing industries ranging from cybersecurity to biotechnology to artificial intelligence.
1. (related) Crusoe’s energy systemsUSD 500 million, energy: This is not the first time Crusoe has made this list. In 2022, the Denver-based company helped mine Bitcoin by taking natural gas, which is typically burned in oil extraction, and using it to power the data centers needed for mining, raising a $350 million Series C capital round led by G2 enterprise partnersat a valuation of $1.75 billion. Well, Crusoe has now set his sights on artificial intelligence – literally. The company is a so-called “neocloud” – a data center company that gives outsourced cloud computing for those trying to build artificial intelligence. This marketing strategy was enough for Crusoe apparently close $500 million round led by Founders Fund at a valuation of $3 billion. Founded in 2018, the company has raised $1.2 billion, via Crunchbase.
1. (related) Initiate$500 million, digital marketing: Marketing technology platform Insider raised $500 million for Series E, led by: General of the Atlantic to finance its US expansion and development of AI products. The latest financing comes about 18 months later it was valued at $1.9 billion last yr. The New York-based company declined to reveal its valuation in the latest round. Insider, which he co-founded in Istanbul in 2012, raised $772.1 million from investors, via Crunchbase. The company claims to operate in 28 countries around the world and counts such big names as, among others: Nike, SAMSUNG, L’Oreal, Unilever, Allianz AND Disney among their clients.
3. Beta technologiesUSD 318 million, aviation industry: If you are one of those frustrated that the technological revolution hasn’t delivered the promised flying cars, take heart: startups working on vertical takeoff planes are still attracting investor interest. The latest startup in the space that would get a big chunk of money is Beta Technologies, a maker of electrical vertical takeoff and landing planes. The South Burlington, Vermont-based startup announced a Series C led by Qatar Investment AuthorityQatar’s sovereign wealth fund. Faithfulness, TPG Rise Climate Fund AND United Therapeutics in addition they joined as investors. The company that raised $1.4 billion from investors via Crunchbase — said the fresh funds could be used to maneuver the plane closer to certification and commercialization.
4. Armis’s safety$200 million, cybersecurity: Cybersecurity startup Armis Security closed a $200 million Series D led by Capital of Alkeon AND Generic catalytic converter. The round raises the company’s valuation by almost 25% to $4.2 billion. The San Francisco-based startup last raised a $300 million private equity round in 2021, led by: One capital partner at a valuation of $3.4 billion. The recent money comes just after Armis said it had exceeded the amount 200 million dollars in annual recurring revenue – an additional $100 million in ARR growth in lower than 18 months. The company’s goal is an IPO in 2026, in accordance with Bloomberg. In 2020 Insight partners bought large shares in a startup. Armis is one of the few firms focused on industrial security – also generally known as operational technology security – and IoT security spaces. The industry normally sees an ebb and flow of investment interest, but 2024 was a good yr for startups in this sector. Based in New York earlier this yr Claroty secured $100 million of led strategic debt/credit financing Delta-v Capitaland based in San Francisco Nozomi Networks closed $100 million Series E from investors incl Mitsubishi Electric AND Schneider Electric.
5. Sierra$175 million, artificial intelligence: If you would like your organization’s valuation to skyrocket in the blink of an eye, start an AI startup. Were-Sales power 1 co-CEO Bret Taylorconversational AI startup Sierra this week raised $175 million in a funding round led by Capital of Greenoaks which gave it a valuation of $4.5 billion. Just in February, the San Francisco-based company raised a $110 million led round Capital of Sequoia AND Benchmark at reported valuation of just about $1 billion. A 4.5x increase in value in eight months is not too shabby. And yes, Taylor is also chairman of the board at OpenAI – whose large language models Sierra uses – although he said he had no conflict of interest.
6. Better$150 million, fintech: Payments platform Melio raised $150 million in a Series E round led by the company Fiserv at a valuation of $2 billion. The latest New York-based company raised money in 2021 at a valuation of $4 billion reported the company’s sales dropped last yr at half that figure. Founded in 2018, the company has raised $654 million, via Crunchbase.
7. (sure) Axonis therapyUSD 115 million, biotechnology: Boston-based Axonis Therapeutics, a biotech startup developing neuromedicine, has closed a $115 million Series A co-led by: Cormorant asset management AND VenBio Partners. Founded in 2020, the company has raised nearly $130 million, via Crunchbase.
7. (sure) EvomuneUSD 115 million, biotechnology: Palo Alto, California-based Evommune, a biotech startup developing recent treatments for immune-mediated inflammatory diseases, has accomplished a $115 million Series C co-led by recent investors RA capital management AND Sector asset management. Founded in 2020, the company raised $268 million, via Crunchbase.
7. (sure) Finger controlUSD 115 million, human resources: Fingercheck, a payroll and HR software company for small businesses, raised $115 million in growth investments, led by the company Edison’s partners. The Fingercheck platform permits you to arrange payroll and HR management by hour and supports job posting, onboarding, payroll, scheduling and change management, and more. The round is impressive considering the sharp decline in funding for HR startups in recent years. During the height of the enterprise capital market in 2021, few sectors looked as if it would profit as much as human resources – likely as a result of the proven fact that firms were undergoing major changes in the way they served employees as a result of the pandemic. In 2021, HR startups raised over $10.5 billion in over 900 rounds, in accordance with Crunchbase data. In 2023, those numbers dropped to $7.8 billion over 800 rounds, then dropped to only $2.9 billion over 500 rounds last yr. So far this yr, HR startups have raised just $1.7 billion in lower than 300 rounds, in accordance with Crunchbase data. In fact, Fingercheck’s round is only the industry’s fourth raise of $100 million or more in 2024.
10. Walk through the doorUSD 100 million, real estate management: Miami-based property management software company DoorLoop raised $100 million in Series B led by JMI Capital. Founded in 2019, the company has raised $130 million, via Crunchbase.
Great global offers
The biggest transaction of the week got here from China.
- International GDSdata center developer and operator, raised $1 billion from institutional private equity investors.
Methodology
We tracked the largest announced rounds in the Crunchbase database that were raised by US-based firms over a seven-day period from October 26 to November 1. Although most announced rounds are represented in the database, there could also be a slight delay as some rounds are reported late in the week.