Eight startups raised $100 million or more this week, as biotech and financial services firms led the way. In fact, big rounds got here from throughout, including automotive, fintech and IT software. Notice something missing? Yes, there is no huge AI rally.
1. Cardurion Pharmaceuticals$260 million, biotechnology: Cardurion Pharmaceuticals led the way this week among biotech startups raising big money. The Burlington, Mass.-based biotech firm raised $260 million in Series B funding, led by Ascent’s Capital. The startup focuses on developing therapies for heart problems. Founded in 2017, the company has raised over $600 million, in keeping with Crunchbase.
2. Human interests$242 million, financial services: Retirement planning is big business, and apparently it may also fetch big valuations. San Francisco-based Human Interest is offering small businesses a solution to more easily offer 401(k) plans to their employees. The company has raised $267 million in a round of funding led by investment firms Baillie Gifford AND Marshall Wace values the company at $1.3 billion. The round included $25 million in debt. The company said it recently surpassed $100 million in annual recurring revenue. Founded in 2015, Human Interest says it has raised greater than $700 million in total primary and secondary funding.
3. Tekion$200 million, automotive: Providing a software platform for the automotive retail industry is probably not the sexiest tech play, but it definitely can create a helpful business. Tekion, whose software connects manufacturers, retailers and others, has raised $200 million in growth capital from Dragoneer Investment Group valuing the company at over $4 billion. Bloomberg reported that the startup now has $100 million to $200 million in revenue. Founded in 2016, the company has raised $635 million, in keeping with Crunchbase.
4. Saronic$175 million defense: Manufacturer of autonomous surface vessels Saronic secured $175 million Series B at a $1 billion valuation, led by Andreessen Horowitz — elevating the defense tech startup as the latest unicorn in a growing sector. The Austin, Texas-based startup designs and manufactures autonomous surface vehicles — essentially drones for the U.S. Navy that move across the surface of the water. Founded in 2022, the company has raised $245 million, in keeping with CrunchbaseSaronic’s recent round comes just a week after Germany’s Helsingwhich develops artificial intelligence software for defense purposes, has raised roughly $489 million in funding, led by General Catalyst which valued the company at $5.4 billion. The recent rounds bring global enterprise capital dollars in defense technology to greater than $1 billion this 12 months, in keeping with Crunchbase dataThat’s still a slower pace than last 12 months, when funding reached nearly $2 billion for the full 12 months of 2023.
5. Scorpion Therapy$150 million, biotechnology: Another big biotech round: Scorpion Therapeutics, a clinical-stage precision oncology company, closed a $150 million Series C round co-led by Frazier Life Sciences AND Lightspeed Venture Partners. The Boston-based startup will use the recent money to further develop its program to treat breast cancer and other solid tumors. The company, founded in 2020, raised $420 million, in keeping with Crunchbase.
6. Aven$142M, fintech: San Francisco-based Aven, which offers consumer bank cards backed by home equity, has raised $142 million in a Series D funding round led by General Catalyst AND Khosla’s venturesFounded in 2019, this is the company’s first disclosed funding round, in keeping with Crunchbase.
7. NGM Biopharmaceuticals$122 million, biotechnology: South San Francisco-based NGM Biopharmaceuticals has raised $122 million in Series A funding, led by Column GroupThe company develops drugs for liver disease and pregnancy problems, among other things. Founded in 2007, the company has raised greater than $542 million, in keeping with Crunchbase.
8. Kandy$100 million, IT: Kandji based in San Diego, Apple device management platform, raised $100 million in capital from General Catalyst valuing the startup at $850 million. Founded in 2018, the company has raised greater than $288 million, in keeping with Crunchbase.
9. Hello Industry$80 million, semiconductors: Santa Clara, California-based Halo Industries, a developer of a laser manufacturing technology platform for the semiconductor industry, has raised $80 million in Series B funding led by US Innovative Technology FundFounded in 2014, this is the company’s first disclosed raise, in keeping with Crunchbase.
10. DreamBig Semiconductor$75 million, semiconductors: San Jose, California-based DreamBig Semiconductor has raised $75 million in a round of funding co-led by Samsung Catalyst Fund AND Healthy Sutardja. DreamBig, founded in 2019, develops chiplet platforms, and its specialties include applications in large language models, generative AI, and more. The company has raised almost $93 million, (*10*)in keeping with Crunchbase data.
Large global transactions
The largest round of financing outside the US went to a startup from Australia.
- Sydney-based renewable energy startup Symphony raised Series A funding price roughly $201 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 July 13 to July 19. 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.