Another lively week for nine-figure rounds, with seven startups locking in rounds of $100 million or more — including an agtech company for the second week in a row and an entertainment startup just like Sphere.
1. Cosmos$250 million, Entertainment: Entertainment and technology are intersecting greater than ever — and Cosm is just the latest example. The Dallas, Texas-based Sphere-like technology and entertainment company has raised greater than $250 million in funding from firms like Capital Mirasol AND Baillie Gifford. The recent round values the company at greater than $1 billion. Cosm offers guests an immersive dome that lets them share a reality experience, often in the context of sports. The company already has a location in Los Angeles and plans more in Dallas and Atlanta.
2. AI Gazebos$200M Supply Chain Management: Supply chain management startup Altana AI raises $200 million in Series C investment led by US Innovative Technology Fund that values the company at $1 billion. The New York startup’s supply chain management platform provides clients with deep insight and visibility into the management of global value chains—from sourcing to manufacturing and sales. Such oversight has grow to be crucial as governments and organizations have introduced recent trade restrictions, climate policies, national security and other rules. Like most startups raising big money in the current environment, Altana has an AI game. The company’s platform uses AI to investigate data points across the supply chain to detect anomalies and threats. Founded in 2018, the company has raised $322 million, in response to CrunchbaseBefore the recent round, it recently raised $100 million in Series B funding led by Activate Capital Partners in 2022.
3. Bilt Awards$150 million in loyalty rewards: Wasn’t it just seven months ago that Bilt was here? Yes, it was. Bilt Rewards raised $200 million in a round led by General Catalyst at a $3.1 billion valuation in January — greater than doubling its value after a 2022 fundraising round. Well, the loyalty startup is back, this time with an additional $150 million round led by in response to Crunchbase.
4. Outshine Bio$144 million, biotechnology: The biggest biotech deal of the week was Outpace Bio. The Seattle-based startup, a cell therapy company that targets solid tumors, raised $144 million in Series B funding led by RA Capital Management. The biotech uses AI-assisted protein design to program tumor-fighting immune cells. Founded in 2020, Outpace has raised about $200 million, in response to the company.
5. (draw) Agrovision$100 million, agritechnology: Agtech has been on a bit of a roll currently with startups closing big rounds. The latest example is Los Angeles-based Agrovision. The agtech startup closed a $100 million round at a valuation of $1 billion, in response to Bloomberg reportHe led the recent round Maintenance capital. Agrovision is a grower, packer, shipper and marketer of superfruits resembling cherries and blueberries, selling its fruit under the Fruitist and Big Skye brands. The company also uses some technology in its growing — using proprietary genetics and data analytics. Just last week, Monarch Tractor — creator of the all-electric, driver-optional, intelligent tractor — raised $133 million in Series C funding co-led by Astanor Projects AND HH-CTBC Partnership. Perhaps these two rounds could get up the somewhat dormant agtech sector. So far this 12 months, agriculture and livestock startups have raised just $2.3 billion in a modest 365 deals, in response to Crunchbase dataThe pace is slower than last 12 months, when similar startups raised $4.6 billion in 944 deals.
5. (draw) Spring health$100 million, mental health: Mental health funding has been as hot as the weather over the past few weeks. Mental health became the latest startup in the sector to boost big money, locking down $100 million in a Series E round at a $3.3 billion valuation — a 65% increase from the $2 billion valuation it received in 2021 after a $190 million Series C round. The recent round was led by Generational investment managementFounded in 2016, the company has raised nearly $467 million, in response to Crunchbase. Spring Health partners with employers to supply mental health services to their employees. The company also uses artificial intelligence to assist members get care faster. In the past few weeks alone, mental health has seen its biggest increases this 12 months. With Spring Health, New York Talkiatrya startup dealing with psychiatric care, raised $130 million in mid-June. The round consisted of a combination of Series C equity financing led by Andreessen Horowitz and debt financing Bank of California. Then, just last week, the mental health care platform Progress closed a $100 million Series D round led by Spark Capital. The recent funding values the company at $2.3 billion — a 130% increase from October, when it raised $125 million in a Series C round at a $1 billion valuation. While well below its 2021 high, the mental health funding has remained relatively stable this 12 months.
7. Jade Biosciences$80 million, biotechnology: Waltham, Mass.-based Jade Biosciences, a biotechnology company developing therapies for patients with autoimmune diseases, has raised $80 million in funding for Fairmount Fund Management AND HikeThis is the first disclosed round of financing for the company, in response to Crunchbase.
8. (draw) AirRNA$60 million, biotechnology: Cambridge, Massachusetts-based biotech company AiRNA, which is developing RNA editing therapies, has raised $60 million in a funding round led by Forbion Capital PartnersFounded in 2021, the company has raised $90 million, in response to Crunchbase.
8. (draw) Protect AI$60M Cybersecurity: Seattle-based AI and machine learning security company Protect AI has closed a $60 million Series B funding round led by Capital Evolution PartnersFounded in 2022, Protect AI has raised a total of $108.5 million, in response to company data.
10. Gradient AI$56.1 million, insurance: Boston-based Gradient AI, a provider of AI-powered insurance software, has raised $56.1 million in a Series C round led by Centana Growth PartnersFounded in 2012, the company has raised over $123 million, in response to Crunchbase.
Large global transactions
The biggest round outside the US this week took place overseas.
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 27 to August 2. 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.