Another slow week, with only three firms raising funding rounds above $100 million. In fact, you didn’t even have to raise $50 million to make this week’s list. Investors are definitely putting their money in all places, from biotech to productivity tools, but they didn’t spend much.
1. Grafana Laboratory$270 million, evaluation: It looks as if firms are getting extensions from longer and longer rounds. This week, New York-based Grafana Labs raised $270 million in a mix of growth capital and a secondary offering — so some of the money went to the company and some went to shareholders. The company described it as an extension of its $240 million Series D in 2022. The latest round was led by Lightspeed Venture Partners and values the company at $6 billion. Grafana, an open-source software platform, helps monitor and visualize data. Founded in 2014, the company has raised greater than $805 million, according to Crunchbase data.
2. Mark$250 million, ticket sales: Ticketing startups rarely make it onto this list, but this week TickPick raised $250 million in investment from Brighton Park Capital. While the ticketing market is competitive, the New York startup has increased sales eight-fold in the past three years and now sells nearly $1 billion value of tickets. TickPick is a marketplace where you may buy, bid, and sell tickets. It tries to differentiate itself by offering a no-fee pricing model so customers know what they’re paying. Excessive ticketing fees have frustrated many consumers for years, even leading to lawsuits against other marketplaces. Founded in 2011, the company has raised $290 million, according to Crunchbase.
3. Pathalys Pharma Company$105 million, biotechnology: Raleigh, North Carolina-based Pathalys Pharma is no newcomer to this list — it topped the list early last 12 months. This time, the biopharmaceutical startup raised $105 million led by TCG Crossword. The company specializes in late-stage treatments for kidney disease. Founded in 2021, Pathalys has raised $266 million to date, according to Crunchbase.
4. Fortress$85 million, climate: Based in San Jose, California, Fortera has raised $85 million in Series C funding from several investors, including Khosla’s ventures AND Temasek. The startup has developed a method for producing low-carbon cement inside existing manufacturing infrastructure. It plans to use the money to implement its technology in existing cement plants, aiming to produce “green cement” with 70% fewer carbon emissions than conventional varieties. Founded in 2019, the company has raised $115 million, according to Crunchbase.
5. Story Protocol$80M, blockchain: As AI creates latest problems with mental property theft, San Francisco-based startup Story Protocol has raised $80 million in Series B funding to try to address the growing problem. The latest round was led by Andreessen Horowitzwith the participation of Multi-chain and others. Founded in 2022, Story has raised $140 million to date, according to company data. The latest round apparently values the company at $2.25 billion. Intellectual property theft is nothing latest, but the rise of artificial intelligence has raised the stakes, as generative AI models take copyrighted material—without permission—to train and learn. The Story blockchain network lets IP owners store their mental property on a platform, embedding the terms of use—reminiscent of licensing fees—in smart contracts. Essentially, blockchains aim to be sure that owners are compensated when their mental property is used.
6. Open waters$54 million, healthcare: Newark, California-based Openwater, a developer of a medical technology system that treats disease at the cellular level, apparently $54 million raised. The latest round brings Openwater’s funding to $100 million, according to the company. Its investors include Khosla’s ventures AND Bold Capital Partnersamong others.
7. Key $47M, productivity tools: Dublin, California-based Opkey, an AI platform that helps organizations test enterprise resource planning software, has closed a $47 million Series B funding round led by Peak CapitalFounded in 2015, the company has raised $57 million, according to Crunchbase.
8. XII Medical$45 million, biotechnology: Union City, California-based XII Medical, a clinical-stage healthcare company developing therapies for sleep apnea, has closed a $45 million Series B funding round led by Omega FundsFounded in 2017, the company has raised $75 million, according to Crunchbase.
9. Defcon AI$44 million defense: McLean, Virginia-based Defcon AI, which has developed an AI-based decision-making tool for military logistics planning, has raised $44 million in a seed round led by Venture Bessemer Partners. Founded in 2022, this is the company’s first disclosed financing, according to Crunchbase.
10. AstroForge$40 million, space: Huntington Beach, California-based asteroid mining startup AstroForge has raised $40 million in Series A funding, led by Nova ThresholdFounded in 2021, the company says it has raised $55 million.
Large global transactions
The largest transaction outside the USA was concluded with our northern neighbors.
- Based in Vancouver Borealis BiosciencesNext-generation RNA therapeutics company launched with a $150 million funding round.
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 August 17 to August 23. 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.