Eight startups raised $100 million or more this week, with biotech and financial services companies leading the way. The big rounds spanned various sectors, including automotive, fintech, and IT software. Notably, there were no significant AI funding rounds this week.
Cardurion Pharmaceuticals, $260M, biotech
Cardurion Pharmaceuticals, based in Burlington, Massachusetts, raised $260 million in Series B financing led by Ascenta Capital. The biotech firm focuses on developing therapeutics for cardiovascular diseases. Founded in 2017, the company has now raised over $600 million.
Key takeaways
- Eight US startups raised $100 million or more in the week to 19 July 2024, with biotech and financial services leading and no significant AI rounds at all.
- Cardurion Pharmaceuticals raised $260 million in Series B financing led by Ascenta Capital for cardiovascular therapeutics, passing $600 million raised since 2017.
- Human Interest, which helps small businesses offer 401(k) plans, raised $267 million including $25 million of debt at a $1.3 billion valuation.
- Defence startup Saronic reached a $1 billion valuation on a $175 million Series B led by Andreessen Horowitz, building autonomous surface vessels for the US Navy.
- Tekion raised $200 million in growth equity from Dragoneer at a valuation above $4 billion for retail automotive software.
Human Interest, $242M, financial services
San Francisco-based Human Interest, which helps small businesses offer 401(k) plans, secured $267 million in a round led by Baillie Gifford and Marshall Wace. This round included $25 million in debt and values the company at $1.3 billion. Human Interest has raised over $700 million since its inception in 2015.
Tekion, $200M, automotive
Tekion, a software platform for the retail automotive industry, raised $200 million in growth equity from Dragoneer Investment Group, valuing the company at over $4 billion. Founded in 2016, Tekion has raised $635 million to date.
Saronic, $175M, defense
Austin-based Saronic, which designs autonomous surface vessels for the U.S. Navy, raised $175 million in Series B funding at a $1 billion valuation led by Andreessen Horowitz. Founded in 2022, the company has raised $245 million so far.
Scorpion Therapeutics, $150M, biotech
Scorpion Therapeutics, a precision oncology company, closed a $150 million Series C co-led by Frazier Life Sciences and Lightspeed Venture Partners. The Boston-based startup will use the funds to develop treatments for breast cancer and other solid tumors. Founded in 2020, Scorpion Therapeutics has raised $420 million.
Aven, $142M, fintech
San Francisco-based Aven, which offers consumer credit cards backed by home equity, raised $142 million in Series D funding led by General Catalyst and Khosla Ventures. Founded in 2019, this is the company’s first disclosed funding round.
NGM Biopharmaceuticals, $122M, biotech
NGM Biopharmaceuticals, based in South San Francisco, secured $122 million in Series A funding led by The Column Group. The company focuses on developing therapeutics for liver diseases and pregnancy-related issues. Founded in 2007, NGM Biopharmaceuticals has raised over $542 million.
Kandji, $100M, information technology
San Diego-based Kandji, an Apple device management platform, raised $100 million from General Catalyst, valuing the startup at $850 million. Founded in 2018, Kandji has raised more than $288 million.
Halo Industries, $80M, semiconductor
Santa Clara-based Halo Industries, which develops laser manufacturing technology for the semiconductor industry, raised $80 million in Series B funding led by US Innovative Technology Fund. Founded in 2014, this is the company’s first disclosed funding round.
DreamBig Semiconductor, $75M, semiconductor
San Jose-based DreamBig Semiconductor raised $75 million in an equity round co-led by Samsung Catalyst Fund and Sehat Sutardja. The company, founded in 2019, specializes in chiplet platforms for applications in large language models and generative AI. DreamBig has raised nearly $93 million to date.
Big global deals
The largest round outside the U.S. went to Sydney-based renewable energy startup Symphony, which secured approximately $201 million in Series A funding.
Methodology
We tracked the largest announced rounds in the database that were raised by U.S.-based companies for the seven-day period of July 13 to July 19. While most announced rounds are represented, there could be a small time lag as some rounds are reported late in the week.
Frequently asked questions
Was the absence of AI rounds unusual?
Yes, and the article flags it explicitly. In a period when AI dominated most weekly tables, a week with eight nine-figure rounds and none in AI stood out as an anomaly rather than a trend.
What does DreamBig Semiconductor build?
Chiplet platforms aimed at large language model and generative AI workloads. It raised $75 million co-led by Samsung Catalyst Fund and Sehat Sutardja, bringing its total to nearly $93 million.
What was the largest round outside the US?
Sydney-based renewable energy startup Symphony raised approximately $201 million in Series A funding.
