This week saw a notable decrease in large funding rounds, with only three deals surpassing the $100 million threshold. The healthcare and medical device sectors performed particularly well, indicating a potential slowdown in announcements as summer draws to a close.
Kiteworks Secures $456 Million in Cybersecurity Funding
Kiteworks, a cybersecurity firm based in San Mateo, California, raised $456 million in a funding round led by Insight Partners and Sixth Street. This investment is categorized as “growth equity” and also serves as a “partial liquidity event,” allowing some investors to cash out. Although Kiteworks did not disclose its valuation, it confirmed that it is valued at over $1 billion. The company specializes in secure content sharing, enabling users to exchange sensitive information through trusted communication channels. Kiteworks has raised a total of $592 million since its inception in 1999, previously known as Accellion, which faced a significant data breach in 2021.
Key takeaways
- The week of 10-16 August 2024 was unusually quiet, with only three US funding rounds above $100 million.
- Kiteworks, a San Mateo secure content-sharing firm, raised $456 million led by Insight Partners and Sixth Street, confirming a valuation above $1 billion.
- Kiteworks has now raised $592 million since 1999; it previously traded as Accellion, which suffered a significant data breach in 2021.
- Healthcare and medical devices dominated the rest of the table, including Halda Therapeutics at $126 million, HistoSonics at $102 million and Neptune Medical at $97 million.
- Crypto-adjacent deals were smaller but present: Chaos Labs raised $55 million led by Haun Ventures, and decentralised AI network Sahara AI raised $43 million from Binance Labs, Pantera Capital and Polychain.
Halda Therapeutics Raises $126 Million for Cancer Therapies
Halda Therapeutics, a biotech startup from New Haven, Connecticut, secured $126 million in a Series B extension to develop therapies for prostate and breast cancer. The funding round included contributions from Deep Track Capital and RA Capital Management, bringing Halda’s total funding to $202 million since its founding in 2018.
HistoSonics Closes $102 Million Series D
Minneapolis-based HistoSonics raised $102 million in a Series D funding round led by Alpha Wave Ventures. The company focuses on its Edison Histotripsy System, which utilizes ultrasound technology to target and destroy liver tumors. Founded in 2009, HistoSonics has raised nearly $329 million to date.
Neptune Medical Secures $97 Million for Robotics in Healthcare
Neptune Medical, a medical device company from Burlingame, California, raised $97 million in a Series D funding round. Significant participants included Olympus and Sonder Capital. The company aims to leverage robotics to address gastrointestinal diseases and has disclosed this as its first funding amount since its founding in 2016.
Caresyntax Raises $80 Million for Surgical AI Platform
Caresyntax, based in San Francisco, raised $180 million through a Series C extension and growth debt expansion round, which included $80 million in equity. The company has developed an AI platform designed to enhance surgical precision and patient safety. Since its establishment in 2013, Caresyntax has raised nearly $388 million.
EliseAI Becomes a Unicorn with $75 Million Funding
EliseAI, a conversational AI platform based in New York, raised $75 million in a Series D funding round, achieving a valuation exceeding $1 billion. The company focuses on the housing industry and is expanding into healthcare. Founded in 2017, EliseAI has raised nearly $142 million to date.
Chaos Labs Raises $55 Million for Blockchain Risk Management
Chaos Labs, a blockchain risk management startup from New York, secured $55 million in a Series A funding round led by Haun Ventures. Founded in 2022, the company has raised a total of $75 million.
Moximed Closes $61 Million for Knee Osteoarthritis Devices
Moximed, based in Fremont, California, raised $61 million in a Series D funding round, which includes an option for an additional $30 million. The round was led by Elevage Medical Technologies. Founded in 2006, Moximed has raised $244 million to date.
Sahara AI Raises $43 Million for Decentralized AI Network
Sahara AI, a decentralized AI network based in Los Angeles, raised $43 million in a funding round led by Binance Labs, Pantera Capital, and Polychain. Founded in 2023, the company has raised a total of $49 million.
PayZen Secures $32 Million for Healthcare Fintech
PayZen, a fintech startup focused on the healthcare industry in San Francisco, raised $32 million in equity led by NEA, alongside a $200 million credit facility. Founded in 2019, the company has raised a total of $472 million.
Global Funding Highlights
While the largest funding rounds were concentrated in the U.S., notable deals also emerged from Asia. OYO, a travel tech company based in India, raised approximately $123.9 million in a Series G funding round.
Funding Round Methodology
This report tracks the largest announced funding rounds raised by U.S.-based companies from August 10 to August 16. While most rounds are represented in the database, there may be a slight delay in reporting some rounds.
Frequently asked questions
What does Kiteworks sell?
Kiteworks provides secure content sharing, letting organisations exchange sensitive files and information over trusted channels. The category matters to regulated industries where ordinary email or file transfer is not defensible.
What is a 'partial liquidity event' in a funding round?
It means part of the money raised is used to buy out existing shareholders rather than fund the business. Kiteworks' round was structured as growth equity with that component, letting some earlier investors cash out.
Which non-US deal stood out that week?
Indian travel technology company OYO raised approximately $123.9 million in a Series G round, the most significant round reported outside the United States.
