Investors appeared to be easing back into the market following the holiday weekend, resulting in a slower week for significant funding rounds. Only three companies secured funding exceeding $100 million, but one standout was Safe Superintelligence, which raised a remarkable $1 billion. This AI research lab, co-founded by former OpenAI chief scientist Ilya Sutskever, aims to develop safe artificial intelligence systems amid growing concerns about the potential risks of AI technology. The funding round, which included prominent investors, valued the company at $5 billion and will support its efforts to enhance computing power and expand its team.
Arsenal Biosciences Secures $325 Million
Arsenal Biosciences, a biotech firm based in South San Francisco, raised $325 million in a Series C funding round. The company specializes in engineering T-cell therapies for solid tumors and attracted investments from both existing and new investors. With this latest funding, Arsenal aims to advance its pipeline of therapies targeting various cancers, including ovarian and prostate cancers.
Key takeaways
- Safe Superintelligence raised $1 billion at a $5 billion valuation, the standout in an otherwise slow week with only three US rounds above $100 million.
- The lab was co-founded by Ilya Sutskever, formerly chief scientist at OpenAI, and is focused on building safe AI systems; the capital funds computing power and hiring.
- Arsenal Biosciences raised $325 million in a Series C for engineered T-cell therapies aimed at solid tumours including ovarian and prostate cancers.
- eGenesis closed a $191 million Series D led by Lux Capital, following its transplant of a genetically engineered pig kidney into a human.
- Outside the US, Japan's Sakana AI raised $100 million led by Khosla Ventures and Lux Capital for low-cost generative models trained on small datasets.
eGenesis Raises $191 Million for Engineered Organs
eGenesis, a biotech company from Cambridge, Massachusetts, closed a $191 million Series D funding round led by Lux Capital. The firm is known for developing human-compatible engineered organs and recently made headlines for the successful transplant of a genetically engineered pig kidney into a human. The new capital will help eGenesis further its innovative programs in organ engineering.
Circle Pharma Completes $90 Million Series D
Circle Pharma, another biotech company located in South San Francisco, raised $90 million in a Series D funding round. The company focuses on developing cell-permeable macrocycles for therapeutic applications. This funding will support its ongoing research and development efforts.
24M Technologies Raises $87 Million for Battery Innovations
24M Technologies, a startup specializing in battery products and manufacturing, secured $87 million in a Series H preferred stock financing. The company, based in Cambridge, Massachusetts, aims to enhance energy storage technology while improving cost efficiency and safety. This funding round values the company at $1.3 billion.
OrsoBio Closes $67 Million Series B
OrsoBio, a biotech firm focused on treatments for obesity and related disorders, raised $67 million in a Series B financing round. The funding was co-led by new investors and will help the company continue its development of innovative therapies.
Cortex Applications Raises $60 Million
Cortex Applications, a San Francisco-based company providing internal portals for software developers, secured $60 million in funding. This round, led by Scale Venture Partners, values the company at $470 million and will support its growth in the productivity tools sector.
Oyster Secures $59 Million for HR Platform
Oyster, a human resources platform based in San Francisco, raised $59 million in a Series D funding round. The investment will help the company enhance its services and expand its market presence.
Laravel Raises $57 Million for Developer Tools
Laravel, a web application framework from Arkansas City, Arkansas, completed a $57 million Series A funding round. This marks the company’s first disclosed funding round and will support its ongoing development efforts in web application technology.
Sonoma BioTherapeutics Receives $45 Million Milestone Payment
Sonoma BioTherapeutics, a biotech firm focused on therapies for autoimmune and inflammatory diseases, received a $45 million milestone payment from Regeneron Pharmaceuticals. This funding will aid the company’s continued research and development in the biotech field.
Global Funding Highlights
Outside the U.S., Sakana AI from Japan raised $100 million in a funding round led by Khosla Ventures and Lux Capital. The company is focused on training low-cost generative AI models using small datasets, differentiating itself from other players in the AI space.
Funding Methodology
This report tracks the largest announced funding rounds raised by U.S.-based companies over the week of August 31 to September 6. While most rounds are captured in the database, there may be slight delays in reporting.
Frequently asked questions
What is Safe Superintelligence building?
It is an AI research lab set up to develop safe artificial intelligence systems, founded amid rising concern about the risks of advanced AI. The $1 billion round is directed at compute capacity and team growth rather than a commercial product.
Why was eGenesis notable beyond the funding?
The company engineers human-compatible organs and had recently completed a transplant of a genetically engineered pig kidney into a human patient, one of the more visible milestones in xenotransplantation.
How does Sakana AI differ from other AI labs?
Its approach is to train low-cost generative models using small datasets, rather than competing on the scale of data and compute that defines most frontier labs.
