In a week marked by a slowdown in major funding rounds, only two startups secured investments exceeding $100 million. The funding landscape was diverse, with investments spanning various sectors, including healthcare and information technology.
Zing Health Secures $140 Million
Zing Health, a Medicare Advantage insurer based in Chicago, raised $140 million from investors such as Health2047 Capital Partners and First Trust Capital Partners. Founded in 2019, Zing Health aims to provide managed care Medicare Advantage plans that address social determinants of health, ultimately reducing healthcare disparities among underserved populations. To date, the company has raised a total of $330 million.
Key takeaways
- Only two US startups raised more than $100 million in the week to 27 September 2024.
- Zing Health, a Chicago Medicare Advantage insurer, raised $140 million to build managed care plans addressing social determinants of health for underserved populations.
- Whatfix raised a $125 million Series E led by Warburg Pincus at roughly a $900 million valuation for its digital adoption platform.
- Supabase raised $80 million in a Series C led by Craft Ventures and Peak XV Partners, benefiting from AI-driven demand for databases; its total reached $196 million.
- Harmonic raised $75 million in its first disclosed round at a $325 million post-money valuation, building an AI platform aimed at mathematical superintelligence.
Whatfix Raises $125 Million
Whatfix, a digital adoption platform located in San Jose, California, secured $125 million in a Series E funding round led by Warburg Pincus. This platform assists users in navigating various software applications more effectively, making it a valuable tool for large enterprises. The latest funding round values Whatfix at approximately $900 million, reflecting a significant increase from its previous valuation.
Supabase Closes $80 Million Round
Supabase, an open-source developer platform and Postgres database service, raised $80 million in a Series C funding round led by Craft Ventures and Peak XV Partners. The San Francisco-based startup has capitalized on the growing demand for databases driven by AI technologies, bringing its total funding to $196 million since its inception in 2020.
Ujet Secures $76 Million for AI-Powered Contact Center
Ujet, an AI-driven cloud contact center startup, raised $76 million in a Series D funding round led by Sapphire Ventures. This funding values the company at $500 million. Ujet’s platform leverages generative AI to enhance customer experiences, making it a prime candidate for investment as the contact center industry increasingly adopts AI solutions.
Centivo and Harmonic Tie at $75 Million
Centivo, a Buffalo-based company offering primary care-centered health plans, secured $75 million in a mix of equity and debt financing. Meanwhile, Harmonic, which focuses on developing an AI platform for mathematical superintelligence, also raised $75 million in its first disclosed funding round. Both companies have made significant strides in their respective fields, with Centivo raising a total of $226 million and Harmonic achieving a post-money valuation of $325 million.
Mendaera and Torq Make Notable Raises
Mendaera, a healthcare startup utilizing robotics and AI to improve patient care, announced a $73 million Series B funding round. In addition, Torq, a cybersecurity firm specializing in no-code automation platforms, closed a $70 million Series C round. Both companies are well-positioned to leverage their innovations in their respective industries.
Utility Global and Other Notable Raises
Utility Global, based in Houston, raised $53 million to enhance clean energy generation systems aimed at reducing emissions. Additionally, three companies—Route 92 Medical, 858 Therapeutics, and Mirai Bio—each raised $50 million, tying for the tenth spot in this week’s funding rounds.
Global Funding Highlights
On the international front, Germany’s Egym, a smart fitness startup, raised $200 million in a Series G funding round, marking the largest deal of the week.
Funding Round Methodology
This report highlights the largest announced funding rounds for U.S.-based companies from September 21 to September 27. While most rounds are captured in the database, there may be slight delays in reporting.
Frequently asked questions
What is a digital adoption platform?
Software that guides users through other software, layering walkthroughs and prompts over existing applications. Large enterprises use it to shorten the time employees take to become productive in complex systems.
Why is Supabase benefiting from AI demand?
AI applications need somewhere to store and query data, and Supabase provides an open-source developer platform built on Postgres. Growth in AI application building translates fairly directly into database demand.
What was the biggest international deal?
Germany's Egym, a smart fitness company, raised $200 million in a Series G round — the largest deal of the week worldwide.
