This week saw significant funding rounds in the energy and data center sectors, highlighting the growing interest in these areas. Here’s a breakdown of the top funding deals announced in the U.S. over the past week.
X-energy Secures $500 Million
X-energy, based in Rockville, Maryland, raised approximately $500 million in a Series C-1 funding round, primarily backed by Amazon. The company focuses on developing advanced small modular nuclear reactors aimed at clean energy generation. This collaboration aims to bring over 5 gigawatts of new power projects online across the U.S. by 2039. Since its inception in 2009, X-energy has raised over $785 million.
Key takeaways
- Energy and data centre infrastructure dominated the week to 18 October 2024.
- X-energy raised about $500 million in a Series C-1 backed primarily by Amazon, targeting more than 5 gigawatts of new power projects across the US by 2039 using small modular reactors.
- Lightmatter raised $400 million led by T. Rowe Price at a $4.4 billion valuation, nearly quadrupling the $1.2 billion it carried the previous December.
- Lightmatter uses silicon photonics — light rather than electrical signalling — to address energy consumption and scalability limits in AI data centres.
- Blockstream, the Montreal-based digital asset infrastructure developer, raised $210 million in convertible notes, the largest international deal of the week.
Lightmatter Raises $400 Million
Lightmatter, a startup specializing in using light for chip connectivity and AI calculations, secured $400 million in a Series D funding round led by T. Rowe Price, achieving a valuation of $4.4 billion. This funding nearly quadruples its previous valuation of $1.2 billion from December. Lightmatter’s technology aims to address energy consumption and scalability issues in AI data centers, utilizing silicon photonics for enhanced efficiency. Founded in 2017, the company has raised a total of $850 million.
Splitero Gains $300 Million
San Diego-based Splitero, which provides homeowners with access to their home equity, raised $300 million through a strategic investment from Antarctica Capital. The company offers a lump sum of cash in exchange for a share of a home’s future value. Since its founding in 2021, Splitero has raised nearly $318 million.
Terray Therapeutics Secures $120 Million
Terray Therapeutics, a biotech firm in Los Angeles focused on small molecule drug therapeutics, raised $120 million in a Series B funding round led by Bedford Ridge Capital and NVentures. Founded in 2018, the company has raised a total of $200 million.
Path Robotics Closes $100 Million
Path Robotics, which integrates AI into robotic welding systems, announced $100 million in new investments led by Drive Capital and Matter Venture Partners. The Columbus, Ohio-based company has raised a total of $170 million since its founding in 2018.
Skimmer Raises $74 Million
Skimmer, a software provider for pool service businesses based in Austin, Texas, secured $74 million in growth capital from Mainsail Partners. Founded in 2014, the company has raised a total of $79 million.
Decagon Secures $65 Million
Decagon, a San Francisco-based developer of AI customer support agents, raised $65 million in a Series B funding round led by Bain Capital Ventures. Founded in 2023, Decagon has raised a total of $100 million.
Oshi Health Raises $60 Million
Oshi Health, a virtual gastrointestinal care startup located in New York, secured $60 million in Series C funding led by Oak HC/FT. Since its founding in 2019, the company has raised nearly $120 million.
Koloma Gains $50 Million
Denver-based Koloma, which focuses on identifying and commercializing geologic hydrogen resources, reportedly raised a $50 million Series B extension led by Osaka Gas and Mitsubishi Heavy Industries. Founded in 2021, the company has raised over $386 million.
Galileo Raises $45 Million
Galileo, which offers generative AI evaluation and observability for enterprises, raised $45 million in a Series B funding round led by Scale Venture Partners. Founded in 2021, the San Francisco-based company has raised more than $68 million.
Global Funding Highlights
Outside the U.S., Montreal-based Blockstream, a blockchain developer focused on digital asset infrastructure, raised $210 million in convertible note funding, marking the largest deal of the week internationally.
Funding Methodology
This report tracks the largest announced funding rounds raised by U.S.-based companies from October 12 to October 18. While most rounds are represented, there may be slight delays in reporting.
Frequently asked questions
What is a small modular reactor?
It is a nuclear reactor built in smaller, factory-produced units rather than as a single large custom plant. The intent is faster, cheaper deployment, which is why Amazon is backing X-energy to supply power at data centre scale.
Why use light for chip connectivity?
Moving data electrically between chips consumes significant power and limits how far AI systems can scale. Silicon photonics moves that data as light instead, which is where Lightmatter's efficiency gains come from.
What is geologic hydrogen?
It is hydrogen that occurs naturally underground rather than being manufactured. Koloma raised a $50 million Series B extension led by Osaka Gas and Mitsubishi Heavy Industries to find and commercialise those deposits.
