This week marks the final installment of our weekly roundup of significant funding rounds, showcasing a notable surge in fintech investments. Throughout 2024, the landscape has been characterized by substantial financial commitments, with over 280 rounds exceeding $100 million. Here are the top funding rounds announced this week:
One Secures $300 Million in Fintech Funding
Fintech startup One has successfully raised $300 million, primarily backed by Walmart and Ribbit Capital. This funding positions One, which offers services like installment loans and debit cards, at a valuation of $2.5 billion. The investment signifies Walmart’s strategic move into the financial services sector, enhancing its offerings in this competitive market.
Key takeaways
- Fintech led the final weekly roundup of 2024, a year in which more than 280 rounds exceeded $100 million.
- One raised $300 million at a $2.5 billion valuation, backed primarily by Walmart and Ribbit Capital, marking Walmart's push into consumer financial services.
- Liquid AI raised $250 million led by AMD at a $2.3 billion valuation, building lightweight models that need less data and compute, inspired by mathematics drawn from studying worm brains.
- Zest AI took $200 million from Insight Partners for AI credit underwriting, bringing its total to nearly $358 million since 2009.
- Ayar Labs crossed $1 billion in valuation with a $155 million Series D for optical interconnects that move data more efficiently inside AI infrastructure.
Liquid AI Raises $250 Million
Liquid AI has completed a $250 million funding round led by AMD, achieving a valuation of $2.3 billion. The Cambridge-based company specializes in developing lightweight AI models that require less data and computational power, inspired by mathematical concepts derived from studying worm brains. Since its inception in 2023, Liquid AI has raised over $290 million.
Zest AI Secures $200 Million for Growth
Burbank’s Zest AI has attracted a $200 million investment from Insight Partners. The company leverages AI to enhance credit underwriting processes, aiming to refine scoring methods and bolster its product offerings. Founded in 2009, Zest AI has raised nearly $358 million to date.
Ayar Labs Raises $155 Million for Optical Solutions
Ayar Labs has secured $155 million in a Series D funding round led by Advent International and Light Street Capital, bringing its valuation to over $1 billion. The company focuses on optical solutions that improve data transmission efficiency, addressing challenges in AI infrastructure. Founded in 2015, Ayar Labs has raised a total of $370 million.
Capstan Medical Raises $110 Million for Heart Valve Technologies
Capstan Medical, which develops robotic technologies for minimally invasive heart valve treatments, has raised $110 million in a Series C round led by Eclipse Ventures. With a significant patient population in the U.S. suffering from heart valve disease, the funding will support the company’s growth. Founded in 2020, Capstan has raised over $141 million.
Speak Raises $78 Million for Language Learning
Language learning startup Speak has raised $78 million in a Series C funding round led by Accel, achieving a valuation of $1 billion. The company utilizes AI to create personalized language lessons, significantly enhancing user engagement. Since its founding in 2016, Speak has raised a total of $162 million.
Veradermics Closes $75 Million for Dermatologic Therapies
Veradermics, a biopharmaceutical company focused on dermatologic treatments, has completed a $75 million Series B funding round led by Suvretta Capital Management. The funds will support the clinical development of its hair loss treatment. Founded in 2019, Veradermics has raised nearly $111 million.
Gigs Raises $73 Million for Mobile Services
San Francisco-based Gigs has raised $73 million in a Series B funding round led by Ribbit Capital. The company aims to expand its geographical reach and enhance its product offerings, providing tech companies with efficient connectivity solutions. Founded in 2021, Gigs has raised a total of $97 million.
Players Health and Sublime Security Each Raise $60 Million
Players Health, a provider of athlete insurance, has closed a $60 million Series C round led by Bluestone Equity Partners. Meanwhile, Sublime Security, an AI-driven email security platform, has also secured $60 million in a Series B funding round led by IVP. Both companies are making strides in their respective fields, with Players Health raising over $100 million since its founding in 2012, and Sublime Security raising approximately $93.8 million since its inception in 2019.
Global Funding Highlights
Outside the U.S., India-based Rebel Foods, which operates multiple food brands, has raised $210 million in a Series G funding round, showcasing the global appetite for significant investments.
Funding Methodology
This report highlights the largest announced funding rounds tracked in our database for U.S.-based companies during the week of December 7 to December 13. While most rounds are accurately represented, there may be slight delays in reporting.
Frequently asked questions
Why would Walmart back a fintech startup?
One offers installment loans and debit cards, products that sit directly alongside Walmart's retail customers. Backing it gives Walmart a route into financial services without building the products itself.
What makes Liquid AI's models different?
They are designed to be lightweight, requiring less training data and less computing power than conventional large models. The underlying mathematics came out of research into the neural structure of worm brains.
What was the biggest round outside the US that week?
India-based Rebel Foods, which operates multiple food brands from shared kitchens, raised $210 million in a Series G round.
