Another active week for nine-figure funding rounds, with seven startups securing $100 million or more. This includes an agtech firm for the second consecutive week and an entertainment startup similar to Sphere.
Cosm, $250M, Entertainment
Entertainment and technology are intersecting more than ever, and Cosm is a prime example. The Dallas-based immersive tech and entertainment company raised over $250 million from investors like Mirasol Capital and Baillie Gifford, valuing the company at over $1 billion. Cosm offers guests an immersive dome experience, often related to sports, with venues in Los Angeles and plans for Dallas and Atlanta.
Key takeaways
- Seven US startups raised $100 million or more in the week to 2 August 2024, led by immersive entertainment company Cosm.
- Cosm raised over $250 million from investors including Mirasol Capital and Baillie Gifford at a valuation above $1 billion, running dome venues in Los Angeles with Dallas and Atlanta planned.
- Altana AI reached a $1 billion valuation on a $200 million Series C, using AI to trace global value chains from raw material through production and sale.
- Bilt Rewards added $150 million led by Teachers' Venture Growth, extending rewards on rent payments into dining, grocery, ridesharing and retail.
- Spring Health raised $100 million at a $3.3 billion valuation, a 65% increase on its 2021 mark and one of the few 2021-era valuations to rise rather than reset.
Altana AI, $200M, Supply Chain Management
Altana AI, a supply chain management startup, secured a $200 million Series C investment led by the US Innovative Technology Fund, valuing the company at $1 billion. The New York-based startup provides a platform that offers deep insights and visibility into global value chains, from raw material sourcing to production and sale. The platform uses AI to analyze data points throughout the supply chain to identify anomalies and risks. Founded in 2018, Altana has raised $322 million to date.
Bilt Rewards, $150M, Loyalty Rewards
Bilt Rewards, a loyalty startup, raised an additional $150 million round led by Teachers’ Venture Growth. The New York-based company allows consumers to earn rewards on rent payments and plans to expand its network to include local dining, grocery stores, ridesharing, and other retail purchases. Founded in 2021, Bilt has raised a total of $711 million.
Outpace Bio, $144M, Biotech
Outpace Bio, a Seattle-based cell therapy company combatting solid tumors, raised a $144 million Series B led by RA Capital Management. The biotech uses AI-powered protein design to program immune cells to fight tumors. Founded in 2020, Outpace has raised approximately $200 million.
Agrovision, $100M, Agtech
Los Angeles-based Agrovision, an agtech startup, closed a $100 million round at a $1 billion valuation. The round was led by Aliment Capital. Agrovision grows, packs, ships, and markets superfruits like cherries and berries, using proprietary genetics and data analytics. This funding follows a recent $133 million Series C raise by Monarch Tractor, another agtech company.
Spring Health, $100M, Mental Health
Spring Health, a mental health startup, secured a $100 million Series E at a $3.3 billion valuation, a 65% increase from its 2021 valuation. The round was led by Generation Investment Management. Founded in 2016, Spring Health partners with employers to provide mental health services and uses AI to expedite care. The company has raised nearly $467 million to date.
Jade Biosciences, $80M, Biotech
Jade Biosciences, a Waltham, Massachusetts-based biotech company developing therapies for autoimmune diseases, closed an $80 million financing round led by Fairmount Funds Management and Venrock. This is the company’s first disclosed round.
AiRNA, $60M, Biotech
Cambridge, Massachusetts-based AiRNA, a biotech company developing RNA editing therapeutics, raised a $60 million round led by Forbion Capital Partners. Founded in 2021, AiRNA has raised $90 million to date.
Protect AI, $60M, Cybersecurity
Seattle-based Protect AI, an AI and machine learning security company, closed a $60 million Series B led by Evolution Equity Partners. Founded in 2022, Protect AI has raised a total of $108.5 million.
Gradient AI, $56.1M, Insurance
Boston-based Gradient AI, an AI-enhanced insurance software provider, raised a $56.1 million Series C led by Centana Growth Partners. Founded in 2012, Gradient AI has raised more than $123 million.
Big Global Deals
The biggest round outside the U.S. this week came from London-based Flo Health, a provider of a popular women’s health app, which raised over $200 million in a Series C round backed by General Atlantic.
Methodology
We tracked the largest announced rounds in the database that were raised by U.S.-based companies for the seven-day period of July 27 to August 2. Although most announced rounds are represented, there could be a small time lag as some rounds are reported late in the week.
Frequently asked questions
What does Cosm actually operate?
Cosm builds immersive dome venues where guests watch content, frequently live sports, on a wraparound screen. It is often compared to Sphere, and had venues in Los Angeles with Dallas and Atlanta in planning.
What problem does Altana AI solve?
Most companies cannot see past their immediate suppliers. Altana maps the wider value chain and applies AI across those data points to flag anomalies and risks that would otherwise stay hidden several tiers down.
Was agtech a one-off that week?
No — it was the second consecutive week featuring an agtech round. Agrovision closed $100 million at a $1 billion valuation, following Monarch Tractor's $133 million Series C shortly before.
