Want to keep track of the largest startup funding deals in 2024 with our curated list of $100 million-plus venture deals to U.S.-based companies? Check out The Crunchbase Megadeals Board.
This is a weekly feature that runs down the week’s top 10 announced funding rounds in the U.S. Check out last week’s biggest funding rounds here.
Another big week for startups raising large rounds. All 10 rounds hit $100 million or more, this time with space tech and biotech leading the way. Once again, money was spread around to various sectors — even agtech, which has not seen many megadeals this year.
1. Astranis, $200M, space: Space startup Astranis raised a fresh $200 million round to build out its Omega satellite program. The new round was co-led by Andreessen Horowitz and Bam Elevate. The San Francisco-based startup develops small broadband communications satellites for telecoms, and plans to have more than 100 of its first-generation satellites operating in orbit by 2030. While Astranis did not release a valuation number, the company raised a $200 million round at a $1.6 billion valuation in April 2023, per a Bloomberg report in a deal led by Andreessen Horowitz. Space startups have done well this year as satellite and communication companies continue to attract new investment. So far in 2024, space-related startups have raised more than $3.7 billion, per Crunchbase data. Such startups raised about $5.9 billion through all of last year — putting this year’s venture funding ahead of that pace. Founded in 2015, Astranis has raised more than $750 million, per the company.
2. Third Arc Bio, $165M, biotech: Biotech also saw a huge Series A this week. Boston-based Third Arc Bio closed a $165 million Series A co-led by Cormorant Asset Management, Hillhouse Investment and Vida Ventures. The biotech startup is developing therapeutics for solid tumors and inflammatory and immunology disease. Founded in 2022, this is the company’s first disclosed funding amount, which will be used to advance oncology and autoimmunity programs through clinical studies.
3. (tied) Imperative Care, $150M, medical device: This is an odd one since we don’t really know how much money Imperative Care actually raised. The Campbell, California-based startup, which develops medical devices to care for people affected by stroke and other ischemic diseases, announced the initial close of a Series E led by Ally Bridge Group. However, the company did not announce how much the initial close was worth, but said “there may be additional closings of this Series E financing, raising up to $150 million in total.” So basically, that gets them on the list. The company, founded in 2015, has raised $559 million, per Crunchbase.
3. (tied) Vanta, $150M, cybersecurity: Cyber startups continue to do well. Compliance startup Vanta raised a $150 million round led by Sequoia Capital that valued the company at $2.45 billion. In January, the San Francisco-based startup said it had hit $100 million in annual recurring revenue. Vanta raised a $110 million round led by Craft Ventures in 2022 which valued the company at $1.6 billion. Founded in 2017, the company has raised more than $350 million, per Crunchbase.
5. (tied) Chainguard, $140M, cybersecurity: Yet another big security raise. Kirkland, Washington-based software supply chain security startup Chainguard locked up a $140 million Series C that minted it a unicorn at a $1.12 valuation. The round was led by IVP, Lightspeed Venture Partners and Redpoint. The company is looking to expand its platform — which allows companies to securely build software — to also secure AI workloads. Founded in 2021, Chainguard has raised $256 million, per the company.
5. (tied) IntelePeer, $140M, customer relations: Dania Beach, Florida-based IntelePeer raised a $140 million mixed round of debt and equity. The equity portion was co-led by Savant Growth and VantagePoint Capital Partners. The company offers an AI-powered contact center that automates customer interactions for clients. Founded in 2003, the company has raised $392 million, per Crunchbase.
7. Monarch Tractor, $133M, agtech: Agtech certainly has had its ups and downs, but this week was an up. Monarch Tractor — the creator of a fully electric, driver-optional smart tractor — raised a $133 million Series C co-led by Astanor Ventures and HH-CTBC Partnership. The company also offers the WingspanAI platform, which gives farmers access to on-farm data, vehicle position tracking, crop image collection and more to help close the industry’s profit gap. Founded in 2017, Monarch has raised more than $220 million, per the company.
8. (tied) Autobahn Therapeutics, $100M, biotech: San Diego-based Autobahn Therapeutics, a biotechnology company developing treatments for neuropsychiatric and neuroimmunologic disorders, closed a $100 million Series C led by Newpath Partners. Founded in 2017, the company has raised nearly $209 million, per Crunchbase.
8. (tied) Harvey, $100M, legal: It was a big week for legal tech. San Francisco-based artificial intelligence startup Harvey raised a $100 million Series C led by GV with participation from the likes of OpenAI, Kleiner Perkins and Sequoia Capital at a $1.5B valuation. The round was actually slightly less than the previously reported $600 million at a $2 billion valuation the startup was said to have been looking for, but still big. That same day, Vancouver-based legal tools platform Clio raised a big $900 million Series F at a $3 billion valuation led by New Enterprise Associates. The two rounds alone make up for nearly two-thirds of the $1.6 billion the legal tech industry has raised in venture this year, according to Crunchbase data. Founded in 2022, the company has raised $206 million, per Crunchbase.
8. (tied) Headway, $100M, mental health: Mental healthcare platform Headway closed a $100 million Series D led by Spark Capital. The new funding values the company at $2.3 billion — a 130% increase just from October when it raised a $125 million Series C at a $1 billion valuation. The startup’s platform helps connect patients with therapists who are covered under a user’s insurance. The New York-based startup also announced expansion to Medicare Advantage and Medicaid. Founded in 2018, the company has raised more than $325 million, per Crunchbase.
Big global deals
The biggest round this week came from our neighbors to the north.
Methodology
We tracked the largest announced rounds in the Crunchbase database that were raised by U.S.-based companies for the seven-day period of July 20 to July 26. Although most announced rounds are represented in the database, there could be a small time lag as some rounds are reported late in the week.
Illustration: Dom Guzman
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