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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.
The week saw a handful of nine-figure rounds, and some at pretty big valuations. That included one large round minting a new unicorn that has developed an AI-powered coding co-pilot. However, after some of the really large rounds, the round sizes dropped fast and furious.
1. Magic, $320M, artificial intelligence: San Francisco-based Magic, which develops AI models to write software, says it raised a $320 million round from new investors including Eric Schmidt and Sequoia. The announcement comes nearly two months after Reuters reported the company was in talks with investors to raise a fresh $200 million at a $1.5 billion valuation. The startup last raised a $117 million round in February led by NFDG Ventures, which also included participation from CapitalG and Elad Gil. Founded in 2022, Magic has raised $465 million, per the company.
2. Cribl, $200M, data: San Francisco-based Cribl raised a $319 million Series E led by new investor GV, valuing the data infrastructure company at $3.5 billion. The new round is actually a mix of $200 million in capital and a $119 million secondary offering, per Bloomberg. The raise represents a significant up-round for the company, which last raised a $150 million Series D led by Tiger Global Management at a valuation of nearly $2.6 billion in 2022. Cribl’s platform gives users observability into their data, allowing them to understand the health of the data and organize it for IT and security teams. Just last year, Cribl announced it had passed the $100 million mark in annual recurring revenue. The company has more than 700 employees worldwide. While the explosion of data has given companies the potential for deep understanding of their business, the process of actually collecting, verifying and organizing that data has proven to be difficult and time-consuming. It’s that problem that platforms such as Cribl’s tries to rectify. Founded in 2018, Cribl says it has raised more than $600 million.
3. Codeium, $150M, artificial intelligence: AI-powered coding assistant Codeium closed a $150 million Series C round led by General Catalyst that values the Mountain View, California-based startup at $1.25 billion. Codeium’s platform uses generative AI models trained on public code to give developers suggestions for building apps, and can support dozens of programming languages. Founded in 2021, the company has raised $243 million, per Crunchbase.
4. Elektrofi, $112M, biotech: Boston-based biologics startup Elektrofi is raising approximately $112 million in a Series C, per a report in Endpoints News. The company is a preclinical-stage company developing new drug delivery methods. No investors have been named. Founded in 2016, the company has raised $154 million, per Crunchbase.
5. Navigator Medicines, $100M, biotech: Scotch Plains, New Jersey-based Navigator Medicines, a biotech startup developing treatments for immune regulation and restoration, closed a $100 million Series A co-led by Forbion Capital Partners and RA Capital Management. The company is developing new therapies for patients living with complex, heterogeneous autoimmune diseases. Founded in 2024, this is the company’s first disclosed round, per Crunchbase.
6. Parry Labs, $80M, defense: Defense tech startup Parry Labs completed an $80 million raise — the company’s first institutional investment round and just the latest in a string of big rounds to defense tech firms. The round was led by Capitol Meridian Partners. The Alexandria, Virginia-based company creates digital systems for the defense industry that include mission-critical software and advanced AI. The startup’s software stack helps defense clients with edge computing and electronic warfare products. The round is just the most recent for defense tech startups. Earlier this month, Anduril Industries made headlines when it raised another $1.5 billion — matching its own record for the largest defense tech round ever. And just about a week earlier, McLean, Virginia-based Defcon AI, which developed an AI-powered decision tool for military logistics planning, raised a $44 million seed round led by Bessemer Venture Partners. Venture funding for defense tech startups is ready to set new records. So far in 2024, startups in the sector have raised $2.5 billion — per Crunchbase data — nearly matching the record high of $2.6 billion set in 2022.
7. RentVine, $74M, real estate: Estero, Florida-based RentVine, a property management software platform for professional property management companies, raised a $74 million round from Mainsail Partners. Founded in 2005, this is the company’s first round with a disclosed amount, per Crunchbase.
8. Bridge, $58M, cryptocurrency: San Antonio, Texas-based Web3 payment firm Bridge raised a $40 million investment led by Sequoia and Ribbit Capital. Founded in 2022, Bridge has raised $58 million, per the company.
9. Noetik, $40M, biotech: San Francisco-based Noetik, an AI-enhanced biotech startup developing cancer therapeutics, locked up a $40 million Series A led by Polaris Partners. Founded in 2022, the company has raised $54 million, per Crunchbase.
10. Butlr, $38M, sensors: Burlingame, California-based biotech Butlr raised a $38 million Series B led by Foundry Group. The startup uses sensors and anonymous data in buildings to better understand how humans interact in a certain space. Founded in 2019, Butlr has raised $68 million, per the company.
Big global deals
The biggest deal outside the U.S. came from Asia.
- China-based Xinwanxing Composites, a producer of composite materials production, raised a round worth approximately $141 million.
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 August 24 to 30. 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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