This is a monthly feature that runs down the month’s top 10 funding rounds in the U.S. Check out the biggest rounds of last month here.
Lots of big rounds as summer fades into fall. AI startup Safe Superintelligence’s $1 billion round — for a startup that’s existed for only a few months — easily led the way. However, it wasn’t just AI that got funding in September, as biotech makes up about half the list.
1. Safe Superintelligence, $1B, artificial intelligence: AI research lab Safe Superintelligence raised $1 billion from a litany of big-name investors including Andreessen Horowitz and Sequoia Capital. The round valued the Palo Alto, California-based company at $5 billion, per Reuters, which first reported the round. SSI, co-founded by OpenAI‘s former chief scientist Ilya Sutskever, is looking to develop safe artificial intelligence systems — something that has been in the news a lot recently as fears increase of AI tech being harmful to humans and society. A proposed California bill that has proven controversial in the industry aims to put safety regulations and guardrails on AI — although many companies, including OpenAI, worry it may be too burdensome. With the new cash, 3-month-old SSI plans to add computing power and hire new talent.
2. Candid Therapeutics, $370M, biotech: The biggest biotech raise of the month went to Candid Therapeutics. The San Diego-based startup launched with a $370 million capital raise co-led by Fairmount Funds Management, TCG Crossover, venBio Partners and Venrock Healthcare Capital Partners. Candid is developing T-cell engager antibodies to treat inflammatory diseases.
3. Arsenal Biosciences, $325M, biotech: South San Francisco-based Arsenal Biosciences had the next biggest biotech raise. The startup, a cell therapy company focused on engineering T-cell therapies for solid tumors, locked up a $325 million Series C from several investors, including new investors Arch Venture Partners and funds and accounts advised by T. Rowe Price Associates. The company’s pipeline includes potential therapies for ovarian, kidney and prostate cancers, as well as other solid tumors. Founded in 2019, the company has raised nearly $631 million, per Crunchbase.
4. Glean, $260M, artificial intelligence: Less than seven months after raising a more than $200 million Series D at a $2.2 billion valuation, the AI-enhanced work assistant and enterprise search startup raised more than $260 million in a Series E funding at a $4.6 billion valuation co-led by Altimeter Capital and DST Global. The Palo Alto, California-based startup hit unicorn status in May 2023 after raising a $100 million Series C led by Sequoia Capital. Founded by former Google engineers, Glean’s generative AI search tool connects with enterprise companies’ applications and databases, and its AI assistant and platform lets users build their own AI apps. Founded in 2019, Glean says it has raised $620 million.
5. World Labs, $230M, artificial intelligence: Spatial intelligence AI startup World Labs launched this month with more than $230 million in total funding. The funding was co-led by Andreessen Horowitz, NEA and Radical Ventures. Other investors include Marc Benioff and NVentures, the venture capital arm of Nvidia. It was reported just last month that the Stanford, California-based company had raised a pair of financing rounds two months apart, and that the latest valued the company at over $1 billion. World Labs is co-founded by artificial intelligence pioneer Fei-Fei Li, commonly referred to as the “godmother of AI.” She previously led AI at Google Cloud and is a co-director of the Stanford Institute for Human-Centered Artificial Intelligence. She has spent much of her time trying to solve the issues surrounding building Large World Models for AI that can perceive and interact with the 3-D world.
6 (tied). Serán Bioscience, $200M, biotech: Bend, Oregon-based Serán Bioscience, which provides development and manufacturing services to pharmaceutical and biotechnology companies, raised a $200 million-plus round led by Bain Capital Life Sciences. The startup plans to use the new funding to help build out its new commercial-scale manufacturing facility for drug delivery and other services. Founded in 2016, this is the company’s first round with a disclosed amount, per Crunchbase.
6 (tied). Twelve, $200M, greentech: Carbon transformation startup Twelve locked up a lot of cash this month, including a $200 million Series C led by Capricorn Investment Group, Pulse Fund and TPG. However, that wasn’t the only money the Berkeley, California-based company saw, as it also raised $400 million in project equity led by TPG Rise Climate Fund and $45 million in credit facilities. The cash will be used to help complete AirPlant One, the company’s first sustainable aviation fuel plant. Founded in 2015, the company has raised nearly $890 million, per Crunchbase.
8. eEGenesis, $191M, biotech: Cambridge, Massachusetts-based eGenesis, a biotech firm working to develop human-compatible engineered organs, closed a $191 million Series D led by Lux Capital. In March, eGenesis announced the world’s first successful transplant of a genetically engineered pig kidney to a human. The new cash will be used to advance a pipeline of programs. Founded in 2014, the company has raised $456 million, per Crunchbase.
9. Aktis Oncology, $175M, biotech: Boston-based Aktis Oncology, a clinical-stage biotech startup developing novel targeted alpha radiopharmaceuticals to treat a broad range of solid tumors, closed a $175 million Series B led by Janus Henderson Investors, RA Capital Management and RTW Investments. In 2022, the company closed an $84 million extension round partially funded by large pharma companies such as Merck, Bristol Myers Squibb and Novartis, after raising a $72 million Series A round in 2021. Founded in 2021, the company has raised $331 million, per Crunchbase.
10 (tied). Engine, $140M, business travel: Engine, formerly Hotel Engine, booked a $140 million Series C led by a fund advised by private equity firm Permira that values the Denver-based startup at $2.1 billion. The new valuation represents a 62% jump from its previous $1.3 billion value after a $65 million Series B in late 2021. That increase is no small feat considering many startups are still raising money in flat or even down rounds from their sky-high valuations during the record venture market of 2020 and 2021. It also shows the continued bounce back of business travel — one of the sectors most greatly affected by the COVID pandemic and one that has taken time to eventually return. Engine says it’s profitable and is growing its revenue 70% year over year. The company will use the fresh capital to support product development, including the launch of flight and rental car bookings to its platform. The company also announced it will rebrand to “Engine.” Founded in 2015, Engine has raised $221 million, per Crunchbase.
10 (tied). Zing Health, $140M, healthcare: Medicare Advantage insurer Zing Health raised $140 million from investors that included Health2047 Capital Partners and First Trust Capital Partners. The Chicago-based startup’s mission is to provide managed care Medicare Advantage plans “that address social determinants of health to reduce healthcare disparities among historically underserved populations.” Founded in 2019, the company has raised $330 million, per Crunchbase.
Big global deals
All the biggest raises came from the U.S., but there was a large round that went to a European startup.
- Germany-based Egym, a smart fitness startup that provides fitness and health facilities, raised a $200 million Series G.
Methodology
We tracked the largest rounds in the Crunchbase database that were raised by U.S.-based companies for the month of September 2024. Although most announced rounds are represented in the database, there could be a small time lag as some rounds are reported late in the month.
Illustration: Dom Guzman
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