Here’s what you need to know today in startup and venture news, updated by the Crunchbase News staff throughout the day to keep you in the know.
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Exo raises $220M for ultrasound technology
Ultrasound technology startup Exo on Thursday revealed that it has closed a $220 million Series C investment led by RA Capital Management. BlackRock, Sands Capital, Avidity Partners and Pura Vida Investments also joined in the round, as did prior investors.
Redwood City, California-based Exo (pronounced “echo”) is developing a handheld ultrasound device plus an ultrasound workflow software platform for health care providers that helps manage billing, exam review and other documentation. The company said its device, which is still pending regulatory approval, will be able to offer higher image quality, depth and definition than other products on the market and be available at an affordable cost.
— Marlize van Romburgh
Odoo raises $215M for open-source tools
Odoo, a Belgian startup offering an integrated suite of business apps built through an open-source development model, announced a $215 million investment from Summit Partners.
The company, founded in 2015, said it is currently profitable and did not need the money to fund its growth. Summit instead acquired shares from prior investors.
Robinhood shares slip in Nasdaq debut
Shares of Robinhood closed down 8.4 percent in their opening day on the Nasdaq on Tuesday, giving the company a market capitalization of around $29 billion at the end of its first day trading under the ticker symbol HOOD. (Read more).
— Joanna Glasner
• Credit card issuing platform Lithic closes $60M Series C: New York-based Lithic raised a $60 million Series C led by Stripes, with participation from Bessemer Venture Partners, Index Ventures, Exor, Rainfall, Tusk Venture Partners and Commerce Ventures. The new round values the company at $800 million, according to Bloomberg The company — who’s developed a virtual card platform for businesses and consumers — had just announced a $43 million Series B in May. Founded in 2014, Lithic has raised a total of $110 million to date. Lithic said it may use some of the new money to expand its platform through strategic acquisitions.
— Chris Metinko
• PrimeTrust raises $64M Series A for fintech infrastructure: PrimeTrust, a Las Vegas-based startup that develops financial infrastructure for fintech businesses, this week announced the close of its $64 million Series A round led by Mercato Partners. The company said it recently topped $100 million in annual revenue run-rate and last month had 250 million API calls from its customers. Other investors who joined in on the deal include Samsung Next, Nationwide, Commerce Ventures, Ayon Capital, Kraken Ventures, STCAP, s20 Capital, Seven Peaks Ventures, Diverse Angels, University Growth Fund and Nevcaut Ventures. Zane Busteed, a principal investor at Mercato Partners Traverse Fund, and Tom Gonser of DocuSign and Seven Peaks Ventures, will also join PrimeTrust’s board as part of the funding.
• Behalf dials up $19M in new VC funding for B2B buy-now-pay-later services: Behalf, a fintech startup offering financing services for B2B sellers and buyers, this week closed $19 million in new venture funding in a round led by existing investors MissionOG, Viola Growth, Viola Credit and Vintage Investment Partners. New investors Migdal Insurance and La Maison Partners also participated. The company also announced a new debt facility totaling up to $100 million provided by funds managed by Ares Management Corp.
— Marlize van Romburgh
• Talview raises $15M for AI-powered hiring: San Mateo, California-based Talview raised $15 million in Series B funding led by Eileses Capital with participation from existing investors Storm Ventures, Inventus Capital Partners and Emergent Ventures. Kishore Bopardikar, co-founder at Eileses Capital, will also join the Talview board. Companies like Talview that are in the HR space are getting record amounts of venture funding as companies manage remote and hybrid workforces and navigate virtual hiring in a competitive talent market.
• Bota Bio raises $100M Series B for biotech manufacturing platform: Industrial biotech manufacturing startup Bota Bio said it has raised more than $100 million in an oversubscribed Series B funding round led by Sequoia Capital China. The company, headquartered in San Francisco and Hangzhou, China, makes a technology platform called the Bota Freeway that integrates digital tools with lab automation for biotech companies. Other investors in its Series B include previous backers Matrix Partners China, Source Code Capital, Sherpa Healthcare Partners and 5Y Capital.
Illustration: Dom Guzman
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