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The Week’s 10 Biggest Funding Rounds: John Chambers’ Nile, Newlight Technologies Light The Way

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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.

There were lots of big rounds this week as August roared in after a kind of sleepy July. The big rounds went to all different types of companies — from networking to biotech to sustainability. However, while there were five nine-figure rounds, none topped $200 million. Still, not a bad start to the final full month of summer.

1. Nile, $175M, networking: Enterprise networking can be a hard sector for a startup to break into, as it has long been dominated by tech giants. Nevertheless, San Jose, California-based networking startup Nile was able to catch investors’ eyes with a $175 million Series C less than a year after emerging from stealth. The company was co-founded by former Cisco Systems executives John Chambers and Pankaj Patel. Chambers served as CEO of the networking giant for two decades. The round was co-led by March Capital and Saudi Arabia sovereign wealth fund Sanabil Investments. Nile is attempting to disrupt the networking industry by offering network-as-a-service with more secure wired and wireless services enhanced with monitoring, analytics and automation. The idea is to help companies simplify their modern networking needs and offer optimum security while going head-to-head with goliaths such as Cisco and Juniper Networks. The startup did not offer a valuation. The round brings Nile’s total amount of capital raised to $300 million since being founded in 2018, per the company.

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2. Newlight Technologies, $125M, sustainability: Converting greenhouse gasses into something usable is big business right now. Newlight Technologies locked up $125 million led by GenZero to do just that. The Huntington Beach, California-based startup uses natural microorganisms to convert greenhouse gas into a material the company calls “AirCarbon,” which can substitute for a variety of other materials to build products in sectors such as fashion, foodservice and others. Newlight plans to use the new cash to expand the production of AirCarbon at both its existing California facility as well as a new production facility being built in Ohio. Founded in 2003, the company has raised nearly $232 million, per Crunchbase.

3. Jerry, $110M, auto insurance: While we all like to drive, no one enjoys car insurance. The Jerry app tries to make the whole insurance thing a little easier by finding better rates, and it can even find loans for a new ride. This week it raised $110 million in equity and debt for new features — GarageGuard, like WebMD for cars, and DriveShield, a safe-driving feature. The financing was led by existing investor Park West Asset Management. Hopefully, the new GarageGuard feature doesn’t turn everyone into an at-home mechanic. Founded in 2017, the company has raised $242 million, per Crunchbase.

4. CG Oncology, $105M, biotech: With recent weeks being so biotech heavy, it almost seems like this is low on the list for our first biotech company of the week. CG Oncology locked up a $105 million round co-led by new investors Foresite Capital and TCGX. The Irvine, California-based firm will use the new cash to advance late-stage clinical programs for its bladder cancer treatment. Founded in 2010, the company has raised nearly $318 million.

5. Healthmap Solutions, $100M, health care: Tampa, Florida-based Healthmap Solutions, a health management company focused on kidney disease, raised a $100 million round led by funds managed by WindRose Health Investors. The company has seen significant growth, as it’s contracted to manage more than $3 billion in health care spend and currently serves more than 160,000 individuals living with kidney disease. Founded in 2016, the company has raised nearly $226 million, per Crunchbase.

6. Tisento Therapeutics, $81M, biotech: Cambridge, Massachusetts-based Tisento Therapeutics, a biotech firm looking to treat mitochondrial diseases, raised an $81 million Series A that included investment from Invus, Peter Hecht, Polaris and others. The round is the company’s first outside funding, per Crunchbase.

7. LightForce Orthodontics, $80M, dental: Burlington, Massachusetts-based LightForce Orthodontics, a maker of personalized 3D-printed braces, closed an $80 million Series D led by Ally Bridge Group. Founded in 2015, the company has raised $150 million, per Crunchbase.

8. (tied) Endor Labs, $70M, security: Palo Alto, California-based Endor Labs, an open-source security startup, raised a $70 million Series A that included investment from Lightspeed Venture Partners and Coatue. Founded in 2021, the company has raised $95 million, per Crunchbase.

8. (tied) Tradeshift, $70M, fintech: San Francisco-based Tradeshift, a cloud-based business network connecting buyers and suppliers, agreed to a $70 million investment from HSBC as part of a joint venture. Founded in 2009, the company has raised $1.1 billion, per Crunchbase.

10. Kyverna Therapeutics, $60M, biotech: Emeryville, California-based Kyverna Therapeutics, a clinical-stage cell therapy startup focusing on therapies for autoimmune diseases, closed a $60 million Series B extension. The new cash brings the Series B total to $145 million. Investors in the round include Bain Capital Life Sciences and GordonMD Global Investments. Founded in 2018, the company has now raised $170 million, per Crunchbase.

Big global deals

Despite all the large raises in the U.S., the biggest occurred across the Pacific.

  • Hong Kong-based Micro Connect, a financial market platform, raised a $458 million Series C.


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 29 to August 4. 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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