The Week’s 10 Biggest Funding Rounds: EquipmentShare And CoreWeave Land $200M-Plus Rounds

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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.

Not as many big rounds this week, but still some rather large ones — with two crossing the $200 million mark. That includes a construction tech company —  a sector which has been on the pay-no-mind list of investors in recent years. AI played a role this week — as it does every week — with a flexible cloud infrastructure startup coming in second on the list.

1. EquipmentShare, $290M, construction: Construction tech has not been high on the list of investors for several years after the collapse of Katerra. However, that did not stop Columbia, Missouri-based EquipmentShare, which raised a $290 million funding round led by funds affiliated with BDT Capital Partners. The equipment and digital solutions provider serves the construction industry, providing companies a real-time view of job sites and operations, as well as arsenal equipment. EquipmentShare now has more than 150 locations, including additional rental, retail and service locations. Founded in 2014, EquipmentShare has raised nearly $700 million in total equity, per the company.

2. CoreWeave, $221M, cloud: Workloads continue to become more specialized and intense, and with that the cloud infrastructure they use needs to keep pace. New Jersey-based CoreWeave has locked up a new $221 million investment to do just that. The specialized cloud provider — which actually started out as an Ethereum mining operation — plans to use the cash to meet the needs of generative AI applications that are now appearing. Flexible cloud infrastructure with better processing will be needed to train large language models for AI, something CoreWeave is looking to provide. With its focus on the AI sector, it may be unsurprising one of the investors in this round was Nvidia, which is leading the charge in designing better AI chips. The round was led by Magnetar Capital, an alternative asset manager. CoreWeave has raised nearly $377 million to date, per Crunchbase.

3. Noah Medical, $150M, health diagnostics: Medical robotics startup Noah Medical raised a $150 million round co-led by SoftBank Vision Fund and Prosperity7 Ventures. The funding comes just a month after the Food and Drug Administration cleared Noah Medical’s lung bronchoscopy device for commercial use in the U.S. The platform snakes a robotic arm through the lung’s airways and looks for cancer cells among the tissue. It is currently undergoing clinical trials in Australia. The health diagnostics market has seen significant interest, with $3.5 billion in funding coming into the space last year, per Crunchbase data. Founded in 2018, this is the San Carlos, California-based startups first outside raise, according to Crunchbase.

4. MedShift, $108M, health care: Noah was not the only health care startup to see big cash this week. Charlotte, North Carolina-based MedShift completed a $108 million capital raise from Turning Rock Partners, Micota Capital and OY6 Capital. The startup offers a platform for both medical device manufacturers and practitioners across a variety of markets such as dermatology and plastic surgery — offering technology solutions with a range of other services. Founded in 2015, the company has raised about $118 million, per Crunchbase.

5. (tied) Cortica, $75M, health care: It was a busy week for San Diego-based Cortica. The physician-led autism services startup that treats children closed a $75 million financing led by Deerfield Management and Optum Ventures, while also making two acquisitions. Cortica acquired Springtide Child Development, a integrated data-driven autism support provider, and Melmed Center, a developmental pediatrics research group. Cortica merges neurology, research-based therapies and technology into a complete care program for children with autism. Founded in 2017, the company has raised $135 million, per Crunchbase.

5. (tied) EdgeQ, $75M, semiconductors: Santa Clara, California-based semiconductor startup EdgeQ locked up a $75 million investment round — the largest by a U.S.-based startup in the sector this year. The funding consisted of both institutional and strategic investors — including Phaistos Investment Fund, Strategic Development Fund, EDBI, Iron Grey, ST Engineering, Yaletown, ClearSky and other existing investors. EdgeQ anticipates using the fresh capital to ramp up production of chips that can unify both 4G and 5G onto a single chip, and can scale in performance and features via software upgrades. The chip provides both connectivity and compute at the edge for public and private networks and can be used for things ranging from industrial automation projects to satellite communications. Due to a variety of issues that run the gamut from inconsistent demand to production costs, semiconductor startups are often left behind in the race for VC dollars, however that could change as the AI explosion continues. New chips with better processing will be needed to train large language models for AI. Nvidia is leading the charge, although recent news suggests Microsoft is looking to build its own AI chip. Founded in 2018, the startup has raised $126 million, according to Crunchbase data.

7. Unchained, $60M, bitcoin: Austin, Texas-based Unchained, which offers  financial services for bitcoin holders, locked up a $60 million Series B led by Valor Equity Partners. Founded in 2017, the company has raised nearly $109 million, per Crunchbase.

8. (tied) Odeko, $53M, operating systems: New York-based Odeko, which develops a business-grade software platform for small enterprises, raised a $53 million Series D led by existing investor B Capital. Founded in 2019, Odeko has now raised $177 million, according to the company.

8. (tied) Semgrep, $53M, security: San Francisco-based code security solution Semgrep — formerly r2c — closed a $53 million Series C led by Lightspeed Venture Partners. Founded in 2017, Semgrep has raised $93 million to date, according to the company.

10. Enveda Biosciences, $51M, biotech: Boulder, Colorado-based drug discovery search engine Enveda Biosciences raised an additional $51 million equity financing led by Kinnevik to add to its $68 million Series B announced in December. Founded in 2019, Enveda has raised a total of $175 million, per the company.

Big global deals

For the second week in a row, the largest round of the week went to a Singapore-based company.

• Cube Highways and Infrastructure, a manager of toll roads, raised a $630 million venture round.
• China-based pharmaceutical company Hasten Biomedical completed a $315 million venture round.

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 April 15 to 21. 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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