The Week’s 10 Biggest Funding Rounds: Energy, Defense Tech Led

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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 the week’s biggest funding rounds here.

Energy for AI and automated defense tech led this week’s largest U.S. venture funding deals. Vertical software solutions driven by AI in sports, healthcare and financial services were also a strong theme.

1. TerraPower, $650M, energy: Terrapower, co-founded by Bill Gates in 2006, is back on the top of the list with a $650 million funding to build nuclear energy solutions. The Bellevue, Washington-based company’s first nuclear project is being built in Wyoming, in partnership with the U.S. Department of Energy and is slated to be ready in 2030. Nvidia invested in the startup for the first time through its NVentures investment arm, along with Gates and shipbuilder HD Hyundai.

2. Applied Intuition, $600M, autonomous vehicles: Applied Intuition is back on the list with its largest funding to date, a $600 million Series F funding led by BlackRock and Kleiner Perkins. Founded in 2017, the company was valued at $15 billion, up 150% from its $6 billion valuation a year ago. The Mountain View, California-based company’s vehicle intelligence platform is used in the trucking and automotive industry as well as defense, construction, mining and agriculture. The company says its technology is used by 18 of the top 20 automakers as well as the U.S. Department of Defense.

3. Teamworks, $235M, sportstech: Teamworks, a software platform that powers elite sports teams — more than 6,500 of them — raised a $235 million Series F led by Dragoneer Investment Group which valued the company at $1.2 billion. The Durham, North Carolina-based company’s software to manage teams, coaching, performance and recruitment is used by the majority of NFL, MLB , Premier League, NBA, MLS teams, NHL teams, DI NCAA athletic departments, and Olympic federations. The 15-year-old company has raised more than $400 million per Crunchbase data.

4. (tied) Ramp, $200M, fintech: Ramp raised a $200 million Series E valuing the 6-year-old corporate credit card and expense management company at $16 billion. The funding was led by Founders Fund, which has now led multiple rounds in the fintech startup. Ramp’s current valuation more than doubled from its prior valuation just over a year ago at $7.65 billion. New York-based Ramp serves more than 40,000 companies and has raised over $1.4 billion over time.

4. (tied) Commure, $200M, healthcare: Commure closed on $200 million in funding from General Catalyst’s Customer Value Fund. Founded in 2017, Mountain View, California-based Commure counts 130 health systems across the country as customers for its services, which assist hospitals with AI note-taking, billing and customer management.

6. Juniper Square, $130M, fintech: San Francisco-based Juniper Square raised $130 million for fund management software that valued the 2014-founded company at $1.1 billion. The funding was led by fintech investor Ribbit Capital. Over 2,000 funds use the software with adoption growth by private equity and venture capital firms.

7. Tennr, $101M, healthcare: Tenner raised a $101 million Series C funding to address the logjam for healthcare providers when customers referred for specialized services are often lost in the manual process. The funding round was led by IVP with participation from prior investors Lightspeed Venture Partners and Andreessen Horowitz, among others. The New York-based company, founded in 2021, was valued at $605 million.

8. Mach Industries, $100M, defense tech: Mach Industries manufactures unmanned weapon systems for the defense industry. The 3-year-old company, based in Huntington Beach, California, was valued at $470 million in a round led by Bedrock and Khosla Ventures. The company has raised a total of $185 million, per Crunchbase.

9. EigenLabs, $70M, blockchain: a16z crypto has purchased $70 million in EIGEN tokens from Seattle-based Eigen Foundation. The tokens will support the developer ecosystem building apps on top of Ethereum.

10. Actio Biosciences, $66M, biotech: Actio Biosciences raised a $66 million Series B for advancing trials for precision drugs for epilepsy and Charcot-Marie-Tooth disease. The funding to the San Diego-based company founded in 2021 was led by healthcare investors Deerfield Management and Regeneron Ventures.

Big global deals

The biggest deal of the week came from Europe:

• Berlin-based AI defense company Helsing raised the largest funding this week, a $694 million Series D at a $13.9 billion value led by European investor Prima Materia. The company has raised $1.5 billion to date, with its prior valuation at $5.4 billion in July 2024.

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 June 14-20. 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