The Week’s 10 Biggest Funding Rounds: Zing Health And Whatfix Head Up Slow Week

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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 a lot of activity this week when it comes to big, nine-figure rounds with ony two of $100 million or more. No single sector dominated either, as money was spread all over the place from contact centers to cybersecurity.

1. 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.

2. Whatfix, $125M, information technologies: Whatfix locked up a $125 million Series E led by private equity firm Warburg Pincus. The San Jose, California-based startup is a digital adoption platform — a software application that helps users learn how to use other software products more easily. Large enterprises deploy these platforms to help their employees more effectively use new technology tools. The new round comes at a reported valuation of around $900 million — 50% higher than its Series D valuation in a SoftBank Vision Fund 2-led round in 2021.

3. Supabase, $80M, database: Supabase, an open source developer platform and Postgres database service raised an $80 million Series C round led by Craft Ventures and Peak XV Partners. The San Francisco–based startup is being helped by the database demand AI is creating. Founded in 2020, the company has raised $196 million, per Crunchbase.

4. Ujet, $76M, contact center: Perhaps no space is more ripe for an AI takeover than the contact centers industry — and VC investors seem to agree. Ujet, an AI-powered cloud contact center startup, locked up a $76 million Series D led by Sapphire Ventures. The cash infusion values the company at $500 million, per Bloomberg. The San Francisco-based startup’s platform allows clients to use generative AI technologies for “more efficient, hyper-personalized customer experiences at enterprise scale,” according to the company’s release. Contact and customer service centers are an obvious use for the ever-improving conversational AI technologies being produced. More AI means fewer people needed to take or route calls and perhaps even more efficiency for large companies using it. That’s likely why investors have funded a slew of startups such as Level AI, Parloa and several others this year. Founded in 2015, Ujet has raised $177 million, per Crunchbase.

5. (tied) Centivo, $75M, healthcare: Buffalo, New York-based Centivo, which offers a primary care-centered health plan, secured $75 million in a mix of equity and debt financing. The round included investment from Cone Health Ventures and JPMorgan Chase‘s Morgan Health unit. Founded in 2017, the company has raised $226 million, per Crunchbase.

5. (tied) Harmonic, $75M, artificial intelligence: Harmonic, which has developed an  artificial intelligence platform for the development of mathematical superintelligence, closed a $75 million Series A funding round at a $325 million post-money valuation led by Sequoia Capital. Founded in 2023, this is the Palo Alto, California-based company’s first disclosed round, per Crunchbase.

7. Mendaera, $73M, healthcare: San Mateo, California-based Mendaera, a healthcare startup leveraging robotics, AI and imaging to enhance patient care, announced the closing of $73 million in Series B funding led by Threshold. Founded in 2020, the company has raised $97 million, per Crunchbase.

8. Torq, $70M, cybersecurity: New York-based Torq, a developer of a no-code automation platform designed to enhance security operations, closed a $70 million Series C led by Evolution Equity Partners. Founded in 2020, Torq has raised $192 million, per the company.

9. Utility Global, $53M, energy: Houston-based Utility Global, which tries to reduce emissions and improve energy efficiency through clean energy generation systems, raised $53 million as part of an ongoing Series C led by the OPG Pension Plan. Founded in 2018, the company has raised $86 million, per Crunchbase.

10. Three companies that raised $50 million each, tied for the No. 10 spot this week, including: San Mateo, California-based Route 92 Medical, San Diego-based 858 Therapeutics and Cambridge, Massachusetts-based Mirai Bio.

Big global deals

The biggest deal of the week came from Europe.

• Germany-based Egym, a smart fitness startup that provides fitness and health facilities, raised a $200 million Series G.

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 Sept. 21 to Sept. 27. 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