The Week’s 10 Biggest Funding Rounds: Lvrch Capital Advisory, OneTrust And Kriya Raise Big

Want to keep track of the largest startup funding deals in 2023 with our new curated list of $100 million-plus venture deals to U.S.-based companies? Check out The Crunchbase Megadeals Tracker.

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.

A trio of big rounds led the way this week, including a huge $400 million raise. The week didn’t provide any specific trends, but did see a unicorn raise a down round and investors writing big checks to two companies using AI in health care.

1. Lvrch Capital Advisory, $400M, financial services: This week’s top entry likely stayed under the radar for most people — after all it does not involve AI. Nevertheless, Woodland Hills, California-based investment firm Lvrch Capital Advisory locked up the top spot with a massive $400 million Series D. Investors in the round were not disclosed. The firm plans to use the cash infusion to introduce a new compounding system for investors to maximize their earnings through the power of compound interest. Founded in 2013, the firm has raised $600 million, per Crunchbase.

2. (tied) OneTrust, $150M, compliance: Down rounds have become a reality for many startups as the venture market has slowed, especially those that have been minted unicorns. Atlanta-based OneTrust became one of the latest startups to raise a down round, as it locked up a $150 million round led by new investor Generation Investment Management — a firm co-founded by former Vice President Al Gore — with participation from existing investor Sands Capital at a $4.5 billion valuation. The valuation represents about a 12% drop from the $5.1 billion valuation the privacy and security startup garnered after it raised a Series C in late 2020 and an extension in 2021. OneTrust helps companies manage privacy, security and governance requirements in the ever-changing regulatory environment. Other large private companies such as Klarna and Stripe also have raised down rounds as the venture market has continued to slow since its highs of 2021. Founded in 2016, OneTrust says it has now raised more than $1 billion.

2. (tied) Kriya Therapeutics, $150M, biotech: Even with the slowdown in venture, biopharmaceutical companies continue to see big raises. This week Palo Alto, California-based Kriya Therapeutics leads the way, announcing the addition of more than $150 million in capital committed as part of its Series C. That brings the total for the round to more than $430 million. Patient Square Capital led the Series C. The startup is developing gene therapies for a range of conditions including those involving ophthalmology and metabolic disease. Founded in 2019, the company says it has now raised more than $600 million.

4. AppHub, $95M, e-commerce: E-commerce is only growing as more people buy things digitally. New York-based AppHub helps merchants make those sales happen with its e-commerce enablement platform, and this week it raised $95 million from PSG to help even more. AppHub’s platform helps merchants across a variety of e-commerce sites, including Shopify and BigCommerce. The company also announced it acquired Boost, an AI-powered search tool. Founded in 2021, the company has raised $155 million, per Crunchbase.

5. RapidAI, $75M, health care: RapidAI became the latest startup sitting at the intersection of AI and health care to raise a significant amount of money. The San Mateo, California-based startup, whose platform uses AI to help diagnose neurovascular, cardiac and vascular diseases, closed a $75 million Series C led by Vista Credit Partners, a subsidiary of Vista Equity Partners. RapidAI’s Rapid NCCT Stroke platform gives hospitals imaging and decision support to address possible strokes — the second leading cause of death globally. The company also has developed modules for cerebral aneurysm management and the identification and notification of a suspected central pulmonary embolism. It hopes to eventually also address other diseases. Founded in 2011, the company has now raised $100 million, per Crunchbase data.

6. Nexo Therapeutics, $60M, biotech: Littleton, Colorado-based Nexo Therapeutics, a small molecule oncology company, came out of stealth this week and raised a $60 million Series A led by Versant Ventures.

7. Ossium Health, $52M, biotech: San Francisco-based Ossium Health, a bioengineering company developinga bank of on-demand bone marrow, closed a $52 million Series C led by CPMG. Founded in 2016, the company has raised nearly $129 million, per Crunchbase.

8. Impulse Space, $45M, space: Redondo Beach, California-based Impulse Space, a developer of in-space transportation services, secured a $45 million Series A led by RTX Ventures. Founded in 2021, the company has raised $75 million, per Crunchbase.

9. Proprio, $43M, health care: Seattle-based Proprio, a developer of an AI-driven surgical navigation platform that generates a real-time 3D visualization of the surgery, announced a $43 million Series B. No lead investor was disclosed. Founded in 2016, the company has raised $85 million, per Crunchbase.

10. Kincell Bio, $36M, biotech: Gainesville, Florida-based Kincell Bio, which focuses on cell therapies, emerged from stealth with a $36 million round led by Kineticos Ventures.

Big global deals

Lvrch’s raise led even globally, but a China-based energy startup ranked just behind.

• Astronergy, which specializes in the research, development and production of solar modules, raised a $280 million Series C.

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 July 22 to July 28. 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