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The Week’s 10 Biggest Funding Rounds: Nirvana Insurance, Nucleus RadioPharma Lead Week With No Big 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.

There is only one way to describe this week — incredibly slow. For the first time in a while, there wasn’t a round that hit nine figures. In fact, the top round didn’t even hit $60 million. After a strong close to the summer, the fall has brought a chilling effect to big funding rounds.

1. Nirvana Insurance, $57M, insurance: What do you get when you combine insurance and AI? Apparently a pretty good-sized round. Nirvana Insurance closed a $57 million Series B led by Lightspeed Venture Partners this week at a reported valuation of more than $350 million post-money — double its last valuation. The San Francisco-based insurance startup gathers data from the sensors many commercial fleet trucks now have and feeds it through an AI platform it’s built. Nirvana can then provide estimates and handle claims quicker, while also costing less, according to the startup. Founded in 2021, the company has now raised $82 million, per Crunchbase.

2. Nucleus RadioPharma, $56M, pharmaceuticals: Rochester, Minnesota-based company Nucleus RadioPharma locked up a $56 million Series A led by Eclipse and GE Healthcare as it looks to grow its ability to manufacture and help develop radiopharmaceuticals that help fight cancer. The startup offers an array of services to those in the field, from formulation and development to regulatory documentation and manufacturing. The company plans to use the new cash to develop multiple new manufacturing facilities around the country. Founded in 2022, the company has raised $62 million, per Crunchbase.

3. (tied) Bond Vet, $50M, veterinary: Urgent and primary pet care provider Bond Vet raised a $50 million equity round from existing investors — including Warburg Pincus and Talisman Capital Partners — to help keep pets happy and healthy. The New York-based company opened its first clinic four years ago and now has more than 40 across the country. The new cash will be used for further expansion. Founded in 2019, the company has raised $245 million, per Crunchbase.

3. (tied) HqO, $50M, real estate: It’s been a bumpy time for commercial real estate as many companies have reduced their office space. Workplace startup HqO locked up a $50 million Series D to help landlords and building operators retain some of that occupancy. The Boston-based company has created what it calls the Real Estate Experience Platform that lets owners and managers gauge and understand how their tenants use their facilities. The tools allow building managers to measure tenant preferences and satisfaction with an eye toward better retention and efficiency concerning operating costs. The new round was led by Koch Industries subsidiary Koch Real Estate Investments. Founded in 2018, the new capital brings the company’s total funding to more than $200 million.

5. Nova Credit, $45M, fintech: New York-based Nova Credit, which offers cross-border and alternative data credit products, raised a $45 million Series C funding led by Canapi Ventures. The company  tries to ease the complexities of moving to a different country without having to start over in your financial life. It is able to access data through credit bureaus in several countries and get approval for certain banking products, like credit cards. Founded in 2016, the company has raised $124 million, per Crunchbase.

6. (tied) Debut, $40M, beauty: San Diego-based Debut, a synthetic biology company in the fragrance industry, closed a $40 million Series B funding led by BOLD, the venture capital fund of L’Oréal. Founded in 2019, the company has raised more than $100 million, per Crunchbase.

6. (tied) Petfolk, $40M, veterinary: Charlotte, North Carolina-based Petfolk, a  veterinary care company, locked up a $40 million Series B led by Movendo Capital. Founded in 2020, the company has raised $115 million, per Crunchbase.

6. (tied) Prove Identity, $40M, identity: New York-based digital identity solutions provider Prove Identity raised a $40 million round led by MassMutual Ventures and Capital One Ventures. It was reported the new funding was at a valuation of more than $1 billion. Founded in 2008, the company has raised more than $240 million, per Crunchbase.

6. (tied) Transfix, $40M, logistics: New York-based freight startup raised a $40 million Series F led by New Enterprise Associates and G Squared. Founded in 2013, the company has raised $169 million, per Crunchbase.

6. (tied) VedaBio, $40M, biotech: San Diego-based VedaBio, a biotech company focused on molecular detection, launched with more than $40 million in funding led by OMX Ventures.

Big global deals

While things were slow in the U.S., there were big global deals, including one involving an OpenAI competitor.

  • China-based Zhipu AI, a startup creating AI models, announced it has raised $342 million from backers like Alibaba and Tencent.


We tracked the largest announced rounds in the Crunchbase database that were raised by U.S.-based companies for the seven-day period of Oct. 14 to Oct. 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

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