The Week’s Biggest Funding Rounds: Saronic’s Massive Raise Tops List

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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 biggest funding rounds of last week here.

For the second week in a row, big, $100 million-plus rounds rolled into startups. This week defense and artificial intelligence led the way with massive rounds, but healthcare, security and more also saw big raises.

1. Saronic, $600M, defense: Autonomous surface vessels maker Saronic locked up a $600 million Series C led by investor Elad Gil, which valued the startup at $4 billion. It was just last July when Saronic raised a $175 million Series B at a $1 billion valuation led by Andreessen Horowitz — meaning in seven months the firm’s valuation jumped 4x. Saronic plans to use the new cash to build a new shipyard, called Port Alpha, allowing it to expand its medium and large-class autonomous vessels. The Austin, Texas-based startup designs and manufactures autonomous surface vehicles — basically drones for the U.S. Navy that move along the water surface. Founded in 2022, the company has raised $845 million, per Crunchbase.

2. Lambda, $480M, artificial intelligence: Lambda, which offers cloud computing services and hardware for training artificial intelligence software, raised a $480 million Series D co-led by Andra Capital and SGW. The company did not disclose its valuation, but Reuters reported the round gave the startup a post-money valuation of $2.5 billion. Lambda is a provider of Nvidia’s — which also participated in the round — latest GPUs, which are highly sought after by AI developers. It was just a year ago when Lambda hit unicorn status after a $320 million Series C at a $1.5 billion valuation.

3. Together AI, $305M, artificial intelligence: Together AI, a developer of a cloud platform to allow developers to build on open and custom artificial intelligence models, raised a $305 million funding round led by General Catalyst and Saudi Arabia’s Prosperity7 Ventures at a $3.3 billion valuation. The new valuation is a more than 160% jump from The $1.25 billion it was valued at after Salesforce Ventures 1 led a $106 million round for the Menlo Park, California-based startup last March. More than a dozen other investors joined the latest round, including Salesforce Ventures, Nvidia, Kleiner Perkins, Coatue and others. Together AI recently surpassed $100 million in annualized revenue, an increase from the $30 million in annualized revenue it had last February, per Bloomberg.

4. Abridge, $250M, healthcare: Abridge, which uses artificial intelligence to build medical documents, became the latest healthcare/biotech that uses AI to raise big. The Pittsburgh-based startup raised a $250 million round co-led by Elad Gil and IVP. While no valuation was released by the company, Fortune reported it is now valued at $2.75 billion post-money. Abridge helps medical professionals automate clinical notes and conversations through artificial intelligence. Founded in 2018, the company has raised nearly $458 million, per Crunchbase.

5. Verkada, $200M, security: Verkada, a developer of security systems for the real world, locked up a $200 million Series E led by General Catalyst that values the San Mateo, California-based firm at $4.5 billion. The company last raised in October 2023, closing a large $100 million round led by Alkeon Capital. While the focus is often on things such as network or application security, the physical world still needs securing. Verkada offers a plethora of products that include video security cameras, door-based access control, environmental sensors and more, and has recently added artificial intelligence into its security products. Founded in 2016, Verkada says it has raised more than $700 million in funding.

6. Loxo, $115M, human resource: Austin, Texas-based Loxo, a talent and recruiting software company, closed a $115 million round led by Tritium Partners. Founded in 2012, this is the company’s first announced round with a value.

7. (tied) Mercor, $100M, human resources: San Francisco-based Mercor, a recruiting startup for contract jobs, raised a $75 million Series B led by Felicis 2 at a $2 billion valuation. Founded in 2023, the company has raised $134 million, per Crunchbase.

7. (tied) Safe Dynamics, $100M, virtual reality: Safe Dynamics, a San Diego-based immersive AI-powered VR training startup, raised $100 million from The Global Emerging Markets Group. Founded in 2006, the company has raised $132 million, per Crunchbase.

7. (tied) VitalConnect, $100M, healthcare: San Jose, California-based VitalConnect, which develops biosensors specializing in ambulatory cardiac monitoring, closed a $100 million round — a combination of equity and debt capital. The equity financing was led by new investor Ally Bridge Group. Founded in 2022, the company has raised $279 million, per Crunchbase.

7. (tied) Genspark AI, $100M, artificial intelligence: Palo Alto, California-based search startup Genspark raised $100 million in a Series A funding round, valuing the startup at $530 million, per Reuters. No investors were named. Founded in 2023, the company has raised $160 million, per Crunchbase.

Big global deals

China saw the largest deal of the week outside the U.S.

• Beijing-based Neolix, an autonomous vehicle and smart city developer, raised a Series C worth nearly $138 million.

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 Feb. 15 to Feb. 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.