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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.
Investors seemed to be still hungover from the long holiday weekend, as big rounds rolled in slow for the week. Only three topped $100 million. However, the week did see a massive $1 billion raise for — what else? — an AI company.
1. Safe Superintelligence, $1B, artificial intelligence: AI research lab Safe Superintelligence raised $1 billion from a litany of big-name investors including Andreessen Horowitz and Sequoia Capital. The round valued the company at $5 billion, per Reuters, which first reported the round. SSI, co-founded by OpenAI‘s former chief scientist Ilya Sutskever, is looking to develop safe artificial intelligence systems — something that has been in the news a lot recently as fears increase of AI tech being harmful to humans and society. A proposed California bill that has proven controversial in the industry is looking to put safety regulations and guardrails on AI — although many companies, including OpenAI, worry it may be too burdensome to many AI firms. The 3-month-old startup will look to add computing power and hire new talent.
2. Arsenal Biosciences, $325M, biotech: The big biotech raise of the week went to South San Francisco-based Arsenal Biosciences. The startup, a cell therapy company focused on engineering T-cell therapies for solid tumors, locked up a $325 million Series C from several investors, including new investors Arch Venture Partners and funds and accounts advised by T. Rowe Price Associates. The company’s pipeline includes potential therapies for ovarian, kidney and prostate cancers, as well as other solid tumors. Founded in 2019, the company has raised nearly $631 million, per Crunchbase.
3. eGenesis, $191M, biotech: Cambridge, Massachusetts-based eGenesis, a biotech firm developing human-compatible engineered organs, closed a $191 million Series D led by Lux Capital. In March, eGenesis announced the world’s first successful transplant of a genetically engineered pig kidney to a human. The new cash will be used to advance a pipeline of programs. Founded in 2014, the company has raised $456 million, per Crunchbase.
4. Circle Pharma, $90M, biotech: South San Francisco-based Circle Pharma, a biotech company developing cell-permeable macrocycles for therapies, closed a $90 million Series D — which includes the conversion of a convertible note — led by The Column Group. Founded in 2012, the company has raised nearly $208 million, per Crunchbase.
5. 24M Technologies, $87M, battery: Battery products and manufacturing startup 24M closed an $87 million Series H preferred stock financing led by Nuovo Plus that values the company at $1.3 billion post-money. The Cambridge, Massachusetts-based company develops energy storage products and technology that looks to cut costs and improve performance safety and recyclability. Founded in 2010, 24M has raised more than $500 million, per the company.
6. OrsoBio, $67M, biotech: Menlo Park, California-based company OrsoBio, a biotech firm developing treatments for obesity and obesity-associated disorders, closed a $67 million Series B financing co-led by new investors Ascenta Capital and Woodline Partners. Founded in 2021, the company has raised $129 million, per Crunchbase.
7. Cortex Applications, $60M, productivity tools: San Francisco-based Cortex Applications, an internal portal for software developers, raised a $60 million round led by Scale Venture Partners that values the company at $470 million, per Bloomberg. Founded in 2019, the company has raised nearly $113 million, per Crunchbase.
8. Oyster, $59M, human resources: San Francisco–based Oyster, a human resource platform, closed a $59 million Series D led by Silver Lake Waterman that values the company at $1.2 billion. Founded in 2020, Oyster says it has raised $286 million.
9. Laravel, $57M, developer tools: Arkansas City, Arkansas-based Laravel, a web application framework that is used for web application development, raised a $57 million Series A led by Accel. Founded in 2011, this is the company’s first disclosed round, per Crunchbase.
10. Sonoma BioTherapeutics, $45M, biotech: South San Francisco-based Sonoma BioTherapeutics, a biotech firm developing therapies for autoimmune and inflammatory diseases, received a $45 million milestone payment from Regeneron Pharmaceuticals. Founded in 2020, the company has raised $410 million, per Crunchbase.
Big global deals
The biggest deal outside the U.S. came from Japan and involved AI.
- Sakana AI locked up a $100 million round led by Khosla Ventures, Lux Capital and New Enterprise Associates. The round also included an investment from Nvidia — which has been intensely active in the AI space investing in startups. Sakana is looking to train low-cost generative AI models with small datasets — a very different approach from OpenAI. The company previously raised a $30 million round in January led by Lux Capital.
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 Aug. 31 to Sept. 6. 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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