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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.
If you are looking for positive news about the venture capital market picking back up, you can stop reading now. In fact, this week proved a stark contrast to just a year ago — when the venture market was already in decline. This time last year, 15 U.S.-based startups raised nine-figure rounds (you can read about some of them here). This week there was one.
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Last year, it took $109 million to grab the 10th spot on this list — this week it took only $12 million.
We know the salad days of 2021 are long gone, but it seems like startups may well soon crave the “slowdown” of 2022.
1. UVeye, $100M, automotive: This was a big week for automotive safety (as we covered). Qualcomm bought Autotalks — a maker of chips used in crash-prevention technology — this week. In addition, UVeye, which develops automated vehicle-inspection systems, raised a $100 million Series D led by Hanaco VC. The Detroit-based startup’s platform uses a combination of proprietary algorithms, artificial intelligence, machine learning, sensors and more to detect external or mechanical flaws in cars. Basically, it performs a full physical on your automobile. The startup will use the new cash to start production of UVeye inspection systems in North America, support further sales growth and grow its market. Founded in 2016, the company has now raised nearly $196 million, per Crunchbase.
2. Amino Health, $80M, health care: Finding the right doctor and the right care can still be a problem, even if you have health care insurance. San Francisco-based Amino Health, a digital health care guidance company, wrapped up an $80 million round — a mix of equity and debt — led by Transformation Capital and Oxford Finance to help with exactly that. The company’s platform allows users to digitally navigate to find quality, cost-effective care through their health plans and benefits. The startup now has 1.6 million members. Founded in 2013, the company has raised $125 million, according to Crunchbase.
3. 8fig, $40M, finance: E-commerce companies need significant capital for operations, as inventory and supply chain expenses can eat into a startup’s cash flow. However, with a slowing venture capital market, alternative financing models are needed. Enter Austin, Texas-based 8fig, which closed a $140 million Series B — reported as $40 million in equity and $100 million in a credit facility. The round was led by Koch Disruptive Technologies. The company provides growth plans for small and medium-sized e-commerce businesses that have some sales history. The plan includes funding and financial tools for supply chain management, financial planning, and freight and logistics coordination. 8fig has provided online sellers with more than $500 million since being founded, and increased its annual revenue by 800% last year. 8fig — founded in 2020 in Israel — has now raised $196.5 million to date, according to the company.
4. (tied) Cullgen, $35M, biotech: San Diego-based Cullgen, a biotechnology company developing small molecule therapeutics, raised a $35 million Series C financing round led by AstraZeneca-CICC Venture Capital Partnership. The company also raised an additional $5 million this week when GNI Group elected to exercise its outstanding warrants for Cullgen stock. The startup is dedicated to developing new chemical entities for the treatment of what it calls “diseases lacking effective therapeutic approaches.” Founded in 2018, the company has raised a total of $106 million, per Crunchbase.
4. (tied) Petal, $35M, fintech: New York-based Petal closed a $35 million funding round led by Valar Ventures. The fintech firm brands itself as trying to help underserved consumers financially succeed. The company uses its own platform for cash flow underwriting which serves as an alternative to traditional credit scores and makes credit more accessible. Founded in 2016, the company has raised more than $750 million, per Crunchbase.
6. Wellthy, $26M, fintech: New York-based Wellthy, a family care concierge service, raised a fresh $25.5 million in funding. No lead investor was named, but new investors include Citi Impact Fund and Stardust Equity. Founded in 2014, the company has now raised $78 million, according to Crunchbase data.
7. Sealonix, $20M, medical devices: Bedford, Massachusetts-based Sealonix, a developer of hemostatic sealants for surgical use, closed a $20 million Series A led by Excelestar Ventures. Founded this year, this is the company’s first outside round, per Crunchbase.
8. Cloverly, $19M, cleantech: Atlanta-based climate platform Cloverly raised a $19 million Series A led by Grotech Ventures. Founded in 2018, the startup has raised $21 million, per Crunchbase.
9. Solarea Bio, $15M, biotech: Cambridge, Massachusetts-based Solarea Bio, a clinical stage biotechnology startup developing food-derived microbial-based solutions, closed a $15 million Series B led by S2G Ventures. The company said it is targeting a total of up to $25 million for the round. Founded in 2017, the company has raised $26 million, per Crunchbase.
10. (tied) Three companies tied for the last spot this week, with New York-based financial media startup Blockworks, Nashua, New Hampshire-based manufacturing analytics platform Datanomix and New York-based medical equipment firm Optain all announcing rounds of $12 million.
Big global deals
While U.S.-based startups did not see many large rounds this week, there were some abroad.
- London-based YgEia3, a startup developing wellness testing for companies, raised a huge $750 million venture round.
- China-based Qingdian Photovoltaic Technology, a photovoltaic power generation startup, raised a $216 million Series A.
We tracked the largest announced rounds in the Crunchbase database that were raised by U.S.-based companies for the seven-day period of May 6 to May 12. 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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