The Biggest Non-AI Related Rounds Of 2024

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Artificial intelligence once again dominated venture capital last year. But we’ve already run a list of the biggest rounds raised by AI-related startups, so what about some of the other industries that got big deals in 2024? What follows is a rundown of the biggest rounds raised by U.S.-based startups not necessarily focused on AI. Let’s take a look at who else raised big.

1. (tied) Epic Games, $1.5B, gaming: Epic Games is no stranger to this list. The gaming giant raised big in 2022 when it nabbed $2 billion from Sony and KIRKBI — the family-owned holding and investment company behind The LEGO Group — at a $31.5 billion valuation. It’s back after the North Carolina-based company raised another $1.5 billion in February through a new partnership with Disney to help give more exposure to the company’s characters and properties — including Marvel Comics characters. However, the round was a drastic drop in valuation, as it was reported Disney invested at a $22.5 billion valuation. Founded in 1991, the Fortnite creator has raised nearly $8 billion to date, according to Crunchbase data.

1. (tied) Generate Capital, $1.5B, renewable energy: If the name looks familiar, that’s likely because this company has made the list before. Early in 2023, the San Francisco-based green infrastructure investor and operator raised $1.1 billion, per SEC filings and reports. That raise came just about 18 months after it raised $1 billion in 2021. Last year in January, Generate raised a $1.5 billion round from a variety of investors, including the California State Teachers’ Retirement System. Generate invests in an array of infrastructure projects, from community solar systems to municipal wastewater treatment to electrifying fleets. Founded in 2014, the company has raised $7.1 billion, per Crunchbase.

3. Tricentis, $1.3B, DevOps: In November, Tricentis got a $1.3 billion investment from private equity firm GTCR valuing the software testing startup at $4.5 billion. It was unclear from reports if this is new equity or for existing shares, but it makes the list. The Austin, Texas-based startup was founded in 2007 in Austria. Insight Partners took majority ownership in 2017. The company has now raised $1.5 billion per Crunchbase.

4. Wiz, $1B, cybersecurity: Cloud security startup Wiz locked up the biggest cybersecurity round of the year as it raised $1 billion at a $12 billion valuation. The round — announced just as the industry’s RSA Conference was getting underway in San Francisco in May — was co-led by Andreessen Horowitz, Lightspeed Venture Partners and Thrive Capital. Founded in 2020, Wiz says it has raised $1.9 billion so far. Originally founded in Israel, Wiz has been busy of late. Earlier in the year, it acquired New York-based cloud detection and response startup Gem Security. The company may use the new cash infusion for more deal-making. Also based in New York, Wiz said it achieved $350 million in annual recurring revenue last year. It has talked openly about hitting $1 billion in ARR as it heads to an IPO.

5. Pacific Fusion, $900M, energy: Another huge AI-related round went to Pacific Fusion, a startup attempting to create a nuclear fusion-based energy source, which raised more than $900 million in a Series A led by General Catalyst in October. The funding does depend on the company hitting certain milestones — which were not spelled out. The round further illustrates investors’ appetite for energy sources that can meet AI’s immense power needs.

6. Radiology Partners, $720M, healthcare: El Segundo, California-based Radiology Partners, which offers radiology services, was busy in February with a laundry list of transactions involving existing notes and outstanding credit facilities. As part of those moves, however, it also closed a growth equity investment of approximately $720 million from existing and new investors — who were not named. Founded in 2012, the company has raised $2 billion, per Crunchbase.

7. Wonder, $700M, food delivery: Marc Lore’s food delivery startup Wonder can’t stop raising big. It had big rounds in March, November 2023 and in June 2022. It’s back again as part of its $650 million acquisition of Grubhub in November, raising an additional $250 million in capital exclusively from new investors — which were not named. The deal price was a significant drop for Grubhub, which was bought by Just Eat Takeaway for $7.3 billion in 2021. Founded in 2018, Wonder has raised nearly $1.9 billion, per Crunchbase.

8. PsiQuantum, $620M, quantum computing: In April, PsiQuantum landed the biggest funding round last year for any quantum startup, beating out Quantinuum’s $300 million equity fundraise at a pre-money valuation of $5 billion from January. Palo Alto, California-based PsiQuantum landed a financial package of $620 million from the Australian Commonwealth and Queensland Governments to build a quantum computer at a location near Brisbane Airport in Brisbane, Australia. The round is actually a mix of equity, grants and loans, so it is not all equity. Founded in 2016, the company has raised more than $1.3 billion, per Crunchbase.

9. Crusoe Energy Systems, $600M, energy: Back in 2022, this Denver-based company was helping power Bitcoin mining by harnessing natural gas that is typically burned during oil extraction and putting it toward powering the data centers needed for mining. The company raised a $350 million Series C equity round led by G2 Venture Partners, at a $1.75 billion valuation in the process. Well, in October, Crusoe turned its energy to AI — literally. The company is a so-called “neocloud” — a data center firm providing outsourced cloud computing for those looking to build AI. That business plan was enough for Crusoe to reportedly lock up a $500 million round led by Founders Fund at a $2.8 billion valuation. Founded in 2018, the company has raised $1.3 billion, per Crunchbase.

10. (tied) Recurrent Energy, $500M, energy: In January, Austin, Texas-based Recurrent Energy secured a $500 million preferred equity investment from BlackRock. The company — a utility-scale solar and energy storage project development, ownership and operations platform — is planning to use the new capital to grow its “high value project development pipeline.” Recurrent is a subsidiary of Canadian Solar, and that company will continue to own the remaining majority shares of Recurrent after the investment closes. Founded in 2006, the company has raised about $3.2 billion, per Crunchbase.

10. (tied) X-energy, $500M, energy: In October, X-energy raised a Series C-1 of approximately $500 million, anchored by Amazon. The Rockville, Maryland-based company is developing advanced small modular nuclear reactors for clean energy generation. Amazon and X-energy are collaborating to bring more than 5 gigawatts of new power projects online across the United States by 2039. Founded in 2009, the company has raised more than $785 million, per Crunchbase.

Big global deals

The three biggest rounds raised by non-U.S.-based startups not focused on AI both came from China.

• In December, China-based Avatr, an electric vehicle brand, raised a Series C worth approximately $1.5 billion.
• In March, semiconductor firm ChangXin Memory Technologies raised a venture round worth approximately $1.5 billion.
• Also in March, China-based Zhiji Automobile, a developer and manufacturer of electric vehicles, raised a $1.1 billion Series B.

Methodology

We tracked the largest announced rounds in the Crunchbase database that were raised by U.S.-based companies that were not tagged as artificial intelligence in 2024.

Illustration: Dom Guzman