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The Week’s 10 Biggest Funding Rounds: Scale AI’s Massive $1B Deal Leads Slower Week

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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.

It was a slower week for big rounds compared to many of the past few. Nevertheless, the week saw a $1 billion round go to yet another AI startup, and biotech and blockchain also saw some big deals.

1. Scale AI, $1B, artificial intelligence: This week was like many — one topped with a big AI round. Scale AI raised $1 billion in a round led by Accel that values the data labeling and evaluation startup at a stunning $13.8 billion. The valuation is nearly double the $7.3 billion the San Francisco-based startup hit after a $325 million raise in April 2021. The new financing included some of the biggest names in tech, with Nvidia, Meta and Amazon all investing. The new Scale AI round is the second $1 billion raise for a U.S.-based AI startup this month, after CoreWeave raised a whopping $1.1 billion in a fresh funding round led by Coatue in a deal valuing the company at $19 billion, per The Wall Street Journal. Scale AI plays a key role in creating large language models and accurately labeling text, images, video and voice data. The startup also creates and fine-tunes data sets.

2. AltruBio, $225M, biotech: AltruBio was the biggest biotech raise of the week, securing a $225 million Series B led by BVF Partners. The San Francisco-based startup is developing therapeutics for the treatment of ulcerative colitis and other immunological diseases. The new cash will be used to support ongoing and planned Phase 2 clinical trials in ulcerative colitis. Founded in 2000, AltruBio has raised nearly $328 million, per Crunchbase.

3. Farcaster, $150M, blockchain: Is Web3 funding back? It saw a little pickup in Q1, and more rounds like this will help, as Web3 social media platform Farcaster raised a $150 million round led by Paradigm. The startup will use the new cash to grow its user base and add developer tools. In March, it was reported Merkle Manufactory — the Web3 social media firm behind Farcaster — was in talks with venture investors about a new funding round that would value the company at more than $1 billion.

4. Suno, $125M, artificial intelligence: Investors can’t get enough of different ways to use generative AI. Music startup Suno snared a $125 million round led by Lightspeed Venture Partners, Nat Friedman, Daniel Gross, Matrix and Founder Collective. The Cambridge, Massachusetts-based startup allows users to create songs from simple text prompts, generating voice, lyrics and music. In announcing the deal, the company said 10 million people have already made music using Suno even though it released its first product just eight months ago.

5. Progentos Therapeutics, $65M, biotech: Watertown, Massachusetts-based Progentos Therapeutics closed a $65 million Series A led by Netherlands-based Forbion Capital Partners. The biotech company is looking to regenerate myelin and restore function for patients with multiple sclerosis — a condition that affects nearly 3 million people worldwide. Founded last year, this is the company’s first announced raise, per Crunchbase.

6. (tied)  Allez Health, $60M, healthcare: Carlsbad, California-based Allez Health, formerly Zense-Life, raised a $60 million Series A+ led by Osang Healthcare. The startup develops smart biosensors for connected digital health platforms. Founded in 2018, the company has raised more than $62 million, per Crunchbase.

6. (tied) Tuesday Health, $60M, healthcare: Nashville, Tennessee-based Tuesday Health, a supportive care organization delivering care and support for seriously ill patients and caregivers, locked up a $60 million strategic investment from Valtruis, The Blue Venture Fund, Mass General Brigham Ventures and CareSource. Founded last year, this is the company’s first announced raise, per Crunchbase.

8. 280 Earth, $50M, climate tech: Mountain View, California-based 280 Earth, a direct air capture startup to remove carbon dioxide from the atmosphere, raised a $50 million Series B from a handful of investors, including Alphabet. Founded in 2022, this is the company’s first announced raise, per Crunchbase.

9. Wayspring, $45M, healthcare: Nashville, Tennessee-based Wayspring, a substance use disorder care startup, raised a reported $45 million round led by CVS Health Ventures. Founded in 2012, the company has raised $161 million, per Crunchbase.

10. Pratika, $35.5M, edtech: Palo Alto, California-based language learning app Pratika raised a $35.5 million Series A led by Blossom Capital. Founded in 2022, the company has raised $36.5 million, per Crunchbase.

Big global deals

While Scale AI’s massive raise dwarfed all others, there was another big AI raise abroad.

  • AI translation and language startup DeepL locked up a $300 million round at a $2 billion post-money valuation in a round led by Index Ventures. The valuation is about double its previous $1 billion-plus valuation from January 2023.


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 18 to May 24. 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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