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The Week’s 10 Biggest Funding Rounds: Enable And Autonomous Vehicle Startup May Mobility See Big Bucks

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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.

No huge rounds last week, but we did see a handful of $100 million-plus ones and a smattering of mid-sized financings. If any theme dominated the week, it was health and biotech, as those related startups make up half the list.

1. Enable, $120M, finance: We don’t write about many rebate management platforms on this list, but when you raise $120 million that changes. San Francisco-based Enable raised a $120 million Series D led by Lightspeed Venture Partners that values the company at $1.2 billion. The startup platform helps manufacturers, distributors and retailers manage their rebate offerings to help push growth and optimize sales with automated real-time data and forecasting. Everybody loves a rebate, but companies need to manage what they offer. Founded in 2016, Enable has raised $276 million, per the company.

2. May Mobility, $105M, autonomous vehicles: Just a couple weeks after Cruise’s announcement it will suspend its self-driving taxi program rocked the autonomous vehicle industry, another AV startup has raised big money from some big-name investors. Ann Arbor, Michigan-based May Mobility closed a $105 million Series D led by the NTT Group. The new cash  brings May Mobility’s total funding to approximately $300 million since being founded in 2017. The company last raised a $111 million round in July 2022. May Mobility develops AV technology and deploys fleets of vehicles to municipal and business customers. Funding to autonomous vehicle startups have been having a rough year to date. Such startups have raised less than $4.6 billion — which puts the sector on pace for its lowest funding total since 2020, per Crunchbase data. The sector saw a high for funding in 2021 when the industry received $12.5 billion. Last year, that number dropped to $5.9 billion.

3. Wonder, $100M, food delivery: Marc Lore’s food delivery startup Wonder made this list way back in June 2022, after The Wall Street Journal reported the New York-based startup raised a $350 million round led by Bain Capital Ventures at a $3.5 billion valuation. This week it’s back with a smaller round — a $100 million investment from Nestlé. The company has been pretty busy of late. In September, Wonder acquired meal-kit company Blue Apron for $103 million. Lore previously was CEO of retail giant Walmart‘s e-commerce division. Founded in 2018, the company has raised $950 million, per Crunchbase.

4. Elucid, $80M, biotech: Every week an AI-related biotech company makes this list it seems. This week it’s Boston-based Elucid, which creates AI-powered imaging analysis software to assess cardiovascular disease, raising an $80 million Series C led by Elevage Medical Technologies. The startup plans to use the fresh cash to expand the commercialization of its software for physicians. Founded in 2013, Elucid has raised $121 million, per the company.

5. Volante Technologies, $66M, fintech: New York-based Volante Technologies locked up a $66 million debt and equity financing led by Sixth Street Growth. The fintech startup offers a cloud-native payments platform to financial businesses and institutions. Founded in 2001, Volante has raised $116 million to date, per the company.

6. (tied) Black Ore Technologies, $60M, fintech: Austin, Texas-based Black Ore Technologies, an AI-driven financial services company, emerged from stealth with a $60 million seed round co-led by Andreessen Horowitz and Oak HC/FT.

6. (tied) OrsoBio, $60M, biotech: Menlo Park, California-based clinical-stage biopharmaceutical company OrsoBio raised a $60 million Series A co-led by Enavate Sciences and Longitude Capital. Founded in 2021, OrsoBio has raised $97 million, per the company.

8. Forward Therapeutics, $50M, biotech: Palm Beach Gardens, Florida-based Forward Therapeutics, a biopharmaceutical company developing small molecule therapies for chronic immunological and inflammatory disorders, announced a $50 million Series A led by BVF Partners LP. Founded in 2022, the round is the company’s first outside funding, per Crunchbase.

9. L-Nutra, $47M, nutrition: Los Angeles-based nutrition company L-Nutra closed a $47 million Series D led by a personal investment from Stephane Bancel, CEO at Moderna. Founded in 2009, this is the company’s first funding with a disclosed amount.

10. (tied) Ascidian Therapeutics, $40M, biotech: Boston-based Ascidian Therapeutics, a biotech startup focused on treating human diseases by rewriting RNA, announced a $40 million Series A extension from Apple Tree Partners. Founded in 2020, the company has raised a total of $90 million, per Crunchbase.

10. (tied) Eleos Health, $40M, health: Boston-based Eleos Health, a behavioral health startup, raised a $40M Series B led by Menlo Ventures. Founded in 2019, Eleos has raised a total of $68 million, per the company.

Big global deals

The biggest round outside the U.S. went to yet another AI startup


We tracked the largest announced rounds in the Crunchbase database that were raised by U.S.-based companies for the seven-day period of Nov. 4 to Nov. 10. 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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