The 10 Biggest Rounds Of February: Saronic And NinjaOne Lead Big Month

This is a monthly feature that runs down the month’s top 10 funding rounds in the U.S. Check out January’s biggest rounds here.

February was another big month for big rounds. In fact, it took $200 million or more to make the list last month, as defense tech and cybersecurity led the way. In addition, AI and robotic startups also landed some huge cash.

1. Saronic, $600M, defense: Autonomous surface vessels maker Saronic locked up a $600 million Series C led by investor Elad Gil that valued the startup at $4 billion. It was just last July when Saronic raised a $175 million Series B at a $1 billion valuation led by Andreessen Horowitz — meaning in seven months the firm’s valuation jumped 4x. Saronic plans to use the new cash to build a new shipyard, called Port Alpha, in Austin, Texas, allowing it to expand its medium and large-class autonomous vessels. The startup, based in Austin, designs and manufactures autonomous surface vehicles — basically drones for the U.S. Navy that move along the water’s surface. Founded in 2022, the company has raised $845 million, per Crunchbase.

2. NinjaOne, $500M, cybersecurity: NinjaOne, which provides endpoint management, security and monitoring, raised $500 million in Series C extensions at a $5 billion valuation — more than doubling its value from just 12 months ago. The company said the new funding came in separate tranches led by Iconiq Growth and Google’s CapitalG, with participation from other investors. The Austin, Texas-based company announced a $231.5 million Series C led by Iconiq at a $1.9 billion valuation just a year ago. Securing endpoints has been a main pillar of cybersecurity since the industry started. However, the need has only increased as many people work outside an office and with a variety of networks and devices. NinjaOne’s massive raise is the largest since France-based I-Tracing, a managed security service provider, raised a venture round of approximately $516 million last June. Founded in 2013, NinjaOne has raised nearly $762 million, per Crunchbase.

3. Lambda, $480M, artificial intelligence: Lambda, which offers cloud computing services and hardware for training artificial intelligence software, raised a $480 million Series D co-led by Andra Capital and SGW. The company did not disclose its valuation, but Reuters reported the round gave the startup a post-money valuation of $2.5 billion. Lambda is also a provider of the latest GPUs by Nvidia, which are highly sought after by AI developers. (Nvidia also participated in the round.) It was just a year ago when Lambda hit unicorn status after a $320 million Series C at a $1.5 billion valuation.

4. Eikon Therapeutics, $351M, biotech: Eikon Therapeutics raised one of the biggest biotech rounds thus far in 2025. The Hayward, California-based drug startup closed on a nearly $351 million Series D from the likes of Lux Capital and Alexandria Venture Investments. The round is the second biggest for a biotech startup this year, behind only London-based Verdiva Bio, a company creating treatments for obesity and cardiometabolic diseases that raised a $411 million Series A in January. This is just the latest big round for Eikon, which raised a $517.8 million Series B financing from nearly 20 different investors back in 2022. The company uses super-resolution microscopy to discover the effects of drugs on live cells. Founded in 2019, the company has now raised $1.1 billion, per Crunchbase.

5. Apptronik, $350M, robotics: Although robotics funding remained relatively unchanged last year, some humanoid robot startups certainly have seen massive cash from investors this year. Add Apptronik to that list, as the Austin, Texas-based AI-powered humanoid robotics company locked up a $350 million Series A co-led by B Capital and Capital Factory, with participation from Google. Founded in 2016, Apptronik had previously raised $28 million, per the company. The robotics startup will use the fresh cash to develop Apollo, its humanoid robot designed for industrial work. Apptronik, which competes with Tesla, has partnered with NASA and Nvidia, and has developed 15 robotic systems, including NASA’s humanoid robot Valkyrie.

6. Together AI, $305M, artificial intelligence: Together AI, which makes a cloud platform to allow developers to build on open and custom artificial intelligence models, raised a $305 million funding round led by General Catalyst and Saudi Arabia’s Prosperity7 Ventures at a $3.3 billion valuation. The new valuation is a more than 160% jump from the $1.25 billion it was valued at after Salesforce Ventures 1 led a $106 million round for the Menlo Park, California-based startup last March. More than a dozen other investors joined the latest round, including Salesforce Ventures, Nvidia, Kleiner Perkins, Coatue and others. Together AI recently surpassed $100 million in annualized revenue, an increase from the $30 million in annualized revenue it had last February, per Bloomberg.

7. Harvey, $300M, legal: It was just seven months ago that San Francisco-based artificial intelligence legal tech startup Harvey made the weekly list after it raised a $100 million Series C led by GV with participation from the likes of OpenAI, Kleiner Perkins and Sequoia Capital at a $1.5 billion valuation. It’s back again with a $300 million round led by Sequoia that values the startup at $3 billion, per a report. Harvey develops AI tools that help legal pros with research, document review and contract analysis. Founded in 2022, the company has raised $506 million, per Crunchbase.

8. Abridge, $250M, healthcare: Abridge, which uses artificial intelligence to build medical documents, became the latest healthcare/biotech that uses AI to raise big. The Pittsburgh-based startup raised a $250 million round co-led by Elad Gil and IVP. While no valuation was released by the company, Fortune reported Abridge is now valued at $2.75 billion post-money. The company helps medical professionals automate clinical notes and conversations through artificial intelligence. Founded in 2018, the company has raised nearly $458 million, per Crunchbase.

9. (tied) QuEra Computing, $230M, quantum: Everyone wants to know when quantum computing will seemingly become a real thing, but that has not stopped investors from putting more cash into quantum-related startups. This month, SoftBank’s Vision Fund unit and Google Quantum AI both took part in a whopping $230 million round for Boston-based neutral-atom quantum firm QuEra Computing. Neutral-atom quantum computing has lower error rates than other quantum systems. Founded in 2018, the company has raised $247 million, per Crunchbase.

9. (tied) XOi Technologies, $230M, enterprise software: Nashville-based XOi, a provider of jobsite-focused technology solutions for the field service agents, raised a $230 million round from Kohlberg Kravis Roberts. The new cash allowed XOi to acquire Specifx Data, an on-demand data enrichment and platform for field service equipment. XOi develops software that allows maintenance people to snap pictures to get information about the machines they are servicing. Founded in 2013, the company has raised $247 million, per Crunchbase.

9. (tied) Abcuro, $200M, biotech: Newton, Massachusetts-based Abcuro, which is developing therapies for the treatment of autoimmune diseases and cancer through cytotoxic T cells, closed a $200 million Series C led by New Enterprise Associates. Founded in 2015, the company has raised nearly $415 million, per Crunchbase.

9. (tied) Verkada, $200M, security: Verkada, a developer of security systems for the real world, locked up a $200 million Series E led by General Catalyst that values the San Mateo, California-based firm at $4.5 billion. The company last raised in October 2023, closing a large $100 million round led by Alkeon Capital. While the focus is often on things such as network or application security, the physical world still needs securing. Verkada offers a plethora of products that include video security cameras, door-based access control, environmental sensors and more, and has recently added artificial intelligence into its security products. Founded in 2016, Verkada says it has raised more than $700 million in funding.

Big global deals

The biggest funding round outside the U.S. came from our neighbors to the north.

• Toronto-based StackAdapt, a multichannel programmatic advertising platform that uses AI and automation in its software to enhance capabilities and user experience, raised a $235 million growth round led by Teachers’ Venture Growth.

Methodology

We tracked the largest rounds in the Crunchbase database that were raised by U.S.-based companies for the month of February 2025. Although most announced rounds are represented in the database, there could be a small time lag as some rounds are reported late in the month.

Illustration: Dom Guzman