This is a monthly feature that runs down the month’s top 10 funding rounds in the U.S. Check out the biggest rounds of last month here.
July saw its fair share of big rounds — and then some. Startups needed to raise $200 million or more to make this list. While we saw a lot of the regular sectors like biotech and financial services represented, we also saw some big deals involving supply chain and automotive startups.
1. Skild AI, $300M, robotics: The good year for robotics startups continued. Skild AI became the latest such startup to raise big, locking in a $300 million Series A led by Coatue, Lightspeed Venture Partners, SoftBank Group and Jeff Bezos, through his Bezos Expeditions. The funding brings the company to a valuation of $1.5 billion. The Pittsburgh-based startup isn’t building robots, however, it’s building robot brains. The theory is that those brain models can then be used in a variety of robots and for different tasks — instead of just having one application. It seems a lot of big-name investors agree with that strategy.
2. Element Biosciences, $277M, biotech: Every month there seems to be big biotech raises, and this one’s no different. Element Biosciences raised more than $277 million in a Series D led by Wellington Management. The San Diego-based biotech startup is focused on developing DNA sequencing and multiomics technology for research markets. Founded in 2017, the company has raised $678 million, per Crunchbase.
3. Cardurion Pharmaceuticals, $260M, biotech: Cardurion Pharmaceuticals raised a $260 million Series B financing led by Ascenta Capital. The Burlington, Massachusetts-based biotech startup is focused on developing therapeutics for the treatment of cardiovascular diseases. Founded in 2017, the company has raised more than $600 million, per Crunchbase.
4. (tied) Cosm, $250M, entertainment: Entertainment and technology are intersecting more than ever — and Cosm is just the latest example. The Sphere-like immersive tech and entertainment company locked up a raise of more than $250 million from the likes of Mirasol Capital and Baillie Gifford. The new round values the Dallas, Texas-based company at more than $1 billion. Cosm offers guests an immersive dome that allows a shared reality experience, usually with something regarding sports. The company already has a venue in Los Angeles and others planned for Dallas and Atlanta.
4. (tied) Regal, $250M, film: Regal, the second-largest movie theater chain in the U.S., makes the list this month after it secured $250 million to upgrade its locations. The Tennessee-based company is looking to add to its 425 theaters across the country — with enhancements that include luxury recliners and other amenities. Regal is owned by Cineworld, which emerged from bankruptcy with a financial restructuring process last year. Investors were not disclosed.
6. Human Interest, $242M, financial services: Retirement planning is big business and it also can apparently produce big valuations. San Francisco-based Human Interest offers small businesses the ability to more easily offer 401(k) plans to their employees. The company locked up a $267 million round led by investment firms Baillie Gifford and Marshall Wace that values the company at $1.3 billion. The round included $25 million of debt. The company said it recently surpassed $100 million in annual recurring revenue. Founded in 2015, Human Interest says it has raised more than $700 million in total primary and secondary financings.
7. (tied) Earned Wealth, $200M, financial services: Wealth tech startup Earned Wealth raised a $200 million investment led by Silversmith Capital Partners and Summit Partners. The company offers medical professionals financial planning, tax planning and investment advice on one platform. The new cash is expected to go toward acquisitions. Founded in 2021, the New York-based company has raised $212 million, per Crunchbase.
7. (tied) HarmonyCares, $200M, healthcare: HarmonyCares, a provider of in-home primary care, raised one of the biggest rounds of the month to expand its operations. The Troy, Michigan-based healthcare company closed a $200 million round led by General Catalyst, McKesson Ventures and a large unnamed national payor. The firm operates home-based primary care practices in 15 states — offering services such as home health, hospice, radiology and laboratory — and will look to grow its geographical reach across the U.S.
7. (tied) Altana AI, $200M, supply chain management: Altana AI, a supply chain management startup, locked up a $200 million Series C investment led by the US Innovative Technology Fund that values the company at $1 billion. The New York-based startup’s supply chain management platform gives customers deep insights and visibility into managing their global value chains — from the sourcing of raw materials to production to sale. Such oversight has become necessary as governments and organizations have introduced new trade restrictions, climate, national security and other policies. Much like most startups that raise big money in the current environment, Altana has an AI play. The company’s platform uses AI to analyze data points through the supply chain to spot anomalies and risks. Founded in 2018, the company has raised $322 million, per Crunchbase. Before the new round, it last raised a $100 million Series B led by Activate Capital Partners in 2022.
7. (tied) Astranis, $200M, space: Space startup Astranis raised a fresh $200 million round to build out its Omega satellite program. The new round was co-led by Andreessen Horowitz and Bam Elevate. The San Francisco-based startup develops small broadband communications satellites for telecoms, and plans to have more than 100 of its first-generation satellites operating in orbit by 2030. While Astranis did not release a valuation number, the company raised a $200 million round at a $1.6 billion valuation in April 2023, per a Bloomberg report in a deal also led by Andreessen Horowitz. Space startups have done well this year as satellite and communication companies continue to attract new investment. So far in 2024, space-related startups have raised more than $3.7 billion, per Crunchbase data. Such startups raised about $5.9 billion through all of last year — putting this year’s venture funding ahead of that pace. Founded in 2015, Astranis has raised more than $750 million, per the company.
7. (tied) Tekion, $200M, automotive: Providing a software platform to the retail automotive industry may not be the sexiest of technology plays, but it obviously can make a valuable company. Pleasanton, California-based Tekion, whose software connects manufacturers, retailers and others, raised a $200 million growth equity round from Dragoneer Investment Group that values the company at more than $4 billion. Bloomberg reported that the startup now has between $100 million and $200 million in revenue. Founded in 2016, the company has raised $635 million, per Crunchbase.
Big global deals
The biggest round outside the U.S. in July came from our neighbors to the north.
- Vancouver-based legal tools platform Clio locked up a $900 million Series F led by New Enterprise Associates at a $3 billion valuation.
Methodology
We tracked the largest rounds in the Crunchbase database that were raised by U.S.-based companies for the month of July 2024. 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
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