The 10 Biggest Rounds Of November: Aspen Powers Up With $350M; DispatchHealth Raises Big For In-Home Care

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

November can be slow for funding as Thanksgiving can disrupt the pace of dealmaking. That may have happened last month; in October there were four rounds worth $400 million or more. However in November, no round hit that mark. Or it could just be another sign of the ever-slowing VC market. It’s hard to tell, but this year’s fourth quarter certainly is not last year’s.

1. Aspen Power, $350M, clean energy: The biggest round of the month was led by private equity giant Carlyle Group, which invested $350 million for a majority stake in renewable energy developer Aspen Power. The Dallas-based clean energy provider is looking to buy renewable energy projects across the U.S. Earlier this year, it agreed to acquire solar power company Safari Energy. Founded only a couple of years ago, Aspen already has raised nearly a half-billion dollars in funding, according to Crunchbase data.

2. DispatchHealth, $330M, health care: At-home care is becoming more necessary as the population gets older and hospital costs soar. Denver-based DispatchHealth is looking to help people get that in-home care. The company locked up a $330 million round led by health care-focused Optum Ventures, according to Home Health Care News. The startup provides at-home nursing services for patients who require more care or a higher degree of observation and intervention. The company partners with health systems, insurance companies and employers to offer families a long-term at-home care resource. Founded in 2013, the company has raised more than $730 million, per Crunchbase.

3. Emalex Biosciences, $250M, biotech: Biotech has been big the last few months, and the biggest deal in the sector in November was the $250 million Series D raise by biotech startup Emalex Biosciences. Emalex was started in 2018 by life science incubator Paragon Biosciences to create treatments for the central nervous system. Chicago-based Emalex has since focused on Tourette syndrome and Willis-Ekbom disease. The startup has a drug in a Phase 3 clinical trial for Tourette syndrome — the last stretch before it can be commercialized and marketed to the public. The new round was led by Bain Capital. In total, Emalex has raised $285 million, according to Crunchbase.

4. FogPharma, $178M, biopharma: Cambridge, Massachusetts-based biopharmaceutical startup FogPharma raised a $178 Million Series D. The round included new investors ARCH Venture Partners, Milky Way Investments and Fidelity Management and Research Co. The company is developing precision medicines that can target major cancer drivers. The new money will be used to continue the advancement of the company’s pipeline of therapeutics. Founded in 2015, the company has raised nearly $386 million, per Crunchbase.

5. Astera Labs, $150M, semiconductors: Santa Clara, California-based Astera Labs was minted a unicorn last month after raising a $150 million Series D led by Fidelity Management and Research that values the company at nearly $3.2 billion. The company last raised a $50 million Series C — led by Fidelity — that valued it at $950 million in September 2021. Astera Labs provides data and memory connectivity solutions for some of the biggest chipmakers in the world including Intel and Taiwan Semiconductor Manufacturing Co. The company will use the new proceeds to expand its product lines, add to its workforce, and create two new research and design centers in Vancouver and Toronto this year. Semiconductor manufacturing has been in the news for the last several years as supply chain and manufacturing issues have played havoc with the market. Founded in 2017, the company has raised more than $200 million, according to Crunchbase data.

6. Weka, $135M, data: Even in a down venture market, investors will always put money into data. Campbell, California-based Weka locked up a $135 million Series D led by Generation Investment Management at a reported $750 million valuation. Weka helps companies move data between sources faster and more efficiently. The new cash will be used to get to profitability, fuel global expansion and scale the company. Founded in 2013, Weka has raised more than $290 million, according to Crunchbase.

7. Alation, $123M, data integration: As we’ve said, data is king, and Redwood City, California-based Alation further proves that point. The enterprise data intelligence startup raised a $123 million Series E led by Thoma Bravo, Sanabil Investments and Costanoa Ventures at a valuation of more than $1.7 billion. Alation offers everything from data search to analytics, and recently surpassed $100 million in annual recurring revenue. Founded in 2012, Alation says it has raised $340 million.

8. (tied) CG Oncology, $120M, biotech: Cancer treatments will always attract investment until more and better treatments are found to combat its various types. Irvine, California-based CG Oncology, an oncolytic immunotherapy startup developing therapeutics for patients with urologic cancers, closed a $120 million Series E co-led by ORI Capital, Longitude Capital and Decheng Capital. The biotech firm will use the money to advance its clinical programs in bladder cancer further toward Food and Drug Administration approval. Founded in 2010, CG has raised more than $200 million, per the company.

8. (tied) Escient Pharmaceuticals, $120M, biotech: Yet another biotech firm makes the list as San Diego-based Escient Pharmaceuticals closed a $120 million Series C co-led by NEA, Abingworth and Forge Life Science Partners. Escient is a clinical-stage biotech developing small molecule therapeutics for the treatment of a broad range of neurosensory-inflammatory disorders. The company will use the cash infusion to advance two therapeutics in its pipeline. Founded in 2018, the firm has raised nearly $238 million to date, according to Crunchbase.

8. (tied) Human Immunology Biosciences, $120M, biotech: San Francisco-based Human Immunology Biosciences emerged from stealth last month and announced it closed a $120 million round. The clinical-stage biotech company was developed by Monograph Capital and ARCH Venture Partners, and is looking to fight autoimmune and inflammatory diseases. The startup plans to target cells such as plasma and mast cells that make up the immune system. Per Crunchbase data,  in 2022 alone, more than $2 billion has been pumped into drug startups tackling the immune system. The majority of these companies, including Rheos Medicines and Mast Therapeutics, are creating targeted therapies.

8. (tied) Swell Energy, $120M, renewable energy: Santa Monica, California-based virtual power plant startup Swell Energy raised a $120 million round led by the SoftBank Vision Fund 2 and Greenbacker Development Opportunities Fund I last month. The startup’s virtual power plants provide grid capabilities in states including California and Hawaii to reduce reliance on fossil fuel plants. In doing so, the company can optimize energy resources and distribute it in real-time based on need and who is using it. Founded in 2014,  Swell has raised $582 million to date, per Crunchbase.

Big global deals

China-based companies in the electric car space raised the two largest rounds last month.

• Voyah, an electric-car developer, closed a Series A worth approximately $717 million.
• Levdeo, another manufacturer of electric cars, also raised a Series A worth about $459 million.

Methodology

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

Illustration: Dom Guzman

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