This is a weekly feature that runs down the week’s top 10 funding rounds in the U.S. Check out 2022’s biggest funding rounds here.
It was just a couple of weeks ago we had the first $1 billion-plus round of the calendar year for a U.S.-based, VC-backed company, when Cruise drove off with $1.35 billion. Well, now we have another—this time in cybersecurity. Cyber was not the only thing to attract VC though, as AI-enhanced customer service, fintech and others all drew big rounds this week—although surprisingly, nothing crypto- or blockchain-related cracked the top 10.
1. Securonix, $1B-plus, cybersecurity: They say everything’s bigger in Texas, and no one raised a round larger this week than this Lone Star State cybersecurity company. The $1 billion-plus round was led by Vista Equity Partners, and is cybersecurity’s largest raise since San Jose, California-based cloud security provider Lacework closed a $1.3 billion round in November. That round was cybersecurity’s only one worth $1 billion or more last year. Addison, Texas-based Securonix offers security information and event management (SIEM), and extended detection and response (XDR) capabilities to companies. While we covered the heat the XDR sector has seen here, it is also interesting to add a note about the SIEM space. A week ago, news broke that Cisco had looked at buying Splunk in what would be the giant’s largest acquisition ever. While Splunk does a lot of things, many looked at the deal as a way for Cisco to enhance its IT security with Splunk’s SIEM platform and ability to use data to improve security.
2. Uniphore, $400M, customer service: Companies are always looking for ways to improve customer service, and so apparently are venture capitalists. Palo Alto, California-based Uniphore, a provider of conversational automation to enterprises, closed a $400 million Series E led by NEA that gives it a valuation of $2.5 billion. The company’s software combines conversational AI, workflow automation and robotic process automation (RPA) into a customer service tool for businesses. The 14-year-old company has now raised $610 billion in what has become an interesting sector among investors.
3. (tied) CelLink, $250M, electronics: It’s always interesting when companies start out doing one thing, then pivot into a market that just explodes. When San Carlos, California-based CelLink was founded a decade ago, it was focused on developing flex circuits for solar panels. With the advent of electric vehicles, its core business evolved into making flex circuits and wiring systems for the automotive industry. Its partners and investors include Ford and BMW i Ventures. Its promise in the industry was enough to raise a $250 million Series D led by Whale Rock Capital this week.
3. (tied) Flutterwave, $250M, fintech: Flutterwave’s journey started in Africa, but its current headquarters are in San Francisco so it makes this list. The fintech company closed a $250 million Series D led by B Capital Group that values it at $3 billion. Flutterwave enables cross-border transactions via one API and recently launched an online marketplace and a remittance service that lets customers send money to and from Africa. The company now has raised nearly $475 million, according to Crunchbase data.
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5. Kallyope, $236M, biotechnology: This week had some big rounds for companies that explore the human brain. While MindMaze, a developer of digital neurotherapeutics, closed a $105 million round, New York-based Kallyope raised an even bigger one. The company, which focuses on developing therapeutics involving the gut-brain axis, closed a $236 million Series D co-led by Mubadala Investment Co. and The Column Group. Kallyope has raised nearly $480 million since being founded in 2015.
6. (tied) Epirus, $200M, energy: Los Angeles-based Epirus raised a $200 million Series C round led by funds and associates advised by T. Rowe Price Associates that values the company at $1.35 billion. Founded in 2018, the company, which develops solid-state, software-defined directed energy systems, has raised a total of $287 million.
6. (tied) Spotter, $200M, digital media: Los Angeles-based Spotter, which provides cash to content creators while acquiring video catalog rights, closed a $200 million Series D at a valuation of $1.7 billion led by SoftBank Vision Fund 2. The company also announced it had closed an additional $555 million across three previously undisclosed rounds since being founded in 2019.
6. (tied) Synthego, $200M, life sciences: Redwood City, California-based genome engineering company Synthego raised $200 million in growth capital led by Perceptive Advisors. The company has raised nearly $460 million since being founded in 2012.
9. Veho, $170M, logistics: New York-based Veho has become the latest delivery company to hit it big with investors. The company raised a $170 million Series B led by Tiger Global with SoftBank Vision Fund 2 at a $1.5 billion-plus valuation. The round comes just six weeks after the company closed its Series A round at a $1 billion valuation. That brings Veho to $300 million of capital raised to date.
10. (tied) Flock Safety, $150M, public safety: Atlanta-based Flock Safety, a developer of public safety operating systems, closed a $150 million Series E led by Tiger Global at a $3.5 billion valuation. Founded in 2017, the company has now raised $380 million.
Big global deals
Not surprisingly, no round was bigger than Securonix’s, but a couple big deals did occur outside the U.S this week.
- Brazil-based fintech company Neon closed a $300 million Series D.
- Montreal-based edtech company Paper raised a $270 million Series D.
We tracked the largest rounds in the Crunchbase database that were raised by U.S.-based companies for the seven-day period of Feb. 12 to 18. 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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