10 Tech Funding Rounds This Past Week

Feb 22, 2024

Daniel Hale

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    In a week resembling the funding frenzy of 2021, U.S.-based startups witnessed ten rounds exceeding $100 million. Notably, AI and biotech took the lead in this surge.

    1. Lambda ($320M – AI): Securing unicorn status, Lambda raised $320 million in a Series C, offering cloud computing services and AI software training with Nvidia GPUs. The round, led by Thomas Tull’s US Innovative Technology Fund, is the year’s largest in the AI sector.
    2. Freenome ($254M – Biotech): Focused on early cancer detection, Freenome secured $254 million, led by Roche. The South San Francisco-based startup concentrates on tests for colorectal and lung cancers, bringing its total funding to $1.4 billion.
    3. Cinq Music ($250M – Music): Los Angeles-based Cinq Music secured $250 million for acquiring music rights, intending to expand its diverse catalog in genres like reggaeton, Música Mexicana, Afrobeat, and country.
    4. BioAge Labs ($170M – Biotech): Tackling obesity and metabolic diseases, BioAge Labs raised $170 million in a Series D led by Sofinnova Investments, advancing the Phase 2 clinical development of its weight-loss drug Azelaprag.
    5. Lilac Solutions ($170M – Advanced Materials): Specializing in lithium extraction technology, Lilac Solutions raised $170 million in a Series C round, with notable investors like BMW i Ventures and Mitsubishi Corp. The Oakland-based startup addresses the demand for environmentally friendly lithium extraction in the EV market.
    6. Latigo Biotherapeutics ($135M – Biotech): Latigo Biotherapeutics, based in Thousand Oaks, California, secured $135 million in Series A financing for developing nonopioid pain medicines.
    7. ProfoundBio ($112M – Biotech): Seattle-based ProfoundBio raised $112 million in a Series B round for its antibody-drug conjugate therapeutics targeting cancer patients.
    8. Sierra ($110M – AI): San Francisco-based Sierra, a conversational AI company, raised $110 million in its first announced fundraise, led by Sequoia Capital and Benchmark, valuing the company at nearly $1 billion.
    9. Bugcrowd ($102M – Cybersecurity): Bugcrowd, a San Francisco-based hackers-for-hire platform, secured $102 million in funding led by General Catalyst to accelerate global growth and explore strategic M&A opportunities.
    10. Alys Pharmaceuticals ($100M – Biotech): Medicxi merged six dermatology-focused portfolio companies to launch Alys Pharmaceuticals, raising $100 million. The immunohematology-focused startup, with bases in Boston and Geneva, focuses on advancements in dermatology.

     

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