Another week, another wave of substantial funding rounds for U.S.-based startups. This week’s top 10 deals each exceeded the $100 million mark, signaling continued investor confidence, particularly in the space tech and biotech sectors.
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Astranis, $200M, Space: Space technology continues to attract significant investment. San Francisco-based Astranis secured a fresh $200 million round to bolster its Omega satellite program. Andreessen Horowitz and Bam Elevate co-led the round. The company specializes in developing small broadband communication satellites for telecommunications companies. Astranis plans to have over 100 of its first-generation satellites in operation by 2030. This funding follows a $200 million round in April 2023 at a $1.6 billion valuation, as reported by Bloomberg, also led by Andreessen Horowitz. Crunchbase data indicates that space-related startups have attracted more than $3.7 billion in venture funding in 2024, surpassing the $5.9 billion raised throughout the previous year.
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Third Arc Bio, $165M, Biotech: The biotechnology sector also experienced a significant boost with Boston-based Third Arc Bio’s $165 million Series A. This round was co-led by Cormorant Asset Management, Hillhouse Investment, and Vida Ventures. Third Arc Bio is focused on developing therapeutics for solid tumors and diseases related to inflammation and immunology. The company, founded in 2022, will utilize this initial funding to progress its oncology and autoimmunity programs through clinical trials.
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(tied) Imperative Care, $150M, Medical Device: Imperative Care, a startup based in Campbell, California, developing medical devices to treat strokes and other ischemic diseases, announced the initial closing of a Series E round led by Ally Bridge Group. While the exact size of the initial close wasn’t disclosed, the company stated the potential for additional closings that could bring the total to $150 million.
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(tied) Vanta, $150M, Cybersecurity: Cybersecurity remains a high-growth area, as demonstrated by compliance startup Vanta’s $150 million funding round, led by Sequoia Capital, which valued Vanta at $2.45 billion. The San Francisco-based company reported $100 million in annual recurring revenue in January. In 2022, Vanta raised $110 million, led by Craft Ventures, which valued the company at $1.6 billion at the time.
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(tied) Chainguard, $140M, Cybersecurity: Kirkland, Washington-based Chainguard, a software supply chain security startup, secured a $140 million Series C round. The funding round, which valued Chainguard at $1.12 billion, was led by IVP, Lightspeed Venture Partners, and Redpoint. The startup is expanding its platform, which is designed to help companies securely build software, to include securing AI workloads. The company was founded in 2021.
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(tied) IntelePeer, $140M, Customer Relations: Dania Beach, Florida-based IntelePeer raised a $140 million mixed debt and equity round. Savant Growth and VantagePoint Capital Partners co-led the equity portion. The company offers an AI-powered contact center designed to automate customer interactions. IntelePeer was founded in 2003.
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Monarch Tractor, $133M, Agtech: Agtech saw a positive development with Monarch Tractor, the creator of a fully electric, driver-optional smart tractor, securing a $133 million Series C. Astanor Ventures and HH-CTBC Partnership co-led the round. Monarch also offers the WingspanAI platform, which provides farmers with data, vehicle tracking, and crop imaging to help improve profitability. The company was founded in 2017.
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(tied) Autobahn Therapeutics, $100M, Biotech: San Diego-based Autobahn Therapeutics, focused on treatments for neuropsychiatric and neuroimmunologic disorders, closed a $100 million Series C, led by Newpath Partners. The company was founded in 2017.
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(tied) Harvey, $100M, Legal: The legal tech sector saw significant investment this week. San Francisco-based AI startup Harvey raised a $100 million Series C led by GV, with participation from OpenAI, Kleiner Perkins, and Sequoia Capital. The company achieved a $1.5 billion valuation. Despite being slightly lower than the initially discussed valuation, the investment is substantial. That same day, Vancouver-based legal tools platform Clio secured a $900 million Series F led by New Enterprise Associates, valuing the company at $3 billion. Combined, these deals represent a significant portion of the $1.6 billion raised by the legal tech industry this year, according to Crunchbase data. Harvey was founded in 2022.
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(tied) Headway, $100M, Mental Health: The mental healthcare platform Headway finalized a $100 million Series D, led by Spark Capital. This new funding values the company at $2.3 billion, which is a 130% increase over October when it raised a $125 million Series C at a $1 billion valuation, This New York-based startup connects patients with therapists covered by their insurance and has expanded to include Medicare Advantage and Medicaid. Headway was founded in 2018.
