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This is a weekly feature that features the top 10 announced funding rounds of the week in the US Check out the biggest funding rounds from the past week here.
For the third week in a row, rounds fell significantly in the United States. Only two rounds reached nine figures – one in the healthcare AI sector and one to a company that recently made headlines for layoffs and a possible sale. We wondered last week if this could be an effect of the Bank of Silicon Valley collapse, but there may be more forces at play.
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1. Cardiac flow$215 million, health care: Using AI for health diagnostics is at the heart of last week’s biggest funding round for a precision cardiac care tech startup. The Mountain View, Calif.-based company raised a $215 million Series F round led by Bain Capital Life Sciences. Its non-invasive technology provides a 3D model to analyze the risk of infarction. The technology has been used so far by 180,000 patients in 725 hospital systems worldwide. Founded in 2010, HeartFlow has raised around $793 million, according to data from Crunchbase.
2. Cyberseason$100M, cybersecurity: Times seem to have changed for Cybereason. The Boston-based startup raised a $100 million investment directed by Soft Bank, but also announced a change of CEO. Executive Vice President of SoftBank Eric Gan will now serve as CEO of the company, with Lior division, current CEO and co-founder, transitioning to advisory role. The news comes later reports in October that the company hired JPMorgan Chase & Co. find a buyer for the business. He was reported the company saw two rounds of layoffs, cutting 100 jobs in June and then another 200 in October. Just over a year ago, the company confidentially filed an initial public offering that would have valued it at more than $5 billion, Reuters reported at the time. In July 2021, the startup announced that it had raised $275 million in funding led by Liberty Capital Strategicthe fund created by the former US Treasury Secretary Steven Mnuchin. No valuation was given by the company, but reports at the time in the globes newspaper in Israel and The Boston Globe said the round valued the company at around $3.1 billion. Cybereason is one of the best-funded cybersecurity startups, with over $800 million raised, by Crunchbase data. Now the question is: what will investors get for all that money?
3. Covariant$75M, robotics: It’s one thing to have robots, it’s another to know how to train them or tell them exactly what to do. Emeryville, Calif.-based Covariant added an additional $75 million to its Series C — previously $80 million — to do just that. The round was co-led by returning investors Radical companies And Index Ventures. The startup’s “Covariant Brain” is a robotics platform that allows robots to interact with and learn from their environment. The platform can be used by retailers and logistics providers for warehouse work. Founded in 2017, Covariant has now raised $222 million, per company.
4. (tied) Everstream Analytics$50M, logistics: Thanks to the pandemic and the stalled supply chain it has caused, logistics startups have seen a flood of funding in 2021, with more than $21 billion invested in the space, according to data from Crunchbase. That funding dwindled last year, with about $11 billion invested, a 48% year-over-year decline. That, however, hasn’t stopped Everstream Analytics, a San Marcos, Calif.-based supply chain startup, from raising a Series B financing of $50 million co-directed by StepStone Group And Morgan Stanley Investment Management. The company, founded in 2012, provides insights into risk performance in the world of logistics. It works with the various touchpoints in the supply chain system to improve efficiency. The startup has now raised $79 million, by Crunchbase.
4. (tied) Honeycomb$50 million, development tools: Engineers are increasingly reliant on observability tools to understand what’s wrong as the cloud environment becomes more complex. It likely helped San Francisco-based Honeycomb lock in a $50 million Series D led by Big title this week. The startup has doubled its revenue — and headcount — over the past year, as engineering teams constantly seek data on how users are using apps in real time. Founded in 2016, Honeycomb claims to have raised $150 million to date.
6. Mercy BioAnalytics$41M, biotechnology: The promise of early cancer diagnosis will always attract investors, and this week Natick, Mass.-based Mercy BioAnalytics closed a $41 million Series A led by Novalis LifeSciences. The new money will be used to further develop its Mercy Halo test for screening for high-risk lung cancer. Lung cancer is the leading cause of cancer death worldwide – and more than 350 Americans die from lung cancer every day, according to the company. release. The company also hopes to advance clinical programs to detect ovarian cancer. Founded in 2018, the company has raised more than $68 million, according to Database Crunch.
7. Plow$35M, health care: Phlow, based in Richmond, Virginia, is a public benefit company that manufactures affordable medicines using cutting-edge technology. It has raised Series B funding from strategic partners. The company partners with hospitals, industry and government to provide needed medicines in the United States Founded in 2020, the company has raised just over $80 million, by Crunchbase.
8. Richmond National Group$30M, insurance: Richmond, Va.-based Richmond National Group, a property and casualty and professional liability insurance company, has raised more than $30 million from existing shareholders, including HF Capital And Capital Bonhill. Founded in 2021, Richmond National has now raised over $100 million, per company.
9. Oxos Medical$23 million, medical devices: Atlanta-based Oxos Medical, a developer of digital imaging devices, closed a $23 million Series A deal with Parkway Venture Capital And Capital Intel. Founded in 2016, Oxos has raised a total of $45 million per company.
10. (tied) relentlessness$20M, cybersecurity: Herndon, Va.-based cybersecurity startup Strivacity has raised $20 million in a Series A2 led by SignalFire. Founded in 2019, the company has raised over $30 million, according to Crunchbase.
10. (tied) Vitelle$20M, agricultural technology: Lenexa, Kansas-based Vytelle, a startup that helps cattle producers optimize their herds, raised a $20 million Series B led by Drilling Capital Partners. Founded in 2015, the company has raised over $33 million, by Crunchbase.
big world business
With rounds down in the US, there were several bigger increases overseas, including two big deals.
- Based in India DMI Financea non-bank financial company that offers consumer loans, home loans and asset management, raised a $400 million funding round.
- Based in China Semi-SJa foundry that implements faceplate fabrication, closed a $340 million Series C contract.
Methodology
We tracked the biggest rounds announced in the Crunchbase database that were raised by US-based companies for the seven-day period April 1-7. Although most of the advertised rounds are represented in the database, there might be a small lag as some rounds are posted on weekends.
Drawing: Dom Guzman
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