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This is a weekly feature highlighting the top 10 funding rounds announced in the U.S. for the week. See last week’s largest funding rounds here.
It was another big week for startups, with 10 rounds all reaching $100 million or more, with space tech and biotech leading the way this time around. Money was again spread across a variety of sectors, with some money pouring into agricultural tech, a sector that hasn’t seen many big deals this year.
1. Astranis, $200 Million, Space: Space startup Astranis has raised $200 million in new funding to build out its Omega satellite program. The new round was co-led by Andreessen Horowitz and Bam Elevate. The San Francisco-based startup is developing small broadband communications satellites for telecommunications companies and plans to have more than 100 first-generation satellites in orbit by 2030. Astranis has not disclosed its valuation, but Bloomberg reports that the company raised $200 million in April 2023 in a deal led by Andreessen Horowitz at a valuation of $1.6 billion. Space startups have been doing well this year as satellite and telecommunications companies continue to attract new investments. So far in 2024, space startups have raised more than $3.7 billion, according to Crunchbase data. These startups raised about $5.9 billion in the last full year, and venture funding is outpacing that pace this year. Founded in 2015, Astranis has raised more than $750 million, according to the company.
2. Third Arc Bio, $165M, Biotech: Biotech also raised a big Series A this week. Boston-based Third Arc Bio closed a $165 million Series A co-led by Cormorant Asset Management, Hillhouse Investment and Vida Ventures. The biotech startup is developing drugs to treat solid tumors, inflammatory and immune diseases. Founded in 2022, this is the company’s first publicly disclosed funding, which will be used to advance its oncology and autoimmune programs through clinical trials.
#3 (Tie) Imperative Care, $150M, Medical Devices: This is a strange list because we’re not really sure how much Imperative Care has actually raised. The Campbell, California-based startup develops medical devices to care for people suffering from stroke and other ischemic diseases, and it just announced the initial close of a Series E led by Ally Bridge Group. The company didn’t announce the amount of the initial close, however, but did say that “this Series E funding may be subject to additional closes, bringing the total to $150 million.” So, that’s basically what got the company on the list. Founded in 2015, the company has raised $559 million, according to Crunchbase.
3. (Tie) Vanta, $150 Million, Cybersecurity: Cyber startups continue to thrive. Compliance startup Vanta closed a $150 million funding round led by Sequoia Capital at a valuation of $2.45 billion. In January, the San Francisco-based startup announced it had reached $100 million in annual recurring revenue. Vanta closed a $110 million funding round led by Craft Ventures in 2022 at a valuation of $1.6 billion. Founded in 2017, the company has raised more than $350 million to date, according to Crunchbase.
5th (tie) Chainguard, $140 million, Cybersecurity: Another big funding round in the security space. Kirkland, Washington-based software supply chain security startup Chainguard raised $140 million in Series C, making it a unicorn at a valuation of $1.12. The round was led by IVP, Lightspeed Venture Partners and Redpoint. The company is looking to expand its platform that helps companies build software securely to also secure AI workloads. Founded in 2021, Chainguard has raised $256 million to date, according to the company.
#5 (Tie) IntelePeer, $140M, Customer Relationships: Dania Beach, Fla.-based IntelePeer raised $140 million in a mixed debt and equity round. The equity portion was co-led by Savant Growth and VantagePoint Capital Partners. The company offers AI-powered contact centers that automate customer interactions. Founded in 2003, the company has raised $392 million, according to Crunchbase.
7. Monarch Tractor, $133M, AgTech: Agtech has certainly had its ups and downs, but this week was a strong one. Monarch Tractor, which develops fully electric, driverless smart tractors, raised $133 million in Series C co-led by Astanor Ventures and HH-CTBC Partnership. The company also offers its Wingspan AI platform, which gives farmers access to on-farm data, vehicle location tracking, crop imagery and more to help close the industry’s profit gap. Founded in 2017, Monarch has raised more than $220 million, according to the company.
8. (Tie) Autobahn Therapeutics, $100 Million, Biotechnology: San Diego-based biotech company Autobahn Therapeutics, developing treatments for neuropsychiatric and neuroimmune diseases, closed a $100 million Series C led by Newpath Partners. Founded in 2017, the company has raised about $209 million to date, according to Crunchbase.
#8 (Tie) Harvey, $100 Million, Legal: It’s been a big week for legal tech. San Francisco-based artificial intelligence startup Harvey raised $100 million in a Series C led by GV with participation from OpenAI, Kleiner Perkins, Sequoia Capital and others, bringing its valuation to $1.5 billion. The round is a slightly lower valuation of $2 billion the startup was reportedly seeking than the previously reported $600 million, but still a big amount. On the same day, Vancouver-based legal tools platform Clio raised a massive $900 million Series F led by New Enterprise Associates, bringing its valuation to $3 billion. Those two rounds alone account for nearly two-thirds of the $1.6 billion the legal tech industry has raised in venture this year, according to Crunchbase data. The company, which was founded in 2022, has raised $206 million, according to Crunchbase.
#8 (Tie) Headway, $100 Million, Mental Health: Mental health care platform Headway closed a $100 million Series D led by Spark Capital. The new funding values the company at $2.3 billion, up 130% from when it raised a $125 million Series C in October. The startup’s platform connects patients with therapists who are covered by the user’s insurance. The New York-based startup also announced an expansion into Medicare Advantage and Medicaid. Founded in 2018, the company has raised more than $325 million, according to Crunchbase.
Large Global Trade
The biggest round this week came from our northern neighbour.
methodology
In the Crunchbase database, we tracked the largest announced funding rounds raised by U.S.-based companies over a seven-day period from July 20 to July 26. Most announced rounds are reflected in the database, but there may be a slight lag as some rounds are reported later in the week.
Illustration: Dom Guzman
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