Jun 28, 2024
Venture Capital
Axelera, a Dutch startup specializing in AI application chips, has secured $68 million in Series B funding. Investors in this round included the European Innovation Council Fund, Innovation Industries Strategic Partnership Fund, Invest-NL, and Samsung Catalyst Fund. To date, the three-year-old company has raised a total of $120 million.
Hebbia, an AI startup focused on extracting insights from documents like PDFs, PowerPoints, spreadsheets, and transcripts, has raised nearly $100 million in a Series B round, valuing the company between $700 million and $800 million. Andreessen Horowitz led the investment. Founded four years ago, Hebbia has now raised a total of $120 million.
Odaseva, based in Cambridge, MA, provides data security and protection services tailored for Salesforce users. The 12-year-old company raised $54 million in a round led by Silver Lake Waterman, with participation from Eurazeo, Crescent Cove, and previous investors F-Prime, Eight Roads, and Serena Capital. Odaseva has raised a total of $90 million to date.
PortSwigger, the UK-based company known for its Burp Suite security testing tools, raised $112 million from sole investor Brighton Park Capital. The company was founded 17 years ago.
Sidecar Health, a startup from El Segundo, CA, offering customizable health insurance plans that allow members to see any doctor and pay directly at the time of service, has secured $165 million in Series D funding. The six-year-old company’s round was led by Koch Disruptive Technologies, with participation from GreatPoint Ventures, BOND, Cathay Innovation, Drive Capital, Duke University, Menlo Ventures, and Morpheus.
Sila, a company from Alameda, CA, that develops advanced materials for lithium-ion batteries, primarily for the EV market, has raised $375 million in a Series G round. Sutter Hill Ventures and T. Rowe Price co-led the investment, with previous investors Bessemer Venture Partners, Coatue, and Perry Creek Capital also participating. Sila was founded 13 years ago.
Ario, a Palo Alto startup creating AI-powered tools to help parents manage their children’s activities and schedules, raised $16 million in seed funding. Floodgate led the round, with Wing Venture Capital, Bain Capital Ventures, and Moxxie also investing. The company is two years old.
AuthZed, a New York-based startup that has built a database for storing and evaluating permissions to enable detailed access control for applications, raised $12 million in a Series A round led by General Catalyst. Previous investors Work-Bench Ventures, Y Combinator, and Amplify Partners also participated. The company is four years old.
Clay, a New York startup leveraging AI to gather and refine data from multiple sources to help businesses build detailed lead lists and create personalized messages at scale, raised $46 million at a $500 million valuation. Meritech led the investment, with Sequoia Capital and First Round Capital also taking stakes. The seven-year-old company has now raised a total of $66 million.
Crossover Markets, a London-based startup providing fast and reliable trade execution for cryptocurrencies without offering custody or brokerage services, raised $12 million in a Series A round co-led by Illuminate Financial and DRW Venture Capital. The company is two years old.
Dust, a Paris startup developing AI-powered assistants for enterprises to streamline workflows and enhance productivity by integrating and utilizing internal company data, raised $16 million in a Series A round led by Sequoia Capital. Previous investors XYZ, GG1, Connect Ventures, Seedcamp, and Motier Ventures also participated. The company is one year old.
Heyday Health, based in Cambridge, MA, offers a healthcare service combining house calls and telehealth to deliver personalized care for older adults. The three-year-old company raised $12.5 million, with investments from Gradient Ventures, Lionbird, and Great Oaks Capital.
Illumex, a New York startup using generative AI to clean data for use in large language models, raised $13 million in seed funding. The round was co-led by Cardumen Capital, Amdocs Ventures, and Samsung Ventures, with participation from ICI Fund, Jibe Ventures, Iron Nation Fund, Ginossar Ventures, Icon Fund, and Today Ventures. The company is three years old.
Innatera Nanosystems, a Dutch startup creating ultra-low-power AI chips, raised $21 million in a Series A round. Investors included Innavest, Invest-NL, the EIC Fund, MIG Capital, Matterwave Ventures, and Delft Enterprises. The company is six years old.
KarmaCheck, a San Francisco startup utilizing AI and machine learning to automate and accelerate employee background checks, raised $45 million in a Series B round led by Parameter Ventures, with PruVen Capital, Velvet Sea Ventures, GC1 Ventures, and NextView Ventures also contributing. The company is five years old.
MegaLabs, a crypto startup focused on developing real-time blockchain technology, raised $20 million in seed funding led by Dragonfly Capital, with additional participation from Figment Capital, Folius Ventures, Robot Ventures, Big Brain Holding, Tangent, and Credibly Neutral.
Orby AI, a Mountain View, CA-based startup that uses AI agents to help businesses automate repetitive back-office processes, raised $30 million in a Series A round at a $120 million post-money valuation. NEA, Wing VC, and WndrCo co-led the deal, with Pear VC also participating. The company is two years old.
Perplexity AI, a San Francisco startup that has developed an AI-powered search and answer engine using natural language processing, is seeking to raise $10 million to $20 million from SoftBank at a $3 billion valuation. The company is two years old.
Supercede, a London-based startup aiming to simplify the reinsurance process with tools for data management, analytics, and collaboration, raised $15 million in a Series A round led by Alven, with Mundi Ventures and previous investors Outward, Seedcamp, MMC Ventures, and AFG Partners also participating. The company is five years old.
VenoStent, a Houston startup developing bioabsorbable perivascular wraps to improve the success rate of vascular surgeries, raised $20 million in a Series A round co-led by Good Growth Capital and IAG Capital Partners, with Norwest Venture Partners also participating. The company is seven years old.
BoxedUp, a Seattle startup helping equipment rental companies manage their online stores, raised $2.8 million in seed funding from Lavrock, Hearst Ventures, Slauson & Co., Collab Capital, and Service Provider Capital. The company is five years old.
Covalent, a Vancouver startup that has developed an API providing detailed on-chain data for developers, raised $5 million in a round led by RockTree Capital, with CmCC Global, Moonrock Capital, and Double Peak Group also joining in. The company is six years old.
Synthflow, a Berlin startup offering a no-code platform for creating advanced conversational AI voice assistants, raised $7.4 million in seed funding led by Singular, with participation from previous investor Atlantic Labs. The company is one year old.
Vertus Energy, a Vienna-based startup developing technologies to convert waste into renewable energy, raised $9.6 million in seed funding led by Energy Capital Ventures, with Blackbird, Amadeus APEX Technology Fund, and Aussie Angels also participating. The company is three years old.
Viio, a Copenhagen startup helping businesses optimize their spending on software, cloud, and AI services, raised $3.5 million in a round led by North Ventures. The company is five years old.
Private Equity
Aramco is set to acquire a 10% stake in the Renault-Geely thermal engine joint venture, Horse Powertrain, at a valuation of $7.9 billion.
Private equity firm Hg is considering selling a minority stake in French software company Septeo, which could be valued at $4.3 billion.
Shale drillers SM Energy and Northern Oil and Gas have agreed to purchase assets in Utah’s Uinta Basin from XCL Resources for $2.6 billion in cash.
TPG has agreed to acquire a majority stake in digital business services firm Altimetrik at a valuation of approximately $1.5 billion.
CVC will acquire UK infrastructure contractor M Group Services for around $1.3 billion.
Nokia is exploring the acquisition of optical telecom equipment maker Infinera, which has a market capitalization of $1.2 billion.
French materials company Saint-Gobain will purchase UAE-based peer FOSROC for around $1 billion.
Oil and gas firm Hilcorp has agreed to acquire Italy's Eni's upstream assets in Alaska for approximately $800 million.
Korea's SK Bioscience will acquire a 60% stake in German CDMO IDT Biologika from Klocke Gruppe in a deal valued at $244 million.
Aditya Birla-owned UltraTech Cement has acquired a 23% stake in India Cements for $226 million.
IPO
FIFA is looking to raise between $1 billion and $2 billion to expand its free streaming service, FIFA+.
Toyota and Denso plan to divest stakes in vehicle parts supplier Aisin, valued at over $1.3 billion.
Indian lender RBL Bank aims to raise up to $779 million through a Qualified Institutional Placement (QIP) and debt sale.
Private equity firm L Catterton and insiders raised $756 million from the sale of Birkenstock shares.
E-comics firm Webtoon saw its stock climb approximately 9% in its trading debut following a $315 million IPO.
Korean game developer Shift Up will price its IPO at the top end, aiming to raise $313 million.
Indian whisky maker Allied Blenders and Distillers' $180 million IPO received bids totaling $3.1 billion.
New Funds
Venture capital firm The General Partnership has raised $300 million for its second fund.
AI Fund, a startup incubator founded by Andrew Ng—creator of the Google Brain deep learning project and co-founder of Coursera—is raising a second fund of $120 million, which is $55 million less than its first fund closed in 2018.