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This is a weekly feature that highlights the top 10 fundraising announcements of the week in the United States. Check out the biggest fundraisers from last week here.
This is our last weekly Top 10 of the year and we’re coming out with some pretty big rounds, especially in the world of fintech. Overall, 2024 was filled with big deals, as megadeals soared – with more than 280 rounds of $100 million or more.
1. A$300 million, fintech: Fintech startups have had a hard time raising money this year, but it’s clearly a little easier when you’re majority owned by the world’s largest retailer. Walmartalongside the investment company Ribbit Capitalleads a $300 million fundraising round for fintech startup One, by Bloomberg. The company offers installment loans, debit cards and payment services, representing a significant move by Walmart into the financial services space. The new round gives the Sacramento, Calif.-based startup a valuation of $2.5 billion, according to the report.
2. Liquid AI$250 million, artificial intelligence: What would a week be without a surge in generative AI? Liquid AI locked in a massive $250 million funding round led by AMD at a valuation of $2.3 billion, by Bloomberg. The Cambridge, Massachusetts-based company created Liquid Core Models: lightweight, general-purpose AI models that require less data and computing power. Interestingly, the company’s models actually use mathematical approaches discovered while studying a worm’s brain. Founded in 2023, the company has raised over $290 million, by Crunchbase.
3. Zest AI$200 million, fintech: Yes, another great fintech cycle. This one goes to Burbank, Calif.-based Zest AI, which landed a $200 million growth investment from Insight Partners. The startup uses AI to make credit underwriting easier – with the technology providing more sophisticated and accurate scoring methods. The new money will allow Zest to expand its current product portfolio and advance its fraud protection and generative AI technologies. Founded in 2009, the company has raised nearly $358 million, by Crunchbase.
4. Ayar Laboratories$155 million, semiconductor: Ayar Labs has locked a $155 million, Series D led by Advent International And Light Street Capital at a valuation of more than a billion dollars. The new round included the participation of a number of strategic sectors, including AMD Companies, Intel Capital, Nvidia And New 3M Companies. Ayar’s optical solutions for transmitting data replace legacy electrical solutions to help users maximize the efficiency and computing performance of artificial intelligence infrastructure while reducing costs and power consumption. Ayar is just the latest optical interconnect startup trying to solve AI’s bottlenecks around computation and power consumption. In October, Lightmatter locked in a $400 million Series D led by a new investor Price T. Rowe at a valuation of $4.4 billion. The round almost quadrupled its previous valuation of $1.2 billion in December last year after a $155 million increase. This same week, Xscape Photonics — a New York-based startup that also uses photonics technology to address AI data center energy, performance and scalability challenges — raised a $44 million Series A round led by IAG Capital Partners and with investments from Cisco Investments And Nvidia. Founded in 2015, Ayar has raised $370 million per venture.
5. Medical capstan$110 million, medical device: Capstan Medical, a startup developing minimally invasive robotic technologies to treat heart valve disorders, raised a $110 million Series C round led by Eclipse Companies. With more than 7 million people in the United States, suffering from heart valve disease, it’s no wonder investors were intrigued by the company. Founded in 2020, the Santa Cruz, California-based company has raised more than $141 million, by Crunchbase.
6. Talk$78 million, educational technology: Speak, a startup that wants to help people learn new languages using AI, has launched a new $78 million, Series C led by Accelerate – doubling its valuation in less than six months and reaching unicorn status with a valuation of $1 billion. It was only last June that the San Francisco-based startup announcement a $20 million Series B extension at a valuation of $500 million. Of course, such valuation jumps are not new for startups that include AI in their products. In the case of Speak, its platform generates audio conversations between the app and the user, with AI helping to improve user fluency. The company claims to have created more than 25 million personalized courses for its users this year alone, and since its previous funding round, it has introduced its enterprise offering for employers. Founded in 2016, Speak has raised $162 million per company.
7. Veradermics$75 million, pharmaceutical products: New Haven, Conn.-based Veradermics, a biopharmaceutical company developing therapeutics for common dermatologic conditions, closed a $75 million Series B round led by Suvretta Capital Management. The company plans to use the new funds to fund ongoing clinical development of its hair loss treatment. Founded in 2019, the company has raised nearly $111 million, by Crunchbase.
8. Concerts$73 million, mobile: San Francisco-based Gigs, developer of an operating system for mobile services, raised a $73 million Series B led by Ribbit Capital. The startup plans to use the new funding to expand its geographic presence and invest in new products. Concerts allow technology companies to quickly integrate connectivity into their products. Founded in 2021, the company has raised $97 million, by Crunchbase.
9. (tied) Player health$60 million, health care: Minneapolis-based Players Health, an athlete and sports insurance provider, closed a $60 million Series C round led by Bluestone Equity Partners. Founded in 2012, Players Health has raised more than $100 million per company.
9. (tied) Sublime security$60 million, cybersecurity: Sublime Security, an AI-powered email security platform, announced a $60 million Series B round led by IPV. Founded in 2019, Washington DC-based Sublime claims to have raised $93.8 million.
Big global affairs
The largest funding outside the United States came from Asia.
- Based in India Rebel foods, which operates several food brands, raised a $210 million Series G round.
Methodology
We tracked in the Crunchbase database the largest announced rounds that were raised by U.S.-based companies over the seven-day period of December 7-13. Although most announced cycles are represented in the database, there could be a slight time lag. because some rounds are reported at the end of the week.
Illustration: Dom Guzman
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