March 2024 Venture Growth Funding Recap

Growthink Capital Research tracked $6.2 billion in new venture funding in February 2024, a notable surge from $4.23 Billion recorded in January 2024.

The month’s biggest funding event belonged to Figure AI ($675 million) a humanoid robot designed to address drastic labor shortages and reduce the number of workers in unsafe jobs enabling businesses to deploy and automate manual labor.

Eighteen companies raised $100 million or more in February. Other than Figure AI, the other Seventeen companies that raised the most are as follows:

1. Lambda ($320 million) a deep learning infrastructure company intended to sell software-enhanced compute systems and GPU cloud services to enterprises, AI startups, and research universities enabling clients to simplify and accelerate the training and deployment of deep learning models.

2. Rain ($300 million) a financial platform intended to provide a source of cash for managing finances before payday enabling businesses to provide their employees with an alternative source for cash and avoid payday loans.

3. Freenome ($254 million) a multi-omics platform designed to detect cancer at an early stage through a routine blood draw enabling doctors to treat cancer and other diseases at manageable stages.

4. Fervo Energy ($244 million) a geothermal power project intended to leverage innovation in geoscience to accelerate the clean energy transition enabling clients to easily increase their productivity and make energy scalable.

5. NinjaOne ($232 million) a cloud-based platform to monitor, manage, and support the IT operations of managed service providers enabling managed service providers and corporate IT departments to deliver business continuity and drive profitability.

6. Arglass ($230 million) a glass-based container and products based in Valdosta, Georgia offering clients custom glass containers with the highest quality at competitive prices.

7. Glean ($200 million) an Advanced Placement system designed to combine smart automation with spending intelligence to power finance teams to drive material savings enabling companies to pay invoices faster and cut out manual work.

8. BioAge Labs ($170 million) a drug therapy intended to treat specific age-related diseases and to extend human health span and lifespan enabling people to combat the suffering and disability caused by all aging-related diseases and restore both the quality and quantity of life in old age.

9. Abridge ($150 million) a healthcare application designed to bring context and understanding to every medical conversation enabling users to follow through with the doctors’ recommendations and stay updated.

10. Antora Energy ($150 million) a thermal battery designed to support the widespread integration of renewable resources on the electricity grid enabling users to ensure convenient, sustainable, and reliable electricity on a global scale while reducing carbon emissions.

11. Impulse Dynamics ($136 million) a cardiac contractility modulation technology designed to treat chronic heart failure problems enabling doctors to reduce the risk of heart attacks and maintain cardiac health.

12. Neurona Therapeutics ($120 million) a clinical-stage biotherapeutics company intended to develop regenerative neural cell therapies with single-dose curative potential for the treatment of chronic neurological disorders enabling physicians to integrate and repair dysregulated neural circuits and accelerate their treatments for patients with significant unmet medical needs.

13. ProfoundBio ($112 million) a novel targeted therapeutics intended for patients with cancer enabling patients to get better treatment with curative potential.

14. Exodigo ($105 million) an AI-enabled platform intended to offer non-intrusive subsurface image mapping enabling clients to minimize the number of re-designs caused by unexpected utilities.

15. Bugscrowd ($102 million) a crowdsourced cybersecurity platform designed to provide organizations with customized security testing programs to identify their security problems enabling clients to commission a customized security testing program that fits their specific requirements.

16. Alys Pharmaceuticals ($100 million) an immuno-dermatology platform designed to revolutionize treatment paradigms across various dermatological indications enabling the healthcare industry to gain access to transformative systems for a spectrum of dermatological conditions.

17. Watershed ($100 million) an environmental platform intended to help businesses reduce carbon emissions through information and necessary actions enabling businesses and companies to decarbonize and measure, reduce, and report carbon emissions.

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The hottest sectors for funding during the month were A.I./Machine Learning, Biotech, Cybersecurity, Healthtech, and Business/Productivity Software.

Key funding events in each of these sectors for the month are below:

1. A.I./Machine Learning deals included Lambda ($320 million), Abridge ($150 million), Exodigo ($105 million), Ambience Healthcare ($70 million), Intenseye ($64 million), Unlearn ($50 million), Antithesis ($47 million), Rasa ($30 million), Qloo ($25 million), Aizon ($20 million), ArteraAI ($20 million), Vektor Medical ($16 million), Synthaetic ($15 million), FlowGPT ($10 million), Anatomy Financial ($7.6 million), Gradial ($5.4 million), and HuLoop ($5 million).

2. Biotech deals included BioAge Labs ($170 million), Neurona Therapeutics ($120 million), ProfoundBio ($112 million), Alys Pharmaceuticals ($100 million), Kenai Therapeutics ($82 million), Frontier Medicines ($80 million), Areteia Therapeutics ($75 million), Basking Biosciences ($55 million), Reprieve Cardiovascular ($42 million), Sudo Biosciences ($30 million), Insamo ($12 million), and Proniras ($4.6 million).

3. Cybersecurity deals included Bugscrowd ($102 million), Nucleus Security ($43 million), Closinglock ($12 million), LimaCharlie ($10 million), LightBeam.ai ($7.8 million), and Seal Security ($7.4 million).

4. Healthtech deals included Freenome ($254 million), Reveleer ($65 million), Fabric ($60 million), Cohere Health ($50 million), HealthSnap ($25 million), and Redi Health ($14 million).

5. Business/Productivity Software deals included Zededa ($72 million), Knock ($12 million), Relish ($10 million), and Novity ($7.8 million).

If you’re looking for outside funding to grow your company, please don’t hesitate to call us at (213) 927-3968 or fill out Growthink Capital’s contact form here.