May 2024 Venture Growth Funding Recap

Growthink Capital Research tracked $5.72 Billion in new venture funding in April 2024, a significant increase compared to $4.86 Billion recorded in March 2024.

The month’s biggest funding event belonged to Nexamp ($520 million) a clean energy service intended to reduce energy costs and carbon emissions enabling communities and businesses to manage their energy plans more efficiently and profitably.

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

1. Cyera ($300 million) a data storing and security platform intended to prevent breaches and catch data risks in an organization enabling organizations to manage and protect all of their company’s sensitive data.

2. Rivos ($250 million) a computing chip intended to deliver good-performance, power-efficient server systems for large language models and data analytics enabling developers to deploy existing workloads for improved performance, security, and total cost of ownership.

3. Augment ($227 million) an AI-based technology designed to enhance productivity and simplify lives enabling employees to be more productive in their work.

4. Island ($175 million) an enterprise browser designed to allow work to flow freely while remaining fundamentally secure enabling businesses to minimize their cyber footprint and create a safe space for work to flow.

5. Obsidian Therapeutics ($161 million) a next-generation controllable cell and gene therapy created to extend adoptive immunotherapy to every patient with cancer enabling doctors to improve on the current generation of cell therapies.

6. Corelight ($150 million) a network visibility software platform designed to solve cybersecurity problems enabling information security professionals to understand network traffic deeply and take action to stop and prevent cyber attacks.

7. Ramp ($150 million) a financial operations platform designed to help users spend less enabling organizations to give their employees cost-effective credit cards that can ensure control over automated savings.

8. Pigment ($145 million) a business planning platform intended to help clients intuitively and intelligently build and adapt strategic plans that help users to play with multiple future scenarios through charts, simulations, and continuous modeling, enabling clients to scale their business through data-driven methods.

9. Endeavor BioMedicines ($132 million) a clinical-stage company committed to developing new treatments targeting the underlying causes of pulmonary fibrosis enabling healthcare professionals to focus on precision treatments for terminal conditions and help patients feel better and live longer.

10. Guesty ($130 million) a cloud-based property management software designed for short-term vacation rentals enabling professional property managers to seamlessly cross-manage different vacation bookings.

11. Diagonal Therapeutics ($128 million) a biotech company designed to pioneer a new approach to discovering and developing agonist antibodies enabling patients to address historical challenges in this field and deliver life-changing therapies.

12. Aerospike ($109 million) a database platform designed to help industries in scaling data enabling clients to consolidate and streamline their digital data infrastructure.

13. Blaize ($106 million) a computing technology designed to make artificial intelligence (AI) broadly accessible to enterprises and people enabling businesses to reduce edge AI application deployment complexity, time, and cost.

14. Seaport Therapeutics ($100 million) a biopharmaceutical company intended to develop novel neuropsychiatric medicines in areas of high unmet patient needs enabling patients to live with neuropsychiatric disorders.

15. Lumeris ($100 million) a value-based care managed service intended to help health systems seek better clinical and financial outcomes making healthcare safer, affordable, and personalized for providers, patients, and payers alike.

16. FloQast ($100 million) a cloud-based close management software designed to simplify the companies’ monthly close with a centralized checklist and automated tie-outs enabling accountants to organize and automate accounting workflow processes.

17. Cobot (Collaborative Robotics) ($100 million) a robotics company intended to improve human-robot interaction enabling clients to solve real-world problems, delivering ROI, and improving experiences for customers and employees.

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

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

1. A.I./Machine Learning deals included Augment ($227 million), Blaize ($106 million), Upstage ($72 million), SiMa ($70 million), AiDash ($58.5 million), Kontakt ($47.5 million), Lumana ($24 million), Xfactor ($16 million), AI Squared ($13.8 million), Dataplor ($10.6 million), Simbian ($10 million), Procurement Sciences ($10 million), Allure Security ($10 million), Leash Biosciences ($9 million), HumanX ($6 million), Prime Intellect ($5.5 million), Sapien ($5 million), and Patlytics ($4.5 million).

2. Biotech deals included Obsidian Therapeutics ($161 million), Endeavor BioMedicines ($132 million), Diagonal Therapeutics ($128 million), Seaport Therapeutics ($100 million), Corner Therapeutics ($54 million), Cerevance ($47 million), Rubedo Life Sciences ($40 million), Salubris Biotherapeutics ($35 million), AccessHope ($33 million), DeepCure ($24.6 million), Qlaris Bio ($24 million), Biofidelity ($24 million), RevOpsis Therapeutics ($16.5 million), Conformation-X Therapeutics ($13.4 million), Somite ($5.3 million), and Red Arrow Therapeutics ($4.5 million).

3. Cybersecurity deals included Cyera ($300 million), Anvilogic ($45 million), Elisity ($37 million), SafeBase ($33 million), Nagomi Security ($30 million), Sublime Security ($20 million), Alethea ($20 million), StrikeReady ($12 million), VulnCheck ($8 million), and NightVision ($5.4 million).

4. Financial Software deals included FloQast ($100 million), Givebutter ($50 million), Pomelo ($35 million), Netgain ($35 million), Anrok ($30 million), FinQuery ($25 million), 401Go ($12 million), Summer ($9 million), and Tabs ($7 million).

5. Healthtech deals included Lumeris ($100 million), iVEAcare  ($27.5 million), EarliTec Diagnostics ($21 million), Manifold ($15 million), Ilant Health ($5.5 million), and Auxa Health ($5.2 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.