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This is a weekly feature that runs down the week’s top 10 announced funding rounds in the U.S. Check out last week’s biggest funding rounds here.
Eight startups raised $100 million or more this week as a biotech and financial services company led the way. In fact, the big rounds came from everywhere, including automotive, fintech and IT software. Notice anything missing? Yep, no huge AI raise.
1. Cardurion Pharmaceuticals, $260M, biotech: Cardurion Pharmaceuticals led the way for biotech startups raising big money this week, as the Burlington, Massachusetts-based biotech firm raised a $260 million Series B financing led by Ascenta Capital. The startup is focused on developing therapeutics for the treatment of cardiovascular diseases. Founded in 2017, the company has raised more than $600 million, per Crunchbase.
2. Human Interest, $242M, financial services: Retirement planning is big business and it also can apparently produce big valuations. San Francisco-based Human Interest offers small businesses the ability to more easily offer 401(k) plans to their employees. The company locked up a $267 million round led by investment firms Baillie Gifford and Marshall Wace that values the company at $1.3 billion. The round included $25 million of debt. The company said it recently surpassed $100 million in annual recurring revenue. Founded in 2015, Human Interest says it has raised more than $700 million in total primary and secondary financings.
3. Tekion, $200M, automotive: Providing a software platform to the retail automotive industry may not be the sexiest of technology plays, but it obviously can make a valuable company. Tekion, whose software connects manufacturers, retailers and others, raised a $200 million growth equity round from Dragoneer Investment Group that values the company at more than $4 billion. Bloomberg reported that the startup now has between $100 million and $200 million in revenue. Founded in 2016, the company has raised $635 million, per Crunchbase.
4. Saronic, $175M, defense: Autonomous surface vessels maker Saronic locked up a $175 million Series B at a $1 billion valuation led by Andreessen Horowitz — minting the defense tech startup as the newest unicorn in the growing sector. The Austin, Texas-based startup designs and manufactures autonomous surface vehicles — basically drones for the U.S. Navy that move along the water surface. Founded in 2022, the company has raised $245 million, per Crunchbase. Saronic’s new round comes just about a week after Germany-based Helsing, which develops artificial intelligence software for defense, raised approximately $489 million in funding led by General Catalyst that valued the company at $5.4 billion. With the new rounds, global venture dollars in defense tech this year has now passed $1 billion, per Crunchbase data. That is still behind last year’s pace, when such funding hit nearly $2 billion for all of 2023.
5. Scorpion Therapeutics, $150M, biotech: Yet another big biotech round. Scorpion Therapeutics, a clinical-stage precision oncology company, closed a $150 million Series C co-led by Frazier Life Sciences and Lightspeed Venture Partners. The Boston-based startup will use the new cash for further development of its program for the treatment of breast cancer and other solid tumors. Founded in 2020, the company has raised $420 million, per Crunchbase.
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