The Week’s 10 Biggest Funding Rounds: Entertainment And Supply Chain Lead In Another Busy Week Of Funding

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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.

Another active week as far as nine-figure rounds go. Seven startups locked up rounds of $100 million or more — including an agtech firm for the second week in a row and a Sphere-like entertainment startup.

1. Cosm, $250M, entertainment: Entertainment and technology are intersecting more than ever — and Cosm is just the latest example. The Dallas, Texas-based Sphere-like immersive tech and entertainment company locked up a raise of more than $250 million from the likes of Mirasol Capital and Baillie Gifford. The new round values the company at more than $1 billion. Cosm offers guests an immersive dome that allows a shared reality experience, usually with something regarding sports. The company already has a venue in Los Angeles and plans for others in Dallas and Atlanta.

2. Altana AI, $200M, supply chain management: Altana AI, a supply chain management startup, locked up a $200 million Series C investment led by the US Innovative Technology Fund that values the company at $1 billion. The New York-based startup’s supply chain management platform gives customers deep insights and visibility into managing their global value chains — from the sourcing of raw materials to production to sale. Such oversight has become necessary as governments and organizations have introduced new trade restrictions, climate, national security and other policies. Much like most startups that raise big money in the current environment, Altana has an AI play. The company’s platform uses AI to analyze data points through the supply chain to spot anomalies and risks. Founded in 2018, the company has raised $322 million, per Crunchbase. Before the new round, it last raised a $100 million Series B led by Activate Capital Partners in 2022.

3. Bilt Rewards, $150M, loyalty rewards: Wasn’t it just seven or so months ago Bilt was here? It was. Bilt Rewards raised a $200 million round led by General Catalyst at a $3.1 billion valuation just in January — more than doubling its value after its fundraising in 2022. Well, the loyalty startup is back, this time with an additional $150 million round led by Teachers’ Venture Growth. The New York-based startup allows consumers to earn rewards on the rent they pay. Bilt plans to use some of the proceeds to expand its network to include local dining, grocery stores, ridesharing and other retail purchases. Founded in 2021, the company has raised a total of $711 million, per Crunchbase.

4. Outpace Bio, $144M, biotech: The big biotech raise of the week came from Outpace Bio. The Seattle-based startup, a cell therapy company combatting solid tumors, raised a $144 million Series B led by RA Capital Management. The biotech uses AI-powered protein design to program immune cells battling tumors. Founded in 2020, Outpace has raised approximately $200 million, per the company.

5. (tied) Agrovision, $100M, agtech: Agtech has been on a little bit of a roll of late when it comes to startups locking up big rounds. Los Angeles-based Agrovision is the latest. The agtech startup closed a $100 million round at a valuation of $1 billion, per a Bloomberg report. The new round was led by Aliment Capital. Agrovision is a grower, packer, shipper and marketer of superfruits such as cherries and berries, selling its fruit under its branded Fruitist and Big Skye labels. The company also uses some tech in its growing — using proprietary genetics and data analytics. Just last week, Monarch Tractor — the creator of a fully electric, driver-optional smart tractor — raised a $133 million Series C co-led by Astanor Ventures and HH-CTBC Partnership. Perhaps these two rounds can wake up the somewhat sleepy agtech sector. Thus far this year, agriculture and farming startups have raised only $2.3 billion in a meager 365 deals, according to Crunchbase data. That pace is slower than last year, when similar startups raised $4.6 billion in 944 deals.

5. (tied) Spring Health, $100M, mental health: Mental health funding has been as hot as the weather the past few weeks. Mental Health became the latest startup in the sector to raise big, locking up a $100 million Series E at a  $3.3 billion valuation — a 65% increase from the $2 billion valuation it received in 2021 after a $190 million in Series C. The new round was led by Generation Investment Management. Founded in 2016, the company has raised nearly $467 million, per Crunchbase. Spring Health partners with employers to provide mental health services to their employees. The company also uses artificial intelligence to help members get care faster. Just in the past several weeks, mental health has seen its biggest raises of the year. Along with Spring Health, New York-based Talkiatry, a psychiatric care startup, picked up $130 million in mid-June. The round consisted of a combination of Series C equity financing led by Andreessen Horowitz and debt financing from Banc of California. Then, just last week, mental healthcare platform Headway closed a $100 million Series D led by Spark Capital. The new funding values the company at $2.3 billion — a 130% increase just from October when it raised a $125 million Series C at a $1 billion valuation. While well off its 2021 high, mental health funding has remained relatively stable this year.

7. Jade Biosciences, $80M, biotech: Waltham, Massachusetts-based Jade Biosciences, a biotechnology company developing therapies for patients living with autoimmune diseases, closed an $80 million financing led by Fairmount Funds Management and Venrock. It is the company’s first disclosed round, per Crunchbase.

8. (tied) AiRNA, $60M, biotech: Cambridge, Massachusetts-based biotech company AiRNA, a biotech company developing RNA editing therapeutics, raised a $60 million financing round led by Forbion Capital Partners. Founded in 2021, the company has raised $90 million, per Crunchbase.

8. (tied) Protect AI, $60M, cybersecurity: Seattle-based Protect AI, an artificial intelligence and machine learning security company, closed a $60 million Series B led by Evolution Equity Partners. Founded in 2022, Protect AI has raised a total of $108.5 million, per the company.

10. Gradient AI, $56.1M, insurance: Boston-based Gradient AI, an AI-enhanced insurance software provider, raised a $56.1 million Series C led by Centana Growth Partners. Founded in 2012, the company has raised more than $123 million, per Crunchbase.

Big global deals

The biggest round outside the U.S. this week came from across the pond.

Methodology

We tracked the largest announced rounds in the Crunchbase database that were raised by U.S.-based companies for the seven-day period of July 27 to August 2. Although most announced rounds are represented in the database, there could be a small time lag as some rounds are reported late in the week.

Illustration: Dom Guzman