April 2024 Venture Growth Funding Recap

Growthink Capital Research tracked $4.86 billion in new venture funding in March 2024, compared to $6.2 Billion recorded in February 2024.

The month’s biggest funding event belonged to Agora Data ($400 million) an analytics platform intended to help auto dealers and finance companies build wealth, increase sales, and compete for additional market share enabling clients to have access to data analytics and planning resources to help optimize the performance of their portfolio.

Fourteen companies raised $100 million or more in March. Other than Agora Data, the other Thirteen companies that raised the most are as follows:

1. Alumis ($259 million) a precision medicine intended to treat autoimmune diseases enabling patients to eliminate suffering and change their way of living.
2. Applied Intuition ($250 million) an advanced simulation infrastructure software designed to safely develop, test, and deploy autonomous vehicles enabling automotive industries to comprehensively test and rapidly accelerate their autonomous vehicle development.
3. Sionna Therapeutics ($182 million) a life sciences technology intended to develop highly effective and differentiated treatments for cystic fibrosis enabling patients with best-in-class efficacy and reach and long-term benefit for people with cystic fibrosis.
4. Celestial AI ($175 million) a data center and edge AI computing platform intended to serve deep learning and machine learning applications enabling clients to deliver superior AI acceleration hardware and software alternatives.
5. Engrail Therapeutics ($157 million) a transformative medicine intended to reduce the enormous burden of diseases that impact the nervous system enabling patients to reduce overall disease burden.
6. inDrive ($150 million) a ride-hailing service intended to offer passenger, freight, and intercity transportation services enabling users to get trips that are simple, fair, and profitable by giving them the freedom of choice and the ability to determine the most suitable terms for the ride.
7. Observe ($115 million) an enterprise SaaS platform intended to turn business data into information enabling engineers to spend time on coding features and less time on investigating incidents.
8. Zephyr AI ($111 million) a healthcare technology company intended to radically rebuild drug discovery and precision medicine from the ground up enabling clients to improve quality, outcomes, and costs.
9. Pocket FM ($103 million) an audio series platform designed to provide long-form audio entertainment enabling users to access a variety of content and directly connect with creators globally and podcasts.
10. Coro ($100 million) a security system designed to defend against malware, ransomware, phishing, and bots across devices, and cloud applications enabling businesses to be resilient to cyber threats.
11. FundGuard ($100 million) an AI-powered financial platform designed for investment management and administration enabling asset managers and fund administrators to re-imagine product offerings into digital experiences with real-time transparency.
12. Nozomi Networks ($100 million) an online cybersecurity platform intended to deliver real-time visibility into process network communications and configurations enabling companies to get cybersecurity, operational reliability, information technology, and operational technology integration.
13. Claroty ($100 million) a cybersecurity platform designed to assist organizations with production sites and factories that face security and financial risk enabling organizations to get more uptime and greater efficiency across business and production operations.

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

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

1. A.I./Machine Learning deals included Zephyr AI ($111 million), FundGuard ($100 million), Foundry ($80 million), Overjet ($53.2 million), Viam ($45 million), Loyal ($45 million), Profluent ($44 million), Vizcom ($20 million), Axion Ray ($17.5 million), Gather AI ($17 million), Extropic ($14 million), Metaplane ($13.7 million), Activeloop ($11 million), Superlinked ($9.5 million), ValidMind ($8.1 million), RapidCanvas ($7.5 million), Bluwhale ($7 million), OpenPipe ($6.7 million), and Mmerch ($6.4 million).
2. Cybersecurity deals included Coro ($100 million), Nozomi Networks ($100 million), Claroty ($100 million), BigID ($60 million), Todyl ($50 million), DTEX Systems ($50 million), CyberSaint ($21 million), Finite State ($20 million), Reach Security ($20 million), Sevco Security ($17 million), and Blue Flag Security ($11.5 million).
3. Biotech deals included Alumis ($259 million), Sionna Therapeutics ($182 million), Engrail Therapeutics ($157 million), X-Therma ($22 million), Edgewood Oncology ($20 million), Siolta Therapeutics ($12 million), and Terragia Biofuel ($6 million).
4. CloudTech & DevOps deals included Observe ($115 million), Defense Unicorns ($35 million), WarpStream Labs ($20 million), Dymium ($7 million), Tarsal ($6 million), and appCD ($6 million).
5. Business/Productivity Software deals included Fieldguide ($30 million), Openprise ($25 million), Champ Titles ($18 million), DBOS ($8.5 million), and Ascent ($5.3 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.