August 2023 Venture Growth Funding Recap

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Growthink Capital Research tracked $4.9 billion in new venture funding in August 2023, a significant increase compared to the $2.79 billion tracked in July 2023.

The month’s biggest funding event belonged to Renewa ($450 million) a renewables company focused on acquisitions and investments within the solar, wind, and renewable energy industries helping companies in growth by providing financial support.


Take our Financing Test. If you had additional capital, could you use it to grow your company? Or to fund a liquidity event for you and your shareholders?

We’ve built a unique network of investors looking to invest in companies with the right, key characteristics.

To see if your company has them, take our “Financing Test.”


Fourteen companies raised $100 million or more in August. Other than Renewa, the other thirteen companies that raised the most are as follows:

  1. Ramp ($300 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.
  2. Cellares ($255 million) a cell therapy manufacturing platform intended to make cell therapy widely available and affordable enabling biotech businesses to lower cost, accelerate market entry, and reduce the vein-to-vein time of their manufacturing processes.
  3. Hugging Face ($235 million) a chatbot application and natural language processing technologies designed to facilitate artificial intelligence-powered communication enabling users to chat based on emotions through an engaging medium.
  4. Altafiber ($200 million) a telecommunications service designed to keep residential and business customers connected with each other and with the world helping residential and business consumers to handle their needs anywhere.
  5. Genesis Therapeutics ($200 million) a computational platform designed for the discovery of small-molecule drugs enabling the medical community to transform and optimize clinical outcomes for patients.
  6. Nile ($175 million) a secure connectivity intended to deliver network independence through wired and wireless networking, as a service enabling users to get a fast and uninterrupted network.
  7. Rapport Therapeutics ($150 million) a biotechnology company intended to transform the treatment of neurological disorders through precision medicine enabling doctors to develop precision medicines that modulate neurotransmitter receptors with greater efficacy and reduced side effects.
  8. SpyCloud ($110 million) a cybercrime analytics platform designed to thwart online fraud enabling businesses to safeguard the identity of their employees, consumers, and suppliers.
  9. CubicPV ($102 million) a solar panel technology designed to provide productive worthy processes, materials, and machines that will drive the cost of solar electricity enabling clients to deliver clean electricity to meet growing energy needs.
  10. ($100 million) a scalable revenue engine and account-based sales platform intended to accelerate the growth and success of the entire organization enabling businesses to drive revenue, spark opportunities, increase engagement rates, close larger deals, and accelerate sales velocity with ease.
  11. BitGo ($100 million) a digital asset management software intended to make digital currencies usable for business in a regulated economy enabling businesses and financial institutions to integrate digital currencies into their existing financial systems.
  12. Resilience ($100 million) a cyber risk company intended to help middle-to-large market enterprises become cyber resilient enabling companies to efficiently transact cyber policies and understand risk exposure across all markets.
  13. Healthmap Solutions ($100 million) a health management company intended to serve healthcare managers and medical organizations enabling clients to receive clinical expertise and complex care management in regard to kidney health management.

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

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

  1. A.I./Machine Learning deals included Hugging Face ($235 million), Genesis Therapeutics ($200 million), ($55 million), Virtualitics ($37 million), WINT Water Intelligence ($35 million), ZeroEyes ($23 million), DynamoFL ($15 million), Akkio ($15 million), ControlRooms ($10 million), Language I/O ($8 million), Venteur ($7.6 million), and Qualiti ($6.5 million)
  2. Biotech deals included Rapport Therapeutics ($150 million), Viome Life Sciences ($86 million), Kyverna ($60 million), Aether ($49 million), Superluminal Medicines ($33 million), Amber Bio ($26 million), and Aulos Bioscience ($20 million).
  3. Business/Productivity Software deals included Mediafly ($80 million), Hyperproof ($40 million), Ghost ($30 million), Tenant ($25 million), Allseated ($20 million), Rootly ($12 million), and Qase ($6.7 million).
  4. Cybersecurity deals included SpyCloud ($110 million), Resilience ($100 million), Endor Labs ($70 million), Cyble ($24 million), Cerby ($17 million), Tausight ($6 million), and Stamus Network ($6 million).
  5. Network Management Software deals included Nile ($175 million), Grip Security ($41 million), ProjectDiscovery ($25 million), Symmetry Systems ($17.7 million), and Silk Security ($12.5 million).


Take our Fundability Test. If you had additional capital, could you use it to grow your company? Or to fund a liquidity event for you and your shareholders?

We’ve built a unique network of investors looking to invest in companies with the right, key characteristics.

To see if your company has them, take our “Fundability Test.”


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.

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