March 2023 Venture Growth Funding Recap

Growthink Capital Research tracked $4.59 billion in new venture funding in March 2023, increased from the $3.59 billion tracked in February 2023. 

The month’s biggest funding event belonged to Adept AI ($350 million) a machine learning model intended to reimagine the way that people interact with the computer providing customers with AI that can automate any process and give them more time for the work they love.

Twelve companies raised $100 million or more in March. Other than Adept AI, the 11 companies that raised the most are as follows:

1. CARGO Therapeutics ($200 million) an adoptive cell therapy designed to benefit patients from potentially curative treatment options providing clinics with a new generation of cell treatments for cancer patients.
2. Amelia ($175 million) an automation and conversational enterprise platform designed to quickly develop new use cases creatively and deliver business value helping clients to create engaging user experiences, increase productivity, revamp customer experiences and generate profit.
3. ArriVent Biopharma ($155 million) a maker of pharmaceutical products intended to cure presently untreatable cancer enabling healthcare specialists with a candidate to treat patients.
4. Character ($150 million) an open-ended conversational applications designed to build dialog agents with a long tail of applications spanning entertainment, education, general question-answering, and others enabling users with dialog agents that are powered by proprietary technology.
5. Amogy ($139 million) a high-energy-density power fuel technology intended to focus on the decarbonization of transportation enabling the transportation industry to use emission-free mobility applications using ammonia as a fuel.
6. Chroma Medicine ($135 million) a developer of genomic medicines designed to revolutionize the treatment of genetically driven diseases enabling medical practitioners to have a class of therapeutics to achieve unparalleled control of gene expression.
7. Soci ($120 million) a social media marketing and management platform intended to serve multi-location marketers enabling brands to strengthen and scale their digital presence across limitless local search and social pages.
8. Rain ($116 million) a financial platform designed to provide a source of cash for managing finances before payday enabling businesses to provide their employees with an alternative source for cash and avoid payday loans.
9. Consensus ($110 million) a demo automation platform designed to scale presales instantly with interactive video demos enabling buyers to reach consensus early in the sales process and helping business-to-business sales teams to increase close rates and shorten sales cycles with proven return on investment.
10. Bicara Therapeutics ($108 million) a clinical-stage biotechnology company intended to develop dual-action biologics helping cancer patients to ramp up immune cell activity, and potentially offering long-lasting efficacy.
11. Kindbody ($100 million) a holistic health and fertility services intended to improve access to health services for women enabling patients to get access to good healthcare at affordable rates.

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

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

1. Biotech deals included CARGO Therapeutics ($200 million), ArriVent Biopharma ($155 million), Chroma Medicine ($135 million), Bicara Therapeutics ($108 million), Ring Therapeutics ($86.5 million), Cognito Therapeutics ($73 million), Switch Therapeutics ($52 million), EpiBiologics ($50 million), Genialis ($13 million), Shennon Biotechnologies ($13 million), Nalu Bio ($12 million), Pragma Bio ($10 million), TeraPore Technologies ($10 million), and Thymmune Therapeutics ($7 million).
2. Healthtech deals included Artera ($90 million), Wellvana ($84 million), Viz.ai ($40 million), Zus Health ($40 million), BetterNight ($33 million), Maribel Health ($25 million), Vital ($24.7 million), Paragonix Technologies ($24 million), Florence Labs ($20 million), SpectrumAi ($20 million), and OpenLoop ($15 million).
3. Cybersecurity deals included Mitiga ($45 million), Hypori ($23 million), Britive ($20.5 million), Dope Security ($16 million), Clerk ($15 million), Votiro ($11.5 million), Monarx ($6.1 million), and SOCRadar ($5 million).
4. A.I./Machine Learning deals included Adept AI ($350 million), Character ($150 million), Numbers Station ($17.5 million), VerAI Discoveries ($12 million), Stratyfy ($10 million), StructShare ($8 million), and Aiberry ($8 million).
5. Business/Productivity Software deals included Savant Labs ($11 million), Anvil ($10 million), Fenix24 ($5 million), Mayan ($5 million), Elate ($4.9 million), and Two Boxes ($4.5 million).

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