September 2023 Venture Growth Funding Recap

Growthink Capital Research tracked $6.65 billion in new venture funding in September 2023, up compared to the $4.9 billion tracked in August 2023.

The month’s biggest funding event belonged to Virgin Voyages ($550 million) a leisure, travel, and tourism company intended to cater to the needs of the higher end of the market ensuring its customers with adventurous places and experiences.

Twenty companies raised $100 million or more in September. Other than Virgin Voyages, the other nineteen companies that raised the most are as follows:

1. Databricks ($500 million) a unified data analytics platform designed to make big analytics data simple enabling data science teams to work with improved usability, performance, and security in an optimized runtime.
2. Ascend Elements ($460 million) a battery resources technology designed to change the dynamics for processing end-of-life lithium-ion batteries enabling clients to have a good return on assets to economically drive recycling and low-cost battery materials.
3. PayJoy ($360 million) a consumer financing service intended to help buy a smartphone on credit and pay it back in several installments enabling underbanked segment customers to get affordable smartphone financing.
4. Sierra Space ($290 million) a commercial space transportation technology designed to facilitate the beginning of new civilizations beyond Earth enabling clients to avail themselves of quality space utility vehicles for space exploration.
5. Generate: Biomedicines ($273 million) a generative biology platform designed to invent new drugs across protein modalities and protein therapeutics enabling biologists to bring radically new medicines to patients.
6. Boston Metal ($262 million) a global metal technology company intended to commercialize molten oxide electrolysis for high-volume steel production enabling the metal industry to have an efficient, low-cost, and greener aid for the production of a wide variety of metals and alloys from a wide variety of feedstocks.
7. Indigo Ag ($250 million) a plant microbiome agricultural services designed to increase crop yield enabling farmers to reduce risk and increase profitability.
8. Nimbus Therapeutics ($210 million) a small molecule compounds designed to discover medicines and transform drug development enabling physicians to treat various metabolic diseases.
9. Lyten ($200 million) a lithium-sulfur battery technology designed to be used in a variety of applications in the automotive, aerospace, and defense industries enabling clients to access higher energy density batteries for an extended driving range, fast charging, and improved safety.
10. Avalyn ($175 million) a novel therapies technology designed for the treatment of idiopathic pulmonary fibrosis and severe respiratory diseases enabling medical professionals to reduce risks associated with oral treatments, and likely improving efficacy.
11. Mariana Oncology ($175 million) a radiopharmaceutical company intended to discover and develop safe, effective, and highly targeted radiopharmaceuticals enabling clients to revolutionize the use of radio medicines in cancer.
12. AlphaSense ($150 million) a web-based financial and company search engine designed to find critical information enabling research professionals to search, navigate, set alerts, and analyze filings, research, news, and other disclosures for critical data points with accuracy.
13. HiBob ($150 million) a cloud-based human resource and benefits platform intended to transform the way modern businesses understand, interact, and manage their talent enabling organizations to make informed strategic decisions and increase employee engagement and drive retention.
14. VideoAmp ($150 million) an integrated screen optimization platform designed to bring television and digital video advertising together enabling advertisers and media owners to transact across various devices optimize brand marketing investment to real business outcomes, and create efficiencies.
15. Harbinger Health ($140 million) a health technology designed for the early detection of cancer enabling healthcare workers to diagnose cancer before symptoms are visible.
16. Cybereason ($100 million) a cloud-based endpoint detection and cyber-security software designed to protect companies from advanced cyber attacks enabling enterprises to identify the root cause and scope of cyber attacks with minimal manual effort and spot the attacker’s behavior in real-time across various stages of the attack lifecycle
17. Openly ($100 million) a personal lines insurance services intended to be distributed through independent agents enabling customers to have access to a simplified quoting process and a modern insurance experience.
18. Pryon ($100 million) an enterprise knowledge management platform designed to streamline artificial intelligence adoption enabling businesses to reduce complexity, costs and deployment times.
19. Writer ($100 million) a generative artificial intelligence (AI) platform designed for business writing needs enabling users with content that is consistent and on-brand.

—————————————————————————————————————-

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 who are looking to invest in companies with the right, key characteristics.

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

—————————————————————————————————————-

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

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

1. A.I./Machine Learning deals included Databricks ($500 million), AlphaSense ($150 million), Harbinger Health ($140 million), Pryon ($100 million), Writer ($100 million), Pixis ($85 million), Elemental Cognition ($60 million), HiddenLayer ($50 million), Inbound Health ($30 million), Diligent Robotics ($25 million), Clara Analytics ($24 million), ELSA ($23 million), Alcion ($21 million), Harmonya ($20 million), Kolena ($15 million), Ello ($15 million), Genus AI ($11 million), Prompt AI ($5 million), and Meeno ($5 million).
2. Biotech deals included Generate:Biomedicines ($273 million), Nimbus Therapeutics ($210 million), Avalyn ($175 million), Evozyne ($81 million), Renibus Therapeutics ($72 million), ReCode Therapeutics ($50 million), Osteal Therapeutics ($23 million), Corsair Pharma ($23 million), Deka Biosciences ($20 million), Innovac Therapeutics ($18 million), Day Zero Diagnostics ($16 million), and Rejuvenation Technologies ($10.6 million).
3. Healthtech deals included Sempre Health ($20 million), Field Medical ($14 million), Kyros ($10.5 million), Amenities Health ($10 million), Medeloop ($8 million), Mural Health Technologies ($8 million), and HealNow ($5.5 million).
4. Cybersecurity deals included Cybereason ($100 million), ThetaRay ($57 million), Gem Security ($23 million), CertifID ($20 million), EchoMark ($10 million), and Deduce ($9 million).
5. Climate Tech deals included Boston Metal ($262 million), Sortera Technologies ($30.5 million), Optera ($12 million), and Peregrine Hydrogen ($7.8 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.