August 2024 Venture Growth Funding Recap

In July 2024, Growthink Capital Research tracked new venture funding, amounting to $7.77 billion, compared to $15.28 billion reported in June 2024.

The month’s biggest funding event belonged to Clio ($900 million) a cloud-based practice management platform designed to provide legal client management remedies enabling clients to effectively manage cases.

Twenty-three companies raised $100 million or more in July. Other than Vantage Data Centers, the other Twenty-two companies that raised the most are as follows:

  1. Applied Intuition ($300 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.

  2. Element Biosciences ($277 million) an analysis tool intended to be used for the research and diagnostic markets enabling medical researchers to benefit and improve their research.

  3. Cardurion Pharmaceuticals ($260 million) a cardiovascular therapeutics intended to treat cardiovascular diseases enabling healthcare professionals to prevent arrhythmia disorders and heart failures.

  4. Cosm ($250 million) a global technology platform designed to allow people to experience entertainment in a new way thereby enabling individuals with live immersive sports and entertainment content.

  5. Altana ($200 million) a global supply chain platform intended to offer trade data management services enabling businesses, governments, and financial service providers to make trade safer, efficient, and profitable.

  6. Tekion ($200 million) a cloud-built platform intended to connect digital experiences to automotive retail enabling car dealers to seek a better way to do business while providing customer experiences and increasing efficiency, revenue, and retention.

  7. Creatio ($200 million) a no-code platform designed to automate industry workflows and customer relationship management (CRM) with a maximum degree of freedom, enabling non-technical users to create powerful business apps without coding with its no-code user interface builder and drag-and-drop visual design tools.

  8. Kestra ($196 million) an external and internal cardiac medical device intended for the healthcare industry, delivering care and vital information and helping patients and their care teams harmoniously monitor, manage, and protect life.

  9. Saronic ($175 million) unmanned surface vehicles intended to enhance maritime security and domain awareness, enabling defense and surveillance sectors to achieve comprehensive operational capabilities.

  10. Dignifi ($175 million) a SaaS financial platform intended to connect consumers with lenders for auto parts, repairs, and services enabling consumers to access and get auto repair financing done.

  11. Beacon Therapeutics ($170 million) a clinical-stage biotechnology company intended to treat patients with rare lung and eye diseases, enabling clinical to transform the lives of patients with severe diseases.

  12. Third Arc Bio ($165 million) a biotech company intended to research multifunctional antibodies providing medical companies with antibodies for immune system diseases.

  13. Vanta ($150 million) a compliance and security automation software designed to keep consumer data safe, enabling businesses to have a credible security program and obtain compliance certifications.

  14. Omni Fiber ($150 million) an internet service for the small markets in the Midwestern United States. Delivering high speed, reliability, and simplicity to its internet clients.

  15. Aven ($142 million) a fintech company offering home equity lines of credit, allowing users to have more financial flexibility and savings.

  16. IntelePeer ($140 million) a CPaaS-based cloud platform built to offer on-demand IP communications and SIP services for enterprises, enabling clients to deliver better customer experience and satisfaction.

  17. Chainguard ($140 million) a supply chain security software designed to make the software lifecycle secure by default enabling businesses to manage their supply chain security risks.

  18. Monarch Tractor ($133 million) an electric, automated, smart tractor designed to assist with the transition to productive, precise, and sustainable farming practices. Enables farmers the ability to enhance their existing growing operations, reduce costs, and increase yield.

  19. Gloo ($110 million) a digital and social engagement platform designed to manage the entire personal growth and development cycle for organizations, enabling clients to attract, connect with, and grow the people they care about.

  20. Spring Health ($100 million) a digital healthcare platform intended to provide personalized mental healthcare for employee well-being, enabling employees to modernize their behavioral health benefits with an effective and comprehensive alternative.

  21. Headway ($100 million) a mental health provider platform intended to help users have access to affordable healthcare, enabling mental health providers to expand their practices and individuals to save money on mental health services.

  22. Pindrop ($100 million) a phone fraud detection and call center authentication technology intended to provide security, identity, and trust in every voice interaction, enabling enterprise call centers and businesses to reduce call time and improve their customers’ experience while reducing fraud losses.

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

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

  1. A.I./Machine Learning deals included IntelePeer ($140 million), Mytra ($78 million), Captions ($60 million), Pearl ($58 million), Gradient AI ($56 million), Ema ($50 million), Armada ($40 million), Loyal ($33.5 million), Credo AI ($21 million), Thoughtful AI ($20 million), Phaidra ($12 million), Sybill ($11 million), Monto ($9 million), Shaped ($8 million), Vijil ($6 million), EdgeRunner ($5.5 million), Zest Security ($5 million), and Language I/O ($5 million).

  2. Biotech deals included Cardurion Pharmaceuticals ($260 million), Beacon Therapeutics ($170 million), Third Arc Bio ($165 million), Airna ($90 million), Clarapath ($36 million), LTZ Therapeutics ($20 million), Pinetree Therapeutics ($17 million), Antheia ($17 million), Kanvas Biosciences ($12.5 million), Granza Bio ($7 million), and Predicta Biosciences ($5.2 million).

  3. Business/Productivity Software deals included Tekion ($200 million), Creatio ($200 million), Trio Mobil ($26 million), OnRamp ($14.2 million), and Lekko ($4.5 million).

  4. Mobility Tech deals included Applied Intuition ($300 million), Eve Air Mobility ($94 million), Hayden AI ($90 million), Archer Aviation ($55 million), and Lasso (Revv) ($9.8 million).

  5. Climate Tech deals included LevelTen Energy ($65 million), Applied Carbon ($21.5 million), Cowboy Clean Fuels ($13 million), and Earthshot ($5.5 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.