January 2023 Venture Growth Funding Recap

Growthink Capital Research tracked $4.2 billion in new venture funding in January 2023, up 10.5% from the $3.8 billion tracked in December 2022.

The month’s biggest funding event belonged to Monogram Health ($375 million) a kidney care service that takes proper measures for check-ups through predictive analysis enabling patients to connect with nephrologists and get good care, seamless transitions to dialysis, and pre-emptive kidney transplants.

Eleven companies raised $100 million or more in January. Other than Monogram Health, the 10 companies which raised the most are as follows:

  1. DailyPay ($260 million) a financial system platform that serves health care, retailers, restaurants, travel and hospitality, grocers and supermarkets and call and contact centers enabling employees to have their money sent directly to any bank account, debit card and prepaid card, and use it to pay bills, build savings, invest money, buy goods and services.
  2. PayEm ($220 million) a corporate card that approves, tracks, and manages corporate spending enabling businesses to keep track of and minimize overall expenses.
  3. Yesway ($190 million) a convenience store chain that sells gas, food, and beverages.
  4. Pathalys Pharma ($150 million) an advanced therapeutics that addresses unmet needs in the management of late-stage chronic kidney diseases enabling healthcare companies to provide solutions for patients with end-stage critical kidney disease.
  5. Nexus Circular ($150 million) waste management services that converts waste plastics into fuels enabling companies to create a highly efficient and economic system providing low-cost and environmentally friendly products to their customers.
  6. Immune-Onc Therapeutics ($131 million) a clinical-stage cancer immunotherapy company that translates unique scientific insights into myeloid cell biology and immune inhibitory receptors enabling patients to have access to new immunomodulatory.
  7. Chronosphere ($115 million) a scalable cloud-native monitoring tool that eliminates the cognitive load of monitoring infrastructure and tracking data locality enabling businesses to operate reliably at scale and make precise and data-driven decisions.
  8. Impel ($104 million) a digital merchandising platform that offers automotive dealers, OEMs, and online marketplaces for digital automotive merchandising.
  9. Carbon Health ($100 million) a mobile-based healthcare networks and clinics that offer simple, convenient, and accessible healthcare enabling patients to get access to technology-enabled healthcare services from anywhere.
  10. Synthekine ($100 million) an engineered cytokine therapeutics that facilitates disease-optimized treatments enabling the medical community to optimize the treatment of cancer and autoimmune disorders.

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

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

  1. Biotech deals included Pathalys Pharma ($150 million), Immune-Onc Therapeutics ($131 million), Synthekine ($100 million), Perceive Biotherapeutics ($78 million), Belharra Therapeutics ($50 million), ADARx Pharmaceuticals ($46 million), iVexSol ($23.8 million), PBS Biotech ($22 million), AVS ($20 million), LinusBio ($16 million), Endevica Bio ($10 million), Mantra Bio ($9 million) and Myosana Therapeutics ($5 million).
  2. Healthtech deals included Monogram Health ($375 million), Pearl Health ($75 million), Alira Health ($58 million), KeyCare ($27 million), Health Payment Systems (HPS) ($25 million), Metabolon ($25 million), Elaborate ($10 million), and Rx Defined ($8 million).
  3. Cybersecurity deals included Forward Networks ($50 million), NSKnox ($17 million), SpiderOak ($16.4 million), Hypori ($10.5 million), and Censinet ($9 million)
  4. Insurtech deals included Angle Health ($58 million), Dayforward ($25 million), Joyn Insurance ($18 million), Liberate Innovations ($7 million), and Propeller ($6.4 million).
  5. A.I./Machine Learning deals included Vannevar Labs ($75 million), Atomic AI ($35 million), Citrine Informatics ($16 million), and Gastrograph AI ($7 million).

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