In December 2024, Growthink Capital Research reported new venture funding of $6.72 billion, an increase compared to the $6.4 billion recorded in November 2024.
The month’s biggest funding event belonged to Tenstorrent ($693 million), an application-specific integrated circuit processor designed to provide training and adaptability to algorithms, enabling businesses to support future technology in the field of machine learning.
Twenty-three companies raised $100 million or more in December. Other than Tenstorrent, the other twenty-two companies that raised the most are as follows:
- Crusoe Energy ($600 million): A mobile modular data center intended to eliminate routine flaring of natural gas and reduce the cost of cloud computing, enabling industries to reduce the emissions footprint associated with oil production while simultaneously lowering the cost of computation.
- SandboxAQ ($300 million): An advanced quantum and AI technology intended to enhance data security and operational efficiency across various industries, enabling enterprises in life sciences, energy, and financial services to optimize operations and improve decision-making capabilities.
- One Finance ($300 million): A banking service intended to unify the banking experience and improve financial wellness, enabling customers to optimize their income and reach their financial goals more easily.
- Fervo ($255 million): A geothermal power project intended to leverage innovation in geoscience to accelerate the clean energy transition, enabling clients to increase their productivity and make energy scalable.
- Oura ($200 million): A wellness wearable ring designed to track and improve sleep quality and performance, enabling users to enhance their sleep and overall health and align with their natural circadian rhythm.
- Zest AI ($200 million): An online financial platform intended to improve credit underwriting, enabling clients to make better credit decisions.
- Nuvig Therapeutics ($161 million): A therapy designed to induce natural mechanisms to restore immune homeostasis and rebalance immune function, enabling doctors to improve treatment options for patients with chronic inflammatory and autoimmune diseases.
- Lumin Digital ($160 million): A cloud-based digital banking platform designed to help financial institutions preserve and grow relationships in today’s evolving market, enabling customers to capture, store, and transfer data quickly and accurately.
- Ayar Labs ($155 million): An optical interconnects tool designed to optimize AI infrastructure and accelerate data movement within AI systems, enabling customers to maximize both computing efficiency and performance of AI workloads while reducing costs, latency, and power consumption.
- Heirloom ($150 million): A carbon capture and utilization (CCU) technology designed to enhance the natural process of CO2 absorption from the atmosphere, enabling businesses to meet sustainability goals with a cost-effective method for significant carbon removal.
- Leyline Renewable ($140 million): An early-stage development loans company focused on solar, storage, and wind projects, helping developers accelerate the development process and scale their business.
- Public.com ($135 million): An investing platform intended to build a multi-asset portfolio quickly, securely, and with ease, enabling individual investors to diversify their portfolios with transparent tools and real-time insights.
- Angitia Biopharmaceuticals ($120 million): A global clinical-stage biotechnology company intended for the discovery and development of breakthrough therapies, enabling patients to recover from severe musculoskeletal diseases.
- Tractian ($120 million): An asset performance management system designed for plants with tools for reliability, safety, and availability, enabling maintenance teams to access real-time monitoring and asset operations systems.
- Maze Therapeutics ($115 million): A biotechnology platform designed to translate genetic insights into new medicines, enabling pharmaceutical companies to develop novel therapies.
- Aiwyn ($113 million): An AI-powered billing platform designed to fix a company’s work-to-cash cycle, enabling accounting firms to save time, speed up cash flow, and deliver a better client experience.
- Capstan Medical ($110 million): A catheter-based technology intended to transform the treatment of structural heart disease, enabling doctors to offer patients solutions for heart valve disease while significantly reducing recovery time and minimizing complications.
- Cleerly ($106 million): A healthcare platform designed to create a new standard of care for coronary artery disease, enabling healthcare providers to identify at-risk patients early and improve heart attack prevention.
- Precision Neuroscience ($102 million): A brain-computer interface device technology designed to provide effective treatments for patients suffering from neurological illnesses, enabling medical providers to achieve high-bandwidth connections to the brain without damaging tissue.
- Remodel Health ($100 million): A provider of an online platform designed to offer employees the organization’s health benefits, enabling organizations to cut costs while allowing employees to choose insurance based on their needs.
- SiteOne Therapeutics ($100 million): Novel pain therapeutics intended to offer treatment for acute and chronic pain, enabling healthcare professionals to deliver optimal treatments to patients.
- Upwind Security ($100 million): A cybersecurity company intended to protect and democratize internet security, enabling organizations to achieve multidimensional, real-time protection with faster root cause analysis.
The hottest sectors for funding during the month were A.I./Machine Learning, Biotech, Financial Software, Alternative Energy Equipment, and Business/Productivity Software.
Key funding events in each of these sectors for the month are below:
- A.I./Machine Learning deals included SandboxAQ ($300 million), Twelve Labs ($80 million), Evinced ($55 million), Yurts ($40 million), Lambda Test ($38 million), NeuBird ($22.5 million), Cartesia ($22 million), Ask Sage ($17 million), Qolab ($16 million), RapidCanvas ($16 million), HappyRobot ($15.6 million), and Cake ($13 million).
- Biotech deals included Nuvig Therapeutics ($161 million), Angitia Biopharmaceuticals ($120 million), Maze Therapeutics ($115 million), SiteOne Therapeutics ($100 million), Veradermics ($75 million), AusperBio ($73 million), Tasca Therapeutics ($52 million), GemmaBio ($34 million), Qnovia ($16 million), Syncell ($15 million), and Orthogon Therapeutics ($5.2 million).
- Financial Software deals included Zest AI ($200 million), Lumin Digital ($160 million), Public.com ($135 million), Aiwyn ($113 million), Justt ($30 million), Albert ($22.5 million), Chargezoom ($11.5 million), and Atlas Invest ($11 million).
- Alternative Energy Equipment deals included Crusoe Energy ($600 million), Fervo ($255 million), Nanoramic ($44 million), Acceleron Fusion ($24 million), Accelergen ($20 million), Electrified Thermal Solutions ($19 million), and Mojave ($9.5 million).
- Business/Productivity Software deals included Tractian ($120 million), Legion Technologies ($50 million), Enterpret ($21 million), Boon ($20.5 million), Plume ($20 million), and enSights ($10 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.