May 2023 Venture Growth Funding Recap

Growthink Capital Research tracked $4.3 billion in new venture funding in May 2023, up compared to $3.94 billion tracked in April 2023.

The month’s biggest funding event belonged to ElevateBio ($410 million) a portfolio of cell and gene therapy companies intended to develop, manufacture and commercialize life-transforming medicines enabling patients to get medical products to treat severe diseases.


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Thirteen companies raised $100 million or more in May. Other than ElevateBio, the other companies that raised the most are as follows:

  1. Gradiant ($225 million) a cleantech water technology designed to deliver and optimize mission-critical operations enabling clients to promote safe water disposal and industrial wastewater treatment sustainably.

  2. Lightmatter ($154 million) a light-powered chip designed to speed up artificial intelligence driven computations by orders of magnitude enabling clients to get quality evaluations as well as low power consumption for software algorithms underlying image recognition and natural language processing.

  3. IQ Fiber ($150 million) a fiber-optic internet service intended to serve local residential clients allowing for the fastest internet speeds available while supporting the explosive growth in internet usage and demand.

  4. Tipalti ($150 million) a cloud-based automation platform designed to eliminate mass payment workload and reduce automation payment risk enabling CFOs (Chief Financial Officers) to focus on the strategy of scaling their business rather than the minutiae of accounts payable logistics.

  5. 8fig ($140 million) a growth planning and funding software designed to democratize online retail enabling businesses to maintain eCommerce growth with flexible capital continuously aligned to their supply chain needs.

  6. Restaurant365 ($135 million) a restaurant enterprise management software designed specifically for restaurants helping simplify the day-to-day management of operators and allowing users to control food costs and optimize labor.

  7. Ray Therapeutics ($100 million) a novel optogenetic gene therapies designed for patients with blinding diseases enabling doctors to cure and treat inherited retinal diseases using the power of optogenetics.

  8. Avenue One ($100 million) a technology-driven real estate management platform intended for capital markets to streamline institutional investors access to the single-family rental industry enabling institutional capital and local businesses to deliver best-in-class local expertise and scalable operations.

  9. Zip ($100 million) an intelligent purchase request platform designed to be a place for employees to request purchases helping to reduce the time spent coordinating approvals, cut costs and assure compliance by coordinating purchase approvals across data security, legal, IT, finance, and procurement in one place.

  10. UVeye ($100 million) avehicle inspection systems designed to detect threats or modifications of vehicles enabling government organizations vehicle manufacturers, rental companies, and logistical centers to improve maintenance and security levels.

  11. Mavenir ($100 million) a multimedia communications and information processing software intended for communication service providers and enterprises offering multimedia messaging for connectivity among people.

  12. 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 A.I./Machine Learning, Biotech, Healthtech, Fintech, and Climate Tech.

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

  1. A.I./Machine Learning deals included Axelera ($50 million), Spiff ($50 million), Hippocratic AI ($50 million), Uwill ($30 million), Hyro ($20 million), Datasembly ($16 million), Deep Sentinel ($15 million), Laguna Health ($15 million), Thena ($5 million), and Orby AI ($4.5 million).

  2. Biotech deals included ElevateBio ($410 million), Ray Therapeutics ($100 million), Convergent Therapeutics ($90 million), Initial Therapeutics ($75 million), Quanta Therapeutics ($50.7 million), Ensoma ($50 million), Micron Biomedical ($17 million), Ten63 Therapeutics ($15.9 million), Solarea Bio ($15 million), and OncoResponse ($14 million).

  3. Healthtech deals included Carrum Health ($45 million), 1upHealth ($40 million), Paradromics ($33 million), Inbox Health ($22 million), Adonis ($17.3 million), HealthSnap ($9 million), Diligent Pharma ($8.3 million), Lucem Health ($7.7 million), and Genemod ($4.5 million).

  4. Fintech deals included 8fig ($140 million), Nymbus ($70 million), OpenFin ($35 million), Petal ($35 million), Duetti ($32 million), and Gappify ($10 million).

  5. Climate Tech deals included Measurabl ($93 million), MayMaan Research ($30 million), ConnectDER ($27 million), Cloverly ($19 million), and Partanna Global ($12 million).


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

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


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 our contact form here.