November 2024 Venture Growth Funding Recap

October 2024 saw a big boost in venture funding, with Growthink Capital Research reporting $13.62 billion—up from just $5.63 billion in September.

The month’s biggest funding event belonged to OpenAI ($6.6 billion), an AI-based research and deployment platform designed to create a safe artificial general intelligence that benefits all users, enabling clients to easily grow skills and gain knowledge with autonomous systems that outperform humans at economically valuable work.

Twenty-six companies raised $100 million in October. Other than OpenAI, the other twenty-five companies that raised the most are as follows:

1. Lightmatter ($400 million), a light-powered chip designed to speed up artificial intelligence-driven computations by orders of magnitude, enabling technology companies with faster, efficient computation methods, leading to improved performance and innovation in various fields.
2. BETA Technologies ($318 million), an electric aerospace company intended to create a new paradigm for transporting goods and people, enabling clients in the cargo, passenger, and emergency response markets to provide efficient, clean and smooth transportation systems.
3. Splitero ($300 million), a financial service intended to help homeowners access home equity, enabling homeowners to decrease their costs without new debt or monthly payments.
4. STG Logistics ($300 million), a logistics and transportation service focused on the global supply chain, providing customers a strategic advantage through visibility, secure integrations, and efficiencies across all your business segments.
5. Armis ($200 million), an asset intelligence cybersecurity company designed to protect the entire attack surface and manage the organization’s cyber risk exposure in real-time, enabling companies to gain visibility, control and analyze endpoint behavior, and protect essential information as well as systems by identifying suspicious or malicious devices and quarantining them.
6. eGenesis ($191 million), a gene editing and genome engineering platform intended to transform solid organ and therapeutic cell transplantation for the treatment of life-threatening diseases, enabling patients to recover and lead a healthy life.
7. Alpha-9 Oncology ($175 million), a radiopharmaceutical company intended to improve the diagnosis and treatment of metastatic cancer, enabling healthcare professionals to give patients differentiated molecules with the potential to extend their lives with favorable safety profiles.
8. Aktis Oncology ($175 million), a targeted radiopharmaceutical designed to treat a broad range of solid tumor cancers, enabling clinicians to maximize tumor elimination while minimizing side effects of treatment.
9. Impulse Space ($150 million), an aviation and aerospace component designed for economical and last-mile space payload delivery enabling companies to control costs along with rapid design and operational improvements.
10. EvenUp ($135 million), a Developer of legal practice management software designed for getting fair trials and outcomes in personal injury cases, enabling plaintiffs to avoid settling early or incurring crippling debts and giving attorneys data for principled settlement negotiations.
11. Zap Energy ($130 million), a compact and scalable fusion technology designed to produce sustainable energy, enabling clients to get energy without using magnetic fields.
12. Maven Clinic ($125 million), a digital health platform designed to improve care for women and families, delivering improved outcomes and low costs for everyone, enabling individuals to avail of hassle-free healthcare services.
13. Terray Therapeutics ($120 million), a biotechnology company intended to provide precise chemical datasets that are built to propel drug discovery, enabling doctors to derive insights to predict and create drugs for patients in need.
14. Superluminal Medicines ($120 million), a generative biology medicine technology intended to accelerate new possibilities in drug discovery and development, enabling the pharmaceutical industry to accelerate drug discovery and increase the probability of success in small molecule drug development.
15. Triveni Bio ($115 million), a drug discovery platform intended to target therapies for I&I disorders helping patients with therapies that are more effective and less toxic than current treatments.
16. Duetti ($114 million), a music licensing platform intended to provide empowering financial prospects helping artists with finances to pursue their professional or personal aspirations.
17. AvenCell Therapeutics ($112 million), a Developer of T cell-based immunotherapies intended to support cancer treatment, enabling clinical researchers to create a pipeline of autologous and allogeneic universal reprogrammable T cell products, focused initially on hard-to-treat cancers.
18. Nimble ($106 million), a robotic system designed to provide automated end-to-end piece-picking, sorting, and packing systems for e-commerce orders, enabling companies to achieve immediate cost reduction, reduction in staffing churn, and boost efficiency in various fulfillment workflows.
19. DoorLoop ($100 million), a customizable property management software designed to manage the real estate portfolio, enabling companies to deal directly with prospects and tenants, save time, collect rent, and handle maintenance and repair issues.
20. Valon ($100 million), a cloud-based mortgage servicing platform designed to optimize mortgage processing for consumers, originators, and investors and homeownership experience through technology, enabling clients/homeowners to decrease costs in both originations and servicing and to ensure improved borrower experience and services for navigating forbearance and foreclosures without defaulting on loans.
21. Redaptive ($100 million), an energy system upgrade service intended to serve heating, ventilation, air conditioning (HVAC), lighting, and data analytics industries, enabling businesses to meet sustainability goals and improve buildings.
22. Glooko ($100 million), a remote patient-monitoring platform intended to identify at-risk patients and provide quality-enhancing interventions, enabling healthcare providers to support remote monitoring efforts to improve patient care.
23. Toca Football ($100 million), a technology-enabled soccer experiences and entertainment company intended to transform the sports experience, enabling players to improve their skills, and techniques, gain confidence, and cognitive abilities.
24. Cytovale ($100 million), a biophysical markers intended to revolutionize diagnostics using cell mechanics and machine learning, enabling physicians to detect early symptoms of sepsis, improve patient outcomes, and reduce treatment costs.
25. Judo Bio ($100 million), an oligonucleotide therapy intended to offer genetic medicines, enabling healthcare professionals to treat systemic and renal diseases.

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

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

1. A.I./Machine Learning deals included OpenAI ($6600 million), Eon ($77 million), Galileo ($45 million), Neuron7.ai ($44 million), Nooks ($43 million), TensorWave ($43 million), Reality Defender ($33 million), Neara ($31 million), Vizit ($25 million), Noetica AI ($22 million), Distributional ($19 million), Unify ($19 million), Harmonic Security ($17.5 million), AirOps ($15.5 million), Brightwave ($15 million), GMI Cloud ($15 million), Attention ($14 million), Matter Intelligence ($12 million), OpenGradient ($8.5 million), Bifrost AI ($8 million), Shuttle Labs ($6 million), Thread AI ($6 million), Pharos ($5 million), and Vultron ($4.8 million).
2. Biotech deals included eGenesis ($191 million), Alpha-9 Oncology ($175 million), Aktis Oncology ($175 million), Terray Therapeutics ($120 million), Superluminal Medicines ($120 million), Triveni Bio ($115 million), AvenCell Therapeutics ($112 million), Judo Bio ($100 million), Kivu Bioscience ($92 million), Be Bio ($82 million), GC Therapeutics ($65 million), Leal Therapeutics ($45 million), Arda Therapeutics ($43 million), March Biosciences (March Bio) ($28.4 million), Resilience ($17.5 million), Integrated Biosciences ($17.2 million), Sunbird Bio ($14 million), Aralez Bio ($12 million), and Amprion ($6 million).
3. Healthtech deals included Glooko ($100 million), Cytovale ($100 million), Infinitus Systems ($51.5 million), Nym ($47 million), Bright Uro ($32 million), Alchemy ($31 million), StrataPT ($25 million), Elevate ($20 million), Oncolens ($16 million), Archy ($15 million), Counsel Health ($11 million), and RadiantGraph ($11 million).
4. Business/Productivity Software deals included DoorLoop ($100 million), Urbint ($35 million), Fixify ($25 million), TollBit ($24 million), xtype ($21 million), Beacon AI ($15 million), Valdera ($15 million), Matia ($10.5 million), Oloid ($6 million), Augmodo ($5.3 million), and Picnic ($5 million).
5. Financial Software deals included Finix ($75 million), Obligo ($35 million), Reflexivity ($30 million), Tabs ($25 million), Wildfire Systems ($16 million), Tilled ($12.5 million), and Casap ($8.5 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.