In August 2024, Growthink Capital Research reported new venture funding of $4.78 billion, compared to $7.77 billion recorded in July 2024.
The month’s biggest funding event belonged to Groq ($640 million), an AI interface technology designed to address the industry’s demands of computing speed, quality, and energy efficiency enabling companies to improve workloads in artificial intelligence and quality-performance computing.
Twelve companies raised $100 million in August. Other than Groq, the other eleven companies that raised the most are as follows:
Cribl ($319 million) a big data software designed to simplify big data and log analytics at scale enabling businesses to get observability, intelligence, and control over their real-time data.
Grafana Labs ($270 million) a performance monitoring platform designed to support organizations’ visualization and observability goals enabling firms to take control of their unified monitoring and avoid vendor lock-in and the spiraling costs of closed resolutions.
Abnormal Security ($250 million) a cloud email security platform intended to prevent cyber-crimes enabling businesses to prevent direct attacks on their confidential data.
Caresyntax ($180 million) a data-driven surgical analysis platform intended to improve patient outcomes enabling healthcare businesses to gain insights that can be used live during surgery, for post-surgical improvement, resource optimization, product development, and risk assessment.
Codeium ($150 million) a deep learning acceleration platform designed to simplify and accelerate complex artificial intelligence workloads enabling clients to integrate accelerated deep learning into an interactive or batch application.
Scorpion Therapeutics ($150 million) a biotechnology company intended to expand the reach of precision medicine to more people with cancer enabling healthcare professionals to treat cancer patients with novel treatments.
Halda Therapeutics ($126 million) a drug discovery platform designed to create therapeutic and precision medicines enabling healthcare providers to treat their patients based on a novel therapeutic modality.
CloudPay ($120 million) a cloud-based payroll platform intended to deliver end-to-end payroll management services to multinational organizations, enabling organizations to increase efficiency, streamline compliance, and achieve greater visibility into payroll performance and costs.
Histosonics ($102 million) a novel, non-invasive sonic beam therapy platform designed to liquefy and destroy targeted tissues at a sub-cellular level enabling physicians to monitor the treatment and its effect in real-time continuously.
Navigator Medicines ($100 million) an autoimmune disease treatment intended to advance biologics for targeted immune regulation and restoration enabling the medical staff to treat and care for patients with autoimmune diseases.
DevRev ($100 million) an artificial intelligence-native platform designed to streamline product development and customer service enabling clients to boost their productivity through the products.
The hottest sectors for funding during the month were A.I./Machine Learning, Biotech, Financial Software, Business/Productivity Software, and Cybersecurity.
Key funding events in each of these sectors for the month are below:
A.I./Machine Learning deals included Codeium ($150 million), DevRev ($100 million), EliseAI ($75 million), Onebrief ($53 million), Defcon AI ($44 million), Sahara AI ($43 million), Guidewheel ($31 million), Encord ($30 million), Bland AI ($16 million), Levitate ($15 million), Datch ($15 million), Uptime AI ($14 million), Aurascape AI ($12.8 million), ModelOp ($10 million), BeyondMath ($8.5 million), and Ragie ($5.5 million).
Biotech deals included Scorpion Therapeutics ($150 million), Halda Therapeutics ($126 million), Navigator Medicines ($100 million), MBX Biosciences ($64 million), Gro Biosciences ($60 million), Amlogenyx ($14 million), NeuroTherapia ($12.3 million), Botanical Solution ($7.6 million), and Kano Therapeutics ($7.1 million).
Financial Software deals included CloudPay ($120 million), Siepe ($30 million), Amount ($30 million), Savvy Wealth ($26.5 million), Comun ($21.5 million), and Lettuce Financial ($15 million).
Business/Productivity Software deals included Grafana Labs ($270 million), Cents ($40 million), Eppo ($28 million), Supio ($25 million), and ITpipes ($20 million).
Cybersecurity deals included Abnormal Security ($250 million), Protect AI ($60 million), Chaos Labs ($55 million), Anjuna ($25 million), and Actuate ($11.5 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.