AI transactions continued to dominate venture financing during the third quarter. Crunchbase data shows that AI businesses collected $18.9 billion in Q3, which accounts for 28% of all venture funding. While some people may be feeling a bit weary of the category, venture investors have obviously not.
The biggest venture deal in history also closed in the third quarter, with OpenAI raising a massive $6.6 billion round. Six AI fundraising rounds totalling more than $1 billion in 2024 included OpenAI’s deal.
The following American AI startups have raised at least $100 million in 2024:
October
EvenUp – The AI-powered legaltech startup EvenUp raised $135 million in a Series D round headed by Bain Capital Ventures, with Lightspeed and SignalFire among other investors. The startup was valued at $1 billion in the October 8 round.
Berkeley – In a recent venture round, KoBold Metals, based in the area, raised $491.5 million. Although the investors are not named, the business has previously obtained money from venture capitalists Bond and Andreessen Horowitz.On October 2, Poolside, an AI-powered software development platform, concluded a $500 million Series B transaction. Bain Capital Ventures led the round, with Redpoint, StepStone, and Nvidia among other investors. The firm is valued at $3 billion in this round.
On October 2, OpenAI revealed its much awaited venture round. The corporation was valued at $157 billion after the $6.6 billion investment, which was the biggest venture round ever. Tiger Global and SoftBank were among the other investors that joined Thrive Capital, which headed the round.
September
On September 10, enterprise search firm Glean revealed its second 2024 financing round. After raising $260 million in a Series E round, the company’s valuation increased by 87.5% to $4.5 billion from its February round.
Daniel Gross, an AI investor, and Ilya Sutskever, a former co-founder of OpenAI, established Safe Superintelligence, an AI research facility. On September 4, it revealed a $1 billion fundraising at a $4 billion value. Among others, Sequoia, DST Global, and Andreessen Horowitz took part in the round.
August
On August 29, the AI coding company Magic raised its second mega-round of the year. In a Series C financing, the San Francisco-based business raised $320 million. Among those that took part in the round were CapitalG, Sequoia, and Jane Street Capital. In February, the business last secured $117 million in a Series B funding round.
The $150 million Series C investment headed by General Catalyst completed on August 29 and invested in Codeium, an AI-powered coding platform. Codeium was valued at $1.2 billion in the round, which also included Kleiner Perkins and Greenoaks.
Following its substantial early-stage fundraising, DevRev, a manufacturer of AI support agents, was valued at $1.1 billion. Khosla Ventures, Mayfield, and Param Hansa Values were among the investors in the $100 million Series A round that the Silicon Valley-based business raised. The business was established in 2020.
Abnormal Security, a San Francisco-based business, raised $250 million for their AI-powered email security solution. Menlo Ventures, Greylock, and Insight Partners joined Wellington Management in spearheading this fundraising round. The business is worth over $5 billion.
Not to be confused with Grok, Groq announced on August 5 that BlackRock will lead a $640 million Series D financing. Among others, Type One Ventures, Verdure Capital Management, and Neuberger Berman invested in the AI chip firm. The business is worth over $3 billion.
July
According to individuals who spoke to TechCrunch, renowned AI researcher Fei-Fei Li’s firm World Labs received $100 million in July. The Financial Times estimates that the business is already worth over $1 billion. The goal of World Labs is to develop AI models that can precisely predict the three-dimensional physicality of actual items.
On July 23, legal IT startup Harvey revealed a $100 million Series C financing. Google Ventures led the investment, with Sequoia, Kleiner Perkins, and OpenAI also participating. The San Francisco-based business is valued at $1.5 billion in this round.
Hebbia, $130 million: The Hebbia round ended on July 8 with Andreessen Horowitz at the top. In addition to receiving funding from Google Ventures, Index Ventures, and Peter Thiel, the business, which use generative AI to explore massive documents, was valued at $700 million.
$300 million for Skild AI: On July 9, Pittsburgh-based Skild AI announced a $300 million Series A financing, valuing the business at $1.5 billion. Along with Sequoia, Menlo Ventures, and General Catalyst, Lightspeed Venture Partners, Coatue, and Jeff Bezos’ Bezos Expeditions led the investment. Expert AI creates technology to drive robots.
June
$106 million Bright Machines: On June 25, BlackRock led a $106 million Series C financing into Bright Machines. Among others, Nvidia, Microsoft, and Eclipse Ventures took part. The business has garnered over $437 million in total investment and produces both AI-driven software and smart robotics.
$120 million San Francisco-based Etched.ai On June 25, Etched.ai raised $120 million in a Series A investment. Along with Two Sigma Ventures, Peter Thiel, and Kyle Vogt, the investment was headed by Primary Venture Partners and Positive Sum. The goal of Etched.ai is to create chips that can execute AI models more quickly and affordably than GPUs.
New York-based EvolutionaryScale, $142 million For the purpose of designing treatments, EvolutionaryScale is creating biological AI models. The seed round, which garnered $142 million, ended on June 25. Lux Capital, former GitHub CEO Nat Friedman, and angel investor Daniel Gross—a former head of AI at Y Combinator—led the investment. The business was established in 2023.
A $120 million round was announced by healthcare revenue cycle automation platform Akasa on June 18. In previous rounds, investors such as Andreessen Horowitz, Costanoa Ventures, and Bond contributed to the San Francisco-based startup’s $205 million total capital.
New York-based AlphaSense, $650 million On June 11, AlphaSense reported that it has secured $650 million in a Series F investment. CapitalG, SoftBank Vision Fund, and Goldman Sachs were among the participants in the round, which was headed by Viking Global Investors and BDT & MSD Partners. In 2008, the market intelligence platform AlphaSense was established. The business was most recently valued at $4 billion and has raised over $1.4 billion in venture capital.
May
xAI, $6 billion: Sequoia, Valor Equity Partners, Fidelity, and other investors contributed a staggering $6 billion to Elon Musk’s xAI’s Series B investment on May 31. The business, valued at an equally astounding $24 billion, is developing an AI platform that would “accelerate human scientific discovery.”
$1 billion was raised in May by Scale AI, a firm that offers businesses data-labeling services for AI model training. Accel led the Series F round, with Amazon, Spark Capital, Tiger Global, and others participating. Currently valued at about $14 billion, San Francisco-based Scale AI has raised over $1.6 billion in total.
Suno, $125 million: In a Series B investment that concluded on May 21, the AI-music production platform Suno raised $125 million. The business from Cambridge, Massachusetts, is valued at $500 million in this round. In addition to Daniel Gross, the former director of AI at Y Combinator, and Nat Friedman, the former CEO of GitHub, the round also included participation from Founder Collective, Lightspeed Venture Partners, and Matrix.
Weka: Silicon Valley-based, $140 million Weka received $140 million in a Series E investment that ended on May 13 and developed an AI-native data platform. In addition to Qualcomm Ventures, Nvidia, and Hitachi Ventures, the financing was spearheaded by Valor Equity Partners. The startup had a $1.6 billion valuation.
CoreWeave, $1.1 billion: On May 1, CoreWeave, a GPU infrastructure provider located in New Jersey, concluded a $1.1 billion Series C financing. With participation from Fidelity, Altimeter Capital, and Magnetar Capital, among others, Coatue led the round. Founded in 2017, CoreWeave has a $19 billion market valuation.
April
Blaize, $106 million: On April 29, the AI computing platform firm Blaize announced that it has secured $106 million in a Series D financing. Among the investors that participated in the round were Temasek, Franklin Templeton, and Bess Ventures. Since its founding in 2010, the business has raised $242 million.
$227 million addition: Palo Alto-based For its firm that helps with AI coding, Augment raised $227 million. On April 24, the firm revealed the details of its Series B financing. The investment, which involved participation from Lightspeed Venture Partners, Index Ventures, and Sutter Hill Ventures, valued the business at slightly under $1 billion.
Cognition, $175 million: On April 24, the $175 million round of funding for the applied AI lab company Cognition, sponsored by the Founders Fund, closed. About a month had passed since the company’s $21 million Series A round in March, which was funded by the Founders Fund and a host of other investors, including Tony Xu, a co-founder of DoorDash, Patrick and John Collison of Stripe, and Eric Glyman of Ramp. The business, which was established in November 2023, is currently worth close to $2 billion.
$1 billion was obtained in a Series A financing by San Francisco-based AI drug development business Xaira Therapeutics. The financing was announced on April 23 and was led by ARCH Venture Partners and Foresite Capital. Among many others, Sequoia, NEA, and Lux Capital took part in the round.
Cyera, $300 million: On April 9, Coatue led the $300 million Series C investment into Cyera, an AI-powered data protection platform. The startup situated in New York was valued at $1.4 billion in this round. Among others, Sequoia, Redpoint, and Accel took part in the round.
March
Celestial AI, $175 million: Founded in 2020, Celestial AI is developing an optical interconnect technology platform for data centres and artificial intelligence solutions. On March 27, the company secured $175 million in a Series C round, bringing its total financing to $338 million. Thomas Tull’s US Innovative Technology Fund led the round, with M Ventures, Temasek, and Tyche Partners among other investors.
$100 million was raised by FundGuard, a New York-based business that offers an investment accounting operating system driven by artificial intelligence. The company is valued at $400 million. Key1 Capital headed the Series C round, which ended on March 25. Other participants included Hamilton Lane, Blumberg Capital, and Team8.
Together AI, $106 million: Together AI was valued at $1.2 billion after a $106 million Series A financing led by Salesforce Ventures. Together AI is a platform intended to support the development of open source generative AI and infrastructure for AI model development. Among others, Lux Capital, Kleiner Perkins, and NEA took part in the round. On March 13, the round was made public.
Zephyr AI, $111 million: On March 13, Zephyr AI, a company situated in Fairfax Station, Virginia, closed a $111 million Series A financing. Participating in the round were Revolution Growth, EPIQ Capital Group, Eli Lilly and Company Foundation, and investor Jeff Skoll. The 2020-founded firm utilizes AI to improve precision medicine and drug research. To far, it has raised a total of $129.5 million.
February
Glean, $203 million: In a funding round on February 27, AI-powered corporate search firm Glean raised $203 million, valuing the company at $2.2 billion. Lightspeed Venture Partners and Kleiner Perkins led the Series D investment, with Sequoia and Databricks Ventures among other investors participating. Arvind Jain, the creator of the Silicon Valley-based firm, was recently featured on TechCrunch’s Found podcast and has raised over $350 million in venture capital.
Figure, $675 million: On February 24, a $675 million Series B financing was concluded by Silicon Valley-based AI robotics firm Figure. The startup was valued at around $2.7 billion at the time of the investment. Microsoft, Nvidia, and OpenAI were among the companies that took part in the round. Since its founding in 2022, the firm has raised over $850 million.
Abridge, $150 million: On February 23, a $150 million Series C investment was concluded by Pittsburgh-based Abridge, a company that employs artificial intelligence to transcribe medical discussions. USV, IVP, and Spark Capital were among the participants in the round, which was headed by Redpoint and Lightspeed Venture Partners. The six-year-old firm is now valued at $850 million after this round.
Recogni, $102 million: On February 20, the firm, which creates AI interface solutions with high output but minimal power, raised $102 million in a Series C financing. Celesta Capital and GreatPoint Ventures lead the investment. DNS Capital, Mayfield, and Pledge Ventures all made contributions to the round.
Lambda, $320 million: On February 15, the San Francisco-based deep learning infrastructure startup Lambda announced that it had secured $320 million in a Series C financing. Thomas Tull’s US Innovative Technology Fund led the round, with T. Rowe Price, Gradient Ventures, and Mercato Partners among others participating. Lambda was most recently valued at $1.5 billion and has raised over $900 million in venture funding.
Magic, $117 million: On February 12, the AI coding firm Magic secured a $117 million Series B financing. CapitalG and angel investor Elad Gil participated in the round, which was headed by NFDG Ventures. In total, the San Francisco-based business has raised over $145 million.
January
$150 million: On January 30, it was revealed that Kore.ai, a startup creating conversational AI for businesses, has secured $150 million in a Series D financing. The financing into the Orlando, Florida-based business was headed by FTV Capital. Other participants included NextEquity Partners, Vistara Growth, and Nvidia. Since its founding in 2013, Kore.ai has raised about $223 million in investment.
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