- Foundry Technologies is in talks to raise money at a valuation of $350 million, a significant increase from its previous valuation of $50 million.
- The increase in valuation highlights the trend of hot companies in the AI sector raising money at rapidly escalating valuations.
- Foundry is one of many AI startups that have experienced a meteoric rise in valuation this year.
- The company plans to rent servers to companies for running AI software.
- The risky pandemic-era fundraising trend of rapidly increasing valuations in short periods of time has returned.
Main topic: DynamoFL, a privacy- and compliance-focused generative artificial intelligence (AI) solutions startup, has raised $15.1 million in a series A funding round.
Key points:
1. The funding round was led by Nexus Venture Partners and Canapi Ventures.
2. The capital will be used to expand DynamoFL's team of machine learning scientists and privacy experts.
3. The startup aims to scale its team in India and expects to have 25 percent of its workforce there.
Main topic: Abnormal Security reaches $100 million in annual recurring revenue and hires new executives as it prepares for an IPO.
Key points:
1. Abnormal Security, an AI-powered email security startup, has achieved $100 million in annual recurring revenue.
2. The company has hired former Forescout CEO Michael DeCesare as its president and Maya Marcus as its chief people officer.
3. Abnormal Security plans to invest in products, prepare for an IPO, and expand into international markets and federal programs.
Main topic: IVIX, a Tel Aviv-based startup, uses AI to help government entities combat tax evasion and other financial crimes.
Key points:
1. The U.S. loses $1 trillion a year due to tax evasion alone, according to the Internal Revenue Service.
2. IVIX utilizes AI, machine learning, and public databases to identify tax noncompliance and other financial crimes.
3. The startup has secured government contracts with federal agencies, hired notable individuals, and raised a $12.5 million Series A funding round led by Insight Partners.
Main topic: ProjectDiscovery raises $25 million in Series A funding and launches ProjectDiscovery Cloud Platform.
Key points:
1. ProjectDiscovery raises $25 million in a Series A financing round led by CRV, with participation from other investors.
2. ProjectDiscovery launches ProjectDiscovery Cloud Platform, a fully-managed SaaS platform built on top of its open source tools.
3. The new platform enables enterprises to discover and remediate vulnerabilities at scale, streamlines the use of ProjectDiscovery tools, and provides enterprise requirements such as a robust UI and integrations.
Main topic: The U.S. Small Business Administration plans to invest billions into venture capital funds to support startups in underserved areas and industries crucial to national security.
Key points:
1. The move aims to modernize the U.S. investment landscape and diversify venture capital investment beyond popular sectors.
2. The program will focus on addressing market gaps and investing in perceived riskier territories.
3. The SBA has allocated up to $6.9 billion for fiscal 2024 to provide substantial funding support.
Main Topic: Largest startup funding deals in the US in 2023
Key Points:
1. Abcuro raises $155 million in a Series B financing round for biotech.
2. Teamshares secures $124 million in a Series D round for fintech.
3. Pivotal Commware receives $102 million in a Series D round for telecommunications.
Main topic: ProjectDiscovery raises $25 million in a Series A financing round and launches ProjectDiscovery Cloud Platform.
Key points:
1. ProjectDiscovery raises $25 million in a Series A financing round led by CRV.
2. The company launches ProjectDiscovery Cloud Platform, a fully-managed SaaS platform built on top of its open source tools.
3. The platform enables enterprises to discover and remediate vulnerabilities at scale, streamline tool usage, and provide enterprise requirements such as a robust UI and reporting.
Main topic: Retym, an Israeli co-founded startup, raises $40.4 million in funding for its focus on next-generation data centers and advancements in optical networking and Digital Signal Processing (DSP) technology.
Key points:
1. Retym is addressing the demands of next-generation data centers through advancements in optical networking and DSP technology.
2. The startup is involved in the entire chip lifecycle, from design to testing on actual silicon.
3. The funding round was led by Kleiner Perkins, Mayfield, and Alif Semiconductor, with Mamoon Hamid, Navin Chaddha, and Syed Ali joining Retym's board of directors.
California-based startup Genesis Therapeutics has raised $200 million in Series B funding, led by Andreessen Horowitz Bio + Health and an unnamed US-based life-sciences-focused investor, to further develop its AI platform for small-molecule drug discovery and expand its pipeline.
Main topic: Genesis Therapeutics' $200 million Series B funding round for its AI-powered drug discovery platform in the biotech sector.
Key points:
1. Genesis Therapeutics closed a $200 million Series B funding round, led by Andreessen Horowitz Bio + Health and an unnamed U.S.-based life-sciences-focused investor.
2. New investors in the round included Fidelity Management & Research Co., BlackRock, and Nvidia’s venture arm NVentures.
3. Genesis Therapeutics plans to use the funding to evolve into a clinical stage company, invest in its AI platform, and expand its discovery pipeline.
Main topic: Security automation startup Cerby raises $17M for go-to-market efforts
Key points:
1. Cerby has raised $17 million in new funding to scale up its go-to-market efforts and invest in generative artificial intelligence.
2. Cerby offers an access management platform for nonstandard and disconnected applications, utilizing identity providers to remove the need for enterprise password managers.
3. The platform automates security policies, saves time and money, and provides deep visibility and control of employee-onboarded applications.
The main topic is Grip Security, an Israeli SaaS security platform startup, raising $41 million in new funding.
The key points are:
1. Grip Security offers a SaaS security management platform that provides comprehensive visibility across all enterprise SaaS applications.
2. The company's solution helps discover and secure shadow applications and dormant accounts with ungoverned access to customer data.
3. Grip Security's approach leverages identity as the primary control point to manage and mitigate identity risks.
Main topic: Fintech startup Ramp raises $300 million in funding at a post-money valuation of $5.8 billion.
Key points:
1. Ramp secures $300 million in a funding round co-led by Thrive Capital and Sands Capital.
2. The funding will be used to accelerate product development, expand into adjacent categories, and hire significantly.
3. Ramp has experienced strong growth, adding new features and customers, and now serves businesses of all sizes.
Main topic: Grip Security secures $41 million in funding to expand its security platform for businesses.
Key points:
1. Grip Security has raised $41 million in funding to invest in research and development and expand to new regions.
2. The Series B financing round was led by Third Point Ventures and participated by YL Ventures, Intel Capital, and The Syndicate Group.
3. Grip Security's security control plane platform helps businesses manage identity risks and protect their web applications and services.
The main topic is the funding raised by Ramp, a corporate card and expense automation platform.
Key points:
1. Ramp raised $300 million in funding at a $5.8 billion post-money valuation, which is a 28% drop from its previous valuation of $8.1 billion.
2. Existing investors such as Thrive Capital, Sands Capital, General Catalyst, and Founders Fund participated in the new financing round.
3. Ramp plans to use the funds for product development, hiring, and expansion into the procurement space.
Main topic: AI startup Hugging Face raising $200 million funding round at a $4 billion valuation.
Key points:
1. Hugging Face is raising approximately $200 million in funding.
2. The funding round is led by Salesforce Ventures at a valuation of $4 billion.
3. Hugging Face allows companies to store and use AI software and hosts open-source AI models for developers.
Hugging Face, an AI startup, has raised $235 million in a Series D funding round, with participation from tech giants such as Google, Amazon, Nvidia, and IBM, and now has a valuation of $4.5 billion, signaling the growing demand for AI platforms and tools.
Main topic: AI startup Modular raises $100 million in funding round.
Key points:
1. Modular has raised $100 million in a funding round led by General Catalyst, with participation from Google Ventures, SV Angel, Greylock, and Factory.
2. The company did not disclose the valuation at which it raised capital, but a report by The Information put it at $600 million.
3. Modular aims to provide a more affordable alternative to AI development for enterprises through its software, bypassing the need for expensive chips from tech companies like Nvidia.
Main topic: Recognition of top startups in the ed tech, generative AI, retail tech, and fintech sectors
Key points:
1. Uppy, a Turkish ed tech startup, received the title of "Second Best Ed Tech Startup" at the G-20 DIA Summit.
2. Syntonym, a pioneer in generative AI, raised $900K in a seed funding round to protect privacy in the face of facial recognition technologies.
3. REM People, a provider of AI-based retail analytics, invested $1 million in Hoopla, a B2B e-commerce platform, to become a hub for AI-powered retail technology.
4. Craftgate, a payment orchestration platform, secured a $1 million investment to enhance its fintech portfolio and support e-commerce partners.
Main topic: AI startup Hugging Face's $4.5 billion valuation in a $235 million funding round.
Key points:
1. Hugging Face's funding round is supported by major tech players, including Salesforce, Google, and Nvidia.
2. The rapid growth of AI adoption and investments in AI startups indicate its potential as the next technology frontier.
3. Hugging Face plans to use the funds to expand its team and invest in technology, with revenue projected to increase fivefold this year.
AI21 Labs, a text-generating AI startup, has raised $155 million in a Series C funding round, bringing its total raised to $283 million and valuing the company at $1.4 billion, with plans to expand its workforce and accelerate its R&D efforts.
AI has garnered immense investment from venture capitalists, with over $40 billion poured into AI startups in the first half of 2023, raising concerns about who will benefit financially from its potential impact.
Startups in the Middle East and North Africa region have attracted significant investor interest, with MENA startups raising over $76 million in August 2023 and accounting for two of the three exits recorded in the region, indicating its growing role in the global startup ecosystem, although the first half of the year saw a decline in capital attracted compared to the previous year. Additionally, PIF's Jada Fund of Funds Co. has committed to Aliph Capital's GCC fund to support SMEs in Saudi Arabia, and UAE fintech MALY has raised $1.6 million in pre-seed funding. Furthermore, Rewaa, an inventory management platform, has raised $27 million in a Series A funding round led by Wa'ed Ventures.
Blockchain network developer Cronos Labs is seeking eight startups to participate in its $100 million accelerator program, with a focus on artificial intelligence and crypto projects that utilize AI for enhanced speed and efficiency.
Despite a decrease in venture capital investments in June, new crypto projects are still attracting funding, including Orbital's $6.4 million raise for expanding blockchain payment infrastructure, unshETH's $3.3 million seed round for decentralized finance solutions, ZTX's $13 million funding for Web3 infrastructure development, Stroom Network's $3.5 million raise for Bitcoin staking, and Fxhash's $5 million funding for its digital art platform.
Imbue, an AI research lab, has secured $200 million in Series B funding, with a valuation of $1 billion, to develop AI agents that can code using reasoning as their foundation model. The funding round included participation from Astera Institute, Nvidia, Cruise CEO Kyle Vogt, Notion co-founder Simon Last, and others.
European AI startup Druid has raised $30 million in a Series B funding round to support its U.S. growth, which currently accounts for the majority of its revenue, as it expands its conversational business applications powered by generative AI.
Helsing, a defence AI startup, has raised €209 million in a Series B funding round led by General Catalyst, potentially making it the largest European AI company and defence tech unicorn, with support from Saab as a strategic investor.
Artificial intelligence defense company Helsing secures $223 million in funding to advance AI technology for the safeguarding of democratic nations, with the support of General Catalyst and strategic investor Saab.
San Francisco-based AI startup Writer has raised $100 million in a funding round led by Iconiq Growth, bringing its valuation to $500 million, and aims to help businesses use large language models to generate content across different departments.
AI startup Darrow has raised $35 million in funding for its AI-powered data engine that searches for class action litigation potential, with active cases resulting from its insights currently totaling around $10 billion in claims, and plans to use the funding to expand its team, add new legal domains to its tools, and invest in technology assets.
HiddenLayer, a leading security provider for AI models, has raised $50 million in Series A funding led by M12 and Moore Strategic Ventures to expand its talent base, increase go-to-market efforts, and invest in its Machine Learning Security Platform. The funding marks the largest Series A funding raised by a cybersecurity company focused on protecting AI this year.
Venture capital investments in the Middle East have been booming, particularly in deep tech startups focusing on Web3 applications, blockchain, and carbon control, with UAE-based Fuze securing $14 million in seed funding, Cultos Global receiving an undisclosed sum, and Zero Carbon Ventures obtaining $5 million, signaling the region's rising role in innovation and change.
Market intelligence platform AlphaSense has raised $150 million in a funding round, increasing its valuation to $2.5 billion, reflecting the high demand for AI startups and prompting speculation about possible plans for an initial public offering.
Braintrust, a Bay Area startup, has raised $3 million in funding to develop its AI software that helps engineers avoid bad results from AI models and ensure accurate performance, attracting investors such as Elad Gil, Adam D'Angelo, and Greg Brockman.
AI startup Anthropic is reportedly in talks with investors, including Google, to raise an additional $2 billion in funding at a valuation between $20 billion and $30 billion, just weeks after securing a $4 billion investment from Amazon. Meanwhile, rival OpenAI is said to be considering selling shares at a staggering $90 billion valuation, a significant surge from its valuation of $29 billion just a few months ago. Other AI startups, such as Character.AI and Prins AI, are also seeking significant valuation jumps in their funding rounds.
The Bill & Melinda Gates Foundation has announced a $30 million investment in an AI platform in Africa to aid scientists in developing solutions for healthcare and social issues, aiming to make AI more accessible and ensure equitable development.
Three pro-Palestine terrorist groups, including Hamas, have raised over $134 million in cryptocurrency between August 2021 and June 2023 to fund their operations, according to Israeli government seizure orders and blockchain analytics reports.
While venture funding in Asia declined 8% from Q3 last year, it increased by 8% from the previous quarter, with China and Israel driving the growth despite geopolitical tensions, according to Crunchbase data. Chinese startups raised $14.1 billion in Q3, a 20% increase from Q2, possibly fueled by significant funding rounds for EV and semiconductor companies. Israeli startups also had a strong quarter, raising $1.4 billion, supported by investments in cybersecurity and AI. However, India's venture funding decreased by 34%, and South Korea saw a drastic 40% decline.
Vancouver-based startup Procurify has raised $50 million in a Series C funding round to expand its platform that provides procurement software and tools to help organizations improve spend visibility and control. The company aims to consolidate procurement steps, leverage AI for anomaly detection, and offer comprehensive spend data to optimize processes and achieve cost efficiencies.
