Sourcery → $4.4B IPO

(7/22-7/26) Clio, Cohere, Applied Intuition, Vanta, Harvey AI, Headway

Jul 30, 2024

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Hello From The Bike Lane

Despite all of the political antics, billionaire battles, & other weird things happening on X right now.. apparently you can still get a ton of engagement off of wholesome LA content. Beach bike club anyone? #LongLA

In other news for X, revenue has dropped over 90%.. Not sounding too good. Maybe xAI will pick up the bill?

Musings

Macro

Avenir x SaaS: What’s Gone Wrong in Software and Why We’re Optimistic [Avenir]
Silicon Valley’s Political 180, META AI, COVID Postmortem [BG2 w/ Bill Gurley & Brad Gerstner]
Lineage (a refrigeration company) Raises $4.4 Billion Reaching $19B in Market Cap in This Year’s Biggest IPO [Bloomberg]

AI

Big AI Week! [Jamin Ball of Altimeter]
- OpenAI has launched SearchGPT to take on Google Search. [TechCrunch]
- Meta has released its largest open-source AI model to date, Llama 3.1 405B, which features 405 billion parameters [Verge]
  - Inside Mark Zuckerberg's AI Era [The Circuit] (where those viral clips came from)
Runway releases Gen-3 Alpha image-to-video model [Runway]
Investments in generative AI startups are consolidating into fewer startups [Techcrunch]
AI is in a bubble, so was the Internet, Seeing beyond the Trough of Sorrow [Agora]

HardTech

Perspectives: From Pixels to Prototype – Software for Hardware [Northzone]
Samsung is investing approximately $17 billion in a new semiconductor facility in Taylor, Texas, driven by the CHIPS and Science Act, and plans to increase total investment in Central Texas to $40 billion, creating 20,000 jobs. [American Progress]

Twitter’s Most Controversial VC Delian Asparouhov on Inside the Walls of Founders Fund [20VC]
- What the World Does Not See, Why Western Europe Will Be Like the Third World, Why SaaS as an Industry Might Be Dead

Dr. Peter Attia: Supplements for Longevity & Their Efficacy [Huberman Lab]
- Dr. Peter Attia debunks everything NAD, NMN, NR, as well as biological age testing.. Honestly pretty relieved I don’t need to spend more money on supplements

Avenue Security builds and manages security, privacy, and governance programs for startups. Helping teams achieve compliance across various frameworks such as SOC2, HIPAA, PCI DSS, HITRUST. Focus on your business, leave compliance and security to them.

Top Interviews 👀

Last Week (7/22-7/26):

Relevant deals include the 90+ deals across stages below.

I've categorized the deals below into eight categories, Fintech, Care, Enterprise / Consumer, HardTech, Sustainability, Acquisition/PE, IPO, and Fund Announcements, and ordered from later-stage rounds to early-stage rounds.

Highlighted VC Deals include:

Clio, Cohere, Applied Intuition, Vanta, IntelePeer, Chainguard, Harvey AI, Headway, Pearl, W, Joy

Acquisitions & PE

ServiceNow/Raytion, Zeitview/Clearsight, Mimecast/Code42

IPOs

Lineage

Funds

Iconiq Capital, Bregal Sagemount, Agellus Capital, NewSpring

Final Numbers

Final numbers on the US real gross domestic product and Tesla’s quarterly revenues at the bottom.

VC Deals

This roundup was customized & powered by Wonder. Start your free trial here.

Fintech:

- Payt, a Groningen, The Netherlands-based accounts receivable platform, raised €55M ($59.7 million) in funding from Partech.

- Cowbell, a Pleasanton, CA-based cyber insurance provider for small and medium-sized enterprises (SMEs), secured $60M in Series C funding, led by Zurich Insurance Group.

- Igloo, Inc., a Miami, FL-based holding company focused on blockchain research and technology development, raised over $11M in funding, led by Founders Fund and supported by Fenbushi Capital, 1kx, Everest Ventures Group, and Selini Capital.

Care:

- Headway, an NYC-based mental healthcare system company, secured $100M in Series D funding, led by Spark Capital, with support Thrive Capital, Accel, a16z, and Forerunner Ventures.

- Pearl, a Los Angeles, CA-based dental AI company, closed $58M in funding, led by Left Lane Capital, and joined by Smash Capital, Alpha Partners, Craft Ventures, and Neotribe Ventures.

- Loyal, an Atlanta, GA-based digital patient engagement platform, raised $33.5M in Series B funding, backed by Concord Health Partners and other strategic investors.

- Vitable Health, a Philadelphia, PA-based healthcare plans provider for hourly and uninsured workers, secured $16M in Series A funding, led by Cherryrock Capital and supported by Newark Venture Partners, Citi Impact Fund, First Round Capital, Commerce Ventures, and Y Combinator.

- W, a Miami, FL-based men’s personal care brand, closed $14M in Seed funding, backed by Shrug Capital, Anti Fund, Range Group, 305 Ventures, Uphonest Capital, Quiet Capital, Palm Tree Crew, and other individual investors.

- Joy, an Oakland, CA-based new parenting support tech platform for parents, secured $10M in Seed funding, led by Forerunner and joined by Magnify Ventures, David Heller, Wesley Capital, Obvious Ventures, Ogden Cap, Maywic, Rogue Venture Partners, and WTI.

- OurRitual, an NYC-based couples’ relationship care platform through its network of professional experts and digital tools, closed $5.2M in seed funding, led by Venrex with support from FJ Labs, Active Partners, GroundUp Ventures, 97212 Ventures, and angel investors.

- SlicedHealth, a Woodstock, GA-based cloud revenue optimization and compliance solution for hospitals, raised $5M in Series A funding, led by Arthur Ventures.

- Endless Health, an Austin, TX-based end-to-end at-home testing and preventive medicine company, closed $4.5M in Seed funding, backed by Next Coast Ventures, Asset Management Ventures, and Antler Elevate.

- ShiftRx, an Austin, Texas-based healthcare staffing platform, secured $3.5M in seed funding, led by Work-Bench, and joined by Inflect Health, Tau, and Opal Ventures.

- GEOH, an Indianapolis, IN-based end-to-end software solutions provider for home care, secured $3M in Seed Plus funding, led by Boomerang Ventures and joined by VisionTech Partners, First Leaf Capital, Digital Venture Partners, and individual investors.

- RxDiet, an NYC-based food as medicine provider, closed $3M in Seed funding, led by Giant Ventures and joined by Better Ventures, Form Life, and other angel investors.

- Aware Recovery Care, a Wallingford, CT-based in-home mental health and substance use disorder treatment platform, secured an undisclosed amount in funding, led by Connecticut Innovations.

- Kwikly Dental Staffing, a Minneapolis, MN-based dental staffing solutions provider, closed an undisclosed amount in Series A funding, backed by Heartland Dental and a dedicated investor network.

Enterprise/Consumer:

- Clio, an NYC-based legal technology company, secured $900M in Series F funding, led by New Enterprise Associates (NEA), and supported by Goldman Sachs Asset Management, Sixth Street Growth, CapitalG, Tidemark, TCV, JMI Equity, T. Rowe Price Associates, Inc,T. Rowe Price Investment Management, Inc., and OMERS.

- Cohere, an SF- and Toronto developer of large language models for the enterprise, closed $500M in Series D funding, led by PSP Investments, with support from Cisco Systems, Fujitsu, AMD Ventures, and EDC.

- Applied Intuition, a Mountain View, CA-based vehicle software supplier, closed over $300M in a Secondary funding round, backed by Fidelity Management & Research Company, General Catalyst, BOND, Lux Capital, and Elad Gil.

- Vanta, a San Francisco, CA-based trust management platform provider, closed $150M in Series C funding, led by Sequoia Capital, and supported by Growth Equity at Goldman Sachs Alternatives, J.P. Morgan, Atlassian Ventures, Craft Ventures, CrowdStrike Ventures, HubSpot Ventures, Workday Ventures, and Y Combinator.

- IntelePeer, a Dania Beach, FL-based AI-powered Communications Automation provider, secured $140M in Growth funding, led by Savant Growth and VantagePoint Capital Partners, with support from Savant Limited Partners, Coller Capital, Hollyport Capital, Manulife Investment Management, and Achmea.

- Chainguard, a Kirkland, WA-based software security company, closed $140M in Series C funding, led by Redpoint Ventures, Lightspeed Venture Partners, and IVP, with participation from Amplify, Mantis VC, Sequoia Capital, and Spark Capital.

- Harvey, a San Francisco, CA-based legal AI platform, completed a $100M Series C funding round, led by Google Ventures and joined by OpenAI, Kleiner Perkins, Sequoia Capital, Elad Gil, and SV Angel.

- Exottica, a Barcelona, Spain-based online tour operator for assorted vacation packages, secured €60M in Series D funding, led by Quadrille Capital and supported by All Iron, ICF, 14W, Mangrove, Bonsai, Sabadell, and Aldea.

- Gcore, a Luxembourg-based edge AI, cloud, network, and security solutions provider, closed $60M in Series A funding, led by Wargaming, alongside Constructor Capital and Han River Partners.

- Dazz, a Palo Alto, CA-based unified security remediation company, raised $50M in funding, led by Greylock, with support from Cyberstarts, Insight Partners, and Index Ventures.

- QA Wolf, a Seattle, WA-based results-based end-to-end test automation company, completed a $36M Series B funding round, led by Scale Venture Partners and joined Threshold Ventures, Ventureforgood, Inspired Capital, and Notation Capital.

- Linx Security, an NYC-based identity security and governance solutions company, closed $33M in funding. The round was led by Index Ventures and Cyberstarts, with participation from Mickey Boodaei and Rakesh Loonkar, as well as Cerca Partners and Knollwood Investment Advisory.

- Strive, a Columbus, OH-based asset management platform for investors, secured $30M in Series B funding, backed by Cantor Fitzgerald, L.P., Deason Capital Services, Narya Capital, and others.

- The Bouqs Company, a Marina Del Rey, CA-based direct-to-consumer (“DTC”) floral delivery company, closed over $23M in funding, led by CrowdOut Capital and existing investors.

- Lakera, a San Francisco, CA-based real-time generative AI (GenAI) security company, closed $20M in Series A funding, led by Atomico, with support from Citi Ventures, Dropbox Ventures, and Redalpine.

- GeoWealth, a Chicago, IL-based proprietary technology and turnkey asset management platform (TAMP), secured $18M growth investment led by BlackRock alongside Kayne Anderson Growth Capital and J.P. Morgan Asset Management.

- NPC Labs, an Elizabeth, NJ-based developer of gaming technologies for blockchain networks, raised $18M in seed funding, led by Pantera Capital and supported by Makers Fund, Hashed, Collab+Currency, Sfermion, Mirana Ventures, Bitscale Capital, and Mantle EcoFund.

- Archera, a Seattle, WA-based cloud purchasing and management solutions provider, completed a $17M Series B funding round, led by HighSage Ventures with support from Ridge Ventures, Amplify Partners, and PSL Ventures.

- Code Metal, a Boston, MA-based AI-powered development workflow company, completed a $16.5M Seed funding round, led by Shield Capital.

- DocketAI, a San Francisco, CA-based AI revenue enablement platform, raised $15M in Series A funding, led by Mayfield and Foundation Capital, with support from additional investors.

- Revi, a San Francisco-based developer of an AI-powered app designed to increase customer engagement with restaurants, secured $14.5M in Series A funding, backed by Runa Capital, Volition Capital, Precursor Ventures, and others.

- Momentum, a San Francisco, CA-based enterprise customer intelligence platform provider, raised $13M in Series A funding, led by FirstMark Capital and joined by Stage 2 Capital, Basis Set Ventures, and Leadout Capital.

- Splight, a San Francisco, CA-based AI startup focused on grid operations technologies, completed a $12M Seed funding round, led by noa (formerly A/O) and joined by EDP Ventures, Elewit, Draper Cygnus, Draper B1, Ascent Energy Ventures, Fen Ventures, Reaction Global, Barn Investments, and the UC Berkeley Foundation, among others.

- Uplimit, a San Francisco, CA-based AI-powered enterprise learning, secured $11M in Series A funding, led by Salesforce Ventures, with participation from GSV Ventures, Greylock Partners, Cowboy Ventures, Translink Capital, Workday Ventures, and Conviction.

- Heeler Security, a Bethesda, MD-based application security space startup, completed $8.5M in a Seed funding round, led by Norwest Venture Partners and joined by Storm Ventures.

- Didero, an NYC-based AI procurement agent startup, closed $7M in Seed funding, led by First Round Capital, and joined by Construct Capital, AI Grant, Box Group, Company Ventures, and Conviction.

- Evo Security, an Austin, TX-based identity and access management solutions provider, closed $6M in Series A funding, led by TechOperators, and joined by Sorenson Capital, Prelude, Strategic Cyber Ventures, Inner Loop Capital, and MetroSITE Group.

- Vijil, a Menlo Park, CA-based enterprise AI agents startup, secured $6M in Seed funding, led by AIStart and Gradient Ventures.

- Promptfoo, a San Francisco, CA-based open-source LLM testing company, closed $5M in Seed funding, led by Andreessen Horowitz and joined by Tobi Lutke, Stanislav Vishnevskiy, Frederic Kerrest, and other top executives in the tech space.

- Language I/O, a Cheyenne, WYO-based leader in AI-powered, multilingual customer support technology, closed $5M in funding, led by Gutbrain Ventures, and joined by the State of Wyoming’s Venture Capital fund, Joint Effects, PBJ Capital, Omega Venture Partners, and the Raptor Group.

- Zest Security, an NYC-based AI-powered cloud risk resolution platform, raised $5M in funding, backed by Hanaco Ventures, Silvertech Ventures, and angel investors.

- rift, a San Francisco, CA-based sales platform focusing on automating operational sales work, secured $5M in seed funding, led by Sequoia, alongside Y Combinator and Soma Capital.

- TeachMe.To, a San Diego, CA-based hub for finding and booking local in-person lessons, completed a $5M Seed funding round, led by Bling Capital, with support from Marketplace Capital, 20Growth, Gokul Rajaram, other and angel investors.

- Grazzy, an Austin, TX-based digital payments platform for hospitality and service-focused businesses, closed $4M in Seed funding, backed by AZ-VC, In Revenue Capital, Iron Skillet Partners, Tuesday Capital, and Next Coast Ventures.

- Noded AI, a San Francisco, CA-based note-taking and task management software, raised $4M in funding, led by Boldstart Ventures, with support from Bessemer Venture Partners, 20VC, and First Hand Ventures.

- Cypris, an NYC-based AI research platform for R&D teams, raised $5.3M in funding, co-led by Vocap Partners, Venture Partners, and BlueTree Capital, with support from York IE and K20 Fund.

- Elly Analytics, a Palo Alto, CA-based martech startup developing a marketing analytics platform, secured $1M in Seed funding, led by Altair Capital and PTV Ventures, alongside other angel investors.

HardTech:

- Mytra, a San Francisco, CA-based three-dimensional robotics company, closed $78M in funding, backed by Greenoaks, Eclipse, 515 Ventures, and other individual investors.

- H55, a Sion, Switzerland-based electric aviation technologies company, raised CHF65M in Series C funding, led by Government of Quebec.

- Star Catcher, a Jacksonville, FL-based space-based energy generation company, raised $12.25M in Seed funding, led by Initialized Capital and B Capital, with support from Rogue VC.

- Sojo Industries, a Bristol, PA-based mobile automation and robotics manufacturer for food and beverage assembly, completed a $10M Series A funding, backed by Schreiber Ventures and Tech Council Ventures.

- SirenOpt, an Oakland, CA-based manufacturing intelligence company, secured $6.6M in Seed funding, led by Voyager Ventures and TOMORROW, with support from Climate Club, Union Labs, Berkeley Skydeck Fund, Wireframe Ventures, Impact Science Ventures, Access Industries, Courtyard Ventures, and Climate Capital.

Sustainability:

- Monarch Tractor, a Livermore, CA-based MK-V, a fully electric, driver-optional smart tractor, and Wingspan Ag Intelligence (WingspanAI) farm management platform provider, secured $133M in Series C funding, co-led by Astanor and HH-CTBC Partnership, L.P., with support from At One Ventures, PMV, and The Welvaartsfonds.

- Cowboy Clean Fuels, a Greenwood Village, CO-based climate tech and energy transition company, raised about $13M in Series B funding, led by Machan Investments.

Acquisitions & PE:

- ServiceNow (NYSE: NOW), a Santa Clara, CA-based an AI platform for business transformation, acquired Raytion, a Germany-based information retrieval technology company, for an undisclosed amount.

- Zeitview, a Los Angeles, CA-based automated inspection solutions company, acquired Clearsight, an AI- and analytics-enabled transmission, distribution and substation inspections company, for an undisclosed amount.

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