AI On Top Again, Led By xAI’s Massive Raise

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This is a weekly feature that runs down the week’s top 10 announced funding rounds in the U.S. Check out last week’s biggest funding rounds here.

The pace of large U.S. startup financing announcements was somewhat muted in a shortened Fourth of July workweek. However, there was one big exception with xAI reported to have closed on a whopping $10 billion in debt and equity funding. In addition, we saw some good-sized rounds for startups in wealth management, procurement and biotech, among other areas.

1. xAI, $10B, generative AI: Elon Musk’s generative AI startup, xAI, reportedly raised $10 billion in fresh debt and equity financing consisting of $5 billion in strategic equity investment, with the remainder of the capital obtained through term loans and secured notes.

2. Savvy Wealth, $72M, wealth management: New York-based Savvy Wealth, a provider of AI-enabled tools for financial advisers, announced a $72 million Series B round led by Industry Ventures. Founded in 2021, Savvy has raised $106 million to date, per Crunchbase data.

3. Levelpath, $55M, procurement: Levelpath, a provider of AI-enabled procurement tools, said it raised over $55 million in a Series B round led by Battery Ventures. The San Francisco-based company’s platform uses AI agents to autonomously handle procurement tasks for businesses.

4. Terrana Biosciences, $50M, agtech: Cambridge, Massachusetts-based Terrana Biosciences launched this week with $50 million in initial funding from Flagship Pioneering to develop RNA-based agricultural products to deliver protective and enhanced crop traits without altering the plant genome.

5. (tied) Campfire, $35M, enterprise software: Campfire, a provider of enterprise resource planning tools, announced that it raised $35 million in a Series A round led by Accel. The San Francisco-based company said it has also grown revenue 10x over the past two years.

5. (tied) Field Medical, $35M, medtech: Field Medical, a developer of technology used in cardiac ablation, closed a $35 million Series B financing led by BioStar Capital and Cue Growth Partners. The round brings funding to date for the Cardiff-by-the-Sea, California, company to $89 million, per Crunchbase data.

7. Syntis Bio, $33M, therapeutics: Boston-based Syntis Bio, a developer of oral therapies for obesity, diabetes and rare diseases, secured $33 million in a Series A round led by Cerberus Ventures. The company said it also received up to $5 million in grants from the National Institutes of Health.

8. Ambrook, $26M, agriculture software: Ambrook, a provider of accounting and recordkeeping software geared for U.S. farmers and ranchers, announced that it closed on a $26.1 million Series A funding led by Thrive Capital.

9. Emerald AI, $24.5M, energy software: Washington, D.C.-based Emerald AI, a developer of software aimed to help the electric power system keep up with AI’s soaring energy demand, announced its launch along with $24.5 million in seed funding led by Radical Ventures.

10. Gallant Therapeutics, $18M, animal health: San Diego-based Gallant Therapeutics, a biotech startup focused on stem cell therapies for pets, announced the closing of an $18 million Series B financing led by Digitalis Ventures.

Non-US rounds

While the holiday week may have slowed the pace of funding announcements in the U.S., we did see some very big rounds overseas. Standouts include:

Methodology

We tracked the largest announced rounds in the Crunchbase database that were raised by U.S.-based companies for the seven-day period of June 28-July 3. Although most announced rounds are represented in the database, there could be a small time lag as some rounds are reported late in the week.

Illustration: Dom Guzman