Nerdio Tops Slow Week Of Raises

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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 the biggest funding rounds of last week here.

Big raises slowed for the second week in a row. Only a handful of rounds hit nine digits this week, although a large half-billion-dollar round led the way.

1. Nerdio, $500M, information technology: IT professionals are stretched pretty thin these days, so it makes sense that a company that helps automate some of their work could raise big. That’s exactly what Nerdio did. The Chicago-based company raised a $500 million equity round from General Atlantic that values it at $1.2 billion, according to Bloomberg. While the company may be under the radar for some, it says it has more than 15,000 customers in 50 countries, is profitable and growing annual recurring revenue more than 85% year to year. Founded in 1998, Nerdio has raised $625 million, per Crunchbase.

2. Latigo Biotherapeutics, $150M, biotech: Many patients shy away from taking opioids while many doctors are reluctant to prescribe the painkillers. Thousand Oaks, California-based Latigo Biotherapeutics is developing a completely different option for pain relief and raised a $150 million Series B led by funds managed by Blue Owl for it. The clinical-stage biotechnology company is developing new nonopioid pain treatments that target pain at its source. The fresh cash will support the advancement of the company’s Nav1.8 inhibitors currently in clinical development. Founded in 2018, the company has raised $300 million, per Crunchbase.

3. BuildOps, $127M, commercial contracting: Santa Monica, California-based BuildOps, a software platform to manage contracting projects from construction through to maintenance, addresses a $300 billion industry with hundreds of thousands of skilled workers from electricians to plumbers to HVAC professionals. The platform manages projects from scheduling to dispatching and invoicing. The funding was led by Meritech Capital Partners with participation from Bond and SE Ventures, among others. Founded in 2018, the company has raised over $225 million, per Crunchbase.

4. Curevo, $110M, biotech: Seattle-based Curevo, a clinical-stage biotechnology company developing vaccinations for infectious disease, closed a $110 million Series B led by new investor Medicxi. The money will be used to advance the development of amezosvatein, a vaccine to prevent shingles — a serious medical condition involving a painful, blistering skin rash where 10% to 18% of people also develop serious, long‑lasting nerve pain, per the company. Founded in 2018, the company has raised $196 million, per Crunchbase.

5. Dataminr, $85M, analytics: Dataminr has been seemingly quiet on the fundraising front for a while now. Back in 2021, the data and analytics company raised a $475 million round at a $4.1 billion valuation. Since then, however, the company laid off 20% of its staff in November 2023. The company — which calls itself “one of the world’s leading AI companies” — secured $85 million in new funding from HSBC and NightDragon through a combination of convertible financing and credit. No new valuation was announced. In addition, NightDragon also intends to create a special-purpose vehicle for up to an additional $100 million in convertible financing available to third-party investors. The New York-based company has a real-time platform for detecting events, risks and critical information from public data signals and is approaching $200 million in annual recurring revenue. Founded in 2009, the company has raised $1.1 billion, per Crunchbase.

6. Arbor Biotechnologies, $74M, biotech: Cambridge, Massachusetts-based Arbor Biotechnologies, a biotech developing genetic medicines, closed a $73.9 million Series C led by Arch Venture Partners and TCG Crossover. Founded in 2016, the company has raised nearly $305 million, per Crunchbase.

7. Ampersand Biomedicines, $65M, biotech: Boston-based Ampersand Biomedicines, a biotech creating medicines designed to act specifically at the site of disease, secured a $65 million Series B. No lead investor was named, but those participating include Flagship Pioneering and Eli Lilly. Founded in 2021, the company has raised $115 million, per Crunchbase.

8. Carbon Arc, $56M, information technology: New York-based Carbon Arc, a provider of structured, model-ready data, launched and announced it has raised a $56 million round led by Liberty City Ventures.

9. Cardiac Dimensions, $53M, medical device: Kirkland, Washington-based Cardiac Dimension has developed a minimally invasive device for heart failure patients at risk of functional mitral regurgitation (FMR). The funding will be used to support international expansion and complete trial studies in the U.S. The series E funding was led by Ally Bridge Group with participation from existing investors. Cardiac Dimensions has raised nearly $263 million, per Crunchbase.

10. Graphite, $52M, developer tools: New York-based Graphite, a code review dashboard, raised a $52 million Series B led by Accel. Founded in 2020, the company has raised $72 million, per Crunchbase.

Big global deals

The biggest raise outside the U.S. this week went to a biotech startup.

• U.K.-based biotech startup Maxion Therapeutics raised a Series A worth approximately $75 million.

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 March 15 to March 21. 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