Startups Raise Over $368M, Investors Raise $285M for New Funds, and $42B in M&A
November 10, 2023's biggest news in the private markets.
Elucid, a ten-year-old Boston company whose software uses machine learning to analyze tissue types and predict the the risk of a heart attack or stroke, raised an $80 million Series C round. Elevage Medical Technologies was the deal lead. The company has raised a total of $121 million.
OrsoBio, a two-year-old startup based in Menlo Park, Ca., that is developing treatments for metabolic conditions like obesity and diabetes, raised a $60 million Series A round co-led by Longitude Capital and Enavate Sciences, with additional participation from Eli Lily and Company as well as previous investors Samsara BioCapital and NuevaBio. The company has raised a total of $97 million.
Arch, a seven-year-old New York startup that aims to automate the operations and reporting for private investments, raised a $20 million Series A round led by Menlo Ventures, with Carta, Citi Ventures, GPS Investment Partners, and Focus Financial Partners as well as previous investors Craft Ventures and Quiet Capital also pitching in. The company has raised a total of $25.5 million.
Eleos Health, a three-year-old startup based in Cambridge, Ma., whose technology analyzes behavioral health sessions and pulls out key data points for clinicians to analyze, raised a $40 million Series B round led by Menlo Ventures, with F-Prime Capital, Eight Roads, Arkin Digital Health, SamsungNext, and Ion also taking part. The company has raised a total of $68 million.
Noice, a three-year-old Helsinki startup that aims to combine livestreaming and multiplayer gaming into one platform, raised a $21 million round from Sedona Holdings, Team Builder Ventures, Bitkraft, and F4 Fund as well as numerous angels such as Miki Kuusi and Riku Mäkelä, the cofounders of Supercell. The company has raised a total of $27 million.
Snaptrude, a six-year-old New York startup whose software allows architects, designers, developers, and contractors to collaborate on the design of a building, raised a $14 million Series A round. Foundamental and Accel co-led the deal. The company has raised a total of $21.8 million.
Stability AI, a reportedly beleaguered three-year-old London startup that creates large language models and diffusion models, such as Stable Diffusion, which converts text into images, raised a convertible note just under $50 million from Intel.
Tabnine, an 11-year-old Tel Aviv company that uses generative AI to generate code and help developers write code faster and more accurately, raised a $25 million Series B round led by Telstra Ventures, with Atlassian Ventures, Elaia, Headline, Hetz Ventures, Khosla Ventures, and TPY Capital also contributing. The company has raised a total of $55 million.
Betterleave, a one-year-old Austin startup that helps companies build and launch bereavement care programs, raised a $2.4 million round led by Chingona Ventures, with Bread and Butter Ventures, Vitalize VC, Wisdom Ventures Fund, and AARP also stepping up.
Cercle, a startup that says it will use AI to improve women’s health, particularly with regard to infertility issues, raised a $4.2 million round. Sandberg Bernthal Venture Partners was the deal lead.
Eilla AI, a startup that provides automation tools that assist investment firms with deal flow, raised a $1.5 million seed round led by Eleven Ventures, with Fuel Ventures also participating.
Flip AI, a San Francisco startup that uses a large language model to troubleshoot data observability incidents, raised a $6.5 million seed round led by Factory, with additional investors including Morgan Stanley Next Level Fund and GTM Capital.
Forum, a one-year-old New York startup that has built a marketplace that connects people with peer support groups, raised a $5.3 million seed round led by NextView Ventures and including MBX Capital, Cue Ball Capital, and City Light Capital.
Ghost Autonomy, a six-year-old startup based in Mountain View, Ca., that develops multi-modal large language models to help cars understand the world around them, raised a $5 million round from the OpenAI Startup Fund. The company has raised a total of $212 million.
Greenlite, a San Francisco startup founded this year that provides AI staff for bank and fintech compliance teams that are able to use large language models to investigate potential compliance risks, raised a $4.8 million seed round. Greylock led the investment, with Y Combinator also anteing up.
Lunar, a Tel Aviv and San Francisco startup that helps developers manage their API bills, raised a $6 million seed round led by Uncork Capital, with previous investor Angular Ventures also chipping in.
Ozone, a two-year-old San Francisco startup whose collaborative video editor uses AI to helps content creators speed up repetitive editing tasks, raised a $7.1 million seed round from Y Combinator, NEA, General Catalyst, LGVP, Bluewatch Ventures, Polymath Capital Partners, Pioneer Fund, SOMA Capital, and Olive Tree Capital.
Pioneer, a one-year-old San Francisco startup that uses AI to help climate tech companies track down government funding options, raised a $2.9 million seed round led by Blue Bear Capital, with Collaborative Fund, Soma Capital, Cool Climate Collective, and Kayan Ventures also opting in.
Ridepanda, a three-year-old San Francisco startup that helps enterprise customers like Amazon offer e-bikes and e-scooters to their employees, raised a $7.5 million round consisting of equity and debt. The co-leads were Blackhorn Ventures and Yamaha Motor Ventures, with Proeza Ventures, Porsche Ventures, Oyster Ventures, Somersault Ventures, General Catalyst, and Urban Us Capital also piling on.
Tidal Cyber, a one-year-old startup based in Baltimore, Md., that has developed a cyberthreat analysis platform, raised a $5 million seed round led by Squadra Ventures.
Blockchain-focused VC Faction Ventures launched its inaugural $285M fund.
Germany is on the cusp of announcing a deal to acquire its largest power grid from state-owned Dutch operator Tennet Holding for ~$23.6B.
A consortium led by Blackstone and Permira is in advanced talks with European online classified company Adevinta and hope to reach an agreement as soon as next week; a deal could value Adevinta at over $12B.
Abu Dhabi National Oil offered $2.1B to acquire most of a 38.3% stake in Latin America’s leading petrochemicals company Braskem.
Software services provider Bill Holdings denied a report that it was pursuing a $2B acquisition of Melio Payments.
Aerospace manufacturing company TransDigm Group will acquire the Electron Device Business of Communications & Power Industries, a portfolio company of TJC, for $1.4B cash.
Dubai port operator DP World is in talks to acquire Cargo Services Far East from Hong Kong tycoon John Lau in a transaction that could value the cargo company at ~$800M.
Mizuho Financial Group will invest $576M in Rakuten Group’s online securities arm and raise its stake in the company to 49%.