Top 10 funding rounds this week: Safe Superintelligence tops the list with a massive $1 billion raise

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This is a weekly feature highlighting the top 10 funding rounds announced in the U.S. for the week. See last week’s largest funding rounds here.

Investors are still hungover from the long weekend, and this week saw a slow influx of big investment rounds, with only three deals surpassing $100 million. However, this week saw a whopping $1 billion in funding, and it was to an AI company.

1. Secure Superintelligence, $1 Billion, Artificial Intelligence: AI research institute Safe Superintelligence has raised $1 billion from a number of big-name investors, including Andreessen Horowitz and Sequoia Capital. The round values ​​the company at $5 billion, according to Reuters, which first reported the round. Co-founded by OpenAI’s former chief scientist Ilya Sutskever, SSI aims to develop safe artificial intelligence systems, something that has been in the news a lot lately amid growing concerns that AI technology is harmful to humans and society. A controversial California bill in the industry aims to put safety regulations and guardrails on AI, but many, including OpenAI, are concerned that it could be too much of a burden for many AI companies. The three-month-old startup is looking to ramp up computing power and hire new talent.

2. Arsenal Biosciences, $325 million, biotechnology: The big funding round in biotech this week came from South San Francisco-based Arsenal Biosciences. The startup, a cell therapy company focused on developing T-cell therapies for solid tumors, secured $325 million in Series C funding from multiple investors, including new investor Arch Venture Partners and funds and accounts advised by T. Rowe Price Associates. The company’s pipeline includes potential treatments for ovarian, kidney and prostate cancer, as well as other solid tumors. The company was founded in 2019 and has raised about $631 million to date, according to Crunchbase.

3. eGenesis, $191 million, biotechnology: Cambridge, Massachusetts-based biotech company eGenesis, which is developing artificial organs compatible with humans, has raised $191 million in a Series D led by Lux Capital. In March, eGenesis announced the world’s first successful transplant of a genetically engineered pig kidney into a human. The new funding will be used to advance its suite of programs. The company was founded in 2014 and has raised $456 million to date, according to Crunchbase.

4. Circle Pharma, $90 million, biotechnology: South San Francisco-based Circle Pharma, a biotech company developing a cell-permeable macrocycle for therapeutics, raised a $90 million Series D (including conversion of convertible notes) led by The Column Group. The company was founded in 2012 and has raised about $208 million to date, according to Crunchbase.

5. 24M Technologies, $87 million, Battery: Battery products and manufacturing startup 24M has closed an $87 million Series H preferred stock financing led by Nuovo Plus, valuing the company at $1.3 billion after the financing. The Cambridge, Massachusetts-based company develops energy storage products and technologies aimed at reducing costs and improving performance, safety and recyclability. Founded in 2010, 24M has raised more than $500 million, according to the company.

6. OrsoBio, $67 million, biotechnology: OrsoBio, a Menlo Park, California-based biotechnology company developing drugs to treat obesity and obesity-related diseases, closed a $67 million Series B round of funding co-led by new investors Ascenta Capital and Woodline Partners. The company was founded in 2021 and has raised $129 million to date, according to Crunchbase.

7. Cortex Applications, $60 million, Productivity Tools: Cortex Applications, a San Francisco-based company that creates an internal portal for software developers, has raised $60 million in funding led by Scale Venture Partners at a valuation of $470 million, Bloomberg reports. The company was founded in 2019 and has raised about $113 million to date, according to Crunchbase.

8. Oyster, $59 million, talent: San Francisco-based talent platform Oyster has raised $59 million in Series D funding led by Silver Lake Waterman, bringing the company’s valuation to $1.2 billion. Founded in 2020, Oyster said it has raised $286 million.

9. Laravel, $57 million, Developer Tools: Arkansas City, Arkansas-based Laravel, a web application framework used to develop web applications, raised $57 million in a Series A led by Accel. The company was founded in 2011, and this is the company’s first publicly disclosed round, according to Crunchbase.

10. Sonoma Biotherapeutics, $45 million, biotechnology: Sonoma Biotherapeutics, a South San Francisco-based biotechnology company developing treatments for autoimmune and inflammatory diseases, received a $45 million milestone payment from Regeneron Pharmaceuticals Inc. The company was founded in 2020 and has raised $410 million, according to Crunchbase.

Large Global Trade

The largest deal outside the US came from Japan and involved AI.

Methodology

In the Crunchbase database, we tracked the largest announced funding rounds raised by U.S.-based companies over a seven-day period from August 31 to September 6. Most announced rounds are reflected in the database, but there may be a slight lag as some rounds are reported later in the week.

Illustration: Dom Guzman