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Last year, artificial intelligence once again took venture capital by storm. But we’ve already compiled a list of the largest rounds raised by AI startups. So what will happen to some of the other industries that won big deals in 2024? Below is a summary of the largest rounds raised by US-based startups that are not necessarily focused on AI. Let’s take a look at who else has raised a lot of money.
1. (Tie) Epic Games, $1.5 Billion, Games: Epic Games is no stranger to this list. The gaming giant raised a significant amount of funding in 2022, acquiring $2 billion from Sony and KIRKBI (the family-owned holding and investment company behind the Lego Group) at a valuation of $31.5 billion. The North Carolina-based company comes after raising an additional $1.5 billion in February through a new partnership with Disney to bring more people to the company’s characters and properties, including characters from Marvel Comics. It was revived. However, the valuation of this round dropped significantly as Disney reportedly invested at a valuation of $22.5 billion. Founded in 1991, Fortnite’s creators have raised nearly $8 billion to date, according to data from Crunchbase.
1. (Tie) Generate Capital, $1.5 billion, Renewable Energy: If the name looks familiar, it’s because this company has been on the list before. In early 2023, the San Francisco-based green infrastructure investor and operator raised $1.1 billion, according to SEC filings and reports. The raise comes just about 18 months after raising $1 billion in 2021. Last January, Generate raised $1.5 billion from a variety of investors, including the California Teachers Retirement System. Generate investment in a variety of infrastructure projects, from community solar power systems to municipal sewage treatment and vehicle electrification. The company was founded in 2014 and has raised $7.1 billion to date, according to Crunchbase.
3. Tricentis, $1.3 billion, DevOps: In November, Tricentis received a $1.3 billion investment from private equity firm GTCR, valuing the software testing startup at $4.5 billion. It is unclear from the report whether this is a new stock or an existing stock, but it is included in the list. The Austin, Texas-based startup was founded in Austria in 2007. Insight Partners acquired a majority stake in 2017. The company has now raised $1.5 billion per Crunchbase.
4. Wiz, $1 Billion, Cybersecurity: Cloud security startup Wiz has closed its largest cybersecurity round of the year, raising $1 billion at a $12 billion valuation. The round was announced in conjunction with the industry’s RSA conference in San Francisco in May and was co-led by Andreessen Horowitz, Lightspeed Venture Partners and Thrive Capital. Wiz, founded in 2020, has raised $1.9 billion to date. Originally founded in Israel, Wiz has been busy lately. Earlier this year, it acquired Gem Security, a New York-based cloud detection and response startup. The company may use the new cash injection to close more deals. Wiz, also based in New York, said it achieved annual recurring revenue of $350 million last year. The company has openly talked about reaching $1 billion in ARR heading into its IPO.
5. Pacific Fusion, $900 million, Energy: Another huge AI-related round went to Pacific Fusion, a startup trying to develop a fusion-based energy source, led by General Catalyst in October. The company raised over $900 million in Series A funding. . Funding is dependent on the company achieving certain milestones, which are not detailed. This round further demonstrates investors’ appetite for energy sources that can meet AI’s vast power needs.
6. Radiology Partners, $720 million, Healthcare: Radiology Partners, an El Segundo, Calif.-based provider of radiology services, completed a lengthy list of transactions involving existing debt and outstanding lines of credit in February. I was busy creating it. However, as part of these moves, the company also completed approximately $720 million in growth equity investments from unnamed existing and new investors. The company was founded in 2012 and has raised $2 billion to date, according to Crunchbase.
7. Wonder, $700 million, food delivery: Marc Lore’s food delivery startup Wonder can’t stop raising big money. The company conducted large-scale rounds in March 2023, November 2023, and June 2022. It was revived again as part of November’s $650 million acquisition of Grubhub, raising an additional $250 million in capital solely from unnamed new investors. The deal price is a significant discount for Grubhub, which was acquired by Just Eat Takeaway in 2021 for $7.3 billion. Founded in 2018, Wonder has raised nearly $1.9 billion, according to Crunchbase.
8. PsiQuantum, $620M, Quantum Computing: In April, PsiQuantum secured the largest funding round for a quantum startup last year, raising Quantinuum’s $300M at a pre-money valuation of $5B from January. exceeded its equity financing. Palo Alto, California-based PsiQuantum received $620 million in funding from the Australian and Queensland governments to build a quantum computer at a site near Brisbane Airport in Brisbane, Australia. This round is actually a combination of equity, grants, and loans, so it’s not all equity. The company was founded in 2016 and has raised more than $1.3 billion to date, according to Crunchbase.
9. Crusoe Energy Systems, $600 million, Energy: Fast forward to 2022, the Denver-based company will harness the natural gas normally burned during oil extraction to power the data centers needed for mining. By using it for supply, it supported the promotion of Bitcoin mining. The company raised $350 million in a Series C equity round led by G2 Venture Partners, valued at $1.75 billion in the process. Well, in October, Crusoe literally poured his energy into AI. The company is a so-called “neocloud,” a data center company that offers outsourced cloud computing to people looking to build AI. That business plan was reportedly good enough for Crusoe to secure a $500 million round led by Founders Fund at a valuation of $2.8 billion. The company was founded in 2018 and has raised $1.3 billion, according to Crunchbase.
10. (tie) Recurrent Energy, $500 million, Energy: In January, Austin, Texas-based Recurrent Energy secured a $500 million preferred equity investment from BlackRock. The company provides a platform to develop, own, and operate utility-scale solar power and energy storage projects, and plans to use the new capital to expand its “high-value project development pipeline.” Recurrent is a subsidiary of Canadian Solar, which will continue to own the remaining majority stake in Recurrent upon completion of the investment. The company was founded in 2006 and has raised about $3.2 billion to date, according to Crunchbase.
10. (Tie) X-energy, $500 million, Energy: In October, X-energy raised an approximately $500 million Series C-1 with support from Amazon. The Rockville, Maryland-based company develops advanced small modular nuclear reactors for clean energy generation. Amazon and X-energy are working together to bring more than 5 gigawatts of new power projects online across the United States by 2039. The company was founded in 2009 and has raised more than $785 million to date, according to Crunchbase.
large global deals
The three largest fundings raised by non-US-based startups not focused on AI all came from China.
In December, China-based electric vehicle brand Avatr raised a Series C worth approximately $1.5 billion. In March, semiconductor company Choshin Memory Technologies raised a venture round worth about $1.5 billion. Also in March, Zhiji Automobile, a China-based electric vehicle developer and manufacturer, raised $1.1 billion in Series B funding.
methodology
We tracked the largest announced rounds in the Crunchbase database raised by US-based companies not tagged as artificial intelligence in 2024.
Illustration: Dom Guzman
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