Applied Compute – $350.0M

San Francisco-based Applied Compute is an AI startup that builds custom AI models and Specific Intelligence solutions for enterprises. Founded by Linden Li, Rhythm Garg, and Yash Patil in 2025, Applied Compute has now raised a total of $510M in total equity funding and is backed by Abstract, Blackstone, Definition, Diffusion, Elad Gil, First Harmonic, Hanabi Capital, HubSpot Ventures, Kleiner Perkins, Layer Global, Lux Capital, Neo, Nova, NVIDIA, QuantumLight, Shopify Ventures, Swish Ventures, and Timeless.

Avanlee Care – $3.5M

Billings-based Avanlee Care: Caregiving Simplified. Founded by Avanlee Christine and Chris Monson in 2020, Avanlee Care has now raised a total of $8.5M in total equity funding and is backed by Black Economic Alliance Venture Fund, Chrysalis Ventures, Esther Dyson, and Fairbridge.

Betski – $15.0M

Panama-based Betski is a company that offers an online casino ownership platform. Founded by Alejandro Navarro and Carlos Navarro in 2022, Betski has now raised a total of $15.3M in total equity funding and is backed by Nimbus Capital.

CesiumAstro – $630.0M

Austin-based CesiumAstro develops satellite communication systems and spacecraft solutions for aerospace, commercial, and defense applications. Founded by Shey Sabripour in 2017, CesiumAstro has now raised a total of $1.1B in total equity funding and is backed by Airbus Ventures, Incharge Capital Partners, Insight Partners, Janus Henderson Investors, Magnetar Capital, NewSpace Capital, Sands Capital Ventures, Sumitomo Corporation of America, and Woven Capital.

Corridian – $38.0M

Boston-based Corridian develops ultra-large autonomous underwater vehicles (AUVs) for undersea military logistics. Founded by Greg Barrow, Kyle Arace, Mark Bodnar, and Mike Guay in 2025, Corridian has now raised a total of $38M in total equity funding and is backed by Balerion Space Ventures, Cameron McCord, DCVC, Harpoon, Jackson Moses, Marlinspike Capital, and Point72 Ventures.

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Cowboy – $5.0M

New York-based Cowboy is an AI technology company that develops autonomous AI agents and tools to streamline business workflows. Founded by Chad DePue in 2025, Cowboy has now raised a total of $5M in total equity funding and is backed by Aashay Sanghvi, Anagram, Compound, Farnaz azmoodeh, Ian Lapham, James Smits, Kevin Kwok, Mats Olsen, Nebular, Semantic Ventures, Shine Capital, and Uncommon Projects.

Finpilot – $10.0M

Seattle-based Finpilot uses artificial intelligence to explore publicly available corporate files and respond to research requests in natural language. Founded by John Alberg and Lakshay Chauhan in 2023, Finpilot has now raised a total of $14.5M in total equity funding and is backed by lobby capital and Madrona.

Firmly.ai – $15.0M

Seattle-based Firmly.ai is agentic commerce platform enabling seamless product discovery and checkout across AI and digital channels. Founded by damien Balsan, Murali Krishnamurthy, and Senthil Kumar in 2019, Firmly.ai has now raised a total of $17M in total equity funding and is backed by Alumni Ventures, ARK Investment Management, Benhamou Global Ventures, Granada Funds, Hike Ventures, JP Morgan, Mastercard, Samsung NEXT, Squarepoint Capital, The Mercantile Companies, and Versus Ventures.

Harbinger – $240.0M

Garden Grove-based Harbinger develops electric and hybrid commercial vehicles for medium-duty applications. Founded by John Harris, Phillip Weicker, and William Eberts in 2021, Harbinger has now raised a total of $597.7M in total equity funding and is backed by ArcTern Ventures, Australian Gulf Capital, BuildGroup, Capricorn Investment Group, FedEx, Fidelity, Greycroft, Leitmotif, Maniv Mobility, Panacea VC, Ridgeline, Squarepoint Capital, TechNexus Venture Collaborative, Tiger Global Management, and Xantium.

Journify – $12.0M

San Francisco-based Journify is a Composobale Customer Data Platform. Founded by Amine Chouki, Omar AlShoubaki, and Taoufik El Jamali in 2022, Journify has now raised a total of $17M in total equity funding and is backed by Al Mada Ventures, Bunat Ventures, Du Ventures, Oraseya Capital, Shorooq Partners, and Silicon Badia.

Kalepa – $75.0M

New York-based Kalepa develops AI-powered software solutions for the insurance industry, focusing on commercial insurance underwriting and risk assessment. Founded by Daniel Hillman and Paul Monasterio in 2018, Kalepa has now raised a total of $89M in total equity funding and is backed by IA Ventures, Inspired Capital Partners, and Updata Partners.

Larridin – $30.0M

San Francisco-based Larridin develops an AI analytics platform that measures adoption, spending, productivity, and business impact. Founded by Ameya Kanitkar, Jim Larrison, and Russell Fradin in 2024, Larridin has now raised a total of $47M in total equity funding and is backed by Alumni Ventures, Andreessen Horowitz, Cougar Capital Management, DG Daiwa Ventures, GFT Ventures, Gradient, Pelion Venture Partners, Thayer Investment Partners, and W23.

Lazarus AI – $43.0M

Boston-based Lazarus builds AI systems that help people solve the world’s toughest problems. Founded by Anish Patel and Ariel Elizarov in 2017, Lazarus AI has now raised a total of $49M in total equity funding and is backed by Allegis Capital, AngelList, Indelible, Joyance Partners, Motivate Venture Capital, Mucker Capital, One Way Ventures, Plug and Play, QBE Ventures, State Farm Ventures, Techstars, and Wave Function.

Northwood Space – $375.0M

Los Angeles-based Northwood Space designs ground infrastructure for spacecraft communication and data handling with deployable systems for connectivity. Founded by Bridgit Mendler, Griffin Cleverly, and Shaurya Luthra in 2023, Northwood Space has now raised a total of $536.2M in total equity funding and is backed by Alpine Space Ventures, Andreessen Horowitz, DFJ Growth, IQT, StepStone Group, and Washington Harbour Partners.

Numica – $21.0M

New York-based Numica provides accounting and tax services for companies and individuals. Founded by Slava Orekhov and Victor Lysenko in 2025, Numica has now raised a total of $21M in total equity funding and is backed by Flashpoint.

Ocient – $100.0M

Chicago-based Ocient is a hyper-scale data analytics company that allows organizations to unlock value by analyzing petabyte to exabyte scale data sets. Founded by Chris Gladwin, George Kondiles, and Joe Jablonski in 2016, Ocient has now raised a total of $256.5M in total equity funding and is backed by Blue Bear Capital, BOKA Capital, Buoyant Ventures, Dallas Venture Capital, Eron Wolf, Greycroft, IQT, OCA Ventures, Pritzker Group Venture Capital, and PSP Growth.

Ottonomy – $406.0M

Sunnyvale-based Ottonomy develops autonomous delivery robots and fleet management software for indoor and outdoor logistics operations. Founded by Ashish Gupta, Hardik Sharma, Pradyot KVN, and Ritukar Vijay in 2020, Ottonomy has now raised a total of $9.6M in total equity funding and is backed by Enrission India Capital.

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RadianX – $9.0M

San Francisco-based RadianX is a technology company supplying perovskite-based solar modules. Founded by Josh Douglas and Vivian Qu in 2024, RadianX has now raised a total of $9M in total equity funding and is backed by Alumni Ventures, Avila VC, California Innovation Fund, One Small Planet, quantumEDGE Ventures, Riceberg Ventures, Sahsen Ventures, SOSV, and Twynam Agricultural Group.

Sentra – $150.0M

New York-based Sentra develops a data security platform that helps enterprises discover, classify, monitor, and protect sensitive information. Founded by Asaf Kochan, Ron Reiter, Yair Cohen, and Yoav Regev in 2021, Sentra has now raised a total of $253M in total equity funding and is backed by Bessemer Venture Partners, Capital One Ventures, Key 1 Capital, Munich Re Ventures, Standard Investments, and Zeev Ventures.

Shield AI – $2.0B

San Diego-based Shield AI is a deep-tech company that focuses on developing AI-powered systems to enhance the safety of service members and civilians. Founded by Andrew Reiter, Brandon Tseng, and Ryan Tseng in 2015, Shield AI has now raised a total of $5B in total equity funding and is backed by Advent International, Apandion, Blackstone, Center15 Capital, Disruptive, InnovationX, JPMorganChase, and Snowpoint Ventures.

Syncere – $11.0M

Palo Alto-based Syncere develops intelligent home robotics that combine household automation with everyday furniture and lighting. Founded by Aaron Tan and Angus Fung in 2025, Syncere has now raised a total of $14.5M in total equity funding and is backed by a16z speedrun, Draper Associates, Physical World, SeaX Ventures, and sequel.

Traversal – $120.0M

New York-based Traversal offers an AI-powered platform for monitoring and resolving software infrastructure incidents. Founded by Ahmed Lone, Anish Agarwal, Raaz Dwivedi, and Raj Agrawal in 2023, Traversal has now raised a total of $173M in total equity funding and is backed by Amex Ventures, Battery Ventures, Khosla Ventures, Kleiner Perkins, Redpoint, and Sequoia Capital.

Tutor Intelligence – $75.0M

Watertown-based Tutor Intelligence develops AI-powered robots and automation solutions for industrial tasks. Founded by Alon Kosowsky-Sachs and Josh Gruenstein in 2021, Tutor Intelligence has now raised a total of $153.6M in total equity funding and is backed by Andreessen Horowitz, Neo, and Union Square Ventures.

Zipline International – $1.5B

South San Francisco-based Zipline International provides autonomous drone delivery and logistics services for healthcare, retail, and food industries. Founded by James Knight, Keenan Wyrobek, Keller Cliffton, and William Hetzler in 2011, Zipline International has now raised a total of $3.5B in total equity funding and is backed by ARK Investment Management, Fidelity, JP Morgan, Layer Global, Paradigm, Salesforce Ventures, Tiger Global Management, Uber, Valor Equity Partners, and WCM Investment Management.

AlleyWatch sat down with Kalepa CEO and Founder Paul Monasterio to learn more about the business, its future plans, and recent funding that brings total funding to $91M, and much, much more…

Who were your investors and how much did you raise?

We raised a $75M Series B at a $470M valuation, led by Updata Partners with continued support from longtime investors IA Ventures and Inspired Capital.

Tell us about the product or service that Kalepa offers.

Kalepa builds Professional Grade AI for insurance. Our AI agents perform and coordinate work across an insurer’s business, helping it grow profitably, operate more efficiently, and make better decisions about risk.

We started with underwriting and operations, from evaluating submissions to executing the workflows needed to quote policies. We are expanding across pricing, portfolio management, and more. Kalepa coordinates AI, software, and people, matching autonomy to the work and the insurer’s requirements, with verification and traceability built into the process.

Our customers range from global insurance groups such as W.R. Berkley to specialty insurers such as Bowhead Specialty and managing general agents such as AmRisc, which underwrite on behalf of insurers.

What inspired the start of Kalepa?

Insurance makes much of modern life possible. It helps people protect their families and homes, enables businesses to invest and grow, and gives society the confidence to take risks. It is also critical to innovation: new industries, from AI to commercial space, need new insurance coverage to develop and scale.

My Cofounder, Danny Hillman, and I worked with insurers at Applied Predictive Technologies. We saw consequential decisions being made with fragmented information and substantial manual work. We believed one of AI’s most valuable applications would be improving how insurers understand and underwrite risk.

We founded Kalepa in New York in 2018 around that conviction. Underwriting and operations were our starting point, and our ambition has grown with what the technology can accomplish.

How is Kalepa different?

Insurance presents deep technical challenges. Understanding risk requires understanding the factors that drive outcomes and how they interact. Insurers have many degrees of freedom in selecting risks, structuring coverage, setting prices, and managing portfolios. AI needs to understand those relationships to do valuable work.

We have spent years tackling these problems, from entity resolution—determining which business, person, or asset information actually refers to—to applying the transformer architecture to understanding risk outcomes. Turning that understanding into reliable execution introduces another set of challenges: coordinating complex workflows and performing work accurately and consistently at the standards expected of experienced professionals.

Those standards are exacting. Insurance is highly regulated, and decisions can carry consequences for years. Auditability and trust have to be built into the system. Insurers need to understand what happened, why it happened, and whether they can rely on the result.

Kalepa brings those capabilities together in production. Across customer deployments, reported results include more than 30-60% higher premium per underwriter, 58% faster quotes, and a 960-basis-point improvement in combined ratio.

What market does Kalepa target and how big is it?

We support the insurance industry, a $7 trillion global market, with an initial focus on property and casualty insurance. Our ambition extends across the industry and the full insurance value chain.

AI can fundamentally change the economics of insurance: how much work an insurer can perform, what that work costs, and how well it understands, prices, and manages risk. That creates an opportunity far beyond automating individual administrative tasks. It reaches the core decisions that determine an insurer’s growth and profitability.

We intend for Kalepa to become the core platform through which insurers run their businesses. As AI capabilities advance, the scope and complexity of the work we can take on will expand substantially.

What’s your business model?

We use value-based pricing. Insurers pay in proportion to the book of business we support and the outcomes that Kalepa delivers.

We build long-term relationships with our customers, and those relationships expand as they deploy the platform across additional teams, lines of business, and workflows. Our growth depends on continuing to deliver value that earns that expansion.

How are you preparing for a potential economic slowdown?

We have built Kalepa with financial discipline from the beginning and have been cash flow positive for over two years. That gives us considerable flexibility. The new capital allows us to invest more aggressively in opportunities we believe will create lasting value, while maintaining the discipline that got us here.

For our customers, pressure on growth and profitability makes the economics of underwriting and operations even more important. Kalepa helps insurers evaluate more opportunities, select business more effectively, and reduce the work required to serve it. Those capabilities are valuable across the cycle.

What was the funding process like?

We had the advantage of choosing when to raise. We had built a growing, cash-generating business, so we could evaluate the round based on what it would allow us to accomplish.

The capabilities of AI and demand from insurers have expanded considerably. We saw an opportunity to accelerate our investment and build a much larger business. That made this the right time to bring in additional capital.

Updata understood both the scale of the opportunity and the way we had built Kalepa. We wanted a partner who shared our ambition and respected the operating discipline behind our growth.

What are the biggest challenges that you faced while raising capital?​ ​ The raise itself was relatively straightforward. The harder work had taken place over the preceding years: building technology insurers would put into production, delivering results, and growing the business efficiently.

The consequential decision was choosing who we wanted alongside us for the next stage. A financing establishes a partnership that can last many years. We cared about alignment on the scale of our ambition, how we would invest, and how we would make decisions as the business grew. We found that alignment with Updata, alongside the continued support of IA Ventures and Inspired Capital.

What factors about your business led your investors to write the check?

It is unusual to find rapid growth, exceptional customer retention and expansion, financial discipline, and a massive market opportunity in the same business. That combination was central to the investment case.

Kalepa has AI in production doing real work at the standards expected of insurance professionals. Our revenue and customer count tripled in the past year, and the volume of work running through our platform grew fourfold. We achieved that while remaining cash flow positive for more than two years, without raising capital since 2021.

Customers are staying with us and expanding because the technology delivers tangible results. That gives us a strong foundation to lead a much larger opportunity as AI takes on more of the work performed across insurance.

What are the milestones you plan to achieve in the next six months?

Over the next six months, we want to expand both the scope of work Kalepa performs and the number of insurers benefiting from it.

On the product side, that means executing more complex workflows and connecting work across underwriting, operations, pricing, and portfolio management. Commercially, it means broader deployments with existing customers, new customer relationships, and further expansion in Europe.

We have recently brought in senior leaders with experience at Affirm, Addepar, Palantir, Block, and Shopify. They bring experience building technology and organizations at scale, and will help lead this next phase.

We are also adding engineering, AI, and commercial talent. Our broader plan is to double headcount in 2027, but the measure of success is what that team delivers for customers.

What advice can you offer companies in New York that do not have a fresh injection of capital in the bank?

Invest in the product and in delivering real, tangible, demonstrable impact for customers. Build something they value enough to pay for, keep using, and expand. That is the foundation for durable growth.

It is tempting to invest heavily in sales and marketing before establishing true product-market fit, effectively trying to buy revenue. You can make the growth figures look good for a while, but low-calorie growth never ends well. Insurance makes that lesson especially clear: it is easy to grow quickly by writing business with poor underlying economics, and the eventual losses can be catastrophic.

We spent years building Kalepa around product investment, customer results, and disciplined use of capital. That required choices about where to invest and what to defer. It also gave us the freedom to choose when to raise and whom to partner with.

Where do you see the company going now over the near term?

We expect Kalepa to take on a larger role in how insurers operate. We started with underwriting and operations, and we are expanding the work our technology can perform and the decisions it can support across the business.

As AI becomes more capable, the division of work between people and technology will continue to evolve. We are building Kalepa to help insurers apply those advances, with the control and reliability their businesses require.

Our focus is on helping customers grow, operate more efficiently, and understand risk better. The new capital will fund the product development, hiring, and international expansion needed to support that work.

What’s your favorite fall destination in and around the city?

In the city, Lincoln Center with my wife and our three-year-old daughter. We love music, and catching a performance is always great. We recently started attending the Chamber Music Society’s concerts for children, and they have been a family hit. Farther afield, we love the fall foliage around Lake Placid when we have the time.

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US startups raised $20.83B across 563 rounds in October, down 25% from September and up 71% from October 2025. Four rounds of $1B or more, from Ramp, Tenstorrent, Flapping Airplanes and Kalshi, totaled $5.35B, or 26% of the month. Series A was the surprise: its $5.11B total jumped 72% from September’s $2.97B, with three rounds of $400M or more taking $2.27B of it.

October 2026 US Funding Highlights

US Funding by Stage: October 2026

Top 10 US Funding Rounds: October 2026

The top 10 rounds totaled $8.77B, or 42% of October capital.

October 2026: The Month in Detail

Late-Stage: 51 rounds, $10.77B

Ramp raised $1.85B in a Series G led by Dragoneer and Thrive Capital, and Tenstorrent closed a $1.5B Series E at a $6.2B valuation. Kalshi raised $1B in a Series G co-led by Sequoia Capital and Wellington Management, and Modal Labs added a $750M Series D led by Accel. Bedrock Robotics raised a $600M Series C co-led by CapitalG and Emergence Capital, and ASI raised a $325M Series C led by Spark Capital. Xona followed with a $250M Series D.

Series B: 50 rounds, $2.98B

Oratomic raised $475M for fault-tolerant quantum computers, three months after its Series A. Armadin ($255.5M), Vinci ($250M), Arena ($200M) and Type One Energy ($200M) followed.

Series A: 121 rounds, $5.11B

Flapping Airplanes raised $1B at a $6B valuation from Index Ventures and Lux Capital, and TypeSafe AI raised $870M at a $7.5B valuation in a round led by Andreessen Horowitz. Atlas Atomics raised about $400M for a nuclear reactor at a $1.9B valuation. Those three rounds made up 44% of the stage. Warp Sciences ($215M), Arda ($160M) and Eka Robotics ($150M) came next.

Early-Stage: 341 rounds, $1.98B

Dream Labs raised a $90M seed led by B Capital for a robot foundation model. Oro Mobility and OptimizeGEO.ai raised $80M each, followed by &Truth ($70M), Hone ($60M) and Teddy AI ($60M). The median Early-Stage round was $2.7M.

US Funding by Sector: October 2026

AI infrastructure set the pace. Tenstorrent ($1.5B), TypeSafe AI ($870M), Modal ($750M) and Flapping Airplanes ($1B) built out chips, models and cloud capacity. In fintech, Ramp and Kalshi raised $2.85B between them. Hard tech was broad: Bedrock Robotics, Oratomic and Atlas Atomics each raised $400M or more. Defense and space drew ASI ($325M), Xona ($250M) and Firehawk Aerospace ($150M). Health was led by Pathos ($237M), Warp Sciences ($215M) and Star Therapeutics ($200M), and Armadin’s $255.5M led cybersecurity.

NYC vs. US: October 2026

By Stage

Looking Ahead: US Startup Funding in Q4 2026

Q3 closed at about $65.43B, and Q4 opens with $20.83B in October. The month leaned on four $1B+ rounds and a Series A stage swollen by three outsized raises, so November will show whether capital keeps flowing to a handful of companies or spreads out. October figures will move as late-reported rounds arrive. Explore every round at the AlleyWatch funding index.

Methodology

Figures come from AlleyWatch’s US startup funding data and use disclosed round sizes. Undisclosed rounds are excluded, as are corporate rounds, private equity and debt. Early-Stage covers Pre-Seed, Seed, Angel, Accelerator and Incubator rounds, Series A and Series B are reported individually, and Late-Stage covers Series C and later. Year-over-year and month-over-month comparisons use previously published AlleyWatch totals.

11. Ultra $50M
Round: Series A
Description: Ultra develops AI-powered industrial robots that automate warehouse workflows such as order packaging, sorting, and kitting. Founded by Chetan Parthiban, Jonathan Schwartz, Max Friefeld, and Oliver Ortlieb in 2024, Ultra has now raised a total of $62M in total equity funding and is backed by Y Combinator, Wing Venture Capital, Framework Ventures, Pioneer Fund, and M13.
Investors in the round: Framework Ventures, Y Combinator
Industry: Artificial Intelligence (AI), Information Technology, Logistics, Machine Learning, Robotics, Software
Founders: Chetan Parthiban, Jonathan Schwartz, Max Friefeld, Oliver Ortlieb
Founding year: 2024
Total equity funding raised: $62M
AlleyWatch’s exclusive coverage of this round:  Ultra Raises $50M to Put AI Packing Robots on More Warehouse Floors

10. Stuut $52.5M
Round: Series B
Description: Stuut provides an AI-powered software platform that automates accounts receivable and order-to-cash processes. Founded by Ben Winter, Miraj Mohsin, and Tarek Alaruri in 2024, Stuut has now raised a total of $88M in total equity funding and is backed by Andreessen Horowitz, Khosla Ventures, Sequoia Capital, Insight Partners, and Activant Capital.
Investors in the round: Activant Capital, Andreessen Horowitz, Insight Partners, M12 – Microsoft’s Venture Fund, SignalRank
Industry: Accounting, Agentic AI, Artificial Intelligence (AI), Business Process Automation (BPA), Enterprise Software, Financial Services, FinTech
Founders: Ben Winter, Miraj Mohsin, Tarek Alaruri
Founding year: 2024
Total equity funding raised: $88M
AlleyWatch’s exclusive coverage of this round: Stuut Raises $52.5M to Unlock Cash Trapped in Receivables

8. Daytona $60M
Round: Series B
Description: Daytona provides cloud infrastructure for running AI-generated code and autonomous AI agents in isolated environments. Founded by Goran Draganic, Ivan Burazin, and Vedran Jukic in 2023, Daytona has now raised a total of $91M in total equity funding and is backed by Alumni Ventures, FirstMark, 500 Global, e2vc, and Torch Capital.
Investors in the round: FirstMark Capital, Qualcomm Ventures, Patrick Collison, Aravind Srinivas, Upfront Ventures, Alumni Ventures, Evergreen Fund, Adam D’Angelo, Brendan Foody, Olivier Pomel, Okta Ventures, Torch Capital, Samsung NEXT, Pace Capital, Tobi Lutke, Eric Yuan, e2vc
Industry: Artificial Intelligence (AI), Cloud Computing, Cloud Infrastructure, Developer Tools, IT Infrastructure, Software
Founders: Goran Draganic, Ivan Burazin, Vedran Jukic
Founding year: 2023
Total equity funding raised: $91M

8. North.cloud $60M
Round: Series B
Description: North.cloud provides a platform for monitoring and optimizing cloud, AI, and data spending. Founded by Matt Biringer and Yassine Açoine in 2023, North.cloud has now raised a total of $67.6M in total equity funding and is backed by Gaingels, Mana Ventures, Everywhere Ventures, Alpaca VC, and PeakSpan Capital.
Investors in the round: Alpaca VC, Companyon Ventures, Gaingels, Litquidity Ventures, Mana Ventures, PeakSpan Capital, Uncommon Denominator
Industry: Artificial Intelligence (AI), Cloud Computing, Cloud Data Services, Cloud Management, Enterprise Software, FinTech
Founders: Matt Biringer, Yassine Açoine
Founding year: 2023
Total equity funding raised: $67.6M

7. TriGemX Bio $94M
Round: Venture
Description: TriGemX Bio uses the science of gut-brain biology to create medicines that transform human health. Founded by Alex Rives, Charles Zuker, Nancy Thornberry, Richard Axel, and Thomas Maniatis in 2015, TriGemX Bio has now raised a total of $581.2M in total equity funding and is backed by The Column Group, Viking Global Investors, Euclidean Capital, TCG Crossover, and Euclidean Capital.
Investors in the round: Viking Global Investors, The Column Group, TCG Crossover
Industry: Biotechnology, Health Care, Medical, Pharmaceutical
Founders: Alex Rives, Charles Zuker, Nancy Thornberry, Richard Axel, Thomas Maniatis
Founding year: 2015
Total equity funding raised: $581.2M

6. Capitolis $120M
Round: Series E
Description: Capitolis provides technology and financial solutions designed to improve capital efficiency and reduce risk across capital markets. Founded by Gil Mandelzis, Igor Teleshevsky, and Thomas Glocer in 2017, Capitolis has now raised a total of $457.8M in total equity funding and is backed by Andreessen Horowitz, Sequoia Capital, Index Ventures, Citi, and Hercules Capital.
Investors in the round: Bank of America, State Street, BNP Paribas, JP Morgan, Tradeweb, Barclays, Nomura, Citi, UBS, First Citizens Innovation Banking, Hercules Capital, Pinegrove Venture Partners
Industry: Banking, Financial Services, FinTech, Information Technology, Trading Platform
Founders: Gil Mandelzis, Igor Teleshevsky, Thomas Glocer
Founding year: 2017
Total equity funding raised: $457.8M

5. Valon $150M
Round: Series D
Description: Valon develops software infrastructure for mortgage servicing and other regulated financial workflows. Founded by Andrew Wang, Eric Chiang, Jonathan Hsu, and Linda Du in 2019, Valon has now raised a total of $347.1M in total equity funding and is backed by Andreessen Horowitz, Human Capital, Ribbit Capital, Zigg Capital, and AlleyCorp.
Investors in the round: Andreessen Horowitz, Ribbit Capital
Industry: Artificial Intelligence (AI), Financial Services, FinTech, Mortgage, Payments, Software
Founders: Andrew Wang, Eric Chiang, Jonathan Hsu, Linda Du
Founding year: 2019
Total equity funding raised: $347.1M

4. Whop $200M
Round: Series D
Description: Whop enables individuals and businesses to sell digital products, subscriptions, courses, and memberships online. Founded by Cameron Zoub, Jack Sharkey, and Steven Schwartz in 2021, Whop has now raised a total of $478M in total equity funding and is backed by Sequoia Capital, Insight Partners, Bain Capital Ventures, A*, and Soma Capital.
Investors in the round: Shopify Ventures, Sequoia Capital
Industry: Affiliate Marketing, Developer APIs, E-Commerce, FinTech, Marketplace, SaaS
Founders: Cameron Zoub, Jack Sharkey, Steven Schwartz
Founding year: 2021
Total equity funding raised: $478M

3. Modal Labs $750M
Round: Series D
Description: Modal Labs is a serverless cloud infrastructure platform for running machine learning and data processing workloads. Founded by Akshat Bubna and Erik Bernhardsson in 2021, Modal Labs has now raised a total of $1.2B in total equity funding and is backed by Menlo Ventures, Accel, General Catalyst, Gaingels, and Quiet Capital.
Investors in the round: Bain Capital Ventures, General Catalyst, Kleiner Perkins, Menlo Ventures, Lux Capital, Redpoint, Accel
Industry: AI Infrastructure, Cloud Computing, Cloud Data Services, Cloud Infrastructure, Software
Founders: Akshat Bubna, Erik Bernhardsson
Founding year: 2021
Total equity funding raised: $1.2B

2. Kalshi $1B
Round: Series G
Description: Kalshi operates an online prediction market platform that allows users to trade contracts based on the outcomes of future events. Founded by Luana Lopes Lara and Tarek Mansour in 2018, Kalshi has now raised a total of $3.8B in total equity funding and is backed by Andreessen Horowitz, Wellington Management, Sequoia Capital, General Catalyst, and IVP.
Investors in the round: Morgan Stanley Investment Management, Balyasny Asset Management, Sequoia Global Equities, Wellington Management, Hudson River Trading, Andreessen Horowitz, Sequoia Capital, Baillie Gifford, Layer Global, CapitalG, Stripes, Coatue
Industry: Financial Exchanges, Financial Services, FinTech, Prediction Markets, Predictive Analytics
Founders: Luana Lopes Lara, Tarek Mansour
Founding year: 2018
Total equity funding raised: $3.8B

1. Ramp $1.9B
Round: Series G
Description: Ramp is a financial technology company that develops software for corporate spend management, finance operations, and business payments. Founded by Eric Glyman, Gene Lee, and Karim Atiyeh in 2019, Ramp has now raised a total of $4.7B in total equity funding and is backed by Lightspeed Venture Partners, Khosla Ventures, Sequoia Capital, BoxGroup, and General Catalyst.
Investors in the round: Dragoneer Investment Group, Thrive Capital, Founders Fund, 1789 Capital, 8VC, Alpha Wave Global, Avenir, Capital Group, Coatue, D1 Capital Partners, Definition, D. E. Shaw & Co., Fidelity, FirstMark, General Catalyst, Generation Investment Management, GIC, Glade Brook Capital Partners, Greenoaks, ICONIQ Capital, Khosla Ventures, Lightspeed Venture Partners, Ontario Teachers’ Pension Plan, Pinegrove Opportunity Partners, Sands Capital Ventures, Soma Capital, Stripes, T. Rowe Price
Industry: Artificial Intelligence (AI), Credit Cards, Finance, Financial Services, FinTech
Founders: Eric Glyman, Gene Lee, Karim Atiyeh
Founding year: 2019
Total equity funding raised: $4.7B

We built Zenlytic to help enterprises get answers they can trust from their own data, with a developer-first approach to keeping business context accurate. This transaction allows Chord to build on that work, combining our analytics engine with their data infrastructure and activation capabilities so customers can move from asking questions to acting on the answers. – Ryan Janssen

Founded in 2018 by Ryan Janssen and Paul Blankley, Zenlytic had raised a total of $15.4M in equity funding and is backed by Sequoia Capital, Bain Capital Ventures, Correlation Ventures, Primary Venture Partners, M13, Company Ventures, Habitat Partners, and 14Peaks Capital. Its AI analyst, Zoë, answers business questions directly from a company’s data warehouse. Its customers include Verizon, J.Crew, Domino’s, and Stanley Black & Decker, and its technology and key team members will now join Chord.

Chord, founded in 2021, built an end-to-end context layer for commerce brands. Zenlytic built an approach that works across industries on existing enterprise data warehouses. The combination takes Chord beyond commerce and into the broader enterprise, where, as Chord sees it, giving AI agents access to data is easier than making sure they understand the business. Chord keeps definitions, metrics, and financial goals current as they change, enforces permissions, and gives companies oversight of the answers their agents produce.

Bryan Mahoney, Cofounder and CEO of Chord, said the acquisition gives companies the infrastructure to own their business context. “Companies shouldn’t have to hand over control of their most valuable business context to benefit from AI,” remarked Mahoney. “Bringing Zenlytic into Chord gives them the infrastructure to own that context, keep it current, and use it across whichever AI models they choose.”

Companies shouldn’t have to hand over control of their most valuable business context to benefit from AI. Bringing Zenlytic into Chord gives them the infrastructure to own that context, keep it current, and use it across whichever AI models they choose. – Bryan Mahoney

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