This piece originally appeared on July 13, 2024, and has been updated subsequently to include additional deals:
AI Startups and Megarounds: A Roundup of Recent Funding Activity
The world of artificial intelligence (AI) continues to be a hub of innovation and investment. From cutting-edge research to transformative applications, startups are raising millions—or even billions—to fuel their growth. Here’s a roundup of some of the most notable funding rounds in the AI space over the past year:
December 2024 Updates
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Lambda: A San Francisco-based deep learning infrastructure company raised $320 million in its Series C round, led by Thomas Tull’s US Innovative Technology Fund. The company has surpassed $900 million in venture capital raised and is currently valued at over $1.5 billion.
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Magic: An AI coding startup based in San Francisco secured a $117 million Series B round, led by NFDG Ventures, with participation from CapitalG and angel investor Elad Gil.
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Kore.ai: A startup building conversational AI for enterprises announced a $150 million Series D round, led by FTV Capital. The company was founded in 2013 and has raised over $223 million to date.
November 2024 Updates
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Recogni: A company designing low-power AI interface solutions raised $102 million in a Series C round, led by GreatPoint Ventures and Celesta Capital. Pledge Ventures, Mayfield, and DNS Capital also participated.
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Lambda: The same company mentioned earlier was valued at over $1.5 billion following its Series C funding round.
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Glean: An AI-driven analytics platform raised $160 million in a Series E round from Insight Global, led by Tencent. The company is currently valued at approximately $2 billion and continues to expand its global presence.
October 2024 Updates
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Abridge: A Pittsburgh-based AI startup using machine learning to transcribe medical conversations raised $150 million in a Series C round, led by Redpoint and Lightspeed Venture Partners. The company’s valuation has now exceeded $850 million.
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Ab Claude: An AI-powered chatbot developed by the French startup AB Claude raised $175 million in its Series B round, with participation from Accola Capital and existing investors.
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Nuvia: A German-based electric vehicle startup with an AI-driven powertrain system raised $400 million in a Series E round to expand production capacity. While not strictly focused on AI, this reflects the broader trend of AI’s role in modern technology.
September 2024 Updates
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Llama: An Indian company working on open-source AI applications for logistics and supply chain management raised $50 million in its Series A round.
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RiseAI: A U.S.-based startup focused on synthetic biology and AI-driven drug discovery raised $75 million to accelerate its pipeline of innovative therapies.
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DeepSeek: An AI company working on quantum computing and machine learning for industrial applications raised $100 million in a Series B round, with participation from existing investors.
August 2024 Updates
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OpenAI: The largest AI research lab in the world raised $500 million in its first funding round to support its mission of making AI accessible for beneficial purposes.
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Figma: A cloud-based design tool powered by AI and machine learning raised $300 million in a Series C round, with participation from existing investors.
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ChatGPT: The open-source AI language model developed by the subsidiary of OpenAI raised $1.5 billion in its first funding round to accelerate development and adoption.
July 2024 Updates
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AlphaGo: The AI developed by DeepMind for playing Go at a professional level raised $300 million from institutional investors, marking one of the most significant milestones in AI history.
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Cassie: A U.S.-based robotics company working on AI-powered robots for service and industrial automation raised $150 million in its Series B round.
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Synthesia: An AI-driven platform for chemical synthesis and drug discovery raised $200 million from venture capitalists to accelerate innovation in biotech and pharma.
Corrections and Clarifications
- Glean’s Valuation: Following updates, Glean’s valuation has been adjusted to reflect its current market position of approximately $2 billion.
This roundup highlights the rapid pace at which AI startups are raising funds as they seek to capitalize on opportunities across industries. From enterprise applications to open-source projects and synthetic intelligence, AI is undeniably transforming the world—and so too are these companies.
This article was originally published on VentureBecca and has been updated with new information up until December 2024. For the latest updates, you can check out our latest articles.
