New rounds will help startups challenge well-funded rivals
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It was once again the private market that generated the most funding-related news in the startup world this week, both for companies and for funds. But it would be a mistake to forget the public sector; startups gathered with lawmakers, while others obtained and lost licenses.
Most interesting startup stories from the week
This week offered reminders that for better or for worse, startups have to interact with regulators to retain licenses and stay out of trouble.
Bumpy road: Fisker‘s bankruptcy process isn’t going smoothly. The failed EV manufacturer is under investigation by the SEC, and earlier this week, American Lease, the company buying its remaining fleet, said it might not complete the purchase.
Licensed to bill: French unicorn Alan expanded into Canada, where there hadn’t been any new health insurance company since 1957. The startup plans to hire 50 people in the country.
Most interesting fundraises this week
Some of the rounds we learned about this week were quite big, but perhaps not overly so considering the problems these startups are tackling and the competitors they face.
Striking gold: KoBold Metals, a minerals discovery startup, raised $491 million of a targeted $527 million round, according to an SEC filing. The company uses AI to surface data that can help locate cobalt, copper, lithium, and nickel.
Well supplied: Auger, a company developing AI-powered supply chain tools, raised a giant $100 million seed round. Such a big raise could be because of its high-profile CEO, Dave Clark, formerly of Amazon and Flexport. But Auger also has to compete with well-funded rivals.
ProteinGPT: Basecamp Research, a London-based startup unrelated to Basecamp the product management platform, raised a $60 million Series B round of funding to build a ‘GPT for biology.’ The company claims that its foundational model, BaseFold, outperforms DeepMind’s AlphaFold 2 at predicting large, complex proteins.
AMD vs. Nvidia: Cloud infrastructure startup TensorWave wants to offer an alternative to Nvidia hardware for AI compute and secured a $43 million round with participation from AMD Ventures. It is based in Las Vegas, where energy costs are lower than in many major U.S. cities.
Lifeline: Qantev, a Paris-based startup that sells enterprise software helping health and life insurers use AI to process claims, raised a €30 million Series B round of funding led by Blossom Capital.
Most interesting VC and fund news this week
Climate incubation: Montreal-based venture studio Diagram expanded into climate tech with the launch of its fourth studio fund, Diagram Climate Tech, which was oversubscribed and closed at $58 million.
Last but not least
Ref: techcrunch
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