The Week’s 10 Biggest Funding Rounds: Biotech’s Big Week; Resilience Takes Top Spot With $625M Round

This is a weekly feature that runs down the week’s top 10 funding rounds in the U.S. Check out last week’s biggest funding rounds here.

Drug developers and health care tech had no problem attracting investors’ interest this week, as biotech startups took four of the top 10 rounds. In addition, another company in the health care space made the list. However, in general, rounds continue to trend lower, as there was only one raise more than a quarter-billion dollars this week in the U.S.

1. National Resilience, $625M, biotech: Raising rounds of more than a half-billion dollars can make a company pretty resilient. San Diego-based National Resilience has now raised two such rounds in about 10 months. The company, an end-to-end biopharmaceutical manufacturing and development firm, announced this week it raised a $625 million Series D after closing a previously unannounced $600 million Series C in August. Resilience develops therapeutics in its 10 facilities across North America. The company has more than 1 million square feet of manufacturing space and over 1,600 employees. Although it did not announce who specifically participated in the round, it said it included “venture capital funds, public mutual funds, pension funds, biopharma companies, sovereign wealth funds and private family offices, among others.” Resilience has now raised more than $2 billion in equity since being founded in 2020, according to the company.

2. Knock, $220M, fintech: The housing market is hot and homebuyers need to move fast. Knock’s home-buying app lets people do just that. It lets existing homeowners access the cash they need before they even sell their current home. The New York-based company closed a  $220 million round led by the Foundry Group. While some expect to see the housing market weaken as interest rates rise, the Opendoor competitor seems to be betting that the current market stays strong. Founded in 2015, Knock has now raised a total of $900 million of debt and equity, according to the company.

3. Branch, $147M, insurance: Columbus, Ohio-based Branch became one of the latest unicorns to join the growing herd this week. The insurtech company locked up a $147 million Series C led by Weatherford Capital that values it at $1.05 billion. Branch allows companies to bundle home and auto insurance in a single transaction, using data and automation to make the monotonous process of buying insurance easier. The company claims it has helped members save an annual average of $548. Founded in 2019, the company has now raised nearly $230 million, according to Crunchbase data.

4. Aledade, $123M, health care: Trying to help doctors provide better care is a big undertaking, and now Bethesda, Maryland-based Aledade has more money to try to do it. The company raised a $123 million Series E led by OMERS Growth Equity. Fidelity Management & Research Co. and other current investors also participated. The company did not release a valuation, but Business Insider reported it as $3.1 billion. Aledade, which realized more than $300 million in revenue last year, offers a platform to help doctors create and run accountable care organizations, providing coordinated care among doctors. Founded in 2014, the company has raised nearly $418 million, according to Crunchbase.

5. Mineralys Therapeutics, $118M, biotech: As we said earlier, biotech was big this week. Philadelphia-based clinical-stage biopharmaceutical company Mineralys Therapeutics raised a $118 million Series B led by RA Capital Management and Andera Partners. The company is developing new therapies for uncontrolled hypertension. Founded in 2020, the company has raised a total of $162 million, according to Crunchbase data.

6. Vanta, $110M, security: San Francisco-based security monitoring platform Vanta closed a $110 million Series B at a $1.6 billion valuation led by Craft Ventures. Founded in 2017, the company has raised $163 million, according to Crunchbase.

7. Immuta, $100M, cybersecurity: Boston-based data security firm Immuta secured a $100 million Series E led by NightDragon. Founded in 2015, the company has raised $267 million to date.

8. Shield AI, $90M, artificial intelligence: San Diego-based cybersecurity provider Shield AI, which develops AI pilots for the defense industry, raised $90 million in equity and $75 million in debt as part of a Series E led by Snowpoint Ventures valuing the company at $2.3 billion. Founded in 2015, the company has raised more than $500 million, according to Crunchbase.

9. Owkin, $80M, biotech: New York-based AI precision-medicine company Owkin raised $80 million from Bristol Myers Squibb, Business Insider reported. Founded in 2016, the company has now raised more than $334 million, according to Crunchbase.

10. Code Biotherapeutics, $75M, biotech: Hatfield, Pennsylvania-based biotechnology firm Code Biotherapeutics closed a $75 million Series A led by Northpond Ventures. Founded in 2020, the gene therapy company has raised a total of $85 million, according to Crunchbase.

Big global deals

Three of the five biggest rounds this week happened outside the U.S., including one deal across the pond worth more than $1 billion.

• London-based software consultancy and developer The Access Group closed a round worth more than $1.2 billion from existing shareholders Hg and TA Associates.
• London-based edtech platform Multiverse raised a $220 million Series D.
• Singapore-based software developer Envision Digital locked up a $210 million Series A.

Methodology

We tracked the largest rounds in the Crunchbase database that were raised by U.S.-based companies for the seven-day period of June 4-10. Although most announced rounds are represented in the database, there could be a small time lag as some rounds are reported late in the week.

Illustration: Dom Guzman

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• Source: https://news.crunchbase.com/health-wellness-biotech/biggest-vc-startup-funding-rounds-ai-fintech/