The venture funding landscape experienced another sluggish week, marking the third consecutive downturn following an earlier surge in substantial rounds this year. Xcimer Energy emerged as the standout, securing the only nine-figure investment, highlighting the onset of the summer lull in venture activities.
- Xcimer Energy, $100M, Energy: In a notable resurgence for fusion funding, Denver-based Xcimer Energy announced a $100 million Series A led by Hedosophia. The company, focusing on laser-driven inertial fusion, aims to build a prototype laser system featuring the “world’s largest nonlinear optical pulse compression system.” Since its inception in 2022, Xcimer has raised nearly $118 million, including a $9 million grant from the U.S. Department of Energy.
- Pika, $80M, Artificial Intelligence: Palo Alto-based AI startup Pika continues to make waves with an $80 million round led by Spark Capital, valuing the company at $470 million. Specializing in AI-generated video, Pika also saw participation from actor and singer Jared Leto. Founded in 2023, Pika has now raised $135 million.
- Prolific Machines, $55M, Biotech: Emeryville-based Prolific Machines secured a $55 million Series B led by the Ki Tua Fund, the corporate venture arm of Fonterra Co-operative Group. The startup’s platform enhances biological product production using light, relevant for cellular agriculture and nutritional protein production. Founded in 2020, Prolific has raised $86.5 million.
- Restor3d, $55M, 3D Technology: North Carolina-based Restor3d, a manufacturer of personalized orthopedic implants using 3D printing technology, raised a $55 million Series A led by Summers Value Partners, along with a $15 million debt financing led by Trinity Capital. The startup uses AI and 3D printing to create biomaterial implants for orthopedic use. Founded in 2017, Restor3d has raised nearly $150 million.
- Osteal Therapeutics, $50M, Biotech: Dallas-based Osteal Therapeutics closed a $50 million Series D led by Zimmer Biomet. The company develops new drug/device therapies for orthopedic infections using approved drugs for new delivery routes. Founded in 2013, Osteal has raised nearly $113 million.
- Twelve Labs, $50M, Video: San Francisco-based AI startup Twelve Labs, developing video foundation models for searchable video content, secured a $50 million Series A co-led by New Enterprise Associates and Nvidia’s venture capital arm, NVentures. Founded in 2021, Twelve Labs has raised $77 million.
- AcuityMD, $45M, Medtech: Boston-based AcuityMD, a commercial platform for identifying medical industry target markets, raised $45 million led by Iconiq Growth. Founded in 2019, AcuityMD has raised over $83 million.
- Eko Health, $41M, Health Care: San Francisco-based Eko Health, which uses AI for early detection of heart and lung diseases, raised a $41 million Series D. Founded in 2013, the company has raised approximately $169 million.
- SpyCloud, $35M, Cybersecurity: Austin-based SpyCloud, focused on preventing account takeovers, raised $35 million from CIBC Innovation Banking. Founded in 2016, SpyCloud has raised nearly $204 million.
- Advanced Medicine Partners, $32M, Biotech: North Carolina-based Advanced Medicine Partners raised $32 million in financing led by Deerfield Management. Founded in 2023, this is the company’s first announced funding round.
Big Global Deals
The largest global round of the week was secured by a Chinese semiconductor company:
Shanghai-based Unisoc, specializing in chipsets for mobile communications and IoT, raised approximately $552 million.
Methodology
The largest announced rounds in the Crunchbase database for U.S.-based companies from June 1 to June 7 were tracked. While most announced rounds are included, there could be a small lag due to late-week reports.
