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Exploring the Week’s Most Exciting Funding Rounds: Abcuro Emerges as the Biotech Leader

4 Mins read

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Are you keen on staying updated with the latest financial boosts that startups are receiving in 2023? We’ve got you covered! Dive into our meticulously curated list of venture deals worth over $100 million, specifically directed towards U.S.-based companies. Check out the Crunchbase Megadeals Tracker, your gateway to staying informed.

In this weekly feature, we’ll delve into the top ten funding rounds unveiled during the past week within the United States. Despite the week appearing relatively uneventful on the news front, it did unveil a handful of substantial funding rounds. These rounds, although not originating from the tech startup giants, held their own significance. Interestingly, these occurrences are transpiring as we inch closer to the conclusion of the leisurely days of summer, leaving us curious about the forthcoming developments.

1. Abcuro Secures the Top Spot with a Whopping $155 Million

Leading the pack is Abcuro, a pioneering biotech entity. Hailing from Newton, Massachusetts, this clinical-stage biotech startup has stormed the scene with its impressive Series B financing of $155 million. Notable investors co-leading this financing are Redmile Group and Bain Capital Life Sciences. Abcuro has a noble mission – to combat autoimmune diseases and cancer through precision modulation of specific T and NK cells. Since its inception in 2015, the company’s funding journey has soared to nearly $215 million, as per data from Crunchbase.

2. Teamshares: Cultivating a New Business Landscape with $124 Million

Transitioning into the fintech realm, New York-based Teamshares comes into focus. This innovative startup is on a mission to empower retiring small-business owners with a unique twist. A freshly acquired Series D funding of $124 million, spearheaded by QED Investors, is set to fuel Teamshares’ vision. The company’s strategy involves acquiring small businesses from retiring proprietors and steering them toward an employee-owned model. The goal? Transforming these companies into 80% employee-owned entities within two decades. With a compelling trajectory from four companies and $10 million in revenue in early 2021 to an impressive 84 companies boasting over $400 million by July, Teamshares’ journey is a testament to their impact. Since its establishment in 2019, Teamshares has amassed an impressive $245 million.

3. Pivotal Commware Redefining Telecommunications with $102 Million

Radiating innovation from Bothell, Washington, Pivotal Commware is transforming the telecommunications landscape. Their ingenious Pivot 5G repeaters, designed to extend wireless coverage for radio access networks (RANs), have garnered significant attention. A Series D funding round of $102 million, steered by Gates Frontier and Tracker Capital, reflects the burgeoning interest in this startup. Notably, Pivotal Commware boasts the support of Bill Gates as one of its early backers. Their journey, commencing in 2016, has propelled them to a funding total of $201 million, presenting a compelling testament to their potential.

4. Anthropic and the AI Resurgence with $100 Million

A familiar narrative emerges with Anthropic, a San Francisco-based AI startup. Amidst a summer lull, this dynamic entity secured a staggering funding rounds of $100 million from SK Telecom, the largest telecommunications company in South Korea. This infusion aims to bolster SK Telecom’s AI-related telecommunications business, a promising venture in today’s landscape. Anthropic is poised to construct an expansive language model tailored for telcos, fueling the AI frenzy once again. Anthropic’s journey is remarkable, having raised over $1.4 billion in the past 16 months, including a substantial Series C led by Spark Capital. Their establishment in 2021 has already amassed an astounding $1.6 billion, according to Crunchbase records.

5. BitGo Rides the Crypto Wave with $100 Million

BitGo’s story is a remarkable testament to resilience and transformation within the crypto realm. Just a year after the dissolution of a monumental $1.2 billion acquisition deal by Galaxy Digital, BitGo has surged forward. Palo Alto-based BitGo locked in a $100 million Series C funding at a valuation of $1.75 billion. The investors behind this significant raise remain undisclosed, yet the accomplishment shines in the context of a relatively reserved year for crypto funding. With a founding year of 2013, BitGo’s journey showcases their determination, having accrued nearly $170 million in funding, despite the challenges.

6. ClassWallet Facilitating Financial Growth with $95 Million

Hailing from Miami, ClassWallet has embarked on an impressive journey within the fintech landscape. Offering a platform that streamlines purchasing and reimbursement for public funds, ClassWallet is at the forefront of financial transformation. Their recent funding round of $95 million, spearheaded by Guidepost Growth Equity, highlights their commitment to reshaping financial practices. Since their inception in 2014, ClassWallet’s funding journey has neared the $102 million mark, as per Crunchbase’s comprehensive data.

7. Rondo Energy’s Green Pursuits Garner $60 Million

The pursuit of sustainable energy solutions comes into view with Rondo Energy. Based in Alameda, California, this energy-focused startup specializes in crafting energy storage batteries. With an infusion of $60 million from diverse investors, including Microsoft Climate Innovation Fund, Rondo Energy’s mission gains renewed momentum. Since its establishment in 2020, the company’s funding total has risen to an impressive $82 million, according to Crunchbase records.

8. Driving Autonomy and Automation with $55 Million

Enter, a software development powerhouse based in Menlo Park, California. Their primary focus? Autonomous driving and robotics automation. This startup’s recent Series C funding round of $55 million, led by Freeman Group, propels their innovative endeavors. Founded in 2016,’s journey has been fortified by $102 million in funding, solidifying their commitment to revolutionizing autonomy.

9. Aether Bio: Illuminating Nanoscale Machinery with $49 Million

The intriguing world of nanoscale machinery is unveiled through Aether Bio, another Menlo Park-based startup. Their pioneering efforts have attracted significant attention, evident in their $49 million Series A funding, led by Natural Capital and Unless. Since their inception in 2017, Aether Bio has amassed $49 million in funding, as highlighted by Crunchbase’s comprehensive data.

10. Mitra Chem’s Battery Endeavors Spark with $40 Million

The final spotlight falls on Mitra Chem, a Mountain View, California-based startup. With a focus on producing lithium-ion battery materials, Mitra Chem is shaping the future of energy storage. Their recent funding milestone involves a $40 million first close of a $60 million Series B round, with GM leading the charge. Founded in 2021, Mitra Chem’s journey has garnered $87 million in funding, cementing their role within the evolving battery landscape.

Source: The Week’s 10 Biggest Funding Rounds: Biotech Startup Abcuro Takes Top Spot

Global Triumphs and Methodology

While the U.S.-based startups showcased substantial funding rounds, a notable international occurrence demands our attention. Ireland’s TechMet, a vital player in critical minerals investment


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