The Week’s 10 Biggest Funding Rounds: Quantinuum Locks Up Huge $300M Round On Promise Of Quantum Computing
The second full week of 2024 proved to be slow in terms of funding rounds, with only one startup securing a raise in the nine figures. However, the quantum computing company Quantinuum managed to secure a massive $300 million in equity fundraising at a pre-money valuation of $5 billion. The funding round was led by JPMorgan Chase. Quantinuum, which was spun out of Honeywell in 2021 and merged with Cambridge Quantum Computing, has now raised a total of approximately $625 million. Last year, funding to quantum computing startups reached $1.2 billion, surpassing the less than $800 million raised in 2022. The substantial increase in venture funding for quantum computing indicates investor enthusiasm for its potential and financial returns.
Several biotech companies also secured significant funding rounds in the past week:
- Cleveland Diagnostics raised $75 million in a round led by Novo Holdings. The Ohio-based company is developing diagnostic tests for the early detection of cancers.
- Comanche Biopharma, based in Massachusetts, also secured $75 million in a Series B round led by New Enterprise Associates. The startup focuses on therapies for preeclampsia, a serious pregnancy complication.
- DailyPay, a fintech company based in New York, raised $75 million in a round led by Carrick Capital Partners. DailyPay partners with employers to offer flexible pay options for employees.
- San Diego-based Tr1X, a biotech company specializing in therapies for autoimmune and inflammatory diseases, secured $75 million in a Series A round led by The Column Group.
Other noteworthy funding rounds include:
- Boston-based Digital Onboarding, a customer relations platform for financial services, closed a $58 million investment from Volition Capital.
- San Francisco-based Forta, which uses AI to improve access to quality healthcare, raised $55 million in a Series A round led by Insight Partners.
- Boston-based Ratio Therapeutics, a pharmaceutical startup developing radiopharmaceuticals for the treatment and monitoring of cancers, closed a $50 million Series B round from various investors including Bristol Myers Squibb.
- Boston-based SmartLabs, which provides laboratory infrastructure and resourcing services to companies, secured $48 million in a Series C round from several investors including Conversion Venture Capital.
- Pleasanton, California-based Noctrix Health, a biotech company that has developed a wearable treatment for restless legs syndrome, closed a $40 million Series C round led by Sectoral Asset Management.
In addition to these U.S.-based funding rounds, Chinese company AaltoSemi, a manufacturer of packaging substrate products for semiconductors, raised approximately $351 million in a venture round, making it the biggest funding deal of the week.
Overall, this week’s funding rounds are dominated by investments in biotech and quantum computing, highlighting the growing interest in these sectors.
