TLDR:
- Slow week for funding rounds, with xAI leading the pack with a $6 billion round.
- Other notable rounds include Solutions by Text, Frore Systems, Mavenir, CinRx Pharma, and more.
In another slow week for funding rounds, xAI took the lead with a $6 billion round that officially made it the second-most valuable generative AI company in the world behind only OpenAI. The round included investments from Valor Equity Partners, Andreessen Horowitz, Sequoia Capital, and Fidelity Management & Research Co., among others. Solutions by Text, a Dallas-based fintech startup, secured $110 million of funding, while Frore Systems, a mechanical engineering startup, raised $80 million in a Series C round. Mavenir, a network software provider, raised $75 million, and CinRx Pharma, a biotech company, closed a $73 million round. Other notable rounds included BabylonChain, Squared Circles, Transcend, Gameto, and Reibus.
