TLDR:
- Scale AI secured a massive $1 billion funding round for artificial intelligence.
- The week also saw big funding rounds for biotech and blockchain companies.
The Week’s 10 Biggest Funding Rounds article highlighted the top funding rounds in the US for the week of May 18 to May 24, 2024. Even though it was a slower week for large funding rounds, some significant deals stood out:
1. Scale AI: The AI startup, Scale AI, raised a staggering $1 billion in a round led by Accel, valuing the company at $13.8 billion. The funding will be used to enhance data labeling and evaluation services.
2. AltruBio: This biotech company secured $225 million in Series B funding to further develop therapeutics for immunological diseases like ulcerative colitis.
3. Farcaster: In the blockchain space, Farcaster raised $150 million to expand its Web3 social media platform and attract more users and developers.
Other notable funding rounds included Suno in AI, Progentos Therapeutics in biotech, Allez Health and Tuesday Health in healthcare, 280 Earth in climate tech, Wayspring in healthcare, and Pratika in edtech. The week also saw a significant $300 million round for AI translation startup DeepL abroad.
Investors continue to show interest in diverse sectors like AI, biotech, blockchain, and healthcare, indicating a growing appetite for innovative technologies and solutions.
