Pathalys Pahrama Lands $150M; Impel Drives Away With $104M

Want to keep track of the largest startup funding deals in 2023 with our new curated list of $100 million-plus venture deals to U.S.-based companies? Check out our new Megadeals Tracker here.

This is a weekly feature that runs down the week’s top 10 announced funding rounds in the U.S. Check out last week’s biggest funding rounds here.

After a strong start to the year, this week slowed down. No round came close to $200 million, and only three rounds hit the $100 million mark. Health care and biotech were big again, as well as a startup that uses AI (it’s everywhere) to help people buy a car.

1. Pathalys Pharma, $150M, biotech: Raleigh, North Carolina-based Pathalys Pharma is the latest health/biotech startup to raise a big round this year. The late-stage biopharma startup raised $150 million through what it called “a combination of secured product financing and equity to support the two phase 3 clinical trials, registration efforts and pre-commercialization activities for upacicalcet” — which is used to treat hyperparathyroidism. Abingworth was the lead investor. Simultaneously, the company and Launch Therapeutics also announced a collaboration to advance phase 3 clinical trials for the drug. Founded in 2012, the company has raised $161 million to date, according to Crunchbase data.

2. Impel, $104M, automotive: AI is everywhere right now, so why not car buying? New York-based  digital engagement startup Impel landed $104 million in growth investment led by Silversmith Capital Partners with additional investment from Wavecrest Growth Partners. The startup offers an AI-powered customer engagement platform for the auto industry. Impel claims to have played a role in $2 billion worth of car sales since its inception in 2011. With so much data generated about buying cars — especially with so many buying cars online — Impel is able to use artificial intelligence to target customers with personalized messaging. Founded in 2011, the company has raised $130 million, according to Crunchbase.

3. Mill, $100M, environmental consulting: Mill was founded in 2020 by former smart home darling Nest alums. The San Bruno, California-based startup is on a mission to eliminate all waste, and in an effort to do that are asking people to buy a $33 monthly subscription for a 2-foot tall kitchen bin that “dries, shrinks and de-stinks,” as Bloomberg reports. That same report also revealed Mill has raised multiple funding rounds from investors like Breakthrough Energy Ventures and Energy Impact Partners, and has raised more than $100 million — but would not release an exact dollar figure.

4. SetPoint Medical, $80M, health care: Another health-related company cracks the top 5. Valencia, California-based clinical-stage health care startup SetPoint Medical raised $80 million in a preferred stock financing co-led by new investors Norwest Venture Partners and Viking Global Investors. The company is developing a treatment for chronic, inflammation-mediated autoimmune diseases with a focus on treating rheumatoid arthritis. Founded in 2006, the company has raised $344 million, per Crunchbase.

5. Vannevar Labs, $75M, national security: Defense startups seem to be having a moment. Drone companies that help with national security have raised money recently, and late last yearAnduril locked up a Series E worth nearly $1.5 billion that values the company at $8.5 billion. That nearly doubles the company’s previous valuation in June 2021. Palo Alto, California-based national security tech developer Vannevar Labs is the latest after raising a $75 million Series B led by Felicis 1. Founded in 2019, Vannevar Labs has now raised more than $90 million, per the company.

6. Outrider, $73M, logistics: Golden, Colorado-based Outrider, a software developer that allows for autonomous yard operations for logistics hubs, closed a $73 million Series C financing led by FM Capital. Founded in 2017, Outrider says it has raised $191 million to date.

7. Cloudian, $60M, cloud storage: San Mateo, California-based cloud storage startup Cloudian closed a $60 million new funding round from several investors, including the likes of Intel Capital and Silicon Valley Bank. Founded in 2011, Cloudian has now raised $233 million, according to the company.

8. ADARx Pharmaceuticals, $46M, biotech: San Diego-based ADARx Pharmaceuticals, a clinical stage biotech startup developing RNA-targeting therapeutics, raised a $46 million Series B-1 led by Ascenta Capital. Founded in 2019, the company has raised $132 million to date, according to Crunchbase.

9. MacroFab, $42M, manufacturing: Houston-based cloud manufacturing platform developer MacroFab raised $42 million led by Foundry. Founded in 2013, MacroFab has raised a total of $82 million, per the company.

10. Sublime Systems, $40M, energy: Somerville, Massachusetts-based Sublime Systems, a developer of decarbonized cement, closed a $40 million Series A led by Lowercarbon Capital. It’s the company’s first funding, per Crunchbase.

Big global deals

Despite some big rounds from U.S.-based startups this week, the three largest all came from abroad.

• India-based PhonePe, a mobile payment application, raised a $350 million venture round.
• China-based GenScript ProBio, a biopharmaceutical R&D and production platform, raised a $220 million Series C.
• London-based electric vehicle manufacturer One Moto closed a venture round worth approximately $152 million.

Methodology

We tracked the largest announced rounds in the Crunchbase database that were raised by U.S.-based companies for the seven-day period of Jan. 14 to 20. Although most announced rounds are represented in the database, there could be a small time lag as some rounds are reported late in the week.

Illustration: Dom Guzman