The Week’s 10 Biggest Funding Rounds: Obsidian Therapeutics And Flip Headline Another Strong Week

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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.

The week saw another five startups lock up rounds of $100 million or more. While the week was a little slower than last, it still is a strong showing for larger, big-money rounds. Biotech took center stage, notching three of the top four rounds. 

1. Obsidian Therapeutics, $161M, biotech: It was another big week for biotech startups raising huge sums of cash. This week, Obsidian Therapeutics leads the way. The Cambridge, Massachusetts-based company locked up a $160.5 million Series C financing led by new investor Wellington Management. Obsidian is a clinical-stage biotechnology company developing engineered cell and gene therapies. The new cash will be used to further its tumor-infiltrating lymphocyte program.

2. Flip, $144M, social media: Social commerce startup Flip locked up $144 million in new cash led by Streamlined Ventures in a deal that values the company at more than $1 billion. It also included a $50 million investment from advertising software firm AppLovin. The Los Angeles-based startup is a marketplace that offers video reviews. Reviewers get paid based on views and product sales and Flip gets a commission on sales and making reviews more visible. Founded in 2019, the company has raised nearly $239 million, per Crunchbase.

3. Alterome Therapeutics, $132M, biotech: Oncology biotech Alterome Therapeutics raised a $132 million Series B led by Goldman Sachs Alternatives. Alterome says its machine learning platform for drug discovery — Kraken — is helping it advance a pipeline of small molecule therapies targeting a spectrum of oncogenic targets. The company has focused on approaches designed to specifically target cancer cells over normal cells. Founded in 2021, the company has raised $231 million, per Crunchbase.

4. Diagonal Therapeutics, $128M, biotech: Diagonal Therapeutics, which is discovering and developing agonist antibodies to fight illness, is the next biotech on the list. The Cambridge, Massachusetts-based firm launched this week with a $128 million Series A co-led by BVF Partners and Atlas Venture. The firm’s lead program is for the treatment of hereditary hemorrhagic telangiectasia, a severely debilitating bleeding disorder with limited therapeutic options.

5. Aerospike, $109M, database: Real-time NoSQL database management system Aerospike nabbed a nine-figure round this week, closing a $109 million investment led by Sumeru Equity Partners. The company will use the fresh cash to meet increasing demand for databases that can scale thanks to the rapid adoption of AI. Founded in 2009, the Mountain View, California-based startup has raised $241 million, per Crunchbase.

6. Alsym Energy, $78M, energy: Woburn, Massachusetts-based Alsym Energy, a developer of nonflammable rechargeable batteries, announced a $78 million funding round co-led by Tata Limited — a subsidiary of Tata Sons — and General Catalyst. Founded in 2015, the company has raised $110 million, per Crunchbase.

7. SiMa.ai, $70M, semiconductor: San Jose, California-based semiconductor startup SiMa.ai raised $70 million led by Maverick Capital. Founded in 2018, the company has raised $330 million, per Crunchbase.

8. Torus, $67M, energy: South Salt Lake City, Utah-based Torus, which designs and manufactures energy storage and management products, closed a $67 million round — consisting of new equity, conversion of outstanding notes and a loan facility — led by Origin Ventures. This is the first announced round for the company founded in 2021, per Crunchbase.

9. Binx Health, $65M, healthcare: Boston-based Binx Health, a diagnostic testing device for sexually transmitted diseases for healthcare practices and hospitals, says it provides a result within 30 minutes rather than 10 days, which leads to immediate treatment. The company raised a $65 million Series F funding including debt. The funding was led by Hildred Capital with participation from EQT Life Sciences.

10. Homebase, $60M, human resources: San Francisco-based Homebase, a human resources and team management app, locked up a $60 million Series D led by L Catterton Growth. Founded in 2014, the company has raised $189 million, per Crunchbase.

Big global deals

In a rarity, the second-biggest round of the week went to a French startup.

• Paris-based Pigment, a business forecasting platform, raised a $145 million venture round.

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 March 30 to April 5. 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