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The Week鈥檚 10 Biggest Funding Rounds: Divergent Technologies And Biotech Rule

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

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

This was another pretty strong week as far as big-money raises go, especially considering the coming holidays. There was a handful of nine-figure deals 鈥 including a huge one for a manufacturing company using generative AI and 3D printing 鈥 and lots of money again going to biotech firms.

1. , $230M, manufacturing: Divergent Technologies raised a massive $230 million Series D to accelerate the commercialization of its digital manufacturing system that uses generative AI and 3D printing. The round was led by , which invested $100 million of the $230 million total. New and existing institutional and family office investors also participated in the round. The Los Angeles-based firm has developed a software-hardware production system for industrial digital manufacturing that replaces traditional design, manufacturing and assembly solutions. Divergent鈥檚 system uses in-house-developed AI-driven generative design software and 3D printing to create the products and structures used in a variety of industries, including automotive, aerospace and defense sectors. Divergent already works with automotive customers such as and . In the aerospace and defense industry, the company is actively working with six U.S. government contractors. Just last month, another 3D printing startup raised significant cash. 3D metal-printing startup locked up a $99 million Series C led by 鈥 鈥檚 venture capital arm 鈥 and 鈥檚 Technology Impact Fund.

2. , $105M, biotech: As usual, biotech was hot this week, especially if the company is trying to figure out ways to fight cancer. Hayward, California-based RefleXion Medical announced the initial close of a $105 million equity raise led by , 鈥檚 multisector global impact investing strategy (we鈥檒l be hearing from them again on this list). The fresh cash will be used by the company to extend commercialization of its therapy for treating all stages of indicated solid tumor cancers, including metastatic disease. Founded in 2009, the company has raised $675 million, .

3. , $100M, software: Orlando, Florida-based Petvisor locked up a big $100 million-plus round led by Funds to help make veterinarians鈥 lives a little easier. The software startup equips veterinary practices with mobile-enabled tools which help with communication and client retention. Petvisor鈥檚 tools are used by more than 10,000 veterinary clinics and 400 grooming facilities. Pet parents can be demanding when it comes to their animal鈥檚 health, so it makes sense vets would be into using anything that helps keep lines of communication open.

4. (tied) , $85M, biotech: Yet another cancer-fighting biotech to raise big this week. San Diego-based MBrace Therapeutics closed an $85 million Series B led by 鈥檚 Life Sciences Innovations fund and (see, I told you). MBrace is developing a drug that targets a receptor found in multiple cancers including, breast, non-small cell lung, colorectal, gastric and pancreatic. Founded in 2020, MBrace has raised $110 million, per the company.

4. (tied)聽 , $85M, health diagnostics: San Francisco-based Cytovale, a medical diagnostics company focused on early diagnosis of immune-mediated diseases, raised an $84 million Series C funding led by . The company plans to use the cash infusion to roll out its IntelliSep rapid sepsis diagnosis test to more hospitals and health systems. The test can deliver results within 10 minutes. Sepsis is the cause of death in U.S. hospitals. Founded in 2013, the company has raised $129 million, .

6. (tied) , $75M, health care: San Francisco-based health tech startup Forward raised $100 million in funding from the likes of and . The startup has created 鈥淐arePods,鈥 a self-contained, AI-powered doctor鈥檚 office which will be located in malls and office buildings. . Founded in 2016, the company has raised $325 million, .

6. (tied) , $75M, finance: New York-based Imprint, a provider of co-branded credit cards for brands, locked up a $75 million Series B led by . Founded in 2020, the company has raised $127 million, .

8. , $73M, battery: Menlo Park, California-based battery management tech startup Element Energy closed an $111 million capital raise made up of a $73 million Series B equity investment and a $38 million debt facility. The Series B was co-led by an unnamed clean energy generation company in the U.S. and , according to the company. Founded in 2019, the company has raised nearly $147 million, .

9. , $70M, manufacturing: Hayward, California-based Halio, which created smart glass for office buildings to optimize heat and light, locked up a $70 million round from . Founded in 2010, the company has raised nearly $400 million, .

10. , $65M, biotech: New York-based Eyebiotech, a clinical-stage ophthalmology biotech firm developing therapies for eye diseases, closed a $65 million extension to its Series A 鈥 bringing the total raised to date to $130 million. New investors , and joined the round. Founded in 2021, this is the company鈥檚 first outside raise, .

Big global deals

Divergent鈥檚 round was big, but not the biggest this week.

  • China-based , which specializes in the production of high-efficiency silicon interface cells and components, raised a round of approximately $277.3 million.

Methodology

We tracked the largest announced rounds in the 附近上门 database that were raised by U.S.-based companies for the seven-day period of Nov. 11 to Nov. 17. 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.

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