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The Week鈥檚 10 Biggest Funding Rounds: Clean Energy Cleans Up As Lunar And Fervo Raise Large Rounds

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

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Clean energy startups took the top two spots this week, but really the week belonged to the biotech/health care space, as well as the new trend of companies raising 鈥渆xtensions鈥 of older rounds, some nearly 2 years old. Three companies on the list this week raised extension rounds and the biggest deal globally also was an extension.

1. , $300M, clean energy: This may be controversial since this is actually two rounds, but we鈥檙e going with it because it was just announced this week. Mountain View, California-based Lunar Energy said it has closed $300 million of investment over two rounds in the past two years as it quietly worked in stealth. The company is led by former executive , and in two years has built a team of聽 nearly 250 employees and is attempting to build the full ecosystem of hardware and software needed to make homes completely energy independent by creating, storing and using the power they themselves generate. Investors in the two rounds include San Francisco-based solar company and South Korea鈥檚 .

2. , $138M, clean energy: Let鈥檚 stay on clean energy. Houston-based geothermal power company Fervo Energy raised $138 million in new funding led by . The startup plans to use the new cash to build, own and operate its own carbon-free, geothermal power plants using techniques such as horizontal drilling and distributed fiber optic sensing to reach and use reservoirs of hot rock beneath the earth鈥檚 surface. Founded in 2017, the Berkely, California-based startup has raised $177 million, according to 附近上门 data.

3. , $130M, health care: Health insurance is complicated for patients. Imagine how health care professionals who deal with a multitude of claims and several insurance companies must feel. New York-based Alma closed a $130 million Series D to help mental health therapists with exactly that. Alma is a membership-based platform that allows independent therapists who run their own practices deal with administrative tasks like setting up insurance and billing. The new round was led by . Founded in 2018, the company has now raised $220 million, according to 附近上门 data.

4. , $125M, rental: It isn鈥檛 often we see an Alabama-based startup on this list, but Landing lands pretty high this week. The Birmingham-based startup announced a $125 million Series C鈥攁 mix of both debt and equity鈥攍ed by . Landing offers a subscription model for the apartment rental experience. The company offers move-in ready apartments with monthly leases. Members can move throughout the company鈥檚 nationwide network of 20,000 available listings in more than 375 U.S. cities. Landing has now raised the two largest venture rounds in the state since being founded in 2019, according to 附近上门.

5. , $99M, artificial intelligence: Extension of older rounds were big this week and the first on this list is San Francisco-based Anyscale. The company closed a $99 million extension鈥攃o-led by and 鈥攆rom its $100 million Series C funding round announced in December. Anyscale helps companies scale AI applications that can run on multicloud platforms. Founded in 2019, the company has raised nearly $260 million, according to 附近上门 data.

6. , $84M, biotech: Boston-based Aktis Oncology raised an $84 million extension of its Series A. Investors included , and . The funding comes more than a year after the company initially raised a $72 million Series A round in March 2021. The biotech startup has raised $161 million to date, according to the company.

7. , $75M, health care: Iowa-based Digital Diagnostics, an AI-enabled diagnostics company, closed a $75 million Series B led by . Founded in 2010, the company says it has raised $130 million.

8. (tied) , $60M, environmental consulting: New York-based carbon management firm Carbon Direct raised a $60 million funding round led by . Founded in 2019, it is the company鈥檚 first outside funding, according to 附近上门.

8. (tied) , $60M, health care: Austin, Texas-based Happy Health, which has developed a聽 wearable ring designed to measure stress and mood, raised a $60 million Series A round led by . The round is the company鈥檚 first outside funding, according to 附近上门.

8. (tied) , $60M, database: San Francisco-based Zilliz raised a $60 million extension to its 20-month-old Series B led by . The company previously had announced a $43 million Series B in November 2020. Founded in 2017, the vector database company has raised $113 million, according to the company.

Big global deals

The biggest round this week went to a company that has headquarters in both Germany and New York.

  • announced a $400 million equity raise鈥攚hich the company says is an extension to its Series D from June 2021鈥攁s well as a credit facility for up to $600 million. The new funding gives the company, which helps businesses find and fix inefficiencies, a post-money valuation of nearly $13 billion. led the extension.

Methodology

We tracked the largest rounds in the 附近上门 database that were raised by U.S.-based companies for the seven-day period of Aug. 20 to 26. 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

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