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Impressive AI Startup Fundraising in 2024: A Mid-Year Review

4 min read

In the ever-evolving world of technology, AI startups continue to capture significant investor attention. In the first half of 2024, AI companies secured over $35.5 billion in funding globally. This period saw a remarkable influx of capital, with five out of six billion-dollar rounds being claimed by AI firms.

U.S.-based AI startups were particularly prominent, accounting for two of the billion-dollar rounds and nearly 64% of the mega-rounds. Here’s a closer look at some of the standout U.S. startups that have raised $100 million or more, showcasing the diverse applications and innovations within the AI sector.

Generative AI: Hebbia and Skild AI

Hebbia, a startup focusing on generative AI to search large documents, raised $130 million in a round led by Andreessen Horowitz. Notable investors like Peter Thiel, Index Ventures, and Google Ventures also participated, bringing the company’s valuation to an impressive $700 million. Meanwhile, Skild AI raised a massive $300 million in a Series A round led by Lightspeed Venture Partners, Coatue, and Bezos Expeditions. This Pittsburgh-based startup, which develops technology for robots, reached a valuation of $1.5 billion.

Smart Robotics and AI-Driven Software: Bright Machines and Etched.ai

Bright Machines successfully secured $106 million in a Series C round led by BlackRock. Additional backing came from Nvidia, Microsoft, and Eclipse Ventures. The startup focuses on smart robotics and AI-driven software, boasting a total funding of over $437 million. Etched.ai, on the other hand, raised $120 million in a Series A round led by Primary Venture Partners and Positive Sum. The San Francisco-based company aims to make chips that run AI models faster and cheaper than GPUs.

Biological AI Models: EvolutionaryScale and AKASA

New York-based EvolutionaryScale raised a $142 million seed round to develop biological AI models for therapeutic design. Leading the round were Lux Capital, Nat Friedman, and Daniel Gross. Founded in 2023, the company is making strides in the healthcare sector. Also in the healthcare sphere, AKASA announced a $120 million round to further its healthcare revenue cycle automation platform. This San Francisco startup has drawn investment from Andreessen Horowitz, Costanoa Ventures, and Bond.

Market Intelligence and AI-Music: AlphaSense and Suno

AlphaSense, a market intelligence platform, raised $650 million in a Series F round. The funding was led by Viking Global Investors and BDT & MSD Partners. Founded in 2008, the New York-based company has garnered over $1.4 billion in venture funding. Another exciting development comes from Suno, an AI-music creation platform. This Cambridge-based startup raised $125 million in a Series B round, gathering support from Founder Collective, Lightspeed Venture Partners, and other notable investors. Suno’s valuation now stands at $500 million.

AI Data Platforms: Weka and CoreWeave

Silicon Valley’s Weka raised $140 million in a Series E round for its AI-native data platform. The round was led by Valor Equity Partners with additional participation from Qualcomm Ventures, Nvidia, and Hitachi Ventures. The startup’s valuation now sits at $1.6 billion. On a grander scale, CoreWeave, a New Jersey-based GPU infrastructure provider, secured $1.1 billion in a Series C round. The funding was led by Coatue, with additional support from Fidelity, Altimeter Capital, and Magnetar Capital, valuing the company at a staggering $19 billion.

AI Computing and Coding Assistance: Blaize and Augment

Blaize, an AI computing platform, raised $106 million in a Series D round. Investors like Temasek, Franklin Templeton, and Bess Ventures backed the company, which was founded in 2010. Palo Alto-based Augment, specializing in AI coding assistance, secured $227 million in a Series B round. Lightspeed Venture Partners and Index Ventures led the round, pushing the startup’s valuation close to $1 billion.

AI-Powered Data Security and optical interconnect technology: Cyera and Celestial AI

Cyera, an AI-powered data security platform, closed a $300 million Series C round. Coatue led the round, which valued the New York-based company at $1.4 billion. Another noteworthy raise comes from Celestial AI. This startup focuses on creating optical interconnect technology for data centers and AI solutions. Celestial AI raised $175 million in a Series C round, bringing its total funding to $338 million.

AI-Driven Enterprise Search: Glean

AI-driven enterprise search startup Glean raised $203 million in a Series D round. Lightspeed Venture Partners and Kleiner Perkins led the funding, which valued the Silicon Valley company at $2.2 billion. Glean has attracted attention for its innovative approach to enterprise search backed by strong investor confidence.


In conclusion, the first half of 2024 has been remarkable for U.S.-based AI startups. These companies have attracted some of the largest venture capital investments, showcasing the sector’s rapid growth and innovation. With substantial funding, these startups are poised to drive significant advancements in their respective fields, from healthcare to AI-powered data security. It will be fascinating to see how they leverage this capital to push the boundaries of what’s possible in artificial intelligence.

The trend underscores the unwavering confidence investors have in AI’s potential. As AI continues to integrate into various industries, these startups’ successes are likely to inspire further investment and innovation. The second half of the year promises to be just as exciting, with even more groundbreaking developments expected. Stay tuned for more updates on the cutting-edge advancements in AI technology.

Ultimately, the impressive fundraising efforts highlight AI’s crucial role in shaping the future. The infusion of capital not only validates the startups’ innovative approaches but also sets the stage for transformative changes across multiple sectors. Keep an eye on these companies as they lead the charge toward a more AI-driven world.

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Last Update | 18th August 2024

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