The Week’s Biggest Funding Rounds Highlight AI and Robotics
This week, startups in AI, robotics, and e-commerce secured some of the largest funding rounds, with the two biggest global deals going to U.K.-based Nscale at $2 billion and Paris-based Advanced Machine Intelligence at $1.03 billion, according to Crunchbase News. In the U.S., e-commerce platform Quince, AI networking developer Nexthop AI, and industrial automation startup Mind Robotics each raised $500 million during the period of March 7-13. These rounds underscore a trend of significant investments in AI and robotics, as noted in the article’s synopsis of the fundraising environment.
Leading U.S. Funding Rounds
Quince, a San Francisco-based e-commerce retailer specializing in affordable luxury fashion and home goods, closed a $500 million Series E round led by Iconiq Capital, resulting in a $10.1 billion post-money valuation. Nexthop AI, based in Santa Clara, California, raised $500 million in a Series B round led by Lightspeed Venture Partners, with Andreessen Horowitz as a major investor, to develop switching technology for AI and cloud networking. Mind Robotics, a Palo Alto startup spun out from Rivian, secured $500 million in a Series A round co-led by Accel and Andreessen Horowitz for its AI-enabled industrial robotics platform focused on manufacturing tasks.
Other Notable Deals and Global Highlights
Rhoda AI, another Palo Alto-based robotics company, emerged from stealth with $450 million in Series A funding led by Premji Invest to train robots using millions of videos for complex environments. Replit, based in Foster City, California, raised $400 million in a Series D round led by Georgian, achieving a $9 billion valuation for its AI software creation platform. Eridu, in Saratoga, California, announced over $200 million in a Series A round led by Socratic Partners and others for its AI network switch. Axiom Math AI, based in Palo Alto, secured $200 million in Series A funding led by Menlo Ventures at a $1.6 billion valuation for AI systems verifying computer code. Sunday, in Mountain View, raised $165 million in Series B for its household robot Memo, while Kai in San Jose obtained $125 million for its AI cybersecurity platform, and Oro Labs raised $100 million in Series C for its procurement platform.
Globally, the largest rounds included Nscale’s $2 billion Series C in London, led by Aker and 8090 Industries at a $14.6 billion valuation for AI infrastructure, and Advanced Machine Intelligence’s $1.03 billion seed round in Paris, co-founded by Yann LeCun, to develop AI that interacts with the physical world, according to Crunchbase News. These European deals represent the biggest global rounds of the week, contrasting with the U.S.-focused investments. As widely-known context, AI and robotics have been major sectors for venture capital in recent years due to technological advancements.
Methodology of the Roundup
Crunchbase News tracked the largest announced rounds in its database for U.S.-based companies during March 7-13, focusing on deals of $100 million or more, though there may be a slight lag in reporting. This approach ensures coverage of significant venture deals, providing a snapshot of current fundraising activity.
