AI Startup Roundup: HR Startup Raises $500M After Silicon Valley Bank BlowupAI Startup Roundup: HR Startup Raises $500M After Silicon Valley Bank Blowup
Also - funding raises for a U.K. decision intelligence startup, maker of ‘radiology department in a box’ and startup backed by Greylock, Menlo Ventures
April 11, 2023
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Startup: Rippling – San Francisco-based startup offering HR solutions including payroll, benefits, expenses, devices, apps and other functionalities all on one site.
Latest funding: $500 million, series E
Lead Investor: Greenoaks Capital, who wired the funds to Rippling after the Silicon Valley Bank (SVB) collapse froze the payroll of the startup’s customers. Rippling used $130 million of its own money to help out its customers and sought an investment from Greenoaks, an existing investor, since it was uncertain when bank funds would be recovered. This new round kept Rippling’s valuation at $11.25 billion in a flat round from its Series D in May 2022.
Rippling said it now has recovered all funds from SVB and holds around $1 billion in cash on its balance sheet.
Startup: Quantexa – London-based startup that helps companies make sense of data they collect, to aid in their decision-making. Its solutions bring together disconnected data sources in real time to cleanse and match records to build a complete picture of a customer.
It just closed its acquisition of Aylien, a Dublin NLP and advanced AI company, to help customers collect, analyze and understand unstructured text data.
Latest funding: $129 million, which completes its series E round
Lead Investor: GIC
Other Investors: Warburg Pincus, Dawn Capital, British Patient Capital, Evolution Equity Partners, HSBC, BNY Mellon, ABN AMRO, and Albion VC.
Funding plans: The startup plans to use the funds to grow its global presence, boost tech innovation efforts and strengthen its platform capabilities in low-code data fusion, graph analytics, ML, NLP and AI. It plans to accelerate joint go-to-market efforts with partners including Google, Moody’s, Accenture, KPMG, Deloitte and EY.
Startup: OXOS Medical – Atlanta, Georgia-based developer of Micro C, a handheld, low-radiation digital X-ray system that has been approved by the U.S. Food and Drug Administration. The device is being used in outpatient clinics, the military, Veterans Administration, sports teams, hospitals, imaging centers and bioskills labs. Data from the device is stored in the cloud.
OXOS was founded by Harvard-trained orthopedic surgeon Dr. Greg Kolovich and serial entrepreneur Evan Ruff.
Latest funding: $23 million, series A
Lead Investors: Parkway Venture Capital and Intel Capital. Gregg Hill, Parkway’s cofounder, and Erick King, Intel Capital’s investment director, will join the board.
Funding plans: The startup expects to use the funds to accelerate product innovation and expand availability globally.
Startup: Orb – San Francisco-based startup that helps companies price their products more flexibly to adapt to market conditions, such as the software industry where the revenue stream is shifting from subscriptions to usage-based pricing. The founders were engineers at Asana.
Latest funding: $14 million, series A
Lead Investor: Menlo Ventures
Other Investors: Greylock, base case capital, The Cannon Project, Data Community Fund, Essence VC, FOG Ventures, Scribble Ventures, South Park Commons and SV Angel, as well as executives and founders from Asana, HubSpot, Datadog and others.
Notably, Greylock funded its seed round with $5.1 million
Funding plans: To further expand its business
DealsCerebrumX, an AI-driven automotive data services and product provider in Michigan, announced a strategic investment from BlackBerry IVY Innovation Fund. The amount was not disclosed. The funds will help the startup ramp up the delivery of its new data-driven, in-vehicle products and services that helps automakers create turnkey user-centric applications and enterprise solutions. By integrating with BlackBerry IVY, BlackBerry's cloud-connected automotive AI platform, CerebrumX said it will be able to develop embedded in-car synthetic sensors for data collection and perform data processing at the edge for real time insights.Vito Giallorenzo, general manager of IVY and BlackBerry's head of corporate development, will join the startup's advisory board.
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