Local startups raised some big Series A rounds this past week, despite warnings that venture funding is drying up.
In total, six Bay Area startups raised more than $160 million in such deals. Ancora Biotech LLC, a developer of cancer treatments, raised the biggest round with its $60 million deal. But all of the Series A deals were for more than $10 million.
The collection of larger-than-normal deals comes as prominent local venture outlets, including Sequoia Capital and Y Combinator, have cautioned founders to conserve cash, noting the uncertain economic environment, the stock market slump and rising interest rates could spur investors be more selective about their investments. The new deals also follow a recent report that suggests that the Bay Area is losing its dominance in terms of early-stage venture deals.
Here's more on this past week's Series A deal:
Ancora Biotech LLC, Newark, $60 milllion: Lightspeed Venture Partners and SR One led the round for this developer of treatments for B cell cancers, metabolic diseases and chronic Hepatitis B infections.
Arkestro Inc., San Francisco, $26 million: New Enterprise Associates, Koch Disruptive Technologies and Four More Capital led the round for this provider of an automated procurement service for companies and their suppliers. Cervin, Correlation Ventures, El Cap, Forum, Illuminate and Tenacity also invested.
MrktStar Inc. (dba VersusGame), San Mateo, $25 million: APEX Capital invested in this developer of a mobile polling app that lets users place bets on the outcome of cultural events. Brightstone Capital Partners, Feld Ventures, Gaingels, Kombo Ventures, Lifeline Ventures, Moonshots Capital, NewView Capital, Republic Capital, TribeJoint Amenti and David Dobrik also invested.
General Radar Corp., Belmont, $22 million: Octave Ventures led the round for this developer of high resolution radar systems. Disruptive Technology Advisors and Kleiner Perkins also invested.
Luminai (formerly known as DigitalBrain Inc.), Menlo Park, $16 million: General Catalyst led the round for this developer of a service that helps streamline business processes. Moxxie Ventures, Craft Ventures, YC Continuity, Underscore VC, Dropbox founder Arash Ferdowsi, Flexport CEO Ryan Peterson, Front CEO Mathilde Collin, Ramp CEO Eric Glyman, Deel CEO Alex Bouaziz and Coda CEO Shishir Mehrotra also participated.
Onymos Inc., Menlo Park, $12 million: Great Point Ventures led the round for this provider of app development software that includes a collection of pre-coded features. Benhamou Global Ventures, Engineering Capital and Industry Ventures also participated.
