NewLimit, a longevity startup co-founded by Coinbase CEO Brian Armstrong, announced a new funding round this week.
Coinbase
After a slow start to the week, the Bay Area's venture and startup scene saw a veritable flurry of activity in recent days.
Eight local startups together announced deals tallying about $336 million about midweek. Among the companies announcing new funding rounds: a pair of Web3 businesses, a longevity startup backed by the co-founders of Coinbase Inc. and the developer of a new kind of heat pump.
Here's more on those deals and other Bay Area startup and venture news:
Funding rounds
- Ray Therapeutics Inc., San Francisco, $100 million, Series A: Novo Holdings A/S led the round for this developer of treatments for degenerative retinal diseases. Deerfield Management, Norwest Venture Partners, Platanus, MRL Ventures Fund, Merck & Co. Inc.'s corporate venture fun and 4BIO Capital also invested.
- Auradine Inc., Santa Clara, $81 million, Series A: Celesta Capital and Mayfield led the round for this developer of energy efficient chips, so-called zero-knowledge proof technology and artificial intelligence designed for use with Web3 applications. Marathon Digital Holdings, Cota Capital, DCVC and Stanford University also invested.
- Hippocratic AI Inc., San Francisco, $50 million, Seed: General Catalyst and Andreessen Horowitz co-led the round for this developer of an artificial intelligence large language model for use by health care providers.
- NewLimit Inc., South San Francisco, $40 million, Series A: Dimension, Founders Fund and Kleiner Perkins invested in this developer of cell-based treatments to extend lifespans co-founded by Coinbase CEO Brian Armstrong. Former Google CEO Eric Schmidt, Elad Gil, Y Combinator CEO Garry Tan and Coinbase Inc. co-founder Fred Ehrsam also participated.
- River Financial Inc., San Francisco, $35 million, Series B: Kingsway Capital led the round for this provider of a bitcoin exchange and marketplace for bitcoin mining equipment. Peter Thiel, Goldcrest, Cygni, M13, Valor Equity Partners, Esas Ventures, and Alarko Ventures also invested.
- Together Computer Inc. (dba Together), $20 million, Seed: Lux Capital Led the round for this developer of a cloud computing service and open-source AI models. Factory, SV Angel, First Round Capital, Long Journey Ventures, Robot Ventures and others also invested.
- Quilt Systems Inc. (dba, Quilt), Redwood City, $9 million, Seed: Lowercarbon Capital and Gradient Ventures led the round for the heat pump developer. Other investors include Incite Ventures, MCJ Collective, Garage Capital, Climate Capital, and Spacecadet.
- Mobius Materials Inc., San Francisco, $735,000, Pre-Seed: Undeterred Capital led the round for this operator of a marketplace for electronic components. Trolley Ventures also participated.
M&A
- Sequitur Renewables LLC acquired a wind farm in the Altamont Pass for an undisclosed amount. Sequitur, a portfolio company of Boston-based private equity firm ArcLlight Capital Partners, didn't name the seller.
- Rumble Inc. acquired Callin Corp. for an undisclosed amount. Based in San Francisco, Callin is an audio streaming and podcasting hosting service founded by David Sacks that had raised $12 million in venture funding, according to PitchBook Data. Rumble is a Florida-based operator of a streaming video service that's popular with the far right.
- X Corp. acquired Laskie Inc. for an undisclosed amount, Bloomberg reported. X is the Elon Musk-owned parent of San Francisco's Twitter Inc. Laskie is a San Francisco-based provider of a job listing service.
- Ripple Labs Inc. acquired Metaco SA for a reported $250 million in cash and stock. Based in San Francisco, Ripple is an enabler of cryptocurrency-based cross-border transactions and other such services for business customers. Metaco is a Swiss-based provider of cryptocurrency services for financial institutions.
Funders in the news
- Atomic named Kristin Schaefer as its third general partner. Prior to joining the Miami and San Francisco-based venture firm, Schaefer was the chief financial officer of Postmates Inc.
- Genoa Ventures is raising $100 million for its third fund, Axios reported. The San Francisco-based firm focuses on biotechnology startups.
- Galvanize Climate Solutions named Allison Fremed as chief operating officer and portfolio manager of its sustainable real estate efforts. Before joining the San Francisco-based investment firm, Fremed was a vice president at Goldman Sachs.
- Illumen Capital raised $168 million for its second fund. The Oakland-based investment firm invests as a limited partner in venture funds that back startups founded by people from historically underrepresented groups.
- Sofinnova Investments named Jakob Dupont as an executive partner. Based in Menlo Park, Sofinnova is a venture firm that focuses on biotechnology startups.
Business Journal contributor Anthony Duignan-Cabrera contributed to this report. If you have funding or venture capital news, please let us know at svbjnews@bizjournals.com.
