Contextual, founded by Chief Technical Officer Amanpreet Singh and CEO Douwe Kiela, raised $20 million in a seed round.
Business Wire
This week ended up like so many recent ones on the Bay Area venture funding front.
In The Funded, which publishes three times a week, we had a very, very quiet Monday, followed by a somewhat more active Wednesday and capped off with this robust Friday edition.
Here are the funding rounds Silicon Valley and San Francisco startups have annnounced since our last edition:
- Cohere Inc., Toronto and Palo Alto, $270 million, Series C: Inovia Capital led the round for this developer of generative artificial intelligence technology for enterprise customers. Nvidia Corp., Oracle Corp., Salesforce Ventures, DTCP, Mirae Asset, Schroders Capital, SentinelOne, Thomvest Ventures, and Index Ventures also invested.
- Bitterroot Bio Inc., Palo Alto, $145 million, Series A: Arch Venture Partners and Deerfield Management co-led the deal for this developer of immunotherapy treatments for cardiovascular disease. As part of its funding announcement, Bitterroot, founded in 2021, emerged from stealth.
- EvenUp Inc., San Francisco, $50.5 million, Series B: Bessemer Venture Partners led the round for this provider of AI-powered software that analyzes medical records to automatically craft damage claim letters for personal injury lawyers. Bain Capital Ventures, Behance Inc. founder Scott Belsky, and Clio also participated in the round, which pushed the company's valuation to $325 million.
- Granica, Mountain View, $45 million: This provider of a management service for AI-related data designed to help companies maintain privacy and cut costs emerged from stealth, announcing how much it has raised to date. Among its backers: NEA, Bain Capital Ventures, Tesla Inc. Chief Financial Officer Deepak Ahuja, Eventbrite Inc. Chairman Kevin Hartz and Frederic Kerrest.
- Contextual AI Inc., Palo Alto, $20 million, Seed: Bain Capital Ventures led the round for this provider of a service that helps enterprise companies build large language models. Lightspeed, Greycroft, SV Angel, Elad Gil, Harry Stebbings and other angel investors also participated in the round, which saw the company emerge from stealth.
- Magrathea Metals Inc. (dba Magrathea), San Francisco, $10 million, Seed: VoLo Earth and Capricorn Investment Group led the round for this developer of a process for producing magnesium from seawater and brines.
- RevSure.AI Inc. (dba RevSure), Palo Alto, $6 million, Seed expansion: Neotribe Ventures and Innovation Endeavors led the deal for this provider of revenue projection software. Operator Collective and Correlation Ventures also invested in the deal, which brought the total raised in the round to $10 million.
- Carta Healthcare Inc., San Francisco, $5 million, Series B expansion: Memorial Hermann Health System and UnityPoint Health invested in the deal for this provider of data analysis services for health care providers. The additional cash brought the total raised in the round to $25 million. Earlier investors in the round included Paramark Ventures, Frist Cressey Ventures, American College of Cardiology, Asset Management Ventures, CU Healthcare Innovation Fund, Mass General Brigham, Maverick Ventures Investment Fund, and Storm Ventures.
- PartnerSlate LLC, San Francisco, $4 million: Supply Change Capital led the round for this operator of an online marketplace that connects food and beverage product companies with manufacturing and packaging businesses. Cleveland Ave, ResilienceVC, Pacific Fin Capital, Mentors Fund, Newlin VC, and the MBA fund also participated.
- Dock Labs Inc. (dba Dock), San Francisco, $3.5 million: Craft Ventures invested in this provider of customer relationship management software.
Anthony Duignan-Cabrera contributed to this report.
