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The week leading up to Thanksgiving is usually crowded with announcements of all kinds, but this week was particularly interesting. Money was flowing into big problems, such as defence, cybersecurity and health.
The most interesting startup stories of the week
Let’s start with the bad news and (temporarily?) dashed hopes. But there is good news too.
Low batteryStruggling Swedish company Northvolt has filed for bankruptcy in the United States, dealing a setback to Europe’s hopes of asserting a claim in battery manufacturing.
Above the line: German fintech unicorn N26 achieved its first profitable quarter, with net operating income of €2.8 million ($2.9 million) during the third quarter of 2024.
Wiz buys Dazz: Cybersecurity heavyweight Wiz has acquired Dazz, which specializes in addressing security and risk management. According to sources, the cash and stock deal is worth $450 million, which is slightly more than Dazz’s recent valuation of $400 million after the money.
Data pipelines: Along with its third-quarter earnings, cloud company Snowflake announced that it has agreed to acquire data pipeline management company Datavolo for an undisclosed sum.
Most interesting fundraiser this week
There were some mega rounds announced this week, and smaller but still huge sums have also gone to startups tackling big problems.
Fast trade, fast financing: Indian express commerce startup Zepto has raised $350 million in new funding, its third round of funding in just six months ahead of its IPO scheduled for next year.
Gold rings: Finnish smart ring maker Oura has raised a $75 million investment from glucose device maker Dexcom in a Series D funding round that raised its valuation to more than $5 billion.
New unicorn: Lighthouse, a data analytics platform for the hospitality industry, has raised a $370 million Series C round led by KKR at a $1 billion valuation.
Egg-like fusion: UK startup Tokamak Energy has raised $125 million to further develop its egg-like reactor design. The UK Atomic Energy Authority has been working on nuclear fusion since 2009.
Crossing the Atlantic Ocean: Portuguese dual-use drone startup Tekever has raised €70 million ($74 million) in a Series B round led by Scottish investment firm Baillie Gifford & Co. and the NATO Innovation Fund. The financing will help it expand into new markets, specifically the United States
Lighten: Lightning AI, a startup that adapts PyTorch Lightning to enterprise needs and powers their AI plans, recently secured $50 million from Cisco Investments, JP Morgan, Nvidia, and K5 Global to expand its Lightning platform into new markets and grow its customer base.
Good reason: OneCell Diagnostics, a startup working to reduce cancer recurrences using artificial intelligence, has raised $16 million in an oversubscribed Series A funding round that will help it expand in the US and expand its business in India.
The most interesting venture capital and funds news this week
I’m bullish on the blue bear: Blue Bear has closed a third $160 million fund to support AI founders in climate, energy and industry as part of its software-focused thesis.
Bling, bling: Bling Capital, the seed venture capital firm founded by former Khosla Ventures general partner Ben Ling, has secured $270 million for its fourth fund, half of which is earmarked for follow-on investments.
Last but not least
Defense technology startups have raised nearly $3 billion so far in 2024, according to Crunchbase. That’s already more than 2022’s previous record of $2.6 billion and just over 85 deals compared to 113 that year.
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