Home Venture Capital Generate Capital Goes Big Again, Kore.ai Nabs $150M

Generate Capital Goes Big Again, Kore.ai Nabs $150M

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Illustration of gardener holding a rake. Venture

Want to keep track of the largest startup funding deals in 2024 with our curated list of $100 million-plus venture deals to U.S.-based companies? Check out The Crunchbase Megadeals Board.

This is a weekly feature that runs down the week’s top 10 announced funding rounds in the U.S. Check out last week’s biggest funding rounds here.

Lots of big rounds this week, with none bigger than the whopping $1.5 billion raised by sustainability and infrastructure investment firm Generate Capital. On top of that, there were another five rounds of $100 million or more. Who said large growth rounds were dead?

1. Generate Capital, $1.5B, renewable energy: If the name looks familiar, that’s likely because this company has made the list before. Early in 2023, the San Francisco-based green infrastructure investor and operator raised $1.1 billion, per SEC filings and reports. That raise came just about 18 months after it raised $1 billion in 2021. Now Generate is back with a $1.5 billion round raised from a variety of investors, including California State Teachers’ Retirement System. Generate invests in an array of infrastructure projects, from community solar systems to municipal wastewater treatment to electrifying fleets. Founded in 2014, the company has raised $4.2 billion, per Crunchbase.

2. Kore.ai, $150M, artificial intelligence: Another week and another big round for a generative AI startup. AI enterprise conversational platform Kore.ai raised a $150 million round led by FTV Capital. The round also included participation from Nvidia, which of course has been one of the sector’s most active investors. The startup is not new to the AI scene — it’s a decade old — and offers an array of artificial intelligence-related tech from virtual assistants to no-code tools to build AI apps. Founded in 2013, the company has now raised nearly $224 million, per Crunchbase.

3. Zum, $140M, transportation: AI and school buses may not seem like a natural match, but startup Zum would disagree. The Redwood City, California-based transportation company raised a $140 million Series E led by GIC at a $1.3 billion valuation. The new round is a significant jump in value for a company that last raised money in October 2021 — a $130 million Series D — at what was a reported $930 million valuation. The 40% valuation jump is even more impressive considering 2021 was a very different time in the private markets, with venture capital funding hitting all-time highs. Since then, many companies have seen their valuations significantly cut. Zum tries to help school districts increase efficiencies and reduce the costs of managing bus fleets through its proprietary platform — that, of course, uses AI. The platform gives districts visibility so they can optimize routes and even deliver real-time updates to parents. In addition, the startup also has its own fleet of EV buses for districts to use. Founded in 2015, Zum has raised $350 million, per the company.

4. Cour Pharmaceuticals, $105M, biotech: Chicago-based Cour Pharmaceuticals is the top biotech startup on the list this week. The clinical-stage company raised a $105 million Series A co-led by Lumira Ventures and Alpha Wave Ventures. The firm focuses on the development of disease-modifying therapies to treat patients with autoimmune and inflammatory diseases. Founded in 2015, the company has raised nearly $136 million, per Crunchbase.

5. Inari, $103M, agtech: Agtech startups don’t often land this high on the list, but Cambridge, Massachusetts-based Inari raised a $103 million equity round at a $1.7 billion valuation. Inari uses AI-powered predictive design and multiplex gene editing to develop corn, soybean and other higher-yielding seeds that require less water. No lead investor was named, but it included investment from the likes of Canada Pension Plan Investment Board and Rivas Capital. Founded in 2016, Inari has raised $575 million, per the company.

6. Watershed, $100M, climate: San Francisco-based Watershed, an enterprise sustainability platform, locked up a $100 million Series C at a $1.8 billion valuation led by Greenoaks. Founded in 2019, the company has raised $239 million, per Crunchbase.

7. Codeium, $65M, artificial intelligence: Mountain View, California-based Codeium, a generative AI-powered coding toolkit developer, raised a $65 million Series B at a $500 million valuation led by Kleiner Perkins. This is the company’s first announced round, per Crunchbase.

8. Accompany Health, $56M, health care: Bethesda, Maryland-based Accompany Health, a primary, behavioral and social care provider for low-income patients, launched with a $56 million Series A. Investors in the round include Venrock and Arch Venture Partners. Founded in 2022, this is the company’s first announced round, per Crunchbase.

9. Basking Biosciences, $55M, biotech: Columbus, Ohio-based Columbus Basking Biosciences, a clinical-stage biopharmaceutical company developing a therapy to treat stroke, closed a $55 million financing led by New investor ARCH Venture Partners led the round. Founded in 2019, the company has raised nearly $90 million, per Crunchbase.

10. Cohere Health, $50M, health care: Boston-based Cohere Health, a SaaS health care platform, closed a $50 million round led by Deerfield Management. Founded in 2019, Cohere has raised $106 million, per the company.

Big global deals

While Generate easily led the way for the biggest round globally, there was another large private equity raise in India.

  • OYO, a global travel tech firm, raised a fresh $400 million in funding.

Methodology

We tracked the largest announced rounds in the Crunchbase database that were raised by U.S.-based companies for the seven-day period of Jan. 27 to Feb. 2. Although most announced rounds are represented in the database, there could be a small time lag as some rounds are reported late in the week.

Illustration: Dom Guzman


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