Startup Trends: Companies to achieve notable funding rounds in Q1 2024
Five companies – Lambda, Alumis, Freenome, Applied Intuition, and Glean – celebrated notable funding hauls in the past quarter.
Lambda
On February 15, Lambda, which provides public cloud computing infrastructure, announced that it has raised a $320 million Series C funding round, effectively valuing the company at $1.5 billion.
The latest funding round for the San Francisco-based company was led by US Innovative Technology Fund, along with participation from new investors B Capital, SK Telecom, and T. Rowe Price Associates, Inc. The funding was also supplied by existing investors such as Crescent Cove, Mercato Partners, 1517 Fund, and Gradient Ventures, among others.
Lambda’s Forge Price™ is $13.05 as of April 22, 2024 which implies a valuation of $1.28 billion and a 15% discount to its February 2024 funding round.
Alumis
On March 6, Alumis, a biotech company focused on developing treatments for autoimmune diseases, announced that it garnered $259 million in Series C financing.
The last funding round brings the South San Francisco-based company’s valuation to almost $876 million, as listed on Forge Global. A spate of new venture capitalists also invested in the Series C round including Cormorant Asset Management, SR One, Lilly Asia Ventures, and Omega Funds.
Alumis’ Forge Price™ is $4.00 as of April 22, 2024.
Freenome
On February 15, Freenome, a biotech company developing blood tests for early cancer detection, announced a $254 million Series F round from new and existing investors. This latest round effectively valued the company, as listed on Forge Global, at $2.17 billion.
The latest funding round was led by drugmaker Roche, with additional investments from ARK Investments, ArrowMark Partners, Artis Ventures, Bain Capital Life Sciences, and close to a dozen other investors. The funding enables Freenome to advance its pipeline of single-cancer and tailored multi-cancer early detection tests.
Freenome’s Forge Price™ is $7.40 as of April 22, 2024.
Applied Intuition
On March 12, Applied Intuition, which makes software designed to help autonomous vehicle companies safely bring their vehicles to market, reported that it has raised a $250 million Series E financing round, which values the Mountain View, Calif.-based company at $6 billion.
The funding round was made by a diverse group of well-known investors including Porsche Investments Management, Andreessen Horowitz, Mary Meeker at BOND, Human Capital, LBO financier Henry Kravis, Microsoft AI CEO Mustafa Suleyman, and hedge fund manager Ray Dalio.
Applied Intuition’s Forge Price™ is $49.73 as of April 22, 2024.
Glean
And on February 27, Glean, which bills itself as an AI-powered work assistant, announced that it had secured $200 million in Series D funding. The latest round effectively values the company, as listed on Forge Global, at $2.2 billion.
The Series D round was led by existing investors Kleiner Perkins and Lightspeed Venture Partners but also received participation from existing investor Sequoia Capital, new investors Coatue, and several other venture funds. In the spring of 2023, according to the company’s release, the company launched its conversational AI assistant that uses Glean’s search and RAG technology to retrieve the most relevant information from large-language models to generate personalized answers tailored to various enterprises’ needs.
Glean’s Forge Price™ is $20.00 as of April 22, 2024 which implies a valuation of $2.5 billion and a 13% premium to its February 2024 funding round.
