In August 2024, New York City’s tech startup scene saw an impressive array of funding rounds, showcasing the city’s ongoing prominence in the venture capital landscape. I’ve sifted through the latest data from CrunchBase to highlight the 11 largest funding rounds this month. This post dives into the details of these rounds, offering insights into the industries, funding types, and key players involved. Whether you’re an investor, entrepreneur, or just keen on NYC tech trends, here’s what you need to know.
1. Bilt Rewards: A Staggering $150 Million in Venture Funding
Round: Venture
Description: Bilt Rewards is revolutionising the rental market by offering a rewards programme that allows renters to earn points on their rent payments and work towards homeownership. Founded by Ankur Jain in 2021, Bilt has now secured a total of $563.3 million in equity funding. This recent $150 million round was led by Blend, General Catalyst, Wells Fargo, Greystar, and Mastercard.
Industry: FinTech, Loyalty Programs, Real Estate, Rental Property
Total Funding Raised: $563.3M
Why It Matters: Bilt Rewards is not just changing the game for renters but also setting a new benchmark for how loyalty programmes can integrate into real estate.
2. EliseAI: Securing $75 Million in Series D Funding
Round: Series D
Description: EliseAI is pushing the boundaries in property management with its conversational AI technology, enhancing operational efficiency. Founded by Minna Song and Stoyan Stoyanov in 2017, EliseAI has now amassed $141.9 million in total funding. The latest $75 million round was supported by AvalonBay Communities, Point72 Ventures, JLL Spark, Golden Seeds, and Navitas Capital.
Industry: Artificial Intelligence (AI), Business Intelligence, Machine Learning, Property Management, PropTech, Real Estate
Total Funding Raised: $141.9M
Why It Matters: EliseAI is streamlining property management, demonstrating how AI can optimise traditional industries.
3. Valon Technologies: $69.7 Million for Innovative Mortgage Servicing
Round: Venture
Description: Valon Technologies provides tech-enabled solutions for residential mortgage servicing, enhancing the efficiency of mortgage operations. Co-founded by Andrew Wang, Eric Chiang, and Jonathan Hsu in 2019, Valon has now raised a total of $166.8 million. The latest $69.7 million round included Andreessen Horowitz, Jefferies Financial Group, Freedom Mortgage, Starwood Capital Group, and Human Capital.
Industry: Financial Services, FinTech, Real Estate
Total Funding Raised: $166.8M
Why It Matters: Valon Technologies is making strides in the mortgage industry, reflecting growing investor confidence in tech-driven financial services.
4. Chaos Labs: A Robust $55 Million Series A Round
Round: Series A
Description: Chaos Labs is developing a cutting-edge cloud platform for high-fidelity agent and scenario-based simulations. Founded by Omer Goldberg in 2022, Chaos Labs has raised $75 million in total funding, with the latest $55 million round led by Coinbase, General Catalyst, Polygon, Blockdaemon, and Uniswap.
Industry: Blockchain, Risk Management, Software, Web Development
Total Funding Raised: $75.0M
Why It Matters: Chaos Labs is advancing blockchain risk management, a crucial area for the future of decentralised finance and Web3 technologies.
5. Octane: $50 Million in Series E Funding
Round: Series E
Description: Octane is a financial technology company focusing on financing solutions for recreational purchases. Founded in 2014 by Andre Gregori, Daniel Petkevich, Mark Davidson, Mark Garro, and Michael Fanfant, Octane has now raised $221.2 million. The recent $50 million round was backed by Citi Ventures, Contour Venture Partners, Upper90, Valar Ventures, and Third Prime.
Industry: Credit, Financial Services, FinTech, Lending
Total Funding Raised: $221.2M
Why It Matters: Octane’s substantial funding highlights the growing interest in specialised financial solutions for high-value consumer purchases.
6. Cents: Raising $40 Million for Laundry Management
Round: Series B
Description: Cents offers a comprehensive management system for laundromats and dry cleaners. Founded in 2019 by Alexander Jekowsky, Gilli Cherrin, and Pramod Dabir, Cents has raised a total of $74.2 million. The latest $40 million round included Alumni Ventures, 1517 Fund, Bessemer Venture Partners, FJ Labs, and Tiger Global Management.
Industry: FinTech, Hardware, Payments, SaaS
Total Funding Raised: $74.2M
Why It Matters: Cents is modernising the laundry business, showcasing the potential for tech solutions in everyday services.
7. Slingshot AI: $30 Million Seed Round for Machine Learning
Round: Seed
Description: Slingshot AI provides a cloud-based platform for training, deploying, and managing machine learning models. Co-founded in 2022 by Daniel Reid Cahn and Neil Parikh, Slingshot AI has now raised $30 million. The funding round saw participation from Andreessen Horowitz, Arjun Sethi, BoxGroup, Bryan Baum, and Cory Levy.
Industry: Cloud Data Services, Software, Web Development
Total Funding Raised: $30.0M
Why It Matters: Slingshot AI’s focus on machine learning platforms underscores the growing demand for advanced AI infrastructure.
8. Comun: $21.5 Million in Series A for Digital Banking
Round: Series A
Description: Comun is a digital banking platform catering to Latinos in the US. Founded by Andres Santos and Abiel Gutierrez in 2021, Comun has raised $26 million in total equity funding. The recent $21.5 million round included ANIMO Ventures, Costanoa Ventures, FJ Labs, Redpoint, and RTP Global.
Industry: Banking, Financial Services, Mobile Apps
Total Funding Raised: $26.0M
Why It Matters: Comun is addressing financial inclusion, reflecting a trend towards more targeted financial services.
9. PreciseDx: $20.7 Million in Series B for Cancer Risk Stratification
Round: Series B
Description: PreciseDx provides patient-specific cancer risk information through morphology analysis. Founded in 2019 by Carlos Cordon, Gerardo Fernandez, Jack Zeineh, and Michael J. Donovan, PreciseDx has now raised $31.5 million. The latest $20.7 million round included Eventide, GenHenn Venture, LabCorp, and Quest Diagnostics.
Industry: Health Care
Total Funding Raised: $31.5M
Why It Matters: PreciseDx is enhancing cancer risk assessment, showcasing innovation in personalised medicine.
10. EvolutionIQ: $20.2 Million Venture Round for Insurance Tech
Round: Venture
Description: EvolutionIQ offers AI-driven claims guidance solutions for insurance companies. Founded by Michael Saltzman and Tomas Vykruta in 2019, EvolutionIQ has raised $63.4 million in total funding. The recent $20.2 million round featured investments from First Round Capital, Principal Financial Group, Sedgwick Claims Management Services, Plug and Play, and FirstMark.
Industry: Artificial Intelligence (AI), Commercial Insurance, Fraud Detection, Insurance, InsurTech, Risk Management
Total Funding Raised: $63.4M
Why It Matters: EvolutionIQ is pushing forward the use of AI in insurance, reflecting the sector’s shift towards more sophisticated tech solutions.
11. Trunk Tools: $20 Million Series A for Construction AI
Round: Series A
Description: Trunk Tools is a construction AI platform aimed at automating workflows for construction management. Founded by Sarah Buchner in 2021, Trunk Tools has raised a total of $29.9 million. The latest $20 million round saw contributions from AEC Angels, Charps, Innovation Endeavors, Liberty Mutual Strategic Ventures, PruVen Capital, Redpoint, and others.
Industry: Artificial Intelligence (AI), FinTech, Productivity Tools, Software
Total Funding Raised: $29.9M
Why It Matters: Trunk Tools is streamlining construction management with AI, a sign of tech’s growing impact on traditional industries.
