San Diego Startups Attract Nearly $4B in Venture Capital in 2023
A round-up of San Diego's top venture capital deals and investments in 2023
Every week, receive startup and venture capital stories in your inbox by subscribing to Business of San Diego’s weekly newsletter. Written by Fred Grier, award-winning journalist and former technology reporter at The San Diego Business Journal.
In the last 12 months, San Diego-based companies have raised nearly $4 billion in venture capital across 170 deals, according to fresh data provided by Connect with San Diego Venture Group.
Last year, $4.85 billion in venture capital funding went to local companies across roughly 400 deals, down from 2021 record high’s which hit $9.6 billion. In 2023, the San Diego metro area ranked 7th in the United States, according to a new data published by Carta on December 14.
Here’s a recap of the startups who pulled major funding in 2023, ranging from fast-growing technology startups to life science firms as well as consumer products companies. In addition, we’ve compiled which VC firms publicly closed new funds and which AI startups raised the highest funding amount this year.
Top five largest tech deals
Shield AI: Late-stage defense-tech drone company raised $200 million.
SOCi: Late-stage marketing software company raised $120 million.
Platform Science: Fleet management tech company raised $100 million.
PetDesk: Growth-stage software serving the pet industry raised $100 million
Measurabl: ESG-focused real estate tech company raised $93 million.
Top five largest biotech deals
ADARx Pharmaceutical: Growth-stage biotech raised $200 million
Avenzo Therapeutics: Cancer-focused startup raised $196 million.
Rapport Therapeutics: Clinical-stage biotech startup raised $150 million
Rakuten Medical: Global biotech company raised $104 million.
Iambic Therapeutics: AI-enabled biotech startup raised $100 million.
Top five largest consumer deals
Ourself: Carlsbad-based skincare brand raised $80 million.
Nixon: Carlsbad-based watch brand raised $23 million.
Infinity X1: Maker of portable lighting products raised $22 million.
Mytee: Family-owned auto detailing equipment manufacturer raised $15 million.
PureForge: Poway-based automotive OEM manufacturer raised $2 million.
Top five largest venture capital funds
Section 32: Cardiff-based firm raised $525M for 5th fund.
Anzu Partners: La Jolla-based firm raised $200M for its 3rd fund.
Ankona Capital: Rancho Santa Fe-based firm raised $129M for its 2nd fund.
Harpoon Ventures: Coronado-based firm raised $125M for its 4th fund.
Top five AI deals
Personal AI: startup developing personal language models raised $9 million.
Tiny Corp: startup focused on machine learning models raised $5 million.
Rumi AI: streaming platform for host-led live broadcasts raised $3 million.
ReflexAI: AI training and quality assurance company raised $3 million.
EyePop AI: AI-powered low-code platform raised undisclosed seed funding.
Please note: Deal amounts are pulled from public filings, Connect San Diego’s Venture Capital Funding Tracker. Data may be incomplete or contain some inaccuracies.