The Biggest Startup Deals in April
Learn which San Diego startups raised the most venture capital this past month
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Tech Funding Heats Up for First Time in 2024
Today we report on recent signs that investor appetite for San Diego-based early stage startups seems to be returning.
The latest example: subscription management platform RevenueCat on April 25th announced it closed $12 million in Series C funding led by Adjacent, a New York-based venture firm. Existing investors such as Y Combinator, Index Ventures, Volo Ventures and SaaStr Fund also joined the round.
The deal extends a rebound in funding for tech startups from the first quarter of the year, which is one of the handful of tech deals made this year, according to data from Connect San Diego’s Venture Capital Tracker.
LLM (AI-focused) startup Log10 another tech company raised a significant funding round in April. The company was founded by serial entrepreneur Arjun Bansal, who is best known as the co-founder of Nervana Systems which was reportedly acquired for north of $350 million in 2016.
Life Science Funding Rounds in April
Endeavor BioMedicines, a 3-year-old biotech company, received the highest funding in the month of April pulling in a $132 million Series C round led by AyurMaya, an affiliate of investment firm Matrix Capital Management.
Alterome Therapeutics, a 2-year-old biopharma startup, announced it has raised a $132 million Series B round led by Goldman Sachs. The company is led by Eric Murphy, co-founder and CEO and has raised $231 million total funding with multiple programs into the clinic, according to a recent SDBJ interview.
The next biggest deals after Alterome included Enlaza Therapeutics which raised $100 million; followed by medical tech company Biolinq, a wearable biosensor startup that nabbed $58 million led by Alpha Wave Ventures, as mentioned in the WSJ.
Mirador Therapeutics, a life science company founded by former Prometheus Biosciences executives (which was acquired for $10B+ last year) currently hold the top spot in highest capital raise of 2024 so far — it raised $400 million in March led by ARCH Venture Partners.
Here’s What Else You Might’ve Missed
Escient Pharmaceuticals announced it was acquired for $750 million by Incyte, a publicly-traded biopharmaceutical company on April 23. The buyout is expected to close by the third quarter of 2024. Escient raised more than $235 million in venture capital from investors such as New Enterprise Associates, Abingworth and Forge Life Science Partners.
Drata, a unicorn software startup that helps companies manage its cybersecurity and compliance, acquired Harmonize for an undisclosed amount. Founded roughly four years ago, the company has raised more than $320 million in total funding and has roughly 500 employees.
Shield AI, a unicorn defense tech company and maker of autonomous drones for the military, announced it acquired Australia-based Sentient Vision Systems on April 4. The acquisition of Sentient also gives Shield AI a way into the Australian market, according to a SDBJ interview.
Natilus, a defense tech company and developer of large aircraft drones, closed an undisclosed early-stage round from Harpoon Ventures, Interlock Capital, among other investors. Founded in 2016, the company has about 20 employees.
Splash, a company that aims to purchase pool service businesses, has raised $4.5 million in seed funding led by Asymmetric Capital Partners. The venture was launched by Jeremy Yamaguchi, a serial entrepreneur who previously sold his startup Lawn Love in August 2021 for an undisclosed amount.