Magical Raised $41M, Vanta Became a Unicorn, and More Bay Area Tech News

Here’s what you may have missed in the Bay Area tech scene last week.

Written by Charli Renken
Published on Jun. 13, 2022
Magical Raised $41M, Vanta Became a Unicorn, and More Bay Area Tech News
weekly refresh, magical team
Photo: Magical

Lots of fresh funds rolled through the Bay Area tech scene last week, including a newly-minted unicorn. With new companies hiring, this is your sign to dust off your resume and apply to some of these venture-backed tech startups. Catch up on the tech news you may have missed with the Built In SF Weekly Refresh.

AppOmni bagged $70M. The SaaS cybersecurity provider will use its new funding led by Thoma Bravo to accelerate product development, fuel international growth and scale go-to-market plans. [Built In SF]

OhmConnect pulled in $55M. The residential flexible energy provider will use its new funds from ClearSky, Sidewalk Infrastructure Partners (SIP) and TELUS Ventures to expand its customer and new market reach. [PR Newswire]

San Francisco Tech Quote of the Week

“As every football fan knows, you have to react when the game on the field changes. It’s easy to raise money in a hot market. But slowdowns have a way of refocusing attention on strong business fundamentals. That’s great news for Vanta. The metrics that investors are scrutinizing now — burn rate, capital efficiency, gross margins — are ones we’ve always excelled at.” — Vanta CEO Christina Cacioppo

Vanta raised $110M and became a unicorn. The new Series B funding led by Craft Ventures brought the security and compliance company’s valuation to $1.6 billion. Vanta is currently hiring for 47 positions. [Built In SF]

Middesk raised $57M. The Series B round co-led by Insight Partners and Canapi Ventures will allow the business identity verification platform to invest in product, hire new talent and increase market awareness for its product. [PR Newswire]

Magical secured $41M. The task automation company plans to use its new funds led by Coatue to invest in research and development, as well as the hiring of product, engineering and design talent. [Magical] 

In more funding news: Sensel raised $18.8 million from Lenovo to develop new products building on its next-generation haptic touchpad. [Built In SF]

HR API developer Finch raised $15 million in a funding round led by Menlo Ventures to hire new talent in engineering, sales and development. [TechCrunch]

Opal raised $10 million in a Series A funding round led by Greylock. The computer security platform will use its new funds to scale its product and hire engineering talent. [Built In SF]

Editor’s note: The headline of this article has been updated. Magical raised $41 million not $57 million as previously written. We regret the error.

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