These 5 Bay Area Tech Startups Raised More Than $2.6B in September
After a lull in funding rounds, the five largest venture capital rounds raised by San Francisco tech companies collectively total more than $2.6 billion in September. Clean power was a theme for investors last month with two of the five top rounds going to renewable energy companies. Read on to hear more about who raised funds and what that money will be going toward.
Largest San Francisco Tech Funding Rounds, September 2022
- TeraWatt Infrastructure
- Mysten Labs
- Mainspring Energy
#5. Mainspring Energy: $140 million, September 21
Mainspring Energy is a clean power generation provider that has developed a new kind of generator. The Mainspring Linear Generator delivers power flexibility for grid transition with the ability to switch between various different types of fuel. In September, the company closed its Series E funding round with a $140 million addition to its previously announced $150 million raised in May. The addition was led by Lightrock and will be used to expand operations and scale manufacturing.
#4. Verkada: $205 million, September 14
Verkada is a physical security company that develops products like security cameras, access control, environmental sensors, alarms and visitor and mailroom management for buildings. In September, the company raised $205 million in Series D funding led by Linse Capital, bringing its valuation to $3.2 billion. The new funds will be used to enhance its offerings, develop new product lines, hire additional talent and expand globally.
#3. Mysten Labs: $300 million, September 8
Mysten Labs is a Web3 infrastructure company and developer of the Sui Layer 1 blockchain. The company aims to build the foundations for the metaverse, the first of which is Sui, a blockchain that scales with demand and incentivizes growth. Last month, the company raised $300 million in Series B funding led by FTX Ventures. The fresh capital will be used to continue core infrastructure development and bring on new hires.
#2. Verily: $1 billion, September 9
Verily, a subsidiary of Alphabet, uses data to improve healthcare outcomes. The company creates and utilizes datasets from clinical, social, behavioral and real-world sources to provide precision, personalized healthcare. Verily received a $1 billion investment from Alphabet which it plans to use to expand the business, strategic partnerships and its team.
#1. TeraWatt Infrastructure: $1 billion+, September 13
Electric vehicle charging infrastructure company TeraWatt provides charging centers to fleet operators. In September, the company raised more than $1 billion in an investment from Vision Ridge Partners, Keyframe Capital and Cyrus Capital. The new funds will be used to accelerate TeraWatt’s next phase of development and expand its charging infrastructure. It also plans to hire new team members.