SF’s Top 5 Tech Funding Rounds Totaled $1.4B+ in February

Find out how the local innovators that secured last month’s largest venture sums are investing the fresh capital.

Written by Ashley Bowden
Published on Mar. 01, 2024
SF’s Top 5 Tech Funding Rounds Totaled $1.4B+ in February
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The artificial intelligence sector is flourishing on the West Coast as Bay Area innovators continue to pull in fresh capital to back their ideas. From developing conversational work assistants to automating software development, learn what these coal innovators are building with their new funding.

SF’s Largest Tech Funding Rounds, February 2024

  1. Figure
  2. Lambda
  3. Glean
  4. Magic
  5. Sierra

     

    #5. $110 million, February 13

    Founded by former Salesforce leader Bret Taylor and veteran Google executive Clay Bavor, Sierra is a conversational AI solution targeting business customers. The company received $110 million in funding from investors including Sequoia Capital and Benchmark. Its solution aims to converse with companies’ customers for support, account management and other issues.

     

    #4. $117 million, February 19

    Magic’s AI-powered solution works to automate software development. NFDG Ventures led the round of Series B funding that will help the company develop its product. To date, Magic has secured $145 million in venture funding and claims to have thousands of GPUs deployed for training its AI models.

     

    #3. $200 million, February 27

    Glean developed an AI-powered work assistant built to provide highly personalized answers based on a company’s unique knowledge graph. Valued at more than $2.2 billion, Glean has secured a round of Series D funding from lead investors Kleiner Perkins and Lightspeed Venture Partners. The capital will help Glean accelerate its momentum to meet customer demand.

     

    #2. $320 million, February 15

    Based in San Jose, GPU cloud company Lambda builds AI infrastructure at scale for businesses in sectors like manufacturing, healthcare, financial services and government. The company’s Series C funding round led by Thomas Tull’s U.S. Innovative Technology will go toward expanding its AI cloud business.

     

    #1. $675 million, February 29

    Investors including Microsoft, OpenAI Startup Fund, NVIDIA and Jeff Bezos have backed humanoid robotics company Figure in a huge Series B round. The raise values Figure at $2.6 billion and will help the company scale up AI training and robot manufacturing, expand its engineering team and expedite commercial deployment.

    Methodology: Built In tracked the largest funding rounds of the month using previous reporting, data from Crunchbase and articles from other publications and companies. This list highlights the five largest funding rounds raised in February by tech companies with a headquarters in San Francisco. We only include venture capital and equity raises and do not include debt or post-IPO funding rounds in this list.

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