San Francisco’s Largest Tech Funding Rounds Totaled $874M in March

Learn how the companies that secured last month’s largest venture funding sums are investing their fresh capital.

Written by Ashley Bowden
Published on Apr. 01, 2024
San Francisco’s Largest Tech Funding Rounds Totaled $874M in March
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Photo: Shutterstock

Companies in the Bay Area rounded out the first quarter of the year with substantial venture funding raises. Innovators in sectors from artificial intelligence to cybersecurity pulled in nine-digit rounds with plans to fuel various growth strategies. Read more to find out what they have in the works.

Largest Bay Area Tech Funding Rounds, March 2024

  1. Alumis
  2. Applied Intuition
  3. inDrive
  4. Observe
  5. Nozomi Networks

     

    #5. $100 million, March 13

    Mitsubishi Electric and Schneider Electric participated in the Series E round for Nozomi Networks, a cybersecurity company focusing on operational technology and the internet of things. Nozomi’s fresh capital will help it scale product development and its global go-to-market approach.

     

    #4. $115 million, March 27

    Observe offers enterprises observability tools for machine-generated data. The company raised a $112 million Series B in response to increased customer demand. Investors including Snowflake, Sutter Hill Ventures and Capital One Ventures participated in the round that will help Observe compete in the data observability sector.

     

    #3. $150 million, March 14

    Building on a previous deal with investor General Catalyst from 2023, ride-hailing company inDrive secured an additional $150 million in funding. The company allows riders to set their fare and choose a driver based on ratings and previous trip insights. The inDrive app is currently available in 46 countries.

     

    #2. $250 million, March 12

    Lux Capital, Elad Gil and Porsche Investments Management led a round of funding for Applied Intuition, a company building advanced driver-assistance systems and automated driving solutions. With Porsche as its new original equipment manufacturer, Applied Intuition will invest in developing its vehicle software products and new AI capabilities.

     

    #1. $259 million, March 6

    Headquartered in South San Francisco, Alumis is biopharmaceutical company developing oral therapies for patients with immune-mediated diseases. The company recently pulled in $259 million in Series C funding led by Foresite Capital, Samsara BioCapital and venBio Partners to support the ongoing clinical development of its therapies.

    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 March 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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