Weekly Roundup - Week 21, 2024

May 27, 2024

20/05/2024 to 26/05/2024

This is a weekly feature that recaps the week's funding rounds for B2B SaaS companies. 

This week’s funding roundup brings a mix of innovation in cybersecurity space, AI and other fresh solutions for B2B businesses. From protecting critical data to streamlining workflows, these companies are making waves in the ever-evolving SaaS landscape. Let’s dive into the details!

Userfront, $5.3M, Seed Round

Userfront offers an authentication and identity platform designed to transform how digital businesses serve free, freemium, and enterprise customers. It provides a comprehensive auth and access control system that supports a wide range of use cases, with features like a central management dashboard, customizable authentication flows, and rapid feature deployment. They raised $5.3 million in a Seed Round with Heavybit LLC being their lead investor.


Lumos, $35M, Series B

Lumos is a unified command center to discover and manage software vendors, app access, and user identities. This helps organizations automate IT tickets, protect against identity-based breaches, and decrease software spend. The platform centralizes app and identity management for IT and security teams, reducing costs and enhancing security. They raised $35 million in a Series B with Scale Venture Partners being their lead investor and Andreessen Horowitz, Harpoon Ventures, Neo  being their additional investors.


DeepL, $300M, Series Unknown

DeepL provides cutting-edge translation and writing solutions tailored for businesses across multiple industries, helping them overcome communication challenges and drive international growth. Their mission is to break down language barriers for businesses everywhere. They have raised $300 million with Index Ventures being the lead investor and  ICONIQ Growth, Teachers’ Venture Growth being their additional investors. 


Averlon, $8M, Seed Round

Averlon is a cybersecurity company that leverages advanced AI technologies to provide proactive and predictive security solutions, offering comprehensive visibility and predictive analysis to help organizations anticipate, understand, and prevent sophisticated cloud security threats. They have raised $8 million in Seed Round with Voyager Capital being the lead investor and Salesforce Ventures, Outpost Ventures being their additional investors. 


SOCRadar, $25.2M, Series B

SOCRadar is a cybersecurity company that provides enterprise-grade, end-to-end threat intelligence and brand protection solutions. The company focuses on delivering proactive defense against various cyber threats, including ransomware, phishing, Business Email Compromise (BEC), and other externally sourced attacks. They have raised $25.2 million in Series B with Voyager Capital being the lead investor and Salesforce Ventures, Outpost Ventures being their additional investors. 


Verse, $20.5M, Series A

Verse provides software that helps companies reduce their electricity costs and scope 2 emissions at the same time. Its SaaS platform, Aria™, leverages generative AI to help companies define clean energy goals and plan, procure, and manage optimal portfolios of clean energy assets at the least cost. They have raised $20.5 million in Series A with GV being the lead investor and Coatue, CIV, MCJ Collective  being their additional investors. 


Nory, $16M, Series A

Nory is an AI-driven platform designed to help restaurants manage and scale their operations efficiently. By centralizing operational data, Nory provides real-time insights that empower businesses to make informed decisions. The company's mission is to systemize success and become the world's largest restaurant technology company. They have raised $16 million in Series A with Accel being the lead investor and Cavalry, Playfair, Samaipata, Triple Point being their additional investors. 


FretBox, Undisclosed, Seed Round

FretBox offers a scalable and specialized vertical SaaS platform designed to enhance hostel management and the student living experience. The platform includes features such as a notice board, visitor log, amenities booking, digital assistant, fee collection, and security desk. They have CXO Factor as their lead investor.


Scale AI, $1B, Series F

Scale AI is an AI company specializes in labeling diverse data types—text, images, video, and voice recordings. Initially focused on data labeling for autonomous driving models, Scale AI has broadened its scope to enhance and refine data for various organizations aiming to deploy AI, thereby supporting some of the most sophisticated AI models available. They have Accel as their lead investor.


Ruedata, 2M, Seed Round

Ruedata is a data management company offering a SaaS platform that provides fleet managers with insights to optimize tire consumption and reduce the carbon footprint of vehicles such as cargo trucks and buses. As Barn Investimentos  being their lead investor, they have raised $2 million in their Seed round. 


Artemis, $1.5M, Pre-Seed Round 

The Artemis platform enables data engineers to deliver insights and AI products faster in healthcare and B2B technology organizations. Its platform empowers data teams to deploy cutting-edge AI agents that automate data cleanup tasks using pre-built knowledge graphs on a user-friendly canvas. They have raised $1.5 million in their Pre-Seed round with Raven Indigenous Capital Partners as their lead investor and Telegraph Hill Capital, Ripple Ventures  as their additional investors.


From $1.5 million for Artemis to a whopping $1 billion for Scale AI, this week has some interesting fundraises. Here’s a roundup of the week. Stay tuned to see what’s in store for our next week’s roundup.


Written by Abhishek Viju - Sales Intern