Weekly Roundup - Week 25, 2024

Jun 24, 2024

17/06/2024 - 23/06/2024

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

This week, we're taking a deep dive into the world of artificial intelligence (AI). The field of artificial intelligence is always humming with activity, from ground-breaking discoveries to calculated acquisitions. Let's examine the most recent fundraising rounds that are expanding the potential applications of artificial intelligence.

Mika, $856K, Pre-Seed Round

Mika develops generative AI-powered autonomous agents to handle accounting tasks, tax filings, and financial advisory services.  Its mission is to simplify accounting and tax processes for small businesses, making them stress-free. They raised $856K in their Pre-Seed round, with Samen Slimmer being their lead investor.


Wordsmith, $5M, Seed Round

Wordsmith provides an AI-powered legal assistant platform. Wordsmith’s AI technology automates repetitive legal tasks, such as contract analysis, answering standard questions, and processing questionnaires, significantly reducing the workload on lawyers. They raised $5 million in the Seed round, with Index Ventures being their lead investor and General Catalyst, Gareth Williams being their additional investors.


GrayMatter Robotics, $45M, Series B

GrayMatter Robotics is an AI and advanced robotics company delivering autonomous robotic solutions for tedious and ergonomically challenging tasks. It is helping manufacturers improve the quality of life of shop floor workers, enhance production capacity, and reduce scrap, repair, and rework costs. They raised $45 million in Series B, with Wellington Management  being their lead investor and NGP Capital, Euclidean Capital, Advance Venture Partners, and SQN Venture Partners   being their additional investors.


ConfidentialMind, $1.6M, Pre-Seed Round

ConfidentialMind is creating a generative AI platform for private cloud and on-premises environments. The business provides a Kubernetes-based solution that makes it easier to include generative AI apps into business processes and allows for their deployment on different cloud providers' platforms or hardware that is housed on-site. They raised $1.6 million in the Pre-Seed round, with Failup Venture  being their lead investor, Angel CoFund being their additional investor, and Ilkka Hiidenheimo, Jonathan Scudder, Jan Goetz, Juha Vartiainen  being their angel investors.


Avalor AI, $2.14M, Seed Round

Avalor AI has developed a platform that integrates artificial intelligence to enable autonomous planning, coordination, and execution of complex missions across air, land, and sea domains. The company’s hardware-agnostic artificial intelligence software allows for the integration and operation of unmanned systems from different OEMs and countries. They raised $2.14 million in the Seed round, with Keen Venture Partners being their lead investor.


FINBOURNE Technology, $58.8M, Series B

FINBOURNE Technology is a fintech company that provides investment management technology solutions and cloud-native data management platforms. The company delivers an interconnected network of functionality and data that enables the investment community to better serve clients in a constantly evolving market. They raised $58.8 million in their Series B, with Highland Europe, AVP being their lead investor.


Peak3, $35M, Series A

Peak3 offers modular and comprehensive insurance core and distribution systems tailored for the life, health, and property and casualty (P&C) insurance sectors. With operations spanning across regions like Europe, Asia, and North America, Peak3 collaborates with global insurers and digital platforms to enhance their insurance offerings through embedded insurance solutions. They raised $35 million in their Series A, with EQT, Alpha JWC Ventures being their lead investors.


Bisly, $6.63M, Series A

Bisly provides smart building solutions. They offer innovative hardware and software systems designed to enhance the efficiency, sustainability, and operational management of buildings. Bisly's offerings include a proprietary single cloud platform and patented digital twins system, which optimize energy usage, enhance building performance, and reduce costs. They raised $6.63 million in their Series A, with Urvo Männama, Paul Padrik being their angel investors, and Aconterra, SmartCap Green Fund, Pinorena Capital .


CuspAI, $30M, Seed Round

CuspAI created a search engine for the purpose of creating novel and effective materials. They use deep learning, molecular simulation, and generative AI to optimise the material design process. Their technology lets customers request certain properties for new materials on demand, much like a material search engine. They raised $30 million in Seed Round, with Hoxton Ventures being their lead investor, Basis Set Ventures, Lightspeed Venture Partners, LocalGlobe, Northzone, Touring Capital, Giant Ventures, FJ Labs, Tiferes Ventures, Zero Prime Ventures, being their additional investors, and Mehdi Ghissassi, Dorothy Chou being their angel investors.  


DeepJudge, $10.7M, Seed Round

DeepJudge is a company dedicated to transforming enterprise legal search. DeepJudge utilizes its multilingual and proprietary AI to provide an intent-driven search engine tailored for internal document repositories.  They raised $10.7 million in their Seed Round, with Coatue being their lead investor and Thomas Dübendorfer, Felix Ehrat being their angel investors.


From $1.6 million for ConfidentialMind to a whopping $58.8 million for FINBOURNE Technology, 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.