The Weekly Notable Startup Funding Report: 11/24/25 – AlleyWatch

The Weekly Notable Startup Funding Report takes us on a trip across various ecosystems in the US, highlighting some of the notable funding activity in the various markets that we track. The notable startup funding rounds for the week ending 11/22/25 featuring funding details for Coverbase, Suno, Peek, and twenty other deals representing $6.6B in new funding that you need to know about.

Gridware – $55.0M

San Francisco-based Gridware is a gridvtechnology company dedicated to improving safety and reliability on the electrical transmission and distribution systems. Founded by Abdulrahman Bin Omar, Hall Chen, and Timothy Barat in 2020, Gridware has now raised a total of $97.2M in total equity funding and is backed by Convective Capital, Fifty Years, Generation Investment Management, Lowercarbon Capital, Sequoia Capital, Tiger Global Management, True Ventures, Y Combinator.

Physical Intelligence – $600.0M

San Francisco-based Physical Intelligence is an AI company developing machine learning for robots and other physical devices. Founded by Adnan Esmail, Brian Ichter, Karol Hausman, Lachy Groom, Quan Vuong, and Sergey Levine in 2024, Physical Intelligence has now raised a total of $1.1B in total equity funding and is backed by CapitalG, Index Ventures, Jeff Bezos, Lux Capital, T. Rowe Price, Thrive Capital.

Luma AI – $900.0M

Palo Alto-based Luma AI develops tools that let users generate photorealistic images and videos from text, image, or video prompts. Founded by Alberto Taiuti and Amit Jain in 2021, Luma AI has now raised a total of $1.1B in total equity funding and is backed by AMD Ventures, Amplify Partners, Andreessen Horowitz, HUMAIN, Matrix.

WellBeam – $10.0M

Palo Alto-based WellBeam is a digital-health company that provides an EMR-integrated care coordination platform. Founded by Amee Devani and Pascal Odek in 2019, WellBeam has now raised a total of $17.7M in total equity funding and is backed by Advocate Health, Atrium Companies, F-Prime, Oncology Ventures, Wittington Ventures.

Numeric – $51.0M

San Francisco-based Numeric is an AI accounting software company that automates accounting workflows and improves financial data management for businesses. Founded by Andrew Bihl, Anthony Alvernaz, and Parker Gilbert in 2021, Numeric has now raised a total of $89.0M in total equity funding and is backed by 8VC, Access Industries, Alkeon Capital, Fifth Down Capital, Founders Fund, Friends & Family Capital, IVP, Long Journey Ventures, Marc Huffman, Menlo Ventures, Ron Gill, Socii Capital.

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Agentio – $40.0M

Brooklyn-based Agentio is an AI-native advertising platform that automates the end-to-end process for creator advertising. Founded by Arthur Leopold and Jonathan Meyers in 2023, Agentio has now raised a total of $56.3M in total equity funding and is backed by AlleyCorp, Antler, Benchmark, Craft Ventures, Forerunner, Starting Line.

Bedrock Data (fka Bedrock Security) – $25.0M

San Francisco-based Bedrock Data accelerates data security, governance, and management for all your data, at scale, so you can innovate faster. Founded by Bruno Kurtic, Ganesha Shanmuganathan, and Pranava Adduri in 2021, Bedrock Data has now raised a total of $35.0M in total equity funding and is backed by Greylock, Mangusta Capital, MANTIS Venture Capital, Pier 88 Investment Partners.

Coverbase – $16.5M

San Francisco-based Coverbase is an AI-native procurement platform that automates vendor intake, risk, and contracts to streamline purchasing securely. Founded by Clarence Chio and Kao Zi Chong in 2024, Coverbase has now raised a total of $20.0M in total equity funding and is backed by Canapi Ventures, Fika Ventures, Founders You Should Know, Pear VC, TTV Capital, Valley Bank.

Function Health – $298.0M

Austin-based Function Health is a health platform offering lab tests to help individuals monitor their health. Founded by Daniel Swerdlin, Jonathan Swerdlin, Mike Nemke, Pranitha Patil, and Seth Weisfeld in 2022, Function Health has now raised a total of $354.0M in total equity funding and is backed by Aglae Ventures, Allen Crabbe, Alumni Ventures, Andreessen Horowitz, Anthony Wood, Battery Ventures, Blake Griffin, Breanna Stewart, and BroadLight Capital.

Ramp – $300.0M

New York-based Ramp is a financial operations platform designed to save companies time and money Founded by Eric Glyman, Gene Lee, and Karim Atiyeh in 2019, Ramp has now raised a total of $2.1B in total equity funding and is backed by 137 Ventures, 1789 Capital, 8VC, Alpha Wave Global, Anti Fund, Avenir, Bessemer Venture Partners, BoxGroup, Coatue, Coral Capital, D1 Capital Partners, Definition, Emerson Collective, Epicenter Capital, Founders Fund, General Catalyst, GIC, Glade Brook Capital Partners, ICONIQ Capital, Khosla Ventures, Kultura Capital Management, Lightspeed Venture Partners, Lux Capital, Pinegrove Capital Partners, Robinhood Ventures, Soma Capital, Stripes, Sutter Hill Ventures, T. Rowe Price, Thrive Capital.

Genspark – $275.0M

Palo Alto-based Genspark is an AI search platform that utilizes generative AI to create custom summaries and detailed overviews in response to user queries. Founded by Eric Jing and Kay Zhu in 2023, Genspark has now raised a total of $435.0M in total equity funding and is backed by Emergence Capital, HSG, LG Technology Ventures, Pavilion Capital, SBI Investment, Tencent, UpHonest Capital.

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Suno – $250.0M

Cambridge-based Suno is a music-technology company that provides an AI-powered platform for generating original songs from simple text prompts. Founded by Georg Kucsko, Keenan Freyberg, Martin Camacho, and Mikey Shulman in 2022, Suno has now raised a total of $375.0M in total equity funding and is backed by Hallwood Media, Lightspeed Venture Partners, Matrix, Menlo Ventures, NVentures.

Amogy – $15.0M

Brooklyn-based Amogy offers carbon-free energy solutions using ammonia cracking technology. Founded by Hyunho Kim, Jongwon Choi, Seonghoon Woo, and Young Suk Jo in 2020, Amogy has now raised a total of $313.3M in total equity funding and is backed by GS Engineering & Construction, GS Futures, Xplor Investment.

TULU – $17.0M

New York-based TULU is the Usage Economy platform that elevates products and services brands to win today’s needs-driven consumers. Founded by Itamar Mofaz, Yael Shemer, and Yishai Lehavi in 2019, TULU has now raised a total of $46.8M in total equity funding and is backed by AGP Ventures, Aviv Growth Partners, Bosch Ventures, Good Company, Greensoil PropTech Ventures, i3 equity Partners, K√§rcher New Venture, New Era Capital Partners, Regeneration.VC, Tal Ventures. AlleyWatch broke the news in an exclusive covering the round and much more – TULU Raises $17M to Bring On-Demand Rental Infrastructure to Thousands More Properties

Kraken – $800.0M

San Francisco-based Kraken is a cryptocurrency exchange platform that provides parachain auctions, staking, and index services. Founded by Jesse Powell, Michael Gronager, and Thanh Luu in 2011, Kraken has now raised a total of $1.3B in total equity funding and is backed by Arjun Sethi Family Office, Citadel Securities, DRW Venture Capital, HSG, Jane Street Capital, Oppenheimer & Co., Tribe Capital.

Ursa Major – $100.0M

Berthoud-based Ursa Major is an aerospace and defense company that provides a propulsion system for space launch, hypersonics, and national security. Founded by Joe Laurienti in 2015, Ursa Major has now raised a total of $371.8M in total equity funding and is backed by Alsop Louie Partners, Eclipse Ventures, Principia Growth, Woodline Partners, XN.

Kalshi – $1.0B

New York-based Kalshi is an exchange app that allows people to trade on event outcomes. Founded by Luana Lopes Lara and Tarek Mansour in 2018, Kalshi has now raised a total of $1.6B in total equity funding and is backed by Andreessen Horowitz, Anthos Capital, CapitalG, Neo, Paradigm, Sequoia Capital.

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Lambda – $1.5B

San Jose-based Lambda is a cloud-based platform that provides high-performance GPU hardware and cloud infrastructure for AI model training and inference. Founded by Michael Balaban and Stephen Balaban in 2012, Lambda has now raised a total of $2.4B in total equity funding and is backed by TWG Global, US Innovative Technology Fund.

RapidSOS – $100.0M

New York-based RapidSOS is an intelligent safety platform that connects devices, apps, and sensors for safety agents. Founded by Michael Martin and Nick Horelik in 2012, RapidSOS has now raised a total of $455.2M in total equity funding and is backed by Apax Partners.

Celero Communications – $100.0M

Laguna Beach-based Celero Communications provides coherent DSP solutions that improve high-bandwidth, low-power optical connectivity. Founded by Nariman Yousefi and Oscar E. Agazzi in 2024, Celero Communications has now raised a total of $138.4M in total equity funding and is backed by CapitalG.

Peek – $70.0M

San Francisco-based Peek is a travel-tech platform designed for booking tours and provides software for tour and activity operators to manage their businesses. Founded by Oskar Bruening and Ruzwana Bashir in 2012, Peek has now raised a total of $189.9M in total equity funding and is backed by Eric Schmidt, Goldman Sachs Alternatives, Jack Dorsey, Paul English, Springcoast Capital Partners, WestCap.

Orion – $3.5M

Denver-based Orion is a cybersecurity company that offers AI-evolving threat intelligence for risk teams. Founded by Px Hx and Rahul Thayil in 2023, Orion has now raised a total of $4.1M in total equity funding and is backed by Bravo Victor Venture Capital, Dynamo, Service Provider Capital, Techstars.

Federato – $100.0M

Palo Alto-based Federato is an AI-powered insurance underwriting platform that enhances the underwriting process for property and casualty insurance. Founded by William Ross and William Steenbergen in 2020, Federato has now raised a total of $180.0M in total equity funding and is backed by Caffeinated Capital, Emergence Capital, Goldman Sachs Alternatives, Pear VC, StepStone Group.