Rounded Weekly – Daily Edition: 27 May 2024
The daily edition of Rounded Weekly for 27 May 2024. A round-up of the top 10 closed startup rounds for the day (and a cheeky entry from yesterday), with the day's top news at the bottom.
It’s Memorial Day weekend!
And a Bank Holiday here in the UK. But that isn’t going to stop me from bringing you the latest and hottest closed rounds. I hope everyone had a great long weekend, and this should be some interesting reading on your break. If you find this edition helpful (even on a holiday), please share it with someone you know! Your support is super helpful to help the newsletter grow.
You’ll notice that there’s a cheeky round on here from yesterday, which is xAI. Their $6bn Series B is one of the largest Series B rounds ever raised, and takes place just 14 months after the company was founded. Love or hate Musk, it’s undeniable to note that this is another venture led my him. It also further cements AI as one of the hottest topics right now for makers of all sizes. Fun fact: This puts xAI’s valuation at $24bn, roughly one third of OpenAI’s $80bn valuation.
If you’re new around here, my intention of Rounded Weekly is to bring you the hottest rounds closed weekly (and now with a daily edition). Think of it as a personal Crunchbase, but for the rounds you actually care about. I want to make sure you’re as in the loop as possible, whether it’s for watercooler talk, identifying market trends, or just staying in the know.
Here is today’s list:
1. xAI
Funding Type: Series B
Amount Raised: $600 Million USD
xAI is a cutting-edge artificial intelligence company focused on developing advanced AI technologies. Founded by visionary leaders in the tech industry, xAI aims to revolutionize various sectors by providing innovative AI solutions that enhance efficiency and decision-making processes. The company's Series B funding round will support further research and development, driving the next wave of AI advancements.
Something I like about them: xAI's commitment to pushing the boundaries of artificial intelligence is truly inspiring. Their commitment to openness and transparency is something to be admired in the race to a preferred AI model.
2. Arafura Resources
Funding Type: Post-IPO Debt
Amount Raised: $300 Million USD
Arafura Resources is an Australian mining company specializing in rare earth elements, which are critical components in modern technologies. Founded in 1997, Arafura Resources is dedicated to sustainable mining practices and the responsible development of its projects. The funds from their Post-IPO Debt round will be used to advance their flagship project, Nolans, which aims to supply high-demand rare earths for various industries.
Something I like about them: Arafura Resources' focus on sustainable mining practices is commendable. Their efforts to responsibly develop rare earth projects are crucial for supporting the tech industry's growth while minimizing environmental impact.
3. FirstRand Limited
Funding Type: Post-IPO Debt
Amount Raised: $250 Million USD
FirstRand Limited is a leading financial services provider based in South Africa. Established in 1998, FirstRand offers a comprehensive range of banking, investment, and insurance products to its customers. The company is known for its strong focus on innovation and customer-centric solutions. The Post-IPO Debt funding will help FirstRand expand its operations and enhance its digital banking capabilities.
Something I like about them: FirstRand's dedication to innovation in financial services is impressive. Their customer-centric approach ensures that they continually meet the evolving needs of their clients, driving growth and satisfaction.
4. Cairn Homes
Funding Type: Post-IPO Debt
Amount Raised: $54.2 Million USD
Cairn Homes is a leading homebuilding company in Ireland, known for constructing high-quality residential properties. Founded in 2015, Cairn Homes focuses on creating sustainable and modern living spaces that cater to the needs of contemporary families. The funds raised in their Post-IPO Debt round will be used to accelerate the development of new housing projects across Ireland.
Something I like about them: Cairn Homes' commitment to building sustainable and high-quality homes is admirable. Their focus on creating modern living spaces contributes to the well-being and satisfaction of their residents.
5. Spectrum Life
Funding Type: Venture - Series Unknown
Amount Raised: $18.4 Million USD
Spectrum Life is a healthcare company dedicated to providing comprehensive mental health services. Founded by experts in the mental health field, Spectrum Life offers a range of services, including therapy, counseling, and wellness programs. The company's innovative approach integrates digital solutions to enhance accessibility and effectiveness of mental health care. The funding will support the expansion of their services and the development of new programs.
Something I like about them: Spectrum Life's focus on mental health and wellness is crucial in today's world. Their innovative approach to providing accessible mental health services makes a significant positive impact on individuals and communities.
6. Zartis
Funding Type: Venture - Series Unknown
Amount Raised: $10.8 Million USD
Zartis is a digital transformation consultancy that helps companies innovate and grow through technology. Founded in Ireland, Zartis specializes in software development, IT consulting, and digital strategy. The company's team of experts works closely with clients to deliver tailored solutions that drive business success. The funding will be used to expand their consultancy services and enhance their technological capabilities.
Something I like about them: Zartis' expertise in digital transformation is highly valuable. Their ability to help businesses navigate the complexities of technology and innovation ensures that their clients remain competitive and successful.
7. shipzero
Funding Type: Series A
Amount Raised: $8.68 Million USD
shipzero is a logistics technology company that provides advanced solutions for supply chain optimization. Based in Germany, shipzero uses data analytics and AI to help businesses improve their logistics operations, reduce costs, and enhance efficiency. The company's Series A funding will support the further development of their platform and the expansion of their market presence.
Something I like about them: shipzero's innovative use of data analytics and AI in logistics is transformative. Their solutions help businesses achieve greater efficiency and sustainability in their supply chain operations.
8. Turno
Funding Type: Venture - Series Unknown
Amount Raised: $5.5 Million USD
Turno is an electric vehicle (EV) technology company focused on developing solutions for the EV market. Founded in 2021, Turno aims to accelerate the adoption of electric vehicles by providing innovative products and services that enhance the EV ecosystem. The company's recent funding round will support the development of new technologies and the expansion of their product offerings.
Something I like about them: Turno's dedication to promoting electric vehicle adoption is essential for a sustainable future. Their innovative solutions contribute to reducing carbon emissions and advancing clean transportation.
9. FabAlley
Funding Type: Venture - Series Unknown
Amount Raised: $4.5 Million USD
FabAlley is an Indian fashion brand that offers trendy and affordable apparel for women. Founded in 2012, FabAlley is known for its stylish collections and customer-centric approach. The company uses data-driven insights to design and curate fashion that resonates with its target audience. The funding will be used to expand their product lines and enhance their online presence.
Something I like about them: FabAlley's use of data-driven insights to create fashion that appeals to customers is innovative. Their ability to stay ahead of trends and meet customer preferences sets them apart in the fashion industry.
10. CoverSure
Funding Type: Seed
Amount Raised: $3.97 Million USD
CoverSure is an insurance technology company that provides comprehensive insurance solutions for individuals and businesses. Based in the United Kingdom, CoverSure leverages technology to offer personalized and affordable insurance products. The company's Seed funding will support the expansion of their services and the development of new insurance products.
Something I like about them: CoverSure's focus on leveraging technology to provide personalized insurance solutions is highly beneficial. Their innovative approach ensures that customers receive the coverage they need at competitive prices.
Today’s Top News
iPhone users may get AI-generated emoji and more app customization than ever with iOS 18
Canva tackled digital design — and now the office suite is next
That's my selection of the top 10 rounds from today, and we’ve got some very big ticket companies on this list. xAI’s Series B here is historic, and holds major significance for the AI space. Congratulations to all the teams behind these startups for their achievements! Be sure to check out their websites if you want to learn more. And to keep updated on the rounds, make sure you’re subscribed to Rounded Weekly.
Be sure to follow me on Twitter/X @connorjewiss, so you don’t miss any updates, news, or insights. I hope you’ll stick with the newsletter now that I’ve worked out exactly what I want it to be.
See you all tomorrow 👋