Despite global VC deals being down, Deep Tech has yet again leapfrogged a funding slump to prove its resilience.
The AI space in particular is expected to swell at a compound annual growth rate (CAGR) of 33.81% until 2030, representing $1.1 Trillion in market value (according to Yahoo Finance). Below are some of the biggest and most intriguing funding rounds we’ve seen from the Deep Tech space this year.
CoreWeave - $1.1Bn Series C Funding
CoreWeave – a Kubernetes native cloud AI hyperscaler – announced an astronomical $1.1bn funding round back in May, one of the largest deals of 2024 so far. Demand for GPU-integrated infrastructures is skyrocketing as enterprises look to enhance their computing power in an AI-enabled world, reflected in the global expansion of CoreWeave’s next-generation services.
Moreover, CoreWeave recently raised $7.5bn in debt financing (led by Blackrock funds) to help pay for the servers that house the company’s Nvidia GPUs.
TXOne Networks - $51 Million Series B Extension
Cybersecurity pioneers TXOne Networks raised $51 Million in a Series B extension, bringing their total funding to $145 million. The Taiwanese innovator is currently valued at $350 million on Dealroom.
TXOne Networks develops OT (operational technology) zero trust technology to push the limits of cybersecurity, providing businesses with powerful, cost-effective, streamlined defence solutions for customers around the world.
Moonshot AI – $1Bn Series B Funding
Imagine your website evolving autonomously to boost sales – Moonshot AI has made this almost preposterous dream a reality. Following the launch of its AI chatbot (with the ability to process over 200,000 Chinese characters in one conversation), Moonshot AI raised $1bn in a series B funding round.
Despite being a little over a year old, Moonshot AI has emerged as a frontrunner in the LLM and AI space. Check them out here: https://www.moonshot-ai.com/.
Mistral AI – €600 Million Series B Funding
France’s Mistral AI are on a mission to make frontier AI ubiquitous. With its bleeding-edge open-source LLM suite, Mistral AI has the capacity to transform the way developers leverage technology for good.
Mistral AI announced it had raised €600 Million ($644 Million) in a series B funding round in June, bringing its total valuation to $6.4 Bn.
Wayve – $1.05 Bn Series C Funding
UK-based Wayve is a global world leader in embodied AI solutions for autonomous cars, leveraging a wealth of innovative machine learning techniques (including a specialised single neural network, unlabelled and self-supervised data, and domain-optimised model architecture).
Wayve raised a staggering $1.05 Bn in series C funding (led by SoftBank Group), making it the largest investment in a UK-grown AI business.
Can the Talent Supply Keep Up?
Investment is driving innovation at warp speed, but the talent supply struggling to keep pace. We’re keen to talk to AI leaders (the human kind) about their plans to navigate today’s uncertain hiring environment. Contact our specialist Deep Tech recruiters here for a chat; we’d love to hear from you:
