Cloaked and Frore Systems Lead Tech Funding

Security and AI Investments Dominate

This week saw a general decline in funding within the tech sector in the United States, but some companies managed to attract significant amounts, particularly in the fields of cybersecurity and artificial intelligence. The largest funding round was secured by Cloaked, a platform dedicated to privacy protection and security, which raised $375 million in a Series B round. This round was led by General Catalyst and Liberty City Ventures. Founded in 2020 and based in Massachusetts, Cloaked offers monthly subscriptions for individuals and families.

Frore Systems and AI Infrastructure

Frore Systems, specializing in the development of cooling architectures for AI hardware and networking, has closed a Series D funding round of $143 million. This funding, led by MVP Ventures, values the San Jose-based company at $1.64 billion. Frore Systems, in operation for eight years, continues to position itself as a key player in the AI infrastructure space.

Cybersecurity: XBow and Oasis Security

Cybersecurity startups continue to attract significant investments. XBow, based in Seattle, raised $120 million for its autonomous security testing technology. This Series C round was led by DFJ Growth and Northzone, bringing the company's valuation to over $1 billion. Oasis Security, which develops AI-based identity security tools, also raised $120 million. This funding was supported by Craft Ventures, Cyberstarts, Sequoia Capital, and Accel. The four-year-old company is headquartered in New York with a presence in Israel and has raised a total of $195 million to date.

Other Notable Fundings

Imperative Care, specializing in medical devices for the treatment of strokes and vascular diseases, raised $100 million in convertible note financing. This investment was led by Elevage Medical Technologies and Perceptive Advisors. Bluesky, a Seattle-based social network, announced it had raised a Series B funding round of $100 million, closed last spring and led by Bain Capital Crypto.

Cape, a mobile network focused on privacy protection and security, secured $100 million in a Series C funding round. Bain Capital Ventures and IVP led this financing, which established a valuation of $900 million for the Arlington, Virginia-based company.

Latent, an AI platform aimed at assisting patients in transitioning from clinical decision-making to therapy, raised $80 million in a Series A funding round led by Spark Capital and Transformation Capital. Crossbow Therapeutics, a biotechnology startup based in Cambridge, Massachusetts, focused on developing new antibody therapies to treat a wide range of cancers, raised $77 million in a Series B funding round. This round, led by Taiho Ventures and Arkin Bio Ventures, will support a Phase 1 clinical trial of the company's flagship program.

Finally, RoboForce, a startup focused on developing AI-enabled robotic work for industrial environments, reported securing $52 million in new funding, bringing its total to $67 million. YZi Labs led the funding for this Milpitas, California-based company.

These data come from the Crunchbase database, covering the period from March 14 to March 20. While the majority of funding is included, some may be reported late.