MiRus and Hark Lead Fundraising in Health and AI

The 10 Biggest Funding Rounds of the Week

1. MiRus, $1.5 billion, healthcare

MiRus has secured an impressive $1.5 billion in a funding round led by Boston Scientific. This company, specializing in next-generation orthopedic and spinal technologies, has attracted the attention of strategic investors. Based in Marietta, Georgia, MiRus has now raised a total of $1.6 billion, according to Crunchbase data. The deal includes a significant 34% stake for Boston Scientific, highlighting the growing interest in innovations in the medical field.

2. Hark, $700 million, artificial intelligence

AI startup Hark has successfully raised a substantial $700 million in a Series A funding round. This round was led by Parkway Venture Capital and saw participation from numerous influential investors, including Nvidia, Intel Capital, AMD, and Qualcomm Ventures. ARK Investment Management, Ventures, Prime Movers Lab, Salesforce Ventures, and Align Ventures also participated. Based in San Jose, California, Hark focuses on developing "advanced personalized intelligence devices and next-generation hardware." The company plans to launch a product this summer, marking a significant milestone in its development.

3. Modal Labs, $355 million, AI infrastructure and developer tools

Modal Labs, a New York-based company, raised $355 million in a Series C funding round. This round was led by General Catalyst and Redpoint, with participation from Bain Capital Ventures, Menlo Ventures, and Accel. Modal Labs offers serverless cloud computing tools and GPU access to run AI models and test AI-generated code. The company's valuation now stands at $4.65 billion. CEO Erik Bernhardsson told Reuters that Modal's annual recurring revenue (ARR) has surged to $300 million, up from about $60 million in September, as enterprise AI coding becomes increasingly common.

4. (tie) Decart, $300 million, artificial intelligence

Frontier Decart raised $300 million in a funding round led by Radical Ventures, valuing the company at nearly $4 billion. The round also received support from several venture capital firms, such as Benchmark and Sequoia Capital, as well as AI researcher Andrej Karpathy. Corporate investors Nvidia, Adobe Ventures, and Toyota Ventures also participated. Based in San Francisco and Tel Aviv, the startup develops generative AI models and infrastructure, and has now raised approximately $456 million in total.

4. (tie) Amca, $300 million, aerospace and defense

Amca, a company based in El Segundo, California, raised $300 million in a Series B funding round led by Caffeinated Capital. Other investors include Andreessen Horowitz and Construct Capital. Amca focuses on aerospace manufacturing and supply chain technologies, a sector that is attracting increasing interest from investors due to rising defense technology spending. The company has raised a total of $376.5 million, according to Crunchbase, and its valuation now exceeds $1 billion.

6. Exa, $250 million, research and generative AI

Exa, an AI research startup, secured $250 million at a valuation of $2.2 billion in a Series C funding round led by Andreessen Horowitz. Based in San Francisco, Exa develops AI-native research infrastructure designed for agents and large language model applications. This latest round brings Exa's total funding to $357 million and comes as competition around AI research and retrieval tools intensifies.

7. Armada, $230 million, edge computing and AI infrastructure

Armada raised $230 million in new funding at a valuation of $2.2 billion. The Series B round was led by 8090 Industries, BlackRock, and Overmatch Ventures, with participation from other investors, including Lux Capital and Silent Ventures. Based in San Francisco, Armada develops edge computing and AI infrastructure systems designed for industrial and remote environments. This round brings its total funding to $469 million, according to Crunchbase.

8. Mercury, $200 million, fintech

Mercury raised $200 million at a valuation of $5.2 billion in a Series D funding round led by TCV. Returning investors, including Andreessen Horowitz, Coatue, CRV, Sequoia Capital, Sapphire Ventures, and Spark Capital, also participated. Based in San Francisco, Mercury provides banking software and financial workflow tools for businesses and has now raised approximately $657 million in total. This latest round comes amid a general increase in funding in the fintech sector, with significant investor interest in digital banking platforms serving startups and businesses.

9. Radar, $170 million, retail technology

Radar, based in New York, secured $170 million in funding at a valuation of $1 billion. The Series B round was led by Gideon Strategic Partners and Nimble Partners, with participation from Align Ventures. The company develops AI technology for physical stores using overhead RFID sensors, software, and analytics to provide retailers with real-time inventory visibility with item-level tracking accuracy. The company stated that its platform is deployed in over 1,400 stores for clients such as American Eagle Outfitters and Old Navy. It has raised nearly $310 million in total, according to Crunchbase.

10. Farther, $150 million, wealth management

Farther raised $150 million in a Series D funding round led by General Atlantic, as investors continue to support platforms modernizing financial advisory services. Based in San Francisco, the company provides technology-enabled wealth management tools and has raised approximately 268 million dollars in total. Farther did not disclose its valuation with this latest round, merely stating that it is "now a unicorn."

Methodology

We tracked the largest funding rounds announced in the Crunchbase database raised by companies based in the United States for the period from May 18 to May 22. While most announced rounds are represented in the database, there may be a slight time lag, as some rounds are reported late in the week.