The Week’s 10 Biggest Funding Rounds: Massive Deals For Medical Devices, Futuristic AI Gadgets And Frontier Labs Lead  

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This is a weekly feature that runs down the week’s top 10 announced funding rounds in the U.S. Check out last week’s biggest funding deal roundup here.

Physical tech is back, at least judging by this week’s largest U.S. funding deals. The biggest of all was a $1.5 billion corporate round for a medical device company that develops implants and treatment systems for musculoskeletal disorders. It was followed by an enormous Series A round, backed by a bevy of big-name investors, for Hark, a 1-year-old artificial intelligence startup that says it’s developing personalized AI devices. Along with the usual heavy dose of AI, this week’s list also includes large deals for aerospace and defense, fintech, and retail technology. Let’s dive in.

1. MiRus, $1.5B, healthcare: MiRus raised a massive $1.5 billion corporate round led by Boston Scientific as strategic investors continue betting on next-generation orthopedic and spinal technologies. The Marietta, Georgia-based company has now raised $1.6 billion to date, per Crunchbase. The deal comes with a 34% equity stake for Boston Scientific.

2. Hark, $700M, artificial intelligence: AI startup Hark landed a huge $700 million Series A led by Parkway Venture Capital, with participation from a long list of investors including chip giants Nvidia, Intel Capital, AMD and Qualcomm Ventures, as well as ARK Investment Management, Ventures, Prime Movers Lab, Salesforce Ventures 1 and Align Ventures. The San Jose, California-based company says it’s building “advanced personalized intelligence and next-generation hardware” and plans to release some kind of product later this summer.

3. Modal Labs, $355M, AI infrastructure and developer tools: New York-based Modal Labs raised $355 million in a Series C round led by General Catalyst and Redpoint, with participation from Bain Capital Ventures, Menlo Ventures and Accel. The company provides serverless cloud computing tools and GPU access for running AI models and testing AI-generated code. Its latest round is reportedly at a $4.65 billion valuation. CEO Erik Bernhardsson ​told Reuters that Modal’s ARR has soared to $300 million, up from about $60 million in September, as enterprise AI coding becomes widespread.

4. (tied) Decart, $300M, artificial intelligence: Frontier lab Decart raised $300 million in a round led by Radical Ventures that reportedly values it at nearly $4 billion. The deal also received backing from another long list of investors including venture firms Benchmark and Sequoia Capital, AI researcher Andrej Karpathy and corporate investors Nvidia, Adobe Ventures and Toyota Ventures. The startup, based in San Francisco and Tel Aviv, develops generative AI models and infrastructure, and has now raised roughly $456 million to date as investors continue pouring capital into foundational AI technologies.

4. (tied) Amca, $300M, aerospace and defense: El Segundo, California-based Amca raised $300 million in a Series B led by Caffeinated Capital, alongside investors including Andreessen Horowitz and Construct Capital. The company focuses on aerospace manufacturing and supply-chain technologies, an area drawing increased venture interest amid renewed defense-tech spending. Amca has raised $376.5 million overall, per Crunchbase. Its latest round reportedly comes at a $1 billion-plus valuation.

6. Exa, $250M, search and generative AI: AI search startup Exa secured $250 million at a $2.2 billion valuation in a Series C round led by Andreessen Horowitz. Based in San Francisco, the company develops AI-native search infrastructure designed for agents and large language model applications. The latest raise brings Exa’s total funding to $357 million and comes as competition intensifies around AI retrieval and search tools.

7. Armada, $230M, edge computing and AI infrastructure: Armada raised $230 million in fresh funding at a $2.2 billion valuation. The Series B deal was led by 8090 Industries, BlackRock and Overmatch Ventures, with participation from other investors including Lux Capital and Silent Ventures. The San Francisco-based company develops edge computing and AI infrastructure systems designed for remote and industrial environments. The round brings its total funding to $469 million, per Crunchbase.

8. Mercury, $200M, fintech: Mercury raised $200 million at a $5.2 billion valuation in a Series D round led by TCV. Returning backers Andreessen Horowitz, Coatue, CRV, Sequoia Capital, Sapphire Ventures and Spark Capital also participated. The San Francisco-based company provides banking and financial workflow software for companies and has now raised about $657 million to date. Its latest round comes amid a broader uptick in fintech funding, including strong investor interest in digital banking platforms serving startups and businesses.

9. Radar, $170M, retail technology: New York-based Radar secured $170 million in funding at a $1 billion valuation. The Series B round was led by Gideon Strategic Partners and Nimble Partners, with Align Ventures participating. The company develops AI technology for brick-and-mortar stores that uses overhead RFID sensors, software and analytics to give retailers real-time inventory visibility with item-level tracking accuracy. The company said its platform is deployed in more than 1,400 stores for customers including American Eagle Outfitters and Old Navy. It has raised nearly $310 million to date, per Crunchbase.

10. Farther, $150M, wealth management: Farther raised a $150 million Series D led by General Atlantic as investors continue backing platforms modernizing financial advisory services. The San Francisco-based company provides technology-enabled wealth management tools and has raised approximately $268 million to date. Farther didn’t reveal its valuation with the latest raise, saying only that it is “now a unicorn.”

Methodology

We tracked the largest announced rounds in the Crunchbase database that were raised by U.S.-based companies for the period of May 18-22. Although most announced rounds are represented in the database, there could be a small time lag as some rounds are reported late in the week.

Illustration: Dom Guzman