The Week’s 10 Biggest Funding Rounds: Massive Rounds By Cruise And AlphaSense Lead Way
After a few slow weeks, things picked up slightly concerning big funding deals. Most surprisingly is the fact the week was led by an autonomous driving startup — an industry left for dead by some. AI, biotech, space tech and cybersecurity also saw good-sized raises. Perhaps things are heating up as we head into summer.
1. Cruise, $850M, autonomous cars: In for a penny, in for a pound. That clearly seems to be how General Motors feels about Cruise. The auto giant agreed to pump another $850 million into the San Francisco-based startup. Cruise’s saga has been well documented. In 2021, Cruise snagged the largest round of any venture-backed U.S. startup when it upsized a round to $2.75 billion, valuing the company at more than $30 billion. However, the tide started to turn in early 2022, when SoftBank did not release a promised $1.35 billion to Cruise as part of an agreed-upon deal when the autonomous carmaker completed a commercial deployment of vehicles. Instead, General Motors acquired SoftBank’s equity ownership stake in Cruise for $2.1 billion. Then, late last year, Cruise suspended its self-driving taxi program across the country after losing its permit to operate in San Francisco due to an incident with a pedestrian. That announcement came almost exactly a year after another autonomous vehicle startup — Ford Motor-backed Argo AI — shuttered after raising $3.6 billion in funding from investors such as Ford Motor, Volkswagen Group and Lyft. Cruise is now restarting its driving programs in Phoenix, Dallas and Houston. Clearly GM is betting — big — the autonomous driving and robotaxi market comes back.
2. AlphaSense, $650M, artificial intelligence: AI-driven market intelligence platform AlphaSense raised $650 million in funding co-led by Viking Global Investors and BDT & MSD Partners at a $4 billion valuation — a 75% increase from just nine months ago. As part of the deal, AlphaSense acquired expert research startup Tegus for $930 million. Last September, the comopany locked up a $150 million Series E led by Bond Capital at a $2.5 billion valuation — an increase of nearly 30% from its $100 million round at a $1.8 billion valuation in April last year. The New York-based startup’s market intelligence and search platform — powered by AI and natural language processing — helps clients form corporate and investment strategies. In total, the company has now raised $1.4 billion since its founding, per Crunchbase.
3. Santa Ana Bio, $125M, biotech: Biotech bounces back this week with a couple nine-figure rounds. First up is Alameda, California-based Santa Ana Bio, an immunology company developing therapies for patients with autoimmune and inflammatory diseases, which emerged from stealth with a $125 million Series B round led by GV. Founded in 2021, the company has raised $168 million, per Crunchbase.
4. Alzheon, $100M, biotech: Alzheon was the next biotech to raise big this week. The startup raised a $100 million Series E led by Alerce Medical Technology Partners. The Framingham, Massachusetts-based firm is developing medicines for Alzheimer’s disease and other neurodegenerative disorders. Founded in 2013, the company has raised $237 million, per Crunchbase.
5. Apex, $95M, space: Spacecraft manufacturing company Apex locked up a $95 million Series B led by XYZ Venture Capital and CRV to ramp up its production of satellite buses. The Los Angeles-based space tech startup is helping streamline the approach to satellites with the ability to mass produce spacecraft buses — the main body and structural component of satellites — to help growing demand from customers like the U.S. Department of Defense. The new cash will allow the company to increase production to meet customer demand — following the launch of Apex’s first bus in March. Funding to VC-backed space tech startups seems to be on the uptick this year, per Crunchbase data. Last year, space tech startups raised $5.8 billion. However, through less than half of this year, such startups have already seen $3.3 billion roll into their coffers. Founded in 2022, the company has raised $122 million, per Crunchbase.
6. Cyberhaven, $88M, cybersecurity: Cybersecurity funding has shown some life recently and this week showed more proof of that trend. San Jose, California-based Cyberhaven, a data detection and response platform, raised an $88 million Series C led by Adams Street Partners and Khosla Ventures. The round comes after a year in which the company saw a 200% growth in new bookings. Founded in 2016, the company has raised nearly $137 million, per Crunchbase.
7. InduPro, $85M, biotech: Seattle-based InduPro, developing therapeutics for the treatment of cancer and autoimmune diseases, closed an $85 million Series A co-led by The Column Group and Vida Ventures. Founded in 2022, this is the company’s first announced round, per Crunchbase.
8. (tied) Enveda Biosciences, $50M, biotech: Boulder, Colorado-based Enveda Biosciences, a biotechnology company using AI to engineer medicines from plants, announced a new $55 million round. No lead investor was announced, but Microsoft is a new investor in the company. Founded in 2019, Enveda says it has raised $230 million.
8. (tied) Canary Technologies, $50M, hospitality: San Francisco-based Canary Technologies, a management platform for hotels, closed a $50 million Series C led by Insight Partners. Founded in 2017, Canary has now raised nearly $100 million, per the company.
10. Posh AI, $45M, artificial intelligence: Boston-based Posh AI, a conversational AI platform for the banking industry, raised a $45 million round led by Curql. Founded in 2018, the company has raised nearly $73 million, per Crunchbase.
Big global deals
Another large AI round occurred in Europe.
- Paris-based Mistral AI finally secured its much talked about round that values the OpenAI and Anthropic competitor at $6 billion, per a report in the Financial Times. According to the report, Mistral AI raised $500 million in equity and $140 million in debt.
Poltrona Frau Corners Bespoke Auto Market With First Foreign Acquisition
WWD chats with the CEO of Poltrona Frau Interiors in Motion unit about the potential of joining forces with the U.K.'s KJ Ryan.
MILAN — Famous for its plush chairs and couches, Tolentino-based Poltrona Frau has created luxe interiors for the best auto names in the business: Ferrari, Lamborghini, McLaren and Jaguar Land Rover among them. With its first foreign acquisition, a majority stake in the U.K.’s KJ Ryan Ltd., Poltrona Frau aims to become a leader in the bespoke luxury car business.
Poltrona Frau Interiors in Motion chief executive officer Ervino Riccobon told WWD that the acquisition is strategic and will help the business reach its goal to grow the unit’s sales in the double digits over the next few years. “We aspire to grow…but without diluting our strategic focus with regard to highly customized and bespoke interiors that require craftsmanship and knowledge of materials,” Riccobon said in an interview Friday, adding that the unit has an investment plan in play “to support both capacity increase and acquisition of technological know-how in specific process, like the ones to manufacture safety components.”
Poltrona Frau, which is part of the Haworth Lifestyle Group galaxy of brands, announced Thursday that it reached an agreement to acquire a majority stake in the Coventry, U.K.-based KJ Ryan. The British firm is a regarded maker of high-end interior components for luxury cars. KJ Ryan will now be part of the Interiors in Motion Business Unit of Poltrona Frau.
The acquisition is key for Poltrona Frau as it marks the first acquisition in a foreign market since its founding 112 years ago. In terms of the Interiors in Motion business unit, it is the very first acquisition.
Together, the Interiors in Motion unit and KJ Ryan hope to become a European leader in the development and manufacturing of interiors for luxury and bespoke vehicles and aim to reach a projected turnover of about 120 million euros, with a combined force of more than 600 employees and three manufacturing plants across Italy and the U.K. KJ Ryan was founded by Kevin Ryan in 2007.
Poltrona Frau has been a crucial player in Italy’s transportation industry, especially since the establishment of its Interiors in Motion Business unit in the mid-’80s, Riccobon explained.
Over the years, the unit, equipped with master craftsmen and sophisticated artisanal techniques, has developed innovative leathers and other technical materials, such as high-performing fabrics. In addition they have also manufactured premium interiors for the automotive, rail transport and offshore navigation sectors.
Dario Rinero, CEO of Haworth Lifestyle, highlighted the potential of the bespoke auto interior segment.
“We believe KJ Ryan is well positioned to capitalize on continuous industry tailwind and we look forward to continuing this expansion and success story,” Rinero said in a statement. Fellow furniture and lighting brands Cappellini, Cassina, Janus et Cie, Luminaire, Ceccotti Collezioni, Karakter, Luxury Living Group, Interni and Zanotta are also part of Haworth.
In the annual Bain-Altagamma Luxury Goods Worldwide Market Study released in January of this year, the luxury car market outpaced other luxury segments due to bouyant demand, driven in part by rising demand for customized solutions.
“Sales of luxury cars, the biggest portion of the overall market, hit a new record, reaching an estimated 635 billion euros [in 2023], 12 percent more than 2022. The absolute luxury segment grew the fastest due to increased demand for ultra-customized solutions.…All brands continue to push to establish more direct relationships with their clients to enhance both the purchase and after-sales experiences,” the report said.
Global Fashion Week Dates Are Set for September
The dates to show the spring 2025 ready-to-wear collections have been determined.
The dates have been set for the next round of global fashion weeks.
The Council of Fashion Designers of America, Camera Nazionale della Moda Italiana, the British Fashion Council and the Federation de la Haute Couture et de la Mode have set the dates for September and the 2025 seasons for New York, London, Milan and Paris.
The New York shows will be held Sept. 6 through Sept. 11; the London shows are Sept. 12 through Sept. 17; Milan shows take place Sept. 17 through Sept. 23, and the Paris shows will be held Sept. 23 through Oct. 1.
For 2025, New York has set its show dates for Feb. 13 through Feb. 18, and Sept. 11 through Sept. 16.
For the fall 2025 shows, London Fashion Week is Feb. 20 to 24, Milan is Feb. 25 to March 3, and Paris is March 3 to 11.
Buyout group Ardian and PIF agree deal for 38% stake in Heathrow airport
French private equity firm and Saudi Arabia’s sovereign wealth fund enter into revised agreement for the facility
Private equity group Ardian and Saudi Arabia’s sovereign wealth fund have entered a revised agreement to acquire a roughly 38 per cent stake of London’s Heathrow airport.
Saudi Arabia’s Public Investment Fund and Ardian negotiated a deal last November to buy infrastructure group Ferrovial’s 25 per cent stake in the airport’s parent company for £2.4bn.
However, the deal was complicated by some of Heathrow’s other shareholders, who in January used “tag along” rights to sell a portion of their holdings alongside Ferrovial.
In the deal announced on Friday, Ardian will acquire a 22.6 per cent stake while PIF will acquire 15 per cent of Heathrow.
Ardian said it was “pleased to have worked closely with the parties to find this revised agreement and reiterates its strong commitment to investing the UK.”