February was a stellar investment period for Seattle tech companies. Throughout the month, five companies raised a combined $228.6 million in venture capital, substantially higher than the five largest deals in January. Read on to learn about the companies that secured funding and how they’ll invest their capital to continue their growth trajectories.
Seattle’s Largest Tech Funding Rounds, February 2024
- ProfoundBio
- Eigen Labs
- Mesh
- Healionics
- Gradial
#5. $5.4 million, February 28
Founded by ex-Microsoft and SpaceX employees, Gradial raised $5.4 million in a Seed Round led by Madrona, a Seattle-based venture capital firm. Gradial is a generative AI company helping businesses update their content and websites. Users can type in a single prompt to generate and insert new text and images onto their site using Gradial’s solution.
#4. $5.5 million, February 22
Healionics develops artificial blood vessels for patients on dialysis, and it recently raised $5.5 million to advance its medical product. With the new funding, the company aims to complete human trials for its blood vessels and gain regulatory clearance, according to GeekWire.
#3. $5.7 million, February 7
Last month, Mesh raised $5.7 million in seed funding and launched a new security solution for SMBs. Its new product provides multi-factor identity solutions for clients in various industries and enables them to verify and onboard clients without manual reviews or excess work. Greycroft led the company’s latest financing round.
#2. $100 million, February 22
Eigen Labs, the development team behind the blockchain company EigenLayer, raised $100 million from a16z crypto, a subsidiary of the investment firm Andreessen Horowitz. Eigen Labs provides blockchain companies with access to the network that powers Ethereum, a platform that validates blockchain transactions. With the funding, it will invest in cross-chain messaging and AI interfaces for its platform.
#1. $112 million, February 13
ProfoundBio, a clinical-stage biotech, topped Seattle’s funding charts in February after raising $112 million in an oversubscribed Series B round. ProfoundBio develops novel antibody therapeutics to treat cancer. With the funding, it will accelerate the development of its products. The round was led by Ally Bridge Group.
