Plenty of companies secured fresh funding last week on the Boston tech scene. New advancements are in the works in industries across the board; read more for what’s new. This is the Built In Boston weekly refresh.
Valo Health added $110M. The additional investment for the medtech company caps out its Series B round at $300 million. Its Opal Computational platform works to enhance drug discovery and development by employing artificial intelligence and machine learning. The new capital from Koch Disruptive Technologies will help Valo build out its tech, develop more programs and increase its headcount. [Built In Boston]
Vendr pulled in $60M. Its generously sized Series A was led by Tiger Global. The startup helps companies efficiently bring on new SaaS vendors by expediting transactions while lowering purchase costs. The fresh funding will go toward developing its product, growing its international presence and hiring new team members. [Built In Boston]
Boston Tech Quote of the Week
Boston cybersecurity business is booming. Three different cybersecurity companies pulled in sizable funding rounds last week. This industry is another that’s seen tremendous growth recently as daily life has largely moved online. Application security startup Snyk pulled in $300 million, cloud specialist Aqua Security got $135 million and cyber insurer Corvus added $100 million. [Built In Boston]
Hi Marley secured $25M. This company develops communication software for the insurance industry. Its platform lets carriers and policyholders text one another, aiming to improve customer relationships, resolution response and financial results. Its latest round of funding follows its Series A of last summer. With the new Series B funding led by Emergence Capital, Hi Marley is looking to add new features to its platform and expand its engineering, sales and customer success teams. [Hi Marley]
Evolv to go public via SPAC. Evolv Technology is planning to merge with special purpose acquisition company NewHold Investment. Specializing in crowd safety, Evolv’s product utilizes AI to screen people in public spaces for anything a metal detector might miss. The transaction is set to close within Q2, valuing the company near $1.7 billion. It plans to trade under the Nasdaq ticker “EVLV.” [CNBC]