Several Boston-based tech companies closed out Q1 with a bang by pulling in nine-digit sums in venture funding last month. With over $1 billion worth of tech innovations underway, read on to find out what these companies are planning with March’s top VC rounds.
#4 (tied). $100 million, March 10
Over the past year, businesses have seen a large increase in cyber attacks. Fortunately for enterprises, Corvus Insurance specializes in predicting and preventing cybercrime-related loss. Insight Partners led the company’s $100 million Series C round. With the cash, Corvus is planning to scale and extend its business across additional product lines.
#4 (tied). $100 million, March 17
The company develops applications that work to help large enterprises with tasks like workflow automation and business intelligence, and, to date, it has over 110,000 active installations. Appfire has seen significant growth, having acquired six companies since its last raise in June. Following its latest raise of $100 million from TA Associates, Appfire is looking to fund global expansion and make new additions to its app portfolio.
#3. $110 million, March 9
In adding $110 million onto its Series B round, the medtech company closed out the raise at $300 million. Its Opal Computational platform uses artificial intelligence and machine learning to enhance drug discovery and development. The additional funding from Koch Disruptive Technologies will help Valo build out its tech, develop new programs and onboard new talent.
#2. $300 million, March 10
This cybersecurity business focuses on application security. Its software corrects vulnerabilities at the level of developers to meet security standards. Having seen massive growth recently, Snyk’s latest funding round, a $300 million Series E led by Accel and Tiger Group, brought its valuation up to $4.7 billion. The funding will help the company grow its headcount to meet rising demand.
#1. $525 million, March 15
Biotech business has been booming amid the pandemic, and ElevateBio is among the names raising large sums of capital to support innovation in the space. Based in Cambridge, it partners with other companies to work toward commercializing cell and gene therapies. It pulled in a generous $525 million Series C to spin out more pharmaceutical companies that perform research. Matrix Capital led the round.