Formlabs Raised $150M, Klaviyo Got $320M, and More Boston Tech News

May 24, 2021
photo: Formlabs

These Boston-area tech companies are gearing up for growth following a week full of venture deals. Learn which companies are on the move and see what they’re planning. This is the Built In Boston weekly refresh.

PathAI secured $165MThis healthtech startup uses AI and machine learning technology to fuel its efforts to take the guesswork out of disease diagnosis. PathAI raised a Series C round led by D1 Capital Partners and Kaiser Permanente. It’s investing in growing its platform and expanding its product suite and commercial footprint. [Built In Boston]

Formlabs got $150MNow a unicorn twice over following its latest round of funding, the Somerville-based 3D printing company is planning to invest in product development, international expansion and increasing its headcount. It anticipates hiring for 100 Massachusetts-based roles. SoftBank Vision Fund 2 led the company’s Series E. [Built In Boston]

Boston Tech Quote of the Week

“In one click inside Klaviyo, you can see where you’re excelling and also identify the areas where you need to make improvements — and compare metrics to brands that are similar to your business.” —Ed Hallen, co-founder of Klaviyo

Klaviyo pulled in $320MAfter its Sands Capital-led Series D, Klaviyo is building out its platform, growing its sales and marketing efforts and fueling international market expansion. Its AI- and machine learning-powered platform helps companies send out targeted marketing emails and texts. The company is also planning to make 500 new hires this year. [Built In Boston]

Immuta raised $90MSpecializing in data compliance and management, Immuta’s cloud-based platform allows data engineers and scientists to apply policies across any data platform. With its Series D capital from investors like Greenspring Associates and March Capital, the company is planning to conduct a hiring push and accelerate R&D. [Built In Boston]

Eleanor Health got $20MOffering value-based care for outpatient drug addiction and mental-health treatment, the Waltham-based startup just announced its Series B raise. From investors including Town Hall Ventures and Echo Health Ventures, the round will go toward keeping up with increased demand as the company projects having 50,000 users by next year. [Built In Boston]

Panalgo hired a new executiveThe company, formerly known as BHE, develops software to help those in the healthcare industry gather insights from data. It just announced the addition of Colin Bower as its new chief growth officer. With his previous experience commercializing tech, Bower will be in charge of supporting further growth for Panalgo. [LinkedIn]

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