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The San Mateo, California-based company is developing CAR T-cell therapies for cancer.

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Cargo Therapeutics, $200M, biotech: Biotech startups saw some big deals last month, including Cargo Therapeutics, which closed a $200 million Series A co-led by Third Rock Ventures, RTW Investments and Perceptive Xontogeny Venture Fund. The Series B was led by disgraced FTX founder Sam Bankman-Fried.ĥ. Before the massive fundraising this year, Anthropic - which has reportedly made limited revenue - had raised $704 million across Series A and B funding rounds in 2022, according to Crunchbase data. Anthropic’s AI chatbot, Claude, is in closed beta mode, but in a paper detailing its goals, it is expected to combat harmful prompts by explaining why they are dangerous or misguided. The deal came just two weeks after news broke of Microsoft’s massive $10 billion investment into OpenAI. In February, it was reported Google had invested between $300 million and $400 million in the startup. Spark Capital is reportedly leading the round. Just weeks after raising hundreds of millions of dollars from Google, it was reported the company is raising another $300 million round at a pre-investment valuation of $4.1 billion.

Anthropic, $300M, artificial intelligence: Few companies have been busier this year than San Francisco-based AI startup and rival to ChatGPT, Anthropic. Nothing seems to be able to stop generative AI startups from raising large amounts of cash.Ĥ.

The company had previously raised a $65 million Series A.

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In theory, the company’s generative AI could help users do tasks from browsing the internet to navigating enterprise software tools. Adept is developing AI models that don’t just respond to text commands - like a chatbot - but actually turn that command into action. Spark Capital also reportedly led Anthropic’s round the week before. It was reported the new financing - led by General Catalyst and Spark Capital - gives the startup a post-money valuation of at least $1 billion. Adept AI, $350M, artificial intelligence: Adept AI announced its $350 million raise, even in the midst of the Silicon Valley Bank news. To meet payroll the following week, Parker Conrad, Rippling’s CEO, reached out to existing investor Neil Mehta at Greenoaks, to lead and close a $500 million Series E funding that valued the company at $11.25 billion, the same valuation as its May 2022 Series D funding.ģ. The company stepped in with $130 million of its own capital to support those customers. It faced 50,000 employees across its customer base at risk of not getting paid as the bank fell into receivership. Rippling, $500M, human resources: San Francisco-based HR management company Rippling was caught up in the collapse of SVB, its primary banking partner. No lead investor was announced, but firms including Andreessen Horowitz, Founders Fund and General Catalyst participated.Ģ. The company will use the new cash to provide liquidity to current and former employees, and help offset a tax bill that will come due when it modifies employees’ stock grants that are set to expire (which we’ve talked about before). The valuation is a significant drop, as the company was valued at $95 billion in March 2021, and earlier this year it was reported this round would be at a $60 billion valuation. The South San Francisco-based company raised a $6.5 billion Series I at a $50 billion valuation. Stripe, $6.5B, fintech: The biggest round of the month went to payments giant Stripe, but it is not the typical huge, late-stage growth round. That will be an interesting story to watch as the second quarter dawns.ġ. That could well be due to Silicon Valley Bank’s collapse having at least some short-term effects on fundraising. However, the month significantly slowed - especially in terms of monster deals - as it wore on. Last month saw some big deals roll in, including the second-biggest of the year to date.