The Bay Area has long been a hot spot for tech innovation, and last month, five companies in the sector with the biggest funding rounds pulled in a collective $718 million. Find out who these generous venture rounds went to and how they’re working to modernize healthcare, travel and more.
Largest Bay Area Tech Funding Rounds, October 2022
Navan
Versa Networks
Swift Navigation
THINK
Surgical Enable
#5. Enable: $94 million, October 18
Aiming to streamline the complex rebate management process, Enable offers businesses an automated solution to help deepen their trading relationships. The company raised a Series C round led by Insight Partners with plans to add new tools and special pricing agreements to its platform. It’s also growing its 400-person team with plans to have 435 global employees by the end of this year.
#3 (tied). THINK Surgical: $100 million, October 26
Based in Fremont, THINK Surgical develops surgical robots for orthopedic joint replacement procedures. The company is fueling the commercial launch of several new solutions thanks to an investment from KDB Investment Global Healthcare of Korea. With the capital, THINK Surgical will take the opportunity to use implants from multiple manufacturers in combination with its own robotic technology.
#3 (tied). Swift Navigation: $100 million, October 18
Cloud-based tech company Swift Navigation develops positioning solutions for automotive, mobile and industrial machine control applications. Its $100 million Series D funding was co-led by SK Inc. and Potentum Partners. Swift powers several large auto and commercial vehicle fleets with its global network that services the U.S., Europe, Japan, South Korea and Australia. It hopes to further the delivery of its solutions across the world.
#2. Versa Networks: $120 million, October 27
Ahead of its IPO, Versa Networks, a secure access service edge — SASE — platform vendor, pulled in $120 million in financing from investors like BlackRock and Silicon Valley Bank. The money will go toward expanding its go-to-market strategy and accelerating product development. Versa works to drive innovation across cloud, data and network security within the growing SASE market.
#1. Navan: $304 million, October 12
Travel tech company Navan offers a card-based solution to help companies better manage their corporate travel expenses. It’s furthering its platform with a hefty Series G funding round, a sum made from a $150 million structured capital transaction led by Coatue and a $154 million equity investment. The company has more than doubled in value since 2020 and now boasts a $9.2 billion valuation.
