Another riveting week of funding deals for Bay Area tech companies led to a range of new growth moves. Innovators across software, healthtech and artificial intelligence are ramping up their work backed by fresh capital. Read the latest in the Built In SF Weekly Refresh.
PayEm secured $220M. Spend and procurement management solution PayEm is equipped with a new round of equity and credit financing from investors including Viola Credit and Collaborative Fund. Over the past year, PayEm’s customer base grew by 300 percent. The recent financing will help PayEm build out its platform, scale its credit card operation and support larger customers. [PR Newswire]
OpenAI and Microsoft expanded their partnership. Back in 2019, ChatGPT developer OpenAI and software giant Microsoft joined forces to create AI-powered supercomputing systems. Now, Microsoft is deepening its investment in OpenAI with an additional $10 billion injection. The continued deal will bolster OpenAI’s research and fuel the development of more Microsoft Azure AI-powered solutions. [Built In SF]
SF Tech Quote of the Week
“What we’re building is not just a health insurance company, but really a health [or] well-being company where we are that go-to resource for our customers. We see ourselves as that … one cohesive platform that is able to provide [people] with an experience that really addresses their needs and provides very proactive healthcare so that it’s super easy to for everyone to stay healthy [and] to get access to the right care when they need it.”— Ty Wang, Angle Health co-founder and CEO
Angle Health pulled in $58M. The company works to provide a comprehensive health insurance offering that can democratize access to modern healthcare services. Its latest funding raise combines a $21 million Series A round, a $10 million debt facility and a $27 million Series A-1 round. With the capital, Angle Health will expand its presence into new markets and enhance its tech infrastructure. It’s also hiring new talent. [Built In SF]
Forward Networks raised $50M. Santa Clara-based network modeling company Forward Networks netted Series D capital led by MSD Partners. Forward Networks’ platform enables operators to make data-driven decisions and ultimately improve overall network security. The fresh capital will help the company further its product and increase sales. [PR Newswire]
In more VC funding news: AI-enabled photo sorter GoodOnes secured $3.5 million in seed funding led by TLV Partners to expand its R&D. [Tech Funding News]
Messenger app Tribes pulled in $3.3 million to further its Web3 communication and digital group wallet solution. [PR Newswire]
