San Francisco tech companies bolted out of the gates, racing into 2023 with a slew of new venture funding rounds. Billions of dollars are being poured into the solutions of the future, including an artificial intelligence innovator that made headlines with the heftiest round of the month. Read on to find out what’s in the works for local companies that raised all this cash in January.
Largest San Francisco Tech Funding Rounds, January 2023
- OpenAI
- Xpansiv
- Carbon Health
- Mill
- Vannevar Labs
#4. Vannevar Labs: $75 million, January 18
Serving public servants, defense tech company Vannevar developed a foreign text workflow solution that leverages natural language processing to help translate sources. The company announced a Series B round led by Felicis that’ll help fuel product development. With $90 million in funding to date, Vannevar is also hiring across a range of positions in engineering and more.
#3 (tied). Mill: $100 million, January 17
Developed using the same ingenuity behind smart home tech Nest, Mill is a food waste management solution designed to stylishly fit into one’s kitchen. The device resembles a trash can but can shred discarded food to ultimately be repurposed as chicken feed. To date, the company has secured several funding rounds totaling more than $100 million from investors like Breakthrough Energy Ventures and Prelude Ventures.
#3 (tied). Carbon Health: $100 million, January 9
Taking a hybrid approach to healthcare, Carbon Health provides patients with virtual and in-person solutions for appointments, primary care, urgent care and mental healthcare. The company secured a large investment from CVS Health Ventures as part of an initial close on its Series D round. The capital will go toward advancing Carbon Health’s tech and expanding into new locations across the U.S.
#2. Xpansiv: $125 million, January 11
Xpansiv operates a carbon and environmental commodities marketplace. Just last month, the greentech company announced a $125 million funding round and its acquisition of brokerage services provider Evolution Markets. The capital raise was led by Blackstone Energy Partners and will help Xpansiv build out its services and product development capabilities.
#1. OpenAI: $10 billion, January 23
In continuing a years-long partnership with tech giant Microsoft, ChatGPT creator OpenAI received a $10 billion investment from Microsoft to further its research and development. The two companies joined forces to build artificial intelligence supercomputing systems powered by Microsoft’s Azure. Their collective goal is to build secure, trustworthy and ethical AI that will ultimately benefit humanity.
