Companies in the Bay Area rounded out the first quarter of the year with substantial venture funding raises. Innovators in sectors from artificial intelligence to cybersecurity pulled in nine-digit rounds with plans to fuel various growth strategies. Read more to find out what they have in the works.
Largest Bay Area Tech Funding Rounds, March 2024
- Alumis
- Applied Intuition
- inDrive
- Observe
- Nozomi Networks
#5. $100 million, March 13
Mitsubishi Electric and Schneider Electric participated in the Series E round for Nozomi Networks, a cybersecurity company focusing on operational technology and the internet of things. Nozomi’s fresh capital will help it scale product development and its global go-to-market approach.
#4. $115 million, March 27
Observe offers enterprises observability tools for machine-generated data. The company raised a $112 million Series B in response to increased customer demand. Investors including Snowflake, Sutter Hill Ventures and Capital One Ventures participated in the round that will help Observe compete in the data observability sector.
#3. $150 million, March 14
Building on a previous deal with investor General Catalyst from 2023, ride-hailing company inDrive secured an additional $150 million in funding. The company allows riders to set their fare and choose a driver based on ratings and previous trip insights. The inDrive app is currently available in 46 countries.
#2. $250 million, March 12
Lux Capital, Elad Gil and Porsche Investments Management led a round of funding for Applied Intuition, a company building advanced driver-assistance systems and automated driving solutions. With Porsche as its new original equipment manufacturer, Applied Intuition will invest in developing its vehicle software products and new AI capabilities.
#1. $259 million, March 6
Headquartered in South San Francisco, Alumis is biopharmaceutical company developing oral therapies for patients with immune-mediated diseases. The company recently pulled in $259 million in Series C funding led by Foresite Capital, Samsara BioCapital and venBio Partners to support the ongoing clinical development of its therapies.
