10 Cool Tech Companies That Raised Funding In July 2022
Next-generation technology developers in cloud database services, machine and deep learning, cybersecurity and edge computing were among the companies reporting new rounds of funding.
Follow The Money
As economic uncertainty continues, the amount of venture capital flowing to IT startups in the summer of 2022 seems to be drying up faster than Lake Mead. Fewer companies are reporting new funding rounds right now. And where funding hauls of $100 million or more were relatively common just one year ago, most rounds today are far below that threshold.
Some companies, however, continue to have success in raising new capital to fund their growth as we see in the Follow the Money roundup of companies that raised funding in July.
As has been true for the last couple of years companies developing leading-edge technology in cybersecurity (Bishop Fox and Swimlane) and big data (SingleStore and Neon) account for a disproportionate share of the companies pulling in venture funding in the July list.
But the July list also includes companies in the machine learning and deep learning space (Tecton and Deci), providers of edge computing technology (Scale Computing and Zededa), and developers of next-generation transistors (Finwave Semiconductor) and application delivery network technology (Fly.io).
One notable shift: A greater number of the companies on the July Follow the Money list have been around for a while. Bishop Fox was founded in 2005, for example, while Scale Computing launched in 2007. SingleStore was founded in 2011, Finwave Semiconductor in 2012 and Swimlane in 2014. Others making the list were founded between 2016 and 2019. Only database-as-a-service developer Neon, founded in 2021, is a recent startup.
Here’s a look at 10 companies that raised funding in July 2022.
Headquarters: San Francisco
CEO: Raj Verma
Funding: The funding round raised $116 million, increasing the company’s total funding to more than $434 million since its 2011 founding.
Investors: The round was led by Goldman Sachs Asset Management with new participation from Sanabil Investments. Current investors Dell Technologies Capital, GV, HPE, IBM Ventures and Insight Partners, among others, also participated.
What company does: SingleStore develops SingleStoreDB, a distributed relational database system for data-intensive transactional and analytical applications. The company positions its database as a next-generation alternative to mainstay databases – particularly Oracle’s flagship relational database. SingleStore also offers SingleStoreDB Cloud, a fully managed database-as-a-service.
CEO Quote: “Our purpose is to unify and simplify modern data. We believe the future is real time, and the future demands a fast, unified and high-reliability database — all aspects in which we are strongly differentiated.”
Headquarters: San Francisco
CEO: Mike Del Balso
Funding: The Series C funding round raised $100 million, bringing the startup’s total funding to $160 million.
Investors: The funding round was led by new investor Kleiner Perkins with participation from strategic investors Databricks Ventures and Snowflake Ventures. Also participating were previous investors Andreessen Horowitz and Sequoia Capital and new investors Bain Capital and Tiger Global.
What company does: Tecton develops a fully managed machine learning feature platform that the company says can speed the deployment of machine learning applications from months to minutes. The technology automates the transformation of raw data, generates training data sets and serves up features for online inference at scale. The company also develops the open-source Feast feature store technology.
CEO Quote: “This new funding will help us further build and strengthen both Tecton’s feature platform for ML and the Feast open-source feature store, enabling organizations of all sizes to build and deploy automated ML into live, customer-facing applications and business processes, quickly and at scale.”
Headquarters: Tempe, Ariz.
CEO: Vinnie Liu
Funding: The $75 million in Series B funding brings the company’s total financing to $100.
Investors: The funding was provided by investment firm Carrick Capital Partners.
What company does: Bishop Fox develops “offensive cybersecurity” technology. Its Cosmos platform creates simulated cyberattacks to identify vulnerabilities in an organization’s IT systems.
CEO Quote: “This capital will fuel additional innovation in our Cosmos platform, investment in our people, and expansion of Bishop Fox Academy. By further developing the best technology and talent in the industry, we will continue to define the future of offensive security. Additionally, the funding will enable us to accelerate our international expansion, extending our expertise to help even more organizations defend forward.”
Headquarters: Boulder, Colo.
CEO: James Brear
Funding: The $70 million in Series C funding brings the company’s total funding since its 2014 founding to $92 million.
Investors: The round was led by Activate Capital with participation from existing investors Energy Impact Partners and 3Line Venture Capital.
What company does: Cybersecurity startup Swimlane recently launched Turbine, a low-code security automation platform.
CEO Quote: “We are very proud of the global traction and results we have achieved. Besides our hyper revenue growth, we have achieved over 120 percent of net retention and product expansion. Our cloud product has seen a 5X increase in adoption over 2021 and our growth over the last four years is over 700 percent. This is a testament to our customer-first mindset and meeting all the use case requirements our customers demand.”
CEO: Jeff Ready
Funding: A $55 million funding round.
Investors: The funding round was led by funds managed by Morgan Stanley Expansion Capital.
What company does: Scale Computing provides edge computing, virtualization and hyperconverged systems, including the SC//Platform for edge computing tasks.
CEO Quote: “Data is moving to the edge twice as fast as it moved to the cloud. Management of the edge is an inverted problem from management of the data center. A typical data center deployment represents hundreds or thousands of servers at one or two locations. On the other hand, a typical edge deployment is a handful of servers each at hundreds or thousands of locations. This requires a completely different approach to deployment and management, and Scale Computing has continually met the challenges of this fast-growing market.”
CEO: Kurt Mackey
Funding: The company announced both a $12 million Series A round of funding and a $25 million Series B round.
Investors: The Series A round was led by Intel Capital. The Series B round was led by Andreessen Horowitz with other participants including Dell Technologies Capital, Initialized Capital and Planetscale CEO Sam Lambert.
What company does: Fly.io develops an application delivery network that helps website operators more easily connect with customers. The company uses a global network of servers to accept visitor traffic, run middleware on request and route traffic back to backend applications.
CEO Quote: “Applications should run close to end users – full stop – but due to outdated clouds causing complications and high costs, we rarely see that as the case. Fly.io’s public cloud solves that pain point and with this funding we’ll be able to continue toward our goal of being the standard for the new cloud stack and improving the developer experience.”
Headquarters: San Francisco
CEO: Nikita Shamgunov
Funding: The Series A-1 round raised $30 million, bringing the company’s total funding to $54.3 million.
Investors: GGV Capital led an investment group in the funding round that included Khosla Ventures, General Catalyst, Founders Fund and Elad Gil with support from angel investors Nat Friedman, Ajeet Singh, Guillermo Rauch, Wes McKinney, Ryan Noon and Soren Brammer Schmidt.
What company does: Neon develops an open-source, multi-cloud, fully managed Postgres database-as-a-service.
CEO Quote: “The Postgres community is already responding to what‘s possible with a modern, cloud-native architecture. This additional investment ensures Neon is well-positioned to build and ship new features that will transform the developer experience.”
Headquarters: San Jose, Calif.
CEO: Said Ouissal
Funding: The $26 million in Series B funding brings Zededa’s total financing to more than $55 million.
Investors: The round included a range of new and existing investors including Coast Range Capital, Lux Capital, Energize Ventures, Almaz Capital, Porsche Ventures, Chevron Technology Ventures, Juniper Networks, Rockwell Automation, Samsung Next and EDF North America Ventures.
What company does: Zededa develops distributed, cloud-native edge management and orchestration solutions that simplify the remote management and security of edge infrastructure and applications at scale.
CEO Quote: “All aspects of our business – from a growing base of Global 500 customers to major strategic partnerships and growth in deployed edge nodes – are on a terrific path. This latest round of investment validates that our open framework and ecosystem approach to the distributed edge is the ideal choice for the future of connected operations.”
Headquarters: Tel Aviv, Israel
CEO: Yonatan Geifman
Funding: A $25 million Series B funding round.
Investors: The round was led by Insight Partners with participation from existing investors Square Peg, Emerge, Jibe Ventures and Fort Ross Ventures, along with new investor ICON.
What company does: Deci develops a deep learning development platform for building next-generation AI and deep learning applications.
CEO Quote: “The growing AI efficiency gap only further highlights the importance of ‘shifting left’ – accounting for production considerations early in the development lifecycle, which can then significantly reduce the time and cost spent on fixing potential obstacles when deploying models in production. Deci’s deep learning development platform has a proven record of enabling companies of all sizes to do just that by providing them with the tools they need to successfully develop and deploy world-changing AI solutions – no matter the level of complexity or production environment.”
Headquarters: Waltham, Mass.
CEO: Bin Lu
Funding: The Series A funding round of $12.2 million follows a $4.3 million grant from the U.S. Department of Energy Advanced Research Projects Agency.
Investors: The round was led by Fine Structure Ventures with participation from Citta Capital, Soitec, Safar Partners and Alumni Ventures.
What company does: Finwave Semiconductor, which recently emerged from stealth mode, develops breakthrough 3DGaN transistor technology that’s designed to optimize the potential of Gallium Nitride. The company is applying the 3DGaN technology to improve the performance of 5G devices.
CEO Quote: “Finwave was founded with the mission to scale [GaN FinFET] technology from lab to high-volume products that benefit society, and 5G presents the perfect market opportunity for the scale, performance gains and cost advantages this technology brings. Having solved numerous manufacturing challenges and successfully created a fabrication process using standard 8-inch Si CMOS tools, Finwave is leading the way in commercializing the 3DGaN technology for 5G.”