February's Top Tech Deals: Hadrian, Lambda Labs, Magic.dev, Abridge & More
Sourcery collects the top deals from the past month
Hi! 👋 Molly from Sourcery here. I’m collaborating with Newcomer on a monthly series of the top VC deals. This is our second installment.
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February continues to show that VC markets aren’t closed.
Fewer deals are getting done but some of them — mostly in AI — are huge.
The top deals of the month have all integrated artificial intelligence into their products from automated industrials, clinical documentation, and work assistants, to AI-driven expensive strawberry companies.
Four deals really stood out:
Hadrian raised a $117M Series B to defy history and revitalize American industry with automated precision component factories
Lambda Labs closed a $320M Series C at a $1.5B valuation to accelerate their GPU cloud computing for AI training
Magic.dev, raised $117M in funding led by top AI investors Nat Friedman and Daniel Gross with participation from CapitalG and Elad Gil to build frontier-scale code models to build a coworker, not just another copilot
Abridge raised $150M to continue saving 70+ Hours hours of time-consuming documentation per clinician every month with 91% AI-generated complete, highly accurate, structured clinical note drafts
Other notable announcements include NinjaOne ($231.5M Series C), Ezra ($21M round), Accompany Health ($56M Series A), Codeium ($65M Series B), Meter ($35M Series B), Scribe ($25M Series B), Nile ($11.6M Seed), Mindy ($6M Seed), Unseenlabs ($92.2M Series C), HighArc ($53M Series B), and Oishii ($134M Series B).
Highlighted Acquisitions & PE
Capital One/Discover, OpenGov/Cox Enterprises, ScienceIO/Veradigm, Einblick/Databricks, Drift/Salesloft, Vizio/Walmart, Complex/NTWRK
Highlighted Venture Funds
Jack Altman’s Alt Capital, raised $150M for its third fund [The Information]
Wonder Ventures of LA raised $57M for its 4th pre-seed fund and $45M for an opportunities fund #LongLA [TechCrunch]
Runway, popular GenAI startup that's raised ~$300M, is now raising its own VC fund focused on early-stage AI startups
As a part of any cycle, there are cyclical wind-downs. On the fund side, Foundry Group is closing down after they finish deploying their current fund. They’re joining OpenView and Countdown Capital. With LP capital contracting, a rocky market for startups and managers, I wouldn’t be surprised if more venture firms are shutting down behind the scenes.
60+ Deals Across Stages Below
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