On The Rise: Startups That Received Funding In July 2023

AutogenAI

Meet AutogenAI, the artificial intelligence startup leveraging generative AI for quicker and more efficient bid writing. Its solutions boast a 50% cost reduction, 30% higher win rates, and a 70% ROI boost. With a $22.3 million funding round led by Blossom Capital (the investors behind Checkout.com and Dija) one year post-launch, AutogenAI is fast advancing its language model tech and global presence. Another recent notable investment came from Wilson Sonsini's Richard Goold.

Béa Fertility

Next on the list is Béa Fertility, a pioneering healthtech startup on a mission to revolutionise fertility solutions for people struggling to conceive. Co-founded by CEO Tess Cosad and product engineer George Thomas, Béa secured a substantial $3.2 million funding in July. Led by Octopus Ventures and supported by JamJar Investments and Forward Partners, this funding will enable the launch of its at-home fertility treatment to early adopters in the UK. With the prospect of this groundbreaking advance in fertility treatment, it’s poised to transform the lives of individuals seeking to start or grow their families.

ev.energy

ev.energy, a B Corp-certified electric vehicle charging app and Capsule client, has emerged as a true leader in the space – managing more than 120,000 EV chargers across the UK and North America. By strategically powering vehicles during grid-friendly hours, it has carved out a sustainable niche. The team’s recent milestone of a $33 million Series B funding round – spearheaded by National Grid Partners – has positioned them for incredible growth. The money will be funnelled into amplifying their presence in North America and Europe, granting them access to a vast potential customer base of 400 million energy consumers through collaboration with investors’ energy, retail, fleet, vehicle, and insurance networks.

Isometric

Isometric is a SaaS provider founded in 2022 by serial entrepreneur Eamon Jubbawy, co-founder of fintech startup Sequence and digital ID startup Onfido (fun fact: both are Capsule clients). In July, Isometric managed to secure $25 million in seed funding towards their mission to create the world’s first carbon registry focused solely on credits from carbon removal initiatives. Appropriately, the seed funding was led by Lowercarbon Capital – as well as Plural and multiple angel investors including Niklas Zennström of Skype fame. Anticipating a year-end launch, Isometric is propelling change in carbon credit mechanisms.

Kinnu

Pioneering edtech startup Kinnu has developed an app with a staggering 100,000+ downloads to date. It leverages AI to curate personalised educational content spanning science, history, and psychology. July marked a momentous achievement for Kinnu, with the startup securing $6.5 million in funding spearheaded by LocalGlobe and Cavalry Ventures. Co-founded by visionaries Christopher Kahler, Abraham Müller and Hanna Celina – renowned for their success in creating and selling real-time market research startup Qriously to Brandwatch in 2019 – Kinnu continues to redefine the landscape of education technology. We can’t wait to see where it goes next.

Prolific

True to its name, Prolific stands as a trailblazer in the realm of AI research – providing a cutting-edge platform that empowers researchers by sourcing people to rigorously stress-test their AI models. Its unique platform streamlines the entire process – from pre-screening and vetting to payment of feedback for their AI systems. With an impressive clientele including Google, University of Oxford, King's College London, and Stanford University, Prolific is a trusted ally in the pursuit of AI excellence. The startup has had an impressive July: Partech and Oxford Science Enterprises jointly led a momentous £25 million Series A investment. Next on the cards is US expansion, along with the overall enrichment of Prolific’s suite of AI support services.

Quench

Quench, the brainchild of Husayn Kassai (another co-founder of Onfido), has quickly emerged as a leading AI edtech platform. In a milestone move, the startup secured $5 million in pre-seed capital in July from investors including Firstminute Capital and Tuesday Capital – confirming its status as an industry frontrunner. At its core, Quench uses AI technology that serves as a coach to help its users build new skills. Currently in beta mode but buoyed by its recent funding success, Quench is preparing to expand its horizons – starting with growing their dynamic team, bolstering efforts across product and tech development, and enhancing sales and customer support functions.

Raft

Formerly known as Vector.ai, Raft is reinventing the wheel in the freight industry via the introduction of transformative automation tools. Powered by its logistics prowess, the company has secured the trust of around 60 clients – effectively streamlining around 300,000 shipments each month. In July, Raft generated a remarkable $30 million in its Series B funding round led by Eight Roads. This capital will allow the team to engage in further research and development – strengthening their position as a trailblazer in AI technology for the logistics industry.

Sylvera

On to Sylvera – a name you may recall from our Top 50 Tech Scale-Ups To Watch list. This SaaS company is making waves in the climate action arena. It combines diverse carbon measurement techniques and science to evaluate projects concerning carbon capture, removal, and emissions reduction. In its mission to encourage investment in carbon offset initiatives and sustainability, Sylvera has attracted the attention of some big names including The World Economic Forum, Bain & Company, Chevron, and Mitsubishi. July saw Sylvera raise an impressive $57 million in a transformative Series B funding round led by Balderton Capital – funds which are set to bolster investment in tangible climate impact initiatives while supporting US expansion.

Tractable

Another fast-growth tech company we just can’t shut up about is Tractable, which featured in our AI Startups to Watch in 2023 list. It has harnessed the power of computer vision and deep learning in its quest to revolutionise the appraisal of visual damage caused by accidents and disasters. Tractable’s cutting-edge tools demonstrate the power of automation in accident and recovery processes – and they’ve been backed by some big players. In June 2021, the company raised a massive $60 million in their Series D funding round – catapulting its value to $1 billion and marking the UK’s first computer vision unicorn. Fast forward to July 2023, and Tractable successfully closed a game-changing $65 million funding round led by SoftBank – set aside to accelerate the company's research and development endeavours.

uMed

uMed derives its name from ‘United in Medicine’ and stands as a trailblazing technology platform that’s changing healthcare services for the better. Designed to streamline the identification of patient groups and facilitate seamless patient interactions in clinical trials and research, uMed is set to achieve significant advances in healthcare automation. Last month was a pivotal part of its journey as it managed to raise a substantial £9.8 million in funding from Delin Ventures, AlbionVC, Playfair Capital, and 11.2 Capital. The uMed team plans to channel this into expanding their user base across North America. With a commitment to using the latest technology to bring medical communities together, they’re ultimately redefining the landscape of patient care and research.

Causaly

And last but by no means least: Causaly, the innovative platform that’s accelerating new medicinal discoveries using AI. It expedites the intricate journey of pharmaceutical development – the start of an industry-wide shift. Clearly the Capsule team aren’t the only ones who think Causaly are onto something, either – July saw them generate an extraordinary $60 million in Series B funding led by ICONIQ Growth, Index Ventures, Marathon Venture Capital, and angel investors including Johnson & Johnson’s ex-CEO Alex Gorsky. The funds will further empower the Causaly team as they continue to transform drug discovery processes. We certainly can’t wait to see them usher in the next era of healthcare.

Thinking about your own journey?

There goes the curtain call for this month’s funding round-up. Picturing your own company on the stage? If you’re seeking peace of mind to protect your venture as it grows, let’s arrange a chat. Capsule specialises in insurance that aligns with your vision of the future.