VC funding: Verituity, QpiAI, Kinetic, Pomerium, Substrate Labs

Technology companies such as Verituity, QpiAI, Kinetic, Pomerium, Substrate Labs, Wordsmith, FairNow, Vecna Robotics, Zilch, CesiumAstro, Celcoin, among others, have raised capital in their VC funding rounds.

VC funding for tech

Verituity

Verituity, a provider of verified payouts solutions, has raised $18.8 million in a VC funding round led by Sandbox Industries and Forgepoint Capital with the participation of Ardent Venture Partners and MTech Capital.

Verituity will use the VC funding to accelerate its growth in banking and insurance and expansion into new markets, including mortgage servicing and energy.

The investment enables Verituity’s innovation of its advanced machine learning and artificial intelligence models that are the backbone of the company’s Zero Trust Payout Verification and intelligent payments.

QpiAI

QpiAI, a leader in quantum computing and generative AI, has raised $6.5 million in a VC funding round led by Yournest and SVCL — to build Quantum computing and Generative AI products and platforms.

QpiAI will use the funding to achieve breakthrough innovation in vertical integration of Generative AI and Quantum computing in enterprise and industrial applications. QpiAI will also be demonstrating 25 Qubit Quantum computers in our Bangalore HQ by Q4 CY2024/ Q1 CY 2025.

QpiAI is aiming to increase revenues from software licensing of 7 software platforms: QpiAI-pro, QpiAI-explorer, QpiAI-opt, QpiAI-pharma, QpiAI-ML QpiAI-logistics and QpiAI-matter, which are based on Quantum computing and Generative AI technologies.

Kinetic

Kinetic, an automotive infrastructure company, has secured $21 million in Series B funding, led by Menlo Ventures.

Other participants in the VC funding round include returning investors Lux Capital, Construct Capital and Haystack Ventures along with new investors Allstate Strategic Ventures and Liberty Mutual Strategic Ventures.

Kinetic will use the new funding to accelerate its business growth and add technology and engineering talent to its team. Kinetic delivers digital maintenance and servicing for EVs and AVs through its network of service centers.

Pomerium

Pomerium, the NextGen Access platform, has raised a $13.75 million Series A funding round led by Benchmark.

Return investors Bain Capital, Haystack, SNR, and Oleg Rogynskyy, founder of People.AI, also participated in the round.

Substrate Labs

Substrate Labs, an AI infrastructure startup, has raised $8 million seed round to deliver elegant APIs that enable developers to build more modular AI systems.

The VC funding round was led by Lightspeed Venture Partners, with participation from South Park Commons, Craft Ventures, Guillermo Rauch (Vercel), Immad Akhund (Mercury), Will Gaybrick (Stripe), and others.

Wordsmith

Wordsmith, the AI-powered legal assistant platform, has raised $5 million in a VC funding round to transform the legal industry.

The seed funding was led by Index Ventures, with participation from General Catalyst and angel investors including Skyscanner founder Gareth Williams. Wordsmith was founded in 2023 by Ross McNairn, Volodymyr Giginiak and Robbie Falkenthal.

FairNow

FairNow, a provider of AI governance software, has secured $3.5 million in a seed funding round. FairNow will use the VC funding to accelerate its mission of equipping enterprises with a governance platform that manages AI-related business and regulatory risks.

The $3.5 million seed round was backed by a diverse group of angel investors, entrepreneurs, and executives in the fields of AI, HR, and financial services. The round was led by Somen Mondal and Shaun Ricci, who have built and exited two enterprise SaaS companies in highly regulated industries

Vecna Robotics

Vecna Robotics,a provider of material handling automation solutions, has closed its Series C round at $100 million, with $40 million in new funding including equity and debt. Tiger Global Management, Proficio Capital Partners, and IMPULSE participated in the round.

Zilch

Zilch, the world’s first ad-subsidised payments network (ASPN), announced a £100 million securitised debt financing arranged by Deutsche Bank (DB).

The financing will enable Zilch to grow its business and accelerate Zilch’s ability to create and launch new products for a broader base of customers.

CesiumAstro

CesiumAstro, a provider of space communications technology, has raised $65 million Series B+ funding round.

The round was led by Trousdale Ventures, with matching participation from Development Bank of Japan (DBJ) and Quanta Computer.

Investors, including Kleiner Perkins, Lavrock Ventures, L3Harris Technologies, InMotion Ventures (JLR’s investment arm), Matter Venture Partners, MESH Ventures, and Assembly Ventures, also joined the round. CesiumAstro has raised $156 million in equity capital since its founding in 2017.

Celcoin

Celcoin, a company in the Banking as a Service (BaaS) financial technology market, has raised $125 million in VC funding led by global growth equity investor Summit Partners.

Existing investor Innova Capital is also participating in the round, along with financial technology executive John Coughlin, a former senior executive with Corpay.

Celcoin has over 400 customers in the financial industry and more than 5,000 non-financial companies.

Celcoin will use the funding to support its expansion plans. Celcoin aims to strengthen its leadership position in the BaaS and embedded finance market.

InfotechLead.com News Desk

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