Friday Fundings: PetDX, Mambu, and Robust Intelligence
Drug Cancer Test Startup Brings in $62 Million
PetDX, a startup that makes a blood test to detect cancer in dogs, raised $62 million in a Series B round of funding. The financing was led by LongView Asset Management and included participation by Declaration Partners, Torch Capital, and Aperture Venture Partners, among others. In August 2020 the startup raised $10 million in a Series A round. PetDX counts Petco (WOOF) as a partner, with the retailer using PetDX’s screening test in its on-site clinics.
PetDX plans to use the proceeds from the capital raise to market its test, known as OncoK9, to more veterinarians. The test can detect 30 cancers from a single draw of blood. PetDX wants its test to become the standard for vets around the country.
Finance API Startup Raises $266 Million
Mambu, a startup which makes finance APIs that are integrated into banking and financial applications, raised $266 million in venture funding. The Series E round of funding, which was led by European PE firm EQT Growth, values Mambu at $5.5 billion. The startup built a series of APIs for banking, lending, analytics, and other financial tools.
Mambu has more than 200 customers including N26, ABN Amro, and BancoEstado. The company is also developing finance APIs for ecommerce companies which don’t have the ability to create them in-house. Proceeds from the fundraising will go to expand in the markets the startup operates in already and to identify new ones.
AI Model Stress Test Startup Raises $30 Million
Robust Intelligence, a startup that tests companies’ AI models, raised $30 million in venture funding. The Series B round was led by Tiger Global and included participation by Sequoia, Harpoon Venture Capital, and Engineering Capital. Investors clamored to get in on the funding round, which was oversubscribed.
Robust Intelligence’s product, dubbed the Robust Intelligence Model Engine (RIME), is an AI firewall that sits on top of AI models. It protects the model from making mistakes via ongoing and automatic stress tests. Proceeds from the funding round will go to boost its sales team and to develop its product.
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