Venture funding has slowed considerably in recent years, however, companies in the technology sector continue to make strides. Last year, local companies in industries spanning security, advertising, finance and energy pulled in generous capital raises to enhance their solutions and expand their businesses. Read on to learn how these rounds could shape an upcoming year of growth for the Austin tech scene.
Largest Austin Tech Funding Rounds in 2023
- Infinitum
- 8fig
- xAI
- SpyCloud
- Industrial Sun
#5. $90 million, February 28
Energy company Industrial Sun develops large-scale solar projects for power sale to industrial clients that are part of the Electric Reliability Council of Texas. The company pulled in an investment from Modern Energy and EIG to help fuel its next stage of growth.
#4. $110 million, August 23
SpyCloud developed a solution that analyzes data from the criminal underground to automate companies’ remediation of exposed authentication and identity data. As it continues its work helping protect businesses against sophisticated cyber attacks, SpyCloud secured a round of growth funding led by Riverwood Capital to fuel innovation, grow its malware assets database, bolster integrations and expand its go-to-market teams.
#3. $135 million, December 5
Headed by Elon Musk, xAI is an artificial intelligence company that developed a chatbot solution called Grok, launched back in November. Aiming to secure $1 billion in equity funding, the company has pulled in $135 million so far. The new company aims to compete with the likes of Chat GPT creator Open AI.
#2. $140 million, May 9
Providing financial tools to SMBs in the e-commerce space, 8fig works to help these businesses achieve sustainable growth. Koch Disruptive Technologies led the round of Series B funding, which the company plans to invest in even more e-commerce businesses. To date, 8fig has outfitted online sellers with more than $500 million.
#1. $185 million, November 1
Just Climate led the Series E funding round for Infinitum, a company that develops sustainable air core technology to decarbonize the industrial sector. Its solution aims to be smaller, lighter and more energy efficient than traditional motors. The company will expand its team and increase production with its new capital.
