Despite venture funding having slowed considerably in recent years, companies in the technology field continue to fuel innovation. Last year, local companies in industries spanning media, artificial intelligence, biotech and more pulled in generous capital raises to enhance their solutions and expand their businesses, with two rounds breaking the billion-dollar threshold. Read on to learn how these rounds could shape an upcoming year of growth for the Los Angeles tech scene.
Largest LA Tech Funding Rounds in 2023
- Metropolis
- gamma
- Divergent
- EVPassport
- TORL Biotherapeutics
- North Road Company
- VideoAmp
#6 (tied). $150 million, September 13
A round of Series G funding for VideoAmp will help the advertising tech company accelerate growth and fuel the adoption of its solution. The company’s media currency technology works to modernize how media is valued, bought and sold across screens, helping advertisers more accurately attribute their business outcomes. Vista Credit Partners led the round.
#6 (tied). $150 million, January 31
Media company North Road secured $150 million from Qatar Investment Authority to expand. The company, led by Peter Chernin, currently has 85 production titles under its belt such as Love is Blind and Luther. Building on its previous funding rounds, the company aims to better address growing audience demand for premium, independent content.
#5. $158 million, April 13
TORL specializes in developing antibody-based therapeutics for cancer patients. The company raised Series B financing from lead investor Goldman Sachs to fuel its public launch. Its fresh capital will go toward advancing therapeutics programs including TORL-1-23, a clinical-stage ADC targeting Claudin 6 and TORL-2-307, a clinical-stage ADC targeting Claudin 18.2.
#4. $200 million, October 12
Electric vehicle innovator EVPassport is working to build charging infrastructure that will make adopting electric vehicles easier. The company secured $200 million in equity capital from Northleaf Capital Partners. The money will help EVPassport accelerate the development of its electric vehicle charging stations that combine hardware, software, firmware and connectivity in one place.
#3. $230 million, November 20
Headquartered in Torrance, Divergent operates in the manufacturing space, blending AI-driven generative design, 3D printing hardware and robotic assembly. The company works with external contractors but also uses the tech to develop its own designs. The company will invest its Series D capital in growing its operations and scaling up research.
#2. $1 billion, March 8
Backed by investors including Eldridge and Apple, gamma recently launched with $1 billion in funding for its media and music company that works to help artists create, distribute and monetize their content and brands. The company also acquired digital distributor Vydia and has partnerships with Snoop Dogg and the Death Row Catalog, Rick Ross, Naomi Campbell and more.
#1. $1.7 billion, October 5
Metropolis develops computer vision technology that enables checkout-free payment experiences at its managed parking facilities. The company secured a $1.7 billion round of Series C funding from lead investord Eldridge and 3L Capital. The round will help Metropolis acquire SP Plus, a Chicago-based parking company.
