## AI Takes the Spotlight: Global Startup Funding on the Rise

Global startup funding saw a **16% increase** in the second quarter, driven by a surge in mega-rounds, according to Crunchbase data.  **Artificial intelligence (AI)** continues to be the driving force behind this growth, with **AI companies receiving 30% of all investment dollars**, a staggering **double** from the previous quarter, reaching **$24 billion**. 

**Gené Teare**, a senior data editor at Crunchbase, attributes this surge to the **increasing adoption of AI technologies** and the **time it takes for venture capital investments to filter through the market**.  

While AI dominates, the second quarter also saw a **rise in larger M&A deals**, offering a much-needed **liquidity boost** in a **stagnant IPO market**. While **M&A activity is expected to increase**, it hasn't reached the levels anticipated due to **lowered prices** and companies realizing they might not be able to go public in the next few years.

##  Key Takeaways

* **AI funding skyrocketed**, reaching **$24 billion** in Q2, doubling from the previous quarter.
* **Mega-rounds and M&A deals** contributed to the overall increase in startup funding.
* The **IPO market remains dry**, leading to a rise in M&A activity as a source of liquidity.
* **AI continues to be a dominant force** in the startup ecosystem.


Today on Equity, Crunchbase Senior Data Editor Gené Teare helps us dive into the uptick in mega-rounds, how AI funding doubled in Q2, and more.

AI Funding Soars: Global Startup Investments Rise with AI Dominating

### Commure Acquires Memora Health

In a significant move within the **healthcare technology sector**, **Commure**, a prominent **medical AI company**, has announced its acquisition of **Memora Health**, a startup specializing in **care automation**. This strategic acquisition aims to enhance **patient engagement** and streamline healthcare workflows.

### About Commure

Commure is known for leveraging **artificial intelligence** to improve patient care and operational efficiency across healthcare systems. Their innovative solutions focus on **integrating technology** into everyday clinical practices.

### About Memora Health

Memora Health provides a **digital platform** that automates patient communication, making it easier for healthcare providers to deliver timely information and support. Their technology is designed to reduce administrative burdens and improve **patient outcomes**.

### The Impact of the Acquisition

This acquisition is expected to combine Commure's AI capabilities with Memora's automation expertise, creating a powerful synergy that will **transform** the way healthcare is delivered. By enhancing **care automation**, the partnership aims to foster better patient-provider relationships and optimize healthcare delivery processes.

![Commure and Memora Health](https://www.axios.com/favicon.ico)

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Groundbreaking Acquisition: Commure Expands with Memora Health to Revolutionize Care Automation

### Oura's Rise to Fame

Mark Zuckerberg, Cristiano Ronaldo, Jennifer Aniston, and Prince Harry have one thing in common: they all own **Oura Rings**. Founded in **2013** in Finland, Oura has transformed from a niche innovation in **wearable tech** to a mainstream phenomenon. With sales projected to double this year, the company is on track to approach the **$500 million** mark.

Recently, Oura completed a **Series D funding round** led by **Fidelity Management**, raising its valuation to **$5.2 billion**, a significant increase from just two years ago when it was valued at half that amount.

The global wearable tech market is anticipated to grow by **14.6%** by the end of the decade, with smart rings like Oura being among the fastest-growing segments.

### Leaning Into Sleep

Founded by Petteri Lahtela, Markku Koskela, and Kari Kivela, Oura launched a **Kickstarter campaign** in 2015, raising over **$650,000** and exceeding its goal sixfold. The following year, Oura won a **CES Innovation Award**, solidifying its place as an emerging tech leader.

Oura’s focus on wellness, particularly sleep, has resonated with consumers, offering insights through its app that provides a **“Readiness Score”** based on various health metrics including sleep quality and heart rate. Tom Hale, the CEO, states, “**Wearable tech is for anyone who wants to better understand their health**.”

![Prince Harry wearing Oura Ring](https://fortune.com/img-assets/wp-content/uploads/2024/12/GettyImages-1052434132-e1734698275254.jpg?w=1440&q=75)
*Prince Harry spotted wearing an Oura Ring in 2018.*

### Why Oura Stands Out

Unlike traditional smartwatches like the **Apple Watch**, which require frequent charging and may not be comfortable for all-day wear, Oura Rings are sleek and have a longer battery life. The newest Oura Ring 4, launched in **October**, aims for an even more elegant design.

Oura follows a subscription model costing **$6 a month**, with the ring priced at **$350**. This unique approach positions it well within the burgeoning wellness tech market.

### Celebrity Endorsements and Market Position

Oura has gained traction among celebrities, reinforcing its brand clout. Many CEOs utilize the device to monitor their energy levels throughout the day. While competitors like Samsung have entered the market with their **Galaxy Ring**, Oura's established presence and innovation keep it at the forefront.

Oura continues to innovate and expand its relevance in consumers' lives, even being utilized in unique situations like **proposals** and gaining insights into public sentiment during significant events like elections.

Women aged **25 to 34** are becoming Oura's fastest-growing demographic, making up a third of its user base. Hale reassures users about privacy concerns related to their health data, emphasizing Oura's commitment to user privacy.

Oura just capped off a funding round that'll help the Finnish company look "beyond rings," its CEO Tom Hale said.

From Kickstarter to Celebrity Favorite: The Oura Ring's $5.2 Billion Journey

### The Need for Speed in Warehousing

In the world of logistics and distribution, **speed is paramount**. Knowing the exact location of products in warehouses at all times is crucial to maintaining operational efficiency. Unfortunately, **lost or misplaced inventory** poses a significant challenge for warehouses globally.

### Corvus Robotics: A Game Changer

Enter **Corvus Robotics**, a startup founded by MIT alumnus **Mohammed Kabir**, which is tackling this issue head-on. Their **autonomous drones** are designed to navigate **GPS-denied environments**, effectively scanning the towering rows of pallets in warehouses. These drones operate **24/7**, providing an unprecedented view of inventory alongside human workers.

> "Typically, warehouses will do inventory twice a year — we change that to once a week or faster," says Kabir, highlighting the **operational efficiency** gains offered by their technology.

### Transforming Inventory Management

Corvus is already making waves in the industry, assisting **distributors, logistics providers, manufacturers, and grocers** in tracking their inventory. The **Corvus One drone** is touted as the world's first fully autonomous warehouse inventory management drone, equipped with **14 cameras** and an advanced AI system for safe navigation and barcode scanning.

### Innovations in Drone Technology

The journey began when Kabir started working on drones at just 14 years old. After joining MIT, he partnered with **Jackie Wu** to explore the potential of their drone navigation work. They quickly realized that **off-the-shelf drones** weren't sufficient for their needs, leading them to design custom drones from scratch. Kabir recalls, "We’d build these drone prototypes and see if they’d fly."

### Fast Setup and Infrastructure-Free Autonomy

Setting up Corvus's drones is a breeze—installing **charging docks** and completing a rough mapping step takes about a week for a **1-million-square-foot facility**. Unlike traditional systems, they don't require reflective markers or beacons, making their setup **quick and efficient**.

### A New Era in Inventory Management

Corvus's drones are designed to work safely alongside people and equipment, addressing the **inefficiencies** of manual inventory checks. Kabir notes, "Many warehouses are driven by bad data, and there’s no way to fix that unless you fix the data you’re collecting in the first place."

### Looking Ahead

The vision for Corvus extends beyond just tracking inventory on racks. Kabir envisions a comprehensive solution that addresses inventory management from the moment products arrive at warehouses, tackling the issues of **mislabelled** and **misplaced items** before they even reach the racks.

The startup Corvus Robotics, founded by MIT alumnus Mohammed Kabir, is using drones that can navigate in GPS-denied environments to expedite inventory management.

Revolutionizing Inventory Management: How Corvus Robotics is Using Drones to Transform Warehouses

### The Rise of Drone Detection

As the U.S. grapples with **unidentified drone sightings**, a **Dutch startup**, Robin Radar, is stepping into the spotlight. After being mentioned by **Sen. Chuck Schumer** at a press conference, CEO **Siete Hamminga** was initially surprised, given Robin Radar's **low profile** in the American market. 

![A Robin Radar system looks skyward to detect incoming drones.](https://specials-images.forbesimg.com/imageserve/6764a365d325d86c5aad50e1/A-Robin-Radar-system-looks-skyward-to-detect-incoming-drones-/0x0.jpg?fit=scale)

### Addressing the Drone Threat

With **panic** surrounding multiple reports of mysterious drones over **New Jersey**, **New York**, and the **East Coast**, Schumer has called for the **Department of Homeland Security (DHS)** to consider deploying systems like Robin Radar. While the **FAA** has stated that these sightings do not pose a **national security risk**, they have imposed **temporary flight restrictions** in 22 New Jersey cities to alleviate public concerns.

### Technology Behind Robin Radar

Robin Radar specializes in **drone detection technology** and has already gained traction in Europe. Their systems are **affordable**, costing **less than $1 million** per installation, and are designed to detect drones using a unique **micro-doppler technique** that identifies the motion of drone blades.

### Future Prospects

Despite being relatively unknown in the U.S., Hamminga believes that within a few years, **every embassy and prison** will likely have their own drone detection systems. Currently, Robin Radar's technology is not operational in the U.S., but demand may soon shift that reality.

### Challenges Ahead

Even with detection capabilities, authorities must navigate the complexities of addressing potential drone threats. As **John Michael Dahm**, a senior resident fellow, points out, there are various **disruption methods**, but local law enforcement faces significant legal hurdles in taking action against drones.

Robin Radar's innovative approach could redefine how drone threats are managed, and as they look to expand in the U.S. market, their technology may soon play a crucial role in ensuring public safety.

As the U.S. wrestles with an apparent drone threat, a Dutch company says its radar can help.

How a Dutch Startup is Taking on Mysterious Drone Sightings in New Jersey

## The Battle Against Odor

**Matthew Tesvich** is on a mission to combat foot odor with his innovative startup, **SKUNK SKIN**. After a career-ending baseball injury, this former high school athlete pivoted to entrepreneurship, launching a line of **odor-preventing socks** that has quickly gained traction.

![Matt Tesvich](https://specials-images.forbesimg.com/imageserve/67648a05096ad5dfe6400399/Copy-of-BUIN-S1-FG-102-00471300-Still195/960x0.jpg?fit=scale)

## Early Success and Growing Revenue

Founded in **November 2022** in Athens, Georgia, Tesvich's e-commerce venture is projected to bring in **$350,000 to $400,000** this year, with aspirations to hit **$1 million** in annual revenue by **2025**. This trend reflects a broader movement of **one-person businesses** achieving significant financial success.

## The Spark of Inspiration

After reading **Robert Kiyosaki’s *Rich Dad, Poor Dad***, Tesvich realized he wanted to pursue entrepreneurship. His lightbulb moment came when he saw potential in an **anti-bacterial towel** that could be transformed into odorless socks. With a history of **stinky feet**, he aimed to create a solution that would benefit many.

## Overcoming Challenges

Creating a prototype wasn’t easy. Tesvich reached out to around **100 manufacturers** before finding a suitable partner through Alibaba. After **18 months** of R&D, he developed a **chemical-free fabric technology** that effectively prevents foot odor.

## Marketing and Sales Growth

Tesvich utilized **business accelerators** to raise about **$10,000** and participated in pitch competitions, ultimately raising **$100,000**. His initial sales on Amazon generated **$60,000** in the first year, showcasing the power of storytelling and effective marketing strategies.

## Building a Brand

Initially named OX SOX, the brand was rebranded to **SKUNK SKIN** after facing trademark issues. Tesvich aims to expand the product line to include other apparel. His focus on customer feedback has been instrumental in refining the product and increasing customer loyalty.

## Leveraging Partnerships

In 2023, Tesvich partnered with **Payton Cranford**, a market development specialist, and influencer **Leon Ondieki** to boost the brand’s visibility. The introduction of a **subscription program** has also improved customer retention, achieving a return rate of **12%**.

## The Importance of Mentorship

Tesvich emphasizes the value of mentorship and learning from experienced individuals in the field. With guidance from his advisors, he plans to continue growing SKUNK SKIN, inspired by customer success stories and feedback.

![Building the Brand](https://specials-images.forbesimg.com/imageserve/67648ab80328dedead8dad7b/Copy-of-BUIN-S1-FG-102-00124309-Still052/960x0.jpg?fit=scale)

**SKUNK SKIN** is not just selling socks; it’s transforming lives by addressing a common problem with a clever and effective solution.

When Matthew Tesvich, a former high school baseball player, got injured, he threw himself into another passion—entrepreneurship—and launched a startup that offers a fresh solution to foot odor. It's been taking off.

From Stinky Feet to Success: How a Young Entrepreneur Built a Million-Dollar Sock Business

After several slow quarters, **funding to digital banking startups** is picking up significantly. In the past three months alone, investors have poured nearly **$1.2 billion** into a diverse array of online banking providers, as reported by **Crunchbase**.

### Major Funding Recipients
Among the top funded startups, **One**, **Tyme**, and **Current** have recently announced new funding rounds:
- **One**, based in Sacramento, California, received the largest investment of **$300 million**, leading to a valuation of **$2.5 billion**. This startup focuses on **online banking**, **debit cards**, and **installment loans** for purchases at **Walmart**, its majority stakeholder.
- **Tyme**, which operates in **South Africa** and the **Philippines**, secured **$250 million** in a Series D funding round, led by Brazil's **Nubank**, setting a valuation of **$1.5 billion**.
- **Current**, a New York-based startup, announced a **$200 million** round, bringing its total funding to over **$600 million**. The company boasts a **90% revenue growth** this year and aims for profitability by **2025**.

### Anticipation for IPOs
This funding surge comes as anticipation builds for a **fintech IPO comeback in 2025**. Notable companies preparing for offerings include **Chime**, which has raised **$2.3 billion** and reportedly filed for an IPO, and **Klarna**, which has also filed confidentially for a **U.S. IPO**. Other potential candidates include **Stripe** and **Revolut**.

### Positive Market Trends
Recent trends show that public markets are becoming more favorable for fintech companies. Companies that went public during the **2020-2021 IPO boom**, such as **Affirm** and **SoFi**, have seen substantial recovery in their stock prices. **Nubank**, trading as **Nu Holdings**, remains a strong player with a market cap of around **$55 billion**.

**Cycles turn**, and for fintech and challenger banks, it appears we are entering a more bullish phase. However, the market remains cautious amid recent selloffs following the **Federal Reserve's** statements on interest rates.

### Related Lists
For more insights, check out the **[Recently Funded Online Banking Startups](https://www.crunchbase.com/lists/recently-funded-online-banking-startups/accc281a-4569-421e-94ad-ae7342792fdb/organization.companies)**.

![Digital Banking Startups](https://news.crunchbase.com/wp-content/uploads/Money_Scan.jpg)

In the past three months, investors have plowed close to $1.2 billion into a geographically dispersed group of online banking providers, Crunchbase data shows.

Digital Banking Startups Surge: $1.2 Billion in New Funding Sparks Excitement

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### Fresh Business Reads to Upgrade Your Game in 2025

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Tired of the old systems? Garrett Gee reveals how **hacker principles** can help you navigate traditional routes to success. His six core moves—**be on offense, reverse engineer, live off the land, handle risk, use smart social engineering, and pivot**—are applicable whether you’re climbing the corporate ladder or building a startup.

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Understanding your **natural wiring** can change your leadership style. Emma Dunwoody translates complex human design science into actionable business strategies that align with your strengths, avoiding burnout and bad decisions.

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Getting fired can be a painful experience. Laura Krauss maps the **psychological journey** from layoff to empowerment, providing exercises to rebuild confidence and reshape your career path.

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Paulo Andrez offers the **MEFLO method** to identify business risks before they sink your startup. This book includes over **100 tools** for safer business building, making it essential for any founder.

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Mastering AI can streamline your operations and enhance client relationships. Philip Calvert provides practical advice for financial professionals looking to leverage AI tools to improve revenue and service.

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Tom Caravela’s framework turns random job applications into **targeted campaigns**, increasing your chances of landing aspirational roles. This book is invaluable for both job seekers and hiring leaders.

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Find a cause that inspires you. Dani Grieveson offers tools for aligning your daily work with your personal values, proving that **purpose drives profit**.

### Game-Changing Reads for Freedom-Driven Founders

Don't follow the herd; explore these unique perspectives on **freedom and purpose** in business. Each book offers **fresh insights** that can help you navigate your entrepreneurial journey, cut risks, and seize new opportunities. Your next big move might be hidden in one of these overlooked titles. **Start reading and see what unfolds!**

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AI Funding Soars: Global Startup Investments Rise with AI Dominating

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AI Takes the Spotlight: Global Startup Funding on the Rise

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