VC Funding Top Ten — July 31, 2026: HealthTech, AI Mega-Rounds, M&A

Overview

Friday, July thirty-first, three PM Pacific. Today's biggest check is a massive four-hundred-fifty-million-dollar growth round for Function Health, led by General Catalyst. The preventative health-tech platform has now raised over eight-hundred million since its launch just last year. We'll break down that deal and the

In this show

• Friday, July thirty-first, three PM Pacific. Today's biggest check is a massive four-hundred-fifty-million-dollar growth round for Function Health, led by General Catalyst. The preventative health-tech platform has now raised over eight-hundred million since its launch just last year. We'll break down that deal and the rest of today's top ten. With me are our Markets and World analysts. Let's get into the numbers.
• Across the board, venture markets saw one-point-four-four billion dollars in disclosed funding today across ten rounds. The story of the day is the continued flow of mega-rounds into specialized AI and HealthTech, signaling a maturing market where traction is king. AI was the hottest category, accounting for four of the top ten deals. And in M&A, Expedia Group acquired Layla, an AI-native trip planning platform, pointing to a larger trend we'll cover at the end of the show.
• Let's dive into that number one deal. Function Health has secured a four-hundred-fifty-million-dollar growth round from General Catalyst. The company gives subscribers access to over one-hundred-sixty lab tests, aiming to shift healthcare from reactive to preventative. This round comes just eight months after a two-hundred-ninety-eight-million Series B, bringing their total capital raised to over eight-hundred million since their 2023 launch. It’s a massive vote of confidence in their preventative model.
• At number two, AI simulation firm Simile has raised a two-hundred-million-dollar Series B led by Greenoaks, catapulting its valuation to two billion dollars. Simile develops foundation models that simulate human behavior, allowing businesses to test products and strategies in a virtual environment. This funding comes just five months after a one-hundred-million-dollar Series A, highlighting the intense investor appetite for AI solutions aimed at disrupting the eighty-billion-dollar market research industry.
• In AI infrastructure, Spectro Cloud lands at number three with a one-hundred-million-dollar Series D, achieving a valuation over one billion dollars. The round was led by Goldman Sachs Alternatives. Spectro Cloud's platform helps enterprises manage and optimize the notoriously high costs of their AI infrastructure. The backing from Goldman's growth equity arm signals that as AI adoption scales, cost control is becoming a critical, and highly valuable, enterprise problem to solve.
• Coming in at number four is Freehand, raising a seventy-five-million-dollar Series B co-led by Battery Ventures and NewRoad Capital Partners. Freehand is building autonomous AI teams to replace outsourced labor and legacy software for managing supply chain spend. With U.S. companies spending over twenty trillion dollars annually on supply chain components, Freehand is targeting an enormous market where AI-driven efficiency can unlock massive cost savings. This is a pure efficiency play on a colossal scale.
• In biotech, Ratio Therapeutics closes a seventy-million-dollar Series C for its work in cancer treatment. While the lead investor wasn't disclosed, the round saw participation from strategic pharma giants like Bristol Myers Squibb and Eli Lilly. Ratio develops best-in-class radiopharmaceuticals. This new capital will be used to advance its lead asset for treating advanced sarcomas through its ongoing ATLAS clinical study, a critical step towards regulatory approval.
• At number six, InvestiFi, an embedded investing platform for credit unions and community banks, has raised a twenty-million-dollar growth round. In a strong sign of product-market fit, the round was led by one of its own clients, Vibe Credit Union. InvestiFi enables smaller financial institutions to offer digital trading to their members. The investment follows a period of explosive growth, scaling from just four to over sixty customers in the last eighteen months alone.
• AI compliance company Dili is at number seven, securing a fifteen-million-dollar Series A led by Khosla Ventures. Dili's software translates unstructured project documents into structured data to ensure regulatory compliance for large infrastructure projects. With the ongoing surge in U.S. data center and infrastructure development, navigating complex federal and state regulations is critical. A misstep can lead to millions in fines, making Dili's platform a vital tool for developers.
• Next, at number eight, we have Intropy, which raised an eleven-million-dollar Seed round led by Felix Capital. Intropy is building an AI-native operating system to automate critical decisions for the spare parts supply chain. This includes inventory, pricing, and logistics. The spare parts industry is a massive, yet largely undigitized, segment of the global economy. Intropy is betting it can bring huge efficiencies by replacing outdated legacy software and manual processes with AI.
• And at number nine, Epic Markets has closed a ten-million-dollar Pre-seed round led by Karatage. Founded by former Citadel Securities executives, the company is building a multi-asset brokerage platform. Their goal is to provide retail investors with the same institutional-grade trading tools and liquidity that professionals use. They are entering a crowded retail brokerage space, but are betting their institutional pedigree can help level the playing field for individual traders.
• Finally, the one thing to watch is the rise of AI-powered M&A. Today's acquisition of AI-native trip planner Layla by Expedia Group is a prime example. We're seeing a growing trend of established tech companies acquiring innovative AI startups to accelerate their product roadmaps. Rather than building in-house, they're buying talent and technology. This could create significant exit opportunities for early-stage AI companies in the coming months. That's our show. We're back tomorrow afternoon at three PM Pacific with the next deal flow.