Cleantech is one of the spaces that鈥檚 been mostly left out. Overall funding to the space is down this year, despite some pockets of bullishness in areas like fusion and battery recycling.

The broad trend: Cleantech- and sustainability-related startup investment has been on a downward trajectory for several years now. And so far, 2025 is on track to be another down year.

On the bright side, however, there鈥檚 been some pickup in recent months, boosted by big rounds for companies in energy storage, fusion and other cleantech subsectors.

The numbers: Investors put an estimated $20 billion into seed- through growth-stage funding to companies in cleantech, EV and sustainability-related categories so far this year.

That puts 2025 funding on track to come in well below last year鈥檚 levels, which were already at a multiyear low.

Still, quarter by quarter, the pattern looks more encouraging. Investment hit a low point in Q1 of this year and recovered some in the subsequent two quarters. The current quarter is also off to a strong start.

Noteworthy recent rounds

The largest cleantech-related round of the year closed this month. , a provider of residential battery backup systems and electricity plans, raised $1 billion in Series C funding. The Austin, Texas-based company says its systems allow energy providers to more efficiently harness renewable power.

The second-largest round was 鈥� $863 million Series B2 financing. The Devens, Massachusetts-based company says it is moving closer to being the first in the world to commercialize fusion power.

For a bigger-picture view, below we put together a list of 10 of the year鈥檚 largest cleantech- and sustainability-related financings.

The broad takeaway: Startups innovating for an era of rising power consumption

Not to over-generalize, but if there was one big takeaway from recent cleantech and sustainability startup funding, it would be that founders and investors recognize that these are times of They鈥檙e planning accordingly, looking to tap new sources of power, fusion in particular, as well as better utilize and scale existing clean energy sources.

Related SA国际传媒 query and list:

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This is a weekly feature that runs down the week鈥檚 top 10 announced funding rounds in the U.S. Check out last week鈥檚 biggest funding rounds here.

Hoping to be the first company to commercialize fusion power, led the pack by a long shot for funding this week, pulling in $863 million for its latest round. Beyond that deal, however, it was a rather slow week for large startup funding rounds, although we did see some good-sized financings for the fintech, biotech and vertical AI sectors.

1. , $863M, fusion energy:聽 Devens, Massachusetts-based Commonwealth Fusion Systems, a developer of commercial fusion energy systems, that it raised $863 million in what it described as Series B2 financing from a long list of investors including 鈥檚 . Commonwealth said it is moving closer to being the first in the world to commercialize fusion power.

2. , $115M, oncology: St. Louis-based Wugen, a developer of CAR-T cell therapies to treat T-cell cancers, picked up $115 million in equity financing led by . Seven-year-old Wugen plans to use the financing in part to fund clinical trials.

3. , $58M, fintech: Rain, a developer of infrastructure for stablecoin payments, announced that it secured $58 million in a Series B funding round led by . The raise comes five months after New York-based Rain鈥檚 Series A and brings total funding to $88.5 million.

4. , $50M, autonomous ships: Boston-based Blue Water Autonomy, a startup designing and building unmanned ships for the , closed on $50 million in Series A funding led by 鈥檚 Blue Water said it plans to use the funding to build and deploy its first long-range, full-sized autonomous ship next year.

5. , $50M, health care AI: Assort Health, a San Francisco-based provider of AI patient communication tools for specialty healthcare providers, reportedly about $50 million in a Series B round at a valuation of $750 million.

6. , $34M, photonics: OpenLight, based in Goleta, California, is a developer of a silicon photonics platform for semiconductor design which landed $34 million in a Series A co-led by and .

7. (tied) , $30M, fintech: New York-based Atomic, provider of an embedded investing platform for fintechs and financial institutions, snagged $30 million in a growth round led by and .

7. (tied) , $30M, vertical AI: San Mateo, California-based Aurasell, developer of an AI-native CRM platform, locked up $20 million in seed funding backed by , and .

7. (tied)聽, $30M, biotech: Leal Therapeutics, a Massachusetts-based developer of therapeutics for patients living with neuropsychiatric or neurodegenerative disorders, a $30 million Series A financing led by ‘ .

10. , $28M, appliances: Copper, a developer of appliances with integrated battery storage, scored $28 million in a Series A financing consisting of equity and debt that was led by . The Berkeley, California-based startup鈥檚 first product offering is a stainless steel range and oven called 鈥淐harlie.鈥�

Methodology

We tracked the largest announced rounds in the SA国际传媒 database that were raised by U.S.-based companies for the period of Aug. 23-29. Although most announced rounds are represented in the database, there could be a small time lag as some rounds are reported late in the week.

After a bumpy first quarter for venture capital, the second quarter is in full swing.

Let鈥檚 look at a handful of rounds that may have been overlooked but have tech that deserves a second read-through.

Upcycling chopsticks

We all snag the takeout chopsticks on our way out of our favorite Chinese or sushi place when getting takeout.

But after using them, how many of us toss them in the trash?

Canada-based is here to help with some of our environmentally unfriendly eating habits. The startup raised $7.7 million in new funding to support its network of waste-to-resource microfactories.

ChopValue already has saved more than 100 million chopsticks from the landfill 鈥� turning what we usually use to shovel lo mein into our mouths into sustainably made decor, kitchen accessories and other products.

The company plans to use the new cash to get into new markets in Asia Pacific and Europe. It already is piloting its microfactories in U.S. cities such as Las Vegas and Boston.

While ChopValue has started with chopsticks, the company鈥檚 model can be used for other types of reuse.

A cyber brain

It kind of sounds like something out of a sci-fi movie, but isn鈥檛 that where all great ideas come from?

Australia-based , a 鈥渂iological computing startup鈥� combining lab-grown human brain cells with computer chips, just raised $10 million in a funding round led by .

Cortical Labs plans to use the money to commercialize its biological computer chips 鈥� referred to as DishBrain 鈥� which has already learned to play basic video games like Pong.

Some think such a development could be the next advancement of AI, since human neurons have some advantages over their digital counterparts.

If all that is not terrifying enough, 鈥� the venture capital arm of the , is an investor.

Think about that.

More AI

A list like this is legally mandated to include at least one startup using generative AI, so let鈥檚 look at legal AI startup .

The company raised an undisclosed round at a $150 million valuation this month led by , .

While not much has been reported about that round, Harvey did announce a $5 million seed round led by last November 鈥� when AI was just starting to take off 鈥� so it did not take long to raise another round from a big-name investor, even in a down market.

Instead of using AI for sales or marketing purposes, the San Francisco-based startup is putting it to work for lawyers, giving them an interface to use AI in editing legal documents or performing legal research.

Now the only question is: What is Harvey鈥檚 hourly rate?

A new way to compost

Many of us shovel food scraps down our sink鈥檚 garbage disposal with most thinking it just disappears into the ether.

Well, the sad fact is that it doesn鈥檛. Actually, food waste now tops more than 3 billion tons globally each year, and some cities in North America have imposed garbage disposal bans and made organic waste separation mandatory.

Canada-based raised a $3.7 million seed round led by sink-maker to help with the growing problem while not making your after-dinner cleanup any more difficult.

The startup has developed a 鈥渟mart鈥� composter that connects to the plumbing right under the sink and can effectively separate 99.9% of solid waste that goes down the drain, while allowing liquids to flow through. The waste is stored in a sealed and odorless container there until removed.

The unit will cost about $700 when it starts shipping in a few months.

Can鈥檛 you make it go faster?

While everyone wants to figure out ways to remove carbon dioxide from the atmosphere, there are natural methods for storing it in places like the ocean.

However, once absorbed and stored, it takes millions of years to convert it into bicarbonate, so the process is a little slow.

San Carlos, California-based is trying to make that process a little faster. The聽 ocean-based carbon dioxide removal startup raised a $20 million Series A across two closings led by and , respectively

Ebb’s proprietary solution speeds up the natural process of alkalinization, reducing acidity in the ocean and restoring its natural chemistry, and allowing it to once again draw down more carbon dioxide.

The new cash will allow Ebb to deploy its first systems 鈥� one with the capacity to remove 100 tons of CO2 later this year, and a 1,000-ton capacity system shortly after that.

Illustration: Dom Guzman

This is a weekly feature that runs down the week鈥檚 top 10 announced funding rounds in the U.S. Check out last week鈥檚 biggest funding rounds here.

Huge rounds were the theme of the week, as we saw six rounds of $100 million or more 鈥� including two of a half-billion dollars or more. What鈥檚 interesting is all the rounds came from different sectors 鈥� although one could argue two were in cybersecurity. While AI is dominating the headlines, investors placed bets in several other areas too this week.

1. , $850M, real estate: One of the difficult aspects of creating this list is trying to figure out what is debt and what is actually growth equity in many of these larger rounds. (This will come up again further down the list.) New York-based Dreamscape, a real estate development and investment firm, completed an $850 million capital raise this week. However, it鈥檚 unclear what was debt and what was equity. We do know led the debt syndicate and led the equity private placement, but that鈥檚 about it. We don鈥檛 know how much of that $850 million was equity. Regardless, it is a big raise. The firm will use the proceeds to create two new platforms: Dreamscape Entertainment Properties and Dreamscape Entertainment Integrated Resorts, both involving聽 gaming, hospitality and entertainment.

2. , $500M, AI: Nearly a year after spinning out of tech giant , AI and quantum computing startup SandboxAQ finally announced more funding details this week, saying it had raised a $500 million round. SandboxAQ is examining the related effects of both AI and quantum 鈥� which is where the company gets 鈥淎Q鈥� 鈥� to develop commercial products for telecom, financial services, health care, security and other computationally intensive sectors. One aspect of security the startup is looking at is how companies and the government can replace current public-key cryptography algorithms with algorithms that are resistant to quantum computer-based attacks. Quantum computing is a level of compute much faster and at a level superior to classical computers that examines quantum states to perform computation. Investors named included , former CEO , , , funds and accounts advised by , , , , and other funds and investors.

3. , $180M, cybersecurity: Cybersecurity funding has proven resilient, even in this down market. Managed detection and response company Deepwatch is the latest in the sector to close a big round 鈥� locking in a $180 million round of 鈥渆quity investments and strategic financing.鈥� The financing comes from a handful of investors, including 鈥� 鈥� 鈥渃redit-investing strategy offering flexible, customized debt and structured equity financing,” per its website. However, the company declined to offer a breakdown of the round pertaining to equity investment and debt/credit. The Tampa, Florida-based startup reported 100% sales growth in 2022 while announcing the funding. Founded in 2019, the company has now raised $256 million, per SA国际传媒.

4. , $133M, financial services: Ever wonder how GPs and LPs communicate? Well, one way is through San Francisco-based Juniper Square鈥檚 platform, which allows GPs and LPs to connect and manage their partnerships. The company announced a $133 million growth capital round this week led by . According to the company, more than 1,800 GPs use Juniper Square to help support more than 32,000 investment partnerships and $700 billion in LP capital. Founded in 2014, the company has raised $241 million in funding, according to SA国际传媒.

5., $110M, transportation: Nearly everyone has changed the way they travel and commute in the last several years. New York-based transit company locked up a $110 million round to help cities and agencies better traverse that changing landscape of transportation. The new round values the company at $3.5 billion and was led by . The company ended 2022 with an annualized revenue run-rate of over $200 million, more than doubling since the previous financing round 鈥� a $130 million Series G in November 2021. Via plans to use the money to further expand its line of products that help cities and transit agencies improve the efficiency of their transportation systems. Founded in 2012, Via has now raised around $900 million, per SA国际传媒.

6. , $105M, biotech: Salt Lake City-based biosafety technology startup R-Zero closed a $105 million funding round led by the global investment firm . Founded in 2020, the company has now raised more than $170 million, per SA国际传媒.

7. , $77M, biotech: Menlo Park, California-based Hexagon Bio, a biopharmaceutical company focused on medicines encoded in the global metagenome, raised a $77.3 million Series B. New investors in the round include the . Founded in 2016, the company has now raised nearly $271 million, according to SA国际传媒.

8. , $65M, batteries: Chicago-based battery materials company NanoGraf raised a $65 million Series B led by and . Founded in 2012, the company has raised nearly $90 million, per SA国际传媒.

9. , $55M, advanced materials: Alameda, California-based Checkerspot, which designs materials used for outdoor recreational products, closed a $55 million Series C led by . Founded in 2016, the company has raised $109 million, according to SA国际传媒.聽

10. , $53M, software: Los Altos, California-based Descope raised a $53 million seed round led by and and emerged from stealth. The company has launched a new authentication and user management platform for developers.

Big global deals

U.S.-based startups were not the only ones to raise rounds of a half-billion dollars or more this week.

• China-based , which develops and manufactures electric vehicles, raised a $750 million Series A.

Methodology

We tracked the largest announced rounds in the SA国际传媒 database that were raised by U.S.-based companies for the seven-day period of Feb. 11 to 17. Although most announced rounds are represented in the database, there could be a small time lag as some rounds are reported late in the week.

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