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This is a weekly feature that runs down the week’s top 10 announced funding rounds in the U.S. Check out last week’s biggest funding deal roundup here.
In insecure times, security looks like an appealing sector for investment. That’s one interpretation of this week’s tally of the largest startup funding rounds.
The size of the largest U.S. deals was smaller than in recent weeks, and heavily featured cybersecurity- and privacy-focused startups. This includes the week’s biggest round — a $375 million Series B for consumer privacy and security platform Cloaked. Other areas that attracted good-sized financings included AI infrastructure, biotech, healthcare, and robotics.
1. Cloaked, $375M, privacy: Cloaked, a provider of consumer privacy and security tools, raised $375 million in Series B funding led by General Catalyst and Liberty City Ventures. Founded in 2020, the Massachusetts-based company sells monthly subscriptions for individuals and families.
2. Frore Systems, $143M, AI infrastructure: Frore Systems, a developer of integrated cooling architecture for AI computing and networking hardware, announced that it closed on $143 million in Series D funding. MVP Ventures led the financing, which set a $1.64 billion valuation for the 8-year-old, San Jose-based company.
3. (tied) XBow, $120M, cybersecurity: Seattle-based XBow, a provider of autonomous security testing technology, picked up $120 million in Series C funding. DFJ Growth and Northzone led the round, which values the 2-year-old company at over $1 billion.
3. (tied) Oasis Security, $120M, cybersecurity: Oasis Security, a developer of identify security tools with a focus on AI agents, secured $120 million in a funding round backed by Craft Ventures, Cyberstarts, Sequoia Capital and Accel. The 4-year-old company, which is headquartered in New York and has a presence in Israel, has raised $195 million to date, per Crunchbase data.
5. (tied) Imperative Care, $100M, medical devices: Imperative Care, a medical device company focused on treatment for stroke and vascular diseases caused by blood clot formation, secured $100 million in convertible note financing. Elevage Medical Technologies and Perceptive Advisors led the investment for the Campbell, California-based company.
5. (tied) Bluesky, $100M, social media: Seattle-based social network Bluesky disclosed this week that it raised a previously unannounced $100 million Series B round that closed last spring, led by Bain Capital Crypto.
5. (tied) Cape, $100M, privacy and security: Cape, a recently launched privacy-focused mobile network, landed $100 million in Series C funding. Bain Capital Ventures and IVP led the financing, which set a $900 million valuation for the Arlington, Virginia-based company.
8. Latent, $80M, healthcare AI: Latent, an AI platform aimed at helping move patients from clinical decision to therapy, picked up $80 million in a Series A round. Spark Capital and Transformation Capital led the financing for the San Francisco-based company.
9. Crossbow Therapeutics, $77M, biotech: Cambridge, Massachusetts-based Crossbow Therapeutics, a biotech startup focused on developing new antibody therapies to treat a broad range of cancers, raised $77 million in Series B funding. Taiho Ventures and Arkin Bio Ventures led the round, which will support a Phase 1 clinical trial of the company’s lead program.
10. RoboForce, $52M, robotics: RoboForce, a startup focused on developing AI-enabled robot labor for industrial environments, said it picked up $52 million in fresh funding, bringing its total raise to $67 million. YZi Labs led the financing for the Milpitas, California-based company.
Methodology
We tracked the largest announced rounds in the Crunchbase database that were raised by U.S.-based companies for the period of March 14-20. 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.
Illustration: Dom Guzman
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Facts Only
Cloaked raised $375 million in Series B funding led by General Catalyst and Liberty City Ventures.
Cloaked is a Massachusetts-based provider of consumer privacy and security tools founded in 2020.
Frore Systems secured $143 million in Series D funding led by MVP Ventures, valuing the company at $1.64 billion.
Frore Systems is an 8-year-old San Jose-based developer of cooling architecture for AI computing hardware.
XBow raised $120 million in Series C funding led by DFJ Growth and Northzone, valuing the 2-year-old Seattle-based company at over $1 billion.
XBow provides autonomous security testing technology.
Oasis Security secured $120 million in funding backed by Craft Ventures, Cyberstarts, Sequoia Capital, and Accel.
Oasis Security is a 4-year-old New York-based developer of identity security tools for AI agents, with operations in Israel.
Imperative Care raised $100 million in convertible note financing led by Elevage Medical Technologies and Perceptive Advisors.
Imperative Care is a Campbell, California-based medical device company focused on stroke and vascular disease treatments.
Bluesky disclosed a $100 million Series B round led by Bain Capital Crypto, closing in spring 2024.
Bluesky is a Seattle-based social network.
Cape raised $100 million in Series C funding led by Bain Capital Ventures and IVP, valuing the company at $900 million.
Cape is an Arlington, Virginia-based privacy-focused mobile network.
Latent raised $80 million in Series A funding led by Spark Capital and Transformation Capital.
Latent is a San Francisco-based AI platform for clinical decision-making in healthcare.
Crossbow Therapeutics raised $77 million in Series B funding led by Taiho Ventures and Arkin Bio Ventures.
Crossbow Therapeutics is a Cambridge, Massachusetts-based biotech startup developing antibody therapies for cancer.
RoboForce raised $52 million in funding led by YZi Labs, bringing its total raise to $67 million.
RoboForce is a Milpitas, California-based startup developing AI-enabled robot labor for industrial environments.
The funding rounds were tracked for U.S.-based companies between March 14-20, 2025.
Executive Summary
This week's largest U.S. startup funding rounds reflect a notable shift toward cybersecurity, privacy, and AI infrastructure, with smaller deal sizes compared to recent weeks. The top round was a $375 million Series B for Cloaked, a Massachusetts-based consumer privacy platform, led by General Catalyst and Liberty City Ventures. Other significant deals included Frore Systems' $143 million Series D for AI cooling technology, and two $120 million cybersecurity rounds for XBow and Oasis Security. Healthcare, biotech, and robotics also saw substantial investments, with Imperative Care, Bluesky, and RoboForce each raising $100 million or more. The funding landscape suggests investor confidence in sectors addressing digital security and AI scalability, though the overall deal sizes were modest compared to previous weeks.
The data is drawn from Crunchbase's tracking of announced rounds for U.S.-based companies between March 14-20, 2025. While most rounds are captured, some may be reported late. The trends highlight a focus on privacy tools, AI infrastructure, and medical innovation, with cybersecurity startups securing over half of the top five deals. The geographic distribution spans Massachusetts, California, New York, and Washington, with international ties in some cases, such as Oasis Security's presence in Israel.
Full Take
The strongest version of this narrative highlights a clear investor pivot toward cybersecurity, privacy, and AI infrastructure, framing these sectors as both resilient and essential in uncertain times. The data supports this: three of the top five deals are cybersecurity or privacy-focused, with Cloaked's $375 million round leading the pack. The inclusion of AI infrastructure (Frore Systems) and healthcare AI (Latent) further reinforces the theme of technology addressing systemic vulnerabilities—whether in digital security or medical decision-making. The article deserves credit for presenting the facts without overt sensationalism, though the framing of "insecure times" as a driver of investment could subtly amplify anxiety around digital threats.
Pattern scan: The narrative leans into a "security as safe bet" motif, which could risk oversimplifying investor motivations. While the data shows a genuine uptick in cybersecurity funding, the article doesn’t explore countervailing trends (e.g., whether these deals are outliers or part of a broader shift). The use of "insecure times" as a causal explanation borders on emotional framing, though it stops short of outright fear-mongering. No overt manipulation patterns are detected, but the absence of skepticism about whether these investments will yield real-world impact—rather than just capitalizing on hype—is notable.
Root cause: The paradigm here is techno-solutionism—the assumption that digital threats and healthcare inefficiencies can be solved primarily through venture-backed innovation. This echoes post-2020 trends where privacy tools and AI infrastructure became investor darlings, often with limited scrutiny of long-term viability. The unstated assumption is that market demand for security and AI will outpace regulatory or ethical pushback.
Implications: For human agency, the rise of privacy tools like Cloaked and Cape could empower individuals to reclaim control over personal data—but only if these tools are accessible beyond affluent subscribers. The focus on AI infrastructure (Frore Systems) and robotics (RoboForce) suggests a future where labor and computation are increasingly automated, with unclear consequences for workforce displacement. The beneficiaries are clear: investors and founders in these sectors. The costs may include overcapitalization in niche markets (e.g., yet another social network in Bluesky) or the reinforcement of surveillance capitalism under the guise of "security."
Bridge questions: How much of this funding is driven by genuine market need versus speculative hype around AI and cybersecurity? What metrics would indicate whether these startups are solving real problems or merely repackaging existing solutions? If privacy tools remain subscription-based, how does that affect equitable access to digital security?
Counterstrike scan: A coordinated influence campaign pushing this narrative would emphasize fear ("insecure times") to justify uncritical investment in security tech, while downplaying risks like mission creep or surveillance overreach. The actual content doesn’t match this pattern—it presents the data neutrally, though the framing leans slightly toward tech optimism. No red flags detected.
Patterns detected: none
Sentinel — Human
The article shows strong signs of human authorship, with natural language variation, editorial voice, and specific sourcing. No significant indicators of synthetic generation were detected.