Funding round
Abridge Series C
Abridge, which works in generative AI solutions development in Philadelphia, raised $150M in a Series C round announced on 23 Feb 2024, led by Lightspeed Venture Partners and Redpoint Ventures, at a $850M post-money valuation. 14 firms took part, 6 of them already investors. It is Abridge's fourth venture round on record; the one before was a Series B in Oct 2023.
$150M
Amount raised
$850M
Post-money valuation
14
Investors
2 leads
18%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced Abridge at $850M after the new money. The $150M bought investors about 18% of the company. It came 4 months after Abridge's Series B. It is 20% of the $764M Abridge has raised in the venture rounds on record. Abridge raised again 12 months later: a Series D round of $250M in Feb 2025, at $2.75B post-money.
Abridge's funding rounds
Abridge has 6 venture rounds on record. This one is highlighted.
- Seed 31 Jan 2019 $5.0M
- Series A 11 Aug 2022, led by Wittington Ventures $13M
- Series B 26 Oct 2023, led by Spark Capital $30M
- Series C this round 23 Feb 2024, led by Lightspeed Venture Partners and Redpoint Ventures $150M$850M post-money
- Series D 17 Feb 2025, led by Elad Gil and Institutional Venture Partners $250M$2.75B post-money
- Series E 1 Apr 2026, led by Andreessen Horowitz $316M$5.30B post-money
Investors
Who put money in
Lightspeed Venture Partners and Redpoint Ventures led the round with 12 other firms. Lightspeed Venture Partners, Redpoint Ventures, Institutional Venture Partners and Spark Capital and 2 more had backed Abridge before.
Lead investors
- Lightspeed Venture Partners backs 454 venture-backed companies existing investor
- Redpoint Ventures backs 194 venture-backed companies existing investor
Also in the round
- Institutional Venture Partners existing investor
- Spark Capital backs 234 venture-backed companies existing investor
- Union Square Ventures backs 171 venture-backed companies existing investor
- Bessemer Venture Partners backs 412 venture-backed companies existing investor
- backs 12 venture-backed companies new investor
- Kaiser Permanente Ventures new investor
- CVS Health Ventures new investor
- Mass General Brigham Artificial Intelligence and Digital Innovation Fund (AIDIF) new investor
- ApSTAT Technologies new investor
- Gaingels backs 364 venture-backed companies new investor
- backs 76 venture-backed companies new investor
- Nvidia new investor
Joined the board: Lightspeed Venture Partners (Lightspeed Venture Partners).
Use of proceeds
What the money is for
According to the announcement, the money goes to hiring, product development, sales and marketing, scaling operations, acquisitions and working capital.
- Hiring
- Product development
- Sales and marketing
- Scaling operations
- Acquisitions
- Working capital
Comparable rounds
How it compares
234 Series C rounds in Tech Companies within a year either side disclosed an amount; the median was $50M, and this round was 3.0 times the median. The closest in time, other companies' Series C rounds in Tech Companies:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Lambda Tech Companies | 15 Feb 2024 | $320M | $1.50B | United States Innovative Technology |
| Tech Companies | 1 Feb 2024 | $102M | not disclosed | GreatPoint Ventures and Celesta Capital |
| Tech Companies | 9 Feb 2024 | $100M | not disclosed | SoftBank Vision Fund |
| Tech Companies | 1 Feb 2024 | $100M | $1.80B | Greenoaks |
| Tech Companies | 27 Feb 2024 | $65M | not disclosed | FTV Management Company |
| Tech Companies | 20 Feb 2024 | $50M | not disclosed | InfraVia |
| Tech Companies | 8 Feb 2024 | $43M | $1.00B | not named |
| Tech Companies | 26 Feb 2024 | $40M | not disclosed | Leavitt Equity Partners |
Sources
Where this comes from
Reported by 3 sources.
Questions
Frequently asked
How much did Abridge raise in its Series C round?
Abridge raised $150M in its Series C round, announced in Feb 2024.
Who led Abridge's Series C round?
Lightspeed Venture Partners and Redpoint Ventures led it, with Institutional Venture Partners, Spark Capital, Union Square Ventures, Bessemer Venture Partners and Wittington Ventures and 7 more.
What was Abridge's valuation at the Series C round?
$850M post-money.
How does it compare with other Series C rounds in Tech Companies?
234 Series C rounds in Tech Companies within a year either side disclosed an amount; the median was $50M, and this round was 3.0 times the median.
Did Abridge raise again after this round?
Yes: a Series D round in Feb 2025 of $250M at $2.75B post-money.