Gritt exits stealth with $32 million for robots to build solar plants — then, everything else

A U.S. insurance technology startup, Corgi, has reportedly raised additional funding that would push its valuation beyond $4 billion, its third major round in just eight weeks. According to sources speaking to Forbes, the new funding is an extension of its previous Series B round and has already closed. The startup previously announced a $106 million B1 round in late May, increasing its valuation from $1.3 billion to $2.6 billion. Now, with a further round, possibly labeled B2—the company appears poised to double its valuation once again, although the exact amount raised has not been disclosed. Corgi declined to comment on the matter, citing the sensitivity of the information. The rapid sequence of fundraising reflects a broader trend among tech startups, particularly in the AI sector, where valuations are rising sharply amid investor enthusiasm. Corgi, a Y Combinator alumnus from summer 2024, initially raised a $108 million Series A in January at an estimated $630 million valuation. By early May, it secured a $160 million Series B at $1.3 billion, followed shortly by the B1 round. Each subsequent round has marked a dramatic jump in valuation, signaling strong confidence from investors. Corgi’s growth is supported by notable venture capital firms, including TCV and Kindred Ventures. Kindred’s managing partner, Kanyi Maqubela, attributed the recent valuation surge to the startup’s accelerating revenue trajectory. When Corgi announced its Series A in January, the company claimed it had already reached a $40 million annualized revenue run rate. Current projections suggest that figure could climb to $450 million by the end of the year. The startup specializes in AI-powered insurance solutions, offering fast quote generation and expedited claim processing for startups. It provides a range of liability coverages, including general liability, tech incident coverage, employment liability, business renters' insurance, and auto insurance. Unlike traditional insurance models, Corgi utilizes a structure called a Risk Retention Group (RRG), allowing groups of similarly situated entities to self-insure by pooling resources. While RRGs are not subject to the same state regulations as conventional insurers, they lack the backing of state guaranty funds, making them vulnerable to large claims that could deplete the pooled resources and potentially lead to insolvency. Beyond its core insurance operations, Corgi has diversified into other ventures, including data-room software and the operation of two 24-hour coffee shops in San Francisco and Atlanta. Plans are underway to expand its café presence to include locations in New York and London. These expansions require substantial capital, adding to the startup’s need for continued funding. Corgi has also drawn attention for its corporate culture, with founder-CEO Nico Laqua reportedly expecting employees to work seven days a week. Despite the demanding environment, the startup continues to attract interest from both investors and consumers. Separately, another AI-focused startup, Etched, has also made headlines with a $300 million Series C round that values the company at $10.3 billion. Founded by three Harvard dropouts in 2022, Etched is developing custom AI chips tailored for transformer-based models, a critical component of modern AI systems. The round was led by Sequoia Capital, with participation from Andreessen Horowitz, SK Hynix, and other prominent investors. The company has already secured $1 billion in orders and claims to have developed proprietary technologies that enhance inference speed and reduce costs significantly. In the construction sector, Cascade, a startup aiming to streamline project acquisition for architecture and engineering firms, has raised $3.5 million in a seed round. The platform uses AI to analyze public tenders and predict which developers are likely to win contracts. With support from Andreessen Horowitz Speedrun and others, Cascade is targeting a market where manual project searches remain inefficient and fragmented. Meanwhile, cybersecurity firm Glow has emerged from stealth mode with a $180 million Series A round that values the company at $1.2 billion. Based in Palo Alto, Glow focuses on endpoint security in the age of AI, deploying AI agents to monitor and control software and tools on employee devices. Backed by Sequoia Capital and other leading firms, Glow positions itself as a solution to the growing threat of AI-assisted cyberattacks. In Asia, Chinese AI startup Moonshot is reportedly preparing for a pre-IPO funding round aimed at achieving a $50 billion valuation. Discussions are set to begin in August ahead of a planned Hong Kong listing. The company’s ambitions reflect the intense competition and rapid innovation occurring in the global AI landscape. Lastly, U.S.-based robotics startup Gritt has exited stealth mode with a $26 million Series A round, bringing its total funding to $32 million. The company is developing AI-controlled robots to assist in the installation of solar panels, addressing a critical labor shortage in the renewable energy sector. With contracts in place to install 2.8 gigawatts of solar capacity, Gritt is positioned to play a key role in the global push for sustainable infrastructure. U.K. startup Graphcore, backed by Jeff Bezos, has also raised $450 million, pushing its valuation to $2.6 billion. The company is focusing heavily on research into new semiconductor materials, allocating 80% of its near-term efforts to this domain. This investment underscores the importance of material science in advancing AI and computing technologies. Each of these developments highlights the dynamic nature of the tech ecosystem, where innovation, capital, and strategic expansion continue to drive progress across multiple sectors.