Series A
Cargomatic, which matches shippers with unused cargo space, has raised $8 million in Series A funding led by Canaan Partners. The company will use the funds to expand its sales and engineering teams and will expand into new markets.
Series B
GIPHY, a GIF search engine, has raised $17 million in Series B financing led by Lightspeed Venture Partners, with participation from General Catalyst and previous backers. The company has previously raised $3.5 million in Series A and seed rounds, and will use the latest cash injection to grow its team and build out its GIF platform. “GIFs are a dynamic form of media built for the Internet generation; they add context and entertainment to static information,” Alex Chung, GIPHY CEO said in a press release. “We believe GIFs are foundational to the future of communication and GIPHY is creating the comprehensive framework for this new cultural vocabulary.”
Funding
MileIQ, a mileage tracker, has closed an $11 million round of financing led by Trinity Ventures with participation from CRV, Marc Benioff, SV Angel and other angel investors. The company plans to use the funds to gain users in new regions and introduce more versions of its app on different platforms. The app helps people work out the value of their deductible or reimbursable driving miles. “Our average user drives $535 worth of deductible or reimbursable miles every month,” said Chuck Dietrich, co-founder and CEO of MileIQ. “And the majority of users had no idea how much of that value they were leaving on the table before they started using MileIQ. Whether those dollars are reimbursed by an employer or deducted on a tax return, they add up to a meaningful sum that can make a real difference to a person’s finances.”
Quantum computing company D-Wave Systems has closed a $29 million funding round from a ‘large institutional investor’, the company has revealed in a press release. D-Wave Systems will use the funds to accelerate the development of its quantum hardware and software application ecosystem. The company has now raised $174 million to date. “The investment is a testament to the progress D-Wave continues to make as the leader in quantum computing systems,” said Vern Brownell, CEO of D-Wave. “The funding we received in 2014 will advance our quantum hardware and software development, as well as our work on leading edge applications of our systems. By making quantum computing available to more organizations, we’re driving our goal of finding solutions to the most complex optimization and machine learning applications in national defense, computing, research and finance.”