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Katerra, a Silicon Valley provider of services to the construction industry, has raised $130 million in Series C funding led by Greenoaks Capital at a valuation north of $1 billion. Per a press release, the company says its model "combines technology, design, material sourcing, manufacturing, logistics and construction into a single integrated offering."

Investment thesis: The bet here is that the building construction supply chain isn't really all that different from the computer manufacturing supply chain. The common link is Katerra executive chairman Michael Marks, who faced similar supply chain skepticism in his early days of leading Flextronics. Marks also has spent time in private equity (KKR and Riverwood Equity) and as interim CEO of Tesla Motors.

Bottom line: "Although several companies compete with Katerra in different areas — Prescient builds frames and panels for developers in its own manufacturing plant while Rhumbix sells software to track construction costs — Marks said Katerra stands out for wanting to do everything. The risk, however, is that Katerra is taking on too many different tasks." ― Jonathan Vanian, Fortune

Go deeper

Updated 5 hours ago - World

Biden in call with Netanyahu raises concerns about civilian casualties in Gaza

Photo: Ahmad Gharabli/Nicholas Kamm/Getty Images

President Biden spoke to Israeli Prime Minister Benjamin Netanyahu Saturday and raised concerns about civilian casualties in Gaza and the bombing of the building that housed AP and other media offices, according to Israeli officials.

The big picture: At least 140 Palestinians, including dozens of children, have been killed in Gaza since fighting between Israel and Hamas began Monday, according to Palestinian health officials. Nine people, including two children, have been killed by Hamas rockets in Israel.

Updated 6 hours ago - Politics & Policy

"Horrified": AP, Al Jazeera condemn Israel's bombing of their offices in Gaza

A ball of fire erupts from the Jalaa Tower as it is destroyed in an Israeli airstrike in Gaza. Photo: Majdi Fathi/NurPhoto via Getty Images

The Associated Press and Al Jazeera on Saturday condemned the Israeli airstrike that destroyed a high-rise building in Gaza that housed their and other media offices.

What they're saying: The White House, meanwhile, said it had "communicated directly to the Israelis that ensuring the safety and security of journalists and independent media is a paramount responsibility," according to press secretary Jen Psaki.

Bryan Walsh, author of Future
6 hours ago - Health

The COVID lab-leak theory goes mainstream

The Wuhan Institute of Virology. Photo: Hector Retamal/AFP via Getty Images The COVID lab-leak theory goes mainstream

A group of high-profile scientists published a letter calling for renewed investigation into the origins of COVID-19 — including the theory that it spilled out of a virology lab.

Why it matters: The possibility that SARS-CoV-2 was created in a Chinese lab and accidentally escaped — rather than emerging naturally from an animal — was initially dismissed as a conspiracy theory. But the letter shows a potential lab leak is increasingly being taken seriously.