"VCs behaving badly" has been the theme of tech Twitter over the past week, with founders sharing stories that ranged from amusing to ethically challenged.

• Greg Isenberg kicked it off last Tuesday by recounting how a general partner at a top firm fell asleep for more than 30 minutes during a pitch meeting, and no one else in the room batted an eyelash.
• "I kept presenting my Series A slides to an unconscious man in a Herman Miller chair and somehow that was considered normal."

The big picture: The discourse reflects a deep shift in the startup ecosystem over the past couple decades — the move to "founder friendly" investing, even potentially at the expense of fiduciary duty to limited partners.

• Basic courtesy (i.e., staying awake) should always be a given, of course, but some of the replies had more entitled bite.
• Founders now hold the reputational cards, even when begging for term sheets, and everyone seems to know it.

Zoom in: Vinod Khosla, a venture capitalist who spans both eras, became embroiled after Cloudflare CEO Matthew Prince wrote that Khosla once suggested he fire his two co-founders and give Prince their shares. "I was so offended that we never spoke again," wrote Prince, who also took some aim at Sequoia Capital.

• Khosla responded by saying that Khosla Ventures never offered to invest, which he acknowledged was a mistake, after which Prince posted a term sheet from KV.
• Khosla hasn't publicly responded to Prince's receipts, but tells me via email: "Honestly totally forgot we issued them a TS. We've probably issued over a thousand since then. No harm meant whatsoever ... [But] wouldn't have offered him their equity; it would have gone back to the pool so he can hire additional co-founders."
• Khosla adds that founders are harmed when investors don't provide "honest feedback."

The bottom line: It's a founder's world and VCs are just living in it.

Apollo and Blackstone have partnered with Broadcom (Nasdaq: AVGO) to launch an AI infrastructure platform backed by an initial $35 billion loan.

Why it's the BFD: It's further commoditization of compute, which could challenge SpaceX's long-term growth prospects.

• It's also one of the largest private credit deals ever.

Zoom in: The financing is expected to be syndicated, and will help Anthropic lease Google chips that Broadcom helped develop — all via Fluidstack data centers.

• Overall, the platform is designed to enable more than 20 gigawatts of compute capacity through 2028.

The bottom line: "Holding the hardware in the SPV keeps it off Anthropic's balance sheet — useful for a company preparing to list on a market where companies with high debt loads are often punished by investors. ... The use of off-balance-sheet financing has also set alarm bells ringing among regulators." — Esther Luz & Rod James, PitchBook

• Standard Bots, an NYC-based industrial robots developer, raised $200m in Series C funding at a $1b valuation led by General Catalyst and RoboStrategy. axios.link/4ecDqiC

🚑 SonoThera, an SF-based developer of ultrasound-delivered genetic medicines, raised $125m in Series B funding. Vida Ventures led, joined by ARK Invest, CureDuchenne Ventures, Leaps by Bayer, Otsuka Pharmaceutical, SymBiosis, UCB Ventures, Vivo Capital, and insiders Arch Venture Partners, Alexandria Venture Investments, Duquesne Family Office, Illumina Ventures, JJDC, Medical Excellence Capital, RA Capital, and Vertex Ventures HC. axios.link/4fCtm4Z

• Poetic, an AI startup focused on complex business workflows, raised $50m at a $500m valuation from OpenAI, Kleiner Perkins, Founders Fund, and First Harmonic. axios.link/43tgrLv

• CameraMatics,, an Irish developer of fleet safety solutions, raised €49m from Blume Equity, Ireland Strategic Investment Fund, and Goodbody Capital Partners. axios.link/4e9i9Xe

• Pogo, an NYC-based consumer data and research platform, raised $32m from Buckley Ventures, Mantis, 20VC, and Village Global. axios.link/4anmgxL

• Aryon Security, an Israeli cloud security enforcement platform, raised $29m in Series A funding, per Axios Pro. Brightmind Partners led, joined by Datadog Ventures, Skinos Ventures, Blumberg Capital and Viola Ventures. axios.link/4onkliD

• Maneva, an industrial AI company, raised $27m in Series A funding, per Axios Pro. USVP led, joined by Bling Capital and Freestyle Capital. axios.link/49TAo1z

🚑 Cellares, a South SF-based cell therapy manufacturing platform, raised $20m in Series D extension funding from ARK Invest. axios.link/3PQfkCv

• Capsa AI, a back-office platform for private capital firms, raised $18m in Series A funding, per Axios Pro. TX Ventures and Pivot Investment Partners led, joined by Bek Ventures, Antler, Outward VC, and Cornerstone VC. axios.link/4fww63T

🚑 01Health, a U.K. specialist care platform, raised $15m in Series A funding. Gresham House Ventures led, joined by insiders Balderton Capital, Eka Ventures, and Wavemaker360. axios.link/4xhyRMK

• F2, an NYC-based deal management platform for credit investors and banks, raised $14m in seed funding, per Axios Pro. HighlandX led, joined by YC, Left Lane Capital, NFX, and Torch Capital. axios.link/49RN8pD

• Golden Analytics, a Bellevue, Wash.-based analytics platform, raised $14m in seed extension funding led by Insight Partners. axios.link/4ofu1eS

• Billables AI, an SF-based timekeeping platform for law firms, raised $10.2m in Series A funding. Avenue Growth Partners led, joined by Wing VC, SignalFire, and Alumni Ventures. axios.link/3RTWoU0

🚑 Uncovr, a provider of clinical documentation and workflow intelligence for surgery, raised $7m in seed funding. Index Ventures led, joined by Seedcamp, Frst, No Label Ventures, and Entrepreneurs First. axios.link/4oilmZl

• Enlaye, a Boston-based risk management platform for the construction and infrastructure industries, raised $5m in seed funding. Glasswing Ventures led, joined by Link Ventures, Imad Ventures, AiSprouts, Hannah Grey VC, and Apprentis Ventures. enlaye.com

• Orbital, an LA-based developer of orbital data centers, raised $5m in pre-seed funding. a16z led, joined by Basis Set, Human Element, Wayfinder, Antler, Anti Fund, Ascent, Rubik, Zero Knowledge Ventures, LYVC, Feld Ventures, New Legacy, FNDR, UpHonest, and Asterisk. axios.link/4vw6h8S

• Soffi, an SF-based collaborative workspace for enterprise product teams, raised $4.6m in pre-seed funding. Innovation Endeavors led, joined by Motive Force Ventures, and Darkmode Ventures. axios.link/4vHOHPq

🌎 Campground, an Oakland, Calif.-based provider of operations software for social impact programs, raised $2.2m from Precursor Ventures, Acumen Americas, Underdog Labs, and the Access Georgia Foundation. axios.link/3QwIIOj

• Rotomate, a Finnish provider of industrial reliability analysis automation, raised €2.1m in pre-seed funding led by Kvanted. axios.link/4xeTQQl

• Mesoware, a Palo Alto, Calif.-based manufacturing automation startup, raised $1.5m in pre-seed funding led by Pillar VC. axios.link/4uZnpDU

⚡️ Granarium Technologies, a Finnish provider of supercapacitors for energy storage, raised €1m in pre-seed funding led by BSV Ventures and Beamline. axios.link/3S1k74y

• Abry Partners invested in KaufmanIT, an Irvine, Calif.-based managed IT, cybersecurity, and cloud services provider for SMBs. axios.link/4gaqVXu

🚑 Archimed acquired IRAB, a Barcelona-based developer of PET radiopharmaceuticals. axios.link/4vC6cjZ

• Catchment Capital acquired Isolatek, a Stanhope, N.J.-based maker of passive fireproofing tech, from SK Capital Partners. axios.link/4vDdOmf

• Coriant, an H.I.G. Capital portfolio company, acquired Wescott Group, a U.K.-based industrial services business. axios.link/4ukoPaZ

• Ezurio, an Audax portfolio company, acquired Gateworks, a San Luis Obispo, Calif.-based maker of industrial single-board computers for rugged environments. axios.link/4vC7lrA

• Gemspring acquired a minority stake in Comoto, an omnichannel platform for motorcycle and powersports enthusiasts that's majority owned by Prospect Hill Growth Partners. axios.link/49K6PQ8

• Kainos Capital acquired Super-Sod, a Charleston, S.C.-based provider of landscaping products, from Heartwood Partners. axios.link/43YSw6N

⚡ KKR and Energy Capital Partners sweetened their takeover offer for Ireland-based energy distributor DCC (LSE: DCC) to over £5b, after a £4.95b approach was rejected, per Sky News. axios.link/4omtWpU

• Madison Dearborn Partners invested in Stephano Slack, a Wayne, Pa.-based accounting and advisory firm, with Norlantic Capital participating. axios.link/4vzOzBi

• Platte River Equity acquired Tallman Equipment Co., a Columbus, Ind.-based provider of lineman tools and equipment. axios.link/4eibeLr

🚑 Apotex, a Canadian generic drugmaker, raised C$1.3b in its Toronto IPO, which is the largest Canadian float since 2021. axios.link/4ezoWLa

⚡ ERock, a Houston-based provider of natural gas power generation systems for enterprises, raised $600m in its IPO. It priced in the middle of its $20-$23 range for a $4.7b market cap, and will list on the NYSE (EROC). Backers include Energy Impact Partners. axios.link/4uStmCj

• JAB Acquisition I, a marketing tech and customer acquisition SPAC led by Joshua Jagid (Quantum 3 Media), raised $150m in its IPO. axios.link/4wHw53b

🚑 Parabilis Medicines, a Cambridge, Mass.-based oncology biotech, raised $670m in its IPO after increasing the shares offered for a second time and pricing at $20 (compared to $17-$19 range). It has an initial $2.34b market ca, will list on the Nasdaq (PBLS), and had raised over $800m from firms like Fidelity (11.3% pre-IPO stake), RA Capital Management (10%), Arch Venture Partners (8.3%), Venbio (6.7%), GV (6.2%), Milky Way Investments (5.9%), Cormorant (5.6%), and Nextech (5.4%). axios.link/4e4YxU0

• The biotech market is in the midst of an IPO boom, after years of drought.

• RMG ML Sports Holdings, a sports SPAC led by James Carpenter (Riverside Management), raised $200m in a downsized IPO. axios.link/3OFXbpY

🚑 Arlington Capital Partners sold Riverpoint Medical, a Portland, Ore.-based maker of minimally-invasive surgical consumables, to Novanta (Nasdaq: NOVT) for around $1.5b. axios.link/4unOK1q

• Blackstone agreed to sell Interplex, a Singaporean maker of telecom products, to Taiwan's BizLink (TAI: 3665) for $850m in cash. axios.link/4vbG1kj

• Encore Consumer Capital sold Twang Foodservice, a San Antonio-based provider of beverage solutions, to Solina USA. axios.link/4uJHhu9

• Sentinel Capital Partners sold NSI Industries, a Huntersville, N.C.-based maker of branded electrical products, to Hubbell (NYSE: HUBB) for $3b. axios.link/4of8tz2

• Sigma Healthcare (ASX: SIG) said it's in early talks to buy U.K. pharmacy chain Boots from Sycamore Partners. axios.link/4us4tg2

• Ancora built a "significant stake" in chemicals company Ashland (NYSE: ASH) and is pushing for a sale, per Reuters. axios.link/4exoGMH

• Northern Star Resources (ASX: NST), an Australian gold miner, rejected Elliott Investment Management's request to sell either itself of some of its smaller assets. axios.link/4ajxGTe

🏈 Todd Boehly is weighing a bid for the NFL's Seattle Seahawks, per Semafore. axios.link/4exLvQm

• Man Group is targeting $1.25b for its third opportunistic credit fund, with a $1.5b hard cap. axios.link/43JGCxL

• Brad Finkle (ex-TIAA) is joining Barings as global COO, while global private finance chief Bryan High will join senior leadership and president Eric Lloyd will assume the vice chairman role. axios.link/4ollhEa

• Jenny Kim joined Sixth Street as a Singapore-based managing director of capital formation and strategy. She previously was with Goldman Sachs. axios.link/4euWxpD

• Brian McKenna joined Ridgepost Capital as VP of investor relations. He previously was with Citizens JMP. axios.link/4fHMsXD

• Ken Yagen and Bryan Wise joined Norwest as a principals. Yagen, former CPO at CData, will be an operating exec focused on AI and product. Wise, former CIO at 6sense, will be CIO. axios.link/4eflunM

The Consumer Price Index increased 0.5% in May and 4.2% year-over-year, the latter of which is the warmest such figure since April 2023.

• Both were expected by economists.
• Core CPI, which strips out food and energy prices, was up 0.2% in May and 2.9% year-over-year.

Axios' Courtenay Brown writes: "Inflationary pressures tied to the war keep building, squeezing household budgets and raising the risk that interest rates stay higher for longer."