Want to make a venture capital or private equity investment in China? The U.S. government might soon have a problem with that, and a mechanism to stop it.

Driving the news: Congress is hammering out final details of a bill that some refer to as "reverse CFIUS." It would be included in a massive domestic semiconductor production bill, known as the CHIPS Act, that may be passed before the August recess.

• This is a bipartisan effort, with the Senate side being led by Bob Casey (D-Pa.) and John Cornyn (R-Texas).

The big picture goal is to put supply chain guardrails on U.S. chipmakers like Intel, so they don't leverage federal largesse to build new factories in China. But it would go much further.

• The most recent draft, dated June 13, would apply to such industries as artificial intelligence, large-capacity batteries, critical minerals, pharmaceuticals, pharma ingredients and quantum technologies.
• Like with CFIUS, this is about protecting national security. But it would focus on outbound capital flows, rather than inbound, via a new interagency group called the Committee on National Critical Capabilities (CNCC).
• The bill language isn't exclusively about China. Instead, it refers to a group of "countries of concern," that also includes Russia, Iran, North Korea, Cuba and Venezuela. But, in practice, it's about China.
• Casey and others kicked off this effort a few years back, in a much broader manner that was viewed as something of a fringe effort. But now the language is narrower and nearing codification.

Details: This isn't a blanket ban on investments. Senate aides and a top chip industry executive stress to me that the bill emphasizes notification, so that the federal government has fewer supply chain blind spots.

• The next step would be mitigation, which isn't emphasized too much in CFIUS statute.
• But, make no mistake, CNCC would be empowered to block deals it deems problematic. And that may be a risk that U.S. investment firms are unwilling to take — thus reducing U.S. venture investment in Chinese AI or pharma startups.

The bottom line: You'd go broke betting on Congress to pass bills, even those with bipartisan support, but this one does seem likelier than not.

The Federal Trade Commission ordered JAB Consumer Partners to divest 16 veterinary clinics that JAB had acquired via a portfolio company's $1.1 billion purchase of SAGE Veterinary Partners.

Why it's the BFD: The accompanying press release suggests that the FTC is looking hard at private equity activity in the healthcare sector, particularly when it comes to roll-ups that it's traditionally ignored.

Details: JAB consented to the order, and also to a requirements that it must notify the FTC 30 days prior to acquiring any U.S. vet clinic that's within 25 miles of another JAB-owned clinic. Plus, it needs FTC approval for any vet clinic purchase within 25 miles of another JAB-owned clinic in California or Texas.

The bottom line: FTC chair Lina Khan has recently said she prefers litigation to negotiation, so it's a bit surprising to see a consent decree here. But this might just be cleaning out the old pipeline, since JAB originally announced this deal last summer, just weeks after Khan was sworn in.

🚑 MegaRobo, a Chinese developer of life sciences robots, raised $300m in Series C funding. GGV Capital and Asia Investment Capital co-led, and were joined by Goldman Sachs and insiders Sinovation Ventures, Pavilion Capital and Starr Capital. http://axios.link/QGUD

• AlphaSense, a New York-based market intelligence and search platform, raised $225m in Series D equity and debt funding at a $1.7b post-money valuation co-led by Goldman Sachs and Viking Global. No breakout of the equity vs. debt (which came from BlackRock). http://axios.link/vVvX

• UpGrad, an Indian ed-tech focused on post-grad and professional degrees, raised $225m at a $2.25b valuation from backers like Educational Testing Service and James Murdoch's Lupa Systems, per Bloomberg. http://axios.link/mgz6

• Zoovu, a Boston-based online product discovery experience startup, raised $169m led by FTV Capital. http://axios.link/Lbq9

• Metropolis, an LA-based developer of payment infrastructure for parking facilities, raised $167m in Series B funding. 3L Capital and Assembly Ventures co-led, and were joined by Dragoneer, Eldridge Industries, Silver Lake Waterman, UP Partners and Dan Doctoroff. http://axios.link/Dniz

• Overair, an eVTOL spinoff from Karem Aircraft, raised $145m from Hanwha Systems and Hanwha Aerospace. http://axios.link/X42a

• PayCargo, a Coral Gables, Fla.-based freight payment platform, raised $130m in Series C funding from Blackstone Growth. http://axios.link/1RqY

• Fountain, an SF-based provider of hiring automation software, raised $100m in new Series C funding. B Capital led, and was joined by SoftBank, Mirae Asset Venture Investment, DCM, Origin Ventures, Commerce Ventures, SemperVirens Venture Capital, and Uncork Capital. http://axios.link/pkfJ

• Invoca, a Santa Barbara, Calif.-based provider of conversational intelligence software for consumer brands, raised $83m in Series F funding at a $1.1b valuation. Silver Lake Waterman led, and was joined by Hollyport Capital, Kingfisher Investment Advisors Fenwick & West and insiders Upfront Ventures, Accel, H.I.G. Capital and Industry Ventures. http://axios.link/Um6w

🚑 Dren Bio, a San Carlos, Calif.-based developer of protein-engineering technologies, raised $65m in Series B funding. Aisling Capital and HBM Healthcare Investments co-led, and were joined by Pfizer, ArrowMark Partners, Revelation Partners and insiders SR One, 8VC, Taiho Ventures, BVF Partners, Mission BioCapital and Alexandria Venture Investments. http://axios.link/YBNH

• Postscript, a startup focused on SMS marketing for Shopify businesses, raised $65m in Series C funding. 01 Advisors led, and was joined by Twilio Ventures, Expanding Capital, m]x[v Capital and insiders Greylock, Accomplice, Elephant and OpenView. http://axios.link/a9pT

• DealHub, an Austin, Texas-based provider of CPQ tools for sales orgs, raised $60m led by Alpha Wave. http://axios.link/Cy2W

• Flip, an Indonesian consumer payments platform, raised $55m in Series B funding. Tencent led, and was joined by Block and insider Insight Partners. http://axios.link/oZWr

• LiveView Technologies, a Salt Lake City-based video software and safety surveillance startup, raised $50m in Series B funding. Sorenson Capital led, and was joined by the Larry H. Miller Group, Lead Edge Capital and Pelion Venture Partners. www.lvt.com

• Moleaer, a Carson, Calif.-based developer of "nanobubble" tech for water treatment, raised $40m in Series C funding. Apollo led, and was joined by Husqvarna. http://axios.link/MZ4s

• Narmi, a New York-based digital banking startup, raised $35m in Series B funding from Greycroft, NEA and Picus Capital. http://axios.link/H7vz

• Cube, a New York-based FP&A platform, raised $30m in Series B funding. Battery Ventures led, and was joined by GTMfund and insiders Mayfield, Bonfire Ventures and Operator Collective. http://axios.link/YuSh

☕ Fellow, an SF-based coffeemaking equipment startup, raised $30m in Series B funding led by NextWorld Evergreen. www.fellowproducts.com

🚑 Sesame, a New York-based digital marketplace for medical care, raised $27m in Series B funding. GV led, and was joined by Virgin Group, TeleSoft Partners, FMZ Ventures and insiders General Catalyst, Industry Ventures, Coefficient Capital, Giant Ventures and Alumni Ventures Group. http://axios.link/WDfh

• Arkestro, an SF-based predictive procurement orchestration startup, raised $26m in Series A funding. NEA, Koch Disruptive Technologies and Four More Capital co-led, and were joined by Cervin, Correlation Ventures, El Cap, Forum, Illuminate and Tenacity. http://axios.link/iWTp

• NFTPort, an Estonian startup focused on NFT infrastructure for developers, raised $26m in Series A funding co-led by Atomico and Taavet+Sten. http://axios.link/maly

• Platform9, a Menlo Park, Calif.-based open distributed cloud company, raised $26m. Celesta Capital led, and was joined by Cota Capital and NGP Capital. http://axios.link/oQPX

🚑 Nacuity Pharmaceuticals, a Fort Worth, Texas-based developer of treatments for oxidative stress, raised $16.5m in Series B funding led by the VC arm of the Foundation Fighting Blindness. www.naucity.com

• Next Matters, a Berlin-based business operations automation platform, raised $16m in Series A funding led by OMERS Ventures. http://axios.link/DFNg

• Onymos, a Menlo Park-based provider of plug-in features for apps, raised $12m in Series A funding. Great Point Ventures led, and was joined by Benhamou Global Ventures, Engineering Capital and Industry Ventures. http://axios.link/oeL0

⚡ Xendee, a San Diego-based provider of microgrid planning and operations software, raised $12m in Series A funding. Anzu Partners led, and was joined by TravelCenters of America and Evergy Ventures. www.xendee.com

⚡ Wind Catching Systems, a Norwegian developer of floating offshore wind designs, raised $10m in Series A funding led by GM Ventures. http://axios.link/tLK0

• Altrio, a Toronto-based provider of real estate investment software, raised C$8m in Series A funding. Whitecap Venture Partners led, and was joined by Mantella Venture Partners, Alate Partners and Colliers. www.altrio.com

• Kazaenly, an Egyptian on-demand warehouse and fulfilment startup, raised $2.5m co-led by Arzan VC and Shorooq Partners. http://axios.link/XRPp

• American Industrial Partners seized control of a Belgian aluminum rolling mill that had been owned by Sanjeev Gupta's GFG Alliance, which is under criminal investigation and financial pressures due to the bankruptcy of lender Greensill Capital, after buying up the facility's debt and calling a default. http://axios.link/Clwj

• AnaCap agreed to buy EDIGard, a Norway-based digital invoice distribution platform and bill payment unit of Nexi Group's Nets. www.edigard.com

🚑 ETAO International, a provider of online and offline health services, cut the implied valuation of its proposed merger with Mountain Crest Acquisition Corp III (Nasdaq: MCAE) to $1b from $2.5b. http://axios.link/ZhJw

🚑 Excelera, a Newport Beach, Calif.-based accountable care org that leverages AI, agreed to go public at an implied $459m valuation via a merger with Future Health ESG (Nasdaq: FHLT). http://axios.link/r3JU

• Holisto, an Israel-based online travel booking platform whose brands include GoSplitty.com and Traveluro, agreed to go public at an implied $405m equity value via Moringa Acquisition Corp. (Nasdaq: MACA).

• Moolec Science, a British molecular farming and food ingredients company, agreed to go public at an implied $504m equity value via a merger with LightJump Acquisition (Nasdaq: LJAQ). www.moolecscience.com

• Pono Capital Two, a Japanese tech SPAC, filed for a $100m IPO. http://axios.link/k85o

⚡ Blink Charging (Nasdaq: BLNK) will pay $200m in cash and stock to buy SemaConnect, a Bowie, Md.-based EV infrastructure startup that raised $28m (plus got a PPP loan) from firms like Trilantic North America, Greenbelt Capital Management and Pear Tree Partners. http://axios.link/2A5k

• Zalando, a listed German e-tailer, acquired a majority stake in Highsnobiety, the fashion and lifestyle media brand that had raised around $10m in VC funding from firms like Felix Capital, Blue 9 Capital, Leaf Ventures, Mirabaud Asset Management and Torch Capital. http://axios.link/nisR

• L3Harris (NYSE: LHX), a U.S. defense contractor, reportedly is in talks to buy blacklisted Israeli spyware firm NSO Group. http://axios.link/arFz

• Addition, the growth equity firm led by Lee Fixel (ex-Tiger Global), is raising $1.5b for its fourth fund, per an SEC filing.

• BV Investment Partners, a Boston-based PE firm focused on lower midmarket tech, is targeting $1.5b for its 11th fund, per public pension docs. www.bvlp.com

• Glade Brook Capital Partners, a Greenwich, Conn.-based tech growth equity firm, raised $430m for its third fund. www.gladebrookcapital.com

• Project A Ventures of Berlin raised $375m for its fourth fund. http://axios.link/AKjM

🚑 Questa Capital, an SF-based healthcare VC firm, is raising $400m for its third fund, per an SEC filing.

• Suzano, a Brazilian hardwood pulp producer, launched a $70m VC arm focused on carbon sequestration, agroforestry yields, pulp biomass applications and more efficient pulp packaging. www.suzano.com.br

• TLTF, a Fort Lauderdale, Fla.-based VC firm focused on legal tech startups, raised $28.5m for its debut fund. www.legaltech.com

• World Innovation Lab, a VC firm with offices in Palo Alto and Tokyo, raised over $1b for its latest fund. http://axios.link/R2Ao

Go deeper: Bankruptcies are low but retail concerns are rising