Google Ventures has mothballed an algorithm that for years had served as a gatekeeper for new investments, Axios has learned from multiple sources.

Why it matters: This is a strategic sea change for one of venture capital's most data-driven firms, and an acknowledgement that human judgement shouldn't always be automated away.

Backstory: We first reported on GV's algorithm in 2018, explaining how it had begun as a due diligence tool to aid a nascent team that had more experience in engineering than in investing.

• It later evolved into a "stoplight system" that could effectively halt deals in their tracks.
• GV investors sometimes tried to game the algorithm by manipulating the inputs. In general, however, the firm abided by the machine's red lights (plus greens and yellows). As we wrote previously, it became GV's de facto investment committee.

State of play: There doesn't appear to be a single incident that killed off the algo.

• Instead, it appears to have been a gradual process born of growing self-confidence (GV now has nearly 40 investors managing around $8 billion in AUM) and growing frustration (particularly when the algo would rule against follow-on investments for existing portfolio companies, as the deal market deteriorated).

The bottom line: GV still relies heavily on data. After all, this is the corporate venture arm of Google. But data has been relegated to its original role as aide, rather than arbiter.

The Axios BFD, our inaugural dealmaker summit, will take place the morning of Wednesday, Oct. 26 in New York City at The Altman Building.

Why it's the BFD: Beyond the obvious? This will be a chance to hear from, and network with, many of the people who drive the news in these morning missives. Yes, there will be a livestream, but it can't replace the in-person experience.

Run of show: We kick off with a series of breakfast roundtable discussions, centered around each of our Axios Pro Deals verticals. It then moves to the mainstage, for fireside interviews with Mark Cuban, Social Capital founder Chamath Palihapitiya, NYSE president Lynn Martin, ESPN president Jimmy Pitaro and JPMorgan global M&A co-head Anu Aiyengar.

• As a quick teaser: Word is that Palihapitiya is again raising outside capital, talking with prospective LPs about a multibillion-dollar fund. This comes four years after he effectively turned Social Capital into a family office with a much smaller team. So add that to the pile of things to discuss, alongside SPACs, tech valuations, etc.
• Expect more announcements soon on other very exciting guests...

Want to attend? Request an invite.

The bottom line: 29 days and counting. I can't wait to see you there.

• Satispay, a Milan-based independent payment network, raised €320m in Series D funding at a valuation north of €$1b. Addition led, and was joined by Coatue, Grehound Capital, Block, Lightrock, Tencent and Mediolanum Gestione Fondi. https://axios.link/3ULG1Wn

⚡ Moxion, a Mill Valley, Calif.-based developer of emissions-free generators, raised $100m in Series B funding. Tamarack Global led, and was joined by Energy Impact Partners, Sunbelt Rentals, Amazon’s Climate Pledge Fund, Microsoft’s Climate Innovation Fund, Enterprise Holdings Ventures, Marubeni Ventures, Suffolk Technologies and Rocketship.vc. https://axios.link/3LTksiO

• Ocelot, a Boulder, Colo.-based communications platform for colleges and their students, raised $117m from K1 Investment Management. https://axios.link/3BSWEGV

• Kate Farms, a Santa Barbara, Calif.-based maker of plant-based nutritional formula, raised $75m in Series C funding. Novo Holdings led, and was joined by Goldman Sachs, Kaiser Permanente Ventures and Main Street Advisors. https://axios.link/3foCJbi

• Avidbots, a Canadian maker of autonomous cleaning robots, raised US$70m in Series C funding. Jeneration Capital led, and was joined by BMO Capital Partners, Golden Vision Capital, Nicola Wealth and insiders True Ventures, Next 47, SOSV, GGV Capital, BDC Capital, Golden Ventures and Kensington Capital Partners. https://axios.link/3Cf3F6q

• Sitetracker, a Palo Alto-based project, asset and work management platform for infrastructure companies, raised $66m in new equity finding led by Energize Ventures and a new $30m debt facility led by Bridge Bank. www.sitetracker.com

• Arthur.ai, a New York-based ML monitoring startup, raised $42m in Series B funding co-led by Acrew Capital and Greycroft. https://axios.link/3fnLXEV

• Prolific Machines, an SF-based cell production tech startup, raised $42m in seed and Series A funding from backers like Breakthrough Energy Ventures and Mayfield. https://axios.link/3rdFkYw

• Deribit, a Panama-based bitcoin options exchange, raised $40m at a $400m valuation from insiders like QCP Capital, Akuna Capital and 10T Holdings, per The Block. It previously was valued at $2.1b but had significant exposure to Three Arrows Capital. https://axios.link/3fkIsPs

• MPCH Labs, a venture studio focused on multi-party computation tech, raised $40m in Series A funding from Liberty City Ventures, Animoca Brands, QCP Capital and Mantis VC. www.mpch.io

• Shaype, an Australian embedded finance platform, raised A$33m in Series C funding led by Regal Funds Management. https://axios.link/3UBIgeZ

• Perenna, a British digital mortgage lender, raised $30m in Series A funding from IAG Silverstripe. https://axios.link/3fjxZ6W

• Go deeper: U.K. homeowners brace for mortgage rate shock

• Coalesce.io, an SF-based data management software provider, raised $26m in Series A funding. Emergence Capital led, and was joined by 11.2 Capital, GreatPoint Ventures and Industry Ventures. www.coalesce.io

🌎 Sinai Technologies, an SF-based decarbonization software startup, raised $22m in Series A funding. Energize Ventures led, and was joined by Stardust Equity, HighSage and insiders Obvious Ventures, Valo Ventures, Afore and High Alpha. https://axios.link/3SDJXXy

• Space and Time, a Newport Beach, Calif.-based decentralized data platform, raised $20m. M12 led, and was joined by Framework Ventures, HashKey, SevenX Ventures, Foresight Ventures, Polygon and Blizzard. https://axios.link/3frPXUE

🚑 Elicidata, a Cambridge, Mass.-based ML ops platform for biotech, raised $16m in Series A funding. Eight Roads Ventures led, and was joined by F-Prime Capital, IvyCap Ventures and Hyperplane VC. www.elicidata.io

• Everest Labs, a Fremont, Calif.-based AI for recovering recyclables, raised $16.1m in Series A funding. Translink Capital led, and was joined by NEC Orchestrating Future Fund, BGV, Sierra Ventures, Morado Ventures and Xplorer Capital. https://axios.link/3UMpSjl

• Eclipse, a customizable blockchain solution provider led by ex-Citadel quant Neel Somani, raised $15m in pre-seed and seed funding from Tribe Capital, Tabiya, Infinity Ventures Crypto, Soma Capital, Struck Crypto and CoinList. www.eclipse.builders

• Hofy, a London-based remote work management platform, raised $15m in Series B funding from CNP, Stride, 20VC, Day One Ventures, Kindred Capital, Activum, and TrueSight. www.hofy.com

🚑 Optellum, a U.K.-based AI platform for diagnosing and treating early-stage lung cancer, raised $14m in Series A funding. Mercia led, and was joined by Intuitive Ventures, Black Opal Ventures, University of Oxford, IQ Capital and the family office of Martin and Audrey Wood. https://axios.link/3r9F0tF

🚑 Cionic, an SF-based developer of augmented mobility devices, raised $12.5m in Series A funding. BlueRun Ventures led, and was joined by Caffeinated Capital, EPIC Ventures, JobsOhio Growth Capital Fund and LDV Capital. www.cionic.com

• Numida, a Uganda-based small and midsized enterprise lender, raised $12.3m in equity and debt funding. Serena Ventures led, and was joined by YC, Breega, 4Di Capital, Launch Africa and Soma Capital. https://axios.link/3rf8oPi

• Stockly, a French e-commerce startup focused on out-of-stock items, raised $12m in Series A funding from Eurazeo and Daphni. https://axios.link/3frJ6us

• Workist, a Berlin-based B2B transactions automation startup, raised €9m led by Earlybird VC. https://axios.link/3BPzH7t

• Cake, a maker of sexual wellness products, raised $8m in Series A funding. Silas Capital led, and was joined by Lerer Hippeau, Selva Ventures, Bullish and Finn Capital Partners. https://axios.link/3SAxKTd

• Penpot, a Spanish open-source design collaboration startup, raised $8m. Decibel led, and was joined by Athos. https://axios.link/3xYpcO9

🚑 Tavros Therapeutics, a Durham, N.C.-based precision oncology startup, raised $7.5m in new seed funding. Piedmont Capital Investments and KdT Ventures co-led, and were joined by Alexandria Venture Investments. www.tavrostx.com

• Krypton, a decentralized exchange for crypto trades, raised $7m led by Framework Ventures. www.krypton.life

• Glass, a platform that lets creators to monetize videos as NFTs, raised $5m in seed funding co-led by 1kx and TCG Crypto, per Axios. https://axios.link/3SkoXoL

⚡ Kopperfield, a residential EV charging startup, raised $5m in seed funding co-led by General Catalyst and Lachy Groom, per TechCrunch. https://axios.link/3xZcbDY

• Harpie, an Atlanta-based crypto theft protection startup, raised $4.5m in seed funding. Dragonfly Capital led, and was joined by Coinbase Ventures and OpenSea. https://axios.link/3xVpbL2

🚑 Pattern Health, a Durham, N.C.-based digital health program creation and deployment platform, raised $3.3m in Series A funding led by the William H. Joyce Family Office. www.pattern.health

• Ovation, a Salt Lake City-based restaurant customer feedback platform, raised $2m. York IE led, and was joined by Branded Strategic Hospitality. www.ovationup.com

• Apollo Global Management is considering a takeover of Ryder System (NYSE: R), a Miami-based provider of supply chain and fleet management solutions whose market cap approached $4b on the news, reported by Bloomberg. https://axios.link/3ChgCwI

🚑 BioIVT, a New York-based portfolio company of Arsenal Capital Partners, acquired Fidelis Research, a Bulgarian biospecimen collection network. https://axios.link/3BOLaUV

• Charterhouse Capital Partners agreed to buy a majority stake in Kids&Us, a provider of English language instruction for children in Spain. Existing backer Corpfin Capital will reinvest. www.kidsandus.es

• Concert Golf, a golf club operator owned by Clearlake Capital, raised an undisclosed amount of funding from Centroid Investment Partners (owner of the TaylorMade brand). www.concertgolfpartners.com

• EQT Partners agreed to buy Billtrust (Nasdaq: BTRS), a B2B accounts receivable automation and integrated payments company that went public last year via SPAC, for around $1.7b. www.billtrust.com

🚑 HCAP Partners invested in DFW Neuropathy, a North Texas-focused neuropathy treatment company backed by Baymark Partners. www.dfwneuropathy.com

• Legacy Restoration, a Plymouth, Minn.-based portfolio company of Bessemer Investors, acquired Janney Roofing, an Orlando, Fla.-based provider of exterior restoration and remodeling services. www.legacyrestorationllc.com

• Monolith, a Salt Lake City-based consumer products group, raised $50m in equity funding and secured $180m in new debt, co-led by Hayfin Capital Management and Ares Management Credit Funds. www.monolithbrands.com

🍔 Mubadala withdrew a tender offer to buy a control stake in Zamp, the owner of Burger King in Brazil. https://axios.link/3Cf1cJ2

• Quad C acquired Synoptek, an Irvine, Calif.-based IT consulting and managed service provider, from Sverica. www.sinoptek.com

• Siguler Guff acquired a majority stake in Solvd, a Roseville, Calif.-based tech consultancy and software engineering company. www.solvd.com

🚑 SK Capital Partners agreed to acquiree Apotex Pharma, a Toronto-based generic drugmaker. www.apotex.com

• Sun Venture of Singapore is weighing a bid for the minority stake it doesn’t already hold in restaurant chain PS.Cafe, which could be valued at around US$207m, per Bloomberg. https://axios.link/3DZP9kh

• Tikehau Capital is investing $30m for a minority stake in PTSL, a Scottish semiconductor probe card manufacturer. www.probetestsolutions.com

• FG New America Acquisition II, a SPAC led by ex-TD Ameritrade chairman Joseph Moglia, withdrew registration for a $225m IPO. https://axios.link/3feUEkH

• Calendly, a Georgia-based scheduling startup valued at $3b, acquired Prelude, a job recruitment scheduling startup seeded by Fuel Capital, Elad Gil and Sam and Jack Altman. https://axios.link/3BNmvA3

• SATS of Singapore agreed to buy French air cargo handler Worldwide Flight Services from Cerberus Capital Management for around €2.25b. https://axios.link/3LSVose

⚽ D.C. United is nearing a minority stake sale that would value the MLS club at $800m, per Sportico. https://axios.link/3RaWSPu

• Purple Innovation (Nasdaq: PRPL), a Lehi, Utah-based maker of polymer gel mattresses, adopted a poison pill to defend against an unsolicited $226m takeover offer from Coliseum Capital Management. https://axios.link/3RmGBHc

⚡ Kinder Morgan (NYSE: KMI) sold half its stake in a Georgia LNG facility to an undisclosed buyer for $565m. https://axios.link/3y0KDhz

🚑 L’Oréal (Paris: OR) agreed to acquire Skinbetter Science, a Phoenix-based physician-dispensed skin care brand. https://axios.link/3BKMnwF

• PNC (NYSE: PNC) is acquiring Linga, a Naples, Fla.-based provider of hospitality and restaurant POS systems. www.lingaros.com

• Pophouse Entertainment of Sweden acquired a 75% stake in the catalog of late electronic dance music artist Avicii. https://axios.link/3RsKzOM

• Raydiant, an SF-based media experience management platform for physical retailers, agreed to buy Perch, a New York-based provider of interactive displays and smart-shelf tech, per Axios Pro. Raydiant has raised over $50m in VC funding from firms like Lerer Hippeau, 8VC and Atom Ventures. https://axios.link/3CegQEC

• Sendinblue, a Paris-based digital marketing platform that's raised $175m in VC funding, acquired Yodel.io, an SF-based business phone solution. www.sendinblue.com

• Cloudflare (NYSE: NET) is earmarking $1.25b for investment startups that use its platform. https://axios.link/3SEcXhO

• Designer Fund of SF raised $40m for its third fund. www.designerfund.com

• Fasanara Capital of London raised $350m for a fintech and web3 VC fund. https://axios.link/3xYtQvM

• Goldman Sachs raised $9.7b for its eighth buyouts fund (West Street Capital Partners VIII). https://axios.link/3rfb1AE

• Industrial Opportunity Partners raised $650m for its fourth fund. www.iopfund.com

🚑 KdT Ventures, an Austin, Texas-based VC firm focused on engineered chemistry and biology, raised $80m for its third fund. www.kdtvc.com

• Theta Capital of Amsterdam is said to be raising $250m for its third VC fund-of-funds to back crypto-focused managers. www.thetacapital.com

• White House officials are preparing for the potential departure of Treasury Secretary Janet Yellen after the midterms, Axios' Hans Nichols reports.

• Rich Boghosian joined Cohere Capital as a principal. He previously was with H.I.G. Capital. https://axios.link/3Sl9mp8

• Hayley Kirman joined Ethos Capital as a VP. She previously was with Abry Partners. www.ethoscapital.com

• Antonio Horta-Osorio, former Credit Suisse Group chair, is joining Cerberus Capital Management as a senior advisor focused on European banking, per Bloomberg. https://axios.link/3BPZjRO

• Todd Manley joined Intel as VP of M&A integration. He previously served in a similar role at Marvell Semiconductor and Symantec. https://axios.link/3frLUru

• Don Rosenberg joined Anzu Partners as a venture partner. He’s the former general counsel for such companies as Apple, Qualcomm and IBM. www.anzupartners.com

• Angela Ruggiero, former U.S. Olympian for ice hockey and CEO of the Sports Innovation Lab, joined venture firm TitletownTech as an advisor. www.titletowntech.com

• Jens Welter is stepping down as co-head of global banking at Credit Suisse, less than a year after being promoted to the role, in order to join Citi as co-head of European investment banking and chair of its consumer and retail advisory business. https://axios.link/3rdqQro

Earlier this week we wrote about private equity's new debt ceiling, noting how Citrix and other deals had clogged the Wall Street pipeline to LBOs.

• But we also mentioned the continued availability of private debt, which typically goes to smaller and midsized deals.
• New data from PitchBook illustrates just how much of this private debt is available — nearly three years worth of dry powder if not a single new dollar was raised.