The East Coast used to have its own version of Sand Hill Road, but it's about to be rezoned out of existence.

Catch up quick: The area was nicknamed Mount Money, a collection of office parks perched above a reservoir in Waltham, Massachusetts. Just off of Route 128.

• It was the home of VC firms like Greylock, CRV, Battery Ventures, Matrix Partners, North Bridge Venture Partners, and many others.
• If you were a Boston-area founder raising money, it was your first — and maybe only — stop.

Fast forward: Firms began leaving over a decade ago.

• Some relocated to Boston, mirroring the behavior of Silicon Valley firms that opened San Francisco offices. Some failed. Some essentially switched coasts entirely.
• Today, there's seemingly no venture left in the Waltham office parks, although there are a small number of PE firms like Webster Equity Partners and Windjammer Capital.

State of play: Earlier this month, Waltham's City Council overrode a mayoral veto to allow new mixed-use development at one of the office parks, called Bay Colony Center.

• Bay Colony is relatively vacant right now, judging by a visit I made yesterday. One entire brick-and-glass building sits empty, while others are clearly below capacity. Parking garages — including one with the "largest garage-mounted solar canopy in the U.S." — are fairly barren.
• An exception was a building whose tenants include defense-tech giant Anduril, which uses the space for both offices and production.
• Given the City Council vote, the former venture capital hub is likely to become home to new apartments and slop bowl chains.

The bottom line: Mount Money has met its maker.

KKR has agreed to a $250 million settlement with the U.S. Justice Department, over its alleged failure to file proper pre-merger notifications on over a dozen deals in 2021 and 2022.

Why it's the BFD: This is the largest civil penalty ever for HSR Act violations.

Yes, but: KKR may be smarting from the headlines, but not from the actual settlement.

• All of the $250 million will be reimbursed by outside law firms, none of which KKR is publicly identifying.
• It won't be required to have its co-CEOs sign future pre-merger notification filings — something DOJ floated but which KKR had strongly opposed.
• Finally, DOJ originally wanted $650 million.

The bottom line: This settles all litigation and ongoing investigations between the two sides, including a countersuit filed by KKR, and doesn't create any new legal precedents for other PE firms.

• DeepSeek, a Chinese frontier lab, is in talks to raise $7.4b at a $74b valuation, per the WSJ. axios.link/4gyJAeq

• Instinct, an AI assistant startup, is raising $250m in Series B funding at a $2.5b valuation led by Benchmark and Index Ventures, per the WSJ. axios.link/4d2THXE

• Socure, an identity verification company, raised $156m at a $5.2b post-money valuation led by Summit Partners. It also acquired agentic AI startup Fravity. axios.link/3UWo2B0

• Regent Craft, a North Kingstown, R.I.-based maker of electric maritime vessels, raised around $120m in Series B equity funding led by Mare Liberum and AE Ventures. It also secured around $120m in debt from Palmer Luckey's Erebor Bank. axios.link/4y5BJMy

🚑 Gestala, a Chinese brain-computer interface developer, raised about $84m from HSG, Lens Technology, Sinovation Ventures, C Capital, Dalton Venture, Seas Capital, Tsing Song Capital, and Gobi Partners. axios.link/4wXdsXX

• RQD, an NYC-based clearing and custody firm, raised $74m. Bain Capital led, joined by ABN Amro Clearing Bank and Nyca Partners. axios.link/4zHXEuy

• Wrtn, a South Korean AI services platform, raised around $72.4m at an $869m valuation. Coreline Ventures and Eugene Asset Management were joined by insiders Goodwater Capital, Antler Global, Woori Venture Partners, Sui Generis Partners, Korea Development Bank, and Capstone Partners. axios.link/45Q8Rf6

• Deep Cognito, a developer of hybrid reasoning models, raised $43m in Series A funding. TQ Ventures led, joined by Benchmark, Nexus Venture Partners, Atreides Management, South Park Commons, and Zscaler. axios.link/4qFRh7c

🚑 Faro AI, a San Diego-based provider of structured data and AI infrastructure for clinical development, raised $37.3m in Series B funding. Merck Global Health Innovation Fund and S32 led, joined by Ankona Capital and insiders General Catalyst, Northpond Ventures, Polaris Partners, PTX Capital, and Zetta. axios.link/4qBbuL8

⚡ Quaise Energy, a Houston-based geothermal drilling tech developer, raised $35m in Series B extension funding from Nabors Industries. axios.link/3SY9bp9

• Yardstik, a Minneapolis-based fraud prevention and background screening startup, raised $30m in Series B funding led by Harbert Growth Partners, per Axios Pro. axios.link/4zFKhen

🚑 Arintra, an SF-based health care revenue assurance platform, raised $25m in Series B funding. Define Ventures led, joined by Endeavor Health, Peak XV Partners, Yale New Haven Health Center for Health Care Innovation, Endeavor Health Ventures, YC, Counterpart Ventures, Ten13, and Spider Capital. axios.link/3StPnKe

• Levanta, an affiliate and creator platform for e-commerce brands, raised $22m in Series B funding led by Volition Capital. axios.link/4qGb0DK

🌎 TerraBlaster, a Redwood City, Calif.-based developer of soil-nutrition sensors, raised $12.5m in seed funding. Ulu Ventures led, joined by Khosla Ventures, Trailhead Capital, Builders Vision, Bidra, Ag Startup Engine, Reservoir, Sunna, Plug and Play, GrainInnovate, and the Hort Innovation Venture Fund. axios.link/45Ulc1R

• Arga Labs, a training platform for enterprise AI agents, raised $10m in seed funding. General Catalyst led, joined by BoxGroup, Emergence, Gradient, and SV Angel. axios.link/4y3LD0T

• Cloverleaf AI, a Denver-based B2G sales intelligence platform, raised $8m in Series A funding. S3 Ventures led, joined by JSV, Ivy Ventures, and Tawani Ventures. cloverleaf.ai

⚡️Teragen Energy, a Southborough, Mass.-based fuel cell developer, raised $6m in pre-seed funding. BEVC and Energy Capital Ventures led, joined by AP Ventures, AIC Ventures, Massachusetts Clean Energy Center, and UntroD Capital Asia. axios.link/4xUKrNi

• ColibriTD, a French quantum software startup, raised €4m in seed funding. Earlybird Venture Capital led, joined by SymbiaVC and Medin VC. axios.link/4c804ZC

🌎 Facet Amtech, an Australian startup producing ammonia from air and water, raised A$3m in seed funding from Main Sequence and Uniseed. axios.link/4hWMGey

• Maglut Heavy Industries, a Long Beach, Calif.-based rare earths processor, raised $3.1m from Wave Function, Nova Threshold, and Julian Capital. axios.link/4wPSqKM

• Motion, a Brussels-based humanoid robot startup, raised $2m in pre-seed funding. Extantia Capital led, joined by Norrsken Evolve. axios.link/4qFfY3n

• Continuim Equity Partners acquired Resodyn, a Butte, Mont.-based maker of mixing systems for industrial customers. axios.link/46q4O9u

• DAZN, a PE-backed streamer, agreed to acquire EverPass Media, a live sports media group whose properties include NFL Sunday Ticket. EverPass backers include RedBird Capital Partners, 32 Equity, and TKO Group. axios.link/4qGFqpx

• Engage2learn, a Leeds Equity Partners portfolio company, acquired Instructional Coaching Group, a Lawrence, Kan.-based professional development platform for coaches, teachers, and administrators. engage2learn.org

• Hidden Harbor Capital Partners acquired Escape Fire Protection, a Vadnais Heights, Minn.-based fire safety provider for commercial and industrial customers. axios.link/4xaofhL

• Industrial Physics, a KKR portfolio company, acquired Vitrek, a Lockport, Ill.-based provider of electronic test and precision measurement equipment, from Branford Castle. axios.link/4iBFOTU

• KKR and IMM Investment agreed to invest around $2.2b in SK Broadband, which is being spun out of SK Telecom (NYSE: SKM). axios.link/4xnS3rQ

• RedBird Capital Partners is in advanced talks to become the largest shareholder in digital media company Puck at around a $250m valuation. Puck had raised at least $20m from exiting firms like Forty North Media, TPG, Standard Investments, British Business Investments and J. Rothschild Capital. axios.link/4cez0I3

🚑 Thurston Group invested in Pixel Health, a provider of IT consulting and MSP services to hospitals and large physician groups. axios.link/46oSxCc

• Truvant, a portfolio company of the Halifax Group, acquired Multi-Pak Packaging, a West Caldwell, N.J.-based contract packager. axios.link/45P2s3O

🚑 VetnCare, backed by Great Point, acquired Walnut Creek, Calif.-based Geary Veterinary Hospital. axios.link/4wPnv10

🚑 WellStack, a Sopris Capital portfolio company, acquired DeLorean AI, a health care predictive analytics startup whose VC investors included Mindful Venture Capital and Pinta Capital Partners. axios.link/4y1rcBV

• Kinderhook Industries sold Kingwire, a Chicago-based wire and cable distributor, to Omni Cable. axios.link/4gRj413

• KKR agreed to sell business-purpose lender Toorak Capital to Velocity Financial (NYSE: VEL). axios.link/3UXOKJu

• Pike Street Capital is seeking to sell QuickBox, a Denver-based e-commerce fulfillment and logistics provider, per Axios Pro. axios.link/3SxfJek

• Astrum Space, an El Segundo, Calif.-based developer of a satellite-to-device broadcast and data-distribution network, agreed to go public via a reverse merger with Black Spade Acquisition III (NYSE: BIII) at an implied $1b equity value. axios.link/4gqwwYc

• Boliden (STO: BOL) agreed to buy a majority stake in zinc miner Nexa Resources (NYSE: NEXA) for around $1.31b. axios.link/4gyZi9j

🚑 Fujia Group of China is weighing a sale of its majority stake in Hexi Health Insurance, per Bloomberg. axios.link/4y50VCz

🏈 NFL owners unanimously approved Vinod Khosla's $9.6b purchase of the Seattle Seahawks from Paul Allen's estate, with the deal expected to close shortly. axios.link/4xrEcku

• Sumitomo (Tokyo: 8053) led an A$813m takeover bid for Australian auto leasing firm FleetPartners (ASX: FPR), which also has offers from Orix, Pacific Equity Partners, and Element Fleet. axios.link/4gGtq2K

🍔 Trian Fund Management has no immediate plans to make a take-private bid for Wendy's (Nasdaq: WEN), per Reuters. axios.link/4cIpJYU

• Capital F, an early-stage tech VC firm focused on the "female economy," raised $17m for its debut fund. axios.link/4y2zCc8

• GenNx360 Capital Partners, a lower midmarket PE firm focused on industrial and business services companies, raised $865m for its fourth fund. axios.link/4wWKkjF

🌎 MassMutual Ventures launched its second climate tech fund with $150m. axios.link/4qE9jXa

• Navisalma, a new European deep-tech VC firm launched by two Einride co-founders, will seek to raise €450m. axios.link/4qFR3gm

• OpenAI launched a $400m second corporate venture fund. axios.link/4zEV5cP

• Permanent Capital Ventures raised $200m for its second early-stage VC fund. axios.link/4ce9ClO

• StepStone Group raised $1.7b for an infrastructure secondaries fund. axios.link/4zVMLpo

• Adam Fitzner joined Star Mountain Capital as a managing director and strategic portfolio manager. He was previously with Hamilton Robinson Capital Partners. axios.link/4cam0mN

• Future Fund, an Australian sovereign with A$356b in AUM, hired Spencer Stuart to find a new CEO. Current chief Raphael Arndt is stepping down at year-end. axios.link/4wSvBpW

• Phil Garbarini joined G2 Venture Partners as a VP. He previously was with Deloitte. axios.link/45QeoT2

• Lucas Radal joined Montana Capital Partners, the secondaries unit of PGIM, to lead Middle East efforts. He previously was with Mubadala. axios.link/4xj7521

Nvidia surprised even the bulls yesterday, with a blockbuster earnings report and full-throated defense of its role in the circular AI economy.

• One thing Nvidia didn't discuss was its reported agreement to buy Hugging Face for around $13 billion. In fact, it wasn't even asked.
• CEO Jensen Huang did say, however: "The world will need both closed models and open models. And both closed models and open models are skyrocketing in use. I would say nearly all open models run on Nvidia."