Bond, a luxury jet club that recently stunned the aviation market with a $1.7 billion Bombardier order, has quietly raised $44 million from a group of ultra-wealthy individuals.

Why it matters: This is the rare startup that views scale as an impediment.

How it works: Bond is a fractional ownership platform, promising newer and heavier planes than market leaders NetJets and Flexjet. Plus higher-end service, including guaranteed cabin crews and Starlink connections.

• Founding investors are mostly billionaires, including private equity and hedge fund managers — some of whom own planes that will join the Bond fleet (so long as the planes are less than 10 years old).
• Bond's curated membership. — mostly coming via referrals — is designed to make it something akin to a social club, or even a Davos in the sky.
• Too many members means it risks losing its ultra-luxe service. No jet cards, no charters.

Follow the money: The new funding is Bond's second "founding partners" round, the first of which raised $30 million earlier this year.

• I'm restricted from sharing the identities, but suffice to say most of them are household names to Pro Rata readers. Minimum investment was $500,000, plus flying hours commitments. To buy in at $1 million, investors needed to commit to at least 100 annual hours.
• Bond's top institutional investor is KKR, which led a $320 million preferred equity and debt financing round in the fall.
• KKR also backed the prior company of Bond CEO Bill Papariella, which was sold for a 5.5x equity return.

Look ahead: First flights are scheduled for 2027, as new plane orders take years to fulfill (and used planes have become hard to come by post-COVID).

• Bond also has an option to purchase more jets from Bombardier, which could bring its total order up to $4 billion.

The bottom line: Papariella and his investors plan to create a company worth billions of dollars, but the sky isn't necessarily the limit.

Unconventional AI, a developer of next-gen digital computers, raised $475 million in seed funding led by a16z and Lightspeed at a $4.5 billion post-money valuation.

Why it's the BFD: AI scaling is constrained by energy production. Unconventional believes it can clear the bottleneck by creating more efficient, analog computers.

• Plus, we've become desensitized to such things, but ... those are insane numbers for a seed round.

Other investors include Sequoia Capital, Lux Capital, DCVC, Databricks, Future Ventures, and Jeff Bezos.

• Unconventional founder Naveen Rao also invested $10 million of his own money — likely derived from his sale of Mosaic ML to Databricks for $1.3 billion in 2023. Rao told me in October that he doesn't plan to sell Unconventional.

The bottom line: "Unconventional AI is looking to biology for inspiration, as living organisms are always constrained by energy and can be quite efficient about using it." — Rachel Metz, Bloomberg

• Skild AI, a Pittsburgh AI robotics company, is in talks to raise more than $1b in Series C at around a $14b valuation from SoftBank and Nvidia, per Reuters. axios.link/3KKli58

• Saviynt, an El Segundo, Calif., identity security company, raised $700m in Series B funding at a $3b pre-money valuation. KKR led, joined by Sixth Street Growth, TenEleven, and insider Carrick Capital Partners. axios.link/3KFmNSa

• Airwallex, an Australia-based payments firm, raised US$330m in Series G funding at an $8b valuation. Addition led, joined by T. Rowe Price, Lingotto, Robinhood Ventures, and TIAA Ventures. axios.link/48YA6X2

⚡ Boom Supersonic, a supersonic jetmaker that's also using its turbines to power AI data centers, raised $300m. Darsana Capital Partners led, joined by Altimeter Capital, ARK Invest, Bessemer Venture Partners, Robinhood Ventures and YC. axios.link/4aaucDv

⚡ Blue Current, a Hayward, Calif., developer of silicon solid-state batteries, raised $81m in Series D extension funding. Amazon led, joined by Koch Disruptive Technologies, Piedmont Capital, Rusheen Capital Partners, and Allen & Co. axios.link/4pTO16r

• Hometap, a Boston-based provider of home equity investment products, raised $50m led by Gallatin Point Capital, per Axios Pro. axios.link/3MoxA3D

🚑 Radial, an NYC-based mental health care startup, raised $50m in Series A funding. General Catalyst led, joined by Solari Capital, JSL Health Capital, Founder Collective, BoxGroup, Scrub Capital, and Diede van Lamoen. axios.link/4psTdP5

• Assaia, a Swiss air traffic ops platform, raised $26.6m in Series B funding led by Armira Growth. axios.link/4pS4CYd

🚑 Relation, a British AI biotech startup, raised $26m from insiders NVentures, DCVC, and Magnetic Ventures. axios.link/4q0WLb6

• Prime Security, an NYC-based agentic security platform for software development, raised $20m in Series A funding, per Axios Pro. Scale Venture Partners led, joined by Foundation Capital, Flybridge, and PayPal Ventures. axios.link/4aEmPEl

⚡ Haven Energy, a solar and home battery tech company, raised $15m in Series B funding led by Giant Ventures, with participation from California Infrastructure Bank, Carnrite Ventures, Chaac Ventures, Comcast Ventures, and Lerer Hippeau. It also secured a $25m debt facility from Turtle Hill. axios.link/3YmxvA1

• Resemble AI, a deepfakes detection startup, raised $13m from Google's AI Future Fund, Taiwania Capital, Gentree Fund, IAG Capital Partners, Okta Ventures, Berkeley Frontier Fund, and KDDI. axios.link/4rEn6ND

🚑 Lin Health, a Denver-based provider of behavioral care for chronic pain recovery, raised $11m in Series A funding. Proofpoint Capital led, joined by Osage Venture Partners, NewHealth Ventures and insiders aMoon, Mayo Clinic, Saban Ventures, Shoni Health Ventures, and Viola Ventures. axios.link/4rMzVW6

• Equixly, an Italian agentic cybersecurity testing startup, raised €10m in Series A funding 33N Ventures, per Axios Pro. axios.link/4rCo2SG

🚑 AngelEye Health, a Nashville-based provider of neonatal and pediatric services, raised $9m in Series C funding led by Mountain Group Partners. axios.link/3MiQYiC

• Algori, a Madrid-based shopper insights platform, raised €3.6m from Red Bull Ventures, Tech Transfer Agrifood (Clave capital), Co-Invest Capital, AttaPoll, Firstpick, Shilling, Flashpoint, and Change Ventures. axios.link/4a4Xinz

• Rotostitch, an SF-based textile manufacturing tech startup, raised $1m in pre-seed funding led by Boost VC and Nova Threshold. axios.link/4iL2D5F

⚽ Apollo Sports Capital bought a minority stake Wrexham, the Welsh soccer club owned by Ryan Reynolds and Rob McElhenney. axios.link/3MpdjLk

• Arcline acquired Altronic, a Girard, Ohio-based maker of ignition and engine-control products, from Hoerbiger Group. axios.link/3MNuAOh

🚑 Bessemer Investors invested in Xanitos, a Newtown Square, Pa., provider of health-care cleaning and support services to hospitals and ambulatory care settings. axios.link/44XCElP

🚑 BioMatrix Infusion Pharmacy, a Frazier Healthcare Partners portfolio company, acquired Total Infusion Care, a Henderson, Nev.-based infusion therapy provider. axios.link/4iGnzuG

• Cinven is in talks to buy a majority stake in U.K. advisory firm Flint Global for £190m, per Bloomberg. axios.link/44dXiOp

⚡ Global Infrastructure Partners, a unit of BlackRock, agreed to buy a 49% stake in a Western Australia power infrastructure group, from BHP (NYSE: BNP) for US$2b. axios.link/48YYTdE

🚑 Lanter Delivery Systems, a portfolio company of Audax Private Equity, acquired 1st Choice Delivery, a St. Louis-based last-mile health care logistics company, from Northern Pacific Group. axios.link/48CfbaY

🌍 Leonard Green & Partners acquired Jones Lake Management, a Cincinnati-based provider of provider of pond and lake management services, from Fort Point Capital. axios.link/4iM0ZAY

• Proofpoint, owned by Thoma Bravo, completed its acquisition of Hornetsecurity, a German cloud security and compliance SaaS, from TA Associates, PSG Equity, and Verdane. proofpoint.com

• SEVA Growth invested in Pronto, a Lehi, Utah-based communications platform for front-line employers and higher education institutions. pronto.io

🌍 Verdantas, a Sterling Investment Partners portfolio company, acquired Roanoke, Va.-based Crawford Environmental Services. axios.link/48XpFTE

🌍 Wind Point Partners acquired Enviromatic, a Grand Prairie, Texas-based provider of building management systems, from Audax Private Equity. enviromaticsystems.com

🚑 Medline Industries, Northfield, Ill.-based medical supplies firm, set IPO terms to 179m shares at $26-$30. It would have a $37.3b fully diluted value, were it to price in the middle, and nearly half the $5b offering is already spoken for by Capital Group, Counterpoint Global, Durable Capital Partners, GIC, Janus Henderson, Viking Global, and WCM Investment Management.

• Medline reports $655 million of net income on $13.53 billion in revenue for the first half of 2025, versus $587 million on $12.34 billion in the year-earlier period. Shareholders include Blackstone, Carlyle, and Hellman & Friedman.

• AfterNext Acquisition I, an APAC fintech SPAC, filed for a $100m IPO. axios.link/4aF88kr

• Andersen Group, an SF-based tax advisory formed by former Arthur Andersen partners, set IPO terms to 11m shares at $14-$16. It would have a $1.7b fully diluted valuation, were it to price in the middle, and plans to list on the NYSE (ANDG). axios.link/44e1HAS

• EquipmentShare, a Columbia, Md.-based construction equipment rental company that's raised over $500m, filed for an IPO. It plans to list on the Nasdsaq (EQPT) and reports a $25m net loss on $2.8b in revenue for the first nine months of 2025. Shareholders include Insight Partners, BDT & MSD Partners, and Romulus Capital. axios.link/48rMOxl

• Future Money Acquisition, a SPAC led by Siyu Li (FutureMoney Group), filed for a $100m IPO. axios.link/48pLiff

• HashKey, a Hong Kong-based crypto exchange, plans to raise up to $215m in its local IPO. Backers include Gaorong Capital and OKX Ventures. axios.link/4oHpyjE

🚑 Helix Acquisition III, a health-care SPAC formed by Cormorant Asset Management, filed for a $125m IPO. axios.link/48YkBOT

🚑 Bain Capital is weighing the sale of Tanabe Pharma's non-Japan assets, which could fetch $400m-$500m, per Bloomberg. axios.link/3KzXDV6

• ContextLogic (fka Wish.com) agreed to acquire US Salt, an evaporated salt products provider, from Emerald Lake Capital Management for $907.5m. axios.link/4oSSOV2

• Main Post Partners sold hunting gear brand KUIU to a group of "conservation-minded families and businesses." axios.link/4aBwETq

🚑 Mirum Pharmaceuticals (Nasdaq: MIRM) agreed to buy Bluejay Therapeutics, San Mateo, Calif., biotech whose lead candidate is focused on chronic hepatitis D. The deal is valued at up to $820m, including $620m upfront in cash and stock, while Bluejay had raised around $240m in VC funding from Arkin Bio Ventures, Frazier Healthcare Ventures, RiverVest Venture Partners, Octagon Capital, Novo Holdings, Wellington Management, T. Rowe Price, RA Capital Management, and Yonjin Venture. axios.link/44CGXDh

⚡ NextEra Energy (NYSE: NEE) agreed to buy natural gas retail platform Symmetry Energy Solutions from Energy Capital Partners. axios.link/4pXozgy

• School Specialty acquired Nasco Education, a Fort Atkinson, Wis.-based instructional materials company. School Specialty backers include Cerberus Capital Management, Lantern Asset Management, Leggett Ventures, and TCW Group. axios.link/3YgAABI

• Boeing (NYSE: BA) completed its $4.7b acquisition of Spirit AeroSystems, a plane parts maker it spun out two decades ago. axios.link/4iGknPI

• Enterprise Holdings, a St. Louis-based car holding company, acquired local commercial transport services provider Hogan. axios.link/4pyAfGQ

• Harbor IT, an NYC-based managed IT services provider, acquired ZAG Technical Services, a San Jose, Calif.-based cybersecurity services company. axios.link/48UYs41

• Tiger Global is raising $2.2b for its latest venture fund, per CNBC. axios.link/4pBoVJR

• TPG Credit raised $6.2b for its third fund. axios.link/48FRLBx

• Goldman Sachs named Satoshi Yamagata and Masateru Takechi as co-heads in of Japan M&A. axios.link/48VMze9

⚡ Christopher Heasley joined Latham & Watkins as a Houston-based partner in the law firm's M&A and private equity practice. He previously was with Kirkland & Ellis. axios.link/3Yd3ZN4

• Tom Johnson joined comms firm FGS Global as global head of private capital and financial services. He previously was CEO of H/Advisors Abernathy. axios.link/4rSNTpN

• Ronnie Wiessbrod joined Trousdale Ventures as chief investment officer. He previously was chief strategy officer at the Milken Family Office. axios.link/4pwNjwm

PepsiCo yesterday announced that it will trim its product portfolio by 20%, as part of an agreement with activist investor Elliott Investment Management, which earlier this year built around a $4 billion stake in the snack and soft drink maker.

• Some of this likely will be achieved by divestitures, although no specifics were disclosed.
• PepsiCo also said to expect layoffs as part of cost-reduction plans.