Arya Bolurfrushan is founder of an AI startup that's raised over $60 million from brand-name investors.

• He's also a crook.

Driving the news: Federal prosecutors this week unsealed documents showing that Bolurfrushan secretly pleaded guilty in June 2025 to participating in a large insider trading scheme tied to mergers and acquisitions.

• The DOJ charges were conspiracy to commit securities fraud, and prosecutors recommend two years in jail and nearly $1 million in forfeitures.
• There's also an associated SEC case, filed more recently.

Zoom in: Per the unsealed complaint, Bolurfrushan traded on tips passed to him by a deal attorney — including Sixth Street's $5.1 billion deal for insurer Enstar.

• That lawyer also has been charged, alongside dozens of others (several of whom also secretly pleaded guilty).

Catch up quick: Bolurfrushan, a onetime Goldman Sachs banker, is founder and CEO of AppliedAI (dba Opus), an Abu Dhabi-based startup that helps automate regulated business processes.

• The company was founded five years ago and last July announced $55 million from firms like Group 42, Bessemer Venture Partners, McKinsey & Co., and Palantir.
• I'm told that the announcement encompassed some previous seed funding from firms like Bessemer, which didn't participate in the Series A and doesn't have information rights. But it's notable that the announcement came after Bolurfrushan pleaded guilty.
• AppliedAI then raised additional funding from Mubadala and Arbor Ventures, neither of which responded to requests for comment.
• The company in May announced a strategic partnership with McKinsey & Co., and one just days ago with Ernst & Young.
• Bolurfrushan was quoted in all the releases, and has been promoting them on his LinkedIn.

The big question is if Bolurfrushan kept his guilty plea secret from his company's investors and partners. And, if so, what happens next.

• AppliedAI hasn't made any announcement about removing Bolurfrushan as CEO, nor did it return a request for comment.
• There's also an ethics question for DOJ, which apparently allowed Bolurfrushan to continue soliciting investors despite knowing he had admitted to insider trading.

The bottom line: Sealed documents seem to have gotten the best of due diligence, and now lots of reputable firms are scrambling for solutions.

UniCredit of Italy has increased its stake in German lender Commerzbank to 47.6% of outstanding shares and 49.65% of voting shares, after securing 17.6% via a tender offer.

Why it's the BFD: This gives UniCredit de facto control of Commerzbank's shareholder meetings, ahead of what would be Europe's biggest bank merger in nearly two decades.

The bottom line: This could set up a battle between Germany's government and European Central Bank.

• Germany owns 12% of Commerzbank, and has vocally opposed the deal (alongside company management and labor unions). But the ECB has been pushing for cross-border bank consolidation, and technically has the final say.

🚀 Blue Origin, the rocket company founded by Jeff Bezos, reportedly is raising $10b at a $130b valuation led by Coatue. This would be its first outside funding round. axios.link/4f3CAVQ

• SambaNova, a San Jose, Calif.-based AI chipmaker, held a first close on what it plans to be a $1b Series F round at an $11b post-money valuation. General Atlantic led, joined by Seligman Ventures, T. Rowe Price Associates, Capital Group, A&E Investment, Assam Ventures, Battery Ventures, BlackRock, Cambium Capital, Intel Capital, Kabila Capital, QFO Capital, QIA, Vista Equity Partners, and Volantis. axios.link/4fsPnSj

• EDX Markets, an institutional crypto trading platform, raised $76m in Series C funding led by SBI Holdings. axios.link/4p7BMUF

🚑 Pearl Health, a Medicare-focused health tech company, raised $50m in Series C funding, per Axios Pro. A16z led, joined by Viking Global Investors, AlleyCorp and Ulysses Capital. It also secured a $60m credit facility led by Trinity Capital. axios.link/4eZUwlP

• Arkenstone Defense, a Menlo Park, Calif.-based federal contracts-as-a-service startup, raised $35m in seed funding. J2 Ventures led, joined by Susa Ventures, Granite Hill Capital Partners, and Artis Ventures. axios.link/4aAIzQU

• Velocity, an Israeli startup placing ads in AI applications, raised $27m in seed funding, per Axios Pro. NFX and Red Dot Capital Partners led, joined by Stardom Ventures, Corner Ventures, and Transcend. axios.link/3Tn4q8o

• Alta, an Israeli developer of GTM architecture for revenue teams, raised $25m in Series A funding. IN Venture led, joined by Mindset Ventures, Skywell Capital, LeumiTech77, Entrée Capital, Target Global, and Verissimo Ventures. axios.link/3SOV9Wx

• Fleek, a U.K. secondhand fashion marketplace, raised $25m in Series B funding. Burda Principal Investments led, joined by eBay, FJ Labs, H14 and insiders a16z, HV Capital, and YC. axios.link/4wC5VhD

• Tangos AI, an Israeli financial crime investigations platform, raised $20m in seed funding. Red Dot Capital Partners led, joined by Leaders Fund, Clarim, Venture Israel, Signal Fire, Clutch Capital, Selah Ventures, and Bright Data. axios.link/4wq4vX7

🚑 Handspring Health, a Jersey City, N.J.-based virtual mental health company, raised $19m in Series B funding. RPS Ventures led, joined by Angelini Venture. axios.link/3TmaMou

• Hakimo, a Menlo Park-based AI video monitoring startup, raised $12m in Series A2 funding, per Axios Pro. Zigg Capital led, joined by Neotribe Ventures, Vertex Ventures, Defy.vc, and Rocketship.vc. axios.link/4aBSPbC

• Polysense, a Belgian quality control platform for food manufacturers, raised $10.7m in seed funding. Felix Capital led, joined by Fortino Ventures, Syndicate One, and 100IN. axios.link/4y9MGNH

• Emesent, an Australian autonomous mapping and robotics company, raised US$10m from Main Sequence, QIC Ventures, Orion Resource Partners, Hostplus, and NGS Super. It also secured $7m in venture debt. axios.link/4wtYPeN

• Kord, a U.K. client onboarding and compliance platform, raised £6.4m in Series A funding. Guinness Ventures led, joined by Beringea and SFC Capital. axios.link/44WLqjz

• One Raven, a Phoenix-based maker of smart home systems, raised $5m in seed funding led by Fifth Wall. axios.link/4eY0ja4

🌍 Aardaia, a Dutch developer of new crop varieties from wild plants, raised €5m in seed funding. Point Nine led, joined by Astanor and Grey Silo. axios.link/4vUitAU

• Arlington Capital Partners formed a naval services platform called Highwater, via the merger of portfolio company Eptec Defence with new purchase AMP United. axios.link/4wyHQZ1

• Barracuda Networks, backed by KKR, acquired Evo Security, an Austin, Texas-based identity and access management provider that had raised around $15m from TechOperators, MetroSITE Group, Sorenson Capital, Inner Loop Capital, axios.link/4vkWuSG

• CompassMSP, backed by Agellus Capital, acquired Philadelphia-based IT provider The Logic Group. axios.link/3SDVRGd

• Duck Creek Technologies, backed by Vista Equity Partners and CapitalG, acquired Send Technology Solutions, a London-based underwriting orchestration engine that had raised over $10m from firms like Mercia Ventures and Breega. axios.link/4vSz1t9

🚑 EQT agreed to buy Corza Biosurgery, maker of a patch to stop surgical bleeding, from GTCR portfolio company Corza Medical. axios.link/3T97nJH

🚑 Frazier Healthcare Partners agreed to acquire MatrixCare, a Bloomington, Minn.-based provider of EHR software for out-of-hospital care settings, for $490m from Resmed (NYSE: RMD). axios.link/4gsREPu

• I Squared Capital agreed to acquire Milestone Environmental, a Houston-based provider of waste management solutions for the energy and industrial sectors, from SK Capital Partners. axios.link/4bv3vsJ

• Mascarene Partners invested in Reynolds Fence & Guardrail, an Indian Trail, N.C.-based roadway infrastructure services company. axios.link/4gnDEGA

• Principal Industries, a Wynnchurch Capital portfolio company, acquired Genled Brands, an East Rutherford, N.J.-based maker of LED lighting products. axios.link/4f1PpAa

🚑 Real Chemistry, a New Mountain Capital portfolio company, acquired Spurwing Communications, a Singaporean health comms and marketing firm. axios.link/4y5Ibnz

• Recognize acquired a majority stake in Smartlink, an Annapolis, Md.-based services provider to the digital infrastructure industry. axios.link/44VOgoY

• Catalyst Acquisition Corp., a media SPAC led by Steven Beeks (ex-Lionsgate) and Nicolas van Dyk (Nexon, Disney), filed for a $200m IPO. axios.link/4eQVSPJ

• Freedom Metals Acquisition, a critical minerals and mining SPAC, raised $275m in its IPO. axios.link/4eSJ0Jg

• Luxshare, a Chinese maker of Apple AirPods, raised $3.1b in a Hong Kong float. axios.link/4aIdsTv

• Ecolab (NYSE: ECL) completed its $4.75b acquisition of Canadian data-center cooling company CoolIT Systems from KKR. axios.link/4vWuxSi

• Dream Finders Homes (NYSE: DFH) sweetened its takeover offer for rival Beazer Homes (NYSE: BZH) to around $875m, after Beazer rejected a prior offer. axios.link/4wwLMcH

• MasTec (NYSE: MTZ) agreed to acquire The Superior Group, a Columbus, Ohio-based electrical contractor for infrastructure like data centers, for $1.65b in cash and stock. axios.link/4y7TxqW

🚑 MeiraGTx (Nasdaq: MGTX), a developer of gene therapies, raised up to $400m from Oberland Capital. axios.link/4f5N9rO

• Sompo (Tokyo: 8630) agreed to acquire workers' comp insurance firm Service Insurance Cos. axios.link/4f2oQLk

• Telenor (Oslo: TEL) agreed to buy a control stake in Swedish broadband provider Bahnhof (STO: BAHN), which would be valued at around $629m. axios.link/4vRCszZ

• Trimble (Nasdaq: TRMB) hired Goldman Sachs to sell its transportation and logistics unit, which booked $549m in 2025 revenue, per Axios Pro. axios.link/4aF1PN9

• Chemistry, an SF-based VC firm, is raising up to $500m for its second fund, per an SEC filing. axios.link/4wAHh0Q

• Nest, a state-backed U.K. pension plan, has allocated £1bn to venture capital. axios.link/4wrkEeV

• SkyKnight Capital raised $2b for its fifth fund. axios.link/4f1K9fL

• Leahana Grimley joined Dechert as an SF-based partner focused on PE transactions and M&A. She previously was with Kirkland & Ellis. axios.link/4vdPkzh

• Highland Europe promoted Jacob Bernstein to partner. axios.link/3SSB41w

• Scott Levine joined FTV Capital as managing director of strategic biz dev. He previously was with AWS. axios.link/4vZUjFi

• William Blair Investment Management promoted Olga Bitel to chief investment strategist. axios.link/3R4yV29

SpaceX shares yesterday closed below $150, which was the price of its initial post-IPO trades, for the first time.

• It came on the same day that SpaceX stock was added to the Nasdaq 100 and that a bunch of sell-side analysts published bullish reports on the company.