Venture capital's propensity for backing white, male founders is about to get quantified, on a firm-by-firm basis.

Driving the news: California Gov. Gavin Newsom on Saturday signed into a law a bill that will require covered VC firms to annually report on founder diversity demographics for companies in which they invest, beginning in 2025.

• It applies to the vast majority of U.S. venture firms, including those not headquartered in California.
• That's because covered firms include those whose portfolio companies are based in, or have significant operations in the state, plus firms that solicit or receive fund commitments from California residents.

Details: Firms will be required to annually survey their founders, who are allowed to opt-out without recrimination, on their gender identity, race, ethnicity, disability status and veteran status.

• Such information will be submitted to a state agency, which then will publish it in a searchable online database.
• Firms that do not submit survey data could be fined and undisclosed amount.
• Newsom issued a signing statement that could result in some changes, including around "unrealistic timelines" and how the program will be implemented and funded.

The big picture: The VC industry has been talking about the issue of "underrepresented founders" for more than a decade, but most of its actions have been at the margins.

• This bill doesn't include mandates or quotas around investment decisions — instead opting for a naming and shaming approach.
• "Sunshine sometimes works to change behavior," says state Sen. Nancy Skinner, the bill's lead sponsor. "I'm chair of the Women's Caucus, and have heard from lots of women founders about how they don't even believe they can get a meeting at a VC fund, let alone an investment. There's so much economic and innovation opportunity being lost."

In the weeds: Some VC firms could easily juke the stats, since the reporting will be done via percentages of founders rather than percentages of dollars.

• For example, a billion dollar fund could give two underrepresented founders checks of $50k each, and then a white, male founder a check for $50 million. Per the bill, it would look like that firm backs underrepresented founders two-thirds of the time.

The bottom line: Expect many VC firms to quietly grumble over the added costs, and complaints from some founders about being asked intrusive questions. But, as ICA Fund's Allison Kelly explains: "The first step to addressing inequities is to measure them. You cannot address shortcomings or make progress if you don't have data on your starting points."

General Catalyst disclosed that it plans to acquire a health care system. It didn't identify the target, but said it will be led by Marc Harrison, the former CEO of Intermountain Healthcare, who joined the venture capital firm 14 months ago.

Why it's the BFD: Venture capital firms almost never buy majority stakes in mature businesses, let alone entire health systems. And, to be clear, General Catalyst has been a pure-play VC firm since its founding 23 years ago, not creeping into private equity like some of its peers.

Details: General Catalyst said the purchase would be made via a new, wholly owned company called Health Assurance Transformation Corp. (HATCo), which also will work with existing GC portfolio companies and the firm's health system partners. No financial details were disclosed.

The bottom line: "General Catalyst already has a network of 20 health systems across 43 states and four countries that trials and provides feedback on technology developed by its portfolio companies, but the firm is now angling for more control over a health system's operations through direct ownership. It's a novel move from a VC firm, but the step was necessary to test new products without the risk aversion or cash shortfall typical of providers today, according to Harrison." — Rebecca Pifer, Healthcare Dive

• Saronic, an Austin, Texas-based developer of autonomous ships, raised $55m in Series A funding. Caffeinated Capital led, and was joined by 8VC, Andreessen Horowitz, Lightspeed Venture Partners, Point72 Ventures, Silent Ventures, Overmatch Ventures, Ensemble VC, Cubit Capital and the U.S. Innovative Technology Fund. https://axios.link/3tpKEMC

• Gutsy, a Baton Rouge, La.-based security governance startup focused on process mining, raised $51m in seed funding co-led by YL Ventures and Mayfield. https://axios.link/3RS6qD2

🚑 AstronauTx, a London-based biotech focused on Alzheimer's and other neurodegenerative diseases, raised £48m. Novartis Venture Fund led, and was joined by Bristol Myers Squibb, Brandon Capital, EQT Life, MPM Capital and the Dementia Discovery Fund. https://axios.link/3F9LZtD

• ScyllaDB, a Palo Alto-based bid data database startup, raised $43m. Eight Roads Ventures led, and was joined by AB Private Credit Investors, AllianceBernstein, TLV Partners, Magma Ventures and Qualcomm Ventures. https://axios.link/3rM3rkS

🚑 LimmaTech, a Swiss vaccine developer, raised $37m in Series A funding co-led by Adjuvant Capital, AXA IM Alts and Novo Holdings. www.lmtbio.com

• TileDB, a Cambridge, Mass.-based data management startup, raised $34m in Series B finding. AlleyCorp led, and was joined by Two Bear Capital, Nexus Venture Partners, Big Pi Ventures, Intel Capital, Uncorrelated, Lockheed Martin Ventures, Amgen Ventures, NTT Docomo Ventures, Verizon Ventures, S Ventures, LDV Partners and Scale Asia Ventures. www.tiledb.com

• SuperOps.ai, a New York-based IT management SaaS startup, raised $12.4m in Series B funding. Addition and March Capital co-led, and were joined by Matrix Partners. www.superops.ai

• Onsurity, an Indian SME insurer, raised $24m in Series B funding. IFC led, and was joined by insiders Nexus Venture Partners and Quona Capital. https://axios.link/3Q5pb4t

🚑 Commons Clinic, a values-based health system specializing in spine, orthopedics, and pain management, raised $19.5m in Series A funding. RA Capital Management led, and was joined by Time BioVentures and insiders Floating Point and Courtside Ventures. https://axios.link/3Q9hOZL

🚑 Lottie, a British elder care home marketplace, raised £16.35 million in Series A funding. Accel led, and was joined by General Catalyst. https://axios.link/3LVzTbj

• Modal Labs, a cloud-based infrastructure platform, raised $16m. Redpoint Ventures led, and was joined by Amplify Partners, Lux Capital, Definition Capital. www.modal.com

• Harbour, a contract management startup, raised $15m in Series A funding from Scribble Ventures, The Palmer Co. and Getty Images co-founder Jonathan Klein. https://axios.link/3F9Gzib

• Thread, a Grand Forks, N.D.-based inspection robotics platform for utilities, raised $15m in Series A funding. Badlands Capital led, and was joined by Minnkota Power Cooperative, Generational Partners, Rosecliff Ventures, Excell Partners, Homegrown Capital and Wonder Fund North Dakota. https://axios.link/48Jq4qP

• Orus, a French professional insuretech startup, raised €11m in Series A funding. Notion Capital and VE Ventures/Redstone, and were joined by Frst, Partech and Portage. https://axios.link/3twc0k6

• Acceldata, a San Jose, Calif.-based data observability platform, raised $10m in Series C extension funding from Prosperty7 Ventures. www.acceldata.io

• Pow.Bio, a Berkeley, Calif.-based developer of continuous fermentation technologies, raised $9.5m in Series A funding. ReFood and Thia Ventures co-led, and were joined by Hitachi Ventures and insiders Possible Ventures, XFactor Ventures, Bee Partners, iSelect, Climate Capital, Vectors Angel, Better Ventures and Cantos. www.pow.bio

• Plenful, an SF-based provider of health care workflow automation tools, raised $9m led by Bessemer Venture Partners. https://axios.link/45k8aIl

• Vellum Insurance, a data and analytics platform for the insurance and reinsurance industries, raised $7m in seed funding, per Axios Pro. Acrew Capital led, and was joined by Flourish Ventures, Fin Capital, Vera Equity, Endurance and 1 Sharpe Ventures. https://axios.link/46uqrnK

🐟 Wanda Fish Technologies, an Israeli developer of cultivated fish filets, raised $7m in seed funding. Aqua-Spark led, and was joined by insiders Kitchen Hub, Peregrine Ventures, Pico Venture Partners, MoreVC and CPT Capital. https://axios.link/3rMklzR

• Class Companion, an SF-based communications platform for teachers and students, raised $4m in seed funding. Index Ventures led, and was joined by OpenAI Startup Fund. www.classcompanion.com

• Zest Equity, a UAE-based digital platform for "democratizing" private markets, raised $3.8m in seed funding. Middle East Venture Partners led, and was joined by DASH Ventures and DFDF. https://axios.link/3LTR78U

• Goodhood, a subscription-based service for car maintenance, raised $2.6m in seed funding. Bullish led, and was joined by Mucker Capital and Okapi Capital. www.goodhood.auto

• Komment, a Munich-based software documentation startup, raised $1m in pre-seed funding from backers like Craft Ventures. www.komment.ai

• Virgio, an Indian fast-fashion platform that last year raised $37m in Series A funding, had shut down. Backers included Prosus Ventures, Alpha Wave and Accel. https://axios.link/3tqOc1e

• Abu Dhabi Investment Authority invested $597m for an additional 0.6% stake in India's Reliance Retail Ventures. https://axios.link/48Oq7Sm

• Adenia Partners acquired a majority stake in Enfin, a South African solar financing company. www.enfin.dev

• Apax Partners completed its $700m purchase of Bazooka Candy Brands from Madison Dearborn Partners and Michael Eisner's Tornante Co.

• Apollo Global Management and JB Capital are working on a joint bid for Vodafone's (LSE: VOD) Spanish unit, per Expansion. https://axios.link/3Q82uN9

• Ara Partners acquired German magnetic materials maker Vacuumschmelze from Apollo Global Management. https://axios.link/48NT0xG

• BharCap Partners acquired ARMstrong, an Itasca, Ill.-based insurance and commercial B2B receivable management firm. www.armsrm.com

🚑 Bonaccord Capital Partners acquired a passive minority stake in Revelstoke Capital Partners, a Denver-based health care PE firm with $5.6b in AUM. www.revelstokecp.com

• Huron Capital acquired RK Electric, a Fremont, Calif.-based electrical contractor. www.rkelectric.com

• Stone Point is in talks to buy the insurance brokerage unit of Truist Financial (NYSE: TFC) for around $10b, per Semafor. https://axios.link/3F8RVDh

🚑 SurgNet, a Brentwood, Tenn.-based ambulatory surgery center operator, launched with equity funding from Fulcrum Equity Partners, Leavitt Equity Partners and Harpeth Capital. www.surgnethealthpartners.com

• Bain Capital postponed IPO plans for Virgin Australia Airlines, per Bloomberg. https://axios.link/46JTCm6

⚡ GameChange Solar, a Norwalk, Conn.-based maker of tilt and tracker solar racking systems, filed confidential IPO paperwork, per Bloomberg. The company raised $150m in late 2021 from Koch Disruptive Technologies. https://axios.link/46yoTIS

• Colombier Acquisition II, a SPAC led by Omeed Malik, filed for a $130m IPO. The first Colombier fund acquired PublicSq, an online marketplace for companies in what it calls "the patriot economy."

• AMD (Nasdaq: AMD) agreed to buy Nod.ai, a Santa Clara, Calif.-based AI software startup that raised $36m from firms like WRV Capital. https://axios.link/3F8EN0O

🚑 Bristol Myers Squibb (NYSE: BMY) agreed to buy San Diego-based cancer drugmaker Mirati Therapeutics (Nasdaq: MRTX) for up to $5.8b, just days after Bloomberg reported that Sanofi was considering an offer. https://axios.link/3rMlg3h

• Citigroup (NYSE: C) agreed to sell its China consumer wealth portfolio to HSBC (NYSE: HSBC). https://axios.link/45sqFtY

• The Nolet Group, the Dutch maker of Ketel One vodka, is backing a €269.5m management buyout bid for Dutch gin and spirits maker Lucas Bols (AS: BOLS). https://axios.link/3RSoqgv

• PGT Innovations (NYSE: PGTI), a Florida-based door and window maker, rejected a $1.9b takeover bid from Miter Brands, a Fife, Wash.-based rival backed by Koch Industries, per Reuters. https://axios.link/46FN4VR

• Schaeffler (DE: SHA) reportedly will launch a tender offer for German powertrain provider Vitesco (DE: VTSC) at a €3.64b valuation. https://axios.link/3Mh6pVJ

⚡ Uniper (DE: UN01) hired Rothschild to find a buyer for its German district hearing business, which could fetch between €300m and €400m, per Handelsblatt. https://axios.link/3POFIZp

• Warburg Pincus raised $17.3b for its 14th global flagship fund. www.warburgpincus.com

• AEA Investors raised $1.3b for its fifth small-cap private equity fund. www.aeainvestors.com

• Appian Capital Advisory, a London-based PE firm focused on the mining sector, raised $2b for its third fund. https://axios.link/3Q8FMo5

• Grand Ventures, a Grand Rapids, Mich.-based early-stage firm, raised $50m for its second fund. https://axios.link/3ZKvii1

🚑 Mark Braganza (ex-Sun European Partners) and Maarten de Jong (Moelis & Co.) and joined EQT as health care-focused partners. https://axios.link/3twcO8C

• Sarah Faulkner joined ICG as chief operating officer. She previously was with Goldman Sachs. www.icgam.com

• Tobías Martínez, former CEO of Cellnex Telecom, joined Antin Infrastructure as a senior advisor. www.antin-ip.com

• Andrew Symons stepped down as a managing director at General Atlantic to become head of capital formation at Ancient LP, an investment firm formed by Alexander Klabin. https://axios.link/3ROakNd

• Aaron Matto joined TPG Growth as a business unit partner focused on software and enterprise tech. He previously was with True Wind https://axios.link/46oRAZ9

• Christine McClure joined One Rock Capital Partners as an operating partner. She previously was CFO for the Americas at Unispace. www.onerock.com

• Kahina Van Dyke joined Advent International as an operating partner. She previously was global head of digital channels and data analytics at Standard Chartered Bank. www.adventinternational.com

Employment levels in food services and bars is finally above February 2020 levels, but remains below pre-pandemic trends, Axios' Emily Peck writes.

• Were it not for the pandemic, employment would be more than 1 million higher, says ZipRecruiter chief economist Julia Pollak.

Go deeper on Thursday at 11:55am ET, when I interview Ron Shaich at Axios BFD. He's the founder and former CEO of Panera, chair of CAVA and founder of Act III Holdings, whose portfolio companies include Tatte Bakery & Café.