Back in the home office, and beginning to empty out the notebook...

🎬 Film fallout: I met with some Hollywood bigs in LA, who told me that Paramount beating out Netflix for Warner Bros Discovery was the best of a bad situation.

• One argued that Paramount may have eventually failed without the tie-up, meaning that a Netflix win would have collapsed three media groups into one, instead of three into two.
• Maybe Paramount would have pivoted to Lionsgate, but that would have been a relatively small consolation prize.
• When I asked Peter Chernin about it during our "BFD Talks" event on Sunday, he said: "On an overarching basis, consolidation's not great ... But there are, in their current forms, two subscale companies. I think they will both find it difficult to compete. And to the degree that [David] Ellison can combine them effectively, add additional capital to it and grow them, that would be good for the media business."

🚑 New firm alert: Matt Holt, former president of private equity at New Mountain Capital, is said to be forming a new health care-focused firm.

• Mostly buyouts, but also some continuation vehicles.
• You might recall that Holt and NMC parted on tough terms, after Holt unsuccessfully tried to buy five of the firm's health-tech companies for around $32 billion.

🤦🏻‍♂️ Coming attractions: Sen. Ed Markey (D-Mass.) stopped by a dinner Axios hosted on Sunday night in LA, focused on the intersection of AI and investment.

• I asked Markey what Democrats would do differently than Trump/GOP on AI policy were they to assume power.
• His reply was that Democrats would hold hearings, harkening back to telecom deregulation debates in the 1990s. That's it. Hearings. So very bold...

💼 Trading places: Ash Spiegelberg is leaving Brunswick Group, the comms firm where he was global co-head of TMT, in order to join Disruptive as chief strategy officer.

• Disruptive is the private tech investment firm led by Alex Davis, which now has around $10 billion in assets under advisement.

💰 Debt dish: PE sponsors say that the private credit "crisis" has had a minimal, albeit noticeable, impact on new loan availability and terms.

• Several expressed concern that private credit will be inflexible on renegotiations, particularly for software companies, unlike the "amend-and-extend" strategy employed by broadly syndicated lenders after the GFC (to be clear, no one suggested this "crisis" is on the scale of that one).
• Golub Capital president David Golub, however, argued on stage that private credit is likely to be more accommodating since it's a single point of renegotiation.

Sweden Ballistics, a Swedish defense-tech startup focused on TNT production, raised €30 million from domestic family offices and individuals like Karl Engelbrektson (Sweden's former army chief) and Thomas von Koch (ex-CEO of EQT).

Why it's the BFD: Europe is short on munitions, in part due to the Russia-Ukraine war, and is seeking to reduce its dependency on foreign supplies.

• It's not too dissimilar to what we're now seeing in the U.S. and, perhaps soon, the GCC.

Zoom in: Sweden Ballistics, known as SWEBEL, has secured construction approvals for a facility that's slated to begin full-scale production in 2028.

The bottom line: "Energetics are a serious chokepoint, and one that does not get enough play in the press." — Colin Demarest, Axios

• Kalshi, a predictions marketplace, raised $1b in Series F funding at a $22b valuation. Coatue led, joined by a16z, Sequoia Capital, IVP, Paradigm, Morgan Stanley, and ARK Invest. Go deeper.

🚑 Anagram Therapeutics, a Natick, Mass.-based biotech focused on pancreatic insufficiency, raised $250m from Blackstone. axios.link/48NqIFv

• Corgi, an SF-based insurer for startups, raised $160m in Series B funding at a $1.3b valuation. TCV led, joined by Oliver Jung, Leblon Capital, Kindred Ventures, Repeat VC, Zone 2 Ventures, Audeo Ventures, Quadri Ventures, First Order Fund, Vocal Ventures, Maiora Ventures, Nordstar, Seven Stars Ventures, Hexa Capital, Alpha Square Group, GSBackers, OurCrowd, Alumni Ventures, and Global Growth Fund. axios.link/42Xk2ks

• Quantum Motion, a U.K. developer of silicon-based quantum computing, raised $160m in Series C funding. DCVC and Kembara led, joined by Bosch, British Business Bank, and Firgun Ventures. axios.link/3OLDuO0

• Tessera Labs, a San Jose, Calif.-based ERP modernization platform, raised $60m. A16z led, joined by Foundation Capital, Myriad Venture Partners, and Osage University Partners. axios.link/4uxXjr0

🚑 Kanvas Biosciences, a Princeton, N.J.-based developer of precision microbiome therapeutics, raised $48m in Series A funding. DCVC and Lions Capital led, joined by Gates Foundation, ATHOS KG, Germin8, Ki Tua Fund, and Pangaea Ventures. axios.link/4tVKp6l

🚑 LTZ Therapeutics, a Redwood City, Calif.-based immunotherapy biotech, raised $38m led by GL Ventures. axios.link/48HQUkL

• Nova Intelligence, an AI platform for SAP development and migration, raised $31m. Chemistry led, joined by Accel, Conviction, and SAP.io. axios.link/49lZO7J

• Vori, an SF-based operating system for grocery stores, raised $22m in Series B funding. Cherryrock Capital led, joined by Greylock and The Factory. axios.link/3P31vjG

🚀 Scout Space, a Reston, Va.-based provider of space domain awareness sensors and software, raised $18m in Series A funding led by Washington Harbour Partners. axios.link/4d9eEzo

• OpenTrade, a stablecoin yield infrastructure platform, raised $17m. Mercury Fund and Notion Capital led, joined by a16z Crypto, AlbionVC, and CMCC Global. axios.link/4usZOuF

• Pit, a Stockholm-based enterprise ops platform, raised $16m. A16z led, joined by Lakestar. axios.link/48Mr3YY

• SageOx, a Seattle-based "hivemind" for human-agent teams, raised $15m in seed funding. Canaan Partners led, joined by A.Capital, Pioneer Square Labs, and Founders' Co-op. axios.link/4ewVTIP

• OpsMill, a French infrastructure data management startup, raised $14m in Series A funding, per Axios Pro. Iris led, joined by BGV, Serena, and Partech. axios.link/4tEPBLb

• Mosh, an LA-based nutrition brand cofounded by Maria Shriver and Patrick Schwarzenegger, raised $13m in Series A funding. Main Street Advisors led, joined by Great Circle Ventures, PCG, and Tonic Ventures. axios.link/42o6w9t

🚑 Parcel Bio, an SF-based developer of mRNA medicines, raised $13m in seed funding. Breyer Capital led, joined by General Catalyst, YC, Metaplanet, SurgePoint Capital, and ZAKA VC. axios.link/4tQeeFo

• Tekst, a Belgian process intelligence startup, raised $11.5m in Series A funding led by Elephant. axios.link/42lfh45

🚑 Signadori Bio, a French immunotherapy startup, raised €11.1m in seed funding from Taiho Ventures and insiders Sofinnova Partners and Invivo Partners. axios.link/3Psxl9w

• Codewords, a London-based AI automation platform, raised $9m in seed funding. Visionaries led, joined by Firstminute Capital, Sequel, and Illusian. axios.link/3QTtz9I

• Gymkhana Fine Foods, an Indian sauce and marinade brand, raised $8.5m led by Cavu Consumer Partners. axios.link/4tp2ysi

🚑 Modicus Prime, an Austin, Texas-based pharma compliance platform, raised $8m. Frist Cressey Ventures led, joined by Silverton Partners and Oncology Ventures. axios.link/4ufaY6V

• Kohort, a London-based developer of user acquisition agents for gaming, raised $7m in Series A funding led by The Raine Group. axios.link/4diRE1k

🚑 Rosarium Health, a Denver-based startup enabling aging at home, raised $6m in seed funding. Kalos Ventures led, joined by ResilienceVC, Rock Health Capital, Symphonic Capital, American Family Insurance Institute for Corporate and Social Impact, Black Tech Nations Ventures, and The Council. axios.link/42Sl41b

• InstaSwitch, an NYC-based provider of bank account activation infrastructure, raised a $4.7m seed led by Chicago Ventures. axios.link/3PbDo25

• Boost Security, a Montreal-based software development firm, raised $4m from White Star Capital, Amiral Ventures, Accelia Capital, and Sorensen Capital. axios.link/4ufb0f3

• Astrada, an SF-based data layer for autonomous finance, raised $3.8m in seed funding from Bain Capital Ventures, QED Investors, Nyca Partners, Mastercard, and Visa. axios.link/4wfI5su

🚑 Amulet Capital Partners acquired TFP Fertility Group, a U.K. fertility care provider, from Benefit Street Partners. axios.link/3QQbmtH

🚑 CareTria, backed by Frazier Healthcare Partners, acquired CaryHealth, a Washington, D.C.-based digital pharmacy. axios.link/3QQ8ehr

⚡ Carlyle and Diversified Energy Co. agreed to acquire certain oil and natural gas properties in the Anadarko Basin of Oklahoma from Camino Natural Resources, a portfolio company of NGP and Pearl Energy Investments, for approximately $1.2b. axios.link/3QKVo45

• Colorado Premium, a portfolio company of Kainos Capital, acquired Old Hickory Smokehouse, a Lewisburg, Tenn.-based smoked meats maker. axios.link/3R68Qzp

• Greater Sum Ventures acquired Tapin2, a Pasadena, Calif.-based provider of self-service, suite catering and mobile ordering technology for sports and entertainment venues. axios.link/48LrRNG

• Infinite, a PR firm backed by ParkSouth Ventures, acquired Dukas Linden Public Relations. axios.link/4eR7Ysz

🚑 Med Tech Solutions, a portfolio company of Silversmith Capital Partners, acquired Avarion, a Dunmore, Pa.-based advisory for hospitals, health systems and care networks. axios.link/4uyUJRN

• Montage Partners invested in Lighten Up, an LA-based lighting design and technical production company. axios.link/4d9oUrI

• NextPoint Group, a Godspeed Capital portfolio company, acquired UScontracting, an Odenton, Md.-based provider of cybersecurity and other software for the intelligence community. axios.link/4trxSXj

• HawkEye 360, a Herndon, Va.-based radio signals intelligence company, raised $416m in its IPO. It priced at the high end of its $24-$26 range, giving it a $2.42b market cap, and will list on the NYSE (HAWK). The company had raised around $580m from firms like Insight Partners, NightDragon, GIC, and Razor's Edge Ventures. axios.link/49cn8Vj

• Suja Life, a better-for-you juice maker owned by Paine Schwartz Partners, raised $187m in an IPO that priced at the bottom of its $21-$24 range. It reports a $23m net loss on $327m in revenue for fiscal 2025, and will list on the Nasdaq (SUJA). axios.link/4d89MMb

• Aircall, an SF-based cloud phone systems provider valued by VCs at $1b in 2022, acquired Vogent, an AI voice agent company backed by XG Ventures, Global Founders Capital and Soma Capital. axios.link/4decFKs

• Bel Group, the French maker of Babybel cheese, acquired Ingenuity Foods, a Burlingame, Calif.-based maker of better-for-you kids' food whose backers included Lux Capital and Lerer Hippeau. axios.link/4f80qBz

• Optro, an LA risk and compliance platform valued by VCs at $3b, acquired Midship, an SF-based compliance automation startup backed by YC, Costanova Ventures, and Seguin Ventures. axios.link/4wcKYtY

🚑 Pine Tree Equity is seeking to sell Altior Healthcare, an LA-based residential behavioral health treatment provider, per Axios Pro. axios.link/4esCqca

⚡ Nordic Infrastructure and Polhem Infra are weighing a sale of Stockholm-based Solar Bioenergi, which could fetch around €4b, per Bloomberg. axios.link/4uyR5XR

• Snow Peak Capital sold Dalco-GFT Nonwovens, a Conover, N.C.-based manufacturer of needle-punched nonwoven specialty fabrics, to India's Arvind Advanced Materials. axios.link/4f7zmlX

🎵 Sony Music and GIC are in talks to buy Recognition Music Group from Blackstone for up to $4b, per Bloomberg. RMG owns over 45,000 songs, including the catalogs of Justin Bieber and Neil Young. axios.link/4uCLzDS

⚡ Western Midstream Partners (NYSE: WES) agreed to acquire Brazos Delaware II, focused on the Permian Basin, from Morgan Stanley Infrastructure Partners for $1.6b in cash and stock. axios.link/4d7PMrV

• Aprio, an Atlanta-based business advisory and accounting firm, agreed to acquire Price Kong, a Phoenix-based advisory with cannabis experience. axios.link/3P0s5Kd

🚑 Angelini Pharma of Atlanta agreed to acquire Catalyst Pharma (Nasdaq: CPRX), a Coral Gables, Fla.-based rare disease biotech, for around $4.1b, or $31.50 per share. axios.link/42SrZHE

• Kraken, valued by VCs at $20b, agreed to acquire Reap, a Hong Kong-based-focused provider of stablecoin-enabled cross-border payments, for $600m. axios.link/4ez6nY3

🚑 Roche (Swiss: ROP) agreed to buy PathAI, a Boston-based digital pathology company, for $1.05b. PathAI had raised over $250m from D1 Capital Partners, Kaiser Permanente, General Atlantic, LabCorp, Bristol-Myers Squibb, and Merck. axios.link/496Bc2X

• Shippeo, a VC-backed transportation and logistics firm, acquired Logward, a German supply chain startup. axios.link/4nbYQk8

• African Development Bank secured $300m for a pan-African infrastructure fund that is targeting a total of $400m. axios.link/4nhFvht

• Blue Owl is prepping a private credit secondaries fund, per Bloomberg. axios.link/4tvvAqk

• Corbin Capital Partners raised $342m for a litigation finance fund. axios.link/4nivOPZ

• Global Millennial Capital raised a $100m fund for pre-IPO midcap companies. axios.link/4nePRyw

• Refactor Capital, a Silicon Valley venture firm, raised $50m for its fifth fund. refactor.com

• Wisdom Ventures, a VC firm focused on "tech-enabled wellbeing," raised $77.7m for its second fund. wisdom.ventures

• Mona Dajani joined law firm Cooley as global co-head of infrastructure, energy, and real estate. She previously was with Baker Botts. axios.link/4neT80Z

• Philip Gunn joined L Squared Capital Partners as an operating executive. He previously led biz dev for Raptor Scientific. axios.link/4wlSqDs

• IVP promoted Shravan Narayen to general partner. axios.link/4daYvto

• Kainos Capital promoted Cate Mason to director of IR. axios.link/4wasGJT

• Runway Growth Capital promoted Avisha Khubani to chief credit officer and hired JD Tamas (ex-SWK Holdings) as a managing director focused on health care and life sciences. axios.link/4eyaoMu

• Umesh Subramanian agreed to join Motive Partners as a partner. He previously was Citadel's chief technology officer. axios.link/4uyxjfo

🚑 Timothy Walbert, managing partner of HRZN Partners and a senior advisor to Amgen, joined Patient Square Capital as a senior advisor. axios.link/4tWlhwn

• Stifel hired Bret Turner and Sayoji Goli, both previously with First Citizens, to launch a project finance platform. axios.link/4uxqg6s

If the U.S. stock market is now largely an AI boom bet, then South Korea's stock market is a turbocharged version, Axios' Jeff Cane writes.