Artificial intelligence is the next great platform shift, promising to disrupt a wide array of legacy industries and practices. One of those might be founder primacy.

Driving the news: Emad Mostaque on Friday stepped down as CEO of Stability AI, a London-based "unicorn" he founded in 2019, to pursue decentralized AI projects.

• This came just days after Inflection AI co-founder and CEO Mustafa Suleyman left to join Microsoft.

The big picture: Two doesn't make a trend — you typically need three for that — but this already feels different than what we saw in the early days of mobile or cloud or even crypto.

• Founders have historically been tethered to their creations, often establishing dual-class stock structures to ensure it.
• And they certainly didn't quit to go join an incumbent. Remember that before Suleyman joined the Bellevue borg, there was the OpenAI saga in which Sam Altman was set to do the same.

Zoom in: Not only have founders stuck with their companies, but venture capitalists have typically wanted them to do so. That's why so many VCs pontificate about how they really invest in people, not in ideas.

• AI might become the exception to that rule, where the idea reigns supreme. The founders aren't dispensable, but they also aren't always essential.
• There's also the Microsoft variable, in which the world's most valuable company is determined to remain at the forefront of the world's top tech trend. Traditionally, it would be left in the dust of denial.

The bottom line: We're still in the very early innings on AI, but the game doesn't look quite the same.

MNC Capital, a Dallas-based family office, increased its takeover offer for sporting goods and ammunition manufacturer Vista Outdoor (NYSE: VSTO) to $3 billion, or $37.50 per share.

Why it's the BFD: This could help Vista sidestep a U.S. national security review, which was launched after it agreed to sell its firearms and ammo division to Prague-based Czechoslovak Group for $1.91 billion.

But, but, but: Vista has already rejected MNC once, questioning the firm's financing commitments and arguing that the spin-off plan would provide more value to shareholders. MNC's original offer was for $35 per share.

The bottom line: "CSG has faced tough scrutiny before. The Czech company's CEO said in 2022 that it took his company 'seven long months' to win CFIUS approval for its acquisition of Fiocchi, another arms maker .. MNC asserted that the CSG deal would give a foreign-owned company commanding control of the West's supply of primers, the propellant in ammunition." — NY Times

• FundGuard, a New York-based investment accounting platform, raised $100m in Series C funding. Key1 Capital led, and was joined by Euclidean Capital, Hamilton Lane, and insiders Blumberg Capital and Team8. www.fundguard.com

• Succinct, an SF-based developer of zero-knowledge proof tools, raised $43m. Paradigm led, and was joined by Robot Ventures and Standard Crypto. https://axios.link/4a6F4PP

• Espresso Systems, a Menlo Park, Calif.-based "shared sequencing" blockchain startup, raised $28m in Series B funding. Andreessen Horowitz led, and was joined by Polygon Labs, StarkWare, Taiko, and Offchain Labs. https://axios.link/43yP1TE

• Finite State, a Columbus, Ohio-based provider of software supply chain security solutions, raised $20m led by insider Energy Impact Partners. https://axios.link/3VA4ocq

• Iron Sheepdog, a Williamsburg, Va.-based provider of short-haul trucking software, raised $10m in Series B funding. SJF Ventures led, and was joined by Grand Ventures and Supply Chain Ventures. www.ironsheepdog.com

🌎 AirMyne, a Berkeley, Calif.-based direct air capture startup, raised $6.9m in seed funding from YC, Alumni Ventures, Liquid 2 Ventures, EMLES, Impact Science Ventures, Another Brain, Soma Capital, and Wayfinder. www.airmyne.com

🌎 Circular.co, an SF-based sustainable sourcing platform, raised $5.3m from Maniv, Oxygea, and Eclipse. www.circular.co

• Belong, a British wealth-building startup, raised £3m in pre-seed funding from Octopus Ventures, Viola Fintech, Connect Ventures, Portage Ventures, and January Ventures. https://axios.link/43zyxKP

• Tensorplex Labs, a Singaporean AI decentralization startup, raised $3m in seed funding. Canonical Crypto and Collab+Currency co-led, and were joined by DCG, Accomplice, GoldenChain, Quantstamp, and Amber Group. https://axios.link/4a53vgh

• CoreWeave, a Roseland, N.J.-based cloud computing platform, is in talks to raise funding at a $16b valuation, per Bloomberg. This would more than double its $7b valuation last year in a Fidelity-led round, and would include both primary and secondary shares. https://axios.link/3TukXDV

• HeyGen, an LA-based AI video generation platform, is raising $60m led by Benchmark at a $440m pre-money valuation, per The Information. https://axios.link/43zjaly

🐶 Advent International and CVC Capital Partners jointly offered to buy European pet food maker Partner in Pet Food from Cinven, which has been seeking around €2b, per the FT. https://axios.link/3VwAXIh

• BharCap Partners agreed to buy Red Oak Inventory Finance, an inventory financing firm focused on the RV, marine, and trailer markets, from ECN Capital (TSX: ECN). www.redoakinventoryfinance.com

⚡ Centuri Holdings, an energy and utilities infrastructure services carveout of Southwest Gas (NYSE: SWX), filed for an IPO that Renaissance Capital estimates could raise up to $500m. The Phoenix-based company plans to file on the NYSE (CTRI), and reports a $186m net loss on $2.9b in revenue for 2023. https://axios.link/4auqoKb

• Ibotta, a Denver-based digital rebates platform, filed for an IPO. It plans to trade on the NYSE (IBTA) and reports $38m of net income on $320m in revenue for 2023. The company has raised over $200m in VC funding from backers like Walmart, Koch Disruptive Technologies, GGV Capital, Kleiner Perkins, Great Oaks Venture Capital, Teamworthy Ventures and FJ Labs. https://axios.link/4a6uKY2

• Churchill Capital Corp IX, a SPAC led by Michael Klein, filed for a $250m IPO. https://axios.link/3Jb6BUx

• American Express GBT, operated by Global Business Travel Group (NYSE: GBT), agreed to buy CWT, a business travel and meetings solutions provider, for $570m from Redwood Capital Management and Monarch Alternative Capital. www.amexglobalbusinesstravel.com

🚑 Ingersoll Rand (NYSE:IR) agreed to buy ILC Dover, a Newark, Del.-based maker of flexible materials for life sciences, from New Mountain Capital for $2.33b upfront plus possible earnouts. https://axios.link/3Vyt9ps

🚑 Novo Nordisk (NYSE: NVO) agreed to buy Cardior, a German developer of RNA therapies for cardiac diseases, for up to €1.03b (including earnouts). Cardior raised over $100m from firms like EQT Life Sciences, Inkef Capital, Fund+, Sunstone, Hadean Ventures and Coparion, LSP, BioMedPartners, Bristol Myers Squibb, and High-Tech Gründerfonds. https://axios.link/4asOvc1

🚑 AbbVie (NYSE: ABBV) agreed to buy Landos Biopharma (Nasdaq: LABP), a Blacksburg, Va.-based maker of inflammatory bowel disease drugs, for upwards of $212m. https://axios.link/3Trd8Ps

• Elliott Investment Management has built a 5% stake in the British tech-focused investment fund Scottish Mortgage Investment Trust (LSE: SMT). https://axios.link/43uGKAa

🚑 Gilead Sciences (Nasdaq: GILD) completed its $4.3b all-cash takeover of CymaBay Therapeutics, a liver-focused biotech that previously was listed on the Nasdaq. https://axios.link/3PAk6QV

• 1991 Ventures, a British VC firm focused on Ukrainian and Central Eastern European founders, raised £15m for a new fund. https://axios.link/4a4VBDX

• TPG is nearing a $5b final close for its eighth Asia buyout fund, but plans to cut its expected China allocations to 10% from 25%, per Bloomberg. https://axios.link/3TzcJKM

Grand Canyon University wasn't able to crack the men's Sweet 16, losing yesterday to Alabama, but apparently you can still trade its stock (h/t Logan Bartlett).

• The Phoenix-based school was founded 70 years ago as a nonprofit by the Arizona Southern Baptists, but in 2004 became the country's first for-profit Christian college (and has been publicly listed since 2008).
• Shares are largely unchanged in premarket trading today, despite the tourney exit, giving it a $4 billion market cap.