Chinese electric vehicle maker BYD yesterday announced new charging technology that it claims could "fill up" cars in just five minutes, comparable to gas station visits.

Why it matters: This could be a sort of DeepSeek moment for electric vehicles, in terms of a Chinese company lowering adoption barriers by developing much more efficient tech.

• It also could revive deflated U.S. investor interest in the EV sector, particularly among venture capitalists.

The big picture: Range anxiety is a key impediment to EV purchases, even if America got that broader network of charging stations that the Trump administration is now trying to scuttle.

• BYD's breakthrough could convince entrepreneurs to launch new charging startups, and maybe even a few new OEMs. Remember, there's got to be a match between the voltage flowing out of the plug and what the EV battery can accept.
• Yes, it would be time-consuming and expensive. Particularly since BYD itself could face political resistance to exporting its tech to the U.S., but it's the sort of bet whose odds have just moved significantly.

The big picture: BYD says its new battery and charging system will be used in its next-gen vehicles, and that it plans to build more than 4,000 ultra-fast chargers across China.

• But it was light on specifics, such as the specific battery chemistry or size. So this will be a trust but verify situation, since the history of batteries is full of busted boasts.

Shameless plug: Axios is launching a weekly newsletter on the auto industry, written by transportation correspondent Joann Muller. Get it here.

The bottom line: If the DeepSeek analogy isn't working for you, try out e-commerce.

• VCs lost tons of money in such startups that they backed in the late 1990s. Not because the founders were faulty, but because internet connectivity wasn't yet scaled for mass adoption. In many cases, it was the next cohort of e-commerce startups that became household names.
• The same might be true for EV startups, with BYD's charging tech playing the role of home broadband. Sometimes the revolution just takes a bit longer than expected.

Google has agreed to acquire cloud security firm Wiz for $32 billion in cash.

Why it's the BFD: This would be Alphabet's largest-ever acquisition, and an early Big Tech antitrust test for the Trump administration.

Flashback: Alphabet and Wiz last year held failed deal talks at around a $23 billion valuation.

By the numbers: Wiz has raised $1.8 billion in VC funding, including in early 2024 at a $12 billion valuation.

• Investors include a16z, Cyberstarts, Greenoaks, Greylock, Advent International, Index Partners, Insight Partners, Lightspeed, Salesforce Ventures, Sequoia Capital, Thrive Capital, and Wellington Management.

The bottom line: "A big part of Wiz's appeal is that it's cloud agnostic, so a big question is if it would stay that way or instead focus on Google Cloud. Particularly as Alphabet has been leaning into security to differentiate Google Cloud from AWS and Microsoft." — Sam Sabin, Axios cybersecurity reporter

• Nerdio, a Chicago-based provider of Microsoft Azure deployment automation solutions, raised $500m in Series C funding at a pre-money valuation north of $1b. General Atlantic led, and was joined by Lead Edge Capital and StepStone. getnerdio.com

• Cognition AI, a coding assistant maker, raised "hundreds of millions of dollars" at nearly a $4b valuation led by 8VC, per Bloomberg. axios.link/4ivOPe7

🚑 Arbor Biotechnologies, a Cambridge, Mass., developer of liver-targeting gene therapies, raised $73.9m in Series C funding. Arch Venture Partners and TCGX co-led, and were joined by QIA, Partners Investment, Revelation Partners, and Kerna Ventures. axios.link/3FEsBbS

• Apptronik, a Texas-based developer of humanoid robots, added $53m to its Series A round (total of $403m) from new investors Mercedes-Benz, Japan Post Capital, ARK Invest, Helium-3, Magnetar, RyderVentures, and Korea Investment Partners.

• GrubMarket, a food B2B marketplace, raised $50m in Series G funding at a valuation north of $3.5b from 3Spoke Capital, Joseph Stone Capital, Liberty Street Funds, Pegasus Tech Ventures, Pinegrove Capital Partners, Portfolia, and ROC Venture Group. axios.link/4kXYOuH

• Inn-Flow, a Raleigh, N.C., provider of hotel back-office management and accounting software, raised $45m from Mainsail Partners. inn-flow.com

• RedotPay, a Hong Kong-based crypto payment platform, raised $40m in Series A funding. Lightspeed led, and was joined by HSG, Galaxy Ventures, DST Global Partners, Accel, and Vertex Ventures. axios.link/4kNjwh1

• Kela, an Israeli defense-tech startup, raised $39m from Sequoia Capital, Lux Capital and In-Q-Tel. axios.link/3DPDxmj

• NymCard, a MENA-focused embedded finance platform, raised $33m in Series B funding. QED Investors led, and was joined by Shorooq, Lunate and Endeavor Catalyst. nymcard.com

• TurinTech, a U.K. model creation automation startup, raised $15m in Series A funding. Oxford Capital led, and was joined by Circle Rock and IQ Capital. axios.link/4bSZ1eN

• Gradial, a Seattle-based developer of AI marketing ops agents, raised $13m in Series A funding. Madrona led, and was joined by Pruven Capital, General Advance, Outsiders Fund, and DLA Piper. axios.link/3FD3tC8

• VulnCheck, a Lexington, Mass., exploit intelligence startup, raised $12m in Series A funding. Ten Eleven Ventures led, and was joined by insiders Sorenson Capital and In-Q-Tel. vulncheck.com

• Seadronix, a South Korean developer of autonomous ship tech, raised $11.3m in Series B funding from LB Investment, KB Investment, the Korea Development Bank, and insiders Wonik Investment Partners, and Lighthouse Combined Investment. axios.link/3XWYUJ0

• Occuspace, a Westlake Village, Calif., occupancy intelligence platform, raised $6m in Series A funding. Lewis & Clark Ventures led, and was joined by Shadow Ventures, Okapi Ventures, Cove Fund, and Hamilton Ventures. occuspace.io

• Evera, a French EV subscription startup, raised €2m from Groupe Magellim, Newfund NAEH Innopy, MCapital, and AstoryaVC. axios.link/4bD3T7F

🚑 Vibrant, an SF-based practice platform for functional and longevity medicine, raised $1.7m in pre-seed funding from Anthemis Group, Emerson Collective, Lombardstreet Ventures, Dria Ventures, and Hustle Fund. vibrantpractice.com

⚡ Argent LNG is raising $150m in equity as part of a financing package to open a natural gas export terminal in Louisiana, per Axios Pro. axios.link/3RcSaTA

• Cenosco, a Dutch provider of asset integrity management software, raised growth equity led by Summit Partners with participation by insider Fortino Capital. cenosco.com

⚡ Energean (LSE: ENOG) said that its $945m sale of a portfolio of gas-weighted E&P assets to Carlyle could collapse for regulatory reasons. axios.link/42cotIE

• JSI, a Greenbelt, Md., portfolio company of Stone-Goff Partners, acquired LogicomUSA, a Huntsville, Ala., provider of communications services to broadband providers and electric cooperatives. jsitel.com

• Kenan Advantage Group, a portfolio company of OMERS Private Equity, acquired Evergreen Transport, a provider of dry bulk materials logistics in the Southeastern U.S. thekag.com

⚡ Partners Group agreed to buy a portfolio of 11 natural gas plants in California for $2.2b from Avenue Capital Group. axios.link/3XYpAZU

• RealTruck, a portfolio company of L Catterton, acquired vehicle accessories maker Dealer Products Holdings from Kinderhook Industries. axios.link/4ijfIT2

• RRJ Capital agreed to lead a $600m convertible preferred investment in private jet operator VistaJet, with Andalusian Private Capital also participating. axios.link/4iCbrKa

⚾ Sixth Street acquired a 10% stake in the San Francisco Giants baseball club. axios.link/4iv7JlI

• TA Associates invested in Nous Infosystems, an Edison, N.J.-based provider of product and data engineering solutions for digital transformation. nousinfosystems.com

• WHP Global, a brand management firm backed by Oaktree Capital Management and Ares Management, offered to buy apparel retailer Guess (NYSE: GES) for $770m, or $13 per share. axios.link/4iAjyXM

• Blue Point Capital Partners sold Sylvan, a Southfield, Mich., industrial services contractor, to E3Tech. sylvan-inc.com

• Varonis (Nasdaq: VRNS) acquired Cyral, a Milpitas, Calif., provider of database activity monitoring that had raised $46m from Redpoint Ventures, Costanoa Ventures, A. Capital Ventures, and Silicon Valley CISO Investments. axios.link/41Z19Ne

• Bilt Rewards, a rental rewards fintech valued by VCs at $3.25b, acquired Banyan, a provider of item-level receipt data solutions that had raised over $200m from M13, Fin Capital, Bridge Bank, TTV Capital, FIS Impact Ventures, Interplay, and Fenway Summer. axios.link/3FxSN7H

⚡ Chevron (NYSE: CVX) acquired around a 5% stake in Hess (NYSE: HES), valued at $2.3b, as it continues to work toward its total takeover.

🚑 Clario, a Philadelphia-based clinical trial technology provider that's on file for an IPO, acquired NeuroRx, a Canadian medical imaging firm focused on multiple sclerosis. Clario backers include Novo Holdings, Ares Capital, BDC, ATP Private Equity Partners, Cinven, and Omnes Capital. axios.link/4iYeWKQ

• Kyivstar, a Ukrainian mobile network operator owned by Dubai's Veon, agreed to go public at a $2.21b pro forma valuation via a reverse merger wth Cohen Circle Acquisition Corp I (Nasdaq: CCIR). axios.link/4idO6i1

• Porsche acquired a majority stake in the battery unit of German autoparts supplier Varta. axios.link/4iaNhXj

• Motion Ventures held a first close north of $50m for its second maritime tech fund, which is targeting $100m. motion.vc

• New State Capital Partners raised $700m for its fourth fund. newstatecp.com

🚑 Sofinnova Partners raised €165m for a Europe-focused biotech acceleration fund. axios.link/4iyDo5r

• Stripes is raising its seventh flagship VC fund, per an SEC filing. It's currently investing out of a $1.36b fund.

• Citigroup named Michael Lavelle as vice chairman of global financing. axios.link/3FAAZZT

• Victor Dodig is retiring as CEO of CIBC in October, to be succeeded by capital markets head Harry Culham. axios.link/4iQnljs

• Benjamin Schulte left HPS Investment Partners, where he was an executive director. axios.link/3XYg2y9

There's a new IPO playbook: File, get headlines, announce something big, get more headlines.

• That's what CoreWeave did a few weeks back, by filing for its IPO and then announcing a big OpenAI partnership.
• And what we saw yesterday with Klarna, which took Affirm's spot as exclusive provider of BNPL loans at Walmart.

Zoom in: Both the CoreWeave/OpenAI and Klarna/Walmart deal included equity stakes in the startups.

• Affirm, which did its own pre-IPO equity partnership with Shopify, saw its shares sink on the news.

Go deeper: Klarna's IPO moves echo Affirm's