Pro Rata Premium: First Look

Venture Capital

• Decagon, a conversational AI startup for enterprise customer service, raised $131m in Series C funding at a $1.5 b valuation. Accel and a16z led, with participation from A*, Bain Capital Ventures, BOND, Avra, Forerunner, and Ribbit Capital. Go deeper

• Halter, a provider of virtual fencing and animal management for cattle ranches, raised $100m in Series D funding at a $1b valuation. Bond led, joined by NewView and insiders Bessemer Venture Partners, DCVC, Blackbird, Icehouse Ventures, and Promus Ventures. Go deeper

• Veda, a DeFi vault platform, raised $18m. CoinFund led, joined by Coinbase Ventures, GSR, Maelstrom, Animoca Ventures, Mantle EcoFund, BitGo, Credibly Neutral, Draper Dragon, Heartcore, PEER VC, and Relayer Capital. veda.tech

• GTE, a decentralized exchange, raised $15m in Series A funding led by Paradigm. Go deeper

• Qualytics, an Atlanta-based enterprise platform for augmented data quality, raised $10m in Series A funding. BMW i Ventures led, joined by Conductive Ventures, Firebrand Ventures and insiders Tech Square Ventures, Knoll Ventures, Inner Loop Capital, SaaS Venture Capital, and Rich Family Ventures. Go deeper

🚑 Voicecare AI, an SF-based agentic AI startup for health care admin workers, raised $4.54m in seed funding. Caduceus Capital Partners led, joined by Bread and Butter Ventures, Mayo Clinic, and an unnamed revenue cycle management company. voicecare.ai

• YieldClub, a non‑custodial crypto savings app, raised $2.5m in a pre-seed round from Pharsalus, Flex Capital, The House Fund, and Superlayer. Go deeper

Private Equity

🚑 Knowtion Health, an Arsenal Capital Partners and Sunstone Capital portfolio company, acquired Madison, Wis.-based revenue cycle management company Switch RCM. knowtionhealth.com

Public Offerings

• Amrize, the Chicago-based building materials company and Holcim spin-out, began trading on the NYSE. Go deeper

• Navan (fka TripActions), a corporate travel agent, confidentially filed to go public in the U.S., with the IPO expected this fall, per Reuters. It's raised over $2b from VCs like a16z, Addition, Coatue, 01 Advisors, and Lightspeed. Go deeper

• Wealthfront, a Palo Alto, Calif.-based roboadviser, has filed confidentially for an IPO. Backed by Index Ventures, Spark Capital, and Tiger Global, it mutually terminated a $1.4b merger agreement with UBS three years ago. It had some $290m in revenue last year. Go deeper

Liquidity

• Warburg Pincus is in talks to sell a 10% stake in Indian insurer SBI General Insurance to Premji Invest and State Bank of India at a $4.5b valuation, per Bloomberg. Go deeper

M&A

• Claire's Stores, the jewelry store backed by Elliott, is weighing a full or partial sale with Houlihan Lokey as its banker. Go deeper

• C&S Wholesale Grocers agreed to buy Michigan-based food distributor SpartanNash (Nasdaq: SPTN) for $1.77b. Go deeper

🚑 Illumina (Nasdaq: ILMN) acquired proteomics business SomaLogic for up to $425m in cash ($370m upfront) from Standard BioTools (NYSE: LAB). Go deeper

It's Personnel

• Samuel Francis and Reed Schuster joined law firm Vinson & Elkins as private investment funds partners. They previously were with Kirkland & Ellis. velaw.com

- Ryan Barwick, Natalie Breymeyer, Erin Brodwin, Colin Campbell, Katherine Davis, Katie Fehrenbacher, Ryan Lawler, Chris Metinko, Alan Neuhauser, and Dan Primack contributed to this report.