Illustration: Brendan Lynch/Axios
Venture Capital
• Hadrian, a Hawthorne, Calif.-based defense tech company, raised a $260m Series C round led by Founders Fund and Lux Capital. Go deeper
• 38 Degrees North, a Sausalito, Calif.-based community solar group, raised $230m from Climate Adaptive Infrastructure and Kimmeridge Energy Management Company. Go deeper
• Lovable, the Swedish vibe coding startup, raised $200m at a $1.8b valuation led by Accel. Go deeper
• QuNorth, a Nordic quantum computing company, raised €80m from EIFO, the export and investment fund of Denmark, and the Novo Nordisk Foundation. Go deeper
• Q.ANT, a German photonic processing company, raised €62m in Series A funding. Cherry Ventures, UVC Partners and imec.xpand led, joined by L-Bank, Verve Ventures, Grazia Equity, EXF Alpha of Venionaire Capital, LEA Partners, Onsight Ventures, and Trumpf. Go deeper
• GigaIO, a Carlsbad, Calif.-based inference infrastructure developer, raised $21m in Series B funding led by Impact Venture Capital, and joined by CerraCap Ventures, G Vision Capital, Mark IV Capital and SourceCode Cerberus. Go deeper
• Ephemera, a New York-based company with an open-source messaging protocol, raised $20m led by Union Square Ventures, a16z crypto, and Lightspeed Faction. Coinbase, Offline Ventures, Sound Ventures, and Distributed Global participated. xmtp.org
• Blockskye, a Boston-based travel infrastructure company, raised $15.8m led by Blockchange and joined by United Airlines Ventures, Lightspeed Faction, Lasagna, Litquidity Ventures, Longbrook Ventures, KSV Global, and TFJ Capital. Go deeper
⚡ Ultion Technologies, a Las Vegas-based manufacturer of LFP energy storage systems, raised a Series A round led by Torus and including Nevada's Battle Born Venture. Go deeper
• BPQ, a New York-based simulation software company, raised a $5m seed round led by Monta Vista Capital, joined by New York Ventures, Arc Ventures, Armory Square Ventures, Emergent Ventures, Alumni Ventures, Arka Venture Labs, Transpose Platform, Gainangels and Pranatech Venture Capital. Go deeper
• Receive, a New York-based small business fintech, raised a $4m seed round led by NGVP and joined by Blank Ventures, Verissimo Ventures, Insight Partners, Corner Ventures and Clocktower Technology Venture. Go deeper
• Bonsai, a Chicago-based marketing intelligence platform, raised $1.8m from Mairs & Power Venture Capital, TAWANI Ventures, Bridge Venture Fund, Chicago Early and Service Provider Capital. Go deeper
Private Equity
• Apollo is in talks to take a stake in Atlético Madrid, Spain's third-biggest football club. Go deeper
• KKR invested in SupplyHouse, a Melville, N.Y.-based e-commerce platform for the distribution of HVAC, plumbing, and electrical products. Go deeper
• Mascarene Partners acquired Voyager Trucking, a Newark, N.J.-based waste transportation provider. Go deeper
• StonePeak will invest $1.3b into Princeton Digital Group, a Singapore-based data center operator backed by Warburg Pincus, Ontario Teachers' Pension Plan, and Mubadala. Go deeper
• US Dock & Door, a Soundcore Capital Partners portfolio company, acquired Garage Headquarters, a maker of garage door products in Massachusetts and Rhode Island. Go deeper
Liquidity
• Donald Hoffman, founder of Excel Services Corp., reacquired ownership of the Rockville, Md.-based consulting business from Pelican Energy Partners. Go deeper
M&A
• SES (LUX: SESGL) completed its $3b acquisition of Intelsat, a McLean, Va.-based satellite service provider. Go deeper
• Hexaware Technologies (NSE: HEXT), a Jersey City, N.J.-based IT services company, acquired SMC Squared, a Texas-based IT offshoring organization, for $120m. Go deeper
• 38 Degrees North, a Sausalito, Calif.-based community solar group, acquired community solar developer U.S. Light Energy and its pipeline of 250 MW of projects. Go deeper
Fundraising
• Blue Owl Capital closed on $850m for its alternative credit fund. Go deeper
It's Personnel
• Sean Murphy was appointed co-head of U.S. at Temasek-backed 65 Equity Partners. Go deeper
• David Friedland, former partner and head of the cross markets group at Goldman Sachs, joined Citigroup as co-head of North America investment banking coverage. Go deeper
• Aloke Gupte and Alex Watkins, former co-heads of international equity capital markets at JPMorgan, joined Citigroup as global co-head of ECM and head of technology financing, respectively. Go deeper
• Justin Rosner was promoted to partner at Battery Ventures. Also at Battery, Sudheendra Chilappagari, Michael Hoeksema, Lior Mallul, and Lauren Wedell were promoted to principal. Go deeper
• Sabrina Albert (Wu) was promoted to partner at Madrona. Go deeper
• Shannon Delage, former CEO of MAS Medical, joined Great Hill Partners as growth partner. Go deeper
• Chris Cabrera, former CEO of Xactly, was named CEO of Lytx. Go deeper
• Jason Dies, former CEO of Pitney Bowes, was named CEO of IRIS Software Group. Go deeper
• Kelly Dilts, former EVP and CFO at Dollar General, was named CFO of Nordstrom, effective Aug. 29. Go deeper
• Peter Liguori was promoted from executive chairman and board member to CEO at VideoAmp. Go deeper
• Judy R. McReynolds will retire from ArcBest (Nasdaq: ARCB) at year-end. Seth Runser, current president of ArcBest, will succeed as CEO on Jan. 1, 2026. Go deeper
