Illustration: Natalie Peeples/Axios
Venture Capital
• Cognition, an AI coding startup, raised $400m at a $10.2b post-money valuation. Founders Fund led, joined by Lux Capital, 8VC, Neo, Elad Gil, Definition Capital, and Swish VC. Go deeper
• ElevenLabs, an AI audio startup, is launching a $100m tender offer valuing it at $6.6b. Sequoia Capital and Iconiq are leading, with participation from a16z. Go deeper
• Epigenic Therapeutics, a Shanghai-based clinical drug development company, raised $60m in Series B funding. Lapam Capital led, joined by Qiming Venture Partners and OrbiMed. Go deeper
• DataCrunch, a Finnish AI infrastructure company, raised €55m in Series A equity and debt funding from byFounders, Skaala, Varma, Tesi, and J12 Ventures. Go deeper
• Motion, an SF-based autonomous workflow platform, raised $38m in Series C funding. Scale Venture Partners led, joined by HOF Capital, 468 Capital, SignalFire, Valor Equity Partners, Fellows Fund, and Leonis Capital. Go deeper
• Interaction, a Palo Alto, Calif.-based consumer AI lab, raised $15m in seed funding at a $100m valuation. General Catalyst led, joined by Village Global and Earlybird VC. Go deeper
⚡️ Maeving, a U.K.-based electric motorcycle developer, raised £11m in Series A funding from Venrex, Future Planet Capital, and Elbow Beach. Go deeper
🌎 Puro.earth, a Finnish carbon credits startup, raised €11m in Series B funding. Nasdaq led, joined by Fortum Innovation and Venturing. Go deeper
• Rock Flour, a Danish carbon removal startup, raised a €6.1m seed round led by the Export and Investment Fund of Denmark, with participation from Novo Holdings. Go deeper
⚡️Otovo USA, a Houston-based home power services provider, raised $4m led by EIC Rose Roc. Go deeper
⚡️Act-ion Battery Technology, a Dallas-based battery materials manufacturer, raised $4m led by Kyobo Life Insurance Group and KB Investment. Go deeper
⚡️Kora, a developer of a home battery storage system, raised $2.6m from Moneta Ventures and Growth Factory Ventures. Go deeper
⚡️Zympler, a Dutch energy management software developer for businesses, raised €1.5m in seed funding. Arches Capital led, joined by ROM Utrecht Region. Go deeper
⚡️Renewcast, an Italian developer of renewable energy forecasting software, closed a €1m SAFE from 2C Ventures. Go deeper
Private Equity
• Arsenal Capital Partners agreed to buy the ThermoSafe packaging business from Sonoco Products (NYSE: SON) for up to $725m. Go deeper
• Capitol Meridian Partners and Stellex Capital Management agreed to buy Beaufort, the aerospace and defense units of Searchlight Capital-backed Survitec. survitecgroup.com
• Cresso Health, a Cypress Ridge Capital portfolio company, acquired Florida-based health insurance distributor GPS Insurance. Go deeper
• Dissan, a Canadian janitorial products distributor backed by BDC Capital, acquired local rival V-TO. Go deeper
• LDC completed its purchase of a 45% stake in British commercial law firm Harper James. Go deeper
• Signal Hill invested in Kluber, an Aurora, Ill.-based architecture, engineering, and design firm. Go deeper
• TorQuest Partners invested in Waste Solutions Canada, a Canadian managed service provider for waste and recycling services. Go deeper
Liquidity
⚡️ Electric Hydrogen, a Natick, Mass.-based electrolyzer maker, acquired Ambient Fuels from such firms as Generate Capital and Greentown Labs. Go deeper
Public Listings
🚑 LB Pharmaceuticals, a New York-based biotech focused on neuropsychiatric diseases, set IPO terms to 16.7m shares at $14-$16. LB has raised over $135m from firms like Deep Track Capital, Vida Ventures, Pontifax and TCG. Go deeper
⚡ WaterBridge Infrastructure, a Houston-based provider of water services and infrastructure for E&Ps, set IPO terms to 27m shares at $17-$20. It would be valued at $2.1b on a fully-diluted basis at the midpoint. Backers include Five Point Energy. Go deeper
M&A
⚡ Deep Fission, a Berkeley, Calif.-based advanced nuclear startup, went public via a reverse merger with Surfside Acquisition and raised $30m. Go deeper
• Dick's Sporting Goods (NYSE: DKS) completed its $2.4b acquisition of rival retailer Foot Locker. Axios flashback
It's Personnel
• Phil Andreopoulos, a former Marriott International exec, joined Yotel as CEO. Go deeper
• Stephen Deasy, former CTO at Benchling, was named CTO at Confluent. Go deeper
• Adam Freiman joined Orrick's tech companies group as a partner. He previously was with WilmerHale. Go deeper
• Daniel Gamba, former president at Northern Trust, was named chief commercial officer of Franklin Templeton. Go deeper
• Jeff Hunter, former senior managing director at Ankura, joined JLL Partners as chief AI officer. Go deeper
• Sam Lehman joined Pantera Capital as a junior partner. He was previously a principal at Symbolic Capital. Go deeper
• Tatjana Mitchell, former SVP of corporate finance at Experian, joined Evolus as CFO. Go deeper
• Tom Pinks joined OpenGate Capital as a London-based principal of biz dev. He previously was with Aurelius Equity Opportunities. Go deeper
• Michele Raba, Apollo's lead partner for European private equity, is leaving. Alex van Hoek, a longtime partner based in London, will take over the position. Go deeper
• Chris Rankin was named chief restructuring officer of Exro Technologies, a Canadian power electronics controls developer. CEO Sue Ozdemir resigned. Go deeper
• Diana Scholtes, former chief commercial officer at Savion, joined Deriva Energy as chief commercial officer. Go deeper
• Phiras Soubra joined Hunter Point Capital as a managing director focused on the Middle East. He previously was with Campbell Lutyens. Go deeper
• Thomas Vermeiren joined Baird as a director of GP solutions. He previously was with Morgan Stanley. Go deeper
- Ryan Barwick, Natalie Breymeyer, Erin Brodwin, Colin Campbell, Katherine Davis, Katie Fehrenbacher, Ryan Lawler, Chris Metinko, Alan Neuhauser, Dan Primack, and Brock E.W. Turner contributed to this report.
