Catching up on the conspiracy theories about Luka Dončić's trade. Illustration: Brendan Lynch/Axios
Venture Capital
💊 Arthrosi Therapeutics, a San Diego-based gout treatment developer, raised a $153m Series E. Prime Eight Capital Limited led, and CR Biotech, HighLight Capital, HM Venture Partners and ReliantTech Limited participated. Go deeper
• Raise Financial Services, parent of Indian trading platform Dhan, raised a $120m Series B led by Hornbill Capital, with MUFG Bank and Beenext participating. Go deeper
💊 Nilo Therapeutics, a New York-based immune disease treatment developer, raised a $101m Series A. The Column Group, DCVC Bio and Lux Capital led. The Gates Foundation and Alexandria Venture Investments joined. Go deeper
💊 TORL BioTherapeutics, a Los Angeles-based developer of antibody-based cancer immunotherapies, raised a $96m Series C. Go deeper
• Coinflow, a Chicago-based stablecoin payments startup, raised a $25m Series A led by Pantera Capital, with CMT Digital, Coinbase Ventures, The Fintech Fund, Jump Capital and Reciprocal Ventures participating. Go deeper
• Crosby, an NYC-based AI law firm, raised $20m in Series A funding co-led by Bain Capital Ventures, Index and Elad Gil, with participation from Sequoia, Cooley LLP and Patrick Collison. crosby.ai
• Splash Sports, a Denver-based social sports gaming company, raised $14.5m in Series B funding. Dream Ventures led. Boston Seed, Velvet Sea Ventures, Green Wave Ventures, and Evolution Partners participated. Go deeper
• Authentic8, a Redwood, Calif.-based cybersecurity company, raised $12m from Vistara Growth. authentic8.com
• QuoteWell, an Austin, Texas-based commercial insurance wholesale brokerage, raised $12m led by New Enterprise Associates, with Brand Foundry Ventures and ClockTower Ventures participating. Go deeper
• AnyTeam, an SF-based AI sales startup, raised $10m in seed funding co-led by SignalFire and Crosslink Capital. anyteam.com
• 375ai, an SF-based DePIN data network, raised $5m led by Delphi Ventures, Strobe Capital and HackVC. Go deeper
Private Equity
• Niobrara Capital invested in Noventiq Holdings, a London-based cybersecurity provider. Go deeper
• Shofner Capital Partners invested in PtEverywhere, a Cary, N.C.-based practice management platform for cash-pay physical therapy clinics. Go deeper
• Wall Street Prep, a financial education company backed by The Riverside Company, combined with Financial Edge Training and Euromoney Learning. Go deeper
M&A
• Crux, a New York City-based clean energy financing software provider backed by a16z, is acquiring Augur Energy AI-backed Daedaline. Go deeper
• Sony acquired STATSports Group, a U.K.-based athlete monitoring technology company. Go deeper
• Tokio Marine Holdings, Japan's largest property and casualty insurer, could spend over $10b on acquisitions, per Bloomberg. Go deeper
Odds & Ends
💊 Chiesi Group, an Italian drugmaker, is paying $115m upfront and as much as $2b to Cambridge, Mass.-based Arbor Biotechnologies to license and develop a gene-editing therapy. Go deeper
💊 AstraZeneca signed a $555m deal with SF-based Algen Biotechnologies to use its AI platform to develop new immunology drugs. Go deeper
It's Personnel
⚡️Jose Luis Crespo will become CEO of Plug Power starting in March 2026. Crespo is currently Plug Power's chief revenue officer. Current CEO Andy Marsh plans to step down and take on the role of executive chairman. Go deeper
⚡️Mark Schmitz joined Deep Fission as chief financial officer. Schmitz was previously the CFO of Gru Energy Lab. Go deeper
⚡️Jesse Jenkins joined Firma Power as co-founder and chief analytics officer. Jenkins is an associate professor at Princeton University. Go deeper
🚑 Syed Hassan joined Zarminali Pediatrics as CTO. He was previously SVP of engineering at Hims & Hers. Go deeper
⚡️Matt Iak was promoted to president of capital markets at the U.S. Energy Development Corporation. Go deeper
• Kelly Bengston, former chief supply chain officer at CKE Restaurants, joined Bensussen Deutsch & Associates as COO. Go deeper
• Jason New, vice chairman of investment banking at Lazard, was appointed to the board of ETHZilla. Go deeper
🌎 Catlan McCurdy was promoted from adviser to chief legal officer at Bridger Photonics. Go deeper
