Illustration: Brendan Lynch/Axios
Venture Capital
• Reflection AI, a Brooklyn-based open-source AI model startup, raised $2b at an $8b valuation. Nvidia led, joined by Lightspeed Venture Partners and Sequoia Capital. Go deeper
• David AI Labs, an audio data company for training AI models, raised $50m at a $500m valuation. Meritech Capital led the round, joined by NVentures, First Round Capital, Y Combinator, Alt Capital and Amplify Partners. Go deeper
• Yendo, a Dallas-based vehicle-secured credit card company, raised a $50m Series B. Spice Expeditions, Autotech Ventures, FPV Ventures, Pelion Venture Partners, Mark Cuban, and Clocktower Technology Venture invested. Go deeper
🚑 Sensi.AI, a Palo Alto, Calif.-based caregiver insight platform, raised $45m in Series C funding led by Qumra Capital, joined by Zeev Ventures, Insight Partners, Entrée Capital, Flint Capital, and Jibe Ventures. Go deeper
• Routefusion, an Austin-based embedded cross-border payments startup, raised a $26.5m Series A. PeakSpan Capital led. routefusion.com
🚑 Foundation Health, an SF-based pharmacy tools provider, raised a $20m Series A led by Define Ventures. Vanderbilt University and Intermountain Ventures also invested. Go deeper
• PAVUS AI, a NYC-based procurement data structuring startup, raised $5.3m led by Sentinel Global. Go deeper
• Focal, an SF-based platform for financial advisers, raised $5m led by Distributed Ventures and Wischoff Ventures. meetwithfocal.com
⚡️Enurgen, an Ottawa-based solar modeling software, raised $4.1m co-led by Business Development Bank of Canada, Brightspark, and Diagram, and with participation from MaRS IAF. Go deeper
💊 Previvor Edge, a New York-based cancer prevention and early detection company, raised $3.3m in pre-seed funding led by CoFound Partners and Max Ventures. Go deeper
• Mentium, an Austin, Texas-based freight brokerage and logistics company, raised $3.2m in seed funding. Lerer Hippeau led with participation from Matchstick Ventures, Tower Research Capital, Antler, MBA Ventures, and Michael Witte (CEO of Equal Parts). Go deeper
• BVNK, a London-based stablecoin payments company, received a strategic investment from Citi Ventures. Go deeper
• Holywater, a Kyiv-based video technology company, received an equity investment from Fox Entertainment. Go deeper
Private Equity
• The Alchemist, a London-based bar chain backed by Palatine, has hired an adviser to work on an auction, per SkyNews. Go deeper
⚡ ️Energy Vault, a Westlake Village, Calif.-based energy storage developer, raised $300m in preferred equity from OIC. Go deeper
• KDC/One, backed by KKR and Cornell Capital, acquired the assets of Barony Universal, a U.K.-based aerosol products company. Go deeper
• Sageview, a Newport Beach, Calif.-based wealth manager with $250b AUM, was acquired by Creative Planning. Aquiline Capital Partners, which has controlled Sageview since 2021, is exiting. Go deeper
• Signal Hill Equity Partners invested in KGD Architecture, an architecture and design firm in the DMV market. Go deeper
M&A
• PayPay, a digital payments firm owned by SoftBank, took a 40% stake in Binance Japan. Go deeper
🚑 Talkspace (NASDAQ: TALK), acquired Wisdo Health, a New York-based coaching and peer-to-peer support platform that had raised funds from JAZZ Venture Partners and Anne Wojcicki. Go deeper
Fundraising
💊 Ascenta Capital raised $325m for its inaugural fund investing in multimedicine biotechs. Go deeper
⚡ ️Carnelian Energy Capital Management closed Carnelian Acquisition and Development with $600m. Go deeper
• Ecosystem Investment Partners closed Ecosystem Investment Partners V with over $400m. Go deeper
• Golub Capital is committing over $1b to its GP-led secondaries investment strategy. Go deeper
• Simha Partners, a tech services-focused investment firm, launched its inaugural fund focused on the tire and auto services industry with $45m. Go deeper
Debt
⚡️Generate Capital closed $85m in tax equity financing with Solcap for community solar projects. Go deeper
⚡️NineDot Energy, a New York-based energy storage developer, raised $175m in debt from Deutsche Bank. Go deeper
It's Personnel
• Greg Ciesielski from HarbourVest Partners' secondaries team, and Sean Gillespie from its credit team, have been tapped to lead its dedicated credit secondaries investment team. Go deeper
• Raghu Raghuram, former VMware CEO, joined Andreessen Horowitz as general partner. Go deeper
• Shyamli Mohamed has joined Niron Magnetics as chief financial officer. Mohamed was previously chief financial officer at Eavor Technologies. Go deeper
Odds & ends
⚡️QTS founder Chad Williams has launched a new company called QII, which will sell power infrastructure to data center operators and other power-hungry companies. Go deeper
