Illustration: Sarah Grillo/Axios
Venture Capital
💊 Phrontline Biopharma, a Chinese antibody-drug conjugates developer, raised $60m. Lapam Investment led, joined by Samsung Venture Investment, Guofang Innovation, Hankang VC, Songqing Capital, Jifeng Ventures, and Sino Biopharmaceutical. Go deeper
• Vijil, a Menlo Park, Calif.-based agentic AI security startup, raised $17m. BrightMind Partners led, joined by Mayfield and Gradient. Go deeper
• Codenotary, a Bellaire, Texas-based cybersecurity and software supply chain software company, raised $16.5m from unnamed investors. Go deeper
• Augmentt, a Canadian Microsoft-365 security management platform developer, raised C$18m Series A led by Camber Partners. Go deeper
• Mira, an SF-based developer of smart eyeglasses, raised $6.6m in seed funding. General Catalyst led, joined by Pillar VC and Naval Ravikant. Go deeper
• Find Your Grind, an LA-based educational and career exploration platform, raised a $5m Series A round at a $20m valuation. Echo Investment Capital led, joined by Gross Labs. Go deeper
• Monq, a London-based enterprise negotiations automation platform, raised $3m in pre-seed funding. Outward VC led, joined by Cornerstone VC, Portfolio Ventures, Octopus Ventures, Endurance Ventures, and Lakestar Halo. www.monq.io
Private Equity
• LevelBlue, a Dallas-based portfolio company of WillJam Ventures, completed its acquisition of Cybereason, a San Diego-based endpoint detection and cybersecurity software company that had raised $955m from Softbank and others. Go deeper
Liquidity
• Diversified Energy (LSE: DEC) acquired Canvas Energy, an Oklahoma City-based E&P, from Amzak Capital Management and Millstreet Capital. Go deeper
• S&P Global (NYSE: SPGI) completed its acquisition of With Intelligence, a London-based asset management data company, for $1.8b in cash, from Motive Partners and Partners Group. Go deeper
M&A
• Atlantic Connect Group, a consortium that includes former Stellantis CEO Carlos Tavares, submitted a bid for Portugal's Azores Airline, offering nearly $20m for an 85% stake, Bloomberg reports. Go deeper
• Paxos, an NY-based regulated blockchain infrastructure firm, agreed to acquire Fordefi, a NY-based institutional crypto wallet provider, for over $100m, per Fortune. Fordefi investors include Electric Capital, M12, StarkWare, PayPal Ventures, Jump Crypto, Digital Currency Group, DeFiance Capital, Castle Island Ventures, Pantera Capital, and Illuminate Financial Management. Go deeper
🚑 MiCare Path, a Memphis, Tenn.-based virtual care provider, acquired Compwell, a Collierville, Tenn.-based chronic care management company. Go deeper
• Evoke, a British betting and gaming company, hired bankers for a potential sale of its Italian online business, per Sky News. Go deeper
Funds
• ORIX raised $2.5b for a new Japanese private equity fund, with Qatar Investment Authority providing 40% of the capital. Go deeper
• BlackRock wants to extend the investment horizon for its Asia Pacific Private Credit Opportunities Fund II, with 40% of outstanding capital left in the fund. Go deeper
Odds & Ends
💊 Biogen (NASDAQ: BIIB) will pay $50m upfront to Cambridge-Mass.-based Dayra Therapeutics to develop oral macrocycles for immune and inflammatory diseases. Go deeper
It's Personnel
• Michael Prüssner and Benjamin Schikora joined Orrick as Germany-based partners on the law firm's M&A and private equity team. They were previously with Norton Rose Fulbright. 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.
