Illustration: Shoshana Gordon/Axios
Venture Capital
• Heven AeroTech, a Sterling, Va.-based hydrogen-powered drone developer, raised a $100m Series B funding at a $1b valuation. IonQ led, joined by Texas Venture Partners. Go deeper
• Akura Medical, a Los Gatos, Calif.-based developer of blood clot treatment solutions, raised a $53m Series C led by QIA. Go deeper
• Sokin, a London-based cross-border payments startup, raised $50m. Prysm Capital led, joined by Watershed Ventures, Morgan Stanley Expansion Capital and Aurum Partners. Go deeper
• Nevis, a New York-based AI platform for wealth management, raised a $35m Series A from Sequoia Capital, Iconiq, and Ribbit Capital. Go deeper
• Tutor Intelligence, a Watertown, Mass.-based warehouse robot developer, raised a $34m Series A. USV led, joined by Neo. tutorintelligence.com
• Mixx Technologies, a San Jose, Calif.-based optical connectivity company, raised $33m. ICM HPQC Fund led, joined by TDK Ventures, Systemiq Capital, Banpu Innovation and Ventures, G Vision Capital, Ajinomoto Group Ventures, and AVITIC Innovation Fund. Go deeper
⚡️ 247Solar, a Great Falls, Virginia-based solar thermal and storage startup, says it plans to raise a $25m Series B round and has closed on $3.5m so far. Go deeper
• Raindrop, an SF-based monitoring platform for AI agents, raised $15m in seed funding led by Lightspeed Venture Partners. Figma Ventures and Vercel Ventures joined. Go deeper
• Moonshot, an Israeli aerospace infrastructure company, raised $12m led by Angular Ventures. Go deeper
💊 Morphocell Technologies, a Canada-based tissue therapeutics for organ replacement biotech, raised a $10 million Series A add-on led by Investissement Québec and CDP Venture Capital. Go deeper
• Jeeva AI, a sales team productivity platform, raised $9m. JLL Spark led, joined by Sapphire Ventures, Alt Capital, Launch Capital, GTMFund, Nonstop Capital, Coyote Capital, Bonfire Ventures, Techstars, Marc Benioff, and Mucker Capital. Go deeper
• Marble Imaging, a German provider of high-res Earth observation data, raised €5.3m in seed funding led by HTGF. Go deeper
Private Equity
• Axcel agreed to acquire Bekk Consulting, a Norwegian tech consultancy, from Tieto. Go deeper
• Epiris agreed to buy the custody business of British equity market maker Winterflood as part of Winterflood's acquisition by Marex Group (Nasdaq: MRX). Go deeper
• Oak Hill Capital invested $50m in Omni Fiber, a Cincinnati-based high-speed fiber optic internet provider. Stonepeak Credit and Oak Hill Advisors led its $150m debt financing. Go deeper
• SAI360, an STG portfolio company, acquired Plural Policy, a Brookhaven, Ga.-based regulatory intelligence company. Go deeper
• Stonepeak and Energy Equation Partners completed their acquisition of a 65% interest in JET Tankstellen Deutschland, a fuel retailer in Germany and Austria, from Phillips 66 (NYSE: PSX), giving it a €2.5b enterprise value. Go deeper
Public Offerings
⚡ Cardinal Infrastructure Group, a Raleigh, N.C.-based provider of wet utility services, set IPO terms to sell 11.5m shares at $20-$22. It would have a $769m market cap at the midpoint, and plans to list on the Nasdaq (CDNL). Go deeper
Liquidity
• Paladin Security Group's PalAmerican Security acquired Patrol Protect Secure, a provider of contract security services, from Sunlake Capital and Mangrove Equity Partners. Go deeper
• Rezolve Ai (NASDAQ: RZLV) acquired Crownpeak, a Denver-based marketing tech company backed by K1, for $240m. Go deeper
⚡️ Targa Resources (NYSE: TRGP) agreed to buy smaller gas pipeline operator Stakeholder Midstream for $1.25b in cash from EnCap Flatrock Midstream. Go deeper
M&A
💊 Lundbeck, a Danish drugmaker, pulled its bid for Avadel Pharmaceuticals, leaving Avadel with a $2.37b deal with Alkermes, which is expected to close in the first quarter of 2026. Axios flashback
• Nvidia (Nasdaq: NVDA) invested $2b into chip-design software firm Synopsys (Nasdaq: SNPS). Go deeper
Fundraising
• SecondQuarter Ventures, an Australian secondaries firm, is raising $2.6b for its third fund, per the WSJ. Go deeper
Odds & Ends
⚡️ The Department of Energy said it plans to award $134m to enhance domestic supply chains for rare earth elements. Go deeper
It's Personnel
• Ben Bergen was named CEO of the Canadian Venture Capital and Private Equity Association. He previously led the Council of Canadian Innovators. Go deeper
• Gary Demasi joined Meta as vice president, data center development & strategy. Demasi was previously managing director and operating partner at MGX. Go deeper
• Jonathan Bank joined Great Hill Partners as head of revenue operations for portfolio companies. He previously was with Foursquare. 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.
