Photo illustration: Greg Ruben/Axios
Venture Capital
⚡️EnerVenue, a Fremont, Calif.-based metal-hydrogen energy storage developer, raised $300m in Series B funding led by Full Vision Capital. Go deeper
💊 Ambrosia Biosciences, a developer of small molecule therapies, raised $100m in Series B funding. Blue Owl Healthcare Opportunities, Redmile and Deep Track Capital led, joined by BVF Partners, Janus Henderson Investors, Samsara BioCapital, and Boulder Ventures. Go deeper
• EPG, a Singaporean data center company, raised over $100m in Series B+ funding led by Decarbonization Partners and Alibaba Cloud. Go deeper
• Depthfirst, an SF-based AI application security startup, raised $80m in Series B funding at a $580m valuation. Meritech led, joined by Forerunner Ventures, The House Fund, Accel, Box Group, Liquid 2 Ventures, Alt Capital, and Mantis VC. Go deeper
• Cross River Bank, a Fort Lee, N.J.-based bank offering embedded finance services, raised $50m from T. Rowe Price. Go deeper
⚡️ Voltify, an Israeli developer of tech to convert diesel trains to electric, raised $30m in seed funding. Aleph and Fortescue led, joined by Menomadin, Jimpact, and The Dock. Go deeper
•MemQ, a Chicago-based quantum networking developer, raised $10m in Series A funding led by Quantonation and Ocean Azul Partners. Go deeper
• The Better Money Co., a stablecoin clearinghouse, raised $10m led by a16z Crypto, with BoxGroup, Sunflower Capital and The Fintech Fund participating. Go deeper
⚡️ Nomadic AI, an AV data infrastructure provider, raised $8.4m in seed funding at a $50m post-money valuation. TQ Ventures led, joined by Pear VC. Go deeper
• Latitude, an SF-based cross-border stablecoin payments startup, raised $8m led by NEA, with Lightspeed Faction, Coinbase, Paxos and Solana Foundation participating. Go deeper
• Uniblock, a Toronto-based blockchain infrastructure provider, raised US$5.2m from SBI, AllianceDAO, CoinSwitch, Blockchain Founders Fund, Hustle Fund, AAF Management, NGC Ventures, Alchemy, and MoonPay. Go deeper
• Rowan, a Chicago, Ill.-based AI platform for small business succession, raised $3.3m in seed funding. DRW led, joined by Motivate Ventures and Mercury Fund. Go deeper
• Riplo, a London-based agentic platform for consulting workflows, raised £2.3m in pre-seed funding led by Cherry Ventures, with Blue Lion Capital participating. Go deeper
• DoorDash and Prysm Capital joined Also's $200 million Series C round. Go deeper
Private Equity
• 26North Partners agreed to acquire Intermedia Intelligent Communications from Madison Dearborn Partners. Go deeper
• Accel-KKR took a majority stake in AccessPay, a British bank integration and payment automation provider that had previously raised about $50 million from investors like True Ventures, MasterCard, and NatWest Venture. Go deeper
• Carlyle agreed to buy a majority stake in MAI Capital Management, a Cleveland-based RIA valued at more than $2.8b. Go deeper
⚡️ Closed Loop Partners acquires Lacey, Wash.-based metals processing company Sutter Metals. Go deeper
• Inflexion acquired Marioff, a provider of high-pressure water mist fire suppression solutions, from Sentinel Capital Partners. Go deeper
• LongueVue Capital and Swaney Group Capital acquired Apex Dental Laboratory Group, a Dallas-based dental laboratory platform with 16 labs in 10 states. Go deeper
• Mountaingate Capital acquired UpSwell Marketing, a Marietta, Ga.-based direct response marketing platform. Go deeper
🚑 Quad-C Management invested in Dane Street, a Florida-based provider of medical examination and peer review services. Go deeper
Liquidity
🌎 Afreshed, an Austrian delivery service for organic produce that would otherwise go to waste, acquired German rival Etepetete, whose backers included KI Capital. Go deeper
• Monogram Capital Partners sold its remaining stake in Grand Fitness Partners, a Planet Fitness franchisee, to Flynn Group. Go deeper
🌎 Novisto, a Montreal enterprise sustainability management platform, acquired Minimum, a London-based carbon management software company, from backers like AENU, Blue Impact Ventures, Lakestar, and NEA. Go deeper
M&A
⚡️Lhyfe SA, a French green-hydrogen producer, plans to sell stakes in some of its plants to fund projects in France and overseas, per Bloomberg. Go deeper
Public Offerings
• KNDS, the German tankmaker, is gauging investor interest in an IPO that could raise as much as as €5b at a €25b valuation, per Bloomberg. Go deeper
Fundraisings
• Apogem Capital raised over $1.45b for its seventh secondaries fund. Go deeper
• Emblem, a Boston, Mass.-based PE firm, raised $600m for its debut fund. Go deeper
It's Personnel
⚡️Former BP CEO Bernard Looney was named CEO of sustainable data-center developer Prometheus Hyperscale, which is pursuing projects in Wyoming and Texas. Go deeper
⚡️Chris Adams joined Bank of Nova Scotia to run a new power and utilities team. He previously was with Royal Bank of Canada. Go deeper
• Chris Stori, former CEO of Bright Machines, was named chief information officer at Verkada. Go deeper
• Jim Corrigan, former CEO of ConnectiveRx, was named CEO of Clariness. Go deeper
• Paul Koch was named head of technology at Blueprint Equity. onblueprint.com
⚡️Lucy Martin was promoted to Bechtel's president of mining and metals business. She succeeds Ailie MacAdam, who is retiring. Go deeper
• Tommy Fleetwood, a professional golfer, was named global brand ambassador for Blackstone. Go deeper
• Tony Mitchell, former controller at COUR Pharmaceuticals, was named CFO at Kalohexis. Go deeper
Odds & Ends
💊 Merck (NYSE: MRK) agreed to pay Alameda, Calif.-based Infinimmune up to $838m in a collaboration deal to develop antibody candidates for multiple undisclosed targets. Go deeper
⚡️ GM idled production for the second time in six months at its Factory Zero EV plant in Detroit, citing sluggish demand. Go deeper
🌎 The U.S. Endangered Species Committee exempted oil and gas drilling in the Gulf of Mexico from endangered species protections, citing national security, per Bloomberg. Go deeper
