Illustration: Sarah Grillo/Axios
Venture Capital
• SAP invested in n8n, a Berlin-based workflow automation platform, at a $5.2b valuation — more than double its valuation from last year. Go deeper
• Wispr Flow, an SF-based voice dictation developer, is set to raise about $260m at a $2b valuation, led by Menlo Ventures, per Bloomberg. Go deeper
• Credibly, a Detroit-based fintech startup providing financing to SMBs, secured over $260 million in a new securitization transaction and the refinancing of existing facilities with Truist Bank and Medalist Partners. Go deeper
• Photonic, a Vancouver-based quantum computing startup, raised US$200m at a $2b post-money valuation. Planet First Partners led, joined by Business Development Bank of Canada, Export Development Canada, Bell Ventures, Firgun Ventures, InBC Investment, and Mubadala Capital. Go deeper
• Exaforce, an SF-based agentic cybersecurity startup, raised a $125m Series B from HarbourVest Partners, Peak XV, Mayfield, Khosla Ventures, and Seligman Ventures. Go deeper
⚡️Havoc, a Providence, R.I.-based developer of AV software and hardware, raised a $100m Series A from CCM Capital Markets, Clear Street, Cobalt Capital, Boardman Bay Capital Management, Meet Perry, Mute Ventures, Soren Ventures, SAIC, JA Green, Outlander VC, Scout VC, B Capital, Lockheed Martin, Taiwania Capital, UP.Partners, The Veteran Fund and Vanderbilt University's endowment. Go deeper
⚡️Star Catcher, a Jacksonville, Fla.-based developer of a power grid in space, raised a $65m Series A from B Capital, Shield Capital and Cerberus Ventures. Go deeper
• Monaco, an SF-based sales platform, raised a $50m Series B. Benchmark led, joined by insiders Founders Fund and Human Capital. Go deeper
• Gaiia, a Canadian OS for communication service providers, raised a $40m Series B led by JMI Equity. Go deeper
• Judgment Labs, an SF-based agentic AI software startup, raised a $32m combined seed and Series A. Lightspeed led both rounds, joined by Nova Global, SV Angel, Valor Equity Partners, and Dynamic. Go deeper
• Webidoo, an Italian AI operating system developer for SMBs, raised $25m. IXC3 led, joined by 8a+ and TIM Ventures. Go deeper
🚑 Basata, a Phoenix-based health care admin AI company, raised a €21m Series A. Basis Set Ventures led, joined by Cowboy Ventures, PHX Ventures, Zenda Capital, and Victoria Treyger. Go deeper
• Greenboard, an NYC-based securities compliance startup, raised a $15.5m Series A. Base10 Partners led, joined by YC, General Catalyst, Commerce Ventures, Transpose Platform, Liquid2 Ventures, and Kulveer Taggar. Go deeper
⚡️Reel, a Danish electricity supplier and trader, raised €15m in Series A funding. Future Energy Ventures led, joined by UVC Partners, Transition, and The Footprint Firm. Go deeper
• White Circle, a Paris-based AI control and safety platform, raised an $11m seed from Tiny VC and individual investors. Go deeper
• Ventory, a Belgian inventory management platform, raised €2.65m. KBC Securities led, joined by Finindus, Matterwave and Delaware. Go deeper
🌎 NanoStruct, a German developer of food bacteria-detection tech, raised €2.6m in seed funding led by High-Tech Gründerfonds, Bayern Kapital, and the AUXXO Female Catalyst Fund. Go deeper
Private Equity
• Apollo acquired Noble Environmental, a Pittsburgh-based waste management company. Go deeper
• Graycliff Partners acquired Tramont Manufacturing, a Milwaukee-based manufacturer of generator enclosures and fuel tanks for backup power applications. Go deeper
• Roskam Foods, a portfolio company of Entrepreneurial Equity Partners, acquired Kitchen Partners, a Canadian provider of sauces, marinades, dips, and soups to restaurants. Go deeper
• TA Associates invested in Govineer Solutions, a Polson, Mont.-based provider of software and payments solutions for local governments. Go deeper
M&A
• EDF, a French state-owned energy giant, is seeking to sell its China renewables assets for more than $500m, per Bloomberg. Go deeper
🚑 Function, an Austin, Texas-based lab test provider, acquired SuppCo, a NYC-based supplement tracker. Go deeper
Fundraising
• A*, an early-stage VC firm co-founded by Kevin Hartz and Bennett Siegel, raised $450m for its third fund. Go deeper
Odds & Ends
💊 Bristol Myers Squibb (NYSE: BMY) has agreed to pay $600m upfront and up to $15.2b to Shanghai-based Hengrui Pharma (SHA: 600276) in global strategic collaboration and license agreements to develop 13 early-stage oncology, hematology and immunology drug programs. Go deeper
It's Personnel
• Deva Mishra joined Blue Owl as head of insurance solutions. He previously was CEO of Prosperity Asset Management and CIO and director of Prosperity Group Holding. Go deeper
• Griffin Doty joined Mintz as a private equity-focused member in its NYC office. He previously was with McDermott Will & Schulte. Go deeper
🚑 Roger Kahn joined CriticalPoint as a managing director. He previously was a health care banker at FTI Capital Advisors. Go deeper
