Illustration: Sarah Grillo/Axios
Venture Capital
💊 Osanni Bio, an SF-based development-stage therapeutics platform, raised a $190m Series B led by Patient Square Capital, joined by the Horowitz Group, Invus Opportunities, and the Retinal Degeneration Fund. Go deeper
🚑 Cadence, an NYC-based clinical AI company focused on chronic care for seniors, raised a $100m Series C led by Spark Capital. Thrive Capital, General Catalyst, Coatue, B Capital, Corewell Health Ventures, Memorial Hermann, and Duke Health joined. Go deeper
• Engram, an SF-based AI memory layer developer, raised $98m from General Catalyst, Kleiner Perkins, Sequoia Capital, Factory, Modern, Amplify Partners, and Neo. Go deeper
• HyperLight, a Cambridge, Mass.-based thin-film lithium niobate photonics company, raised $80m in Series C funding led by MediaTek. UMC Capital, Jabil, Foxconn, EDBI, CDIB-TEN Capital, Qatar Investment Authority, Summit Partners, The Engine, Foothill Ventures, and Xora Innovation joined. Go deeper
• Partly, an Austin, Texas-based AI model for the automotive repair supply chain, raised a $50m Series B led by DST Global Partners. Go deeper
• Allium, an NYC-based blockchain data platform developer, raised a $40m Series B. Amplify Partners led, joined by Kleiner Perkins and Theory Ventures. Go deeper
• Tsuga, a French observability startup, raised €30m in Series A funding. Singular led, joined by General Catalyst and DST Global. Go deeper
🌎 Recykal, a Hyderabad, India-based digital waste management and circular economy platform, raised $23m in bridge funding from existing investors and new family offices. Go deeper
⚡ Astral Systems, a U.K. developer of multi-state fusion tech, raised £23m. Mercia Ventures led, joined by Tees River, Daphni, and Blast Club, with previous investors Speedinvest and Playfair. Go deeper
• Sportway Media Group, a Stockholm-based sports video production company, raised €20m led by Gamma Waves. Go deeper
🚑 CroíValve, an Irish transcatheter device company, raised $20m in Series B funding from new investors BGF and European Innovation Council. The company also received $7m from EIC and DTIF grant financing and has now raised $36m in total. Go deeper
💊 Rapalogix Health, a Carlsbad, Calif.-based skin health longevity company, closed a $20m Series A co-led by Woodline Partners and GordonMD Global Investments LP. Go deeper
💊 Trimtech Therapeutics, an English biotech developing small molecule therapies for neurodegenerative diseases, raised an additional $14m in seed funding, bringing the round to $47m. The round was led by Johnson & Johnson Innovation. Go deeper
• Jupus, a German AI secretarial service for law firms, raised €13m in Series A funding. Semapa Next led, joined by NRW.Venture, Acton Capital and HTGF. Go deeper
• Flease, a Paris-based reconditioned vehicle lessor for enterprise fleets, raised €13m led by Partech Impact, Partech's Growth Impact Fund. Go deeper
• Ubotica Technologies, an Irish space-tech startup focused on maritime intelligence, raised $11m. Act Venture Capital and Greencode Ventures led, joined by Atlantic Bridge. Go deeper
• HaloBraid, an LA-based robotic startup for hair salons, raised a $7m seed. Seven Seven Six led, joined by AlleyCorp and Bling Capital. Go deeper
Private Equity
• Axis CLC, backed by H.I.G. Capital, acquired Fieldway Group, a provider of specialist fire safety and compliance services, from Foresight Group. Go deeper
⚡️ Ara Partners, a Houston-based PE firm focused on industrial decarbonization, agreed to sell Vacuumschmelze, a German magnetic alloys maker, to Energy Fuels, a Lakewood, Colo.-based rare earths producer, for $1.9b in cash and stock. Go deeper
• Berkshire Partners is investing in Harbourfront Wealth Group, a Canadian independent wealth management firm, at a C$1.8b valuation. Audax Private Equity will retain a stake. Go deeper
• Edward Jones invested in Quicken, a Menlo Park, Calif.-based personal finance software company backed by Aquiline. Go deeper
🚑 Duos, backed by FTV Capital, acquired Linkwell Health, an NYC-based health plan activation company backed by HLM Investment Partners. Go deeper
🚑 Incline Equity Partners invested in West Physics, an Atlanta-based provider of medical and health physics testing and consulting services. Go deeper
• Infinite Global, backed by ParkSouth Ventures, acquired Greentarget UK, a London-based communications consultancy focused on financial and professional services clients. Go deeper
• Juniper Capital Management acquired Bug ID, an SF-based audiovisual systems design firm. Go deeper
• Maridea Wealth Management acquired Ashford Investment Advisors, a Daytona Beach, Fla.-based wealth management firm with approximately $180m under management. Go deeper
• Platinum Equity is the last remaining bidder for Nestle's water business after Clayton Dubilier & Rice dropped out, per Bloomberg. Go deeper
• Platinum Equity agreed to acquire Tangent Technologies, a manufacturer of synthetic materials for outdoor living, marine, infrastructure and other industrial markets, from the Sterling Group. Go deeper
💊 Stada, a German drugmaker owned by CapVest Partners, is exploring a potential €6b purchase of Cooper Consumer Health, a German drugmaker, from CVC Capital Partners. Go deeper
• Teleo Capital Management acquired SmartFactory Rx, a pharma manufacturing intelligence platform, from Applied Materials (Nasdaq: AMAT). Go deeper
Liquidity
• Hessaire Products acquired PennBarry, a maker of ventilation solutions for industrial and commercial markets, from Air Distribution Technologies, backed by Truelink Capital. Go deeper
• Sofi (Nasdaq: SOFI) acquired Composer, a Toronto-based automated investing platform for retail traders. Composer had raised over $11m from firms like Left Lane Capital and First Round Capital. Go deeper
• Walmart has agreed to acquire Vibe.co, a TV advertising platform. Hedosophia backs the company, which was last valued at $410m. Go deeper
M&A
• Fortitude Mining Holdings, a digital asset mining platform anchored in Zcash, will combine with HeartSciences (Nasdaq: HSCS), an ECG medical tech company. Fortitude owner DCG will own 95% of the business. Go deeper
IPO
• CopperTech Metals, a copper miner being spun out of India's Vedanta Resource, set IPO terms to 23.5m shares at $16-$18. It would have a $3.4b fully diluted value at the midpoint and plans to list on the NYSE under CUX. Go deeper
• Gores Holdings XI, a SPAC formed by The Gores Group, raised $312m in its IPO. Go deeper
Fundraising
• Menlo Ventures raised $3b across two funds. Go deeper
• Valor Equity Partners, known for backing SpaceX, is raising about $2.5b, per Bloomberg. Go deeper
It's Personnel
• Eric Levine, formerly at Bank of America, joined U.S. Bank as head of health care for payments: merchant and institutional sales distribution. Go deeper
• Josh Elman, previously of Greylock, joined a16z as a partner. Go deeper
🚑 Margaret Kaczor Andrew, formerly a partner and sell-side equity research analyst at William Blair, joined Clarevia Ventures as venture partner, focused on medical devices, clinical technologies, and emerging health care platforms. Go deeper
