Photo illustration: Greg Ruben/Axios
Venture Capital
• Temporal, a Bellevue, Wash.-based microservices orchestration startup, raised $550m in Series E funding at a $12.55b valuation. Lightspeed led, joined by Wellington, Goldman Sachs, Tiger Global, T. Rowe Price, SV Angel, a16z, Sequoia Capital, Index Ventures, Sapphire Ventures, GIC, and Amplify. Go deeper
• Cornelis Networks, a Wayne, Pa.-based data center infrastructure startup, raised $205m led by IAG Capital Partners. Go deeper
• Buildots, an Israeli construction software startup, raised $130m at a reported $1b valuation. O.G. Venture Partners led, joined by Lightspeed, Intel Capital, Mohari Ventures, Human Capital, Qumra Capital, Viola Growth, and Poalim Equity. Go deeper
• Nuance Labs, a Seattle-based startup focused on making AI conversations more "human," raised $50m in Series A funding. Lightspeed led, joined by insiders Accel, South Park Commons, Nvidia, and Define Ventures. Go deeper
• Aron, a developer of AI agents for procurement teams, raised $8m from Menlo Ventures and Storm Ventures. Go deeper
⚡Malta, a Cambridge, Mass.-based next-gen heat pump maker, raised funding from Kobe Steel. Go deeper
Private Equity
• Allyant, a Thompson Street Capital Partners portfolio company, acquired Braille Works, a Seffner, Fla.-based provider of accessible alternative format communications. Go deeper
• Bertram Capital invested in Starc Systems, a Brunswick, Maine-based maker of reusable temporary containment wall systems. Go deeper
⚡️ Carlyle agreed to acquire Canadian oil and gas company Parallax from Carnelian Energy Capital. Go deeper
• H.I.G. Capital merged Action Elevator Company and All City Elevator to form EverRise Lift Group, an elevator service and modernization platform. Go deeper
• New Mountain Capital acquired a minority stake in Appleby, an offshore legal and corporate services platform. Go deeper
M&A
• The U.S. Department of Defense is investing $450 million to purchase a 20% stake in Elmet Group, a Portland, Maine-based producer of tungsten, a metal used in military hardware. Go deeper
• Puig (Madrid: PUIG) has agreed to buy the stake it didn't already hold in Spanish skin care company ISDIN from Corporación Químico-Farmacéutica Esteve for €1.2b. Go deeper
Liquidity
• KPS Capital Partners agreed to sell Metra, an Italian aluminum profile manufacturer, to Polish industrial group Grupa Kety for €645m. Go deeper
• OpenAI acquired Glass Imaging, a startup developing higher-quality cameras for smartphones, for about $300m, per the WSJ. It had previously been valued at $100m and was backed by GV and Insight Partners. Go deeper
• Procare Solutions, owned by Roper Technologies (Nasdaq: ROP), bought Playground, an NYC-based child care management platform that had raised $3.35m in seed funding led by Human Capital and Bedrock in 2021. Go deeper
• Ubicquia, a VC-backed intelligent infrastructure platform for utilities and municipal agencies, bought Databuoy, a gunshot-detection platform that had raised around $9m from firms like Beresford Ventures, Ironate Capital, and Quake Capital. Go deeper
It's Personnel
🚑 Holly Atallah joined NaviMed Capital as CFO and VP of compliance. She previously was with BroadOak Capital Partners. Go deeper
• Victoria Davies joined Sound Point Capital as a managing director and head of Europe for global client solutions. She previously was with King Street. Go deeper
• Katherine Dowley joined Vance Street Capital as head of IR. She previously was with W Capital Partners. Go deeper
Odds & Ends
⚡️ Palliser Capital, a shareholder in Italian pharma company Recordati, urged the company's board to withdraw its support of a €51.29-per-share takeover offer from CVC and Groupe Bruxelles Lambert. Go deeper
