Illustration: Sarah Grillo/Axios
Venture Capital
🚑 Isomorphic Labs, an Alphabet spinout using AI for drug discovery, is in early talks to raise at between $40b to $50b valuation, per Bloomberg. Go deeper
• Atomic Machines, an Emeryville, Calif.-based manufacturing system for micro-machines, raised $250m from OneIM, Gigafund, XTX Ventures, KAS Venture Partners, Valor Equity Partners, Tru Arrow Partners, Construct Capital, Sozo Ventures, and UC Regents. Go deeper
⚡️Voltus, an SF-based flexible energy platform, raised $225m in Series D funding. Generation Investment Management led, joined by Activate Capital, Vitol, Broadscale Group, Climate Investment, NGP Energy Capital, Salix Ventures, and All Aboard Fund. Go deeper
• Arena Intelligence, an SF-based AI model evaluator, raised $200m at a $3.1b valuation. Lightspeed and Khosla Ventures led, joined by Salesforce Ventures and Dell Technologies Capital. Go deeper
🚑 Medical Microinstruments, a Jacksonville, Fla.-based health care robotics company focused on complex conditions, raised $125m in Series D funding. BioStar Capital led, joined by S3 Ventures and Angelini Ventures. Go deeper
• Hone, an SF-based professional AI agent developer, raised $60m at a $285m valuation. Benchmark and Index Ventures led, joined by Elad Gil, Hanabi, Definition, and Diffusion. Go deeper
• Vesta, an SF-based mortgage loan origination system, raised $30m. Conversion Capital led, joined by Pennymac, New American Funding, and Citi Ventures. Go deeper
🚑 AblePay Health, a Bethlehem, Pa.-based patient engagement platform, raised $20m in Series A funding. F-Prime led, joined by A1 Health Ventures and .406 Ventures. Go deeper
🚑 Vocca, a Paris and NYC-based developer of patient communication tools, raised $20m in Series A funding. Norrsken VC led, joined by Heal Capital, Speedinvest, and Firstminute Capital. Go deeper
• Persona, an AI agent startup, raised $10m. Vine Ventures led, joined by Z Fellows founder Cory Levy and Collective Global. Go deeper
💊 Onyx, a Berkeley, Calif.-based research collective building a virtual immune system, raised an $8m seed round. Dimension Capital led, joined by Haystack and Refactor Capital. Go deeper
💊 Vinci Pharmaceuticals, a New Jersey specialty ophthalmic pharma company, raised $8m in Series A funding. Dynagrow Capital led, joined by MintPharma Capital. Go deeper
🚑 Outro, a medication tapering support startup, raised $7m in pre-seed and seed funding from Listen Ventures and Cake Ventures. Go deeper
🚑 Phantom GI, an Israeli developer of a minimally invasive alternative to surgical ostomy, raised a $5m seed. Pitango Healthcare led, joined by RAD Biomed and RUNI Ventures. Go deeper
🚑 Peppermint, an SF-based financial operations platform for clinical research teams, raised $4.7m in seed funding. Moxxie led, joined by Homebrew, Better Tomorrow Ventures, Layout Ventures, Digital Health Venture Partners, and Night Capital. Go deeper
• Apero, a restaurant reservation platform for Québec, raised C$5m from Valsoft's Now Book It. Go deeper
• IMMIX, a London-based platform to exchange stablecoins between currencies, raised $3.5m from Crane Venture Partners, BTSE, and Portfolio Ventures. Go deeper
• Thrixel, a Chicago-based platform for AI agents to animate in 3D, raised $3m from Sierra Ventures, MFV Partners, Harper Court Ventures, and Z5 Capital. Go deeper
Private Equity
• AEA Investors and British Columbia Investment Management acquired Rensa Filtration, a provider of filtration solutions, from Audax Private Equity (which retains a minority stake). Go deeper
• Antenna Research Associates, backed by OceanSound Partners, merged with Empower RF Systems, an Inglewood, Calif.-based maker of solid-state RF and microwave amplifiers. Go deeper
• LongWater Private Equity acquired a majority stake in Blastco, a Channelview, Texas-based provider of surface preparation, industrial coatings, and tank rehabilitation services. Go deeper
• Salt Creek Capital acquired MK Plastics, a Canadian manufacturer of corrosion-resistant industrial and commercial ventilation equipment. saltcreekcap.com
• SRS Acquiom, backed by Lovell Minnick Partners and Carlyle, agreed to acquire Pantarai, a U.K.-based provider of loan-closing solutions. Go deeper
• Verdantas, backed by Sterling Investment Partners, acquired Civilitude Engineers and Planners, an Austin, Texas-based engineering and planning firm. Go deeper
Liquidity
• Harness, an SF-based autonomous software delivery lifecycle platform, acquired select assets of Palo Alto, Calif.-based coding software developer Augment Code, whose backers include Sutter Hill Ventures, SV Angel, Rsquared, Pebblebed, Meritech Capital, Lightspeed Venture Partners, Index Ventures, and Evolution Equity Partners. Go deeper
M&A
• RBC plans to vote against the breakup and sale of H&R Real Estate Investment Trust to investors like Blackstone and GO Residential Real Estate Investment Trust. Go deeper
💊 Viatris (Nasdaq: VTRS) agreed to buy Pacira Biosciences (Nasdaq: PCRX) for $1.65b in cash to add two non-opioid pain treatments to its portfolio. Go deeper
Public listings
Firmus Grid, an Nvidia-backed Australian data center developer, is postponing its planned $5.5 billion IPO and is weighing a private funding round instead, per Bloomberg. Go deeper
Fundraising
• Balerion Space Ventures of Dallas raised $200m for its second fund. Go deeper
• Taurus Private Markets raised over $300m for its third fund. Go deeper
• Stable Asset Management invested $100m in Alchemist Capital, a NYC-based biotech investment firm founded by Andy Tran, previously a principal at Matrix Capital Management. Go deeper
It's Personnel
• Apple is expected to replace M&A chief Adrian Perica with longtime lieutenant Steve Smith, per Bloomberg. Go deeper
