The private markets are pulsing with high-conviction bets on AI and defense, as mega-rounds for Applied Intuition ($600M Series F at $15B) and Helsing (€600M at $13.7B) underscore the urgency to back national security and autonomy infrastructure. On the enterprise side, tools enabling operational efficiency like Juniper Square and Browserbase are drawing serious late-stage capital.

Healthcare continues to consolidate — Eli Lilly's $1.3B gene-editing move and Ascension's $3.9B outpatient deal mark a resurgence of strategic buyers post-rate reset. Meanwhile, Caris Life Sciences’ $494M IPO and Slide Insurance’s $408M debut suggest that the window for public exits may finally be reopening, especially for scaled, revenue-rich healthtech plays.

Private equity is quietly rotating into vertical SaaS, industrial services, and infra—seeking low-volatility, cash-generative businesses amid macro recalibration. And with JPMorgan’s $6.5B bond sale backing Skechers' LBO and Rockefeller Capital’s $150M raise for M&A, credit markets are clearly back in business.

Enterprise & AI Infrastructure

• Applied Intuition raised a $600M Series F at a $15B valuation (up 2.5x from last year), led by BlackRock and Kleiner Perkins. The company builds autonomous vehicle testing software.

  _{Yahoo Finance}

• Coralogix, an observability/security data platform, secured $115M Series E led by NewView Capital at a $1B+ valuation.

  _Coralogix

• Juniper Square, a private markets ops platform, raised $130M Series D at a $1.1B valuation from Ribbit Capital and Blue Owl.

  _{Juniper Square}

• Browserbase, a backend browser automation platform for agentic AI systems, raised $40M Series B at a $300M valuation led by Notable Capital.

  _{Built In San Francisco}

• Pano AI, a San Francisco-based wildfire detection platform, raised $44M Series B led by Giant Ventures.

   _{GlobalNewswire}

Defense & Industrial

• Helsing, a defense AI firm based in Munich, raised a $691M Series D led by Prima Materia (Spotify CEO Daniel Ek’s VC firm).

  _Reuters

• Mach Industries, which builds unmanned systems for defense clients, raised a $100M round at a $470M valuation from Khosla and Bedrock.

  _TechCrunch

Healthcare

• Ellipsis Health, voice-based AI for patient check-ins and care, raised $45M Series A from Salesforce, Khosla Ventures, and CVS.

  _PRNewswire

• Sword Health, an AI-powered MSK & pelvic care platform, raised $40M at a $4B valuation led by General Catalyst.

  _{FierceHealthcare}

• Tennr, a NYC-based healthcare software startup, raised $101M in Series C funding at a $605M valuation led by IVP.

  _{FierceHealthcare}

• Draig Therapeutics, focused on oral drugs for depression, raised $144M led by Access Biotechnology.

  _{BioPharma Dive}

• Actio Biosciences brought in $66M Series B for oral drugs targeting rare and common diseases.

  _{BioPharma Dive}

Fintech & Infra

• Ramp raised $200M at a $16B valuation led by Founders Fund.

  _PRNewswire

• Payabli, enabling embedded payments for SaaS, raised $28M Series B led by Fika Ventures and QED.

  _Payabli

• Farsight, automating investment firm outputs (decks, memos), raised $13M Series A from SignalFire.

  _{Fintech Collective}

Energy

• TerraPower, a Bellevue-based nuclear reactor designer backed by Bill Gates, raised $650M in a round led by NVentures and HD Hyundai.

  _Nasdaq

Consumer, Gaming, & Media

• Animaj, an AI-powered 3D animation studio, raised $85M from HarbourView and Bpifrance.

  _Variety

• Teamworks, a sports team operations platform, locked in $235M at a $1B+ valuation led by Dragoneer.

  _WVNews

• Zoot, a gaming platform blending sweepstakes and stablecoin payouts, raised $6M seed from CoinFund and Griffin Gaming.

  _FinSMEs

• Bigger Games, a Turkish puzzle gaming firm, raised $25M Series A co-led by Goodwater Capital.

  _Tech.eu

New Control/Buyouts

• Summit Partners took a minority stake in RIS Rx, a pharma gross-to-net leakage platform.

  _{Summit Partners}

• SolomonEdwards (Renovus portfolio) acquired Pencek Advisors, a PE portfolio consultancy.

  _{SolomonEdwards}

• Gryphon-backed Shermco acquired Eastern High Voltage, expanding its industrial services offering.

  _Gryphon

Exits

• Hunter Point Capital acquired a 16.1% stake in infrastructure manager Equitix at a $1.7B EV.

  _PRNewswire

• Eurazeo took a majority stake in hospitality software player Mapal from PSG Equity.

  _Eurazeo

• Lee Equity bought Shackleton Advisors, a London-based advisory firm.

  _Citywire

🏢 Corporates

M&A / Strategic Investments

• Meta inked a $14B deal with Scale AI, acquiring a 49% stake in the Andreessen-backed firm.

  _Techcrunch

• Ascension Health acquired AmSurg for $3.9B to expand ambulatory surgical capacity.

  _{Modern Healthcare}

• Eli Lilly agreed to acquire Verve Therapeutics for $1.3B, doubling down on gene-editing platforms.

  _{Eli Lilly}

📈 IPOs & Issuances

• Caris Life Sciences, an AI-powered oncology diagnostics firm, raised $494M at a $5.9B valuation on Nasdaq.

  _ainvest

• Slide Insurance priced its IPO at $17, raising $408M. Backed by DC13.

  _ainvest

• Chinese condiment giant Foshan Haitian raised $1.3B in a Hong Kong IPO.

  _Marketwatch

• Autodoc, a German e-commerce auto parts retailer backed by Apollo, is seeking to raise ~$460M.

  _Reuters

💰 Debt

• JPMorgan is launching a $6.5B bond sale to finance 3G Capital’s $9.4B acquisition of Skechers.

  _{Exec Sum}

• DayOne Data Centers Singapore is seeking $1B+ in private credit to fund hyperscale expansion.

  _Bloomberg

• Rockefeller Capital raised $150M in debt to fund advisor recruitment and acquisitions.

  _Citywire

Your Feedback is appreciated!

Thank you for being a reader! Let us know if there’s a topic or area that you’d like us to explore and/or investigate. To do so, simply respond to this email!