The $77B Week: When Infrastructure Becomes Intelligence

Two mega-rounds prove that owning the data layer—whether financial or medical—is the ultimate moat.

Revolut's $75B Fintech Crown:  

• Europe's Profitable Unicorn King: Revolut raised funding at a $75 billion valuation—up from $45 billion just last year—led by Coatue, Greenoaks, Dragoneer, and Fidelity. The secondary share sale included strategic investment from Nvidia's NVentures and Andreessen Horowitz, positioning the British neobank as Europe's most valuable private tech company.

• The Profitability Story: Here's what separates Revolut from hype-driven unicorns: revenue grew 72% to $4 billion in 2024, while profit before tax surged 149% to $1.4 billion. The company now serves 65 million customers globally and hit $1 billion in annualized business revenue. This isn't venture-subsidized growth—it's a profitable infrastructure business at scale.

• Why Nvidia Joined: Revolut already uses Nvidia's technology for its AI infrastructure, powering features like an AI chat assistant and scam detection. The investment deepens collaboration on AI-powered banking tools while giving Nvidia strategic exposure to fintech infrastructure.

• The Global Expansion Play: Revolut secured banking licenses in Mexico and Colombia in 2025, with launches planned in India and Latin America. The company aims to reach 100 million customers by mid-2027 and enter 30+ new markets by 2030—building the world's first truly global digital bank.

• The Takeaway: Founded in 2015 as a money transfer app, Revolut has become a multi-currency banking platform spanning crypto, stock trading, and business accounts. The $75 billion valuation reflects a decade of execution: profitability at scale, regulated global expansion, and AI-powered infrastructure that's attracting strategic tech investment.

Function Health's $2.5B Medical Intelligence: 

• When AI Reads Your Blood: Function Health raised $298 million Series B at a $2.5 billion valuation led by Redpoint Ventures, bringing total funding to $350 million. The Austin-based company simultaneously launched Medical Intelligence Lab—a generative AI model trained by doctors to provide personalized health insights from lab tests, imaging, wearables, and medical records.

• The Traction Story: Function has completed over 50 million lab tests since launching in beta in mid-2023. The platform offers 160+ biomarker tests covering heart function, hormones, cancer signals, immunity, and aging factors—providing six times more testing volume than typical primary care providers.

• The AI Health Revolution: Medical Intelligence synthesizes data from lab results, full-body MRI scans (following its Ezra acquisition), wearables, and medical records to spot early warning signals. Members get an AI chatbot that answers health questions based on their personal data, plus protocols that translate complex results into actionable steps.

• The Takeaway: The celebrity-backed roster includes NBA athletes Blake Griffin and Allen Crabbe, plus a16z, Battery Ventures, and Roku founder Anthony Wood. Function is betting that AI-powered preventive care—catching disease before symptoms appear—beats the current model of waiting until people get sick. With 50 million tests completed and $2.5 billion backing, the market believes they're right.

The Infrastructure Insight: This week's mega-rounds share a common thread: both companies own the data layer in massive industries.

• Revolut ($75B): Financial transaction data + AI = profitable global banking infrastructure

• Function ($2.5B): Health biomarker data + AI = personalized medical intelligence

Both are making previously inaccessible services available to millions. Both are using AI to turn raw data into actionable intelligence. Both are building infrastructure that gets more valuable as it scales.

The lesson: own the data layer, add AI intelligence, make it accessible. That's how you build a unicorn in 2025.

Sources: Revolut Press Release, TechCrunch - Revolut, Bloomberg - Revolut, Function Health Press Release, TechCrunch - Function, STAT News - Function

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The Market Pulse

1) AI Infrastructure Explodes: When $6+ Billion Flows in Seven Days

The venture landscape delivered its most capital-intensive week in months, with over $6 billion deployed across AI infrastructure, fintech, robotics, and creative platforms. Lambda's $1.5 billion Series E headlines a week where institutional investors doubled down on compute infrastructure while multimedia AI, predictions markets, and robotics commanded unprecedented valuations. The message is unmistakable: AI infrastructure has moved from speculative to mission-critical, with capital flowing at unprecedented scale and speed.

2) AI Cloud Infrastructure Reaches Historic Scale

Lambda raised $1.5 billion in Series E funding led by TWG Global (Thomas Tull and Mark Walter's holding company), bringing total funding to $3.2 billion. The San Francisco-based AI cloud infrastructure provider's massive round signals that compute capacity for training and deploying AI models has become the defining infrastructure challenge of the decade. Meanwhile, Luma AI secured $900 million in Series C led by Humain with significant AMD participation, demonstrating investor appetite for multimedia AI generation platforms.

3) Predictions Markets and Crypto Scale Rapidly

Kalshi raised $1 billion led by Sequoia Capital and CapitalG at an $11 billion valuation, while cryptocurrency exchange Kraken closed $800 million across two tranches (including a $200 million strategic investment from Citadel Securities at $20 billion valuation). These deals reflect growing institutional confidence in alternative financial platforms and digital asset infrastructure, signaling mainstream adoption beyond speculation.

4) Robotics AI Commands Premium Valuations

Physical Intelligence raised $600 million led by CapitalG at a $5.6 billion valuation, while Switzerland's Flexion secured $50 million in Series A from DST Global Partners to build the "brain" for humanoid robots. These rounds underscore investor conviction that general-purpose robotics powered by foundation models represents the next frontier of AI commercialization—moving from digital automation to physical-world manipulation.

5) Creative AI Platforms Prove Commercial Viability

Suno raised $250 million at a $2.45 billion valuation (led by Menlo Ventures) for AI music generation, while Genspark secured $275 million at $1.25 billion valuation for agentic AI tools—achieving $50 million ARR within five months. These deals demonstrate that consumer and enterprise creative AI applications have moved beyond experimentation to sustainable business models with proven monetization.

6) Enterprise Finance Automation Gains Traction

Ramp secured $300 million at $32 billion valuation (marking its fourth raise of 2025), while Numeric closed $51 million Series B from IVP for AI-powered accounting automation. Both rounds signal that enterprise finance infrastructure is undergoing fundamental transformation, with AI-native platforms displacing legacy systems through superior automation and intelligence.

📌 TL;DR

• Capital: $6B+ weekly deployment with multiple billion-dollar rounds in AI infrastructure

• Strategy: Compute infrastructure, robotics AI, and creative platforms commanding historic valuations

• Validation: AI infrastructure reaching $32B valuations; creative AI proving commercial viability

• Innovation: Predictions markets, crypto exchanges, and AI-native professional services attracting institutional capital

Sources: Crunchbase - Biggest Funding Rounds Week of Nov 15-21, TechCrunch - Kalshi $1B Round, Tech Startups - November 20 Funding News, Lambda - $1.5B Series E Announcement

Latest Fundraises from Major Firms (PE, VC, and Institutional Investors)

Venture Capital & Growth

• Elad Gil doubled the target size of his new venture fund to nearly $3B from $1.5B (The Information)

• Medicxi, a European life sciences VC, raised $580M for its sixth flagship fund (FierceBioTech)

• Kester Capital, a UK VC, raised $558M for its fourth fund targeting tech and healthcare (AltAssetsPE)

• Sofinnova Partners raised $755M (€650M) for its eleventh flagship fund focused on early-stage healthcare and life sciences (Sofinnova)

• Keen Venture Partners raised $175M (€150M+) for Europe's largest defense technology fund (Keen Ventures)

• Watchfire Ventures is seeking to raise $150M for its third flagship fund to continue investing in consumer products, commerce infrastructure software, industrial modernization technology, and tech-enabled services (VentureCapitalJournal)

• The LegalTech Fund raised $110M for its second fund focused on legal technology companies (WSJ)

• nvp capital raised $80M for its sophomore fund to back seed-stage enterprise software and vertical AI startups (GlobeNewswire)

• Meron Capital, a Tel Aviv VC firm, raised $70M for its third fund focused on pre-seed and seed investments in AI, cybersecurity, fintech, digital health, climate tech, and robotics (Morningstar)

• Nera Capital, a UK litigation finance fund, raised $50M for a debut litigation secondaries fund (newbywire)

• Vistara Growth raised $321M for its fifth fund, fueling growth-stage investments across software, tech, and services (Vistara Growth)

• Remagine Ventures raised $25M for its second fund, focused on early-stage investments across media, entertainment, and gaming (CTech)

Private Equity & Credit

• Warburg Pincus raised $12B for a targeted $17B global PE fund (Bloomberg)

• DigitalBridge raised $11.7B for its third flagship fund targeting data centers and AI infrastructure (Digital Bridge)

• CVC raised $7B for its sixth secondaries fund as it continues to expand into the market (CVC)

• Diameter Capital Partners raised $4.5B for its third credit dislocation fund (DiameterCapitalPartners)

• Ascertis Credit raised $520M for a targeted $1B fourth private credit fund to back high-growth businesses in India and Southeast Asia (Reuters)

• CapVest raised $3.8B for a second continuation fund for radiopharma firm Curium from TPG, ICG, CVC Secondary Partners, Goldman Sachs Asset Management, Ardian, and Lunate at a $7B valuation (PrivateEquityWire)

• Wind Point Partners is seeking $2.5B for its eleventh flagship fund (themiddlemarket)

• KKR plans to raise $2B for its second Asia-focused credit fund by December (PEInsights)

• Y-Intercept, a Schonfeld-backed Hong Kong quant hedge fund, raised $1.7B from Blackstone, CPPIB, a Morgan Stanley FOF, and others for its latest fund (Bloomberg)

• Rockland Capital raised $1.2B for its fifth flagship fund focused on power generation and data centers (Businesswire)

• Stoneshield Capital, a European real estate PE firm, is seeking to raise $1.1B for its sixth fund, with plans to raise AUM from $5.7B to $11.5B (Bloomberg)

• BVP Forge raised $1B for its second fund dedicated to growth buyout and minority investments (BVP)

• Central bank Hong Kong Monetary Authority and Saudi's PIF formed a $1B fund to help Hong Kong companies expand into Saudi Arabia (CentralBanking)

• Coller Capital's evergreen PE secondaries fund surpassed $1B AUM (Altswire)

• Saudi state-backed developer King Salman Park Foundation started a $1B fund targeting urban park investments (SyftAI)

• UK PE firm Goldenpeak raised $490M for its debut fund (PENews)

• Tailwater Capital raised at least $425M for its fifth flagship fund focused on energy infrastructure (WSJ)

• Monogram Capital Partners raised $350M for its third fund (WRIC)

• Ardabelle Capital, a French private equity firm founded by a former Eurazeo CEO, held a €250M first close for its debut fund, which is targeting €500M (Bloomberg)

• Brookfield launched a $100B global AI Infrastructure program in partnership with Nvidia and SWF KIA, targeting $10B in equity commitments (Brookfield Asset Management)

• Blackstone and Neuberger Berman committed $600M to a deeply discounted multi-asset continuation fund of Trilantic Capital Partners's sixth flagship vintage from 2017 (SeekingAlpha)

• KKR is seeking to raise $15B for its fifth Asia PE fund with consumer, life sciences, financial services, healthcare, and industrials in focus (MSN)

Top Jobs

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Growth Equity Roles

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Private Equity (Buyout) Roles

Senior Associate at Graycor (Chicago)

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Interesting Podcasts from the past week

Podcasts:

• Robinhood’s Vlad Tenev on AI, Prediction Markets, and the Future of Trading

• Mental models for building products people love ft. Stewart Butterfield

• Satya Nadella describes how lessons from Microsoft’s history apply to today’s boom

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