💸 Carbon Cell £1.2M; Realta Fusion $36M; Lignin Industries €3.9M; Zeno Power $50M & more...| Deep Tech Capital Movements Vol. 18
The Week’s State of Deep Tech Capital: who’s Raising, who’s Betting, and why.
Welcome back to Deep Tech Capital Moments — the weekly analysis from The Scenarionist that tracks and highlights capital dynamics in deep tech, from early-stage funding rounds to major fund launches.
✨ For more, see Membership | VC Guides | Deep Tech Briefing | Deep Tech Catalyst
Dear friends,
This week, deep tech investing showed its hand—not with hype or headlines, but with discipline. Capital moved not toward narratives, but toward bottlenecks. What we’re seeing now is a recalibration: from growth-at-any-cost to constraint-driven deployment. Power, latency, cost of iteration, sovereignty, and strategic redundancy now define the frontier.
Fusion led the headlines with two signals that couldn’t be more different but equally important. Commonwealth Fusion raised over $1 billion in a Series B2 to fund the construction of its SPARC pilot tokamak—one of the largest single rounds in the sector’s history. But Realta Fusion’s $36 million Series A, targeting modular magnetic mirror reactors with sub-utility scale buildouts, tells you where engineering minds are placing their bets: scalable, manufacturable fusion—not just demonstrable.
In compute, the edge is absorbing capital faster than the cloud can respond. Avicena’s $50 million Series B led by Tiger Global and SK Hynix will bring its compute-in-memory NPUs to markets where latency, power, and sovereignty dominate: telecom, IoT, and defense. Tensor9 raised $4 million for its mixed-precision AI accelerators. But the deeper story is Cognichip’s $33 million seed, which uses generative AI to collapse chip design cycles from quarters to days—compressing time-to-silicon for mission-critical systems.
Meanwhile, AI21 Labs pulled in $300 million from Google and Nvidia to scale its LLM stack for enterprise workflows. The message here is market readiness: model performance is secondary to compliance, latency, and vertical integration. Similarly, TensorWave’s $100 million Series A, built on AMD architectures, shows how capital is funding an AI infrastructure layer that isn’t beholden to Nvidia’s supply chain.
In health and biotech, capital is targeting systems that compress cost and cycle time. PhaseV raised $50 million to optimize trial design and recruitment through AI; PathOS AI closed $365 million to automate clinical ops through NLP and protocol intelligence. On the earlier end, Complement-1’s $16 million seed brings lifestyle integration into oncology care—a product born from personalization, not prediction.
Hardware isn’t being left behind—it’s being revalued. Glass Imaging closed $20 million for neural image reconstruction; Zeno Power raised $50 million to scale radioisotope batteries for space and defense. And in materials, Lignin Industries raised €3.9 million to bring lignin-based bioplastics to commercial viability, while Carbon Cell’s £1,2 million in pre-seed is backing carbon-negative foam for insulation markets.
In defense tech, velocity is the theme. Kela Technologies added $60 million, bringing its total to $100 million in under a year—deploying modular battlefield OS platforms for real-time situational awareness. Orasio raised €16 million to push AI threat detection into municipal and military video systems. In India, Zebu closed a $1 million pre-Series A to rush indigenous drones from prototype to deployment in under 12 months. These are not bets on defense—they are bets on time-to-field.
Quantum continues to gain strategic weight. Classiq raised $110 million, the largest software round in the space to date, while Eli Lilly committed up to $1 billion in a partnership with Creyon Bio to integrate quantum simulations into RNA drug pipelines. Quantum is no longer theoretical—it’s being budgeted inside big pharma’s production environments.
Capital formation is adapting. On the fund side, PX3 closed its inaugural €500 million vehicle to back software-wrapped industrials. BAT VC announced a $100 million India-focused deep tech fund, betting on sovereign AI infrastructure. TDK Ventures launched a $150 million Fund IV, leaning into geopolitical volatility to double down on hardware—robotics, data centers, edge compute.
In Central Europe, Rockaway Ventures’ €55 million close isn’t just regional—it’s strategic: digitally native energy and defense startups built for global scaling. 201 Ventures’ $22 million seed-stage fund is backing Arctic autonomy and maritime surveillance—not because they’re obvious, but because they’re urgent.
Early-stage capital is fragmenting with intent. Wave Ventures’ €7 million Gen Z fund, Wyld VC’s $50 million MENA AI fund, and Lobster Capital’s new $50 million vehicle all demonstrate a more ecosystem-native, operator-focused approach to seed investing. Meanwhile, Dynamo Ventures’ $54 million Fund III, with 4× secondaries on Fund I, shows that vertical logistics and infrastructure plays are no longer too boring—they’re just finally understood.
Geographically, deep tech capital is going multipolar. Xoople’s €115 million round in Spain will scale an EarthAI platform that runs from satellite to inference. The UK’s Space Forge raised a record £22.6 million to manufacture semiconductors and advanced materials in orbit. Optics11’s €17 million Series A will deploy fiber-based threat detection across European energy and subsea infrastructure.
Taken together, this week’s capital movements suggest that deep tech investing is entering a more structured, constraint-aware phase. Deployment is no longer dictated by category excitement, but by infrastructure readiness, integration pressure, and cross-sector dependencies. This week’s flow makes one thing clear: investors are no longer underwriting visions—they’re underwriting systems.
Until next week,
- Giulia
Before Go Ahead:
Deep Tech Capital Movements is just one part of The Scenarionist experience. To enjoy the full experience, become a Premium Member!
The Scenarionist Premium is designed to make you a better Deep Tech Founder, Investor, and Operator. Premium members gain exclusive access to unique insights, analysis, and VC Guides with the wisdom of the world’s leading Deep Tech thought leaders. Invest in yourself, and upgrade today!
Exits in Advanced Materials Startups
In software, an exit is the logical culmination of a startup’s ability to scale rapidly, acquire users efficiently, and compound revenue predictably. In materials science, it’s rarely that linear.
In deep tech — and especially in advanced materials — the exit isn’t a milestone. It’s often the product itself. Why? Because in this sector, the business case is never just about growth metrics. It’s about strategic alignment, technical readiness, and value chain integration. And when those stars align, the exit is not opportunistic — it's inevitable.
Most advanced materials startups aren’t acquired for their user base or recurring revenue — they’re acquired for:
> Proprietary IP that unlocks performance or efficiency gains in mature industrial workflows
> Process capabilities that are hard to replicate at scale
> Embeddedness in a critical supply chain
> Access to applications that align with new regulatory frameworks
>Talent and domain expertise that incumbents can’t build or buy elsewhere
Startup Deal Tracker
🔸 Carbon Cell Secures £1.2m M Pre-Seed to Develop Biochar-Based Foam
Carbon Cell raised $1.6 million in pre-seed funding to advance its biochar-infused foam for insulation and packaging markets. The startup’s bio-composite material improves thermal performance while sequestering carbon in building products. Funding will optimize formulations, scale laboratory processes, and pursue environmental certifications.
Deal: Pre-Seed Round
Region: USA, North America
Industry: Materials Science
Sector: Sustainable Foams
Tech: Biochar Composites, Carbon Sequestration
🔸 Bioplaster raises $655K to develop bio-based plaster for sustainable construction
Mexican materials startup Bioplaster closed $655 000 in pre-seed funding from IGNIA and MassChallenge to develop a bio-based plaster composed of agricultural waste and microbial binders. The low-carbon alternative reduces cement usage while improving thermal insulation and durability for building interiors. Proceeds will fund pilot plant setup, lab certification tests, and partnerships with local contractors to validate performance and prepare for commercial launch.
Deal: Pre-Seed Round
Region: Latin America
Industry: Construction Materials
Sector: Sustainable Building Materials
Tech: Bio-composite Plasters, Microbial Binders
🔸 AI21 Labs Raises $300 M from Google and Nvidia to Expand Enterprise AI Offerings
AI21 Labs secured a $300 million growth round led by Google and Nvidia to accelerate development of its large-language models for enterprise applications. The company plans to enhance solution reliability, compliance features, and multilingual support for sectors like finance, healthcare, and legal. Capital will also scale cloud infrastructure and foster deeper integrations with major cloud providers.
Deal: Growth Round
Region: Israel & USA, Global
Industry: Artificial Intelligence
Sector: Enterprise AI
Tech: Large-Language Models, Model Optimization
🔸 Lockheed Martin Increases Investment in Solid Rocket Startup X-Bow Systems
Lockheed Martin has boosted its stake in X-Bow Systems, a Virginia-based developer of advanced solid-rocket motors for hypersonic and launch applications. The additional funding will support further hot-fire testing of X-Bow’s high-thrust, low-mass motor designs and accelerate certification for defense contracts. X-Bow’s modular propulsion architecture offers scalable solutions across tactical and strategic missile platforms.
Deal: Follow-On Investment
Region: USA, North America
Industry: Aerospace & Defense
Sector: Propulsion Systems
Tech: Solid-Rocket Motors, Modular Propulsion
🔸 Glass Imaging Raises $20 M to Use AI to Improve Digital Image Quality
Glass Imaging secured $20 million in Series A financing to refine its AI-driven image enhancement solutions. The startup’s neural-network pipeline reduces noise, upsamples resolution, and restores details for both consumer photography and industrial vision systems. Funds will drive product development for surveillance, autonomous vehicles, and professional imaging markets.
Deal: Series A
Region: USA, North America
Industry: Computer Vision
Sector: Image Processing
Tech: Deep Learning, Super-Resolution
🔸 Theom, a Data Security Startup, Nabs $20 Million
Theom, a stealth-mode data security firm, raised $20 million to advance its zero-trust data protection platform that employs secure enclaves and homomorphic encryption. The startup’s software enables enterprises to process sensitive data in cloud environments without exposing raw content. Proceeds will accelerate product commercialization in finance, healthcare, and government sectors.
Deal: Seed Round
Region: USA, North America
Industry: Cybersecurity
Sector: Data Protection
Tech: Secure Enclaves, Homomorphic Encryption
🔸 InventWood to Mass-Produce Wood That’s Stronger Than Steel
InventWood announced a Series A round (undisclosed amount) to commercialize its densified, polymer-infused wood panels with tensile strength rivaling steel. The sustainable material is produced via a scalable cold-pressing and chemical treatment process, targeting construction, automotive, and marine industries. Capital will establish a pilot plant and initiate certification testing for global markets.
Deal: Series A
Region: Israel, Middle East
Industry: Advanced Materials
Sector: Engineered Wood
Tech: Densification, Polymer Infusion
🔸 Azafaros Gains €132 M Series B to Fund Phase III Trials of Brain-Penetrant Drug
Dutch biotech Azafaros closed a €132 million Series B to finance Phase III clinical trials of its lead CNS-penetrant small molecule for neurodegenerative diseases. The funding will support large-scale manufacturing, regulatory filings, and strategic partnerships with CROs. The company’s proprietary delivery platform enhances blood–brain barrier crossing and drug stability.
Deal: Series B
Region: Netherlands, Europe
Industry: Biotech
Sector: CNS Drug Development
Tech: Brain-Penetrant Molecules, Small-Molecule Delivery
🔸Commonwealth Fusion Systems Raises Over $1B to Scale Fusion Power
Commonwealth Fusion Systems closed a blockbuster Series B2 round exceeding $1 billion to accelerate construction of its pilot tokamak, SPARC. The capital infusion will fund engineering of high-field magnets and plasma confinement systems needed for net-positive fusion experiments. CFS aims to demonstrate clean, baseload fusion energy by the end of the decade.
Deal: Series B2
Region: USA, North America
Industry: Clean Energy
Sector: Fusion Power
Tech: High-Field Superconducting Magnets, Tokamak Reactor Design
🔸 TensorWave Raises $100 M for Its AMD-Powered AI Cloud
TensorWave secured $100 million in a Series A to expand its GPU-accelerated cloud platform built on AMD EPYC and Radeon Instinct hardware. The company offers turnkey infrastructure for training and deploying large-scale AI models with flexible consumption tiers. Investment will scale data-center footprint across North America and Europe and deepen enterprise integrations.
Deal: Series A
Region: USA & Europe
Industry: Cloud Infrastructure
Sector: AI Cloud Services
Tech: GPU Acceleration, AMD Server Architectures
🔸 Zeno Power Secures $50 M to Develop Nuclear Micro-Batteries
Zeno Power raised $50 million to commercialize its radioisotope micro-battery technology for long-life power in space, defense, and remote sensing applications. The devices encapsulate alpha-emitting isotopes in rugged housings, offering uninterrupted power for decades without maintenance. Funding will scale manufacturing capabilities and pursue DOE certification pathways.
Deal: Series B
Region: USA, North America
Industry: Energy Tech
Sector: Micro-Nuclear Batteries
Tech: Radioisotope Power, Encapsulation Systems
🔸 Pluto Bio Raises $3.6 M in Funding
Pluto Bio secured $3.6 million in a pre-seed-to-seed round to advance its synthetic biology toolkit for industrial biotechnology. The startup’s platform integrates automated microfluidics and machine-learning-driven strain design to accelerate bio-manufacturing. Proceeds will expand lab automation, hire synthetic biology talent, and onboard initial commercial partners.
Deal: Pre-Seed & Seed
Region: USA, North America
Industry: Synthetic Biology
Sector: Bio-Manufacturing
Tech: Microfluidics, ML-Driven Strain Optimization
🔸 Remedy Plan Therapeutics Raises $18 M for Cancer Drug Development
Remedy Plan Therapeutics closed an $18 million Series A to advance its novel oncology candidates that modulate the tumor microenvironment. Led by Greg Crimmins and Washington-based VCs, the round will fund IND-enabling studies and expand the discovery team. The startup’s platform marries proprietary formulation chemistry with targeted delivery systems for improved efficacy.
Deal: Series A
Region: USA, North America
Industry: Biopharma
Sector: Cancer Therapeutics
Tech: Tumor Microenvironment Modulation, Targeted Formulations
🔸 Complement-1 Secures $16 M Seed Round to Scale Cancer Lifestyle Modification Platform
Complement-1 raised $16 million in seed funding to expand its AI-driven lifestyle coaching platform, which has demonstrated clinical benefits in cancer patient trials. The platform integrates nutrition, exercise, and stress-management modules personalized by patient-reported outcomes. Capital will support regulatory submissions and partnerships with oncology clinics for broader deployment.
Deal: Seed Round
Region: USA, North America
Industry: Digital Health
Sector: Oncology Support
Tech: AI-Driven Coaching, Personalized Lifestyle Intervention
🔸 PhaseV Raises $50 M Series A to Supercharge AI for Clinical Development
PhaseV closed a $50 million Series A to scale its AI platform that optimizes clinical trial design, patient recruitment, and real-world data integration for pharmaceutical developers. The toolchain employs predictive analytics and natural language processing to reduce trial timelines and costs. Backed by top VCs and pharma partners, the startup will enhance model accuracy and expand commercial deployment.
Deal: Series A
Region: USA, North America
Industry: HealthTech
Sector: Clinical Development AI
Tech: Predictive Analytics, NLP for Clinical Data
🔸 PathOS AI Raises $365 M to Expand AI-Powered Clinical Operations
PathOS AI secured $365 million in a late-stage financing to scale its NLP-driven medical coding and trial optimization platform. The solution automates adverse-event reporting and protocol amendments, reducing administrative burdens for sponsors and CROs. Funding will support global expansion and enhancement of regulatory-compliance features.
Deal: Late-Stage Round
Region: USA, North America
Industry: HealthTech
Sector: Clinical Operations AI
Tech: NLP, Clinical Trial Automation
🔸 Sprinter Health Raises $55 M to Expand Its At-Home Healthcare Service
Sprinter Health closed a $55 million round to grow its hybrid in-home care model, combining telehealth and on-site nurse visits for seniors and chronic-care patients. The capital will fund expansion into new U.S. markets and enhancement of remote monitoring capabilities. Sprinter’s platform aims to reduce hospital readmissions and improve patient outcomes through coordinated care teams.
Deal: Series B
Region: USA, North America
Industry: Healthcare Tech
Sector: Home Healthcare
Tech: Telehealth, Remote Patient Monitoring
🔸 DiffuseDrive Secures €3.15 M for Generative AI Growth
Diffusedrive raised €3.15 million to scale its enterprise generative-AI integrations for document automation, knowledge management, and customer support. The startup’s API-first platform embeds large-language models into existing workflows while enforcing data governance. Funds will expand sales operations across Europe and invest in safety and customization features.
Deal: Seed Round
Region: Germany, Europe
Industry: Artificial Intelligence
Sector: Enterprise Software
Tech: Generative AI, API Integrations
🔸 Kovr.ai Emerges from Stealth with $3.6 M to Automate Application Security Testing
Kovr.ai closed a $3.6 million seed round to commercialize its AI-powered application security testing platform, which continuously scans code and configurations for vulnerabilities. The solution integrates into CI/CD pipelines to provide instant remediation guidance, reducing time to fix security flaws. Funding will accelerate product development and initial go-to-market in fintech and e-commerce sectors.
Deal: Seed Round
Region: USA, North America
Industry: Cybersecurity
Sector: Application Security
Tech: AI-Driven Vulnerability Scanning, CI/CD Integration
🔸 CND Life Sciences Raises $13.5 M in Series A3 to Advance Microbiome Therapeutics
CND Life Sciences secured $13.5 million in a Series A3 to progress its engineered probiotic candidates targeting GI and metabolic disorders. The round will fund Phase I clinical trials and scale GMP manufacturing facilities. The company’s platform combines microbial genomics with high-throughput screening to design live biotherapeutics.
Deal: Series A3
Region: USA, North America
Industry: Biopharma
Sector: Microbiome Therapeutics
Tech: Engineered Probiotics, Live Biotherapeutics
🔸 Cohere Health Lands $90 M Series C to Expand AI Use Cases
Cohere Health closed a $90 million Series C to broaden its AI-driven care pathway and prior authorization platform for payers and providers. The new funds will enhance specialty care modules, integrate with major EHR systems, and expand payer relationships. Cohere’s models interpret clinical guidelines and patient data to recommend optimal treatments and streamline approvals.
Deal: Series C
Region: USA, North America
Industry: HealthTech
Sector: Care Management AI
Tech: Clinical NLP, Guideline-Based AI
🔸 Flock Freight Raises $60 M Series E to Scale Shared Truckload Logistics
Flock Freight secured $60 million in a Series E to expand its shared truckload network, which consolidates LTL shipments into full truckloads via AI-driven matching algorithms. The investment will grow service lanes, enhance real-time visibility tools, and deepen carrier partnerships. Flock’s model lowers shipping costs and emissions by maximizing trailer utilization.
Deal: Series E
Region: USA, North America
Industry: Logistics Tech
Sector: Freight Brokerage
Tech: Machine Learning Routing, Shared Truckload Model
🔸 Avicena Announces $50 M Series B Led by Tiger Global with Participation from SK hynix
Avicena raised $50 million in a Series B to advance its neural processing unit (NPU) designs for edge AI workloads, leveraging an in-memory compute architecture for energy-efficient inference. Tiger Global led the round alongside strategic investment from SK hynix to accelerate prototype tape-out and expand R&D facilities.
Deal: Series B
Region: India, Asia
Industry: Semiconductors
Sector: AI Chips
Tech: NPUs, Compute-in-Memory
🔸 Silq Connect Raises Pre-Seed Round to Build Quantum Infrastructure
Silq Connect closed a pre-seed financing to develop its middleware platform for quantum networking and distributed quantum computing. The startup will prototype secure quantum communication protocols and offer developer SDKs for hybrid quantum–classical applications. Funds will support early R&D and pilot deployments with research institutions.
Deal: Pre-Seed Round
Region: USA, North America
Industry: Quantum Computing
Sector: Quantum Infrastructure
Tech: Quantum Networking, Middleware SDK
🔸 VMetrix Raises $3.2 M Seed Round to Digitalize Manufacturing Data
Latin America’s VMetrix secured $3.2 million to commercialize its IoT sensor and analytics platform for real-time production monitoring. The seed funding will expand R&D, certify hardware for harsh industrial environments, and onboard pilot projects in the automotive sector. The solution delivers predictive maintenance alerts and efficiency dashboards to reduce downtime.
Deal: Seed Round
Region: Latin America
Industry: Industry 4.0
Sector: Manufacturing Analytics
Tech: IoT Sensors, Predictive Analytics
🔸 InfinitForm Raises $12.7 M to Scale AI-Driven Manufacturing Design
In a separate raise, InfinitForm secured $12.7 million to commercialize its AI platform for topology optimization and manufacturability assessment across CNC and additive manufacturing workflows. The round will fund integration with PLM systems and expansion of engineering support teams. Early adopters report up to 60% reduction in prototype lead times.
Deal: Seed Round
Region: USA, North America
Industry: Manufacturing Tech
Sector: Design Automation
Tech: AI-Driven Topology Optimization, PLM Integration
🔸 Tensor9 Raises $4 M Seed Funding to Develop Edge AI Accelerator
Tensor9 secured $4 million in seed financing to build its low-power AI accelerator chip for on-device inference in IoT and edge applications. The startup’s design leverages sparsity and mixed-precision compute to maximize performance-per-watt. Proceeds will support tape-out of first prototypes and partnership talks with semiconductor foundries.
Deal: Seed Round
Region: USA, North America
Industry: Semiconductors
Sector: Edge AI
Tech: AI Accelerators, Mixed-Precision Computing
🔸 €115 million for EarthAI: Madrid-based Xoople emerges from stealth as Europe’s next DeepTech breakout
Spanish deeptech company Xoople emerged from stealth with a €115 million equity round under Spain’s Innvierte programme, marking one of the largest early-stage investments in European Earth Intelligence startups. The company’s AI-ready Earth Data platform integrates satellite constellations and geospatial reasoning to detect and predict surface changes for applications in agriculture, logistics, finance, and sustainability. With strategic backing from CDTI, ICO’s AXIS, and partnerships with Microsoft Azure and Esri, Xoople is positioned to commercialize mission-critical EarthAI services.
Deal: Equity Round
Region: Spain, Europe
Industry: DeepTech / Earth Intelligence
Sector: Geospatial Intelligence
Tech: Satellite Constellation, AI-ready Earth Data Platform
🔸 British SpaceTech startup Space Forge raises record £22.6 million for manufacturing in space
Cardiff-based Space Forge secured a £22.6 million Series A, the largest Series A in UK SpaceTech history, led by the NATO Innovation Fund alongside World Fund, NSSIF, and the British Business Bank. The funds will support the ForgeStar-1 in-orbit demonstration mission and accelerate development of ForgeStar-2, its returnable manufacturing satellite for producing advanced supermaterials and semiconductors in microgravity. Space Forge’s platform addresses dual-use markets in clean energy, quantum computing, and defence by leveraging the unique conditions of space to deliver materials with superior performance.
Deal: Series A
Region: UK, Europe
Industry: SpaceTech
Sector: In-orbit Manufacturing
Tech: Returnable Satellite Platforms, Microgravity Manufacturing
🔸 Defense startup Kela raises $60 million, reaches $100 million in first-year funding
Israeli defense-tech startup Kela Technologies secured an additional $60 million, bringing its total to $100 million within its first year since July 2024. Backed by Sequoia Ventures, Lux Capital, and In-Q-Tel, Kela is developing a modular battlefield operating system that integrates AI models, advanced sensors, and edge computing for real-time command and control. The open software platform ingests multi-source battlefield data, providing unified situational awareness and decision-making tools to Western militaries.
Deal: Follow-on Round
Region: Israel, Middle East
Industry: Defense Tech
Sector: Battlefield Operating Systems
Tech: AI Integration, Edge Computing, Modular Software
🔸 PayFit cofounder raises €16 million seed for new defence tech startup
Florian Fournier, cofounder of PayFit, launched Orasio and closed a €16 million seed round led by Frst, Global Founders Capital, and Expeditions Fund to develop AI-powered video analytics for security applications. Orasio’s software analyzes live video feeds to detect weapons, fires, and other threats, targeting military, local authorities, and private operators with on-premise and edge deployments for data sovereignty. The startup plans to begin military trials next month, expand product lines for municipalities and enterprises, and grow its team from seven to twenty by year-end.
Deal: Seed Round
Region: France, Europe
Industry: Defence Tech
Sector: AI Video Intelligence
Tech: Machine Learning, Edge Computing, Video Analytics
🔸 DefTech startup Zebu raises $1 million in Pre-series A round led by Bluehill VC
Hyderabad-based Zebu secured $1 million in a pre-Series A round led by Bluehill VC to fast-track four prototype military drone systems into battlefield deployment. The startup’s UAV platforms feature counter-drone capabilities, advanced autonomy, and rapid mission deployment tailored for Indian defense needs. Investors include Global Founders Capital and Expeditions Fund, reflecting cross-border confidence in indigenous drone innovation.
Deal: Pre-Series A
Region: India, Asia
Industry: Defence Tech
Sector: Military Drone Systems
Tech: Advanced UAVs, Counter-Drone Systems, Tactical Surveillance
🔸 AI start-up raises $11 million to make drug formulations better
Toronto-based Intrepid Labs emerged from stealth with $11 million in combined pre-seed and seed funding to apply AI and robotics to pharmaceutical formulation. The platform’s proprietary algorithm explores billions of excipient combinations, optimizing solubility, stability, and delivery for new and existing drug candidates. With eight multinational clients, Intrepid plans to expand lab capacity, enhance robotics infrastructure, and accelerate adoption to shorten drug development timelines.
Deal: Pre-Seed & Seed Round
Region: Canada, North America
Industry: Life Sciences / Pharmaceutical
Sector: Drug Formulation Technology
Tech: AI-driven Robotics, Automated Formulation
🔸 Energy startup Elvy has another $20 million in equity on the table months after pre-seed
Stockholm-based Elvy, offering flat-rate home energy management including solar, heat pumps, batteries, and grid services, received €20 million in soft equity commitments following its $3.5 million pre-seed. The company uses energy arbitrage and bulk procurement to deliver predictable monthly energy costs over 15-year contracts, reducing bills by up to 50%. Elvy plans to deploy funds toward international expansion—starting with Germany—while leveraging partnerships with installers and local utilities.
Deal: Equity Commitments
Region: Sweden, Europe
Industry: Cleantech / Energy Services
Sector: Home Energy Management
Tech: Energy Arbitrage, IoT, Grid Management
🔸 Realta Fusion taps $36 million in fresh funds for its fusion-in-a-bottle reactor
Berkeley-based Realta Fusion closed a $36 million Series A led by Future Ventures, with participation from Khosla Ventures, Mayfield, and GSBackers, to finalize the design of its Anvil magnetic mirror reactor. The “fusion-in-a-bottle” approach confines plasma between opposing magnets in a modular bottle configuration, aiming for commercial viability at $100–$40 per megawatt-hour. Funds will advance engineering design and prepare prototype construction to demonstrate scalable fusion power generation.
Deal: Series A
Region: USA, North America
Industry: Clean Energy / Fusion
Sector: Magnetic Mirror Fusion Reactors
Tech: Fusion-in-a-Bottle, Plasma Confinement
🔸 Amsterdam-based startup Optics11 has just raised €17 million to defend Europe’s fiber optic cables from sabotage
Dutch DeepTech scale-up Optics11 secured €17 million from FORWARD.one and SET Ventures, with Join Capital and Value Creation Capital joining, to scale its fiber optic sensing solutions for critical infrastructure security. The product suite includes OptiFender for partial discharge detection in HV transformers and OptiBarrier/OptiArray for subsea cable sabotage monitoring using electromagnetic interference-resistant fiber sensors and real-time analytics. Funding will enable rapid deployment across energy, maritime, and defense sectors to enhance Europe’s infrastructure resilience.
Deal: Series A
Region: Netherlands, Europe
Industry: DeepTech
Sector: Infrastructure Security
Tech: Fiber Optic Sensing, Threat Detection Software
🔸 Electrolyser maker Hystar raises $36 million in funding to scale up PEM green hydrogen technology
Norwegian electrolyser manufacturer Hystar AS closed $36 million in a Series C round to accelerate commercial scale-up of its proprietary PEM electrolysers and drive down green hydrogen costs. The investment underpins plans for a gigafactory in Norway by 2027 to meet rising demand for large-scale hydrogen production. Hystar’s technology combines high-performance membranes and optimized system integration to deliver competitive levelized costs for heavy industry and energy storage applications.
Deal: Series C
Region: Norway, Europe
Industry: Clean Energy / Hydrogen
Sector: Electrolysers
Tech: PEM Electrolysers, Large-scale Manufacturing
🔸 German AI startup akeno raises €4.5 million to automate production planning
Hamburg-based akeno secured €4.5 million in a seed round led by Cusp Capital, TS Ventures, and another.vc to expand its AI-driven production planning software for manufacturing. The platform analyzes real-time operational data, self-learning algorithms, and ERP integration to autonomously adapt scheduling, boost plant utilization, and predict disruptions in chemicals, pharmaceuticals, and food production. Pilot projects with BASF Coatings, SunChemical, and Beckers Group have showcased significant increases in throughput and reductions in working capital.
Deal: Seed Round
Region: Germany, Europe
Industry: Industrial AI
Sector: Production Planning
Tech: Machine Learning, Real-time Data Integration, ERP Automation
🔸 InspeCity Raises USD 5.6 Million in Seed Round to Advance Satellite Life-Extension Technology
Mumbai-based spacetech startup InspeCity raised $5.6 million in a seed round led by Ashish Kacholia with participation from Speciale Invest, Shastra VC, Antler India, DeVC, MGF-Kavachh, and Anicut Capital. The IIT Bombay spin-out is developing its VEDA (Vehicle for Life Extension and De-orbiting Activities) platform, integrating propulsion, robotic arms, and RPOD technologies to extend satellite operational life and reduce orbital debris. The funding will space-qualify hardware within 12 months, grow the engineering team, and accelerate global deployments of in-orbit servicing missions.
Deal: Seed Round
Region: India, Asia
Industry: SpaceTech
Sector: In-orbit Servicing & Life Extension
Tech: Propulsion Systems, Robotic Arms, RPOD
🔸 Fleequid raises €3 million to expand across Europe
Olgiate Comasco-based Fleequid, Europe’s first dedicated online marketplace for pre-owned buses, closed a €3 million seed round led by DFF Ventures with participation from Silence VC, FJ Labs, and Jack Greco. The platform provides verified condition reports, multimedia dossiers, and open online auctions to replace opaque broker networks and streamline transactions across Italy, Poland, Germany, and beyond. The capital will enhance the auction platform, grow the team, and accelerate rollout into additional European markets serving over 100,000 annual bus sales.
Deal: Seed Round
Region: Italy, Europe
Industry: Transportation / Marketplace
Sector: Used Vehicle Marketplace
Tech: Online Auction Platform, Inspection & Dossier Generation
🔸 Cognichip raises $33 million to speed up chip development with AI
California-based Cognichip launched with a $33 million seed round led by Lux Capital and Mayfield, joined by FPV and Candou Ventures, to develop its Artificial Chip Intelligence (ACI) foundation model. ACI automates chip design optimization by generating and evaluating thousands of parameter variations to identify the best performance and efficiency trade-offs. With a leadership team from Aquantia, Apple, and Google, Cognichip aims to slash design timelines and costs by up to 75% for next-generation processors.
Deal: Seed Round
Region: USA, North America
Industry: Semiconductor AI
Sector: Chip Design Automation
Tech: Generative AI, Foundation Models for Chip Optimization
🔸 Lignin Industries fuels the Renol-ution with €3.9 million to fight fossil plastics
Lund-based Lignin Industries secured €3.9 million in seed funding, led by Inventure, to advance its lignin-based biopolymer technology for sustainable plastics alternatives. The founder team repurposes pulping byproduct lignin into high-performance plastics suitable for packaging, coatings, and composites. Proceeds will fund pilot production, product testing with partners, and scale-up of R&D to meet Europe’s circular economy targets.
Deal: Seed Round
Region: Sweden, Europe
Industry: Greentech
Sector: Biopolymers
Tech: Lignin-derived Bioplastics
🔸 JPMorgan backs Mati Carbon to scale ERW carbon removal technology
JPMorgan Chase made a strategic investment in Mati Carbon’s $20 million financing, accelerating its enhanced rock weathering (ERW) operations to mineralize CO₂ in soils via crushed silicate application. Mati’s platform uses geospatial analytics and agronomic partnerships to optimize deployment for carbon removal and soil health benefits. The capital will scale field trials across Europe and North America, with digital verification tools to ensure permanent sequestration.
Deal: Strategic / Growth Financing
Region: USA & Europe
Industry: Carbon Removal
Sector: Enhanced Rock Weathering
Tech: ERW, Geospatial Analytics
🔸 Classiq Raises $110 M in Largest Ever Quantum Software Funding Round
Quantum software innovator Classiq closed a $110 million Series B led by NSR Invest, with participation from Microsoft M12, IBM Ventures, and others, to advance its high-level quantum programming platform. The Classiq toolchain translates application requirements into optimized quantum circuits, dramatically reducing development time and improving algorithm performance. Proceeds will scale enterprise integrations across Pharma, Finance, and Defense, and expand R&D for next-gen quantum software features.
Deal: Series B
Region: Global (HQ in Israel & USA)
Industry: Quantum Computing
Sector: Quantum Software Platforms
Tech: High-level Quantum Programming, Circuit Optimization
🔸 Quantinuum expands quantum computing to Qatar with new partnership
Quantinuum announced a strategic agreement to deploy its H1-1 trapped-ion quantum computer at Qatar’s national research centers, providing regional access to high-fidelity quantum processing units. The collaboration includes training programs for local scientists and cloud-based portal access for industry R&D in cryptography, logistics optimization, and advanced materials. This move marks Quantinuum’s first Middle East foothold, aiming to catalyze a local quantum ecosystem.
Deal: Partnership
Region: Qatar, Middle East
Industry: Quantum Computing
Sector: Quantum Services
Tech: Trapped-ion Quantum Computers, Cloud Access
🔸 Eli Lilly backs Creyons’ quantum chemistry platform in $1 billion RNA drug deal
Pharma giant Eli Lilly committed up to $1 billion to partner with Creyon Bio, leveraging its quantum chemistry simulations to accelerate design of RNA therapeutics. Creyon’s platform models molecular interactions with high precision, enabling rapid lead identification and optimization. The multi-year collaboration covers platform licensing, joint drug discovery, and co-development of novel RNA-based treatments for oncology and rare diseases.
Deal: Strategic Partnership / License
Region: USA, North America
Industry: Biotech / Pharmaceuticals
Sector: AI & Quantum Drug Discovery
Tech: Quantum Chemistry Algorithms, RNA Therapeutics
🔸 Laxey raises €130 million to fuel growth of precision agriculture platform
Finnish agritech venture Laxey closed a €130 million Series C led by Verdane and supplemented by Nordic Growth Fund to scale its precision agriculture platform integrating IoT soil sensors, satellite imagery, and AI-driven agronomic recommendations. The system autonomously prescribes nutrient, water, and pesticide applications, optimizing yields and reducing environmental impact. Funds will expand commercial operations across Europe, develop microbial soil amendment trials, and enhance ML models for broader crop compatibility.
Deal: Series C
Region: Finland, Europe
Industry: Agritech
Sector: Precision Agriculture
Tech: IoT Soil Sensors, AI Agronomy Platform
🔸 Finland’s FoodiQ raises $10 million to accelerate food safety testing platform
Helsinki-based FoodiQ secured $10 million in Series B from Nordic Alpha Partners and Evli Growth to expand its IoT-enabled rapid food testing and traceability platform. The startup’s test kits, combined with AI-driven analysis, deliver contaminant detection and compliance reports via cloud dashboards.
Deal: Series B
Region: Finland, Europe
Industry: FoodTech
Sector: Food Safety & Testing
Tech: IoT Test Kits, AI Analytics Platform
🔸 B.C. climate tech startup Veritree raises $6.5 million and lines up pledges to plant 100 million trees globally
Vancouver-based Veritree closed a $6.5 million Series A led by Breakthrough Energy Ventures to scale its reforestation verification and financing marketplace. The blockchain-backed platform connects project developers with corporate sponsors and uses satellite monitoring and GPS tracking to ensure transparent, credible tree-planting. Funding will accelerate registry development, onboard new geographic projects, and integrate carbon credit protocols for global corporate clients.
Deal: Series A
Region: Canada, North America
Industry: ClimateTech
Sector: Reforestation & Carbon Credits
Tech: Satellite Monitoring, Blockchain Verification
🔸 Paris-based Riverse raises €5 million to scale carbon credits offering
French startup Riverse closed a €5 million seed round led by Demeter Capital to scale its digital platform for blue carbon and soil sequestration carbon credits. The marketplace automates MRV (Measurement, Reporting, Verification) using remote sensing and smart contracts, streamlining issuance and trading.
Deal: Seed Round
Region: France, Europe
Industry: ClimateTech
Sector: Carbon Markets
Tech: Blue Carbon MRV, Digital Trading Platform
🔸 Bovotica raises $3.4 million to stop cow burps from killing the climate
Australian startup Bovotica secured $3.4 million seed funding to commercialize its genomic selection platform for breeding low-methane-emitting cattle. The proprietary AI and microbiome profiling tools identify and propagate genetics that reduce enteric methane, targeting significant cuts in livestock emissions. Funds will launch validation trials with partner farms, scale genotyping services, and build regulatory frameworks for methane reduction breeding programs.
Deal: Seed Round
Region: Australia, Asia-Pacific
Industry: Agritech
Sector: Livestock Emission Reduction
Tech: Genomic Selection, AI-driven Breeding
🔸 Stord raises $200 million in equity and debt to empower brands competing with Amazon
Stord, a US logistics orchestration platform, secured $200 million split evenly between equity and debt financing to expand its cloud-native warehousing and fulfillment network. The company’s software integrates real-time inventory visibility, predictive analytics, and API-driven logistics for direct-to-consumer brands. The funds will build new warehouse capacity nationwide, enhance omnichannel fulfillment features, and support strategic acquisitions of regional 3PL partners.
Deal: Mixed Equity & Debt Financing
Region: USA, North America
Industry: Logistics Tech
Sector: Supply Chain Management
Tech: Cloud Warehousing, API Logistics Orchestration
🔸 Adyton raises $11 million, scores a $7 million Navy contract
Defense startup Adyton closed an $11 million Series A led by Air Force Ventures and secured a $7 million US Navy contract to deploy its autonomous underwater vehicles (AUVs) for seabed mapping and reconnaissance.
Deal: Series A
Region: USA, North America
Industry: Defense Tech
Sector: Autonomous Maritime Systems
Tech: AUVs, AI-driven Sonar Navigation
🔸 Avicena announces Series B round led by Tiger Global with participation from SK Hynix
Indian semiconductor startup Avicena raised $50 million in a Series B led by Tiger Global alongside strategic investment from SK Hynix to accelerate development of its neural processing units (NPUs) for edge AI workloads. Avicena’s compute-in-memory architecture delivers energy-efficient inference for IoT, automotive, and telecom applications. Funds will support tape-out of second-generation prototypes, expansion of R&D facilities, and partnerships for high-volume fabrication.
Deal: Series B
Region: India, Asia
Industry: Semiconductors
Sector: AI Chips
Tech: Neural Processing Units, Compute-in-Memory
🔸 Solestial announces successful Series A to scale space solar cell manufacturing
Arizona-headquartered Solestial closed a $17 million Series A round alongside appointing a new CEO, to scale production of high-efficiency, space-grade solar panels for satellites and lunar bases. The funding will establish automated manufacturing lines and expand qualification testing for extended mission lifespans in Low Earth Orbit and beyond. Solestial’s lightweight photovoltaic modules are optimized for sturdiness and conversion efficiency, meeting the growing power needs of commercial and defense space missions.
Deal: Series A
Region: USA, North America
Industry: Space Solar Tech
Sector: Satellite Power Systems
Tech: Space-grade Photovoltaics, Manufacturing Automation
🔸 Reflect Orbital raises $20 million in Series A to expand satellite ground infrastructure
Reflect Orbital secured $20 million in a Series A led by Space Capital with Starburst Ventures to scale its network of software-defined ground stations for small satellite and constellation operators. The company’s platform offers flexible, cloud-native antenna access and automated scheduling for multi-orbit communications.
Deal: Series A
Region: USA, North America
Industry: SpaceTech
Sector: Ground Infrastructure
Tech: Software-defined Antennas, Cloud-native Ground Networks
🔸 Ascend Elements secures $320 million funding to build PCAM Li-ion materials plant in Poland
Battery materials specialist Ascend Elements closed $320 million in equity and debt financing led by BlackRock and Temasek to construct a Precursor Cathode Active Materials (PCAM) facility in Poland. The plant will transform recycled battery black mass into high-purity cathode materials, pioneering a circular supply chain for electric vehicle batteries. The capital will fund engineering, procurement, construction, and regulatory approvals to meet Europe’s growing EV market demand.
Deal: Large-scale Financing
Region: USA & Poland, Europe
Industry: Battery Materials
Sector: Li-ion Cathode Manufacturing
Tech: PCAM Recycling, Circular Supply Chain
Venture Capital & Funds to Watch
🔹 Rockaway Ventures Closes Second Fund at €55M
Prague-based Rockaway Ventures, a sister entity of Rockaway Capital, announced the closing of its second fund at nearly €55 million, marking a significant milestone in its investment strategy. This capital will back late-seed and Series A startups transforming traditional industries such as energy, defense, and dual-use technologies with digital and hardware-driven solutions. With this fund, Rockaway Ventures aims to support visionary founders in Europe and the US through hands-on guidance and international scaling capabilities.
🔹 Ex-CIA Officer Launches $22M VC Fund for EU Defense Startups
Former CIA officer Eric Slesinger founded 201 Ventures and closed a $22 million seed-stage fund to fuel innovation in European defense technology. The fund targets startups working on hypersonics, subsurface mapping, maritime tech, and Arctic autonomy, sectors that are increasingly critical for modern security applications. Backed by private LPs and strategic partners, 201 Ventures bridges US and European defense ecosystems, accelerating commercialization of dual-use and defense-grade solutions.
🔹 NY-Based BAT VC Launches $100M India Fund to Back Early-Stage Deep-Tech and AI Startups
New York-based BAT VC unveiled a $100 million fund dedicated to seed and early-stage investments in India’s deep-tech and AI sectors. The fund, led by GPs with US-India expertise, will back entrepreneurs developing cutting-edge AI solutions and advanced deep-tech across enterprise SaaS and industrial applications. Drawing on prior successes with companies like Wand AI and StockGro, BAT VC aims to create a cross-border bridge that leverages Silicon Valley capital and operational know-how.
🔹 TDK Ventures Launches $150M Fund IV
TDK Ventures, the VC arm of TDK Corporation, has launched its $150 million Fund IV to invest in early- and mid-stage startups across hardware, AI, robotics, climate tech, and data infrastructure. Despite tariff and supply chain risks, the fund will offer up to $5M per deal, leveraging TDK’s global R&D and customer network to accelerate adoption. The firm now manages $500 million and plans to back 25 startups over three years.
🔹 Dynamo Ventures: $54 Million Fund III Closed
Chattanooga-based Dynamo Ventures closed its third fund at $54 million, more than tripling its inaugural $18 million vehicle. The capital will support early-stage founders reimagining supply chains, logistics, manufacturing, and commerce infrastructure with digital and AI-driven solutions. Additionally, a secondary transaction anchored by Kline Hill Partners provided over 4× returns to Fund I LPs, underscoring Dynamo’s commitment to creative liquidity and long-term partnership.
🔹 Adams Street Partners’ 2025 Global Investor Survey Signals Optimism for Private Markets
Adams Street Partners released its 2025 Global Investor Survey revealing that institutional investors anticipate a rebound in dealmaking, liquidity, and capital deployment in private markets. Nearly half of respondents ranked technology and healthcare as the top sectors for investment, while AI-driven innovation accounted for over a third of global VC dollars in 2024. The report, based on inputs from 100 investors across the US, Europe, and APAC, also highlights growing interest in secondaries and co-investment strategies to navigate macro and geopolitical risks.
Helsinki-based Wave Ventures, Europe’s largest Gen Z-led VC firm, announced the close of its third fund at €7 million, tripling its previous fund’s size and cementing its position as the go-to backer for young founders. The new capital will support angel and pre-seed rounds of €100,000 for Gen Z entrepreneurs across the Nordics and Baltics, leveraging a rotating student-run team embedded in local ecosystems. Backers include founders of Slack, Supercell, Skype, and Wolt, underscoring confidence in Wave’s frontline access to emerging talent.
🔹 Nexa Equity Closes Fund II at $390M
San Francisco-based Nexa Equity closed its second fund with over $390 million in commitments, marking a successful milestone for the private equity firm. Fund II will target buyout and growth equity investments in technology, healthcare, and consumer sectors, building on Nexa’s track record of operational partnerships and sector focus. The close enhances the firm’s AUM and provides strategic capital to scale later-stage companies across North America.
🔹 NJII Launches Venture Studio to Accelerate Innovation and Entrepreneurship in New Jersey
The New Jersey Innovation Institute (NJII), in partnership with NJEDA and NJIT, launched the NJII Venture Studio to commercialize high-tech research and nurture early-stage startups. Over the next five years, the studio aims to launch 10 companies, each eligible for up to $1 million in funding, and offers hands-on mentorship, office space, and access to NJIT’s research infrastructure. This public-private initiative integrates academia, industry, and government to drive economic growth and technology translation in Newark.
🔹 PX3 Partners Closes Inaugural Fund I, at €500M
London-headquartered PX3 Partners closed its debut Fund I at its €500 million hard cap, bringing total AUM to €1.1 billion with a diverse LP base. Founded by Petter Johnsson, Gianpiero Lenza, and Sébastien Mazella di Bosco, the firm invests in business services, consumer & leisure, and industrial companies with strong fundamentals and global growth potential. Early portfolio companies include Com Laude, Cofimco, and Cleanova, the latter having acquired Micronics Engineered Filtration Group in a €1.3 billion deal.
🔹 Wyld VC Launches $50M AI Fund
Riyadh-based Wyld VC announced its first AI-native fund of $50 million to back early-stage AI, machine learning, and data analytics startups across the Middle East and North Africa. The fund will deploy capital in seed to Series A rounds, partnering with founders to scale AI solutions in fintech, healthcare, and logistics verticals. Strategic LP backing and ecosystem partnerships will provide portfolio companies with both financial and technical support to accelerate market entry.
🔹 Lobster Capital Raising up to $50M for Second Fund
San Francisco-based Lobster Capital, a VC firm specializing in Y Combinator startups, is raising up to $50 million for its second fund to continue supporting seed and pre-seed deals. The firm will leverage its deep ties to the YC ecosystem to back high-growth founders in SaaS, fintech, and DevOps with early capital and operational guidance. This new fund aims to extend Lobster’s run-rate by enabling follow-on investments and expanding its network of strategic LPs.