WHAT’S INSIDE

Revolut, Suno Open Deals, Reflection AI, Scale AI, Deel, Base Power Raises, Palmer Luckey’s Crypto Bank Erebor, Salesforce Projections, and Powered Real Estate trend.

• Big Movers: The Big tech movers, shakers and partnerships this week

• Making Waves: Companies making a buzz in the Tech world

• Open Deals: Startups raising capital this week

• In The Money: Significant raises last week and why they matter

• Exit Watching: Mergers & Acquisitions and IPOs

• The Funding Buzz: VC & PE Activity To Watch

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BIG MOVERS

Big tech moves, movers and trends to watch this week

Apple — Reaffirmed its commitment to China amid trade tensions, supported by rising iPhone shipments. The iPhone Air launches in China Oct 17 with eSIM support. New M5 chip-powered MacBook Pro, iPad Pro, and Vision Pro models.

OpenAI — Secured a $6B deal with AMD to enhance AI. Hit $13B in ARR to bridge a $1T spending gap over decade. Plans to introduce adult content in ChatGPT. Former Apple CEO says OpenAI is its’ first significant competitor in decades.

Meta — Building a $1.5B AI-optimized data center in Texas for 1 gw of power with zero water use most of the year. Also introduced new open hardware standards for AI data centers at the OCP Summit with AMD,.

Google — Launched DeepSomatic, an open-source AI model that accelerates cancer genetic analysis, distinguishing between inherited and acquired mutations. This tool improves research timelines and outcomes, particularly in pediatric cancers.

AI Infrastructure Partnership — The investor group including BlackRock, Microsoft, and Nvidia is acquiring Aligned Data Centers (80+ data centers/5GW) for $40B — its first deal aimed at meeting AI infrastructure demand.

Oracle — Secured $65B in cloud commitments in 30 days, with Meta as a key client. Aiming for $20B in AI revenue by 2030, it is poised to challenge Amazon and Google by leveraging improved supply chains and customer diversification.

Anduril — The defense tech giant unveiled the EagleEye helmet, a mixed-reality system enhancing soldiers' capabilities with AI. Following a $159M contract from the U.S. Army, Anduril replaces Microsoft's IVAS program and partners with Meta.

[OPEN DEALS] RAISING DOLLARS:

Startups, firms or funds raising capital this week

xAI — Raising $20B in equity and debt for Colossus 2 data center, with backing from Nvidia, to acquire processors, specialists to learn from robotics, video data & advance new world models to enhance video game tech, robotics & FSD.

Worktrace AI — Founded by Angela Jiang, a former OpenAI product manager, this startup specializes in automating business tasks with AI is raising $10M at a $50M valuation, backed by OpenAI's startup fund and top VCs.

Revolut — The UK-based fintech company is finalizing a $3B fundraising round, valuing it at $75B. Focused on global expansion, Revolut conducted this oversubscribed round independently, aiming to provide liquidity to early investors.

Suno Inc. — The AI music generation startup is negotiating over $100M funding at a valuation above $2B. With $100M ARR, Suno is in talks with major record labels to address copyright issues, as the industry seeks frameworks for AI-generated content.

MAKING WAVES

Startups making waves, hot trends and signals to watch in the USA this week:

Reflection AI — A new startup by former Google DeepMind researchers raised  $2B to establish itself as an o-s AI leader. Competing with OpenAI  and DeepSeek, it focuses on frontier AI models, targeting enterprises and governments.

Scale AI — The data labeling company, now under Meta's ownership, has settled four lawsuits over contractor misclassification and underpayment. This resolves some legal issues but ongoing challenges remain.

Salesforce — Investing $15B in San Fran over five years to boost AI adoption, create an AI incubator hub & $1B in Mexico for AI integration. Salesforce projects over $60B in revenue by fiscal 2030, driven by AI monetization strategies. .

Base Power — Secured $1B in funding, emphasizing its role in the renewable energy sector. This investment highlights the increasing focus on sustainable energy solutions.

Erebor — Palmer Luckey's digital banking startup has received conditional regulatory approval to operate. Backed by investors like Joe Lonsdale and Peter Thiel, it aims to provide stable banking for tech firms via cash & stablecoin deposits.

Super.money — The financial service platform by Flipkart has teamed up with Juspay to enhance its D2C checkout capabilities, targeting $100M in revenue by 2026. With a $50M investment from Flipkart, it plans a $1B valuation next year.

Deel — The HR platform hit a $17.3B valuation on raising a $300M Series E co-led by Ribbit Capital and Andreessen Horowitz. In profit for three years, surpassing $1B in ARR from 35,000+ customers globally.

Real Estate Giants — Developers are acquiring 'powered land' for data centers due to a 40,000-acre demand surge over five years. With only 20,000 acres available, firms like Hines and Silver Lake are shifting focus to power-rich areas.

Teaming Up

OpenAI — Secured a $6B deal with AMD for 6 gigawatts of Instinct GPUs, starting with 1 gigawatt in 2026. OpenAI may acquire a 10% stake in AMD, strengthening its AI infrastructure and diversifying from Nvidia.

Algen Bio x AstraZeneca — Entered a $555M deal to develop therapies using Algen's AI-driven gene-editing platform, boosting AstraZeneca's cell and gene therapy capabilities, aligning with its goal of $80B in sales by 2030.

SoftBank — Acquired ABB's robotics division for $5.4B, advancing its "Physical AI" vision. This move enhances SoftBank's position in the industrial robotics market, while ABB shifts strategy. The acquisition awaits regulatory approvals.

AST SpaceMobile — The satellite-to-cell coverage startup partnered with Verizon to enhance its network against SpaceX's Starlink. Includes a previous $100M commitment and plans to deploy 45-60 satellites by 2026, boosting AST's stock 15%.

DoorDash x Serve — The San Fran-based food delivery giant has partnered with Serve Robotics to deploy sidewalk delivery robots in Los Angeles.

Super.money x Juspay — A financial service platform by Flipkart, partnered with Juspay to enhance D2C checkout capabilities and target $100M in ARR by 2026. With a $50M investment from Flipkart, it aims to raise funds at a $1B valuation next year.

TEAMING UP

Startups joining forces via partnerships or joint projects this week:

Nscale — Secured a major contract with Microsoft to supply 200,000 Nvidia GB300 GPUs for AI infrastructure, including a 240MW AI campus in Texas. This deal is valued at $14B. Nscale's recent $1.1B funding supports its global AI infrastructure expansion.

Spotify — Collaborating with major labels Sony, Universal, and Warner, Spotify to developg AI music tools focusing on artist consent and fair compensation. This marks a strategic shift towards responsible AI innovation, addressing creator rights.

Oracle — Confirmed Meta as a major client. With a target of $20B in AI revenue by 2030, it is poised to challenge Amazon and Google in the cloud sector.

CoreWeave — The AI cloud services company partnered with Poolside to provide 40,000 NVIDIA GPUs for AI development. It will anchor Project Horizon, a 2GW AI campus in West Texas, expanding its reach through strategic acquisitions and AI.

IN THE MONEY

Companies that raised money in the past week and why they matter

Massive Deals

Oura — The Finnish health tech company raised $900M led by Fidelity, valuing it at $11B. It plans to enhance AI, production, and global distribution, with new health features and health tests. Over 5.5M smart rings sold, projects $1B this year.

Kailera Therapeutics — The biotech firm has raised $600M to advance its obesity treatment, KAI-9531, into phase 3 trials. Led by Bain Capital, this funding supports studies in adults with obesity and comorbidities, positioning to challenge Zepbound.

Tempo — Stripe's blockchain project raised $500M at a $5B valuation, co-led by Greenoaks and Thrive Capital. The hiring of Dankrad Feist, a noted Ethereum developer, has sparked debate over open-source ideals versus corporate interests.

Zepto — Indian quick-commerce startup raised $400M led by CalPERS, targeting a public offering next year. Competing with Blinkit and Swiggy Instamart, Zepto's daily orders surged from 500K to 1.7M. India's market, projected at $42B by 2030

Deel — The HR platform company, serving over 35,000 customers globally, raised $300M in a Series E round at a $17.3B valuation. Despite legal challenges with Rippling, Deel's strong market presence and over $1B in ARR continue to attract VCs.

Vantaca — The community management platform, based in the U.S., secured over $300M in growth investment at a $1.25B valuation, led by Cove Hill Partners. The funds will drive AI-driven transformation and market expansion.

Kardigan — The cardiovascular medicine company raised $254M in Series B funding. Focused on diseases like dilated cardiomyopathy and severe hypertension, Kardigan aims to target root causes instead of symptoms, with three lead programs.

Upgrade — The San Francisco-based fintech company raised $165M at a $7.3B valuation. Known for its focus on travel financing through buy-now-pay-later options, Upgrade is aiming for an IPO within 12-18 mths, with over $1B in ARR.

General Intuition — The AI startup raised $134M in seed funding to develop agents with spatial-temporal reasoning using video game clips. The tech aims to enhance non-player characters and bots for gaming and search-and-rescue apps.

Large Deals

Kuku — The Indian storytelling platform secured $85M in a Series C round, valuing it at $500M. With 10M paid subscribers, Kuku offers audio and video content. The funding will enhance AI infrastructure and expand creator partnerships.

Peptilogics — The biotech company raised $78M to advance zaloganan for treating prosthetic joint infections (PJI). With regulatory designations like QIDP and Orphan Drug status, Peptilogics aims for a pivotal Phase 2/3 trial by December 2025.

Reducto — Reducto, specializing in AI document intelligence, raised $75M in a Series B round led by Andreessen Horowitz, totaling $108M in funding. The company processes ~1B pages p/mth and plans to accelerate product development .

Daylight — The DePIN energy distribution project, secured $75M led by Framework Ventures. The funding includes $15M in equity and $60M project finance. The capital will aid in developing a decentralized infrastructure network.

Campfire — The AI-powered accounting startup raised $65M in a Series B round co-led by Accel and Ribbit Capital, totaling $103.5M since 2023. Expanding its team and focuses on AI-native ERP solutions for mid-sized and enterprise companies.

Better Payment Network — YZi Labs led a $50M seed round for the startup, which focuses on enhancing stablecoin transactions through onchain liquidity and market-making. The company aims to reduce cross-border settlement times and costs.

Jito — A16z Crypto invested $50M in Jito, a core protocol on the Solana blockchain, to enhance its ecosystem through the Block Assembly Marketplace. Jito supports $2.7B in liquid staking activity.

Bexorg Inc — The AI and whole-human brain platform startup raised $42.5M, including a $23M Series A led by Engine Ventures. Founded by Dr. Zvonimir Vrselja and Dr. Nenad Sestan at Yale University, Bexorg collaborates with institutions.

Nova Credit — The NYC-based credit infrastructure company raised $35M in Series D funding, led by Socium Ventures. It enables businesses to use alternative credit data, partnering with major organizations like HSBC and PayPal.

Prisma Photonics — The Tel Aviv-based deep-tech firm secured $30M to boost its AI-driven infrastructure monitoring. Total funding now reaches $80M. Their Hyper-Scan Fiber-Sensing platform, used across the U.S. and Europe.

Smaller Deals

Omnix Medical — The Israeli biopharmaceutical company raised $25M in a Series C round led by Harel Insurance & Finance and the European Innovation Council Fund. Funds will advance Phase II trials targeting antibiotic-resistant infections.

MatrixSpace — The MA-based AI-enhanced radar counter drone sensing technology startup, raised $20M in a Series B round co-led by The Raptor Group and OTB Ventures, with new investors L3Harris and OTB Ventures joining.

Weave Bio — The AI-native regulatory platform developer raised a $20M in Series A to enhance its platform for pharmaceutical and biotech firms, with plans to expand globally and build advanced AI features for drug development.

FleetWorks — The logistics startup raised a $17M Series A to improve trucker-cargo matching using AI. Onboarding over 10,000 carriers, it aims to enhance efficiency in the $800B freight industry by integrating intelligent automation.

Aboon — The AI-powered platform for financial advisors secured $17.5M in seed funding, led by Bain Capital Ventures. Aboon aims to simplify 401(k) plan management for U.S. businesses, enhancing setup, transparency, and compliance.

Vertical Semiconductor — The MIT spinoff secured $11M in seed funding to develop GaN-based chips for AI data centers. Their innovative design with vertically stacked transistors promises a 30% efficiency boost. Prototypes are expected soon.

Woz Inc. — The startup raised $6M to develop an AI-driven platform for mobile app creation, targeting small businesses. By combining generative AI with human oversight, Woz offers an "anti-vibe coding" approach to ensure high-quality code,.

Sonic Fire Tech — The acoustic fire suppression startup raised $3.5M to develop its infrasound technology for extinguishing flames. Located in the US, Sonic Fire Tech aims to replace traditional systems, collaborating with major utilities to scale.

EXIT WATCHING

Mergers & Acquisitions and IPOs

LevelBlue — Will acquire Cybereason to enhance cybersecurity offerings with XDR platform and digital forensics; SoftBank and Liberty Strategic Capital will join LevelBlue's board post-acquisition.

SoftBank — Acquired ABB's robotics division for $5.4B, signaling a strong push into the robotics market. This acquisition is expected to enhance SoftBank's automation capabilities.

Russell AI Labs — Former Luminar CEO Austin Russell proposes acquiring Luminar through his new venture by purchasing all outstanding shares, potentially merging it with a larger automotive tech firm.

IPO Watch

Open or upcoming IPOs to watch:

US IPO Candidates — The Federal shutdown disrupts IPO schedule, leaving only four viable weeks before and after Thanksgiving due to financial reporting rules.

Fossil Group — The US-based watch and accessory company plans a $300–400M IPO for its Indian subsidiary, aiming to sell up to 25% of shares. This move targets India's expanding consumer market, addressing regulatory and valuation challenges to boost shareholder value.

Upgrade — San Francisco-based fintech founded by LendingClub's Renaud Laplanche raised $165M at a $7.3B valuation, with revenue exceeding $1B and plans to IPO within 12-18 months.

Beta Technologies — Vermont electric aviation startup plans $825M IPO with shares priced $27-$33, valuing company at $7.2B; recently partnered with GE Aerospace on $300M hybrid-electric project.

BillionToOne — Menlo Park molecular diagnostics company targets $2.42B valuation in US IPO, raising $211.5M with shares priced $49-$55; H1 2025 revenue hit $125.5M vs. $69M prior year.

Zepto — The Indian quick-commerce startup raised $400M led by CalPERS, targeting an IPO next year. Growing from 500K to 1.7M daily orders, it aims to expand its store network and capture India's rapidly growing market.

Strava — The fitness app is planning an IPO to fund acquisitions, with 50M monthly active users. Strava's growth is fueled by Gen Z trends favoring running, and it monetizes through subscriptions and brand partnerships.

Nscale — UK AI infrastructure provider plans IPO after $14B Microsoft deal for 200,000 Nvidia GPUs, backed by $1.5B in funding, targeting late 2026 public listing.

THE FUNDING BUZZ

VC & PE Activity To Watch

JPMorgan — Plans to invest up to $10B in U.S. national security sectors as part of a $1.5T decade-long initiative. Focus on defense, energy, and manufacturing to cut foreign supply chain reliance.

RCP Advisors — The Chicago-based PE firm closed its 5th secondary opportunity fund at a $1.25B hard cap, beating its $1B target. The fund will invest in secondary market PE funds, focusing on leveraged buyouts, growth, and restructuring.

Xcellerant Ventures — Xcellerant Ventures has introduced the Jetstream fund, aiming to raise $100M to democratize VC for retail investors, providing more accessible opportunities for everyday professionals.

Odyssey Ventures — Ali Mitchell and Michelle Robson launched a $75M fund to bridge the valuation gap between European and US startups. Targeting manufacturing and deep tech, it provides US-style VC and operational support.

Maximum Frequency Ventures — Mo Shaikh, cofounder of Aptos Labs, and three colleagues have raised $50M for a new VC firm focused on crypto companies. They aim to support founders and incubate startups, with $5M already invested globally.

Youth Founders — VC Kevin Hartz has allocated nearly 20% of his fund to teenage founders. This trend, fueled by programs like Z Fellows, sees young entrepreneurs leaving traditional education to start companies due to AI changing job markets.

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