Pro Rata Premium: First Look

Venture Capital

• Anduril is in talks to sell $1.3b of insider shares at a $90b valuation, per Bloomberg. Go deeper

• Harmonic Security, a workforce AI security platform, raised $50m in Series B funding led by Crosspoint Capital Partners. Go deeper

• ZenZap, a NYC-based workplace messaging app, raised $44m from Bessemer, Lightspeed, and The Garage. Go deeper

💊 Altay Therapeutics, a San Carlos, Calif.-based maker of transcription factor small molecule inhibitors, raised $37m in Series A funding. Sound Bioventures and HealthCap led, joined by Fountain Healthcare Partners, Biogen New Ventures, Pappas Capital, and Global BioAccess Fund. Go deeper

• Aatmunn, a Detroit-based industrial intelligence provider, raised $8m led by Memento Growth Partners. Go deeper

• Othello, an NYC-based AI model developer for live sales calls, raised an $8m seed from a16z speedrun, Owl Capital, and Long Journey Ventures. Go deeper

🌎 Molagri, a Canadian developer of biopesticides, raised US$5.8m in pre-seed and seed funding. Convective Capital led, joined by Superorganism, YC, and Julian Capital. Go deeper

🌎 OlsAro, a Swedish developer of resilient wheat, raised €5m in seed funding. Industrifonden and Nordic Foodtech VC led, joined by Future Food Fund, PINC, AgFunder, and GU Ventures. Go deeper

• Marklo, an SF-based agentic marketing platform, raised a $5m seed round. Forerunner led, joined by Freestyle Capital. Go deeper

• KP Labs, a Polish satellite data processing startup, raised €4.4m from Momentum Capital Partners. Go deeper

• CodeWall, a London-based cybersecurity testing platform, raised $4m in pre-seed funding. Osney Capital led, joined by InReach Ventures and Antler. Go deeper

• Miracly, an AI marketing platform with offices in Sweden and Singapore, raised €1.8m in pre-seed funding led by Beenext Ventures and Lotus. Go deeper

⚡ Skeleton Technologies, an Estonian fast energy storage startup, raised new funding from insider Siemens at a valuation north of $1b. Go deeper

• Emanate, a SF-based AI revenue engine for industrial companies, received a strategic investment from Koch Disruptive Technologies, CEO Kiara Nirghin tells Axios Pro exclusively. Go deeper

Private Equity

• AKAM, a property management firm backed by Audax Private Equity, acquired NYC-based Matthew Adam Properties. Go deeper

🌎 Archimed agreed to acquire Genetica, a Brazilian provider of bio-based industrial wastewater treatment, biogas generation and bio-based crop protection. Go deeper

⚡️ Blackford Capital acquired E.G. Middleton, a Norfolk, Va.-based electrical contractor. Go deeper

• Capital Machine, a Rotunda Capital Partners portfolio company, acquired KC Robotics, a West Chester, Pa.-based robotic systems integrator. Go deeper

• CohnReznick, backed by Apax, acquired the Aldrich group of companies, comprised of Oregon-based Aldrich CPAs + Advisors and Aldrich Wealth. Go deeper

• FormativGroup, a Rockbridge Growth Equity portfolio company, acquired Saige Consulting, an NYC-based AI and technology consultancy. Go deeper

• Lewis & Ellis, backed by Novacap, acquired Boston-based consultancy Alan Gray from Premia. Go deeper

• West Madison Foods, a Brynwood Partners portfolio company, acquired The Flavor of California, the holding company of Bob's Big Boy Salad Dressings & Dips, from investors like Salt Creek Capital. Go deeper

• Vivify Specialty Ingredients, a portfolio company of Gryphon Investors, acquired AuNutra Industries, a California-based supplier of botanical extracts and specialty nutritional ingredients. Go deeper

M&A

🚑 Endeavor Health and Rush University System for Health, both Chicago-based health systems, are merging to form a 12-hospital nonprofit with nearly $11b in annual revenue. Go deeper

Fundraising

• Pear VC, a Menlo Park, Calif.-based seed-stage investor, raised $333m for its fifth fund. Go deeper

🌎 SLM Partners, an NYC-based natural asset manager, received a €150m commitment for its second fund from Dutch pension investor APG. Go deeper

It's Personnel

• AE Industrial Partners promoted Chris Aguemon and Bill Strobel to principals. Go deeper

Odds and Ends

⚡️Ezo, an Irish EV charging infrastructure developer, closed €150m in financing from Aberdeen Investments and Standard Life. Go deeper