Pro Rata Premium: First Look

Venture Capital

• X Square Robot, a Shenzhen-based general-purpose robotics company, is valued at over $2.8b following a Series C round that includes IDG. Go deeper

• Nebex, an NYC-based fintech connecting space startups to sovereign buyers, raised a $30m seed round led by GV. Go deeper

🌎 The Protein Brewery, a Dutch mycoprotein producer, raised €18m in Series B extension funding. ABN AMRO Sustainable Impact Fund led, joined by insiders Invest-NL, Novo Holdings, Madeli, and the Brabant Development Agency. Go deeper

🌎 Omni, a U.K.-based maker of plant-based pet foods, raised £11m in Series A funding. IW Capital and Redrice Ventures led, joined by RootBridge Capital, Digitalis Ventures, and Lever VC. Go deeper

• Pocket, maker of an AI note-taking device, raised $11m from Accel, YC, and Mati Staniszewski. Go deeper

• Proception, a maker of robot hands, raised $11m in seed funding. First Round Capital led, joined by YC and BoxGroup. Go deeper

• Arato, an Israeli AI systems evaluation startup, raised a $10m seed. TLV Partners led, joined by Jibe Ventures. Go deeper

• Baz Technologies, a Boston-based agentic coding startup, raised a $9m seed extension. Battery Ventures and Boldstart Ventures led, joined by AFG Partners and Disruptive VC. Go deeper

• GenerativeX, an SF-based forward-deployed engineer model, raised a $4m Series A. Nissay Capital led, joined by Salesforce Ventures, Angel Bridge, DeepCore, and SMBC Venture Capital. Go deeper

🌎 Coast 4C, a sustainable seaweed startup, raised $2.5m in seed funding. Hatch Blue led, joined by Conservation International Ventures, Elea, RS Group, Potato Impact Partners, Minderoo Foundation, Kibo Invest, and Azulito Fund. Go deeper

⚡️Archimede, an Italian developer of monitoring systems for off-grid critical infrastructure, raised €1.5m in seed funding. Primo Capital SGR led, joined by CDP Venture Capital, Plug and Play, and ELIS through CrossConnect. Go deeper

Private Equity

🚑 AMR Clinical, backed by Curewell Capital and CFT Capital Partners, acquired ClinOhio Research Services, a Columbus, Ohio-based clinical research site. Go deeper

• CVC Capital Partners agreed to acquire Irca, an Italian B2B manufacturer of ingredient solutions, from Advent International. Go deeper

• FlexWork Sports, backed by Otro Capital, acquired ProCamps, a Cincinnati-based youth sports camp, and its G3 brand activation agency. Go deeper

• H.I.G. Capital acquired Premier Forge Group, a Portland, Ind.-based maker of forgings for aerospace, defense, and industrial applications, from Wynnchurch Capital Partners. Go deeper

• San Mateo Midstream, backed by Five Point Infrastructure, agreed to acquire Cardinal Midstream Partners from EnCap Flatrock Midstream for $752m. Go deeper

• Smart Safety Gulf Coast, a safety and compliance services provider backed by Carr's Hill, acquired AMC Safety (Nashville) and Safe Construction Consulting (Eddy, Texas). Go deeper

Liquidity

💊 Ipsen (Paris: IPN) agreed to acquire Kartos Therapeutics, a Redwood City, Calif.-based biotech focused on a rare blood cancer called myelofibrosis, for up to $1.75b. Kartos had raised $265m from firms like SR One, OrbiMed, Amgen, and Quogue Capital. Go deeper

M&A

• Horizon, a provider of investment and tech solutions for financial advisors, acquired Irvine, Calif.-based Anfield Capital Management. Go deeper

It's Personnel

• JB de Boissieu joined Strategic Value Partners as a managing director of European investments. He previously was with Davidson Kempner. Go deeper

• Andrea Hwang joined Debevoise & Plimpton as a partner in the law firm's leveraged and corporate finance. She previously was with Ropes & Gray. Go deeper

• Ken Wasik joined Bridgepoint Investment Banking as a managing director of consumer. He previously was co-head of investment and consumer investment banking at Capstone Partners. Go deeper

Odds & ends

⚡️ Duke Energy (NYSE: DUK) is canceling a $129m offshore wind lease off North Carolina under an agreement with the Trump administration to redirect funding to nuclear power and grid upgrades. Go deeper

🌎 Liberation Bioindustries (fka Liberation Labs) paused construction of a $115m precision fermentation plant in Richmond, Ind., to raise further funding. Go deeper

⚡️ Coolbrook, a Finnish developer of electrification and decarbonization tech for heavy industries, received a €2.5m R&D grant from Business Finland. Go deeper