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🔬 As DOGE and the Trump administration slash federal research funding, Lux Capital is stepping in to support US scientists—with co-founder Peter Hébert urging more VCs to do the same. Lux is backing Roadrunner Venture Studios, a new initiative to help startups spun out of New Mexico's national labs, and has committed $100 million to help fill the funding gap. With Silicon Valley divided on the issue, Hébert says the moment is chaotic but ripe for investment. Read more
💰 More high-net-worth investors are looking to private markets for an alternative income stream amid volatility in the public markets. We sat down with Mark Serocold, partner and head of EMEA wealth management solutions at Ares Management, to find out what these investors are looking for and what best practices exist to serve the segment. Full story
💼 Despite a tough fundraising climate, Thoma Bravo has closed its flagship Fund XVI on $24.3 billion—the same size as its 2022 predecessor. The firm also raised over $10 billion across two additional vehicles and notched several deals ahead of the close. Dive deeper
Plus...
• Australia's energy tech standout Amber has raised $29.6 million to expand into Europe, with ETF Partners leading the round | | | | | | | | | | |
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| AI-powered mental health care scales up | | AI is emerging as a tool in reshaping the mental health landscape, amid growing demand for care and challenges accessing it. VC funding for AI in the sector has reached $2.5 billion since 2020, according to our Emerging Tech Research.
As consumer demand, clinical needs and enterprise interest converge, AI-driven tools like personalized therapy matching are becoming key for patients and providers. Such solutions complement the previous generation of healthtech startups focused on connecting patients to affordable behavioral health care in person and virtually. | | | | | |
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| Institutional-scale portfolio management, built for private markets | | Private markets continue to grow—but most firms are still buried in Excel. Amid current market volatility and competition, it's critical to move fast, save time, and monitor your holdings closely. Lumonic, now a part of PitchBook, automates the entire workflow of wrangling streams of crucial financial information—enabling streamlined covenant tracking, portfolio reviews, and performance benchmarking. Ensure you can spot and manage risk in a rapidly changing market.
Schedule a demo | | | | | | | |
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| AI, synthetic biology lead VC funding for pharma biotools | | VC funding for the pharma biotools sector rebounded in the first quarter despite broader market consolidation pressures, according to our Emerging Tech Research.
Synthetic biology and AI platforms dominated mega-rounds—including Colossal Biosciences' $200 million Series C for its CRISPR-based de-extinction platform. Investors also showed growing interest in precision health imaging tech and next-generation analytical tools. | | | | | | | VCs know they're now operating in a new world | |  | | (Sam Barnes/Getty Images) | | | VC is having an identity reckoning in the age of AI, and deep self-reflection was on full display last week at the Web Summit conference in Vancouver.
"For about 10 years, any idiot with a checkbook in our job looked like a genius," Zach Coelius, founder and GP at Coelius Capital, said during a panel.
Some VCs argued the way forward is a back-to-basics approach that focuses on the two things AI can't do: prioritizing and cultivating relationships. | | | | | | | | | Pandemic-era lending maturity wall provides opportunity for private credit | |  | | (Yuichiro Chino/Getty Images) | | | A mini maturity wall has formed in the lower middle market as a pandemic-era Fed lending program is phased out. Private credit lenders are looking to fill the financing gaps for borrowers that are ineligible to refinance with the banks that initially participated in the loans, market participants say.
The Federal Reserve set up the Main Street Lending Program in 2020, as companies faced an extreme slowdown and steep drop in revenue. Many of the small and medium-sized borrowers have already refinanced or repaid these loans. But some—primarily companies with $2.5 million to $10 million in EBITDA—have been unable to refinance and may face a balloon payment this year. | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 772 Deals | 2676 People | 886 Companies | 45 Funds | | | | | | |
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| The Daily Benchmark: 2016 Vintage Global Real Estate Funds | | | | | | |
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Biomanufacturing platform developer Antheia raised a $56 million Series C co-led by Global Health Investment Corporation and EDBI, Axios reported.
Zero Networks, a startup specializing in cybersecurity solutions, raised a $55 million Series C led by Highland Europe.
Chipmaker Speedata, a Tel Aviv-based startup developing analytics processing units, secured a $44 million Series B from investors including Walden Catalyst Ventures, 83 North and Koch Disruptive Technologies.
Voxel, a workplace safety specialist, raised $44 million in a Series B led by NewRoad Capital Partners.
Nomupay, an Irish fintech startup specializing in cross-border payment processing, raised a $40 million Series C led by SoftBank subsidiary SB Payment Service, valuing the company at $290 million.
London-based Treefera, the developer of a biodiversity insights platform for supply chain resilience, secured a $30 million Series B led by Notion Capital.
UK-based Wordsmith AI raised a $25 million Series A led by Index Ventures for its AI-powered legal intelligence platform.
Moments Lab, a French AI video discovery startup, raised $24 million in a round led by Oxx.
Fintech startup OatFi, which offers API infrastructure for B2B payments, secured a $24 million Series A led by White Star Capital. | | | | | |
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State-owned Malaysian energy firm Petronas is considering a sale of its Canada-based business, which could be valued at around $6 billion to $7 billion in a sale, Bloomberg reported.
London-based telehealth startup Zava, backed by HPE Growth, has been acquired by NYSE-listed Hims & Hers Health.
Crunchy Data, a VC-backed database specialist, has been acquired by NYSE-listed Snowflake in a deal worth an estimated $250 million, TechCrunch reported. | | | | | |
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