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Good Morning! This free edition of The Funding Letter comes to you from our headquarters in New York City.

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Daily Deals 💸

🌎 Americas

Norm AI develops a regulatory AI agent platform that automates compliance processes, enabling businesses to delegate tasks via instructions, while at the same time validating the resulting work product at any level of granularity.

New Funding Raised: $120M, Series C

Round Investors: Khosla Ventures (lead), Fenwick & West, New York Life Insurance, Craft Ventures

🚀Growth Focus: Accelerate hiring, expand practice area coverage, and advance its supervisory agents for regulated enterprise AI deployments.

HQ: New York, NY

Industry: Software Development

Employee Count: 204

EDX Markets operates a digital asset marketplace that meets the needs of both crypto-native firms and financial institutions, allowing users to access a technologically advanced and highly liquid exchange platform for a hassle-free trading experience.

New Funding Raised: $76M, Series C

Round Investors: SBI Group (lead)

🚀Growth Focus: Support its continued growth, enabling the firm to expand its trading, clearing, and settlement capabilities, accelerate product development, and scale its global operations.

HQ: Hoboken, NJ

Industry: Financial Services

Employee Count: 51

Quaise Energy develops a deep geothermal energy technology platform that accesses superhot geothermal resources for power generation, enabling utilities and energy producers to develop scalable geothermal power plants and repurpose existing fossil-fuel power infrastructure with renewable baseload energy.

New Funding Raised: $134M, Series B

Round Investors: Prelude Ventures (lead), Safar Partners, Idemitsu Americas Holdings Corporation, JERA Ventures

🚀Growth Focus: Further enhance Project Obsidian, a commercial superhot geothermal power plant, and the continued development and commercialization of its millimeter wave drilling system towards depths in excess of 5 km.

HQ: Houston, TX

Industry: Geothermal Electric Power Generation

Employee Count: 73

Pediatrica provides healthcare services to offer equitable access to innovative pediatric primary care, allowing patients and their families to access well-being.

New Funding Raised: $28M, Series B

Round Investors: Valspring Capital (lead), M33 Growth

🚀Growth Focus: Accelerate both organic growth and strategic acquisitions, support continued investments in clinical and operational infrastructure, technology enhancements, and the expansion of its value-based care capabilities.

HQ: Miami, FL

Industry: Hospitals and Health Care

Employee Count: 45

Oratomic develops fault-tolerant quantum computing systems, enabling utility-scale quantum computation through neutral-atom architectures and advanced quantum error correction.

New Funding Raised: $300M, Series A

Round Investors: ARCH Venture Partners (lead), Khosla Ventures (lead), Spark Capital (lead), Lowercarbon Capital (lead)

🚀Growth Focus: Capital to fund high-performance quantum hardware fabrication, accelerate deep algorithmic R&D across fault-tolerant logical qubit topologies, and aggressively expand its core physics and hardware engineering workforces.

HQ: Pasadena, CA

Industry: Research Services

Employee Count: 16

Bidbus operates an online vehicle auction marketplace that provides used car sales through competitive dealer bidding, allowing individual car owners to quickly compare bids and complete transactions with minimal time investment and no in-person dealership visits.

New Funding Raised: $15M, Series A

Round Investors: Ibex Investors (lead), Yossi J. Levi, Antonio Davila, Mucker Capital

🚀Growth Focus: Scale its automotive transaction platform, accelerate commercial operations beyond its initial launch hubs of California and Texas, and fund a nationwide expansion strategy across major regional dealership networks.

HQ: Los Angeles, CA

Industry: Automotive

Employee Count: 12

Agave develops unified API software that facilitates integration with construction software across all systems, enabling users to have access to a technology that connects the world's construction data and makes it useful for all builders.

New Funding Raised: $15M, Series A

Round Investors: Accel (lead), Y Combinator

🚀Growth Focus: Expand its team and scale its growing suite of products, which already help hundreds of contractors boost their team’s productivity by automating accounting and back-office work.

HQ: San Francisco, CA

Industry: Software Development

Employee Count: 84

🌍 EMEA

BIZAY develops a customized marketplace platform that digitizes product customization by authorized brands, people, and societies to self-express, allowing businesses to implement a marketing strategy with communication.

New Funding Raised: $55M, Series D

Round Investors: Indico Capital Partners (lead), Cedrus Capital, Lince Capital, Banco Portugues de Fomento

🚀Growth Focus: Accelerate its commercial expansion across the United States, fund strategic acquisitions within the fragmented corporate merchandise market, and expand its AI infrastructure across automated catalog management pipelines.

HQ: Torres Vedras, Portugal

Industry: Advertising Services

Employee Count: 166

Cyllene Therapeutics develops non-replicating HSV-1 vector-based gene therapies, enabling targeted treatment of neurological and bladder disorders through precision DNA medicine.

New Funding Raised: €33M, Series C

Round Investors: GordonMD Global Investments (lead), M Ventures (lead), Andera Partners, SCI Ventures

🚀Growth Focus: Advance the clinical development of EG110A, its lead DNA medicine candidate for severe neurogenic bladder conditions, and expand its proprietary HERMES non-replicating HSV-1 platform.

HQ: Paris, France

Industry: Biotechnology Research

Employee Count: 25

Proxima Fusion develops fusion power plants that produce emissions-free power, allowing energy utilities and grid operators to evaluate pathways to continuous, non-interruptible power production and future commercial deployment.

New Funding Raised: €411M, Series B

Round Investors: East X Ventures (lead), Google (lead), RWE (lead), XTX Ventures (lead)

🚀Growth Focus: Expand operations and its development efforts.

HQ: Munich, Germany

Industry: Electric Power Generation

Employee Count: 163

Luffy AI operates an AI control system that optimizes edge industrial equipment and processes in real time, enabling industrial operators to improve efficiency, resilience, and sustainability across complex operations.

New Funding Raised: £8.1M, Series A

Round Investors: Business Growth Fund (lead), Chrysalix Venture Capital, MIG Fonds, Bow Capital

🚀Growth Focus: Support to drive its commercialisation pipeline, moving successful PoCs and pilots into partnerships with new industry brands.

HQ: Abingdon-On-Thames, England

Industry: Software Development

Employee Count: 30

HIVE develops an industrial machine intelligence platform that automates and coordinates industrial equipment, allowing construction, mining, logistics, manufacturing, and infrastructure operators to improve productivity, enhance worker safety, and extend machine operating hours.

New Funding Raised: $15M, Seed

Round Investors: SuperSeed Ventures (lead), Borge Hald, Skyfall Ventures, Nysnø

🚀Growth Focus: Support to drive its commercialisation pipeline, moving successful PoCs and pilots into partnerships with new industry brands.

HQ: London, England

Industry: Artificial Intelligence

Employee Count: 33

Whering develops a digital wardrobe management and social styling application that helps users organise and optimise existing clothing, enabling individual consumers to make more considered clothing choices and reduce unnecessary purchases.

New Funding Raised: $7M, Seed

Round Investors: eBay Ventures (lead), Google AI Futures Fund (lead)

🚀Growth Focus: Support the expansion of its AI-powered wardrobe platform, enabling new personalisation features and stronger resale integrations to promote more circular and intentional fashion consumption.

HQ: Greater London, England

Industry: Technology, Information and Media

Employee Count: 24

ARC Intelligence develops data analytics software for strategic decision-making purposes, allowing corporate and public sector users to derive actionable insights, improve operational transparency, and support policy and investment planning.

New Funding Raised: €4M, Seed

Round Investors: 42CAP (lead), 468 Capital, IBB Ventures

🚀Growth Focus: Support the continued development of its AI-native Finance OS, expand its international presence, and strengthen its platform for ERP-intensive businesses.

HQ: Berlin, Germany

Industry: Software Development

Employee Count: 12

Healome Therapeutics develops treatments for eye conditions and ocular diseases for eye trauma therapeutics, enabling patients to get effective and longer-lasting relief.

New Funding Raised: £2M, Seed

Round Investors: Empirical Ventures (lead), DEBRA Research, Oshen, SFC Capital

🚀Growth Focus: Support pre-clinical development, manufacturing scale-up, regulatory engagement with the MHRA and FDA, and progression toward first-in-human studies expected in 2027.

HQ: Birmingham, England

Industry: Pharmaceutical Manufacturing

Employee Count: 5

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