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

Hit the Gong 🎉

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Daily Deals 💸

🌎 Americas

Ratio Therapeutics develops targeted radiopharmaceuticals that improve cancer treatment through precision medicine, enabling healthcare providers and pharmaceutical researchers to develop targeted cancer therapies with improved precision.

New Funding Raised: $70M, Series C

Round Investors: Bristol-Myers Squibb, Catalio Capital Management, Duquesne Family Office, Wasatch Group

🚀Growth Focus: Advance its ATLAS clinical trial, which is assessing its lead candidate RTX-2358, a fibroblast activation protein-targeted radiotherapeutic, for patients with advanced sarcomas.

HQ: Boston, MA

Industry: Biotechnology Research

Employee Count: 83

DataBahn develops a security-opinionated data pipeline platform that gives organizations full control over how data is ingested, enriched, and routed, allowing security and IT professionals to reduce noise, improve detections, and modernize their technology stack with flexibility.

New Funding Raised: $40M, Series B

Round Investors: Insight Partners (lead), S3 Ventures, GTM Capital, Forgepoint Capital

🚀Growth Focus: Accelerate investments in R&D and product innovation, expand its agentic data control plane to serve organizations of every size, from large global enterprises to mid-market businesses.

HQ: Dallas, TX

Industry: Software Development

Employee Count: 119

Balance Theory develops a knowledge collaboration center platform that solves problems for security leaders, enabling users to provide knowledge-sharing and collaboration that creates, curates, connects, and collaborates to improve cyber.

New Funding Raised: $19M, Series A

Round Investors: SYN Ventures (lead), TEDCO, DataTribe

🚀Growth Focus: Accelerate go-to-market execution, deeper enterprise integrations, expand proprietary cybersecurity market intelligence, continue development of agents and skills within the platform, and greater investment in educating the market around a new model for managing cybersecurity investments.

HQ: Columbia, MD

Industry: Software Development

Employee Count: 26

Discern Security develops a security management platform that enhances cybersecurity measures and optimizes the performance of existing security tools, allowing organizations to improve security posture while reducing costs and enhancing operational efficiency.

New Funding Raised: $13M, Series A

Round Investors: Forgepoint Capital (lead), Growth Enjin Partners, WestWave Capital, BoldCap

🚀Growth Focus: Accelerate development of its Loop, an agentic platform that helps organizations continuously evaluate and improve existing security controls.

HQ: Sunnyvale, CA

Industry: Computer and Network Security

Employee Count: 39 

Smallest AI develops AI-powered voice automation systems for real-time conversational engagement and operational efficiency purposes, enabling enterprise teams to automate voice interactions at scale across multiple languages and channels.

New Funding Raised: $13M, Series A

Round Investors: Seligman Ventures (lead), 3one4 Capital, Sierra Ventures

🚀Growth Focus: Expand its core voice AI platform across financial services, healthcare, contact centers, and business process outsourcing.

HQ: San Francisco, CA

Industry: Technology, Information and Internet

Employee Count: 105

SoundHealth develops a nasal congestion technology that treats nasal diseases, allowing users to receive optimal sound therapy and to work with physicians for a targeted approach to overcome their allergies.

New Funding Raised: $12.25M, Series A

Round Investors: Shangbay Capital (lead)

🚀Growth Focus: Accelerate growth of its portfolio of personalized, FDA-cleared therapeutics designed to treat population-scale breathing; and wellness devices targeted towards sleep disorders.

HQ: Los Altos, CA

Industry: Medical Equipment Manufacturing

Employee Count: 20

Axis Robotics develops a robotic learning and simulation platform that accelerates physical AI, enabling users to unlock scalable production of structured, diverse robotic data and simplify their operations.

New Funding Raised: $12M, Seed

Round Investors: Hack VC (lead), 10K Ventures, Nomad Capital, Pi Network

🚀Growth Focus: Expand procedural generation capabilities and scale the contributor network into new regions.

HQ: Berkeley, CA

Industry: Robotics Engineering 

Employee Count: 12

Modus develops enterprise AI software that provides contextual data for AI applications, allowing enterprises to manage AI-driven automation, data analysis, workflow execution, and decision-support processes across business functions.

New Funding Raised: $10M, Seed

Round Investors: Insight Partners (lead), Bullet Ventures, Nadav Avrami, Soma Capital

🚀Growth Focus: Build the missing infrastructure layer for enterprise AI.

HQ: New York, NY

Industry: Software Development

Employee Count: 14

Adjuvia Therapeutics develops blood-brain barrier penetrant nanoparticle therapies that treat mitochondrial dysfunction, enabling the delivery of small molecules across the blood-brain barrier to target rare and chronic degenerative diseases.

New Funding Raised: $8M, Seed

Round Investors: JLo Ventures (lead), Portfolia

🚀Growth Focus: Support the submission of an Investigational New Drug application for its lead candidate, ATI-105, followed by the initiation of a Phase 1 clinical trial in healthy volunteers in Fall 2026, and a Phase 1/2 study in patients with Friedreich’s ataxia in early 2027.

HQ: San Francisco, CA

Industry: Biotechnology Research

Employee Count: 7  

Antares Labs develops an AI platform for real estate operations, allowing users to activate proprietary data and institutional knowledge within their own environments.

New Funding Raised: $7.25M, Seed

Round Investors: Sandwith Ventures, Bloomberg Beta, Base10 Partners, Fifth Wall

🚀Growth Focus: Build custom AI systems for real estate owners, developers, and asset managers.

HQ: Chicago, IL

Industry: IT Services and IT Consulting

Employee Count: 5

Quercus Biosolutions operates AI-enabled protein design technology that creates biological crop protection products for controlling herbicide-resistant weeds and supporting sustainable agriculture, enabling agricultural producers and crop protection developers to manage resistant weeds with environmentally responsible alternatives to conventional chemical treatments.

New Funding Raised: $5M, Seed

Round Investors: Serra Ventures (lead), Grantham Foundation, Agricap Fund, Ag Startup Engine

🚀Growth Focus: Advance regulatory and field work across a portfolio that includes more than five active programs, expand its team, and establish new strategic partnerships.

HQ: Saint Louis, MO

Industry: Biotechnology Research

Employee Count: 7 

Birdai Labs develops a transaction execution intelligence platform for MEV transaction reconstruction, allowing DeFi protocols to provide transparency into maximum extractable value transactions and execution forensics for decentralized finance participants.

New Funding Raised: $4M, Seed

Round Investors: Castle Island Ventures (lead), The Venture Dept, Metalayer Ventures

🚀Growth Focus: Fund senior engineering hires and extend its infrastructure at the base of the chain.

HQ: San Francisco, CA

Industry: Financial Services

Employee Count: 4

🌍 EMEA

Agon develops an AI infrastructure platform that builds virtual battlefields where AI-powered autonomous weapons practice fighting, enabling users to train their weapons to repel enemies.

New Funding Raised: $23M, Seed

Round Investors: Lux Capital (lead), Northzone (lead), XYZ Venture Capital (lead), Lakestar

🚀Growth Focus: Scale its platform, accelerate product development, and expand its capabilities for European defence users.

HQ: London, England

Industry: Artificial Intelligence

Employee Count: 7

Intropy AI develops an AI-powered operating system that optimizes operations in the parts and equipment industries, allowing parts distributors and suppliers to improve efficiency, reduce obsolescence, and increase profitability through intelligent data utilization.

New Funding Raised: $11M, Seed

Round Investors: Felix Capital (lead), Firstminute Capital, Quiet Capital, General Catalyst

🚀Growth Focus: Accelerate product development, expand its engineering and machine learning teams, and establish a New York office as it grows its presence in the United States.

HQ: London, England

Industry: Software Development

Employee Count: 13

DITTO Daily produces nutrient supplements that reduce menstrual cycle symptoms, enabling women to take a proactive approach with the daily capsules, reducing or preventing symptoms before they arise.

New Funding Raised: $6M, Seed

Round Investors: FoodLabs (lead), Eka Ventures

🚀Growth Focus: Support further research projects, the expansion of its science-led supplement portfolio, and efforts to reach more consumers.

HQ: London, England

Industry: Wellness and Fitness Services

Employee Count: 11

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