🧑‍🚀 Top Deals You Can’t Miss

1. Kalshi — $22 billion valuation on secondary, with trading volume growth across politics, sports, and economic events doubling its valuation in five months.

2. Moonshot AI — $2 billion raised at a $20 billion valuation led by Meituan's Long-Z Investment, with Tsinghua Capital, China Mobile, and CPE Yuanfeng joining.

3. DeepSeek — raising its first external round at a reported $45 billion valuation led by China's Big Fund, with Alibaba and Tencent joining discussions.

Dopamine Dealflow

Series B+ & Growth

• Anagram Therapeutics | $250M | Growth | Natick, MA

  Develops ANG003, an orally delivered recombinant enzyme replacement therapy for exocrine pancreatic insufficiency in cystic fibrosis and pancreatic cancer patients. Blackstone Life Sciences led the round.

• CellCentric | $220M | Series D | Cambridge, UK

  Clinical-stage biotech advancing inobrodib, a first-in-class oral p300/CBP inhibitor for multiple myeloma, currently in Phase 2 with global Phase 3 set for H2. Venrock Healthcare Capital Partners led, joined by Fidelity, Sofinnova, HBM Healthcare, RA Capital, Forbion, Pfizer, Avego Bioscience Capital, and ACS BrightEdge.

• Blitzy | $200M | Series C | Cambridge, MA

  Builds an autonomous software development platform deploying thousands of coding agents in parallel for Global 2000 enterprises. Northzone led, joined by PSG, Battery Ventures, Jump Capital, Morgan Creek Digital, Defiant, Flybridge, Link Ventures, NFX, Picus Capital, and Liberty Mutual Strategic Ventures.

• QuantWare | $178M (€152M) | Series B | Delft, Netherlands

  Industrial quantum processor company building KiloFab, the world's largest dedicated open-architecture quantum fab. Intel Capital, IQT, and ETF Partners joined alongside FORWARD.one, Invest-NL Deep Tech Fund, InnovationQuarter Capital, Ground State Ventures, and Graduate Ventures. Largest private quantum-processor round to date.

• Corgi | $160M | Series B | New York, NY

  Operates an AI-native full-stack insurance platform offering general liability, cyber, and tech and AI liability coverage. TCV led, joined by Kindred Ventures, Leblon Capital, and First Order Fund.

• Quantum Motion | $160M | Series C | London, UK

  Building scalable silicon-based quantum computers using standard CMOS chip manufacturing, an Oxford and UCL spinout. DCVC and Kembara co-led, joined by British Business Bank, Firgun, Oxford Science Enterprises, Inkef, Bosch Ventures, Porsche Automobil Holding, and Parkwalk Advisors.

• Nyobolt | $60M | Series C | Cambridge, UK

  Develops ultrafast-charging lithium-ion batteries powering Symbotic warehouse robots, humanoid robotics, and AI data centers. Symbotic led, joined by IQ Capital, Latitude, Scania Invest, and CBMM.

• Astrocade | $56M | Series A + B | Los Altos, CA

  Consumer AI gaming platform letting users build playable games from natural-language prompts, reaching more than 20 million users in eight months. Sea led the Series A, Sequoia Capital led the Series B, with Google AI Futures Fund, NVIDIA, LG Technology Ventures, Dentsu Ventures, Conviction Embed, Chaac Ventures, and Rogue VC participating.

• Lunar Outpost | $30M | Series B | Golden, CO

  Builds lunar surface rovers and autonomous mobility systems for NASA Artemis and U.S. national security programs, including the Pegasus rover targeting a 2027 launch. Industrious Ventures led, joined by Type One Ventures, Eniac Ventures, and Reliable Equity.

Series A

• eleQtron | $61.5M (€57M) | Series A | Siegen, Germany

  Trapped-ion quantum computers using proprietary MAGIC microwave technology, with €54M+ order backlog. Schwarz Digits led, joined by EIC Fund, Earlybird, Ankaa Ventures, Precitec, NRW.BANK, and IFB Hamburg.

• Ethos | $22.75M | Series A | USA

  Software platform expanding go-to-market with the new capital.

• Pit | $16M | Series A | Stockholm, Sweden

  AI-native enterprise operations platform automating internal workflows. a16z led.

• OpsMill | $14M | Series A | Paris, France

  Data layer for network automation, founded by ex-Roblox engineers. BGV and Partech co-led.

• Jesse & Ben's | $10M | Series A | Washington, DC

  Seed-oil-free french fry brand expanding distribution into national retail and foodservice.

• Kohort | $7M | Series A | London, UK

  Mobile gaming analytics and user-acquisition optimization platform serving studios and publishers.

Seed & Early Rounds

• QuTwo | $29M (€25M) | Angel | Helsinki, Finland

  Founded by former AMD Silo AI CEO Peter Sarlin. QuTwo OS is a software layer running enterprise workloads in a hybrid classical and quantum-inspired environment. Backers include Yuri Milner, Xavier Niel, Nico Rosberg, Dieter Schwarz, and Niklas Zennström. Valuation: $380 million.

• Lithosquare | $25M | Seed | Paris, France

  AI-driven critical mineral exploration platform using geology models to predict deposits of copper, lithium, and nickel. World Fund and Kindred Capital co-led, joined by Daphni, Omnes Capital, and Ovni Capital.

• District | $14.7M | Seed | Los Angeles, CA

  Helps independent sellers build community-driven marketplaces, founded by three Snap alumni.

• ParcelBio | $13M | Seed | USA

  Biotech developer working on next-generation therapeutic delivery systems.

• CodeWords | $9M | Seed | USA

  Builds AI agents for enterprise workflow automation. Visionaries led the round.

• Sedevention 2.0 | $2.9M | Seed | Europe

  Obesity medtech developing a procedural alternative to GLP-1 drugs like Ozempic. BMP Ventures led.

• Jurisphere | $2.2M | Seed | USA

  Legal technology platform automating contract and compliance workflows.

• Another Nine | $2M | Seed | Covington, KY

  24/7 indoor golf simulator franchise concept rolling out across U.S. metros.

Strategic, M&A & Undisclosed

• Kalshi | $22B Valuation | Secondary | New York, NY

  Regulated event contracts and prediction markets platform. Valuation doubled in five months on the back of trading volume growth across politics, sports, and economic events.

• ElevenLabs | Undisclosed | Series D Extension | New York, NY

  Voice AI company with annualized revenue topping $500 million. New investors joining the previously announced $550 million Series D include BlackRock, Wellington, D.E. Shaw, Schroders, Nvidia, Salesforce Ventures, Santander, KPN, Deutsche Telekom, Jamie Foxx, Eva Longoria, and Squid Game creator Hwang Dong-hyuk.

IPOs / Direct Listings / Issuances / Block Trades

• Robinhood Ventures Fund I closed its NYSE IPO this week with 150,000+ retail investors participating. Holdings include Stripe, Oura, Databricks, and OpenAI.

VC Funds Raised & Raising

• a16z crypto | $2.2B | VC Fund | Menlo Park, CA

  Crypto Fund 5 will target stablecoins, payments, lending, prediction markets, and tokenized assets. Brings the firm's total committed crypto capital to $9.8 billion. CTO Eddy Lazzarin promoted to general partner alongside the close.

• 137 Ventures | $700M | VC Fund | San Francisco, CA

  SpaceX backer closed two new growth-stage funds, taking AUM past $15 billion. Fresh capital targets AI agents, robotics, advanced industrial systems, and aerospace propulsion. The firm now owns more than 1% of SpaceX, valued at over $10 billion.

Founders: Want to be featured on @tradedvc? → traded.co/submit/vc

Read of the Day

Sierra Crosses $15B as Bret Taylor's Bet on Enterprise AI Agents Becomes the Fastest Software Story Ever Told

$950 million from Tiger and GV, Fortune 50 penetration above 40%, and $150M ARR in eight quarters. The race to own the customer-facing layer of enterprise AI is over before competitors finished their first product cycle.

San Francisco-based Sierra closed a $950 million Series E at a $15.8 billion post-money valuation on May 4, the company announced. The round was co-led by Tiger Global and Google Ventures, with participation from Benchmark, Sequoia, and Greenoaks. The company now sits on more than $1 billion in cash, just two years after Bret Taylor and Clay Bavor founded it to commercialize AI agents for customer experience.

The Backstory

Bret Taylor is OpenAI's chairman, the former Salesforce co-CEO, and the engineer behind Google Maps. Clay Bavor ran AR and VR at Google for a decade. They started Sierra in 2024 with a focused thesis: every Fortune 500 company will replace its customer support layer with AI agents within five years, and most of them will not build it themselves. By the time Sierra raised this round, that thesis had compounded into $150 million in annualized revenue and customer logos including Prudential, Cigna, Blue Cross Blue Shield, and Rocket Mortgage.

The Strategy

Sierra's pitch to enterprise buyers is not about model quality, it is about deployment. The company packages its agents with a regulatory and brand-safety layer that lets healthcare, insurance, and banking incumbents put AI in front of customers without taking compliance risk. Taylor's read of the market: model performance is converging fast, but the orchestration, evaluation, and brand-aligned tone calibration is where customer trust gets won or lost. Sierra's $1 billion war chest goes to international expansion, vertical-specific tuning, and aggressive talent moves against OpenAI, Anthropic, and the in-house AI teams at every cloud provider.

Why It Matters

Sierra reaching $150 million ARR in eight quarters does not just break the SaaS speed record, it reshapes how late-stage investors price the agent layer of enterprise AI. Tiger and GV writing $950 million at $15.8 billion implies a roughly 100x revenue multiple, a number you only see when LPs believe a category-defining position is being established and the runway to category dominance is short. For founders building horizontal agent platforms, the read is brutal: the customer-experience vertical is now spoken for at the upper end. For competitors at Salesforce, ServiceNow, and Zendesk, the question shifts from "can AI agents replace our products" to "how fast does Sierra eat our middle market." For investors, this round confirms that the most valuable AI businesses are not the labs, they are the agents that sit between the labs and the Fortune 500 buyer. The IPO clock just started.

👉 Read The Whole Story Here

Other News You Don’t Want To Miss

• Robinhood Ventures Fund I IPO Pulls In 150,000+ Retail Investors

  The NYSE-listed fund gives retail investors exposure to private holdings including Stripe, Oura, Databricks, and OpenAI, marking one of the largest retail-led private market vehicles to date.

• Trump Administration Expands AI Oversight, Will Test Google, Microsoft and xAI Models

  Federal evaluation will scrutinize frontier model behavior on national security and bias criteria, ramping pressure on labs already racing to ship.

• Anthropic Weighs $50B Raise at $900B Valuation, Topping OpenAI

  Annualized revenue has crossed $30 billion with enterprise contributing 80%, and a board decision is expected this month before a possible October IPO.

• Pentagon Clears Eight Tech Firms to Deploy AI on Classified Networks

  OpenAI, Microsoft, Google, SpaceX, Nvidia, AWS, Oracle, and Reflection received clearance, opening a major new revenue lane for frontier model providers.

• ElevenLabs Adds BlackRock, Nvidia, Jamie Foxx and Squid Game Creator to $550M Series D

  ARR has crossed $500 million, up from $350 million at year-end, as the voice AI company also closed a $100 million tender for employees and early investors.