Large financing rounds from VenCap's underlying portfolio across defence technology and AI infrastructure, alongside continued momentum in AI-driven enterprise software and life sciences. Anduril doubles to $61bn, Ramp pushes past $40bn, and Helsing, Moonshot and n8n all mark sharp step-ups from rounds priced less than a year ago.

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Anduril Raises $5bn at $61bn Valuation

Anduril Industries is a California-based defence technology start-up developing drones, surveillance towers, AI-enabled command and control software and other advanced defence systems. The company has raised $5bn in a deal valuing it at $61bn, nearly doubling from just over $30bn in its previous funding round in June last year. The financing is intended to support manufacturing capacity, research and development, and the infrastructure required to build and field advanced defence systems at scale, including at its Arsenal-1 factory in Ohio. Anduril is an underlying asset of VenCap 6, VenCap 13B, VenCap 15, VenCap 16, VenCap 17 and VenCap 18.

 

Ramp in Talks to Raise $750 million at a Pre-Money Valuation of More Than $40 billion

Ramp is a corporate spend management start-up building AI-powered finance products for expense control, fraud detection and treasury-related workflows. The company is in talks to raise another $750 million at a pre-money valuation of more than $40 billion, although the deal is not yet final and terms could change. Ramp announced in November that it had reached $1 billion in revenue, doubling income in a year, while continuing to embed AI agents across its spend management products. Ramp is an underlying asset of VenCap 6, VenCap 13B, VenCap 15, VenCap 16 and VenCap 17.

 

Moonshot AI Raises Around $2b at $20b Valuation

Moonshot AI is a Beijing-based AI lab. The company raised around $2b at a $20b valuation, with participation from Meituan, Tsinghua Capital, China Mobile and CPE Yuanfeng. The financing represents one of the larger disclosed venture capital deals in the user-provided set and reflects continued investor interest in AI labs. Moonshot AI is an underlying asset of VenCap 6, VenCap 13B, VenCap 15 and VenCap 16.

 

Helsing Set to Raise $1.2bn at About $18bn Valuation

Helsing is a German defence technology group focused on integrating AI into weapons systems. The company is set to raise $1.2bn at a valuation of about $18bn, marking an increase from its €12bn valuation less than a year ago, although the timing has not yet been finalised. Helsing originally focused on AI software to analyse battlefield data and improve military decision-making, and has since expanded into drones and autonomous underwater vessels. Helsing is an underlying asset of VenCap 16.

 

Isomorphic Labs in Advanced Discussions to Raise More Than $2 billion

Isomorphic Labs is an AI-powered drug discovery company spun out of Alphabet’s Google DeepMind. The company is in advanced discussions to raise more than $2 billion, with valuation details undisclosed. Isomorphic Labs plans to use the new capital for its drug design engine and global expansion, building on partnerships with Johnson & Johnson, Eli Lilly and Novartis. Isomorphic Labs is an underlying asset of VenCap 16, VenCap 17 and VenCap 18.

 

n8n Secures SAP Strategic Investment at $5.2bn Valuation

n8n is a Berlin-based AI orchestration platform that helps businesses connect apps, automate workflows and integrate AI agents into business processes. SAP has made a strategic investment through a secondary share sale, valuing the company at $5.2bn, more than double its previous $2.5bn valuation in less than a year. Alongside the investment, n8n and SAP have agreed a multi-year commercial deal that will make n8n available inside SAP’s Joule Studio. n8n is an underlying asset of VenCap 6, VenCap 16 and VenCap 17.

 

Modal in Talks to Raise at Around a $4.5 billion Valuation

Modal rents out Nvidia graphics processing units and software to help developers run and train models and agents. The company is in talks to raise money at around a $4.5 billion valuation, representing an 80% premium to its last valuation from just a few months ago. Its annualised revenue has increased to around $300 million, up five times from its pace last autumn, driven in part by demand for Modal’s sandbox software environments. Modal is an underlying asset of VenCap 16.

 

Fractile Raises $220 million Series B

Fractile is a UK chip start-up developing specialised chips for AI inference. The company raised a $220 million Series B funding round, with valuation details undisclosed. Fractile is focused on reducing latency in AI model responses by improving how data moves between processors and memory chips, as demand for inference computing increases. Fractile is an underlying asset of VenCap 16 and VenCap 17.

 

Sources: The Information, Axios, Financial Times, The Wall Street Journal, Bloomberg.