VenCap’s underlying portfolio saw strong momentum this week with sizeable fundraisings across AI infrastructure, stablecoins and defence.

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Fal Discusses Raising $300 million to $350 million at an $8 billion Valuation
Fal is an AI infrastructure company focused on inference and model hosting for image, video and audio generation. It is in talks to raise $300 million to $350 million at around an $8 billion valuation, nearly doubling its $4.5 billion valuation from December. Annualised revenue has reportedly reached $400 million, up from $200 million in October, reflecting strong demand for fast model execution from a developer base that includes Adobe, Canva and Shopify. Fal is an underlying asset of VenCap 6, VenCap 16, VenCap 17 and VenCap 18.

RedotPay Seeks Up to $150 million and Targets a More Than $4 billion Public Listing Valuation
RedotPay is a Hong Kong stablecoin payments platform offering an app-and-card product for everyday spending, remittances and yield. The company is seeking up to $150 million in new funding and is targeting a valuation of more than $4 billion through a US public listing, following more than $150 million raised across two rounds in September and December. Investor materials reviewed by Bloomberg indicate annualised total payment volume surpassed $10 billion in December and revenue doubled to $158 million, although the business is also managing executive turnover and sensitivities around its connections to mainland China. RedotPay is an underlying asset of VenCap 6, VenCap 16 and VenCap 17.

Frore Systems Raises $143 million at a $1.64 billion Valuation
Frore Systems develops liquid cooling technology for AI chips and data centre hardware. It raised $143 million at a $1.64 billion valuation and plans to use the funding to expand its manufacturing operations. The company’s LiquidJet Nexus product is designed to improve thermal performance while reducing electricity, equipment and water usage, positioning it to benefit from growing demand for AI infrastructure. Frore Systems is an underlying asset of VenCap 6, VenCap 10A and VenCap 13A.

Cambridge Aerospace Discusses Raising About $200 million at a More Than $1 billion Valuation
Cambridge Aerospace is a UK defence technology start-up developing lower-cost interceptor systems for drone and missile threats. It is in talks to raise about $200 million at a more than $1 billion valuation, although the round has not been finalised and terms could still shift. Its Skyhammer and Starhammer programmes reflect growing investor interest in European air defence, with the company also focused on building a predominantly European supply chain. Cambridge Aerospace is an underlying asset of VenCap 16 and VenCap 17.