Revolut Share Sale Values Company at $75 Billion
Revolut, the UK-headquartered neobank offering multi-currency accounts, payments, crypto products and insurance, has completed a share sale valuing the business at $75 billion. The round was led by Coatue, Greenoaks, Dragoneer and Fidelity. The transaction provided liquidity to employees while further strengthening the company’s investor base as it continues rapid international expansion and awaits a full UK banking licence. With revenue rising 72% to $4 billion in 2024, net profit of $1 billion and a rapidly scaling Wealth division (including the new Revolut X crypto exchange), Revolut is positioning itself as a global retail and wealth platform. Revolut is an underlying asset of VenCap 6.

Physical Intelligence Raises $600 Million at $5 Billion Valuation
Physical Intelligence (“Pi”), a robotic AI company developing foundation models to power a wide range of real-world robots, has raised $600 million at a $5 billion valuation (excluding the new capital). The round was led by Alphabet’s CapitalG with participation from existing investors Lux Capital, Thrive Capital and Jeff Bezos, alongside new investors Index Ventures and T. Rowe Price. Pi’s latest model, π*0.6, is trained in part from real-world robotic experience and delivers faster performance on tasks such as box assembly and folding laundry than previous models. Founded by former Google employees, leading academics from Stanford and UC Berkeley, and early Stripe operator Lachy Groom, Pi has now raised around $1.07 billion in total. Physical Intelligence is an underlying asset of VenCap 6, VenCap 16 and VenCap 17.

Moonshot AI Nears New Funding Round at Around $4 Billion Valuation
Beijing-based Moonshot AI, a Chinese foundation-model developer known for its long-form text analysis capabilities, is reportedly close to securing a new funding round that could value the company at around $4 billion. The company is said to be in talks with global investors including IDG Capital and existing shareholder Tencent, with a target to close the round by year-end and pursue an IPO in the second half of next year. Moonshot has already raised more than $300 million in a prior Series B from Tencent and Gaorong Capital and is emerging as one of the leading players in China’s rapidly developing AI ecosystem. Its latest open-source model, Kimi K2 Thinking, trained on Nvidia H800 chips, is positioned among the top performers on community benchmarks such as LMArena, with a K3 successor already in planning. Moonshot AI is an underlying asset of VenCap 6, VenCap 13B, VenCap 15 and VenCap 16.

Suno Raises $250 Million at $2.45 Billion Valuation
Suno, an AI music platform that enables users to generate songs from text prompts, has raised $250 million at a $2.45 billion valuation. The round was led by Menlo Ventures, with participation from Hallwood Media, Lightspeed, Matrix and Nvidia’s NVentures, marking a significant step up from Suno’s roughly $500 million valuation last year. Suno has scaled to $200 million in annual revenue, predominantly subscription-based, and has expanded its product suite to include both a mobile app and a professional-grade audio workstation. The company sits at the centre of industry debate on AI and copyright, facing litigation from major record labels even as it argues that its technology produces new, rather than copied, content. Suno is an underlying asset of VenCap 6 and VenCap 16.

ServiceNow in Talks to Acquire Veza for Over $1 Billion; Prior Valuation $808 Million
ServiceNow, the IT, HR and finance workflow software provider, is in advanced discussions to acquire security startup Veza for more than $1 billion, following Veza’s $808 million post-money valuation in April. Veza’s subscription platform helps enterprises manage fine-grained access controls, showing which employees and AI agents can access specific customer or corporate data and what actions they can perform. The acquisition would complement ServiceNow’s push into AI agents that automate tasks such as customer service and IT help desk response, building on its earlier $2.85 billion Moveworks deal (pending antitrust review). With growing concern that AI agents may open new attack vectors, Veza’s ability to limit and monitor access, respond to leaked credentials and block malicious agent behaviour is increasingly strategic for large enterprises. Veza is an underlying asset of VenCap 6.