This week’s update from VenCap’s underlying portfolio highlights one US IPO and one India IPO, alongside several large uprounds across AI, database software and autonomous drone delivery.

ClickHouse Raises $400 Million at a $15 Billion Valuation
ClickHouse develops database software used for real-time analytics, increasingly positioned as infrastructure for AI agents and production AI applications. The company raised $400 million at a $15 billion valuation and plans to accelerate product development while scaling sales and marketing. ClickHouse is an underlying asset of VenCap 6, VenCap 13B, VenCap 15, VenCap 16 and VenCap 17.

OpenEvidence Raises $250 Million at a $12 Billion Valuation
OpenEvidence provides an AI chatbot designed for physicians to support high-stakes clinical decision-making at the point of care, trained on data from scientific journals rather than open-internet sources. The company raised $250 million at a $12 billion valuation, following earlier steps up from a $1 billion valuation in February to $6 billion in October, and has now raised $700 million in under a year. Management cites broad adoption among US physicians and an advertising-led revenue model to drive distribution. OpenEvidence is an underlying asset of VenCap 16, VenCap 17 and VenCap 18.

Zipline Raises $600 Million at a $7.6 Billion Valuation
Zipline operates autonomous drone delivery and logistics, with an integrated platform spanning aircraft, launch/landing systems and logistics software. The company raised $600 million at a $7.6 billion valuation to support US expansion, including planned operations in Houston and Phoenix early this year and growth to at least four US states in 2026. Zipline reports surpassing 2 million deliveries and cites sustained week-over-week growth in US delivery volumes, building on deployments across Africa, the US and Japan. Zipline is an underlying asset of VenCap 6.

Baseten Raises $300 Million at a $5 Billion Valuation
Baseten helps enterprises deploy and run large AI models, benefiting from rising demand for inference infrastructure as AI moves into production use cases. The company raised $300 million at a $5 billion valuation, with Nvidia investing $150 million in the round. The financing underscores the strategic importance of inference workloads and the expanding ecosystem of tools that optimise model serving at scale. Baseten is an underlying asset of VenCap 6 and VenCap 16.

BitGo IPO Raises $212.8 Million at a $2.1 Billion Valuation
BitGo, a crypto infrastructure company spanning custody, prime brokerage and institutional trading, listed on the New York Stock Exchange under ticker BTGO. The IPO priced at $18 per share and raised $212.8 million via the sale of about 11.8 million shares, with the company valued at $2.1 billion at Thursday’s close. Management positioned the debut as a bellwether for digital-asset IPO appetite following last year’s sector downturn, alongside recent listings from other crypto companies. BitGo is an underlying asset of VenCap 6.

Amagi IPO Raises ₹17.89 Billion at a ₹75.44 Billion Valuation
Amagi sells cloud software used to run and monetise TV and streaming channels, supporting distribution and ad monetisation workflows for media companies. The company raised ₹17.89 billion (about $196 million) in an India IPO and was valued at ₹75.44 billion (around $825.81 million), with shares opening below the issue price before trading higher. Management highlighted an export-first revenue mix and plans to reinvest proceeds into technology and cloud infrastructure, alongside potential acquisitions. Amagi is an underlying asset of VenCap 6, VenCap 13B and VenCap 15.