Financings and strategic transactions across AI infrastructure, identity, healthcare and consumer this week: Perplexity is in discussions at more than $30bn, Shein has set a Hong Kong listing range implying a $26.8bn market capitalisation, and Socure has raised $156m at $5.2bn alongside an acquisition.

Perplexity In Talks To Raise At More Than $30bn Valuation

Perplexity is a California-based start-up operating an AI search engine alongside a growing set of agentic products. Nvidia is in discussions to invest as part of an equity round worth billions of dollars that would value the company at more than $30bn, more than 50% above its last financing a year ago. Annualised revenue has climbed to more than $750m from less than $250m at the start of the year, helped in part by Perplexity Computer, an agent professionals use to automate computer tasks.

Perplexity is an underlying asset of VenCap 16.

Shein Seeks Up To $1.8bn In Hong Kong IPO At $26.8bn Market Capitalisation

Shein is a Chinese fast-fashion retailer selling apparel and homeware directly to consumers online. The company plans to raise up to around $1.8bn in a Hong Kong initial public offering, which at the top of its proposed range would give it a market capitalisation of $26.8bn. The listing follows earlier plans to float in New York and subsequently in London, both of which were shelved.

Shein is an underlying asset of VenCap 6, VenCap 13B and VenCap 15.

Socure Raises $156m At $5.2bn Valuation And Acquires Fravity AI

Socure is a Nevada-based identity verification and fraud prevention company serving banks, fintechs and government agencies. The company has announced a $156m strategic growth investment at a $5.2bn valuation, alongside the separate acquisition of agentic AI start-up Fravity AI for an undisclosed sum. Goldman Sachs Alternatives, Wells Fargo and Docusign participated in the financing, which combines primary capital with a tender offer allowing employees to sell existing shares. Socure counts the five largest US banks, more than 600 fintechs and 160 public sector organisations among its customers.

Socure is an underlying asset of VenCap 6, VenCap 10A, VenCap 13A, VenCap 13B, VenCap 15, VenCap 16 and VenCap 17.

MatX Seeking Fresh Funding At Around $4bn Valuation

MatX is a California-based semiconductor start-up founded by former Google tensor processing unit engineers, developing chips for training large AI models. The company is seeking to raise new capital at a valuation of around $4bn, according to a person briefed on the matter. Demand for specialised training silicon has risen as AI developers look to tailor hardware to their own models and workloads and reduce reliance on general-purpose accelerators. MatX is in discussions with Anthropic, which is separately expanding an in-house silicon team, over a potential partnership.

MatX is an underlying asset of VenCap 16 and VenCap 17.

Cityblock Health Acquires Homeward Health And Raises $116m Series E

Cityblock Health is a US value-based healthcare provider serving Medicare, Medicaid and dual-eligible populations. The company has signed a definitive agreement to acquire Homeward Health, a rural-focused Medicare Advantage provider with close to 50,000 members, in an all-stock transaction, alongside a $116m Series E financing. Cityblock now serves almost 200,000 members and reports annualised revenue of $2.2bn, up 77% year on year and more than four times its level at its last fundraise in 2021. The company also reports that AI tooling within its care platform has freed 44,599 hours of clinician time this year, including 42,148 calls handled by AI agents.

Cityblock Health is an underlying asset of VenCap 6, VenCap 10A and VenCap 13A.

Stability AI Raises $76m Series B

Stability AI is a generative AI company building open models for image and audio creation, and the developer of Stable Diffusion. The company has raised $76m in a Series B round whose investors include Universal Music Group, Warner Music Group, Sony Music Group, Electronic Arts, AMD Ventures and Pacific Alliance Ventures. The financing follows agreements with Universal, Warner and Electronic Arts to build models using those companies' respective catalogues and intellectual property, and takes total funding raised under chief executive Prem Akkaraju, who joined in 2024, to $232m. It comes after the May debut of Stable Audio 3.0, an audio model trained on licensed data, as the music industry works through how to engage with AI music generators.

Stability AI is an underlying asset of VenCap 6 and VenCap 16.

Math Magic, The AI 3D Company Behind Hi3D, Closes Series A+ Taking Total To Nearly $50m Across Two Rounds

Math Magic is a Beijing-based AI company and the developer of Hi3D, a platform that generates high-precision 3D models from images. The company has closed a Series A+ round, bringing total funding across two rounds in six months to nearly $50m, with participation from V Fund and existing investors including HSG, IDG Capital, Long-Z Investments, Crystal Stream and Jinqiu Capital. The capital will fund continued investment in its core AI 3D technology and in the manufacturing and fulfilment infrastructure behind Builda, its consumer product line.

Math Magic is an underlying asset of VenCap 16.

Airbound Raises $37m Series A

Airbound is an Indian start-up designing and manufacturing autonomous vertical take-off delivery drones from a facility in Bengaluru. The company has raised $37m in a Series A round with participation from DoorDash, Lightspeed, Humba Ventures and Lachy Groom, less than a year after an $8.65m seed round and taking total capital raised to nearly $50m. Its aircraft are designed to weigh less than the payload they carry, with the current model weighing about 3.3 pounds and carrying around 2.2 pounds. Airbound has completed more than 13,000 autonomous flights across Bengaluru and Guntur, including more than 1,000 with hospital network Narayana Health carrying diagnostic samples between facilities. The company has signed an agreement with the Andhra Pradesh state government toward a three-city network targeting 10,000 flights a day.

Airbound is an underlying asset of VenCap 6, VenCap 13B and VenCap 15.