AI infrastructure, training data and new AI labs lead this week's portfolio news, alongside financings across enterprise software, healthcare and life sciences. Baseten is in talks at around $26bn, roughly double its June valuation, Mirendil is in discussions at $5bn just three months after its seed round, month-old Emulate is in talks at $3.7bn, and Snorkel AI nearly triples its valuation to $3.5bn.

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Baseten in Talks to Raise at $26bn Valuation

Baseten provides the infrastructure companies use to run AI models in production. The company has been approached about a new round at a valuation of around $26bn, which would roughly double the valuation set in June.

Baseten is an underlying asset of VenCap 6, VenCap 16, VenCap 18 and VenCap 19.

Cyera Raises $400m Series G Extension

Cyera builds a unified platform that governs what humans, machines and AI agents can access across the enterprise. The company has added a $400m extension to its Series G, which valued it at $12bn when first announced in June. The new capital will support Cyera's AI security product roadmap and expansion in the US, EMEA and APAC.

Cyera is an underlying asset of VenCap 6, VenCap 13B, VenCap 15, VenCap 16 and VenCap 17.

 

Mirendil in Talks to Raise up to $1bn at $5bn Valuation

Mirendil builds models designed to improve themselves with minimal human input, an approach known as recursive self-improvement. The company is in talks to raise up to $1bn at a $5bn post-money valuation, three months after a $200m seed round valued it at $1bn. The capital would support its first model launch and the training of future systems, including a frontier model for engineering and research work planned for early next year.

Mirendil is an underlying asset of VenCap 16, VenCap 17, VenCap 18 and VenCap 19.

Emulate in Talks to Raise up to $700m at $3.7bn Valuation

Emulate builds world models, systems designed to understand and replicate physical space. The company was incorporated only in August and is now in advanced talks to raise up to $700m at a valuation of about $3.7bn including the new capital. World models are viewed as a less crowded frontier than the large language models behind today's chatbots. Emulate is the third UK AI lab to emerge from DeepMind's London offices this year with hundreds of millions in funding.

Emulate is an underlying asset of VenCap 16, VenCap 17 and VenCap 18.

Snorkel AI Raises $350m at $3.5bn Valuation

Snorkel AI helps AI labs and corporations build training datasets and simulated environments for model development. The company has raised a $350m Series E at a $3.5bn valuation, nearly triple the $1.3bn valuation set in its $100m Series D 17 months ago, with existing investors including Addition, Lightspeed, Greylock, GV and Wells Fargo participating. Snorkel reports an annualised revenue run rate of $375m, an eighteenfold increase over the past 12 months.

Snorkel AI is an underlying asset of VenCap 6, VenCap 10A, VenCap 13A, VenCap 13B and VenCap 15.

Rightway Raises $155m Series E

Rightway is a pharmacy benefit management and care navigation company. The company has raised $155m in Series E financing, with participation from existing investors Thrive Capital and Khosla Ventures. Rightway now counts 45 Fortune 500 companies among its clients, drawn by a financial model that removes incentives to profit from higher drug spend and a clinical model that guides members to low-cost medications. The financing will be used to expand the company's AI capabilities and the technology behind its pharmacy benefits model.

Rightway is an underlying asset of VenCap 6, VenCap 13B, VenCap 15, VenCap 16 and VenCap 17.

Numeral Raises $100m Series C

Numeral is an AI-powered sales tax compliance platform covering the full lifecycle management. The company has raised a $100m Series C, with participation from Salesforce Ventures, Geodesic, Benchmark, Mayfield, FCVC, Y Combinator and Uncork, taking total funding to $157m. Numeral has recorded a 327% year-on-year increase in transaction volume, expects to process more than 80 million transactions, and supports VAT and GST compliance in more than 90 countries.

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

Ema Raises $77m Series B

Ema deploys teams of coordinated AI agents to automate business processes across HR, IT and finance. The company has raised a $77m Series B, bringing total funding to $140m and more than quadrupling its valuation from its 2024 round. Ema has more than 50 active enterprise deals and over 1 million active enterprise users, with customers including PwC, Google, KPMG and Microsoft, and reports revenue growth of 50-fold over the past two years.

Ema is an underlying asset of VenCap 6 and VenCap 16.