A busy week across the underlying portfolio, spanning AI infrastructure, fast fashion and defence: Databricks signed a term sheet at a $188bn valuation, Shein won Chinese approval for its Hong Kong listing, and Moonshot released Kimi K3 while raising at about $31.5bn, with Helsing ($1.8bn at $18bn) and Neko Health ($700m at about $7bn) also closing rounds.

Databricks Signs Term Sheet at $188bn Valuation

Databricks is a US data-and-AI company whose platform unifies data and artificial intelligence infrastructure for enterprises, used by more than 20,000 organisations including around 70% of the Fortune 500. It has signed a term sheet for strategic funding at a $188bn valuation, which it expects to close later this summer, with new and existing investors participating. The capital will support its multi-model strategy — spanning its AI governance gateway, its analytics coworker and its database built for AI agents — alongside future acquisitions and AI research.

Databricks is an underlying asset of VenCap 6, VenCap 12, VenCap 13B, VenCap 15, VenCap 16, VenCap 17, VenCap 18 and VenCap 19.

Shein Secures Chinese Regulatory Approval for Hong Kong Listing

Shein is an ultra-fast-fashion online retailer, founded in China and now headquartered in Singapore, selling clothing and homeware directly to consumers worldwide. The China Securities Regulatory Commission has approved its application to sell not more than 341.6 million shares on the Hong Kong Stock Exchange, with the approval valid for 12 months and requiring an updated filing if the company does not list within that window. The sign-off caps a roughly two-year effort to go public, following earlier attempts in New York in 2024 and then London, both of which stalled amid controversies over labour practices and allegations of copyright infringement; reporting puts the targeted listing valuation at around $40bn–$50bn, down from $100bn in 2022. Approval clears the path to investor roadshows and a listing-committee hearing.

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

Moonshot Releases Kimi K3 and Targets $31.5bn Valuation

Moonshot is a Beijing-based artificial intelligence start-up developing large language models. It has released Kimi K3, China's largest model to date at 2.8tn parameters, as an open-weight model available to download, and on Moonshot's own results the model outperforms several US models on most coding and AI-agent benchmarks. Separately, the company is raising a new funding round that would value it at about $31.5bn.

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

Helsing Raises $1.8bn at $18bn Valuation

Helsing is a German defence-technology start-up, founded in 2021, that builds artificial intelligence software fusing data from sensors and weapons systems into a real-time battlefield picture to support faster decision-making and threat identification. The company has raised $1.8bn from private investors at an $18bn valuation, up from close to $14bn at its previous round in 2025. The financing supports continued development of its software platform and expansion across European defence programmes as governments increase spending on advanced military technology.

Helsing is an underlying asset of VenCap 16.

Neko Health Raises $700m at About $7bn Valuation

Neko Health is a Swedish preventive-healthcare start-up, co-founded in 2018 by Daniel Ek and Hjalmar Nilsonne, that operates body-scanning clinics designed to detect health risks early. Its scan captures data across skin, body composition, heart, circulation and blood to assess risks such as skin cancer, diabetes, heart attack and stroke, with results discussed with a doctor in a visit lasting under an hour. The company has raised $700m in a Series C reported to value it at about $7bn, up from a reported $1.8bn a year and a half ago, with existing backers including Atomico, General Catalyst and Lakestar participating alongside individual investors such as Mark Zuckerberg and Priscilla Chan, Maria Sharapova, Will.i.am and Thierry Henry. Neko is preparing to open its first US clinic, in New York, later this year.

Neko Health is an underlying asset of VenCap 6, VenCap 16 and VenCap 17.

Emergent Raises $130m at $1.5bn Valuation

Emergent is a Bengaluru-based AI coding start-up building a platform that lets non-technical founders and small and medium-sized businesses create production-grade applications, handling deployment, hosting, testing and debugging alongside the programming itself. The company has raised $130m in a Series C at a $1.5bn post-money valuation, a five-fold increase from the $300m valuation of its $70m Series B in January, taking total funding to $230m; existing backers including Khosla Ventures, SoftBank's Vision Fund 2, Lightspeed and Y Combinator participated alongside new investors. Emergent reports annual run-rate revenue of about $120m and more than 200,000 paying customers.

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