VenCap's underlying portfolio saw a number of large financing rounds announced this week, alongside some significant revenue increases — dominated by Anthropic's record $65bn raise at $965bn and Cognition AI more than doubling to $26bn.

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Anthropic Raises $65bn Series H at $965bn Valuation

Anthropic is a San Francisco-based artificial intelligence research and product company behind the Claude model family and tools such as Claude Code and Cowork. The company has raised $65bn in a Series H round valuing it at $965bn post-money, with run-rate revenue having crossed $47bn earlier this month. The financing is intended to advance the company's safety and interpretability research, expand compute capacity to meet demand for Claude. The round includes $15bn of previously committed hyperscaler investment and brings in strategic memory and chip partners Micron, Samsung and SK hynix alongside investors including General Catalyst and Lightspeed. Anthropic is an underlying asset of VenCap 6, VenCap 13B, VenCap 15, VenCap 16 and VenCap 17.

 

Cognition AI Raises Over $1bn at $26bn Valuation

Cognition AI is an artificial intelligence start-up building agents for software development, operating in a segment seeing strong demand as organisations adopt AI-driven coding tools. The company has raised more than $1bn in a new funding round at a $26bn valuation, more than doubling from its prior round in September 2025. Investors participating in the round include Ribbit Capital, Atreides Management and Founders Fund, with the financing underscoring continued investor appetite for companies applying AI to software engineering. Cognition AI is an underlying asset of VenCap 16 and VenCap 17.

 

Fireworks AI In Talks to Raise at $15bn Valuation

Fireworks AI is a start-up that helps organisations run artificial intelligence models, operating in the fast-growing inference layer that sits between model developers and application builders. The company is in talks to raise a new round of funding that would value it at $15bn, with the financing not yet completed and terms subject to change. The raise would mark a further sharp step-up for a company operating in a segment where peers have repriced rapidly on the back of surging demand for open-source model inference. Fireworks AI is an underlying asset of VenCap 6 and VenCap 16.

 

Base Power In Talks to Raise at $12bn Valuation

Base Power is a three-year-old, Austin-based home-battery start-up that manages residential backup batteries, providing grid support and selling stored power back to the grid at times of high demand, while acting as a backup source during outages. The company is in talks to raise funds at a $12bn valuation, a steep increase from its last fundraise of $1bn at a $4bn valuation reported last autumn. Customers pay roughly $700 to $1,000 for installation plus monthly energy bills and membership fees of $19 to $29, and the company has partnered with homebuilders such as Lennar and recently expanded into Illinois, where it plans to help offset data-centre energy demand. Previous investors include Thrive Capital, Addition, Andreessen Horowitz, Lightspeed Venture Partners, Valor Equity Partners and CapitalG. Base Power is an underlying asset of VenCap 16 and VenCap 17.

 

Baseten In Talks to Raise $1bn at $11bn Valuation

Baseten is a San Francisco-based AI inference provider that rents out Nvidia AI servers to application developers and helps them train, customise and run primarily open-source AI models on a usage basis. The company is in talks to raise $1bn at an $11bn valuation including the new money, more than double the $5bn valuation from its last round announced just three months ago, with annualised revenue having risen to around $600m by the end of the first quarter from $200m at its start. The growth, supported by its December acquisition of reinforcement-learning start-up Parsed, has drawn offers valuing it close to $15bn, though scarcity and high spot prices for GPUs rented from larger cloud providers could pressure its margins. Baseten is an underlying asset of VenCap 6 and VenCap 16.

 

Glean Reaches $300m ARR

Glean is a seven-year-old enterprise AI search company, often described as a Google for the workplace, that connects to and learns from an organisation's internal software systems to build a "context graph" of its operations. The company has reached $300m in annual recurring revenue, a three-fold increase from the $100m milestone it reached 15 months ago, while accelerating its growth even as Google, Microsoft, OpenAI, Anthropic, Salesforce and Atlassian enter the enterprise search market. Glean was last valued at $7.2bn when it raised a $150m Series F last June, and argues that its context graph also reduces customers' AI computing costs by reducing token consumption; customers include Databricks, Reddit, Pinterest and Samsung. Glean is an underlying asset of VenCap 6, VenCap 10A, VenCap 13A, VenCap 13B, VenCap 15, VenCap 16 and VenCap 17.

 

Stord Raises $250m Series F at $3bn Valuation

Stord is an Atlanta-based commerce infrastructure company that provides independent brands with a combined fulfilment network, software platform and applied AI, operating across nearly 100 facilities and roughly $15bn in annual gross merchandise value. The company has raised $250m in a Series F round at a $3bn valuation, with participants including Strike Capital, Kleiner Perkins and Founders Fund. Stord also announced the launch of Stord Labs, a physical-intelligence environment for building and validating agentic AI, robotics and automation against live orders. Stord's revenue has grown roughly 10x over the past four years, its software business tripled in 2025, and it has completed eight acquisitions as it builds out its fulfilment, software and data layers. Stord is an underlying asset of VenCap 6, VenCap 13A, VenCap 13B and VenCap 15.

Sources: The Information, TechCrunch, Forbes, Axios, PR Newswire, Bloomberg.