AI in Paris & Tokens | Ambrook's $26.1M Series A
Superhuman/Grammarly, Cato Networks, Savvy, Ambrook, Klar, Circulate Health
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Hello from Paris
Where I’m attending the Raise AI Summit this week. DM me if you’re here!
Top speakers at RAISE Summit 2025 include tech titans like Eric Schmidt (fmr Google CEO), Nikesh Arora (Palo Alto Networks), Andrew Feldman (Cerebras), Thomas Wolf (Hugging Face), Jonathan Ross (Groq), & Daniel Dines (UiPath).
Founders & CEOs from Datadog, Snowflake, & Red Hat will also take the stage, w/ policy voices like Clara Chappaz (France’s AI Minister), & of course, more silicon valley rockstars like Delian Asparouhov (Founders Fund), Dylan Patel (SemiAnalysis), Guillaume Verdon (Extropic AI), & Alexis Ohanian (Seven Seven Six). A powerhouse lineup, accompanied by croissants, driving the future of AI, infra, & innovation.
Special thank you to Apoorv Agrawal, of Altimeter for putting this on our radar!
Update:
No major news or updates today, I have no idea what day or time it is.
Tokenization is Brewing
Tokenization arrives for unicorn stocks
Republic has begun selling reservations for "mirror tokens" for equity in select unicorn companies. It began with SpaceX, now they’re launching both Anthropic & Epic Games.
Coinbase seeking US SEC approval to offer blockchain-based stocks
Flashback: Apollo’s Tokenized Fund Hits Wall Street’s Hot Buttons
Founders Fund’s Bridget Harris:
“Natively issuing assets onchain — and not just creating wrappers — is the endgame”
“Most equity tokenization today is analogous to the Variable Interest Entity (VIE) structure used by Alibaba ($BABA) on US exchanges..”
“A "stablecoin bank" could take many diff forms, but the one we explored in the piece resembled a narrow bank where deposits are 1:1 backed with T-bills..”
On TBPN: “We asked Bridget about stablecoins and their role in crypto”
Top Tech Parlay:
Trade on Kalshi → The largest prediction market & the only legal platform in the US where you can trade directly on the outcomes of future events (sports, Cluely, politics, weather, AI, etc).
Top Interviews
Inside a16z’s $15M Bet on Cluely | Lead Investor Bryan Kim Reveals All
Cluely Raises $15 Million From a16z | Roy Lee, Founder & CEO
How Jack Altman Hit 100x Growth | Uncapped, AI, VC, Founders
How Browserbase Raised $67.5M to Power AI Agents & Vibe Coders
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Last Week (6/30-7/4):
Relevant deals include the 70+ deals across stages below. I've categorized the deals below into seven categories, Fintech, Care, Enterprise / Consumer, HardTech, Sustainability, Acquisition/PE, and Fund Announcements, and ordered from later-stage rounds to early-stage rounds.
VC Deals
Fintech:
- Klar, a Mexico City-based digital financial services platform, raised $170 million in funding. General Atlantic led the round and was joined by Santander, DEG, Grupo Televisa, existing investors Prosus, IFC, Mouro Capital, Quona Capital, and others.
- Savvy Wealth, a New York City-based financial advisory platform, raised $72 million in Series B funding. Industry Ventures led the round and was joined by Vestigo Ventures, Euclidean Capital, existing investors Canvas Ventures, Thrive Capital, The House Fund, Brewer Lane Ventures, and others.
- Yaspa, a London-based payment and identity services provider, raised $12 million in Series A funding. Discerning Capital led the round and was joined by existing investor TechStar Ventures.
- Zango, a London-based regulatory compliance AI solution, raised $4.8 million in funding. Nexus Venture Partners led the round and was joined by South Park Commons, Richard Davies, Alan Morgan, and others.
Care:
- Syntis Bio, a Boston-based obesity, diabetes, and rare diseases oral therapies developer, raised $33 million in Series A funding. Cerberus Ventures led the round and was joined by Mansueto Investments, Woori Venture Partners, Apollo Labs, existing investors BOLD Capital Partners, W. R. Berkley, Safar Partners, and others.
- Circulate Health, a Seattle-based longevity technologies developer, raised $12 million in seed funding. Khosla Ventures led the round and was joined by Seaside Ventures and CSC Ventures.
- MediShout, a London-based hospitals and medical suppliers connection solution, raised $9 million in Series A funding. Heal Capital led the round and was joined by existing investors Nickleby Capital and Meridian Health Ventures.
- Argon AI, a New York City-based AI-native workspace for life sciences, raised $5.5 million in seed funding. Crosslink Capital and Wireframe Ventures led the round and were joined by Y Combinator and Pioneer Fund.
Enterprise/Consumer:
- Cato Networks, a Tel Aviv-based Secure Access Service Edge company, raised $359 million in Series G funding at a $4.8 billion valuation. Vitruvian Partners and ION Crossover Partners led the round and were joined by existing investors Lightspeed Venture Partners, Acrew Capital, and Adams Street Partners.
- Levelpath, a San Francisco-based AI-native procurement platform, raised $55 million in Series B funding. Battery Ventures led the round and was joined by Redpoint Ventures, Benchmark, 01A, and others.
- Campfire, a San Francisco-based AI-native enterprise resource planning software provider, raised $35 million in Series C funding. Accel led the round and was joined by Foundation Capital, Y Combinator, Capital 49, and angel investors.
- Wonderful, a Tel Aviv-based agentic AI enterprise platform, raised $34 million in seed funding. Index Ventures led the round and was joined by Bessemer Venture Partners and Vine Ventures.
- CRED, a San Francisco-based AI-powered predictive intelligence software company, raised $15 million in seed funding. defy.vc led the round and was joined by HOF Capital, Alumni Ventures, LDV Partners, and others.
- Remark, a Boston-based AI-powered e-commerce solutions provider, raised $16 million in Series A funding. Inspired Capital led the round and was joined by Stripe, Neo, Spero Ventures, and others.
- Cred, a predictive intelligence startup, raised $15m in seed funding. Defy.vc led, joined by HOF Capital, Alumni Ventures, LDV Partners, Streamlined Ventures, SilverCircle, Octopus Ventures, BAM Ventures, and Gaingels
- Deeto, a New York City-based AI-powered customer marketing platform, raised $12.5 million in Series A funding. Jump Capital led the round and was joined by UpWest, TAL Ventures, Mertor, and TAU Ventures.
- AI Hay, a Ho Chi Minh City, Vietnam-based AI-powered knowledge discovery platform, raised $10 million in Series A funding. Argor Capital led the round and was joined by existing investors Square Peg, Northstar Ventures, AppWorks, and Phoenix Holding.
- TuringDream, a Madrid-based multi-agent-based applications creation and management platform, raised €6 million ($7.1 million) in seed funding. Adara Ventures and HWK led the round and were joined by Next Tier Ventures.
- TopK, a Prague-based search engine for developers and AI agents, raised $5.5 million in funding from Earlybird, KAYA, Irregular Expressions, and angel investors.
HardTech:
- Genesis AI, a Paris-based AI research lab and robotics company, raised $105 million in funding. Eclipse and Khosla Ventures led the round and were joined by Bpifrance, HSG, and others.
- HIVED, a London-based AI-powered parcel delivery solution, raised $42 million in Series B funding. NordicNinja led the round and was joined by Wex Venture Capital, Marunouchi Innovation Partners, Elemental Impact, existing investor Planet A, and others.
- Emerald AI, a Washington, D.C.-based AI-powered energy consumption platform for data centers, raised $24.5 million in seed funding. Radical Ventures led the round and was joined by NVentures, AMPLO, CRV, Neotribe, and others.
- Bonx, a French provider of ops software for European manufacturers, raised $8.6m in seed funding. 9900 Capital led, joined by Kima Ventures, Purple, OSS Ventures, and Dynamo Ventures.
- Civ Robotics, a San Francisco-based construction robotics company, raised $7.5 million in Series A funding. AlleyCorp led the round and was joined by Bobcat Company, ff Venture Capital, and existing investors.
- Aircon, a Dallas-based air cargo technology company, raised $5 million in seed funding from Blumberg Capital and Las Olas VC.
Sustainability:
- Ambrook, a provider of accounting software for agriculture, raised $26.1m in Series A funding, per Fortune. Thrive Capital and Field Ventures led, joined by insiders Homebrew, BoxGroup, Designer Fund, Mischief, and Not Boring
- Woodchuck, a Grand Rapids, Mich.-based AI-powered waste-to-energy technology company, raised $3.8 million in seed funding. Mason Fink led the round and was joined by NorthStar Clean Energy, Alloy Partners, and Beckett Industries.
Acquisitions & PE:
- DigitalBridge and La Caisse acquired Yondr, a London-based hyperscale data centers company. Financial terms were not disclosed.
- Grammarly, a writing assistant valued by VCs at $13 billion, acquired Superhuman, an email client that raised over $130m from firms like a16z, IVP, First Round Capital, and Tiger Global.
- Open Cosmos, a British developer of "sustainable" low-Earth orbit satellites that's raised nearly $60m from VCs, acquired Connected, a Portuguese provider of IoT connectivity from space that was seeded by such firms as Iberis Capital, Shilling, and Fund Box.
IPOs:
- Figma, a San Francisco-based web design software company, filed to go public on the NYSE. The company posted $821 million in revenue for the year ending March 31, 2025. Figma once agreed to be acquired by Adobe for $20 billion. The S-1 shows a large 2024 loss due to a stock tender offer, and a large 2023 gain thanks to the Adobe breakup fee. Its Q1 2025 numbers were $45 million of net income on $205 million in revenue. Top shareholders include Index Ventures (16.8% pre-IPO stake), Greylock (15.7%), Kleiner Perkins (14%), and Sequoia Capital (8.7%).
Funds:
- Greenoaks raised $2.5 billion for its sixth flagship VC fund. It's a step up from the SF-based firm's $2.1 billion fifth fund, and was said to be 2.2x oversubscribed on the hard cap. Portfolio companies include Databricks, Scale.ai, Brex, and Stripe. Per Axios.
- Halogen Ventures, led by Jesse Draper, raised $30m for its third fund.
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Today’s Sourcery is brought to you by Brex.
Brex is the modern finance stack built for speed—corporate cards, expense management, bill pay, travel, & banking, all in one sleek platform.
Helping companies like Anysphere (Cursor) build the future of AI w/ Brex as their mission control; Superhuman move 2x as fast; BambooHR manage spend across 1,500+ employees; EZ Bombs generate $80K in yield from viral growth — all w/ Brex.
As a Sourcery subscriber you get: 75,000 points after spending $3,000 on Brex card(s), white-glove onboarding, $5,000 in AWS credits, $2,500 in OpenAI credits, & access to $180k+ in SaaS discounts. On top of $500 toward Brex travel, $300 in cashback, plus exclusive perks (like billboards..) visit → brex.com/sourcery
The material presented on Molly O’Shea’s website are my opinions only and are provided for informational purposes and should not be construed as investment advice. It is not a recommendation of, or an offer to sell or solicitation of an offer to buy, any particular security, strategy, or investment product. Any analysis or discussion of investments, sectors or the market generally are based on current information, including from public sources, that I consider reliable, but I do not represent that any research or the information provided is accurate or complete, and it should not be relied on as such. My views and opinions expressed in any website content are current at the time of publication and are subject to change. Past performance is not indicative of future results.