Peter Thiel, Scale AI, WWIII
Peter Thiel, Nominal, Chime, ScaleAI/Meta, Glean, Cyera, Omada, Voyager,
Today’s Sourcery is brought to you by Brex..
Brex has supported Scale AI’s rise from a 2016 startup to a presumed $29B valuation with their full-stack modern finance platform. Initially focused on autonomous vehicle data, Scale AI shifted to powering AI models for OpenAI & Microsoft. The company generated $870M in revenue in 2024 and is on track to reach $2B this year.
Alongside Scale AI, over 30,000 companies including ServiceTitan, Anthropic, Mercor, DoorDash, and Wiz, all use Brex to spend smarter and move faster.
Hello from SF, again
Keeping this short because something BIG is about to drop in a few hours.. stay tuned.
Preparing for WWIII?
Here are some companies to watch:
Anduril – AI-driven autonomous defense systems
Nominal – Testing software for defense operators (inside peek)
Hadrian – Automated precision component factories for defense
Mach Industries – Precision missiles and weapons
Shield AI – AI pilot for autonomous drones
CX2 – Spectrum warfare and electronic dominance
Chaos Industries – Prototypes radar, comms, & sensors
Castelion – Hypersonic long-range strike platforms
Neros – FPV drones
Andrenam – Undersea AI mesh sensing network
Firestorm – Modular combat drone infrastructure
Picogrid – Unified control for autonomous systems
Saronic – Autonomous surface vessels for navies
Epirus – Directed-energy counter-drone weapons
Gallatin – AI platform for defense logistics
Rune – Predictive logistics for defense ops
Musings
Macro
No Rivals: The Founders Fund Story | led by Peter Thiel, FF has ascended to the pinnacle of Silicon Valley. Its fundamental genius is wanting differently.
I’m the CTO of Palantir. Today I Join the Army.
AI
100% AI generated: This commercial went incredibly viral.
Traditional advertising is dead.
Most underrated:
Current State of Global Chip Supply, Power Constraints, & Competition
Ft. Dylan Patel, SemiAnalysis & Talal Al Kaissi, Group Chief Global Affairs of G42
ScaleAI
Meta poaches 28-year-old Scale AI CEO after taking multibillion dollar stake in startup
Meta's $14.8 billion Scale AI deal latest test of AI partnerships
Top Interviews
Sequoia Leads Nominal's $75M Series B | No. 1 on Midas List, Sequoia's Alfred Lin Joins Board
Fmr U.S. Navy Submarine Officer answers the most critical question I've ever asked in an interview..
Bucky Moore Joins $30B AUM Mega Fund Lightspeed | Trillion-Dollar Outcomes, AI, The Rise & Pushback of Mega Funds
Altimeter’s Aerospace, Defense, & Hardtech Investment Strategy | Erik Kriessmann, Partner on Anduril, SpaceX, and K2 Space
→ Follow Sourcery on: X, YouTube, Spotify, Apple, Linkedin
Last Week (6/9-6/13):
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:
- Abacum, a New York City-based business planning platform for finance teams, raised $60 million in Series B funding. Scale Venture Partners led the round and was joined by Cathay Innovation and existing investors Y Combinator, Creandum, Kfund, and Atomico.
- Hypernative, a Tel Aviv-based real-time web3 threat detection solution, raised $40 million in Series B funding. Ten Eleven Ventures and Ballistic Ventures led the round and were joined by StepStone Group and existing investors boldstart ventures and IBI Tech Fund.
- Tebi, an Amsterdam-based financial platform for hospitality businesses, raised €30 million ($34.3 million) in funding. CapitalG led the round and was joined by existing investor Index Ventures.
- Payrails, a Berlin-based payments platform, raised $32 million in Series A funding. HV Capital led the round and was joined by existing investors EQT Ventures, General Catalyst, and Andreessen Horowitz.
- Turnkey, a crypto wallet startup, raised $30m in Series B funding. Bain Capital Crypto led, joined by Sequoia Capital, Lightspeed Faction, Galaxy Ventures, Wintermute Ventures, and Variant.
- Noah, a London-based stablecoin infrastructure developer, raised $22 million in seed funding from LocalGlobe, Felix Capital, FJ Labs, and angel investors.
- OneBalance, a London-based cross-chain applications developer platform, raised $20 million in Series A funding. cyber•Fund and Blockchain Capital led the round and were joined by Mirana Ventures and L2IV.
- Farsight, a New York-based maker of AI agents for finance professionals, raised $13m in Series A funding. SignalFire led, joined by RRE Ventures, Link Ventures, and K5 Ventures.
- Altura, an Amsterdam-based AI-powered bid management platform, raised $9.2 million in Series A funding. Octopus Ventures led the round and was joined by existing investors Fortino Capital, Curiosity VC, Perry Oostdam, and Pawel Smoczyk.
- OpenTrade, a London-based stablecoin infrastructure company, raised $7 million in funding. Notion Capital and Mercury Fund led the round and were joined by existing investors AlbionVC, a16z crypto, and CMCC Global.
- Piston, a Cupertino, Calif.-based cardless payments platform for commercial fleets and gas stations, raised $6.1 million in seed funding. Spark Capital led the round and was joined by Pear VC and BOND.
- Row64, a Cheyenne, Wyo.-based real-time business intelligence platform, raised $4 million in seed funding. Galaxy Interactive led the round and was joined by Alumni Ventures and Differential Ventures.
- RetroRate, a San Diego-based assumable loans platform, raised $2.2 million in seed funding. Swift Ventures led the round and was joined by Eniac, Cooley Ventures, Keshif Ventures, and others.
Care:
- Autonomize AI, an Austin-based AI-powered healthcare solutions provider, raised $28 million in Series A funding. Valtruis, The Cigna Group Ventures, Tau Ventures, and others led the round and were joined by existing investors Asset Management Ventures, ATX Venture Partners, Capital Factory, and others.
- Commons Clinic, a Los Angeles-based preventative healthcare platform, raised $26 million in Series B funding. RA Capital led the round and was joined by Floating Point, SteelSky Ventures, Time BioVentures, and others.
- Arketa, a New York City-based business platform for fitness and wellness studios, raised $15 million in Series A funding. Inspired Capital led the round and was joined by existing investors First Round, Y-Combinator, Amity, and Velvet Sea.
- Eli Health, a based hormone-tracking startup, raised $12m in Series A funding. BDC Capital led, joined by Muse Capital, Telus Ventures, Foreground Capital, and Accelia Capital.
- Guidehealth, a Dallas-based AI-powered health care services provider, raised $10 million in funding from Emory Healthcare.
- Somnee, a Berkeley-based AI-powered sleep technology developer, raised $10 million in seed extension funding. Khosla Ventures led the round and was joined by TIME Ventures, LEAD VC, the NBA’s Orlando Magic ownership group, and others.
- Salvo Health, a New York City-based GI care provider, raised $4 million in seed prime extension funding from The Artemis Fund and existing investors City Light, Human Ventures, Threshold Ventures, and others.
- Clara Home Care, a San Francisco-based in-home senior caregivers hiring platform, raised $3.1 million in seed funding. Torch Capital, Virtue, and Y Combinator led the round and were joined by angel investors.
Enterprise/Consumer:
- Cyera, a New York City-based AI-powered data security platform, raised $540 million in Series E funding at a $6 billion valuation. Georgian, Greenoaks, and Lightspeed Venture Partners led the round and were joined by existing investors Accel, Coatue, Cyberstarts, and others.
- Meter, an SF-based networking startup, raised $170m at a valuation north of $1b. General Catalyst led, joined by Baillie Gifford, JPMorgan Chase, Microsoft, Sequoia Capital, WndrCo, and Lachy Groom.
- Glean, a Palo Alto, Calif.-based AI enterprise search startup, raised $150m in Series F funding at a $7.2b valuation (up from $4.6b last fall). Wellington Management led, joined by Khosla Ventures, Bicycle Capital, Geodesic Capital, Archerman Capital and insiders Altimeter, Capital One Ventures, Citi, Coatue, DST Global, General Catalyst, ICONIQ, IVP, Kleiner Perkins, Latitude Capital, Lightspeed Venture Partners, Sapphire Ventures, and Sequoia Capital.
- Lovable, a Swedish vibe coding startup, is in talks to raise $100m at a $1.5b valuation
- Horizon3.ai, a San Francisco-based autonomous security company, raised $100 million in Series D funding. EA led the round and was joined by SignalFire, Craft Ventures, and 9Yards Capital.
- Laurel, an AI timekeeping startup, raised $100m in Series C funding. IVP led, joined by GV
- Linear, a remote project management solution, raised $82 million in Series C funding at a $1.3 billion valuation. Accel led the round and was joined by Seven Seven Six, Designer Fund, Indie.vc, existing investors Sequoia, 01A, and others.
- Canary Technologies, a San Francisco-based hotel guest management technology company, raised $80 million in Series D funding. Brighton Park Capital led the round and was joined by existing investors Insight Partners, F-Prime Capital, Thayer Ventures, and others.
- PostHog, a San Francisco-based product development solution, raised $80 million in funding. Stripe led the $70 million Series D round, at a $920 million valuation, and was joined by existing investors GV, YC, and Formus Capital. GV, 1984 Ventures, Patrick and John Collison, and others invested in the $10 Series C round.
- Guardz, a Miami-based AI cybersecurity platform for managed service providers, raised $56 million in Series B funding. ClearSky led the round and was joined by Phoenix Financial and existing investors Glilot Capital Partners, SentinelOne, Hanaco Ventures, and others.
- Pactum, a Mountain View, Calif.-based agentic AI-powered enterprise procurement platform, raised $54 million in Series C funding. Insight Partners led the round and was joined by others.
- Fermàt, a San Francisco-based AI-native commerce platform, raised $45 million in Series B funding. VMG Partners led the round and was joined by existing investors QED Investors, Greylock, Bain Capital Ventures, and Courtside Ventures.
- Definely, a London-based AI-powered legal tools provider, raised $30 million in Series B funding. Revaia led the round and was joined by Alumni Ventures, Beacon Capital, Clio, and existing investors Octopus Ventures, Zrosk Investment Management, The Raine Group, and Cornerstone VC.
- Landbase, a San Francisco, Calif.-based agentic AI go-to-market platform, raised $30 million in Series A funding. Sound Ventures and existing investor Picus Capital led the round and were joined by existing investors 8VC, A*, Firstminute Capital, and TheGP.
- Runwise, a New York City-based smart operating system for buildings, raised $30 million in Series B funding. Menlo Ventures led the round and was joined by MassMutual Ventures, Nuveen, Munich Re, and others.
- Tracksuit, an Auckland, New Zealand-based brand tracking platform, raised $25 million in Series B funding. VMG Partners led the round and was joined by existing investors Altos Ventures, Footwork, Blackbird, and Icehouse Ventures.
- Maze, a London-based agentic AI-powered cloud security company, raised $25 million in Series A funding. Theory Ventures led the round and was joined by existing investors Cherry Ventures and Tapestry VC.
- Outset, a San Francisco-based AI research platform, raised $17 million in Series A funding. 8VC led the round and was joined by Future Back Ventures by Bain & Company and existing investors Y Combinator, Adverb Ventures, Rebel Fund, and others.
- CloudQuery, a New York City-based cloud governance platform for developers, raised $16 million in funding. Partech led the round and was joined by existing investors Boldstart, Tiger Global, and Work-Bench.
- Try Your Best, a San Francisco-based digital rewards platform for brands, raised $11 million in Series A funding. Offline Ventures and Strobe Ventures led the round and were joined by Coinbase Ventures, Castle Island Ventures, and Unusual Ventures.
- ai.work, a Tel Aviv-based AI agents developer for IT, procurement, HR, and other internal teams, raised $10 million in seed funding. A* and lool ventures led the round and were joined by First Minute Capital, FirsthandVC, Timeless Partners, angel investors, and others.
- ZeroRISC, a Boston-based silicon security solution, raised $10 million in funding. Fontinalis Partners led the round and was joined by Fundomo, Ray Stata, Dylan Patel, and others.
- Dreamhub, a New York City-based AI-native CRM for B2B SaaS, raised $7 million in funding from the founders of MuleSoft, Pardot, and Datorama.
- Iterate.ai, a San Jose and Denver-based enterprise AI solutions developer, raised $6.4 million in funding. Auxier Asset Management led the round and was joined by Peter Cobb, Mike Edwards, and Dave Zentmyer.
- Olyzon, a New York City and Paris-based agentic AI CTV advertising platform, raised $3.8 million in seed extension funding. Cassius Capital led the round and was joined by existing investors Ventech, Eurazeo, and angel investors.
- Mixus, a developer of "colleague-in-the-loop" AI agents, raised $2.6m in pre-seed funding led by Liquid 2 Ventures
HardTech:
- Multiverse Computing, a Donostia, Spain-based quantum AI company, raised $215 million in Series B funding. Bullhound Capital led the round and was joined by HP Tech Ventures, SETT, Forgepoint Capital International, and others.
- Proxima Fusion, a Munich-based fusion energy technology developer, raised €130 million ($150 million) in Series A funding. Cherry Ventures and Balderton Capital led the round and were joined by UVC Partners, DeepTech & Climate Fonds, DeepTech & Climate Fonds, and others
- Gecko Robotics, a Pittsburgh-based maker of physical infrastructure inspection robots, raised $125m in Series D funding at a $1.25b valuation. Cox Enterprises led, joined by USIT, XN, Founders Fund, YC, and Friends & Family Capital
- Coco Robotics, an LA-based developer of autonomous delivery vehicles, raised $80m from Sam and Max Altman, Pelion, Outlander, and SNR, Offline, DeepWater, and Ryan Graves.
- Nominal, a Los Angeles-based software testing solution for defense, aerospace, and energy, raised $75 million in Series B funding. Sequoia Capital led the round and was joined by Lightspeed Venture Partners, Lux Capital, General Catalyst, Founders Fund, and others.
- Wandercraft, a developer of self-balancing robotic mobility systems, raised $75m in Series D funding from Renault Group, Bpifrance, European Investment Bank, Teampact Ventures, and Quadrant Management.
- AIM, a Monroe, Wash.-based startup that retrofits earthmoving machinery so they can operate autonomously, raised $50m from Khosla Ventures, General Catalyst, Human Capital, Ironspring Ventures, Mantis, DCVC, and Elad Gil
- Standard Nuclear, a reactor-agnostic producer of nuclear fuel, raised $42m. Decisive Point led, joined by a16z, Washington Harbour Partners, Welara, Fundomo, and Crucible Capital.
- Quantum Space, a Rockville, M.D.-based defense space tech developer, raised $40 million in Series A extension funding. Prime Movers Lab led the round and was joined by Sporos Capital, 1802 Ventures, AnD Ventures, and others.
- Bedrock Ocean, a seafloor mapping startup, raised $25m in Series A2 funding, per TechCrunch. Primary and Northzone co-led, joined by Autopilot, Costanoa Ventures, Harmony Partners, Katapult, and Mana Ventures participated
- Shinkei Systems, a Los Angeles-based seafood supply chain technology company, raised $22 million in Series A funding. Founders Fund and Interlagos led the round and were joined by Yamato Holdings, Shrug, CIV, and others.
- Antimetal, a New York-based cloud infrastructure management startup, raised $20m in Series A funding led by Sound Ventures.
- Kargo, a San Francisco-based AI-powered supply chain logistics technology company, raised $18.4 million in funding. Matter Venture Partners led the round and was joined by Lineage, Armada Supply Chain Solutions, and existing investors Sozo Ventures and Founders Fund.
- Daybreak, a San Francisco-based supply chain planning AI platform, raised $15 million in Series A funding from TPG Growth and Dell Technologies Capital.
- Remarcable, a Cleveland-based procurement platform for the construction industry, raised $15 million in Series A funding from Insight Partners.
- Q5D, a Bristol, England-based electric wiring automation technology developer, raised $10.9 million in Series A funding. Lockheed Martin Ventures, Chrysalix, and Maven SWIF led the round and were joined by SOSV, UKI2S, UntroD, and CPI Enterprises.
- Warp, an LA-based middle-mile logistics startup, raised $10m in Series A funding co-led by UpPartners and Blue Bear Capital.
- Aethero, a San Francisco-based space-grade computers and autonomous satellite platforms developer, raised $8.4 million in seed funding. Kindred Ventures led the round and was joined by Neo, Giant Step, O’Shaughnessy Ventures, and Alumni Ventures.
- Co-Power, a Munich-based decentralized energy infrastructure developer for the European industrial sector, raised €6.4 million ($7.3 million) in seed funding. Cherry Ventures led the round and was joined by Abacon Capital, Aurum Impact, the founders of Flixbus, and others.
- Bolo AI, a Palo Alto-based AI tools developer for heavy industries, raised $8.1 million in seed funding. True Ventures led the round and was joined by Benchstrength, Accomplice, J Ventures, and Beat Ventures.
- Shovels, a Lafayette, Calif.-based AI-powered building permit data platform, raised $5 million in seed funding from Base10 Partners.
- Lemony, a New York City-based on-premise AI device, raised $2 million in seed funding. True Ventures led the round and was joined by Alumni Ventures, JetBrains, and angel investors.
Sustainability:
- Coral Vita, a Freeport, The Bahamas-based reef restoration solutions provider, raised $8 million in Series A funding. Builders Vision led the round and was joined by Katapult Ocean, iAlumbra, BDT & MSD, and others.
Acquisitions & PE:
- Sixth Street Growth agreed to acquire a majority stake in Wealthbox, a Providence-based CRM platform for financial advisors, for $200 million.
- Capital Rx acquired Amino Health, a San Francisco-based healthcare navigation solution. Financial terms were not disclosed.
- Automattic acquired Clay, a New York City-based relationship management platform. Financial terms were not disclosed.
- DoorDash (Nasdaq: DASH) agreed to acquire New York-based ad-tech firm Symbiosys for $175m. Symbiosys raised VC funding from firms like Fuse.
- Stripe agreed to acquire crypto wallet startup Privy, which has raised over $40m from firms like Ribbit Capital, Coinbase Ventures, Definition, Sequoia Capital, and Paradigm.
IPOs:
- Chime, a San Francisco-based neobank once valued at $25 billion, raised $864m in its IPO. The company priced at $27 per share, above its $24-$26 range, for an $11.4b fully diluted market value. It was valued at $25b by venture capitalists in 2021. Backers include DST Global, Crosslink Capital, Access Industries, General Atlantic, Menlo Ventures, FPCI, and Iconiq.
- Omada Health, a San Francisco-based chronic conditions care management platform, raised $150 million in an offering of 7.9 million shares priced at $19. The company posted $190 million in revenue for the year ending March 31, 2025. U.S. Venture Partners, Andreessen Horowitz, Fidelity, Cigna Ventures, Revelation Partners, aMoon, and Norwest Venture Partners back the company.
- Voyager Technologies, a Denver-based defense and space technology company, raised $382.3 million in an offering of 12.3 million shares priced at $31 on the NYSE. The company posted $148 million in revenue for the year ending March 31, 2025. Dylan Taylor backs the company.
Funds:
- Thoma Bravo, a Chicago-based private equity firm, raised $24.3 billion for its 16th fund, $8.1 billion for its fifth discover fund, and approximately €1.8 billion ($2.1 billion) for its first Europe fund, all focused on software companies.
- Felicis raised $900m for its 10th VC fund
- Amplify Partners, a Menlo Park-based venture capital firm, raised $400 million for its sixth fund, $300 million for its sixth select fund, and $200 million for its first bio fund, all focused on technical founders.
- Bloomberg Beta, a San Francisco-based venture capital firm, raised $75 million for its fifth fund focused on business technology and AI.
- Merlin Ventures, a Tel Aviv-based venture capital firm, raised $75 million for its first fund focused on cybersecurity.
- Plug and Play, a Sunnyvale, Calif.-based investment firm, raised $50 million for its fund focused on fintech and AI.
Love merch? Check out our shop: sourcerymerch.com
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.