Venture Capital
⚡️ CuspAI, a UK-based materials-discovery startup, is in talks to raise $200m-plus at a valuation over $1b, per Bloomberg. Go deeper
⚡️ Rivan, a UK-based synthetic fuels developer, raised $34m led by IQ Capital. Fundomo and insider Plural joined. Go deeper
🌎 Planetary, a Swiss industrial fermentation company, raised a nearly €17m Series A, and €6.3m in debt, led by Radikal Capital and Oetker Ventures. Royal Cosun, Arc Investors, Green Generation Fund, AgriFoodTech Venture Alliance, Astanor Ventures and XAnge joined. Go deeper
• Antioch, an NYC-based simulation tools maker for robotics, raised $8.5m in seed funding at a $60m valuation led by A* and Category Ventures. MaC Venture Capital, Abstract, Box Group, and Icehouse Ventures joined. Go deeper
• Hata, a Malaysian digital asset exchange, raised an $8m Series A led by Bybit. Go deeper
• Openlaw, a European digital legal and notary platform, raised a $3.3m seed from Y Ventures, Moonfire Ventures, Zeno Ventures, Combination VC and Orange Collective. Go deeper
• Audrey AI, a Dublin-based audit software developer, raised $1.8m led by Sure Valley Ventures and Delta Partners, with Enterprise Ireland joining. Go deeper
⚡️ Ray, a UAE-based portable charging station provider for devices, raised $1.2m in seed funding led by JET co-founders Meirambek Abelkasov and Serik Uspanov. Go deeper
Private Equity
• Aquiline invested in EnrollHere, a Wilmington, N.C.-based platform and system of record for insurance distribution. Go deeper
• Collective Waste Solutions, a Concentric Equity Partners portfolio company, acquired Straight Flush Rentals, a Canadian provider of portable sanitation, septic services and temporary fencing. Go deeper
• Free Association Live, a Las Vegas-based live entertainment company co-founded by actor Channing Tatum, raised $45m, comprising equity from Alignment Growth and debt from East West Bank. Go deeper
• Hg, TowerBrook, and Vitruvian are circling Benchmark, and could potentially value the financial planning arm of Schroders at $270m, per Sky News. Go deeper
• Learning Pool, a Marlin Equity Partners portfolio company, acquired WorkStep, an SF-based frontline employee engagement platform. Go deeper
🚑 ModMed, a Clearlake Capital Group portfolio company, acquired Bonsai Health, an SF-based AI patient engagement platform. Go deeper
• OneItalia Alliance, backed by J.C. Flowers & Co., acquired Strategica Group, an Italian risk management consulting and insurance brokerage services company. Go deeper
• Steele Solutions, backed by Revelar Capital, acquired Maysteel Industries, an Allenton, Wis.-based provider of custom enclosures, hot aisle containment, and precision fabricated solutions. Go deeper
Liquidity
• RedBird Capital Partners agreed to acquire Affinia, a UK-based accounting business, from Sovereign Capital. Go deeper
M&A
• Rayonier Advanced Materials (NYSE: RYAM) says it’s engaged Morgan Stanley to explore strategic alternatives. The Jacksonville, Fla.-based consumer packaging manufacturer has a market cap of $628m. Go deeper
• Spirit has floated the idea of selling an equity stake to the U.S. government at a discount to stave off liquidation, per Bloomberg. Go deeper
• Tilman Fertitta is now in talks to buy Caesars Entertainment for about $18b as the latter extends its period of exclusivity around the talks. Go deeper
Public
⚡️ Hadron Energy, a Redwood City, Calif.-based microreactor developer, halved the pro-forma equity valuation of its planned SPAC merger with GigCapital7 to ~$600m and raised $7.5m via SAFE notes. Go deeper
Fundraising
• Cerberus Capital Management raised $2.3b for a single-asset continuation vehicle for Subsea Communications, an Eatontown, N.J.-based subsea fiber optic cable systems. CVC Secondary Partners led. Go deeper
It’s Personnel
• Christopher S. Koeppen, former EVP, general manager and interim CEO of Coherent Aerospace & Defense, was named CEO of Aeronix Technologies Group. Go deeper
💊 Keith Meadors, former VP and general manager of Labcorp, was named chief commercial officer of Genova Diagnostics. Go deeper
• Naveen Baweja, former VP of technology at the Walt Disney Company, was named chief technology officer of Alight (NYSE: ALIT), effective April 29. Go deeper
⚡️Richard Little, former CEO of Fury Resources, was named CEO of enCore Energy, Go deeper
• Roberto Castro, former VP of finance at Spanish Broadcasting System, was named SVP and corporate controller of MediaCo Holding (Nasdaq: MDIA). Go deeper
Odds & Ends
💊 Biogen (Nasdaq: BIIB) agreed to pay $100m upfront and up to $850m to China-based TJ Biopharma for exclusive rights to an experimental immune disease treatment. Go deeper