Twelve tracked deals, $1.9B disclosed. Positron AI's $875M Series C at a $5.0B valuation is the week's clear outlier — a six-firm co-lead (NEA, Atreides, Valor, Andra, SemiAnalysis Capital, Jim Clark) backing AI chip infrastructure at scale. Harvey's $550M later-stage round at $16B (Diffusion/Lightspeed co-lead) confirms legal-tech AI still commands premium pricing at growth. Below those two, deal sizes compress: Xapien $56M Series B (Spectrum Equity), Lightfield $47M Series A (a16z), Cymphony $25M Series A (Sequoia), Graph AI $13M Series A (Insight Partners), Metacognition $10M seed (Main Sequence), and three sub-$10M rounds. Two deals did not survive the week: HyperAccel's $150M Series B is marked PENDING, and Listen Labs' $125M Series C was signed then abandoned — never closed. Covenant (Defense, a16z) raised at an undisclosed amount. Sector concentration is heavy: 6 of 12 deals are A
Disclosed round capital in the window. Undisclosed amounts count as zero.
Disclosed rounds in the window · every bar opens the company's live page.
Twelve tracked deals, $1.9B disclosed. Positron AI's $875M Series C at a $5.0B valuation is the week's clear outlier — a six-firm co-lead (NEA, Atreides, Valor, Andra, SemiAnalysis Capital, Jim Clark) backing AI chip infrastructure at scale. Harvey's $550M later-stage round at $16B (Diffusion/Lightspeed co-lead) confirms legal-tech AI still commands premium pricing at growth. Below those two, deal sizes compress: Xapien $56M Series B (Spectrum Equity), Lightfield $47M Series A (a16z), Cymphony $25M Series A (Sequoia), Graph AI $13M Series A (Insight Partners), Metacognition $10M seed (Main Sequence), and three sub-$10M rounds. Two deals did not survive the week: HyperAccel's $150M Series B is marked PENDING, and Listen Labs' $125M Series C was signed then abandoned — never closed. Covenant (Defense, a16z) raised at an undisclosed amount. Sector concentration is heavy: 6 of 12 deals are A
| Date | Company | Round | Amount | Valuation | Lead | Sector |
|---|---|---|---|---|---|---|
| 2026-09-10 | Positron AI | Series C | $875M | $5.0B | NEA, Atreides Management, Valor Equity Partners, Andra Capital, SemiAnalysis Capital, Jim Clark (co-leads) | AI |
| 2026-09-10 | Graph AI | Series A | $13M | — | Insight Partners | Enterprise Systems (Healthcare) |
| 2026-09-10 | Wyre AI | Pre-seed and Seed | $5M | — | Ironspring Ventures | Construction Technology |
| 2026-09-10 | Cherub | Pre-Seed | $5M | — | — | Fintech |
| 2026-09-10 | HyperAccel | Series B (PENDING - not closed) | $150M | $137M | Korea Investment Partners; Company K Partners | AI |
| 2026-09-10 | Xapien | Series B | $56M | — | Spectrum Equity | Financial Software |
| 2026-09-09 | Harvey | Later Stage VC | $550M | $16B | Diffusion / Lightspeed Venture Partners (co-led) | Legal Tech |
| 2026-09-09 | Listen Labs | Series C (SIGNED THEN ABANDONED - never closed) | $125M | $500M | Menlo Ventures (set to lead) | Artificial Intelligence |
| 2026-09-09 | Covenant | Later Stage VC | — | — | Andreessen Horowitz | Defense |
| 2026-09-09 | Lightfield | Series A | $47M | — | Andreessen Horowitz | Artificial Intelligence |
| 2026-09-09 | Cymphony | Series A | $25M | — | Sequoia Capital | Cybersecurity |
| 2026-09-09 | Metacognition | Seed | $10M | — | Main Sequence | Artificial Intelligence |
Where the window's activity sits on the funding ladder: deal count (solid) against disclosed capital (faded) per stage, with the companies behind each cluster. Stages come from the reported round labels; undisclosed amounts count as zero capital.
Andreessen Horowitz led three deals this week ($94M disclosed across Covenant, Lightfield, and one other), making them the most active lead by count. The most-active-lead table also flags large co-led rounds at $2.0B, $1.0B, and $875M — but those reflect mega-rounds outside this week's 12-deal tape, not new activity in the window. Diffusion/Lightspeed co-led Harvey's $550M. Spectrum Equity and Sequoia each took a single lead. On the fund-formation side: Danish Seed Capital closed €130M Fund V (fintech, cyber, AI); Luma Group closed a debut $410M life-sciences fund; a group of GCs and Wilson Sonsini launched a legal-tech VC fund; Grindstone raised $31M for an exit-focused fund with the thesis
| Lead Investor | Deals | Disclosed Capital |
|---|---|---|
| Andreessen Horowitz | 3 | $94M |
| Andreessen Horowitz / Accel / Founders Fund / General Catalyst / Avenir (co-led) | 1 | $2.0B |
| Point72 Ventures / Spark Capital | 1 | $1.0B |
| NEA, Atreides Management, Valor Equity Partners, Andra Capital, SemiAnalysis Capital, Jim Clark (co-leads) | 1 | $875M |
| Diffusion / Lightspeed Venture Partners (co-led) | 1 | $550M |
| Andreessen Horowitz (with Founders Fund, Lux, 8VC, Aleph, Lightspeed) | 1 | $250M |
| Korea Investment Partners; Company K Partners | 1 | $150M |
| Menlo Ventures (set to lead) | 1 | $125M |
Six M&A headlines this week. The most consequential: Salesforce is in talks to acquire Listen Labs for $2B — directly tied to the abandoned $125M Series C that never closed. That is a signal: a signed term sheet can collapse and pivot straight into an acquisition conversation at a materially different price. Meta acquired Stilla, an eight-month-old startup, to power its AI messaging agent — pure acqui-hire velocity. Baseten bought Blaxel (sandboxes for AI agents), consolidating AI infra tooling. Bending Spoons acquired Miro for ~$1.36B, which the press frames as a 90%-plus markdown from peak — a ZIRP-era SaaS repricing event. KFTC announced it will regulate acqui-hires in corporate combinati
Funding headlines from outside the tracked book — sourced links, not QL data.
The largest recent private rounds ($100M+) across the tracked book — 2030 ranked. Full board: quantlogix.ai/mega-rounds.
Biggest overnight changes in the graded company score — scores only move when disclosed data moves, and every repricing grades the score that was standing.
| Company | Score | Δ |
|---|---|---|
| Socure | 46 → 66 | +20 |
| Listen Labs | 58 → 69 | +11 |
The Silicon Valley Private Market Daily — the 8pm PT desk close: qualified raises, roster re-rates and sector velocity from the QL private-market pipeline.
The private market displays high capital concentration in defense and AI-related infrastructure, exemplified by multi-billion dollar funding rounds for companies like Mach Industries and The Boring Company. There is significant uncertainty regarding the sustainability of these valuations, as noted by the contrast between rapid growth for select startups and a cooling IPO window, forcing companies to seek bridge capital or private equity restructuring.
🗂️ Dataset updated: no new closed rounds to add; list holds at 2,376.
100 tracked names flagged for markdown risk — 122 scored nightly, 2251 left unscored (no comp bridge). Down rounds are recorded in the open ledger — receipts only work in public. Live boards: markdown-watch · down-round-ledger.
| # | Company | Sector | Risk Score | Band | Vs Comps | Last Mark | Last Round |
|---|---|---|---|---|---|---|---|
| 1 | Linktree | SaaS | 86 | High | +470% | $1.3B | 54 mo ago |
| 2 | Replit | Data / Infra | 86 | High | +237% | $9.0B | 41 mo ago |
| 3 | Xendit | Financial Services | 80 | High | +1913% | $2.7B | 52 mo ago |
| 4 | Forter | Fintech | 80 | High | +987% | $3.0B | 64 mo ago |
| 5 | Greenlight | Fintech | 80 | High | +628% | $2.3B | 65 mo ago |
| 6 | Betterment | Fintech | 80 | High | +445% | $1.1B | 41 mo ago |
| 7 | Cross River Bank | fintech | 80 | High | +222% | $3.0B | 53 mo ago |
| 8 | Pump | SaaS | 75 | High | +1518% | $1.5B | 27 mo ago |
Nightly score: comp-bridge premium (45%) · round staleness (30%) · IPO-readiness drag (15%) · funding deceleration (10%). Companies without a computable public-comp bridge stay unscored — never guessed.
52 markdowns detected all-time · 10 flagged beforehand · 42 missed · hit rate 19.2%
| Company | Detected | Event | Mark | Called? |
|---|---|---|---|---|
| ChargeBee | 2026-09-07 | Mark cut −6.7% | $3.8B → $3.5B | ✗ Missed |
| Increase | 2026-09-07 | Mark cut −7.4% | $5.4B → $5.0B | ✗ Missed |
| Aurora Solar | 2026-09-07 | Mark cut −9.1% | $4.4B → $4.0B | ✗ Missed |
| Razorpay | 2026-09-07 | Mark cut −25.3% | $7.5B → $5.6B | ✗ Missed |
| Immutable | 2026-09-07 | Mark cut −28.6% | $3.5B → $2.5B | ✗ Missed |
| Zepto | 2026-09-07 | Mark cut −35.7% | $7.0B → $4.5B | ✗ Missed |
| Neuralink | 2026-09-07 | Mark cut −39.5% | $15B → $9.0B | ✗ Missed |
| Gong | 2026-09-07 | Mark cut −40.0% | $7.5B → $4.5B | ✗ Missed |
Down-round & valuation headlines scraped at publication from Google News, Hacker News, CNBC, Yahoo Finance and the wider tech press.
Listen Labs had a $125M Series C signed then abandoned; HyperAccel's $150M Series B is still pending. Until the wire clears, you have no round. Run your business as if the deal might not close — because this week, two didn't.
Listen Labs' abandoned raise reportedly pivoted into a $2B Salesforce acquisition discussion. If your round stalls, an M&A path may open at a different valuation. Have a buyer list ready before you need it.
Positron at $5B and Harvey at $16B show chips and vertical AI still clear the bar. But 6 of 12 deals this week are AI-tagged — crowding is real. Non-AI founders should expect longer cycles and harder comps.
Capital is bifurcating. Mega-rounds for AI infrastructure and vertical AI are still pricing aggressively. Below $50M, deals are smaller and more competitive. Two broken deals in one week plus the Listen Labs-to-Salesforce pivot suggest the market is testing which companies can stand alone versus which get absorbed. Markdown watch lists are growing — 100 companies scored, with Linktree, Replit, and