12 tracked deals, $1.9B disclosed. Positron AI dominates the tape: $875M Series C at a $5.0B valuation, co-led by NEA, Atreides, Valor, Andra Capital, SemiAnalysis Capital, and Jim Clark — the largest AI-hardware raise this week and a signal that chip-layer infrastructure is pulling mega-capital. Harvey added $550M at a $16B valuation (Diffusion/Lightspeed co-lead), extending the legal-tech AI premium. Inspiren closed $70M Series C at $550M (NewView) in healthcare. HyperAccel's $150M Series B at a $137M valuation is flagged PENDING — not yet closed. Listen Labs' $125M Series C was SIGNED THEN ABANDONED, never closing; Menlo had been set to lead. Mid-band: Xapien $56M Series B (Spectrum), Lightfield $47M Series A (a16z), Cymphony $25M Series A (Sequoia), Graph AI $13M Series A (Insight). Seed-stage: Wyre AI $5M (Ironspring), Cherub $5M (undisclosed lead). Covenant (defense, a16z) and one
Disclosed round capital in the window. Undisclosed amounts count as zero.
Disclosed rounds in the window · every bar opens the company's live page.
12 tracked deals, $1.9B disclosed. Positron AI dominates the tape: $875M Series C at a $5.0B valuation, co-led by NEA, Atreides, Valor, Andra Capital, SemiAnalysis Capital, and Jim Clark — the largest AI-hardware raise this week and a signal that chip-layer infrastructure is pulling mega-capital. Harvey added $550M at a $16B valuation (Diffusion/Lightspeed co-lead), extending the legal-tech AI premium. Inspiren closed $70M Series C at $550M (NewView) in healthcare. HyperAccel's $150M Series B at a $137M valuation is flagged PENDING — not yet closed. Listen Labs' $125M Series C was SIGNED THEN ABANDONED, never closing; Menlo had been set to lead. Mid-band: Xapien $56M Series B (Spectrum), Lightfield $47M Series A (a16z), Cymphony $25M Series A (Sequoia), Graph AI $13M Series A (Insight). Seed-stage: Wyre AI $5M (Ironspring), Cherub $5M (undisclosed lead). Covenant (defense, a16z) and one
| 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 |
| 2026-09-10 | Inspiren | Series C | $70M | $550M | NewView Capital | Healthcare |
| 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 |
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 was the week's most active lead with 3 deals totaling $94M disclosed (Covenant, Lightfield, plus participation in a co-led mega-round). Sequoia led Cymphony's $25M Series A and reportedly is leading Mecka AI's near-$500M robot-training-data round per TechCrunch — a notable expansion into physical-AI data infrastructure. Lightspeed co-led Harvey's $550M and appears in multiple co-lead syndicates. NEA's Positron co-lead is its largest AI-infrastructure bet in recent windows. New fund activity: Molten Ventures Growth Fund first-closed at £175M with £75M from British Business Bank; Volition Capital closed its largest fund to date; Grindstone Ventures launched a $31M tech fund
| 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 |
Two headline AI-acquisition stories frame the week. First, Salesforce is reportedly in talks to acquire Listen Labs for $2B — directly contextualizing the abandoned $125M Series C that never closed with Menlo. If a term sheet was signed and then abandoned, an acquirer approaching at $2B suggests the round was preempted by strategic interest, though we cannot confirm causation from available data. Second, Google reportedly acquired AI coding startup Mechanize in a $1.5B talent deal (per dev.ua and Startup Fortune). Shopify acquired Tailwind Labs with licensing/access changes announced. ACV Auctions is being acquired in a $1.9B deal. Apple acquired assets from biomagnetic sensing startup Soner
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 |
|---|---|---|
| Anchorage Digital | 49 → 66 | +17 |
| Stoke Space | 61 → 64 | +3 |
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 is seeing high-value exit activity via potential M&A as startups like Listen Labs forgo new funding rounds to engage with enterprise buyers. Meanwhile, AI infrastructure continues to dominate large-scale capital raises, though concentrated interest from established firms remains a bottleneck for mid-sized managers.
🗂️ Dataset updated: no new closed rounds to add; list holds at 2,380.
100 tracked names flagged for markdown risk — 122 scored nightly, 2258 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 | +459% | $1.3B | 54 mo ago |
| 2 | Replit | Data / Infra | 86 | High | +238% | $9.0B | 41 mo ago |
| 3 | Xendit | Financial Services | 80 | High | +1898% | $2.7B | 52 mo ago |
| 4 | Forter | Fintech | 80 | High | +979% | $3.0B | 64 mo ago |
| 5 | Greenlight | Fintech | 80 | High | +623% | $2.3B | 65 mo ago |
| 6 | Betterment | Fintech | 80 | High | +441% | $1.1B | 41 mo ago |
| 7 | Cross River Bank | fintech | 80 | High | +220% | $3.0B | 53 mo ago |
| 8 | Pump | SaaS | 75 | High | +1487% | $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 SIGNED Series C that never closed, then a $2B acquisition report emerged. Until cash clears, your round is a rumor. Keep operating as unfunded; do not let a signed term sheet relax your discipline.
Positron's $875M at $5B shows investors are deploying infrastructure-scale capital into AI silicon. If you're building below the model layer — inference, chips, data pipelines — you are in the highest-capital-intensity, highest-conviction bracket. Frame your raise accordingly.
122 companies scored on markdown watch; ChargeBee -6.7%, Increase -7.4%, Aurora Solar -9.1%. Linktree and Replit both flagged at 86/100. If your last round was priced aggressively in 2024–25, expect down-round conversations in your next cycle.
AI-infrastructure mega-rounds (Positron, Harvey) and strategic M&A (Listen Labs/Salesforce, Mechanize/Google) are compressing the late-stage window. Founders in the $500M–$2B band should expect acquirer outreach to compete with or preempt traditional growth rounds. Meanwhile, markdown pressure is broadening — 100 companies on watch, with cuts averaging 6–9%. The bifurcation is sharpening: capital