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◆QUANTLOGIX STARTUP DAILY
TUESDAY · 09/29/2026 SILICON VALLEY
Displayed Rounds
12
Past 7 days
Disclosed Capital
$8.6B
Past 7 days
Tracked Startups
2,590
QL private book
Mega-Round Board
8
$100M+ recent
Markdown Watch
100
names flagged

◆ World Labs Acquisition (announced) ($8.2B) leads the startup tape

12 deals, $8.6B disclosed on the displayed tape. Headline item is AMD's announced $8.2B acquisition of World Labs — announced, not closed. Rest of tape skews early: 7 of 12 deals are pre-seed/seed/Series A, including Sanyark Space ($2M pre-seed at $8M valuation) and Feather ($8M pre-seed, Gradient). Growth is thin: Outmarket's $35M Series B and BigHat's $75M Series C are the only other mid/late venture deals. Astro Digital's $180M SPAC merger + PIPE with Proem Asset Management is also announced only. Most-active-lead totals are round sizes, not individual checks.

◆ Daily Startup News

Anthropic's IPO filing is the day's biggest story: coverage cites billions in losses, rising compute expenses and a 'warning list' alongside CEO commentary — filing exists per reports, listing terms and timing unconfirmed. EliseAI reportedly hit a $4B valuation in a round led by a16z and Bessemer. Reco raised $55M for AI agent security; Genentech AI alumni launched health startup Ortet with $500M reported. HubSpot bought Trigify.

◆ Valuations & Secondary Transactions

Reported post-money marks: OpenEvidence $15B (+25% vs $12B in Jan), Rightway $1.75B (+59.1% vs 2021's $1.1B), Brahma AI $2B (+39.9%), Basecamp Research $800M, Hubble Network $1.6B. New marks: SiMa.ai $1.45B on a $150M Series C (last-24h reports); EliseAI $4B (reported). Downside evidence remains live: recent mark cuts include Databricks (-29.5%), Apex (-56.5%), Firework (-95.7%); Groq raised $350M at $3.5B amid a pivot to neocloud. Marks are not returns.

Company / Round DateReported Post-MoneyPrior Post-Money / DateMark ChangeEvidence
Sanyark Space
2026-09-26
$8MUnavailableNot comparableTracked roster; source link unavailable
Arivihan
2026-09-25
$60MUnavailableNot comparableTracked roster; source link unavailable
Outmarket
2026-09-25
$335MUnavailableNot comparableTracked roster; source link unavailable
OpenEvidence
2026-09-24
$15B$12B
2026-01-21
+25.0%Tracked roster; source link unavailable
Rightway
2026-09-24
$1.8B$1.1B
2021-03-30
+59.1%Tracked roster; source link unavailable
Basecamp Research
2026-09-23
$800MUnavailableNot comparableTracked roster; source link unavailable
Brahma AI
2026-09-23
$2.0B$1.4B
2025-02-18
+39.9%Tracked roster; source link unavailable
Hubble Network
2026-09-23
$1.6BUnavailableNot comparableTracked roster; source link unavailable
Pilgrim
2026-09-23
$150MUnavailableNot comparableTracked roster; source link unavailable

Historical round marks are not replaced with today's company valuation. Mark changes compare disclosed post-money levels, not investor returns; dilution and financing terms may differ. Secondary indications, fund marks and enterprise values in linked reporting are separate evidence, not interchangeable round valuations.

◆ Capital by Sector

AIAI · $8.2B disclosed in window$8.2BSpace / DefenseSpace / Defense · $180M disclosed in window$180MDrug DiscoveryDrug Discovery · $75M disclosed in window$75MInsurtechInsurtech · $35M disclosed in window$35MBusiness/Productivity SoftwareBusiness/Productivity Software · $20M disclosed in window$20MHealthcareHealthcare · $20M disclosed in window$20M

Disclosed round capital in the window. Undisclosed amounts count as zero.

◆ The Funding Tape — Past 7 days

12 deals, $8.6B disclosed on the displayed tape. Headline item is AMD's announced $8.2B acquisition of World Labs — announced, not closed. Rest of tape skews early: 7 of 12 deals are pre-seed/seed/Series A, including Sanyark Space ($2M pre-seed at $8M valuation) and Feather ($8M pre-seed, Gradient). Growth is thin: Outmarket's $35M Series B and BigHat's $75M Series C are the only other mid/late venture deals. Astro Digital's $180M SPAC merger + PIPE with Proem Asset Management is also announced only. Most-active-lead totals are round sizes, not individual checks.

DateCompanyRoundAmountReported Post-MoneyLeadSector
2026-09-28 Astro Digital SPAC merger + PIPE (announced) $180M — Proem Asset Management Space / Defense
2026-09-28 Modulate Venture $25M — Future Ventures AI
2026-09-28 World Labs Acquisition (announced) $8.2B — AMD AI
2026-09-26 Sanyark Space Pre-Seed $2M $8M Avaana Capital; AUM Ventures Space
2026-09-25 Arivihan Series A $10M $60M Accel; Prosus Education
2026-09-25 Outmarket Series B $35M $335M SignalFire Insurtech
2026-09-24 Ando Pre-seed + Seed (combined) $20M — Index Ventures; Emergence Capital (seed); Accel (pre-seed) Business/Productivity Software
2026-09-24 Basalt Health Series A $20M — NEA Healthcare
2026-09-24 BigHat Biosciences Series C $75M — DFJ Growth; Premji Invest (co-leads) Drug Discovery
2026-09-24 ByteAsk Pre-seed $1M — Y Combinator; Entrepreneur First Software Development Applications
2026-09-24 Dextr AI Seed $7M — Elevation Capital AI
2026-09-24 Feather Pre-Seed $8M — Gradient Ventures Robotics

◆ Stage Mix — Deals & Capital by Stage

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.

Seed: 5Series A: 2Series B: 1Series C–D: 1Other: 3
Seed · 5 deals · $37MSeries A · 2 deals · $30MSeries B · 1 deal · $35MSeries C–D · 1 deal · $75MOther · 3 deals · $8.4B
SeedSeed: 5 deals5 dealsSeed: $37M$37MSeries ASeries A: 2 deals2 dealsSeries A: $30M$30MSeries BSeries B: 1 deal1 dealSeries B: $35M$35MSeries C–DSeries C–D: 1 deal1 dealSeries C–D: $75M$75MOtherOther: 3 deals3 dealsOther: $8.4B$8.4B
Seed
5 deals · $37M disclosed · 0% of window capital
Series A
2 deals · $30M disclosed · 0% of window capital
Series B
1 deal · $35M disclosed · 0% of window capital
Series C–D
1 deal · $75M disclosed · 1% of window capital
Other
3 deals · $8.4B disclosed · 98% of window capital

◆ VC Activity & Lead Investors

Peak XV raised its Surge seed cap to $5M and backed 18 new startups (last 24h reports). WEH Ventures announced a first close of Fund III targeting Rs 250 Cr. DTCP launched a €455M fund expanding across the Nordics with a defence-tech tilt. LG Technology Ventures signaled it is hunting for startups in the Middle East including Saudi Arabia. Fund closes and caps are firm-level announcements; none equate to startup deployment yet.

Lead InvestorDisplayed DealsAssociated Round Sizes
AMD1$8.2B
Proem Asset Management1$180M
DFJ Growth; Premji Invest (co-leads)1$75M
SignalFire1$35M
Future Ventures1$25M
Index Ventures; Emergence Capital (seed); Accel (pre-seed)1$20M
NEA1$20M
Accel; Prosus1$10M

Total sizes of associated rounds, not the lead investor's check sizes. Investor types are not inferred from their names.

◆ Private Equity & Growth Buyouts

PE flow is mid-market and deal-financing heavy: Luminate made a growth investment in pipe-inspection AI firm ITpipes; CIBC Innovation Banking led a syndicated debt facility for Main Capital Partners' acquisition of Orgvue; Eleco (LSE:ELCO) shares surged on a PE takeover offer; Weil rehired Peter Feist as US PE co-head. Coverage is thin — amounts and terms mostly undisclosed; the Orgvue facility size is not stated in evidence.

◆ Investment Funds & Capital Formation

Princeton Equity closed franchise-focused Fund III at $1.3B and its hard cap. NYC's pension chief proposed a $5B expansion of private-markets climate investing — a proposal, not an allocation. An MWRA core-plus real estate debt mandate is open. EY-IVCA reports India PE/VC exits hit their highest monthly count in August, driven by stock-market sales. UK VC reportedly matches US long-term returns, with newer funds ahead.

◆ M&A & Exits

AMD's announced $8.2B purchase of Fei-Fei Li's World Labs dominates — reported across Reuters, Bloomberg and others in the last 24h; framing is a bet on 'physical AI', with Li reported joining AMD. HubSpot acquired Liverpool sales-tech startup Trigify (terms undisclosed). Monzo–Nubank talks point toward a reported £10bn cross-border merger — talks, not a signed deal. Treat all M&A figures as announcement values until closing is confirmed.

◆ Off-Book Wire

Funding headlines from outside the tracked book — sourced links, not QL data.

◆ Mega-Round Board

The largest recent private rounds ($100M+) across the tracked book — 2247 ranked. Full board: quantlogix.ai/mega-rounds.

OpenAIOpenAI · $122B · Late-stage primary122000WaymoWaymo · $16B · 2026 mega-round16000Scale AIScale AI · $14B · Series F + Meta investment14300PrometheusPrometheus · $12B · Funding12000SwitchSwitch · $11B · Buyout/LBO11000Blue OriginBlue Origin · $10B · Private (Bezos-funded)10000

🎯 QL Score Movers

Biggest overnight changes in the graded company score — scores only move when disclosed data moves, and every repricing grades the score that was standing.

CompanyScoreΔ
Numeral 45 → 60 +15
Radar 61 → 51 -10
Firework 42 → 39 -3

◆ Private Markets Weekday Digest · 09/29/2026

Display-only private-markets tape from the tracked roster — formations, priced fundraises, valuation marks, and U.S. VC lead activity. No inferred amounts; empty sections stay empty.

Window: 2026-09-29 · sources: private-companies.json, investors.json

New company formations

NameRound / detailAmount / markDate
Outmarket formation — 2026-09-29
Astro Digital formation — 2026-09-29
Modulate formation — 2026-09-29

Fund raises

No rows in the report window.

Valuation marks

No rows in the report window.

Top U.S. VC activity

No rows in the report window.

◆ Private Market Desk — Evening Edition · 09/28/2026

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.

💰 Notable Raises

  • Outmarket — $34.5M Series B at a $335M valuation led by SignalFire (+ Fika Ventures, Permanent Capital Ventures, TTV Capital, Dash Fund). AI-automated paperwork for insurance agencies and brokers Rapid follow-on funding highlights strong demand for insurance workflow automation.
  • Modulate — $25M Series Unknown led by Future Ventures (+ Hyperplane, Lakestar). Voice intelligence and analysis platform Continued expansion of small-model applications in regulated industry voice compliance. (Boston)

🔍 Reported, not yet verified

  • Insurtech Outmarket — reported $34.5M Funding; details did not clear cross-source verification — held for manual review, excluded from the dataset.
  • Instinct — reported $1B Series Unknown; details did not clear cross-source verification — held for manual review, excluded from the dataset.

📊 Valuation re-rates (roster marks that moved)

  • Rightway — $1.1B (2021-Q1) → $1.8B (+59%) on Series E led by Francisco Partners.
  • OpenEvidence — $12B (2026-Q1) → $15B (+25%) on Unlabeled (reported).
  • Brahma AI — $1.4B (2025-Q1) → $2B (+40%) on Preferred equity round (unlabeled) led by Multiples Alternate Asset Management.
  • Impulse Space — $4.3B (2026-Q2) → $5.6B (+31%) on Series D extension.
  • Factory — $1.5B (2026-Q2) → $5B (+233%) on Growth round (series undisclosed).
  • Profound — $1B (2026-Q1) → $1.8B (+80%) on Series D led by Sequoia Capital / Kleiner Perkins (co-led).
  • Temporal — $5B (2026-Q1) → $12.6B (+151%) on Series E led by Lightspeed.
  • The Boring Company — $5.7B (2022-Q2) → $23B (+305%) on Series D led by United Arab Emirates and affiliated investment entities.
  • Harvey — $11B (2026-Q1) → $15.5B (+41%) on Later Stage VC led by Diffusion / Lightspeed Venture Partners (co-led).
  • Cognition — $26B (2026-Q2) → $48B (+85%) on Later Stage VC led by Andreessen Horowitz / Accel / Founders Fund / General Catalyst / Avenir (co-led).
  • Upwind — $1.5B (2026-Q1) → $3.8B (+153%) on Series C led by Bessemer Venture Partners, TCV.
  • AfterQuery — $300M (2026-Q2) → $3.2B (+967%) on Growth round (reported).
  • Fluidstack — $7.5B (2026-Q1) → $18B (+140%) on Growth round (series undisclosed) led by Jane Street.
  • Firmus Technologies — $5.5B (2026-Q1) → $10.5B (+91%) on Growth Equity led by Nvidia & Coatue.
  • Hadrian — $1.6B (2025-Q3) → $7.9B (+392%) on Series D led by JPMorgan Strategic Investment Group.
  • HappyRobot — $500M (2025-Q3) → $1.2B (+140%) on Series C led by Prysm Capital.
  • Owner — $1B (2025-Q2) → $2.3B (+130%) on Series D led by Growth Equity at Goldman Sachs Alternatives.
  • K2 Space — $3B (2025-Q4) → $6.8B (+127%) on Series D led by Kleiner Perkins / ICONIQ Capital.
  • Anthropic — $965B (2026-Q2) → $1000B (+4%) on Strategic Investment led by AMD.
  • Wonder — $7B (2025-Q2) → $9.7B (+38%) on Series D.
  • Baseten — $5B (2026-Q1) → $13B (+160%) on Series F led by Altimeter Capital, Conviction, Spark Capital.
  • Prometheus — $38B (2026-Q2) → $41B (+8%) on Funding led by Jeff Bezos.
  • Ramp — $32B (2025-Q3) → $44B (+38%) on Series F led by ICONIQ / GIC / Ontario Teachers' Pension Plan.

⚡ Mega-round momentum (sector velocity, closed rounds)

  • ↑ AI — $19.3B across 26 rounds / 26 companies (accelerating, 26 vs. 7 prior rounds). Top: Anthropic $5B (Strategic Investment).
  • ↑ Energy — $3.4B across 5 rounds / 5 companies (accelerating, 5 vs. 2 prior rounds). Top: Valar Atomics $1B (Series B).
  • ↑ Defense — $3.4B across 5 rounds / 5 companies (accelerating, 5 vs. 1 prior round). Top: Helsing $1.8B (Late Stage).
  • → Transportation — $3B across 1 round / 1 company (steady, 1 vs. 1 prior round). Top: The Boring Company $3B (Series D).
  • ✦ Space / Defense — $1.7B across 3 rounds / 3 companies (new, new vs. a quiet prior window). Top: Stoke Space $1B (Series E).
  • ✦ Defense / Industrials — $1.4B across 1 round / 1 company (new, new vs. a quiet prior window). Top: Hadrian $1.4B (Series D).

🚀 New / Stealth Companies

  • No fresh stealth intake surfaced this window.

🏦 Private-Market Fund Watch

  • No new fund registrations, launches, or portfolio changes cleared primary-source verification in this window.

📊 Robinhood Ventures Performance

  • RVI — $28.33 close (2026-09-28) · day +1.47% · since first available close (2026-03-06) +34.90% · NAV/premium-discount not published in today's qualified inputs.
  • RVII — $21.93 close (2026-09-28) · day -0.81% · since first available close (2026-08-13) -4.44% · NAV/premium-discount not published in today's qualified inputs.

🏛️ Institutional Ownership (13F)

  • RVI: no holders currently indexed in the curated top-manager 13F universe. The quarter-over-quarter read is BEARISH: 0 new, 0 increased, 0 decreased, and 1 exited (2026-03-31 → 2026-06-30). Coverage is filing-based and can lag quarter-end by up to 45 days.
  • RVII: no holders currently indexed in the curated top-manager 13F universe. Coverage is filing-based and can lag quarter-end by up to 45 days.

🧭 Macro read

The private market remains heavily concentrated in AI and automation, with high-valuation megadeals persisting despite underlying sector volatility and investor skepticism regarding long-term robotics and inference valuations. Increased IPO activity in the space, alongside nascent regulatory shifts (e.g., tokenized stock trading), indicates a push toward greater liquidity even as fundamental uncertainties persist.

🗂️ Dataset updated: added 2 companies to the QuantLogix private-companies list — Outmarket, Modulate — 2,587 → 2,589. Append-only.

🔗 Sources

  • [TechCrunch](https://techcrunch.com/2026/09/28/insuretech-outmarket-raises-34-5m-just-months-after-prior-round/)
  • [TechStartups](https://techstartups.com/)
  • [RVI market performance](https://polygon.io/)
  • [SEC Form 13F methodology](https://www.sec.gov/divisions/investment/13ffaq.htm)

◆ Markdown Watch

100 tracked names flagged for markdown risk — 125 scored nightly, 2462 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.

Click a column to sort · third click restores rank order
#CompanySectorRisk ScoreBandVs CompsLast MarkLast Round
1 Linktree SaaS 86 High +510% $1.3B 54 mo ago
2 Replit Data / Infra 86 High +178% $9.0B 41 mo ago
3 Xendit Financial Services 80 High +1884% $2.7B 53 mo ago
4 Forter Fintech 80 High +971% $3.0B 65 mo ago
5 Greenlight Fintech 80 High +617% $2.3B 66 mo ago
6 Betterment Fintech 80 High +437% $1.1B 42 mo ago
7 Cross River Bank fintech 80 High +218% $3.0B 54 mo ago
8 Pump SaaS 75 High +1631% $1.5B 28 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.

63 markdowns detected all-time · 12 flagged beforehand · 51 missed · hit rate 19%

CompanyDetectedEventMarkCalled?
Databricks 2026-09-28 Mark cut −29.5% $190B → $134B ✓ Flagged #92 · Moderate
Apex 2026-09-28 Mark cut −56.5% $2.3B → $1.0B ✗ Missed
Firework 2026-09-28 Mark cut −95.7% $18B → $750M ✗ Missed
Anchorage Digital 2026-09-21 Mark cut −28.6% $4.2B → $3.0B ✗ Missed
Etched 2026-09-21 Mark cut −51.5% $10B → $5.0B ✗ Missed
Found 2026-09-21 Mark cut −70.0% $2.0B → $600M ✗ Missed
Public 2026-09-21 Mark cut −99.4% $190B → $1.2B ✗ Missed
Upgrade 2026-09-14 Mark cut −30.8% $7.3B → $5.0B ✓ Flagged #64 · Moderate

Down-round & valuation headlines scraped at publication from Google News, Hacker News, CNBC, Yahoo Finance and the wider tech press.

◆ IPO Runway — Latest Deep Dives

◆ Founder & Investor Take

Strategic acquirers are clearing big AI marks

AMD's announced $8.2B World Labs purchase and HubSpot's Trigify deal show corporate buyers active at both ends of AI. If you're building in 'physical AI' or sales tooling, map your natural acquirers now — announced deals set reference prices even before they close.

Early-stage stays liquid, growth stays selective

Seven of 12 displayed deals are pre-seed/seed/A, but only one Series B and one Series C cleared this week. Mid-stage founders should expect diligence on the mark: Downside marks (Apex -56.5%, Firework -95.7%) are fresh in LP and buyer memory.

IPO window is testing itself

Anthropic's filing, with reported losses and compute costs on its 'warning list', will set the tone for late-stage AI pricing. India's EY-IVCA August exit data shows public-market sales dominating — a live route, but one that demands public-grade disclosure readiness.

◆ Outlook

Capital up 60.9% week-over-week but concentrated in one acquisition; underlying venture pace is steadier than the headline. Watch whether AMD–World Labs closes and how Anthropic's filing reprices late-stage AI. Downside marks and fintech's -80% week argue against extrapolating the AI spike.

QuantLogix briefings are educational market commentary generated from live data, not investment advice. Private-market figures come from public reporting and the QuantLogix private-company dataset; amounts and valuations are as-reported, not audited. Markets carry risk of loss.