12 disclosed rounds totaling $2.3B, but the freshest dated activity is thin: Cyera's $800M Series G extension at a $12B valuation led by Goldman Sachs Alternatives is the largest line, dated 2026-11-05. Most remaining deals cluster on 2026-10-08/09 — an older vintage inside the tracked window. Notables: TypeSafe AI's $870M Series A at $7.5B (a16z lead) and Atlas Atomics' $400M Series A at $1.9B (General Catalyst) are outliers for their stages; Hone's $60M seed at $285M from Benchmark is rich for seed. Tracked-book weekly stats show zero new rounds this window versus one $800M round last week, a -100% capital change — but that covers tracked disclosed rounds only (2,699 companies; 2,456 eligible rounds), not the whole market. Lead counts reflect total round sizes, not individual checks.
Last-24h flow: UForce, a Ukraine-founded drone startup, raised $700M at a $6B valuation with UK wealth fund backing (Bloomberg). Fractile, a UK inference-chip startup, raised a $720M Series C at a reported $7B valuation six months after a $1B round — with, per Tech Times, no chip shipped; treat the valuation as reported, and pre-revenue at that scale is the key diligence question. Applied Intuition is seeking $1.5B at $30B — a raise in process, not closed. Space activity continues: a Bengaluru startup's 339-acre Andhra test facility, NeuralSat's €2.9M orbital relay raise, and Kapta Space/Fortastra on the dated tape.
Structural trend of the day: the UK FCA proposed greater flexibility for pension funds to invest in private markets — a potential demand-side shift for the asset class if finalized, but proposals are not rules. Supporting context: the UK watchdog story appears across multiple feeds, and the British Business Bank added £40M to Harwood Private Capital. Also notable: Google brought 10 African AI startups (incl. Kenya's Satlyt) into its research/investment ecosystem, and PitchBook added free startup access — data access is broadening at the early stage. Caveat: all trend totals cover tracked companies only, not the market.
| Window | Rounds | Disclosed Amounts | Disclosed Capital |
|---|---|---|---|
| Last 24 hours | 0 | 0 | — |
| Last 7 days | 0 | 0 | — |
| Previous 7 days | 1 | 1 | $800M |
Week-over-week disclosed capital: -100.0%. All eligible tracked rounds are included, independently of the 12-company display limit below. Missing amounts are excluded from capital totals, not estimated. Date-only records use midnight UTC; these are rolling windows, not calendar-day totals.
| Sector | 7d Rounds | Prior 7d Rounds | 7d Disclosed Capital | Capital Change |
|---|---|---|---|---|
| Cybersecurity | 0 | 1 | — | -100.0% |
Valuation discipline check: three same-day mega-marks (Fractile $7B reported, UForce $6B, Applied Intuition seeking $30B) sit alongside markdown ledger events — OpenAI mark cut -31.8%, Kraken -48.3%, TRM Labs -50%. Recent context adds Anthropic IPO valuation-cut pressure after a $2.5T AI rout, and OpenAI's first funding tranche landing at $11B below its original $1.25T target. The spread between primary AI raises and secondary marks is widening; the Markdown Watch board tops out at Linktree, Replit, and Kajabi, each 86/100 High. 126 companies scored, 2,573 unscored — coverage is thin.
No round-specific post-money valuations captured in the last seven days.
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.
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 disclosed rounds totaling $2.3B, but the freshest dated activity is thin: Cyera's $800M Series G extension at a $12B valuation led by Goldman Sachs Alternatives is the largest line, dated 2026-11-05. Most remaining deals cluster on 2026-10-08/09 — an older vintage inside the tracked window. Notables: TypeSafe AI's $870M Series A at $7.5B (a16z lead) and Atlas Atomics' $400M Series A at $1.9B (General Catalyst) are outliers for their stages; Hone's $60M seed at $285M from Benchmark is rich for seed. Tracked-book weekly stats show zero new rounds this window versus one $800M round last week, a -100% capital change — but that covers tracked disclosed rounds only (2,699 companies; 2,456 eligible rounds), not the whole market. Lead counts reflect total round sizes, not individual checks.
| Date | Company | Round | Amount | Reported Post-Money | Lead | Sector |
|---|---|---|---|---|---|---|
| 2026-11-05 | Cyera | Series G extension | $800M | $12B | Goldman Sachs Alternatives (Growth Equity) | Cybersecurity |
| 2026-10-12 | Ambi | Pre-Series A | $26M | — | Luminous Ventures | AI |
| 2026-10-09 | Hone | Seed | $60M | $285M | Benchmark | AI |
| 2026-10-09 | Kapta Space | Series A | $24M | — | Washington Harbour Partners | Space |
| 2026-10-09 | Klarent | Seed | $8M | — | Mosaic Ventures | Enterprise Software |
| 2026-10-09 | Meticulous | Series A | $15M | — | Chemistry | Enterprise Software |
| 2026-10-09 | TypeSafe AI | Series A | $870M | $7.5B | Andreessen Horowitz | AI |
| 2026-10-09 | Ultra | Series A | $50M | — | Framework Ventures | Robotics |
| 2026-10-08 | Atlas Atomics | Series A | $400M | $1.9B | General Catalyst | Energy |
| 2026-10-08 | Catalyst | Seed | $30M | — | Sequoia Capital | Fintech |
| 2026-10-08 | Fortastra | Series A | $30M | — | First In | Space |
| 2026-10-08 | GUDEA | Seed | $7M | — | Mudita Venture Partners, Collide Capital | AI |
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.
Fundraising headlines dominate: Norwest announced a $4B global multi-stage fund; Redalpine closed RAC VIII at $250M for European software/science; Vine Ventures closed $236M Fund III for US-Israel tech; Ascend closed a $17M fund for 'Third Act' physical AI/hardware; Zacua's Fund II oversubscribed, focused on construction worksites. Cequire committed $100M to early-stage Web3 even as crypto seed funding reportedly slumps — worth watching for tension between stated allocation and reported demand. These are fund closes/commitments, not startup investments; none implies deployment into the tracked book.
| Lead Investor | Displayed Deals | Associated Round Sizes |
|---|---|---|
| Andreessen Horowitz | 1 | $870M |
| Goldman Sachs Alternatives (Growth Equity) | 1 | $800M |
| General Catalyst | 1 | $400M |
| Benchmark | 1 | $60M |
| Framework Ventures | 1 | $50M |
| Sequoia Capital | 1 | $30M |
| First In | 1 | $30M |
| Luminous Ventures | 1 | $26M |
Total sizes of associated rounds, not the lead investor's check sizes. Investor types are not inferred from their names.
PE flow spans the lifecycle: Adenia partially exited Quickmart via a Nairobi listing — a partial exit, not full realization. MPowered took a stake in Queens Court while shifting to committed funds. Inflexion signed for single-use medical consumables business Primed Group from Paragon Partners; Battery Ventures' ORTEC added TOBA HR Solutions. On the LP side, Phoenix Equity Partners closed £570M Fund III above hard cap in six months, British Business Bank committed another £40M to Harwood, and Canonicus Capital hit a Rs.192-Cr first close of a Rs.500-Cr special situations fund. Deal terms and sizes beyond headlines are undisclosed.
Fund formation is broad-based geographically: Norwest $4B multi-stage; Phoenix Equity £570M above hard cap; Redalpine $250M; Vine Ventures $236M; Canonicus Rs.500-Cr target; Harwood topped up by the British Business Bank. A caution repeated for good reason: fund sizes are commitments to be deployed over years, not capital invested in startups this week, and none maps to the tracked round tape. The FCA pension-flexibility proposal, if adopted, would be the most consequential structural item — but it is a proposal subject to consultation.
Active strategic M&A: Oura is acquiring AI healthcare startup Counsel Health for $625M, framed as a major strategic pivot (announcement, closing not confirmed). OpenAI acquired AI travel-planning startup Odessia and hired its founder, who built the $600M Sonder business — an acqui-hire pattern consistent with recent OpenAI tuck-ins. Separately, Sequoia is backing Sequence, an AI holdco behind a $7.7B Baldwin take-private, signaling PE-style structures entering AI rollups. An Albia IMAP report flags medical devices M&A trends; Inflexion's Primed Group deal and ORTEC's TOBA addendum support that sector's consolidation momentum.
Funding headlines from outside the tracked book — sourced links, not QL data.
The largest recent private rounds ($100M+) across the tracked book — 2376 ranked. Full board: quantlogix.ai/mega-rounds.
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: 2026-11-11 · sources: private-companies.json, investors.json
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No in-tree private-market events matched the report window; amounts and valuations were not inferred.
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 strong capital concentration in AI-related infrastructure and hardware, evidenced by massive individual rounds for Mercor ($750M) and Fractile ($720M), as well as a large $500M raise for Torus. Despite high activity, uncertainty persists regarding AI monetization paths and regulatory risks, highlighted by the ongoing Jensen Huang-related scandal affecting Nvidia. Regional venture investment in Saudi Arabia has significantly cooled (-29%), contrasting with the persistent, record-level capital flow toward US-based AI entities.
🗂️ Dataset updated: added 3 companies to the QuantLogix private-companies list — Daylight, The 81 Collection, Palomma — 2,772 → 2,775. Append-only.
100 tracked names flagged for markdown risk — 126 scored nightly, 2573 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 | +801% | $1.3B | 56 mo ago |
| 2 | Replit | Data / Infra | 86 | High | +457% | $9.0B | 43 mo ago |
| 3 | Kajabi | SaaS | 86 | High | +159% | $2.0B | 66 mo ago |
| 4 | Xendit | Financial Services | 80 | High | +1604% | $2.7B | 54 mo ago |
| 5 | Forter | Fintech | 80 | High | +820% | $3.0B | 66 mo ago |
| 6 | Greenlight | Fintech | 80 | High | +516% | $2.3B | 67 mo ago |
| 7 | Betterment | Fintech | 80 | High | +361% | $1.1B | 43 mo ago |
| 8 | Varo | Fintech | 80 | High | +310% | $2.5B | 62 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.
95 markdowns detected all-time · 22 flagged beforehand · 73 missed · hit rate 23.2%
| Company | Detected | Event | Mark | Called? |
|---|---|---|---|---|
| OpenAI | 2026-11-09 | Mark cut −31.8% | $1250B → $852B | ✓ Flagged #79 · Moderate |
| Kraken | 2026-11-09 | Mark cut −48.3% | $21B → $11B | ✓ Flagged #84 · Moderate |
| TRM Labs | 2026-11-09 | Mark cut −50.0% | $2.0B → $1.0B | ✗ Missed |
| Incode | 2026-11-09 | Mark cut −64.0% | $3.0B → $1.1B | ✗ Missed |
| Current | 2026-11-09 | Mark cut −88.0% | $13B → $1.5B | ✗ Missed |
| Dadi Cinema | 2026-11-02 | Mark cut −10.5% | $3.2B → $2.9B | ✗ Missed |
| OpenAI | 2026-11-02 | Mark cut −10.7% | $1400B → $1250B | ✓ Flagged #72 · Moderate |
| CoinDCX | 2026-11-02 | Mark cut −12.2% | $2.5B → $2.1B | ✗ Missed |
Down-round & valuation headlines scraped at publication from Google News, Hacker News, CNBC, Yahoo Finance and the wider tech press.
Fractile raising $720M at a reported $7B before shipping a chip is the clearest read on where AI-infrastructure capital concentration sits. For founders outside that narrow lane, the practical takeaway is the opposite: capital is abundant at the mega-end and discriminating mid-market, so anchor your raise to shipped product and revenue milestones, not to the tape's outlier marks.
The ledger shows OpenAI cut -31.8%, Kraken -48.3%, TRM Labs -50%, and Anthropic facing IPO valuation-cut pressure. Secondary reality and primary headlines are diverging. If you're raising now, expect investors to price off markdowns, not the $7B+ prints — build your story to survive a down-scope conversation.
UK proposals to give pension funds more private-market flexibility could expand the LP base for European GPs over time. That matters indirectly to founders: a wider institutional demand pool supports future fund sizes and follow-on capacity for UK/EU-facing investors. It's a proposal, not a rule — plan around current constraints.
Dated round flow is quiet (zero tracked new rounds this window vs $800M last week) while announcement-driven valuations spike. Watch whether FCA flexibility and Norwest-scale closes translate into deployment, and whether AI secondary markdowns force a repricing of the Fractile/UForce cohort.