SEC private fund disclosures thrown out, StepStone raises billions to become a leading liquidity provider

News in VC this week

• StepStone Group raises $3.3 billion for its secondary venture fund with Group Partner Brian Borton stating "We're set up to be that liquidity provider'. WSJ has more here

• SEC private fund disclosure rules, meant to push PEs, VCs and hedge funds to be more transparent has been thrown out by the US court. FT has more here

State of Venture Capital

Seed

Cartwheel (USA) - $5.6m: AI animation technology
AI

AI-powered text-to-animation platform designed to simplify animation. The platform offers an intuitive interface for users to animate characters for games, videos, movies, ads, GIFs, and 3D projects by typing text and without prior experience. Cartwheel raised funding from Accel, Human Ventures, Khosla Ventures, Correlation Ventures, MVP Ventures, Pelion Venture Partners, Heretic, and others. The funds will enhance platform features, expand market reach, and grow the team.

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Browserbase (USA) - $6.5m: Browser automation for everyone
CloudTech & SaaS

Browser automation platform for running, managing, and monitoring scripts. The platform offers serverless infrastructure, session recording, logging, debugging, auto-captcha solving, and stealth mode, allowing clients to manage headless browsers. The company raised funding from Kleiner Perkins, Base Case Capital, AI Grant, Guillermo Rauch, Andrew Miklas, and Barry McCardel. The funds will expand the engineering team, accelerate product development, and enhance market reach, positioning the company as a key player in AI applications.

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Entroview (France) - $1.6m: Battery diagnostics technology
EnergyTech

Battery diagnostic software designed to enhance efficient, safe, and durable battery usage. The technology relies on real-time thermodynamic measurements and spans the entire battery life cycle, from R&D to usage and second life allowing for diagnosis of Li-ion batteries. Entroview raised funding from Rethink Ventures, AFI Ventures, Ventech, and nine other investors. The funds will be used to expand the team, further develop the software, and scale operations.

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Carv (Netherlands) - $10m: Automated notetakers
AI & SaaS

Intelligence platform that records meeting minutes. The platform integrates with employee calendars, attends meetings, and records minutes as short video content, allowing employees to manage additional work without attending team meetings. Carv raised $10 million in funding from Global Founders Capital, TMI Investments, and other undisclosed investors. The funds will be used to accelerate growth and enhance the platform to cover more aspects of the recruitment process.

Series A

Ixana (USA) - $10m: Human body-internet connectivity
AI & AR

Wearable hardware company focused on developing high-quality, high-speed human-computer interfaces. The company produces a wire-free, augmented reality device with all-day battery life, utilizing real-time AI with a silicon chipset. Ixana raised $10 million in funding from 10x Founders, Ultratech Capital Partners, Konvoy Ventures, Scrum Ventures, and other undisclosed investors.

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restor3D (USA) - $70m: 3D-printed human body parts
AI & HealthTech

3D-printed implants designed for body repair and reconstruction. The technology integrates 3D printing, AI, biomaterials, biomechanics, and personalized digital health platforms to offer patient-specific implant systems for total ankle and shoulder replacements. restor3D raised $70 million led by Summers Value Partners, with $15 million in debt financing from Trinity Capital and other lenders. The funds will support the release of new patient-specific implants, investment in advanced 3D printing technologies, and enhancement of medical education and training.

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re:cap (Germany) - €14.6m: Get access to your revenue earlier
FinTech & SaaS

Digital matching platform for financing subscription revenue companies. The platform provides affordable and timely financing without equity dilution, high interest rates, or complex lending processes, allowing companies to sell a portion of recurring revenue for a fixed period. This enables subscription-based companies to trade future revenues for on-demand, non-dilutive capital. re:cap raised $14.6 million led by Entrée Capital, with participation from Felix Capital and Project A Ventures. The funds will be used to expand the alternative debt financing business, marketplace, and scale the software platform.

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Plancraft (Germany) - €12m: Project management for construction sites
SaaS & CloudTech

Management platform designed to plan, organize, and track projects. The platform enables businesses to generate quotes and invoices, assign employees using a scheduling board, and store information on materials, services, and existing customers, improving efficiency and streamlining operations. The company raised €12 million in funding, led by Creandum, with participation from High-Tech Gründerfonds and BitStone Capital. The funds will be used for product expansion and to create further digitalization opportunities for craft businesses.

Series B

Prolific Machines (USA) - $54.61m: Lab-grown meats
FoodTech & ClimateTech

High-scale precision cell-differentiation technologies aimed at revolutionizing cell production for the cultivated meat industry. The company focuses on R&D for clean meat, cell therapies, and multi-planetary existence, using light to create sustainable solutions. The company raised $54.61 million in Series B and Series B1 funding, led by Ki Tua Fund, with participation from SOSV and seven other investors. The funds will be used for commercialization and customer acquisition.

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No European Series B this week ☹️ 

Series C 

ARRIS (USA) - $52.13m: Materials for futuristic technologies
Advanced Manufacturing

Performance composites for mass-market applications in aerospace, automotive, and consumer products. The company's flagship technology involves a manufacturing process that precisely aligns continuous carbon fibers and integrates electronic components and multifunctional materials into a single, topologically optimized part or component. ARRIS raised $52.13 million from Bosch Ventures, ST Engineering, Zebra Technologies, Youngone, and seven other investors. The funds will be used to scale the company's global operations.

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Storyblok (Austria) - €74m: Easiest way to deploy content
SaaS

Cloud-based content management system designed to manage and create content for various use cases. The system offers features such as a visual composer, content types, images and assets, custom field types, and content blocks. It provides numerous API e-commerce endpoints that allow developers to focus on the user experience, while the system handles order management, payment processing, multilingual product catalogs, and account management. Storyblok raised €74 million in funding, led by Brighton Park Capital, with participation from 3VC, Firstminute Capital, HV Capital, and Mubadala Capital. The funds will be used to expand significantly in the USA.

Series D+

Eko (USA) - $40m: AI disease detector
AI & HealthTech

AI-powered digital stethoscope designed to aid in heart and lung disease detection. The stethoscope eliminates background noise with amplification and provides analysis for improved diagnosis and patient care. Eko raised $40 million in funding, led by ARTIS Ventures, NTTVC, and Highland Capital Partners, with participation from LG Technology Ventures, What If Ventures, and Double Point Ventures. The funds will be used to expand U.S. and global access to the early disease detection platform.

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KEYOU (Germany) - €74m: Easiest way to deploy content
EnergyTech

Hydrogen combustion technology aimed at reducing vehicle emissions and exhausts. The technology features an engine that combines efficient injection, exhaust gas recirculation, and turbo-charging with a proprietary hydrogen-selective catalytic reduction system to eliminate NOx emissions. KEYOU raised €35 million in funding, led by Dilo, with participation from the European Innovation Council Fund and Besto GmbH. The funds will be used to build a pioneer fleet and adapt the KEYOU-inside system for a 40-ton semitrailer truck.