The Scherzer Deal Report: December 1-5, 2025
Here is this week’s Deal Report for private equity and venture capital activity for US-based PE and VC firms and portfolio companies, brought to you by Scherzer International.
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Note: Because of the Thanksgiving holiday and the shortened business week, this edition of The Scherzer Deal Report is abbreviated.
Fundraising for PE & VC Funds
Anti Fund
$30M
AI-focused fund
Nexus Venture Partners
$700M
Latest fund
WindRose Health Investors
$2.6B
Seventh fund
Private Equity Deals
Arcline
American Casting Co.
Undisclosed amount
Hollister, CA-based provider of investment castings
NMS Capital
Axiom Medical
Undisclosed amount
The Woodslands, TX-based provider of tech-enabled workplace incident case management solutions
Tenex
Blue Haven
Undisclosed amount
Cedar Park, TX-based franchisor of swimming pool builders
Investcorp
Guardian Fire Services
Undisclosed amount
Nashville, TN-based provider of fire and life safety service
Goldman Sachs
Innovator Capital Management
Undisclosed amount
Wheaton, IL-based provider of defined-outcome ETFs
Torque Capital Group
Joe Gibbs Manufacturing Solutions
Undisclosed amount
Huntersville, NC-based maker of composites and assemblies for aerospace and defense applications
BlackstoneMac
Lean Power Systems
Undisclosed amount
Ft. Mill, SC-based utility parts maker
Sundance Growth
Orbweaver
Undisclosed amount
Bethlehem, PA-based supply chain automation platform for the electronics industry
InTandem Capital
Phia Group
Undisclosed amount
Canton, MA-based health cost management company
Warburg Pincus
Raptor Technologies
Undisclosed amount
Houston, TX-based school safety software provider
Braemont Capital
Royal Cup
Undisclosed amount
Birmingham, AL-based provider of coffees and teas
Trident
The LunchMaster
Undisclosed amount
Hayward, CA-based contract foodservice provider
Venture Capital Deals
Index Ventures, Blackstone, Greylock, CRV, and Spark Capital
7AI
$130M
Boston, MA-based developer of enterprise security agents
QIA
Akura Medical
$53M
Los Gatos, CA-based developer of venous thromboembolism care solutions
Portage
Angle Health
$134M
San Francisco, CA-based health insurance startup
Shine Capital, Alt Capital, Caffeinated, FiftyThree Stations, and Industrious
Antares
$71M
Chicago, IL-based developer of micro nuclear reactors for defense and space applications
Jane Street
Antithesis
$105M
Vienna, VA-based software testing platform
Maverick Silicon
Axiado
$100M
San Jose, CA-based chipmaker
Mountain Group Partners, Poplar Grove Investors, HIP Fund, and the Alzheimer’s Drug Discovery Foundation
Circular Genomics
$15M
San Diego, CA-based provider of brain health diagnostics
Upside Vision Fund, JAM Fund, Galaxy Digital, Duquesne Family Office, DCVC, and Martin Varsavsky
Curative
$150M
Austin, TX-based health insurance startup
Sequoia Capital, Lightspeed, Greenoaks, and Bond
Eon
$300M
New York, NY-based cloud backup platform
Portage, CrossLink Capital, Spice VC, Titanium Ventures, Wellington, Companyon Ventures, Florida Funders, and FirstLook Partners
Flex
$60M
Austin, TX-based private bank for HNW business owners
VMG Partners, Madrona, and Pruven Capital
Gradial
$35M
Seattle, WA-based agentic marketing startup
A16z T. Rowe Price, WndrCo, Sequoia Capital, Kleiner Perkins, Conviction Capital, and Elad Gil
Harvey
$160M
San Francisco, CA-based legal AI startup
IonQ and Texas Venture Partners
Heven AeroTech
$100M
Dulles, VA-based developer of hydrogen-powered drones
Frazier Life Sciences and GC&H
Iolyx Therapeutics
$15M
Burlingame, CA-based ocular inflammation and autoimmune biotech
Paradigm, a16z, and Sequoia Capital
Kalshi
$1B
New York, NY-based predictions marketplace
Rebalance Capital, Nationwide Ventures, TIAA Ventures, State Street Global Advisors, JPMorgan Asset Management, Collab Capital, Prudential, Reinsurance Group of America, Guardian Life, Western & Southern, Pacific Life, and Allianz Strategic Investments
Micruity
$19M
Sacramento, CA startup focused on turning 401(k) balances into retirement paychecks
ICM HPQC Fund, TDK Ventures, Systemiq Capital, Banpu Innovation and Ventures, G Vision Capital, Ajinomoto Group Ventures, and Avitic Innovation Fund
Mixx Technologies
$33M
San Jose, CA-based optical connectivity company
Nexus Venture Partners, YC, Taurus Ventures, Honeystone Ventures, Flex Capital, Pioneer Fund, Ritual Capital, and Liquid2 Ventures
Multifactor
$15M
San Francisco, CA-based security platform for agentic AI
Arch Venture Partners, DFJ Growth, F-Prime, General Catalyst, GV, Lux Capital, Mubadala Capital, and BrightEdge Fund
Paradigm Health
$78M
Cincinnati, OH-based clinical trial matching business
Accel, Kleiner Perkins, Felicis, Initialized Capital, Altos Ventures, and YC
PermitFlow
$54M
New York, NY-based AI platform for construction
Fortwest Capital
Pine AI
$25M
Palo Alto, CA-based developer of AI agents for consumers’ digital chores
Novartis Venture Fund, Forbion, Omega Funds, Droia Ventures, YK Bioventures, Digitalis Ventures, Vida Ventures, MPM BioImpact, Lightspeed, and Scripps Research
Protego Biopharma
$130M
San Diego, CA-based rare disease biotech initially focused on AL amyloidosis
Lightspeed, Figma Ventures, and Vercel Ventures
Raindrop
$15M
San Francisco, CA-based monitoring platform for AI agents
LRVHealth and Optum Ventures
Reema Health
$19M
Minneapolis, MN-based developer of solutions for Medicaid MCOs
Felicis, NVentures, and South Park Commons
Simular
$21.5M
Palo Alto, CA-based developer of AI agents for macOS and Windows
Ascenta Capital, Bessemer Venture Partners, Pfizer Ventures, RA Capital Management, Atlas Venture, Lightspeed, Surveyor Capital, YK Bioventures, Regeneron Ventures, Invus, and Finchley Healthcare Ventures
Triana Biomedicines
$120M
Lexington, MA-based developer of a molecular glue degrader
USV and Neo
Tutor Intelligence
$34M
Watertown, MA-based developer of warehouse robots
Xora Innovation, Khosla Ventures, and Eclipse
Vinci
$46M
Palo Alto, CA-based chip design startup
Helios Climate Ventures, Climate Investment, Japan Energy Fund, General Ventures, and Clear Creek Investments
ZincFive
$30M
Tualatin, OR-based developer of nickel zinc batteries

