Scherzer Blog

The Scherzer Deal Report: October 6-10, 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.

Sign up: Get private equity and venture capital deals delivered to your inbox every week!

Fundraising for PE & VC Funds

Ares Management
$5.3B
Third infrastructure secondaries fund

Ascenta Capital
$325M
Debut fund

Bain Capital
$14B
14th flagship PE fund

Brookfield
$20B
Second global energy transition fund

Carnelian Energy Capital Management
$600M
Canada focused fund

Crystal Venture Partners
$33M
Debut fund

Ecosystem Investment Partners
$400M
Fifth fund

Energy Impact Partners
$1.4B
Third flagship fund

Manulife Investment Management
$5.5B
Third infrastructure fund

Origin Ventures
$140M
Sixth fund

Simha Partners
$45M
Debut fund

Sugar Free Capital
$32M
Debut fund

TCG Crossover
$1.3B
Third fund

Private Equity Deals

Avance Investment Management
Barchemy
Undisclosed amount
Donora, PA-based maker of better-for-you chocolate and confectionery ingredients

Nautic Partners
Cenavera Nutrition
Undisclosed amount
Scottsdale, AZ-based food service provider for K-12 schools

Clearlake Capital Partners
Constant Contact
Undisclosed amount
Waltham, MA-based digital marketing and automation platform

Mainsail Partners
Flyntlok
Undisclosed amount
Juneau, AK-based heavy equipment dealer management system

GenNx360
Heartland Business Systems
Undisclosed amount
Little Chute, WI-based provider of IT services for commercial and public sector clients

Advent International and Corvex Private Equity
Heidrick & Struggles
Undisclosed amount
Chicago, IL-based executive search firm

Shofner Capital Partners
PtEverywhere
Undisclosed amount
Cary, NC-based practice management platform for cash-pay physical therapy clinics

TZP Group
True Lacrosse
Undisclosed amount
Lombard, IL-based youth lacrosse organization 

Mountaingate Capital
Walker Sands
Undisclosed amount
Chicago, IL-based corporate communications firm 

Venture Capital Deals

Avalon BioVentures, Correlation Ventures, and Alexandria Venture Investments
AeroRx Therapeutics
$21M
La Jolla, CA-based biotech focused on chronic respiratory diseases

NEA, Eli Lilly, Alexandria Venture Investments, Atlas Venture, Avidity Partners, F-Prime, GV, Mass General Brigham Ventures, and Perceptive Advisors
Affinia Therapeutics
$40M
Waltham, MA-based gene therapy startup focused on cardiovascular and neurological diseases

Prime Eight Capital, CR Biotech, HighLight Capital, HM Venture Partners, and ReliantTech
Arthrosi Therapeutics
$153M
San Diego, CA-based company treating gout and tophaceous gout patients

Addition, Trust Ventures, Valor Equity Partners, Thrive Capital, Lightspeed, Andreessen Horowitz, Altimeter, StepStone, Elad Gil, 137 Ventures, Terrain, Waybury, Ribbit, CapitalG, Spark, BOND, Lowercarbon, Avenir, Glade Brook, Positive Sum, and 1789
Base Power
$1B
Austin, TX-based home power backup company

Pantera Capital,LDA Capital, Borderless Capital, and Ajna Capital
Bee Maps
$32M
San Francisco, CA-based decentralized mapping startup

Pantera Capital, Coinbase Ventures, Reciprocal Ventures, and Jump Capital
Coinflow
$25M
Chicago, IL-based stablecoin payments startup

Bain Capital Ventures, Index, Elad Gil, Sequoia, Cooley LLP, and Patrick Collison
Crosby
$20M
New York, NY-based AI law firm

FTV Capital and Forerunner Ventures
Duos
$130M
Minneapolis, MN-based senior benefits company

Bessemer Venture Partners, B Capital, SignalFire, Lightspeed, HarbourVest, Adams Street, RELX, and Broadlight Capital
EvenUp
$150M
San Francisco, CA-based provider of AI solutions for personal injury law

A16z, Nexus Venture Partners, and YC
FurtherAI
$25M
San Francisco, CA-based insurance workflow startup

Point72, Goodwater Capital, Headline, Blackbird VC, LG Technology Ventures, and Alumni Ventures
Heidi Health
$65M
New York, NY-based medical scribe

Vinod Khosla, Khosla Ventures. Celesta Capital, Anthology Fund, and Carya Venture Partners
HiOctave
$15M
San Francisco, CA-based SMB customer service agent company

Sonder Capital, Senvest Management, and LB Investment
Jupiter Endovascular
$40M
Menlo Park, CA-based developer of endovascular procedures tech

Sequoia, Andreessen Horowitz, Paradigm, CapitalG, Coinbase Ventures, General Catalyst, and Spark Capital
Kalshi
$300M
New York, NY-based prediction markets

WestRiver Group
Lumen Bioscience
$30M
Seattle, WA-based biologic drugmaker

Haun Ventures, Bain Capital Cryptoled, Pantera Capital, Apollo, Northwestern Mutual Future Ventures, and Stillmark
Meanwhile
$82M
San Francisco, CA-based Bitcoin life insurer

Pangaea Ventures, PureTerra Ventures, Ecolab, W. L. Gore & Associates, The Lewis Family Office, Safar Partners, Lam Research, Indico Ventures, and Giantleap Capital
Membrion
$20M
Seattle, WA-based industrial wastewater treatment startup

The Column Group, DCVC Bio, Lux Capital, the Gates Foundation, and Alexandria Venture Investments
Nilo Therapeutics
$101M
New York, NY-based immune disease treatment developer

HighPost Capital
Northbeam
$15M
El Segundo, CA-based video marketing tech startup

FPV Ventures, McKesson Ventures, OSE, Black Opal, Tau, and Rogue VC
Oath Surgical
$24M
San Francisco, CA-based outpatient surgery clinic operator

Titanium Ventures, Google, and 2150
OpenSolar
$20M
San Francisco, CA-based provider of solar installer software

Index Ventures, Benchmark, Coatue, and Root Ventures
Quilter
$25M
Los Angeles, CA-based developer of autonomous PCB layout

Jump Capital, Glasswing Ventures, and Accomplice
Realm.Security
$15M
Boston, MA-based data security startup

 

Nvidia, Lightspeed Venture Partners, and Sequoia Capital

Reflection AI

$2B

Brooklyn, NY-based open-source AI model startup

 

DCVC, Blackbird, KdT Ventures, and Build Collective
Remedy Robotics
$35M
San Francisco, CA-based developer of robotic interventions for stroke and cardiovascular car

PeakSpan Capital
Routefusion
$26.5M
Austin-based embedded cross-border payments startup

Qumra Capital, Zeev Ventures, Insight Partners, Entrée Capital, Flint Capital, and Jibe Ventures
Sensi.AI
$45M
Palo Alto, CA-based caregiver insight platform

Bessemer Venture Partners, Arch Venture Partners, Vida Ventures, and Polaris Partners
Soufflé Therapeutics
$200M
Newton, MA-based RNA biotech

US Innovative Technology Fund
Stoke Space Technologies
$510M
Kent, WA-based reusable rocket maker

Spark Capital
Tigris
$25M
Sunnyvale, CA-basedprovider of localized data storage centers

Pantera Capital, Lightspeed, Alpha Edison, Motley Fool Ventures, California Innovation Fund, and Tomer London
TransCrypts
$15M
Newark, CA-based blockchain-based digital identity startup

Spice Expeditions, Autotech Ventures, FPV Ventures, Pelion Venture Partners, Mark Cuban, and Clocktower Technology Ventures
Yendo
$50M
Dallas, TX-based vehicle-secured credit card company

October 15th, 2025|Scherzer Deal Report|

Philadelphia City Council Amends and Expands Fair Criminal Record Screening Standards Law (commonly referred to as the “Fair Chance Law” or “Ban-the-Box”)

What is this about?

On September 25, 2025, the Philadelphia City Council passed a bill amending and expanding the existing Philadelphia Fair Chance Law. This legislation introduces several changes to enhance protections for job applicants and employees with criminal records. It becomes effective on January 6, 2026, and applies to employers in Philadelphia.


Key Changes:

Shortened Lookback Period for Misdemeanors

Under the existing Fair Chance Law, employers are prohibited from considering conviction information that is older than seven years from the date of the inquiry. The new amendments reduce the lookback period for misdemeanors to four years. The lookback period for felony convictions remains subject to the
seven-year window.

Summary Offenses Excluded From Employment Decisions:

The amendments reconcile the limitations under the Fair Chance Law with those imposed by the Pennsylvania Criminal Records Information Act (CHRIA) by confirming that employers may not consider summary offenses—offenses that do not rise to the level of a felony or misdemeanor—in making
employment decisions.

Added Protections for Expunged or Sealed Records:

Employers may not consider expunged or sealed criminal records. Furthermore, if such records appear in a background check or in PennDOT driver history reports, employers must allow applicants to provide proof of sealing or expungement before making a final decision.

Notice of Background Checks:

Employers who choose to provide notice of their intention to perform a
background check during the hiring process, such as in a job advertisement or in a job offer, must now also state that any consideration of the background check will be an individualized assessment based on the applicant’s or employee’s specific record and the requirements and duties of the particular
job.

Notice and Rebuttal Opportunities
Employers will have additional pre-adverse action requirements, which include
providing applicants or employees with:

  1. A summary of the applicant’s or employee’s rights under the Fair Chance Law.
  2. A statement that the employer will consider evidence of any error in the criminal history records, evidence of rehabilitation, or other mitigation if provided by the applicant or employee. A list of the types of evidence that may be offered includes:
      • the completion of a mental health or substance use
        disorder treatment program
      • the completion of a job training program
      • the completion of a GED or post-secondary education
        program
      • service to the community
      • work history in a related field since the time of conviction
        or incarceration
      • an active occupational licensure, commercial driver

    licensure, or other licensure necessary to perform the specific duties of the job.

  3. Instruction as to how the applicant or employee can exercise their right to provide evidence or explanation directly to the employer.

Anti-Retaliation Protections

The amendments provide a rebuttable presumption of retaliation if an employer takes adverse action within 90 days of an applicant or employee asserting their rights under the Fair Chance Law. Employers must demonstrate that any adverse action was taken in good faith and unrelated to the protected activity.

Why compliance matters:

Employers with operations in Philadelphia—including those hiring remote or hybrid workers—who may fall under the city’s jurisdiction, should use the time before January 6, 2026, to review their policies and prepare for implementation of the Fair Chance Law’s amended requirements. Most notably, employers should update their pre-adverse action notices to comply with the expanded notice and rebuttal rights to ensure that they are based on objective criteria that are unrelated to the applicant’s or employee’s exercise of their rights under the
Fair Chance Law.

What SI is doing:

SI provides employment-related background check reports that comply with federal, state, and local employment laws. SI stays current with changes in the laws that affect how an employer can use an individual’s personal information in an employment decision. SI’s policies and procedures will include compliance with the new Fair Chance Law amendments.

 

Disclaimer: This communication is for general informational purposes only and does not constitute legal advice. The summary provided in this alert does not, and cannot, cover in detail what employers need to know about the amendments to the Philadelphia Fair Chance Law or how to incorporate its requirements into their hiring process. No recipient should act or refrain from acting based on any information provided here without advice from a qualified attorney licensed in the applicable jurisdiction.

October 14th, 2025|Compliance Corner, Employment Decisions|

The Scherzer Deal Report: September 29-October 3, 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.

Sign up: Get private equity and venture capital deals delivered to your inbox every week!

Fundraising for PE & VC Funds

Avenue Capital Group
$1B
Debut sports fund

Better Tomorrow Ventures
$140M
Third fintech-focused fund

Blackstone
$10B
Third Asia buyout fund

Blue Sage Capital
$287M
First strategic credit fund

Boost VC
$87M
Fourth fund

Gemspring Capital Management
$1.1B
Second growth solutions fund

Hughes & Co.
$260M
Second PE fund focused on health-care softwqare and tech-enabled services

Radian Capital
$600M
Fourth fund

Private Equity Deals

Northern Horizon
ACG Systems
Undisclosed amount
Annapolis, MD-based wireless communications systems integrator and technical services provider

Nuveen
Ally Energy Solutions
Undisclosed amount
Houston, TX-based industrial energy services company

Wynnchurch Capital
Charter Industries
Undisclosed amount
Grand Rapids, MI-based provider of provider of edgebanding products

Sunstone Partners
Clearwater
Undisclosed amount
Nashville, TN-based provider of cybersecurity and compliance solutions for health care

Sheridan Capital Partners
Currier Plastics
Undisclosed amount
Auburn, NY-based maker of custom precision plastic components for health care and life sciences

Spectrum Equity
CyberCube
Undisclosed amount
San Francisco, CA-based risk modeling SaaS

Palm Peak Capital
Domaille Engineering
Undisclosed amount
Rochester, MN-based provider of equipment for manufacturing pre-terminated fiber optic cables

Eagle Merchant Partners
ES Integrated
Undisclosed amount
Charleston, SC-based provider of industrial cleaning, environmental, and waste services

Serata Capital Partners
EventLink Group
Undisclosed amount
Sterling Heights, MI-based experiential marketing platform

TA Associates
FinQuery
Undisclosed amount
Atlanta, GA-based provider of accounting automation software

Revelstoke
Griffin Concierge Medical
Undisclosed amount
Tampa, FL-based membership-based primary care practice

One Equity Partners
McNichols
Undisclosed amount
Tampa, FL-based distributor of specialty metals and fiberglass products

Lovell Minnick Partners
Merchant Industry
Undisclosed amount
Long Island City, NY-based provider of payment acceptance solutions

Rockbridge
Miles Mediation & Arbitration
Undisclosed amount
Atlanta, GA-based dispute resolution provider

Artemis
Millrock Technology
Undisclosed amount
Kingston, NY-based maker of freeze-drying instruments

Mubadala Capital
Silver Rock Financial
Undisclosed amount
Los Angeles, CA-based credit manager

Signal Rock Capital
Thermae Retreat
Undisclosed amount
Fort Lauderdale, FL-based spa operator

Lovell Minnick Partners
Valor PayTech
Undisclosed amount
Jericho, NY-based point-of-sale software and payment tech company

Venture Capital Deals

Peak XV Partners, YC, and Uncorrelated Ventures
Alex
$17M
San Francisco, CA-based AI recruiter

RTP Global, Alpha Square Group, Titanium Ventures, Picus Capital, and Bonfire Ventures
Alvys
$40M
Solana Beach, CA-based management system for freight operators

Lightspeed, First Round, Chemistry, Felicis, A*, Liquid 2 Ventures, and Quiet Capital
Assort Health
$76M
San Francisco, CA-based patient communications automation startup

Thomvest Ventures and Matrix Partners
Baselane
$20M
New York, NY-based banking and financial platform for real estate investors

Pfizer Ventures, LG Corp, Amgen Ventures, Finchley, Global BioAccess Fund, Lotte Holdings CVC, a16z, 8VC, Wing Venture Capital, Catalio, AME Cloud Ventures, Artis Ventures and Gaingels
Cartography Biosciences
$67M
San Carlos, CA-based developer of colon cancer therapies

Novo Holdings, Catalys, SR One, Lightstone VC, Longwood Fund, and Alexandria Venture Investments
Crystalys Therapeutics
$205M
San Francisco, CA-based biotech focused on gout

Accel, Cherry Ventures, and Dig Ventures
Dash0
$35M
New York, NY-based GenAI observability platform

Notable Capital, Lightspeed, Dell Technologies Capital, Unusual Ventures, Cerca Partners, and Triventures
Descope
$35M
Los Altos, CA-based authentication platform

Lightspeed,  Khosla Ventures, GV, Contrary, and Vesey Ventures
DualEntry
$90M
New York, NY-based ERP startup

Spark Capital, a16z, Lightspeed, and Menlo Ventures
Eve
$103M
San Mateo, CA-based AI platform for plaintiff law firms

Addition, NEA, D. E. Shaw, Hetz Ventures, and Illuminate Financial
Flox
$25M
New York, NY-based software lifecycle startup

Brevan Howard Digital, CoinFund, DWF, FalconX, Hypersphere, Lemniscap, Nascent, Republic Digital, Selini, Sigil Fund, Susquehanna Crypto, Tioga Capital, and Virtuals Protocol
Flying Tulip
$200M
New York, NY-based on-chain exchange

Advance Venture Partners
Midi
$50M
San Francisco, CA-based provider of women’s virtual care

HV Capital, Atomico, Firstminute Capital, and System.One
Mondoo
$17.5M
San Francisco, CA-based provider of agentic vulnerability management solutions

AIX Ventures, Threshold, and NVentures
Moonlake AI
$28M
San Francisco, CA-based AI research lab

Dawn Capital
Oneleet
$33M
Beaverton, OR-based security compliance platform

Lightspeed, Fuse, and EQT Ventures
Paid
$21.6M
Marlborough, MA-based provider of billing solutions for agent-makers

A16z, a16z, DST, Nvidia, Accel, Elad Gil, Jeff Dean, Eric Schmidt, and Jeff Bezos
Periodic Labs
$300M
San Francisco, CA-based AI scientist startup

Collaborative Fund, Sony Innovation Fund, Helena, Index Ventures, and Nvidia
Phaidra
$50M
Seattle, WA-based provider of AI agents that help manage data centers

Maple Park Capital Partners
Prep Network
$30M
Plymouth, MN-based collegiate athlete recruiting and live events platform

Centana Growth Partners and OMI Capital
RunBuggy
$37M
Tempe, AZ-based platform connecting car shippers and haulers

Bluestone Equity Partners, Silverton Partners, and Next Coast Ventures
Scorability
$40M
Austin, TX-based software platform for college sports recruiting and evaluation

Sanofi Ventures, Viking Global, Janus Henderson, Frazier Life Sciences, GordonMD Global Investments, Agent Capital, Blue Owl Capital, Catalio Capital Management, Cormorant, New Leaf Venture Partners, NYBC Ventures, OrbiMed, QIA, RA Capital Management, Redmile Group, Sofinnova Investments, Soleus Capital and Westlake BioPartners
Star Therapeutics
$125M
South San Francisco, CA-based biotech focused on bleeding disorders

Accel and Peak XV
Supabase
$100M
Postgres database management system

Health Velocity Capital and Kaiser Permanente Ventures
SureCo
$23M
Santa Ana, CA-based ICHRA administrator

Accel, GIC, BlackRock, StepStone, and Khosla Ventures
Vercel
$300M
Covina, CA-based front-end cloud development platform

Hedosophia, Elaia, and Singular
Vibe.co
$50M
Chicago, IL-based streaming ad platform

Noro-Moseley Partners, Cigna, Intermountain Ventures, Flare Capital Partners, and Frist Cressey Ventures
Visana Health
$24M
Minneapolis, MN-based provider of virtual women’s care

October 8th, 2025|Scherzer Deal Report|

Do Employers Still Use Credit Reports for Hiring Decisions?

The short answer is yes, but not as often, and with certain limitations.

As hiring practices evolve, many employers are rethinking the use of credit reports in the hiring process. While still common in finance, government, and executive roles, credit checks for other positions are increasingly scrutinized for their relevance, fairness, and legal risk.

Why Some Employers Still Use Them:

  • To assess financial responsibility for roles involving access to money or sensitive data
  • To comply with industry regulations
  • To help mitigate fraud or identity risks

Why Many Do Not Use Them:

  • Credit history does not equal job performance
  • Risk of discrimination or bias
  • Growing legal restrictions at the state and local levels
  • FCRA compliance requirements are strict and costly if mishandled

Several states and localities have laws that limit or ban private employers from conducting employment credit checks, except in specific roles.

Best Practices for Employers:

  • Use credit checks only when job-relevant
  • Have policies in place defining what information on a credit report is disqualifying (note: credit reports do not show judgments or tax liens)  
  • If you’re a multi-state employer, consider eliminating credit checks if laws in one or more of your locations prohibit or limit these checks
  • Always follow FCRA guidelines

Credit checks are no longer a default step in hiring–they’re a strategic choice that requires careful consideration.

October 3rd, 2025|Compliance Corner, Employment Decisions|

The Scherzer Deal Report: September 22-26, 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.

Sign up: Get private equity and venture capital deals delivered to your inbox every week!

Fundraising for PE & VC Funds

Archetype
$100M
Third fund

Macquarie Asset Management
$3B
First dedicated energy transition fund

 

Razor’s Edge
$560M
Fourth fund

Ridgemont Equity Partners
$3.975B
Fifth fund

 

Sanofi Ventures
$625M
New fund

 

Touring Capital
$330M
Debut fund

Private Equity Deals

Shore Capital Partners
Comfort Temp
Undisclosed amount
Gainesville, FL-based provider of commercial and residential HVAC, refrigeration, and plumbing services

Emerald Lake
Core Transformers
Undisclosed amount
Seneca, SC-based provider of new and reconditioned transformers

Lion Equity Partners
Custom Tube Products
Undisclosed amount
Edgewater, FL-based maker of metal tubing assemblies and parts

Novacap
Integral Ad Science
Undisclosed amount
New York, NY-based media measurement firm

Goldman Sachs Infrastructure Fund
Liquid Environmental Solutions
Undisclosed amount
Austin, TX-based nonhazardous liquid waste management firm

Stone Point Capital and CPP Investments
OneDigital
Undisclosed amount
Atlanta, GA-based insurance brokerage and workforce consultant

Patient Square Capital
Premier
Undisclosed amount
Charlotte, NC-based health-care performance improvement firm

Thoma Bravo
PROS Holdings
Undisclosed amount
Houston, TX-based provider of revenue management software to airlines

Salt Creek Capital and HCAP Partners 
Real Diagnostics
Undisclosed amount
Reisterstown, MD-based microbiology and molecular diagnostics lab for physician offices and clinics

Tamarix Equity Partners
Royal Oak Recycling
Undisclosed amount
Detroit, MI-based provider of commercial recycling services

RA Capital Management, Forbion, OrbiMed, RiverVest, and USVP
Sparrow Pharmaceuticals
Undisclosed amount
Portland, OR-based developer of cardiometabolic drugs

BellTower Partners
United Soccer League
Undisclosed amount
North America’s largest and fastest-growing professional soccer organization

Venture Capital Deals

Riverwood Capital
AppZen
$180M
San Jose, CA-based automated enterprise finance compliance tool

Qiming Venture Partners, HanKang Capital, CDH Investments, YuanBio Venture Capital, Sherpa Capital, and Genesis Capital
Ausperbio
$63M
San Francisco, CA-based biotech focused on chronic hepatitis

Bessemer Venture Partners, Lakestar, Mosaic Ventures, Costanoa Ventures, and DoD
Auterion
$130M
Arlington, VA-based provider of software for military drones

OrbiMed, SR One, Longwood Fund, Foresite Capital, Lilly Asia Ventures, Surveyor Capital, NEA, Deep Track Capital, Sofinnova Investments, Sands Capital, Ince Capital, TF Capital, Delos Capital, and Quan Capital
Avenzo Therapeutics
$60M
San Diego, CA-based oncology biotech

Earlybird Venture Capital, Santé Ventures, Deerfield Management, CD Capital, and KOFA Healthcare
Axon Therapies
$32M
New York, NY-based medical device maker focused on heart failure

Lightspeed, NEA, and Refract
Brale
$30M
Des Moines, IA-based stablecoin issuer

Spark Capital, Activant Capital, Industry Ventures, and Pear VC
Cardless
$60M
San Francisco, CA-based branded credit card platform

Star Mountain Capital
Caregility
$25M
Wall, NJ-based global digital health leader providing a Connected Care Platform and AI-powered solutions to connect patients and clinicians through secure audio and video communication

Primary Venture Partners, ParaFi Capital, Stripe, Coinbase Ventures, Solana Ventures, Samsung Next, and Polygon Labs
Circuit & Chisel
$19.2M
Fairfiield, CT-based agentic commerce platform

Healthier Capital and Blue Venture Fund
Daymark Health
$20M
Philadelphia, PA-based cancer care company

G2A Investment Partners, Venture 53, and Tech Square Ventures
DEXA
$15M
Dayton, OH-based autonomous drone delivery startup

Khosla Ventures, Lightspeed, Coatue, Dell Technologies Capital, and DST Global
Distyl AI
$175M
San Francisco, CA-based startup that helps integrate AI into core biz workflows

JMI Equity
EdSights
$80M
New York, NY-based student voice platform

Lightspeed, YC, Together, and Prosus
Emergent
$23M
San Francisco, CA-based vibe coding platform for small businesses

Fidelity Management & Research Company, Maverick Silicon, CapitalG, Atreides Management, Socratic Partners, Walden Catalyst Ventures, Knollwood, and the Abu Dhabi Investment Authority
Empower Semiconductor
$140M
San Jose, CA-based processor maker

Gilead, 5AM Ventures, Catalio Capital Management, Cormorant, Delos Capital, F-Prime, Gates Foundation, Hanwha Impact Partners, Mirae Asset Financial Group, QIA, RTW, Solasta Ventures, SymBiosis and Viking Global Investors
Ensoma
$53M
Boston, MA-based in vivo hematopoietic stem cell engineering company

NEA, Sequoia Capital, Nvidia, and JPMorgan
Factory
$50M
San Francisco, CA-based software development platform

Salesforce Ventures, Battery Ventures, Left Lane Capital, and M-Fund
Fetcherr
$42M
New York, NY-based pricing engine for airlines

Insight Partners, Accel, Halo Fund, Meritech, Stepstone, Run Ventures, and Album Ventures
Filevine
$400M
Salt Lake City, UT-based legal intelligence startup

Benchmark
Greptile
$25M
San Francisco, CA-based code review platform

Insight Partners, Avenir, Primary Venture Partners, Scale Venture Partners, Story Ventures, Third Prime, and Studio VC
Inspiren
$100M
New York, NY-based senior living tech startup

The General Partnership, Wisdom Ventures, Blitzscaling Ventures, Westbound Equity Partners, and Mosaic Ventures
Manas AI
$26M
New York, NY-based drug discovery and development startup

Paladin Capital Group, Khosla Ventures, LGVP, and Entrepreneur First
Mimica
$26.2M
New York, NY-based process intelligence startup

Mayfield and Nexus Venture Partners
Obot AI
$35M
Cupertino, CA-based open-source enterprise AI gateway

Brightmind Partners, Sequoia Capital, and Insight Partners
Prelude Security
$16M
New York, NY-based endpoint protection platform

Valtruis and Intermountain Ventures
Sevaro Health
$39M
East Brunswick, NJ-based provider of virtual neurology services

RA Capital Management, Forbion, OrbiMed, RiverVest, and USVP
Sparrow Pharmaceuticals
$95M
Portland, OR-based developer of cardiometabolic drugs

Yves Behar, Marc Tarpenning, To VC, E12 Ventures, Neo, Marc Benioff, Uncorrelated Ventures, Nova Threshold, and MCJ
Telo Trucks
$20M
San Carlos, CA-based tiny electric truckmaker

CVS Health Ventures, Foresite Capital, a16z, Concord Health Partners, Town Hall Ventures, and AlleyCorp
Thyme Care
$97M
Nashville, TN-based cancer care company

Founders Fund, Field Ventures, and Lux Capital
Until Labs
$58M
San Francisco, CA-based developer of cryopreservation for organs

Bessemer Venture Partners
Valence
$50M
New York, NY-based enterprise AI coach

Sapphire Ventures, Left Lane Capital, Base10, and Cross Creek Capital
WeTravel
$92M
San Francisco, CA-based provider of travel payments software

Interactive Brokers, Morgan Stanley, Apollo, SoFi, Jump Crypto, Northwestern Mutual Future Ventures, and Liberty City Ventures
Zero Hash
$104M
Chicago, IL-based digital assets infrastructure provider

October 1st, 2025|Scherzer Deal Report|

The Scherzer Deal Report: September 15-19, 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.

Sign up: Get private equity and venture capital deals delivered to your inbox every week!

Fundraising for PE & VC Funds

Advent International
$20B
Latest flagship fund

Alt Capital
$275M
Second fund

Point 41 Capital Partners
$400M
Debut fund

T.Rx Capital
$77.5M
Debut fund

Private Equity Deals

Vista Equity
Akuvo
Undisclosed amount
Malvern, PA-based provider of collections software

Percheron Capital
Enervise
Undisclosed amount
Cincinnati, OH-based commercial HVAC services company

I Squared Capital
Entek
Undisclosed amount
Lebanon, OR-based maker of battery separators

Blackstone
Hill Top Energy Center
Undisclosed amount
Greene County, PA-based 620-megawatt natural gas power plant

Onex Partners
Integrated Specialty Coverages
Undisclosed amount
Carlsbad, CA-based insurance data and distribution platform

Keensight Capital
Isto Biologics
Undisclosed amount
Hopkinton, MA-based maker of orthobiologic products

Lone View Capital
Jumpmind
Undisclosed amount
Westerville, OH-based provider of POS retail tech solutions

Centre Partners and Baldwin Creek Partners
Maynor
Undisclosed amount
Raleigh, NC-based provider of residential field services

Ara Partners
Microtec
Undisclosed amount
Naples, FL-based company turning waste glass into concrete materials

Sheridan Capital Partners
National Care Systems
Undisclosed amount
Brooklyn, NY-based provider of revenue cycle management software for skilled nursing and assisted living facilities

Thoma Bravo
Olo
Undisclosed amount
New York, NY-based restaurant SaaS provider

General Atlantic
Osea Malibu
Undisclosed amount
Malibu, CA-based skin care company

Platinum Equity
PlayPower
Undisclosed amount
Huntersville, NC-based maker of recreational and outdoor living systems

ParkerGale
RedZone Technologies
Undisclosed amount
Annapolis, MD-based IT service provider for highly regulated industries

GHO Capital
Scientist.com
Undisclosed amount
Solano Beach, CA-based life sciences R&D orchestration platform

GTCR
SimpliSafe
Undisclosed amount
Boston, MA-based residential security company

Arlington Capital Partners
Team Tech
Undisclosed amount
Morristown, TN-based contract manufacturer for health care

Riverspan Partners
United Titanium
Undisclosed amount
Wooster, OH-based maker of fasteners and precision components

Venture Capital Deals

John Marshall
Airia
$100M
Harrison, NY-based enterprise AI security and orchestration platform

Khosla Ventures, Bain Capital Ventures, and Picus Capital
Aleph
$29M
New York, NY-based provider of planning and analysis automation for finance teams

Versant Ventures and Westlake BioPartners
AllRock Bio
$50M
Natick, MA-based biotech focused on cardiopulmonary and fibrotic diseases

Oak HC/FT, Menlo Ventures, Craft Ventures, and Quiet Capital
Arch
$52M
White Plains, NY-based developer of a “Charles Schwab for private markets”

Canada Pension Plan Investment Board
Chestnut Carbon
$90M
New York, NY-based carbon removal startup

Scale Venture Partners, Nventures, CRV, Harmony Partners, Flex Capital, Engineering Capital, and Pelion Venture Partners
CodeRabbit
$60M
Walnut Creek, CA-based code review startup

Advance Venture Partners, Artis Ventures, Stride, and ACME
Conceivable Life Sciences
$50M
New York, NY-based developer of automated IVF labs

Rochefort Asset Management
Divergent Technologies
$290M
Torrance, CA-based manufacturing platform for military parts

Lightspeed, USV, Tusk Ventures, Mantis VC, Seven Stars, and Fei-Fei Li
Doctronic
$20M
New York, NY-based health guidance tech startup

Versant Ventures, Qiming Venture Partners, Eli Lilly, Chugai Venture Fund, and Alexandria Venture Investments
Dualitas Therapeutics
$65M
South San Francisco, CA-based developer of antibodies for immune and inflammatory diseases

Robostrategy, CRV, First Round Capital, Salesforce Ventures, NVentures, Amazon Industrial Innovation Fund, Samsung Next, and LG Technology Ventures
Dyna Robotics
$120M
Redwood City, CA-based developer of robots for commercial settings

Respida Capital
Entouch
$50M
Richardson, TX-based provider of energy management solutions for multisite operators

Fuse VC and Point72 Ventures
Envive A
$15M
Seattle, WA-based AI platform for retail brands

B Capital, March Capital, Point72 Ventures, FinTech Collective, and Commerce Ventures
Extend
$20M
New York, NY-based provider of spend management software to banks

Parkway Venture Capital, Brookfield Asset Management, Nvidia, Macquarie Capital, Intel Capital, Align Ventures, Tamarack Global, LG Technology Ventures, Salesforce, T-Mobile Ventures, and Qualcomm Ventures
Figure
$1B
San Francisco, CA-based maker of humanoid robots

Munich Re Ventures, Breakthrough Energy Ventures, and DCVC
Fourth Power
$20M
Cambridge, MA-based energy storage startup that uses thermal batteries

Insight Partners, Energize Capital, Craft Ventures, LiveOak Ventures, and Chicago Ventures
GreenLite
$49.5M
New York, NY-based construction permitting startup

Disruptive, BlackRock, Neuberger Berman, Deutsche Telekom Capital Partners, Samsung, Cisco, D1, and Altimeter
Groq
$750M
Mountain View, CA-based AI chipmaker

Oak HC/FT, Optum Ventures, and Rubicon Founders
Imagine Pediatrics
$67M
Nashville, TN-based provider of virtual special needs care

Braidwell, Collective Global, Altitude Life Science Ventures, Alumni Ventures, ARK Venture Fund, Common Metal, Flagship Pioneering, General Catalyst, March Capital, Mathers Foundation, Modi Ventures, NGS Super, State of Michigan Retirement System, and Abu Dhabi Investment Authority
Lila Sciences
$235M
Cambridge, MA-based developer of AI tools for scientific discovery

Lightspeed, Adverb, Thrive Capital, and Google Ventures
Macroscope
$30M
Broomfield, CO-based understanding engine

Peak XV Partners, Salesforce Ventures, HSG, Coral Capital, Michael Seibel, YC, Altos Ventures, and Atinum Investment
MarqVision
$48M
Los Angeles, CA-based brand protection startup

Addition, Upfront Ventures, True Ventures, and Founders Fund
Modern Animal
$46M
Los Angeles, CA-based vet clinic network

Intel Capital, Geodesic Alliance Fund, and Oregon Venture Fund
Mueon
$15.5M
Portland, OR-based “data center in a box”

Mayfield, Benchmark, Uncork Capital, YC, and Mantis VC
Numeral

$35M
San Francisco, CA-based sales tax automation startup

Arch Venture Partners, Mubadala Capital, and Monograph Capital
Ollin Biosciences
$100M
Austin, TX-based ophthalmology biotech

Noa, Prologis Ventures, Johnson Controls, PSP Growth, Addition, NVentures, Keyframe, and Brookfield
PassiveLogic
$74M
Salt Lake City, UT-based building software and hardware developer

September 24th, 2025|Scherzer Deal Report|

The Scherzer Deal Report: September 8-13 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.

Sign up: Get private equity and venture capital deals delivered to your inbox every week!

Fundraising for PE & VC Funds

Aurora Capital Partners
$2.1B
Seventh flagship midmarket PE fund


Bain Capital and Lincoln Financial
tbd
Evergreen private credit fund

One Equity Partners
$3.25B
Ninth flagship fund

Platinum Equity
$2.28B
Second small-cap PE fund

Rockbridge Growth Equity Management
$360M
Third midmarket PE fund

Veritas Capital
$14.4B
Ninth flagship fund

Private Equity Deals

EnCap Flatrock
Aspen Midstream
Undisclosed amount
Dallas, TX-based focused on natural gas transmission and last-mile solutions in North America

Industrial Opportunity Partners
Charcuterie Artisans
Undisclosed amount
Salt Lake City, UT-based charcuterie group

Hudson Glade and New State Capital Partners
ComNet Communications 
Undisclosed amount
Bethel, CT-based provider of low-voltage infrastructure solutions

Vitruvian Partners
DeepIntent 
$637M
New York, NY-based health-care advertising platform

ParkerGale
e-PlanSoft
Undisclosed amount
Irvine, CA-based provider of electronic plan review software

Station Partners
First Children Services
Undisclosed amount
Cherry Hill, NJ-based provider of behavioral health and special ed services in New Jersey and Pennsylvania

Signal Hill
Kluber
Undisclosed amount
Aurora, IL-based architecture, engineering, and design firm

Arsenal Capital Partners
ThermoSafe 
Undisclosed amount
Alrington Heights, IL-based packaging business

Magnetar
Torus
$200M
Salt Lake City, UT-based distributed power plant platform

Interlock Equity
VeloSource
Undisclosed amount
St. Louis, MO-based provider of locum tenens staffing solutions

Venture Capital Deals

Interlagos, a16z, Point72 Ventures, and 8VC
Apex Space
$200M
Los Angeles, CA-based maker of satellite busses

Khosla Ventures, General Catalyst, Caffeinated Capital, GIC, Electric Capital, and Founders Fund
Aven
$110M
San Francisco, CA-based provider of home equity–backed credit cards

NEA
Clockwork
$20.5M
San Francisco, CA-based startup seeking to maximize AI workloads via GPU maximization

Founders Fund, Lux Capital, 8VC, Neo, Elad Gil, Definition Capital, and Swish VC
Cognition
$400M
New York, NY-based AI coding startup

a16z, Insight Partners, MGX, Thrive Capital, and WCM Investment Management
Databricks
$1B
San Francisco, CA-based data and AI company

HealthQuest Capital, Norwest Venture Partners, .406 Ventures, LRVHealth, and AlleyCorp
Diana Health
$55M
New York, NY-based network of women’s health practices

MassMutual Ventures and Healthy Ventures
Goodpath
$18M
Boston, MA-based provider of virtual care for chronic conditions

General Catalyst, 8VC, Alta Partners, and DFO Management
Harbor Health
$130M
Austin, TX-based clinic group and insurer

GFT Ventures, BroadLight Capital, NextEquity Partners, AI Capital Partners, Menlo Ventures, and Alpha Square Group
Higgsfield.ai
$50M
San Francisco, CA-based video reasoning engine

NTTVC
Isotopes.AI
$20M
Palo Alto, CA-based AI agent for analytics

QED Investors, Activate Capital, August Capital, Proof, Commerce Ventures, Sompo, Savano, Gaingels, and Better Tomorrow Ventures
Kin Insurance
$50M
Chicago, IL-based DTC home insurer

Deep Track Capital, Vida Ventures, Pontifax, and TC
GLB Pharmaceuticals
$285M
New York, NY-based biotech focused on neuropsychiatric diseases like acute schizophrenia

World Fund, Khosla Ventures, Chipotle’s Cultivate Next, Change Forces, Susquehanna Sustainable Investments, Energy Impact Partners, and Fine Structure Ventures
Nitricity
$50M
San Francisco, CA-based organic fertilizer maker

Byers Capital, Blue Venture Fund, Northpond Ventures, S32, Casdin Capital, and Merck Global Health Innovation Fund
Octave Bioscience
$35M
Menlo Park, CA-based biotech focused on Multiple Sclerosis

Affinity Asset Advisors, Dimension Capital, Jeito Capital, Lightspeed Ventures, TPG Life Sciences Innovations, and Wedbush Healthcare Partners
Odyssey Therapeutics
$213M
Boston, MA-based biotech focused on autoimmune disorders and inflammation

Insight Partners, Memorial Hermann, Northwell Health, Novant Health, The Ohio State University Wexner Medical Center, and UPMC Enterprises
Optain
$26M
New York, NY-based provider of eye-disease detection and cardiovascular-disease risk assessment

Greycroft, UPMC Enterprises, SemperVirens, Snowflake Ventures, Watershed Ventures, Horizon Mutual Holdings, ManchesterStory, Overwater Ventures, California Health Care Foundation, Canvas Prime, and Plug and Play
Penguin Ai
$29.7M
Palo Alto, CA-based provider of health-care administration solutions

Integrity Growth Partners, MetaProp, Capital Eleven, and RE Angels
Pest Share
$28M
Nampa, ID-based provider of pest control software

Base10 Partners, Northzone, Entrepreneurs Roundtable Accelerator, and Eniac Ventures
Predoc
$30M
New York, NY-based health information management company

BlackRock, Temasek, Baillie Gifford, Macquarie Capital, Ribbit Capital, NVentures, Adage Capital Management, Qatar Investment Authority, Type One Ventures, Counterpoint Global (Morgan Stanley), 1789 Capital, S Ventures and insiders Blackbird, Third Point Ventures, and T. Rowe Price
PsiQuantum
$1B
Palo Alto, CA-based developer of quantum computers

Matrix Partners and Infinity Ventures
Rainforest
$29M
Atlanta, GA-based embedded payment provider

Prysm Capital, Google’s AI Futures Fund, Amex Ventures, a16z, and Coatue
Replit
$250M
San Francisco, CA-based development environment

Sutter Hill Ventures and Overlap Holdings
Ridge Biotechnologies
$25M
Palo Alto, CA-based antibody conjugates developer

Mitsubishi Heavy Industries, alongside existing investors Equinor Ventures, Cooper and Company, and Energy Capital Ventures
Sapphire Technologies
$18M
Cyprus, CA-based power generation startup

General Catalyst and Amplify Partners
Spiral
$22M
New York, NY-based database startup

NEA, CVS Health Ventures, CapitalG, Echo Health Ventures, and Town Hall Ventures
Strive Health
$550M
Denver, CO-based kidney care startup

September 17th, 2025|Scherzer Deal Report|

When Headlines Hit Home: Navigating Conflicting Laws on Pending Arrests in California Employment

[/fusion_builder_column]

Your employee just made the news—hauled away in handcuffs for allegedly punching an elderly man. The incident is unsettling, and your leadership team is asking: Can we terminate him?

If your company is headquartered in Ventura County, but the employee works remotely from his home in the City of Los Angeles, the answer isn’t simple. You’re now facing a legal maze involving California state law, a Los Angeles municipal ordinance, and jurisdictional nuances tied to remote work.

California Law: Arrest ≠ Grounds for Termination

Under California Labor Code § 432.7, employers are prohibited from using arrest records that did not result in a conviction when making employment decisions. This includes pending charges. Although you may be aware of the arrest, you cannot terminate or discipline the employee solely based on it. However, California law does allow employers to:

  • Conduct an independent investigation into the alleged misconduct.
  • Take action based on a good-faith belief that the employee engaged in behavior that violates company policy or poses a risk.

Los Angeles Ordinance: Even Stricter Rules

The City of Los Angeles Fair Chance Initiative for Hiring Ordinance (FCIHO) goes further. It prohibits employers from considering a candidate’s criminal history, including pending arrests, until after a conditional offer of employment has been made. Even then, employers must:

  • Conduct an individualized assessment.
  • Provide written notice before taking adverse action.
  • Allow the employee to respond with mitigating information.

Because your employee works remotely from Los Angeles, these local protections apply, even if your company is based elsewhere.

Jurisdictional Conflict: Who Has Authority?

In employment law, the location where the employee performs work typically determines which laws apply. So, although your company is in Ventura County, the employee’s residence and work location in Los Angeles means:

  • Los Angeles municipal law applies.
  • California state law applies.
  • You must comply with both.

What Employers Should Do

Here’s how to respond:

  1. Pause and Assess
    Review all applicable laws and ordinances.
  2. Conduct a Neutral Investigation
    Gather facts, interview witnesses, and document findings. Focus on workplace impact, not the arrest itself.
  3. Consult Legal Counsel
    Jurisdictional conflicts are complex. Legal guidance is essential.
  4. Review Remote Work Agreements
    Ensure that contracts specify the applicable jurisdiction and clearly outline expectations.
  5. Follow the Fair Chance Process
    When considering a candidate’s criminal history in an employment decision, comply with both state and local requirements.

Final Thoughts

In today’s remote work environment, jurisdiction matters more than ever. Employers must navigate a patchwork of laws and ordinances that vary by city, county, and state. When an employee’s conduct raises red flags, the legal response must be measured, compliant, and well-documented. If you’re unsure how to proceed, seek legal guidance before making any employment decisions. The cost of getting it wrong could be far greater than the headline itself.

[/fusion_builder_column]

September 11th, 2025|Compliance Corner, Employment Decisions|

The Scherzer Deal Report: September 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.

Sign up: Get private equity and venture capital deals delivered to your inbox every week!

Fundraising for PE & VC Funds

Atlas Venture
$400M
Third opportunities fund

Benefit Street Partners
$2.3B
Continuation fund

Carlyle
$20B
Private equity secondaries ($5b) and eighth AlpInvest fund ($15B)

Great Hill Partners
$7B
Ninth flagship PE fund

Private Equity Deals

Trivest Partners
Applied Value Group
Undisclosed amount
Andover, MA-based management consultant 

Beringer Capital
Bold Orange 
Undisclosed amount
Minneapolis, MN-based provider of customer experience solutions for enterprise brands

GTCR
Innovative Systems
Undisclosed amount
Mitchell, SD-based provider of software for regional broadband providers

TPG
Irth Solutions
Undisclosed amount
Columbus, OH-based provider of enterprise software for energy and infrastructure companies

Advent International
PatientPoint
Undisclosed amount
New York, NY-based health marketing and engagement firm

Pacific Avenue Capital Partners
Pick Your Part
Undisclosed amount
Chicago, IL-based self-service business for used auto parts

Venture Capital Deals

Portage Ventures, a16z, M13, and Fika Ventures
Allocate

$30M
San Francisco, CA-based provider of private markets software

Iconiq, Bessemer Venture Partners, Foundry Capital, and The Chertoff Group
Anthropic
$13B
San Francisco, CA-based public-benefit AI research firm and developer of the Claude family of large language models

Bond, CapitalG, Premji, Scribble, Conviction, 01a, IVP, Spark Capital, and Greylock
Baseten
$150M
San Francisco, CA-based AI inference infrastructure startup

GE Aerospace
BETA Technologies
$300M
South Burlington, VT-based maker of electric aircraft

Arboretum Ventures and Hatteras Venture Partners
Boomerang Medical
$20M
Mountain View, CA-based developer of an implantable neuromodulation system for IBS

Brewer Lane Ventures, New York Life Ventures, MassMutual Ventures, Perceptive Ventures, F-Prime, Flyover Capital, and Fika Ventures
Dispatch
$18M
Miami, FL-based provider of data orchestration software for financial advisories

Premji Invest, Baillie Gifford, Kinnevik, Lingotto Investment Management, Peakline Partners, FPV, Socium Ventures, Dimension, Level Ventures, Henry Kravis, IA Ventures, and Lux Capital
Enveda
$150M
Boulder, CO-based drug discovery startup that focuses on medicinal plants

Venrock, HSBC Asset Management, Spero Ventures, Toba Capital, Designer Fund, and Commonwealth Ventures
Euclid Power
$20M
Bloomington, MN-based provider of clean energy project management software

Benchmark, Lightspeed, Nvidia, and YCombinator
Exa
$85M
New York, NY-based search engine for AI

Dimension Capital, Stage 2 Capital, Flybridge Capital Partners, Ridge Ventures, Tokyo Black Venture Capital, and Vermillion Cliffs Ventures
Fiveonefour
$17M
Portland, OR-based developer toolkit for analytical backends

First Round, Core VC, Rethink Impact, Cameron Ventures, YC, and Liquid2
Flex
$15M
Austin, TX-based HSA and FSA payment service provider

Sofinnova Partners, Norwest Venture Partners, Elevage Medical Technologies, Ally Bridge Group, Perceptive Xontogeny Venture Fund, Janus Henderson Investors, and Longaeva
Galvanize Therapeutics
$100M
Redwood City, CA-based cancer and lung disease biotech

Base10 Partners, Tokio Marine, WaVe-X, World Innovation Lab, a16z, and YCHappy
Robot
$44M
San Francisco, CA-based AI workforce management platform

Scale Venture Partners, 8VC, Bling Capital, Max Ventures, Remus Capital, and FirstLook Partners
Hello Patient
$22.5M
Austin, TX-based AI platform for patient communications

YZi Labs, Republic Digital, HyperChain Capital, Breyer Capital, Big Brain Holdings, Crypto.com, DNA Fund, Selini Capital, Protein Capital, Quantstamp, and Web3
HemiLabs
$15M
New Castle, DE-based developer of a Bitcoin programmability layer

Ribbit Capital, Ares Credit, Moonshots Capital, and Positive Sum
ID.me
$340M
McLean, VA-based digital identity company

Transformation Capital, Lightspeed Venture Partners, MIT’s E14 Fund, Ubiquity Ventures, and 53 Stations
Ketryx
$39M
Cambridge, MA-based safety compliance platform for life science

sa16z, Khosla Ventures, Ribbit Capital, Coatue Management, Zeev Ventures, Iconiq Capital, and Greycroft
Lead Bank
$70M
Kansas City, MO-based lender

Canapi Ventures, a16z, Curql, Remarkable Ventures, and Intercontinental Exchange
ModernFi
$30M
New York, NY-based provider of deposit-management infrastructure for community and regional banks and credit unions

Vanedge Capital, Edge Venture Capital, NEA, Fusion Fund, Knollwood Capital, Dolby Family Ventures, Khosla Ventures, imec.xpand, Keymaker, Ohio Innovation Fund, and Hyperlink Ventures
Mojo Vision
$75M
Cupertino, CA-based micro-LED platform

Quiet Capital, Shine Capital, General Catalyst, Contrary, Mythos, Valyrian, and Ravelin
Orchard Robotics
$22M
San Francisco, CA-based developer of vision tech for farms

Base10 Partners, Northzone, Eniac, and Era Ventures
Predoc
$30M
New York, NY-based medical records management automation startup

Touring Capital, Mayfield, MVP Ventures, Revolution Ventures, SBI Investment, BOLD Capital, XPV-Exponential Ventures, and Idealab Studio
ProRata.ai
$40M
Pasadena, CA-based chatbot that shares revenue with media publishers

Honeywell, Quanta Computer, NVentures, JPMorgan, Mitsui, and Amgen
Quantinuum
$600M
Broomfield, CO-based quantum computing group

Bessemer Venture Partners, HubSpot Ventures, Salesforce Ventures, Ridge Ventures, YCombinator, and RTP Ventures
Recall.ai
$38M
San Francisco, CA-based platform that allows software developers access to meeting recordings

Centana Growth Partners
Reggora
$18M
Boston, MA-based real estate appraisal software startup

Hedosophia, Insight Partners, Center 15 Capital, 645 Ventures, Moore Strategic Ventures, Booz Allen Ventures, Squadra Ventures, AE Industrial, Disruptive, CSP Equity Partners, and Savano Capital Partners
Shift5
$75M
Arlington, VA-based observability platform

Arch Venture Partners, OrbiMed, GV, and KKR
Treeline Biosciences
$200M
Watertown, MA-based cancer drugmaker

Red Dot Capital Partners, Nyca, Wing VC, DCG, Cerca Partners, Funfair Ventures, and SilverCircle
Utila
$22M
New York, NY-based digital asset ops platform for stablecoins

Spring Rock Ventures
Vouched
$17M
Seattle, WA-based identity and agent verification startup

Cox Enterprises, Georgian, Salesforce Ventures, and Norwest
You.com
$100M
Palo Alto, CA-based enterprise AI infrastructure startup

September 10th, 2025|Scherzer Deal Report|

The Scherzer Deal Report: August 25-29, 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.

Sign up: Get private equity and venture capital deals delivered to your inbox every week!

Fundraising for PE & VC Funds

SeaTown
$612M
Third Asia-Pacific private credit fund

Private Equity Deals

Trivest Partners
Applied Value Group
Undisclosed amount
Andover, MA-based management consultant 

Beringer Capital
Bold Orange 
Undisclosed amount
Minneapolis, MN-based provider of customer experience solutions for enterprise brands

GTCR
Innovative Systems
Undisclosed amount
Mitchell, SD-based provider of software for regional broadband providers

TPG
Irth Solutions
Undisclosed amount
Columbus, OH-based provider of enterprise software for energy and infrastructure companies

Advent International
PatientPoint
Undisclosed amount
New York, NY-based health marketing and engagement firm

Pacific Avenue Capital Partners
Pick Your Part
Undisclosed amount
Chicago, IL-based self-service business for used auto parts

Venture Capital Deals

HashKey Capital, Pantera Capital, Primitive Ventures, IMC Trading, GEM, Gate Labs, Ambush Capital, and Big Brain Collectivea
Priori
$20M
San Francisco, CA-based execution layer for on-chain markets

Eight Roads, 3E Bioventures, F-Prime Capital, Zhuhai Huajin Capital, Legend Star, Transfar Capital, New Alliance Capital, Yijing Capital, Gaorong Ventures, Jifeng Ventures, and Hongsheng Capital
Arnatar Therapeutics
$52M
San Diego, CA-based developer of RNA therapeutics

N47, Menlo Ventures, and Unusual Ventures
Aurasell
$30M
San Francisco, CA-based CRM startup

GV, Eclipse Ventures, Riot, and Impatient Venture
Blue Water Autonomy
$50M
Boston, MA-based developer of unmanned ships for the U.S. Navy

Nvidia’s NVentures, Stanley Druckenmiller, Counterpoint Global, Gigascale Capital, FFA Private Bank, Neva SGR, Woori Venture Partners US, Breakthrough Energy Ventures, Emerson Collective, Eni, Future Ventures, Gates Frontier, Google, Khosla Ventures, Lowercarbon Capital, and Eric Schmidt
Commonwealth Fusion Systems
$863M
Devens, MA-based nuclear fusion startup

Fine Structure Ventures, EDBI, Wealthberry, BOLD, GS Futures, Sandbox Industries, and Material Impact
Debut
$20M
San Diego, CA-based ingredient discovery startup for the beauty market

General Catalyst, AlleyCorp, Baukunst, Village Global and Ubiquity Ventures
Eyebot
$20M
Boston, MA-based maker of vision test kiosks

Capstone Partners, Sierra Ventures, Alumni Ventures, KDB, and KB Securities
FriendliAI
$20M
Redwood City, CA-based AI inference platform

Insight Partners, Perceptive Ventures, and Marvin Ventures
InstaLILY
$25M
New York, NY-based AI assistant for industrials

Dementia Discovery Fund, OrbiMed, and Newpath Partners
Leal Therapeutics
$30M
Worcester, MA-based developer of neurology drugs

Xora Innovation, Capricorn Investment Group, Mayfield, Juniper Networks, Lam Capital, New Legacy Ventures, and K2 Access
OpenLight
$34M
Santa Clara, CA-based chip design startup

Eclipse, VoLo Earth Ventures, MassMutual Catalyst Funds, Cubit Capital, RA Capital Management, Saga Ventures, and Nor’easter Ventures
Reframe Systems
$20M
Boston, MA-based home construction automation startup

Fidelity, RiverVest Venture Partners, Lightchain Capital, Abingworth, ICG, LYZZ Capital, Tybourne Capital Management, and Aisling Capital Management
Wugen
$115M
St. Louis, MO-based developer of off-the-shelf CAR-T cell therapies

September 3rd, 2025|Scherzer Deal Report|
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