If you want a pulse check on where the venture capital industry is at, consider the software supply chain security startup Chainguard, which has raised $500 million across two rounds in less than a year.\u00a0<\/p>\n
\u201cWe\u2019ve never had a fundraising deck,\u201d Ryan Carlson, president of Chainguard, said yesterday on the Future of Venture Capital insight exchange at Fortune\u2019s Brainstorm Tech conference<\/a> in Park City, Utah. He added later: \u201cWe\u2019re not going to create a deck next time either.\u201d<\/p>\n For some companies, deals can\u2019t get done fast enough. OpenAI is reportedly worth some $500 billion <\/a>these days and raised $40 billion<\/a> in funding earlier this year. Autonomous weapons startup Anduril notched a $30.5 billion valuation earlier this year, less than a year after its last multi-billion funding round. If you are looking at companies in the cybersecurity, generative AI, and defense tech space, deals are hot. But it\u2019s not everyone.\u00a0<\/p>\n \u201cSome companies, no matter what you\u2019re doing, you\u2019re not getting any term sheets,\u201d says Aydin Senkut of Felicis Ventures. \u201cAnd the ones that are getting interest are getting, like, 12, 15\u2014I mean, they\u2019re double digits. And I\u2019ve been in this business for 20 years, and I\u2019m trying to remember the last time when there were double-digit term sheets for the hot companies.\u201d<\/p>\n Investors disagreed about whether we have entered an AI bubble, as OpenAI CEO Sam Altman suggested at a small dinner with reporters last month\u2014or even an era akin to the dot-com boom, in which investors poured capital into any company related to the internet only for many of those companies to end up going under.\u00a0<\/p>\n The economics for AI companies, in particular, are different. As Sapphire Ventures\u2019 Cathy Gao pointed out, companies are growing to $100 million in ARR faster than ever\u2014and with fewer people. But they are also not as efficient as software companies once were, as they have to spend exorbitant fees on things like compute.<\/p>\n \u201cPeople are betting on the fact that compute costs will continue to decline, and over time, it\u2019ll be a much more profitable company. So we\u2019ll see if that plays out,\u201d Gao said.<\/p>\n Where will things play out? Adam Zeplain of mark vc had some thoughts on that one. \u201cHere\u2019s what I know\u2014that none of us know shit,\u201d he said. \u201cTwo years from now, we\u2019ll all be sitting here, and the competition will be very different, and there\u2019s a lot of humility, and there\u2019s a lot of excitement in that.\u201d<\/p>\n More from Brainstorm Tech<\/strong>\u2026 We are out here in Park City, Utah, chatting about self-driving cars, fertility benefits, and \u014cURA rings. This week, DoorDash<\/a> Tony Xu talked about<\/a> how the path to autonomous deliveries has been filled with \u201clots of pain and suffering.\u201d Lyft<\/a> CEO David Risher said<\/a> that the company would save some $200 million from reduced insurance costs after the union deal it struck with California lawmakers. Jeffrey Katzenberg said<\/a> legislation to protect children from online harm is unlikely. The Walmart<\/a> U.S. CEO says<\/a> staffing levels will remain steady even as A.I. becomes a bigger part of work.<\/p>\n See you tomorrow,<\/p>\n Jessica Mathews Submit a deal for the Term Sheet newsletter here<\/a>.<\/p>\n Joey Abrams curated the deals section of today\u2019s newsletter. Subscribe here<\/a>.\n<\/p>\n VENTURE DEALS<\/p>\n – Strive<\/b> Health<\/b><\/a>, a Denver, Colo.-based Kidney Care company, raised $300 million in Series D funding. New<\/b> Enterprise<\/b> Associates<\/b> led the Series D and was joined by CVS<\/b> Health<\/b> Ventures<\/b>, CapitalG<\/b>, Echo<\/b> Health<\/b> Ventures<\/b>, Town Hall Ventures<\/b>, Redpoint<\/b>, and others.<\/p>\n – Harbor<\/b> Health<\/b><\/a>, an Austin, Texas-based primary and specialty care clinic group and health insurance company, raised $130 million in funding. General<\/b> Catalyst<\/b>, 8VC<\/b>, and Alta<\/b> Partners<\/b> led the round and were joined by DFO<\/b> Management<\/b> and others.<\/p>\n – Aven<\/b><\/a>, a San Francisco-based home equity-backed credit card company, raised $110 million in Series E funding. Khosla<\/b> Ventures<\/b> led the round and was joined by existing investors General<\/b> Catalyst<\/b>, Caffeinated<\/b> Capital<\/b>, GIC<\/b>, Electric<\/b> Capital<\/b>, and Founders<\/b> Fund<\/b>.<\/p>\n – DataCrunch<\/b><\/a>, a Helsinki, Finland-based AI infrastructure company, raised \u20ac55 million ($64.4 million) in Series A funding. byFounders<\/b>, Skaala<\/b>, Varma<\/b> PensionFund<\/b>, and Tesi<\/b> and were joined by J12<\/b> Ventures<\/b> and angel investors.<\/p>\n – Scientil<\/b> Photonics<\/b><\/a>, a Grenoble, France-based developer of Heterogeneous Integrated Photonics for AI infrastructure, raised $58 million in Series B funding. Yotta<\/b> Capital<\/b> Partners<\/b> and NGP<\/b> Capital<\/b> led the round and was joined by Nvidia<\/b>.\u00a0<\/p>\n – Fyxer.ai<\/b><\/a>, a London, U.K.-based AI program for emails and meetings, raised $30 million in Series B funding. Madrona<\/b> led the round and was joined by Lakestar<\/b> Capital<\/b>.<\/p>\n – Teton.ai<\/b><\/a>, a Copenhagen, Denmark-based developer of predictive intelligence technology for health care, raised $20 million in Series A funding. Plural<\/b> led the round and was joined by Bertelsmann<\/b> Investments<\/b>, Antler<\/b> Elevate<\/b>, Nebular<\/b>, and PSV Tech<\/b>.<\/p>\n – Lightspun<\/b><\/a>, a Boston-based AI-powered dental insurance administration platform, raised $13 million in Series A funding. Brewer Lane<\/b> led the round and was joined by Virtue<\/b>, Cambrian<\/b>, and Industry<\/b> Ventures<\/b>.\u00a0<\/a><\/p>\n – Runware<\/b><\/a>, a San Francisco-based performance & price-focused AI-as-a-Service provider, raised $13 million in funding. Insight<\/b> Partners<\/b> led the round and was joined by existing investors a16z<\/b> Speedrun<\/b>, Begin<\/b> Capital<\/b>, and Zero<\/b> Prime<\/b>.<\/p>\n – Nuclearn<\/b><\/a>, a Phoenix, Ariz.-based AI platform designed for nuclear professionals and critical infrastructure operators, raised $10.5 million in Series A funding. Blue Bear Capital<\/b> led the round and was joined by SJF<\/b> Ventures<\/b> and existing investors AZ-VC<\/b> and Nucleation Capital<\/b>.<\/p>\n – Sphinx<\/b><\/a>, a New York City-based developer of AI software designed for data scientists, raised $9.5 million in seed funding. Lightspeed<\/b> led the round and was joined by Bessemer<\/b> Venture<\/b> Partners<\/b>, Box<\/b> Group<\/b>, K5<\/b>, Impatient<\/b> VC<\/b>, and others.\u00a0<\/p>\n – wehandle<\/b><\/a>, a S\u00e3o Paulo, Brazil-based SaaS platform for third-party workforce management, raised $6 million in funding. Canary led the round and was joined by ONEVC<\/b>, Valutia<\/b>, Blustone<\/b>, and Quartzo<\/b>.<\/p>\n – Candid<\/b> Intelligence<\/b><\/a>, a San Francisco, Calif.-based developer of AI agents for engineering, procurement, and construction projects, raised $5.5 million in pre-seed funding. Quiet Capital<\/b> led the round and was joined by MIT’s<\/b> E14<\/b> Fund<\/b>, Liquid<\/b> 2<\/b> Ventures<\/b>, Flexcap<\/b> Ventures<\/b>, Yann<\/b> LeCun<\/b>, and others.<\/p>\n – Dig<\/b> Energy<\/b><\/a>, a Manchester, N.H.-based developer of geothermal-specific drilling technology, raised $5 million in seed funding. Azolla Ventures<\/b> and Avila<\/b> VC<\/b> led the round and was joined by Drew Scott<\/b>.<\/p>\n – Metal<\/b><\/a>, a New York City-based AI-powered research platform for private market investors, raised $5 million in funding from Base10<\/b> Partners<\/b>.\u00a0<\/p>\n – Pathwork<\/b><\/a>, a San Francisco-based AI-powered life and health insurance distribution platform, raised $3.5 million in seed funding. Costanoa<\/b> led the round and was joined by Logos<\/b> Fund<\/b>, American<\/b> Family<\/b> Ventures<\/b>, Meridian<\/b> Ventures<\/b>, and angel investors.\u00a0<\/p>\n – OpenHealth<\/b><\/a>, a Berlin, Germany-based lab data company, raised $3 million in seed funding. GoHub Ventures<\/b>, xdeck<\/b> ventures<\/b>, Edenbase<\/b>, and Exceptional<\/b> Ventures<\/b> led the round and were joined by YZR<\/b> Capital<\/b>, Octopus<\/b> Ventures<\/b>, and calm\/Storm Ventures<\/b>.<\/p>\n – Marloo<\/b><\/a>, a London, U.K. and Auckland, Australia-based AI assistant designed for financial advisers, raised $2.7 million in ore-seed funding. Blackbird<\/b> led the round and was joined by angel investors.<\/p>\n – Aurva<\/b><\/a>, a Sunnyvale, Calif. and Bengaluru, India-based AI-powered data security program, raised $2.2 million in seed funding. Nexus<\/b> Venture<\/b> Partners<\/b> led the round and was joined by DeVC<\/b> and angel investors.<\/p>\n PRIVATE EQUITY<\/p>\n – Vitruvian<\/b> Partners<\/b> invested $637 million in DeepIntent<\/b><\/a>, a New York City-based health care demand-side platform.\u00a0<\/p>\n – Polycorp<\/b>, a portfolio company of Arsenal Capital Partners<\/b>, acquired Burke<\/b> Industries<\/b><\/a>, a San Jose, Calif.-based custom elastomeric product supplier. Financial terms were not disclosed.<\/p>\n – Shenandoah<\/b>, backed by GenNx360<\/b> Capital<\/b> Partners<\/b>, acquired Nu-Pipe LLC<\/b><\/a>, a St. Petersburg, Fla.-based pipe rehabilitation company. Financial terms were not disclosed.\u00a0<\/p>\n – TMA<\/b> Systems<\/b>, a portfolio company of Silversmith Capital Partners<\/b>, acquired Facil-it<\/b><\/a>, a Williston, N.Y.-based facilities maintenance platform. Financial terms were not disclosed. <\/p>\n EXITS<\/p>\n – Ariel<\/b> Alternatives<\/b> acquired Groome<\/b> Industrial<\/b> Service<\/b> Group<\/b><\/a>, a Denville, N.J.-based specialty maintenance services company, from Argosy<\/b> Private<\/b> Equity<\/b>. Financial terms were not disclosed.\u00a0<\/p>\n – Bansk<\/b> Group<\/b> agreed to acquire a majority stake in BYOMA<\/b><\/a>, a New York City-based skin health brand, from Yellow Wood Partners<\/b>. Financial terms were not disclosed.<\/p>\n – Chamberlain<\/b> Group<\/b>, backed by Blackstone<\/b>, acquired Arrow<\/b> Tru-Line<\/b><\/a>, a Archbold, Ohio-based manufacturer of garage door hardware components, from MiddleGround<\/b> Capital<\/b>. Financial terms were not disclosed.\u00a0<\/p>\n – Minute<\/b> Media<\/b> acquired VideoVerse<\/b><\/a>, a San Francisco and Los Angeles-based video editing platform, from Bluestone<\/b> Equity<\/b> Partners<\/b>. Financial terms were not disclosed.<\/p>\n PEOPLE<\/p>\n
X: <\/strong>@jessicakmathews<\/a>
Email:<\/strong> jessica.mathews@fortune.com<\/a><\/p>\n