Claude Got $3.5B, But Fourier, Phlux Technology & Fairmat Are the Real Story | Capital Movements Vol. 12
💰The state of deep tech capital: who’s raising, who’s betting, and why.
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Dear Friends,
This week’s funding cycle offered something unusual: restraint with resolve. While headlines are dominated by mega-deals—Anthropic’s $3.5B raise at a $61.5B valuation—the real signal came from the quieter corners of the deep tech landscape. Deals didn’t slow; they just grew more intentional.
Call it a return to fundamentals. After quarters of AI-everywhere exuberance, capital is now flowing into infrastructure—both physical and digital—that will underpin the next wave of exponential technologies.
We saw a clear bifurcation: on one side, the continued dominance of large-scale AI plays; on the other, a sharp rise in investments targeting overlooked but essential systems—hydrogen infrastructure, surgical gel innovation, sanitation, soil tech, advanced materials, and even patented AI tools for the built world.
Let’s start at the summit. Anthropic’s $3.5B round towers over everything, drawing capital from Lightspeed, General Catalyst, and others to push Claude, its chatbot rival to OpenAI’s GPT, deeper into enterprise markets. In a week when Island raised $250M for enterprise browsers and Retym landed $75M to improve DSP chips in data centers, it’s clear that AI infrastructure—both silicon and software—is as investable as the models themselves. If last year was about building LLMs, this year is about making them practical, secure, and fast.
But that’s not the whole story.
Zoom out, and the week reveals something richer: the resurgence of hard tech infrastructure—and a recognition that without it, AI can’t scale.
Fourier’s $18.5M raise shows how lessons from data centers are now being applied to clean hydrogen production. By deploying modular "blade" electrolyzers, the company aims to make hydrogen generation both flexible and efficient. It’s an early signal that deep tech VCs are re-evaluating energy at the edge—both in terms of production and logistics.
Portal Space Systems is another example. With a $17.5M seed, it’s betting on solar thermal propulsion to drive high-agility satellites. It’s a small raise, but conceptually big: space is shifting from launch economics to in-orbit maneuverability and lifetime value.
We also saw the edges of the built environment turn into venture-grade frontiers. Grid Edge raised €3.3M to optimize commercial energy use with AI, while BuildOps closed a staggering $127M Series C to digitize commercial contractor workflows. These aren’t flashy verticals—but they are high-leverage, high-friction markets. The kind VCs used to ignore, until software finally found product-market fit with infrastructure.
Even cybersecurity, typically reactive, is starting to think more like deep tech. Adaptive Security, backed by OpenAI’s first cyber investment, raised $43M to simulate threats using generative AI. It's not just about patching holes—it's about rebuilding resilience from the ground up.
Meanwhile, health and biotech had a quietly strong showing, not in moonshot drug development but in real-world care infrastructure. Daymark Health raised $11.5M to reimagine at-home cancer care. Pascal Medical Corp. secured a grant for a click-chemistry-based surgical gel. These are the types of clinical edge plays—grounded in science, deployed at bedside—that often scale with less hype and more impact.
At the earliest stages, we saw a growing appetite for system-level bets. Phlux Technology’s €10.7M for infrared sensors will fuel advances in LiDAR, defense, and even quantum communications. Twelve raised $85M to build a sustainable aviation fuel plant that turns captured CO₂ into jet fuel—a full-stack solution to one of the hardest-to-abate emissions sectors.
And then there’s Fairmat. The Paris-based startup raised €51.5M to scale its carbon fiber recycling process and expand internationally. By turning end-of-life composites into high-performance materials, Fairmat is pushing advanced materials into a fully circular economy. Their tech sits at the intersection of sustainability, industrial scale, and strategic sectors like aerospace and mobility—making it one of the week’s clearest signals of where deep tech is headed: durable, elemental, and systemic.
Further down the stack, the deep, slow bets continued. Metalplant in Finland is “farming” nickel with hyperaccumulator plants. CinSOIL is developing bio-enhanced soil amendments to lock carbon into farmland. These aren’t next-quarter returns—they’re decade-scale moonshots grounded in Earth’s biology. And they’re quietly becoming venture-backable.
On the fund side, we saw strong moves toward specialization. Construct Capital’s $300M vehicle is focused on industrial transformation. Ballistic Ventures is doubling down on cybersecurity with a $100M fund, and Revaia is channeling €230M into sustainable European tech. These aren’t trend chasers—they’re conviction-based strategies in frontier domains.
So what’s the takeaway?
Deep tech investing is maturing. The flashiest raises are still getting done—but they now share the stage with startups building the connective tissue of tomorrow’s economies: logistics, sanitation, electrification, defense, and the real-world interfaces of AI.
The question investors are increasingly asking isn’t just: Is this novel? It’s: Is this necessary?
And increasingly, necessity looks like fiber-optic chips, green hydrogen, warehouse bots, AI-enhanced surgical tools—and circular advanced materials engineered for an era that must scale sustainably.
In that sense, the capital movements this week tell a larger story: deep tech is no longer just about technological breakthroughs. It's about systems integration. And systems, as investors are rediscovering, don’t scale themselves—they need patient capital, domain insight, and operational obsession.
Let’s start!
The Deep Tech Negotiation Playbook | Chapter 3/4
If you’ve made it this far, you already know that building a deep tech startup is not just about invention—it’s about negotiation.
The first two chapters of this series helped you understand the two sides of the table: the founder, holding a hypothesis and a dream; and the investor, holding capital and looking for signals of exponential return.
Then we looked at the levers you have at your disposal—market, technology, team—and how to turn those assets into a tactical advantage.
But here, in Chapter Three, the tone changes. This isn’t about potential anymore. This is about power.
Because when you raise money, what you’re actually offering isn’t your science. It’s not even your product—or more precisely, it’s not your tech product.
It’s ownership.
This chapter walks you through how ownership works, how valuation is shaped, and how negotiation in private markets is less about formulas and more about framing, structure, and story. It will give you the strategic tools to walk into the room calm, prepared, and in control—even if you're pre-revenue, pre-product, or still figuring out your go-to-market.
If you’re a founder with a scientific mind and startup ambitions, this is the guide you’ve been looking for.
And if this chapter feels like it’s revealing a hidden layer of the startup game—it’s because it is.
Welcome to Chapter Three.
Startups Deals
🔸 Fairmat Secures €51.5M to Scale Circular Carbon Fiber Composites
Paris-based Fairmat raised €51.5M in Series B funding to industrialize its carbon fiber recycling process and expand internationally. The round combines €26.5M in equity and €25M in venture debt from the European Investment Bank (EIB), with participation from Bpifrance, Slate VC, Cape Capital, and returning investors including Singular and Temasek. Fairmat’s tech enables near-infinite reuse of carbon composites, offering fully circular, lightweight materials for sectors like aerospace, energy, and mobility.
Deal: Series B Round
Region: France, Europe
Industry: Advanced Manufacturing
Sector: Advanced Materials
Tech: Carbon Fiber Recycling, AI, Robotics
🔸 Chef Robotics Scores $43M to Advance AI in Meal Assembly
San Francisco-based Chef Robotics secured $43.1M in a Series A round led by Avataar Ventures, with participation from Construct Capital, Bloomberg Beta, and others. The funding, comprising $20.6M in equity and $22.5M in equipment financing debt, aims to scale its AI-enabled robotic systems for meal assembly in food manufacturing. Chef's technology addresses production inefficiencies in high-mix environments by deploying adaptable robotic arms trained through on-the-job learning, enhancing efficiency and reducing reliance on manual labor.
Deal: Series A Round
Region: United States, North America
Industry: FoodTech
Sector: Robotics
Tech: AI, Robotics
🔸 Fourier Secures $18.5M Series A to Innovate Hydrogen Electrolyzers
Fourier, inspired by data center technologies, raised $18.5M in a Series A funding round led by General Catalyst and Paramark Ventures. The company focuses on developing compact hydrogen electrolyzers, utilizing multiple small 'blade' electrolyzers managed by software to optimize performance. This approach aims to enhance efficiency and scalability in hydrogen production, targeting industries requiring on-site hydrogen generation.
Deal: Series A Round
Region: United States, North America
Industry: Energy
Sector: CleanTech
Tech: Hydrogen Electrolyzers, AI
🔸 Portal Space Systems Raises $17.5M for Solar-Powered Spacecraft
Bothell, Washington-based Portal Space Systems secured $17.5M in seed funding to advance its Supernova spacecraft, which utilizes solar thermal propulsion for rapid orbital maneuvers. The funding, led by AlleyCorp, will support a full-scale demonstration aimed for mid-2026. Supernova's technology promises enhanced maneuverability and extended operational lifespans for spacecraft by harnessing the sun's heat.
Deal: Seed Round
Region: United States, North America
Industry: Aerospace
Sector: SpaceTech
Tech: Solar Thermal Propulsion
🔸 BuildOps Lands $127M Series C to Expand Commercial Contractor Platform
Los Angeles-based BuildOps secured $127M in a Series C funding round, positioning it as the next unicorn in the commercial trade contractor sector. The platform streamlines operations for commercial contractors, enhancing efficiency and project management. The investment will fuel product development and market expansion efforts.
Deal: Series C Round
Region: United States, North America
Industry: Construction Tech
Sector: SaaS
Tech: Operations Management Software
🔸 Adaptive Security Raises $43M Series A with OpenAI's First Cybersecurity Investment
New York-based Adaptive Security raised $43M in a Series A round co-led by OpenAI's startup fund and Andreessen Horowitz. The company specializes in simulating AI-generated cyber threats to train employees in recognizing and responding to sophisticated attacks. This marks OpenAI's inaugural investment in the cybersecurity sector.
Deal: Series A Round
Region: United States, North America
Industry: Cybersecurity
Sector: AI Security Training
Tech: AI, Cyber Threat Simulation
🔸 Island Secures $250M at $4.8B Valuation for Enterprise Browser Solutions
Dallas-based Island raised $250M in a Series E round led by Coatue, elevating its valuation to $4.85B. The startup develops enterprise-focused web browsers with integrated security features, aiming to enhance cybersecurity and streamline IT operations for businesses. The funding will support product development and customer acquisition initiatives.
Deal: Series E Round
Region: United States, North America
Industry: Enterprise Software
Sector: Cybersecurity
Tech: Secure Web Browsers
🔸 Anthropic Secures $3.5B in Series E Funding at $61.5B Valuation
San Francisco-based AI startup Anthropic has raised $3.5 billion in a Series E funding round led by Lightspeed Venture Partners, with participation from General Catalyst, Bessemer Venture Partners, and MGX. This investment elevates Anthropic's valuation to $61.5 billion. The company plans to utilize the funds to advance its AI systems, including the development of its chatbot, Claude.
Deal: Series E Round
Region: United States, North America
Industry: Artificial Intelligence
Sector: AI Research and Development
Tech: AI
🔸 Retym Raises $75M to Develop AI Data Center Chips
Retym, a chip startup specializing in digital signal processing (DSP) chips for AI computing in data centers, has secured $75 million in funding. The Series D round was led by Spark Capital, bringing Retym's total funding to $180 million. The company aims to address data movement bottlenecks in AI model training by enhancing connectivity between chips in data centers.
Deal: Series D Round
Region: United States, North America
Industry: Semiconductor
Sector: Data Center Technology
Tech: DSP Chips, AI Infrastructure
🔸 VCU Startup Pascal Medical Corp. Wins $800K Grant for Surgical Gel
Pascal Medical Corp., a startup from Virginia Commonwealth University, has received an $800,000 grant from Virginia Catalyst. The funding will support the development of ClickGel, an antibiotic-releasing hydrogel designed to seal and heal surgical wounds, particularly in brain and spinal procedures. The gel utilizes "click chemistry" for rapid and stable formation during surgery.
Deal: Grant
Region: United States, North America
Industry: Biotech
Sector: Medical Devices
Tech: Hydrogel, Click Chemistry
🔸 Agility Robotics Reportedly Raising $400M for Humanoid Warehouse Robots
Salem, Oregon-based Agility Robotics is reportedly in the process of raising $400 million in new funding, with a pre-investment valuation of $1.75 billion. The venture arm of private equity firm WP Global is leading the round, with participation from SoftBank. Agility Robotics is known for its bipedal humanoid robot, Digit, designed for warehouse operations.
Deal: Funding Round
Region: United States, North America
Industry: Robotics
Sector: Warehouse Automation
Tech: Humanoid Robots
🔸 Grid Edge Raises €3.3M for AI-Powered Energy Management Software
Birmingham-based Grid Edge secured over €3.3 million to expand its AI-powered software platform designed to reduce carbon emissions and energy costs in commercial buildings. The funding was provided by the Midlands Engine Investment Fund II, Mercia Ventures, Centrica, bp Ventures, and private investors. Grid Edge's platform collects data from various sources and uses machine learning to optimize building energy performance, achieving average cost and carbon reductions of 20%.
Deal: Funding Round
Region: United Kingdom, Europe
Industry: EnergyTech
Sector: Building Management Systems
Tech: AI, Machine Learning
🔸 Daymark Health Secures $11.5M Seed Funding for In-Home Cancer Care
Philadelphia-based Daymark Health raised $11.5 million in seed funding co-led by Maverick Ventures and Yosemite, with participation from Oncology Ventures. The company partners with health plans to provide in-home and virtual supportive care to cancer patients, offering services such as care navigation, 24/7 support, mental health assistance, symptom management, and social support. The funds will be used to expand the clinical team, accelerate platform development, and launch new health plan partnerships.
Deal: Seed Round
Region: United States, North America
Industry: HealthTech
Sector: Cancer Care
Tech: Telemedicine, AI
🔸 TwinKnowledge Secures $3.7M Series Seed to Advance AI Insights for Built-World Professionals
TwinKnowledge raised $3.7 million in a Series Seed funding round to enhance its AI-powered platform that provides insights for professionals in the built environment sector. The company also announced the addition of an industry veteran to its board of directors. The funds will be used to further develop the platform and expand its market presence.
Deal: Seed Round
Region: United States, North America
Industry: PropTech
Sector: Built Environment
Tech: AI, Data Analytics
🔸 Twelve Raises $85M to Build Sustainable Aviation Fuel Plant in Washington
Berkeley-based Twelve secured an additional $85 million in funding to construct AirPlant One, a sustainable aviation fuel (SAF) facility in Moses Lake, Washington. This funding builds upon a $645 million Series C round closed in September.The plant will produce SAF by capturing carbon from the air and refining it through an electrochemical process, aiming to support airlines in meeting carbon-reduction goals.
Deal: Series C Extension
Region: United States, North America
Industry: CleanTech
Sector: Sustainable Aviation Fuel
Tech: Carbon Capture, Electrochemical Processing
🔸 LiquidGold Africa Secures $550K to Commercialize Smart Sanitation Systems
Cape Town-based LiquidGold Africa secured $550K in seed funding to commercialize its smart sanitation technology, which converts human waste into safe fertilizer. The startup’s waterless toilets integrate sensors and IoT tools for waste monitoring and sustainable treatment. The round was backed by GreenCape and the African Impact Fund.
Deal: Seed Round
Region: South Africa, Africa
Industry: CleanTech
Sector: Sanitation Tech
Tech: Circular Economy
🔸 Phlux Technology Secures €10.7M for Infrared Sensor Development
UK-based Phlux Technology raised €10.7M in Series A funding to scale production of its SWIR (short-wave infrared) sensor chips. The round was led by Octopus Ventures and saw participation from Northern Gritstone and the UK Innovation & Science Seed Fund. These sensors enhance applications in LiDAR, quantum communications, and defense.
Deal: Series A Round
Region: United Kingdom, Europe
Industry: Photonics
Sector: Infrared Sensing
Tech: SWIR, Semiconductor
🔸 Metalplant Raises Undisclosed Round to “Farm” Nickel Using Plants
Finland-based Metalplant is using “phytomining” to extract nickel from hyperaccumulator plants. The undisclosed funding will support the startup’s efforts to scale climate-friendly metal extraction and reduce dependency on conventional mining. Their approach is CO₂-negative and regenerates soils post-harvest.
Deal: Undisclosed Round
Region: Finland, Europe
Industry: ClimateTech
Sector: Green Mining
Tech: Phytomining, AgriTech
🔸 CinSOIL Raises Pre-Seed to Commercialize Carbon-Storing Soil Amendments
Berlin-based CinSOIL raised pre-seed funding to develop and commercialize bio-enhanced soil additives that boost carbon sequestration. Backed by angel investors and public grants, the startup targets agricultural carbon markets with measurable and verifiable CO₂ drawdown solutions.
Deal: Pre-Seed Round
Region: Germany, Europe
Industry: AgriTech
Sector: Soil Carbon
Tech: Bio-Enhanced Additives
🔸 Stance Health Lands $1M to Reimagine MSK Care in India
Bengaluru-based Stance Health raised $1M in a pre-seed round led by General Catalyst and Antler to build a new model for musculoskeletal care in India. Combining AI-based assessment tools, rehab clinics, and digital coaching, the company targets chronic back, neck, and joint pain in urban populations.
Deal: Pre-Seed Round
Region: India, Asia
Industry: HealthTech
Sector: MSK Therapy
Tech: AI, Digital Clinics
🔸 UniteLabs Raises €2.77M to Automate Labs with No-Code Integration
Zurich- and Munich-based UniteLabs secured €2.77M in pre-seed funding to further develop its no-code automation tools for scientific labs. The round was led by NAP with backing from PUSH and LANA Ventures. UniteLabs connects lab instruments and software without requiring custom code, speeding up workflows in biotech and pharma R&D.
Deal: Pre-Seed Round
Region: Switzerland & Germany, Europe
Industry: BioTech
Sector: Lab Automation
Tech: AI
🔸 Vopemed Raises $2.29M CAD to Reinvent Surgical Visualization
Montreal-based Vopemed secured $2.29M CAD in pre-seed funding to develop Claris, an AI-enhanced visualization system for minimally invasive surgery. The system enhances visual clarity during procedures using real-time video processing and AI-guided feedback. Investors include MedTeq+ and Desjardins Capital.
Deal: Pre-Seed Round
Region: Canada, North America
Industry: MedTech
Sector: Surgical Imaging
Tech: AI
🔸 Northwind Climate Raises $1M for Climate Intelligence Platform
New York-based Northwind Climate raised $1M in pre-seed funding to build a business intelligence platform focused on the climate economy. The startup offers proprietary data tools for decision-makers in clean energy, finance, and infrastructure to track transition risks and opportunities.
Deal: Pre-Seed Round
Region: United States, North America
Industry: ClimateTech
Sector: Data Intelligence
Tech: AI
GoodPeak, a rapidly growing utility-scale battery energy storage and solar platform, announced the closing of construction credit facilities to support the construction of multiple battery energy storage projects within the ERCOT market. These projects aim to enhance grid reliability and support the integration of renewable energy sources.
Deal: Construction Debt Financing
Region: United States, North America
Industry: EnergyTech
Sector: Battery Energy Storage
Tech: Renewable Energy Integration
🔸 Sedna Communications Raises €10M for Maritime Technology Platform
London-based Sedna Communications has secured €10 million in growth financing from CIBC Innovation Banking. The funding will be used to drive AI innovation, expand platform integrations, and support sustainable growth to better serve Sedna's customers in the maritime industry.
Deal: Growth Financing
Region: United Kingdom, Europe
Industry: Maritime Technology
Sector: Communication Platforms
Tech: AI, SaaS
🔸 Lumai Secures Over £10M to Advance Optical AI Computing
Oxford-based Lumai has raised over £10 million to develop optical computing solutions aimed at overcoming current AI computing limitations. The company's technology promises significant power savings for AI data centers by leveraging optical processing to enhance scalability and efficiency.
Deal: Funding Round
Region: United Kingdom, Europe
Industry: Photonic Computing
Sector: AI Computing
Tech: Optical Processing, AI
🔸 DeepIP Secures $15M Series A to Modernize Patent Drafting with AI
Paris and New York-based DeepIP has raised $15 million in a Series A funding round led by Resonance, with participation from Headline, Serena Capital, and Balderton Capital. The company leverages AI to assist IP attorneys in creating higher-quality patents more efficiently, aiming to modernize the traditional patent filing process.
Deal: Series A Round
Region: United States & France, North America & Europe
Industry: Computational IP
Sector: Intellectual Property
Tech: AI, SaaS
🔸 InfiniLink Secures $10M to Develop Optical Engines for AI Data Centers
Cairo-based InfiniLink has closed a $10 million funding round with participation from MediaTek, Sukna Ventures, and Egypt Ventures. The semiconductor startup specializes in advanced optical data connectivity chips designed to enhance performance in AI-driven data centers.
Deal: Seed Round
Region: Egypt, Africa
Industry: Semiconductor
Sector: Data Connectivity
Tech: Optical Engines, AI
🔸 GridPoint Closes $40M for International Expansion
Reston, Virginia-based GridPoint, an energy management technology company, has completed a $45 million investment round anchored by Marunouchi Innovation Partners, a climate tech fund sponsored by Mitsubishi Corp. The investment will accelerate GridPoint's growth and enable expansion into Japan and South Korea, aiming to enhance energy efficiency in the face of increasing AI and data center demands.
Deal: Investment Round
Region: United States, North America
Industry: EnergyTech
Sector: Energy Management
Tech: AI, IoT
Venture Capital
🔹 Ballistic Ventures Eyes $100M to Back Cybersecurity Startups
Ballistic Ventures, co-founded by cybersecurity veteran Ted Schlein, is raising a new $100M fund to support early-stage cybersecurity startups. The firm, already known for its deep sector focus, plans to continue targeting high-impact technologies in areas like AI security, infrastructure protection, and cyber resilience.
🔹 Construct Capital Raises $300M to Advance Industrial Tech Strategy
Construct Capital has secured a $300M Fund II to fuel its mission of transforming industrial and supply chain sectors. The firm, co-founded by Dayna Grayson and Rachel Holt, is betting on “foundational economy” startups addressing infrastructure, manufacturing, mobility, and food systems.
🔹 Revaia Closes $250M Fund to Drive Sustainable Tech in Europe
Paris-based Revaia has raised €230M (approx. $250M) to back sustainable growth-stage startups across Europe. The firm targets companies working on climate tech, ethical AI, and circular economy models, positioning itself as a leading impact investor on the continent.
🔹 Former Target Exec Launches $6M Fund for Underrepresented Founders
Lisa Roath, former Target CMO, has unveiled Good Growth Capital, a $6M fund focused on consumer startups led by women and BIPOC founders. Based in Minneapolis, the fund aims to address early-stage capital gaps for purpose-driven brands.
🔹 Lux Capital Raising New Fund Focused on Defense Tech
Lux Capital is in the market for a new fund targeting the rapidly evolving defense tech sector. While the size isn't yet disclosed, sources say the strategy will emphasize dual-use technologies across aerospace, cybersecurity, and AI-driven intelligence.
🔹 Runtime Ventures launches $32M fund to back seed stage cybersecurity startups
A new $32M seed-stage fund has launched in Austin, focused on early cybersecurity ventures. Backed by strategic investors and ex-military advisors, the fund aims to identify high-potential startups developing tools for threat detection, secure comms, and zero-trust architecture.
🔹 Moneta Ventures Raises $250M to Back Startups on the U.S. West Coast and Texas
Moneta Ventures has announced a $250M Fund IV to invest in early-growth B2B startups across the U.S. West Coast and Texas. The fund targets sectors like SaaS, healthtech, and enterprise AI, with check sizes between $2M and $10M.