Series B activity: November 2025
There were 67 Series Bs in November that raised a total of $5.3 billion. The average deal size was $79.0 million while the median was $40.0 million.
Data for Series B deals done worldwide (ex-China) where amount raised is greater than $5M and the company does not develop biological therapeutics.
We took a long hiatus from publishing Series B data. Now we’re bringing it back.
The Three Most Interesting Deals (according to Claude)
Physical Intelligence - $600M at $5.4B valuation This is the largest deal of the month and represents a massive bet on general-purpose robotics foundation models that can power various physical systems. The company’s approach to bridging AI and the physical world through transferable learning algorithms could fundamentally change how robots are deployed across industries, with backing from CapitalG and Jeff Bezos signaling strong conviction in the category.
Quantinuum - $838.9M at $10.84B valuation This quantum computing round is notable both for its size and the maturity it signals in the quantum sector, with Nvidia leading alongside major corporate investors like Mitsui and JP Morgan. The company’s trapped-ion technology and comprehensive software stack positions it as a leader in making quantum computing commercially viable, particularly as enterprises begin real-world deployments beyond research applications.
Apptronik - $331.4M at $5.33B valuation This humanoid robotics company raised a massive round at a premium valuation with relatively low dilution (6.22%), reflecting strong investor confidence in general-purpose robots for industrial applications. The company’s focus on practical use cases like warehouse logistics and addressing labor shortages positions it well as businesses increasingly seek automation solutions, with B Capital Group’s lead investment suggesting institutional validation of the commercial opportunity.
All Series B Deals
Reve raised $350.0 million at a $1.9 billion valuation from Top Harvest Capital on November 1, 2025. The CEO is Christian Cantrell. Reve is based in Palo Alto, CA. Reve is a developer of a text-to-image generation tool designed for prompt adherence and typography. Website: www.reve.com
ElectraDx raised $32.0 million at a $292.0 million valuation from Towns on November 3, 2025. The CEO is Ron Zwanziger. ElectraDx is based in Boston, MA. ElectraDx is currently operating in stealth mode. Website: N/A
PhotoPharmics raised $26.2 million at a $50.0 million valuation from Kickstart on November 3, 2025. The CEO is Kent Savage. PhotoPharmics is based in Lehi, UT. PhotoPharmics is a developer of non-invasive chrono-biological therapies for treating neurological disorders and addictions, including Parkinson’s disease. Website: www.photopharmics.com
Source.ag raised $17.4 million at an unknown valuation from Astanor on November 3, 2025. The CEO is Rien Kamman. Source.ag is based in Amsterdam, Netherlands. Source.ag is a developer of artificial intelligence-powered software for optimizing greenhouse agriculture through data centralization, yield prediction, and automated irrigation. Website: www.source.ag
NextProtein raised $20.9 million at an unknown valuation from British International Investment and SWEN Blue Ocean Partners on November 4, 2025. The CEO is Mohamed Gastli. nextProtein is based in Paris, France. nextProtein is a producer of animal feed proteins and biological fertilizer using black soldier fly larvae to convert organic waste into sustainable feedstock. Website: www.nextprotein.co
Qida raised $43.0 million at an unknown valuation from Asabys Partners, COFIDES, and Quadrille Capital on November 4, 2025. The CEO is Oriol Fuertes. Qida is based in Barcelona, Spain. Qida is a provider of home care services for elderly and dependent people, offering digital health solutions and care coordination. Website: www.qida.es
Sovato raised $41.0 million at a $125.0 million valuation from Beringea on November 4, 2025. The CEO is Cynthia Perazzo. Sovato is based in Santa Barbara, CA. Sovato is a developer of a robot-agnostic telesurgery platform that integrates systems, tools, and data to enable remote surgical operations. Website: www.sovato.com
Spiras Health raised $6.0 million at a $37.5 million valuation from Altitude Ventures, Alumni Ventures, Brighton Partners, FCA Venture Partners, New Enterprise Associates, Primetime Partners, and Tamarind Hill on November 4, 2025. The CEO is Scott Bowers. Spiras Health is based in Brentwood, TN. Spiras Health is an operator of a healthcare company providing home-based clinical services for patients with complex chronic illnesses through multi-disciplinary care teams. Website: www.spirashealth.com
Sunflower Labs raised $16.0 million at an unknown valuation from Sequoia Capital on November 4, 2025. The CEO is Alexander Pachikov. Sunflower Labs is based in San Carlos, CA. Sunflower Labs is a developer of an autonomous home awareness system combining outdoor sensors with an aerial camera drone for comprehensive home security. Website: www.sunflower-labs.com
Altris raised $23.2 million at an unknown valuation from Clarios, InnoEnergy, Maersk Growth, and Volvo Cars Technology Fund on November 5, 2025. The CEO is Christer Bergquist. Altris is based in Uppsala, Sweden. Altris is a manufacturer of sustainable cathode materials for sodium-ion batteries free from nickel, cobalt, and lithium. Website: www.altris.se
Apptronik raised $331.4 million at a $5.3 billion valuation from B Capital Group on November 5, 2025. The CEO is Jeffery Cardenas. Apptronik is based in Austin, TX. Apptronik is an operator of a robotics company delivering general-purpose robots for tasks like case picking, trailer unloading, palletizing, and heavy lifting. Website: www.apptronik.com
Procurement Sciences AI raised $30.0 million at a $146.0 million valuation from Catalyst Investors on November 5, 2025. The CEO is Christian Ferreira. Procurement Sciences AI is based in Dunstable, MA. Procurement Sciences AI is a developer of an AI-based bidding intelligence platform for government contractors to understand markets and make data-driven decisions. Website: www.procurementsciences.com
Quantinuum raised $838.9 million at a $10.8 billion valuation from NVentures on November 5, 2025. The CEO is Rajeeb Hazra. Quantinuum is based in Broomfield, CO. Quantinuum is an operator of a quantum computing technology company offering scalable trapped-ion hardware and quantum software toolkits. Website: www.quantinuum.com
Amae Health raised $25.0 million at a $154.0 million valuation from Altos Ventures on November 6, 2025. The CEO is Stas Sokolin. Amae Health is based in San Francisco, CA. Amae Health is a developer of an integrated care platform providing personalized treatment across behavioral medicine, primary care, and social health for people with serious mental illness. Website: www.amaehealth.com
EnCharge AI raised $100.0 million at a $430.0 million valuation from Tiger Global Management on November 6, 2025. The CEO is Naveen Verma. EnCharge AI is based in Santa Clara, CA. EnCharge AI is a developer of advanced artificial intelligence hardware and software systems for edge computing with scalable AI architectures. Website: www.enchargeai.com
Lumonus raised $16.3 million at an unknown valuation from Aviron Investments on November 6, 2025. The CEO is Keith Hansen. Lumonus is based in Sydney, Australia. Lumonus is a developer of user-centric software empowering oncology care teams through AI-powered workflows and intelligent automation. Website: www.lumonus.com
Truffle Security raised $25.0 million at a $151.8 million valuation from Andreessen Horowitz and Intel Capital on November 6, 2025. The CEO is Dylan Ayrey. Truffle Security is based in San Francisco, CA. Truffle Security is a developer of open-source cybersecurity software that scans for secrets like private keys and credentials to prevent security breaches. Website: www.trufflesecurity.com
Arrived raised $27.0 million at a $290.0 million valuation from Left Lane Capital and Neo on November 7, 2025. The CEO is Ryan Frazier. Arrived is based in Seattle, WA. Arrived is an operator of a real estate investing platform allowing individuals to invest in shares of rental homes and vacation properties to earn passive income. Website: www.arrived.com
AirOps raised $40.0 million at a $225.0 million valuation from Greylock on November 10, 2025. The CEO is Alexander Halliday. AirOps is based in San Francisco, CA. AirOps is an operator of a search engine optimization platform deploying AI-powered workflows to automate processes, extract insights, and scale content marketing. Website: www.airops.com
Azra Games raised $18.9 million at a $182.9 million valuation on November 10, 2025. The CEO is Mark Otero. Azra Games is based in Sacramento, CA. Azra Games is a developer of blockchain-based collectible combat role-playing games featuring various characters for creating, playing, collecting, and trading. Website: www.azragames.com
Digitail raised $23.0 million at an unknown valuation from Five Elms Capital on November 10, 2025. The CEO is Sebastian Gabor. Digitail is based in Wilmington, DE. Digitail is an operator of a cloud-based digital veterinary platform offering patient management, online booking, and real-time workflow synchronization. Website: www.digitail.com
Gamma raised $68.0 million at a $2.0 billion valuation from Andreessen Horowitz on November 10, 2025. The CEO is Grant Lee. Gamma is based in San Francisco, CA. Gamma is a developer of an AI-based presentation tool for creating presentations, memos, and documents without requiring formatting or design work. Website: www.gamma.app
Neros raised $75.0 million at a $839.5 million valuation from Sequoia Capital on November 10, 2025. The CEO is Soren Monroe-Anderson. Neros is based in Los Angeles, CA. Neros is a manufacturer of unmanned aerial systems for military use with long-range capability, electromagnetic-resistant communications, and sovereign supply chain. Website: www.neros.tech
Transcelestial raised $15.5 million at an unknown valuation from 500 Southeast Asia, Beyond Earth Ventures, Entrepreneurs First, Golden Egg Ventures, Kickstart Ventures, MPower Partners, NTT Finance, Paspalis Capital, and SEEDS Capital on November 10, 2025. The CEO is Rohit Jha. Transcelestial is based in Singapore. Transcelestial is a developer of wireless laser communication technology for high-speed connectivity in ground, satellite, and deep-space applications. Website: www.transcelestial.com
Delvitech raised $50.0 million at an unknown valuation from EGS Beteiligungen on November 11, 2025. The CEO is Roberto Gatti. Delvitech is based in Rancate, Switzerland. Delvitech is a manufacturer of automatic optical inspection systems using AI and 3D technologies for quality control of printed circuit boards. Website: www.delvi.tech
Lighter raised $68.0 million at a $1.5 billion valuation from Founders Fund and Ribbit Capital on November 11, 2025. The CEO is Vladimir Novakovski. Lighter is based in Miami, FL. Lighter is developer of a decentralized perpetual exchange that operates on Ethereum’s Layer 2 using zero-knowledge rollups for high performance and scalability. Website: www.lighter.xyz
Lucky Energy raised $25.0 million at a $124.0 million valuation from Paine Schwartz Partners on November 11, 2025. The CEO is Richard Laver. Lucky Energy is based in Austin, TX. Lucky Energy is a producer of sugar-free energy drinks featuring ingredients like maca and beta-alanine without aftertaste. Website: www.luckybevco.com
Attentive raised $30.5 million at a $135.0 million valuation from Insight Partners on November 12, 2025. The CEO is Shiva Dhawan. Attentive is based in Coloma, MI. Attentive is a developer of AI-powered landscape management software providing field services and workflow optimization for construction and maintenance businesses. Website: www.attentive.ai
Clasp raised $25.0 million at a $114.0 million valuation from Digitalis Ventures on November 12, 2025. The CEO is Tess Michaels. Clasp is based in Boston, MA. Clasp is a provider of student loan assistance services connecting students with employers who help repay their student loans. Website: www.clasp.com
Foxglove raised $40.0 million at a $185.0 million valuation from Bessemer Venture Partners on November 12, 2025. The CEO is Adrian Macneil. Foxglove is based in San Francisco, CA. Foxglove is a developer of a visualization and debugging platform for accelerating robotics development with interactive visualizations and flexible data source support. Website: www.foxglove.dev
GC AI raised $60.0 million at a $555.0 million valuation from Northzone Ventures and Scale Venture Partners on November 12, 2025. The CEO is Cecilia Ziniti. GC AI is based in San Francisco, CA. GC AI is a developer of an AI-legal-assistant platform supporting in-house legal teams in drafting, reviewing, and managing documents with chat-based interface and enterprise-grade security. Website: www.gc.ai
House Rx raised $55.0 million at an unknown valuation from New Enterprise Associates and Town Hall Ventures on November 12, 2025. The CEO is Ogi Kavazovic. House Rx is based in San Francisco, CA. House Rx is an operator of a technology-enabled specialty pharmacy service partnering with clinics to deliver combined medical and pharmacy care. Website: www.houserx.com
REBEL raised $25.0 million at an unknown valuation from MarcyPen Capital Partners on November 12, 2025. The CEO is Emily Hosie. REBEL is based in Toronto, Canada. REBEL is an operator of an AI-based online marketplace for reselling baby gear with pricing algorithms and expert curation. Website: www.fromrebel.ca
Sweet Security raised $75.0 million at an unknown valuation from Evolution Equity Partners on November 12, 2025. The CEO is Dror Kashti. Sweet Security is based in Tel Aviv, Israel. Sweet Security is a developer of a cloud-native security platform for real-time threat detection and response across distributed cloud environments. Website: www.sweet.security
Tavus raised $39.1 million at a $256.0 million valuation from CRV on November 12, 2025. The CEO is Hassaan Raza. Tavus is based in San Francisco, CA. Tavus is a developer of AI-based human computing technology offering multimodal, proactive, and empathetic digital interactions for healthcare and customer experience. Website: www.tavus.io
TeraDAR raised $150.0 million at an unknown valuation from Engine Ventures and VXI Capital Management on November 12, 2025. The CEO is Matthew Carey. TeraDAR is based in Boston, MA. TeraDAR is a developer of solid-state terahertz imaging sensors utilizing 4D imaging technology for enhanced object detection in all weather conditions. Website: www.teradar.com
Alembic raised $145.0 million at an unknown valuation from Accenture and Prysm Capital on November 13, 2025. The CEO is Tomas Puig. Alembic is based in San Francisco, CA. Alembic is a developer of a marketing event conversion engine leveraging AI for media valuation, attribution, and forecasting to measure brand value. Website: www.getalembic.com
Amenitiz raised $45.0 million at an unknown valuation from KFund on November 13, 2025. The CEO is Alexandre Guinefolleau. Amenitiz is based in Barcelona, Spain. Amenitiz is a developer of an all-in-one operating system for independent hoteliers to build websites, attract guests, and manage bookings. Website: www.amenitiz.com
BLACKBIRD.AI raised $27.3 million at a $91.5 million valuation from Dorilton Capital, Generation Ventures, Paul Kurtz, Richard Clarke, StartFast Ventures, Tanegra, Ten Eleven Ventures, and Trousdale Ventures on November 13, 2025. The CEO is Wasim Khaled. BLACKBIRD.AI is based in New York, NY. BLACKBIRD.AI is a developer of an AI-driven narrative intelligence platform identifying misinformation, manipulation, and propaganda across digital media. Website: www.blackbird.ai
Clairity raised $43.0 million at a $137.0 million valuation from ACE GESTAO GLOBAL and Santé Ventures on November 13, 2025. The CEO is Jeffrey Luber. Clairity is based in Boston, MA. Clairity is a developer of a mammography-based deep-learning platform for early breast cancer detection with AI-powered risk analytics. Website: www.clairity.com
Netic raised $23.0 million at a $450.0 million valuation from Founders Fund on November 13, 2025. The CEO is Melisa Tokmak. Netic is based in San Francisco, CA. Netic is a developer of an AI-powered platform autonomously managing demand generation throughout the customer lifecycle for service businesses. Website: www.netic.ai
Star Air raised $17.0 million at an unknown valuation from Deepak Agarwal and Micro Labs on November 13, 2025. The CEO is Simran Tiwana. Star Air is based in Bengaluru, India. Star Air is an operator of air-transport services connecting regional and underserved destinations across India with regional jets. Website: www.starair.in
Norm AI raised $103.5 million at a $897.0 million valuation from Bain Capital Ventures, Blackstone Innovations Investments, Citi Ventures, Coatue Management, Craft Ventures, Henry Kravis, Marc Benioff, New York Life Ventures, and TIAA Ventures on November 14, 2025. The CEO is John Nay. Norm AI is based in New York, NY. Norm AI is a developer of a regulatory AI agent platform converting regulations into AI agents for autonomous compliance determinations. Website: www.norm.ai
Campfire raised $64.8 million at a $392.8 million valuation from Accel and Ribbit Capital on November 17, 2025. The CEO is John Glasgow. Campfire is based in San Francisco, CA. Campfire is a developer of revenue management software automating revenue recognition and reporting for accounting and finance teams using AI. Website: www.campfire.ai
Celero raised $140.0 million at an unknown valuation from CapitalG and Sutter Hill Ventures on November 17, 2025. The CEO is Nariman Yousefi. Celero is based in Irvine, CA. Celero is a developer of coherent digital signal processor technology for high-speed optical transmission delivering scalable AI infrastructure connectivity. Website: www.celero.inc
Crisp raised $30.0 million at a $630.0 million valuation from BetterCo Holdings on November 17, 2025. The CEO is Are Traasdahl. Crisp is based in Springdale, AR. Crisp is a developer of a data integration platform streamlining real-time data flow across the consumer packaged goods industry. Website: www.gocrisp.com
Gridware raised $55.0 million at a $226.0 million valuation from Generation Investment Management and Tiger Global Management on November 17, 2025. The CEO is Timothy Barat. Gridware is based in San Francisco, CA. Gridware is a developer of a grid intelligence platform offering pole-level sensing and real-time monitoring to detect electrical hazards before outages. Website: www.gridware.io
Keychain raised $40.0 million at an unknown valuation from BoxGroup, W23, and Wellington Management on November 17, 2025. The CEO is Oisin Hanrahan. Keychain is based in New York, NY. Keychain is a developer of an AI-based consumer packaged goods manufacturing platform helping brands find manufacturing partners and manage supply chains. Website: www.keychain.com
Agentio raised $40.0 million at a $340.0 million valuation from Forerunner Ventures on November 18, 2025. The CEO is Arthur Leopold. Agentio is based in New York, NY. Agentio is a developer of an advertisement platform empowering marketers with scalable creator-led advertising through matching technology and campaign management. Website: www.agentio.com
Apono raised $34.0 million at a $115.5 million valuation from U.S. Venture Partners on November 18, 2025. The CEO is Rom Carmel. Apono is based in Tel Aviv, Israel. Apono is a developer of a data governance platform managing permission management, employee provisioning, and privileged access monitoring. Website: www.apono.io
Sunday raised $21.0 million at an unknown valuation from DST Global on November 18, 2025. The CEO is Christine Wendel. Sunday is based in Atlanta, GA. Sunday is a developer of a QR-based payment application for restaurants using AI to track bills, allergies, and payment methods. Website: www.sundayapp.com
Venn raised $52.0 million at an unknown valuation from CIM Group and noa on November 18, 2025. The CEO is Or Bokobza. Venn is based in Tel Aviv, Israel. Venn is an operator of a real estate and neighborhood platform managing homes, creating shared spaces, and supporting hyperlocal business initiatives. Website: www.venn.city
Guardio raised $80.0 million at an unknown valuation from ION Asset Management on November 19, 2025. The CEO is Amos Peled. Guardio is based in Tel Aviv, Israel. Guardio is a developer of an online extension removing malware, blocking phishing, and protecting against scams and malicious sites. Website: www.guard.io
Maybern raised $50.0 million at a $270.0 million valuation from Battery Ventures on November 19, 2025. The CEO is Ross Mechanic. Maybern is based in New York, NY. Maybern is a developer of a fund management platform streamlining complex fund operations with centralized data and automated reporting. Website: www.maybern.com
Numeric raised $50.8 million at a $385.0 million valuation from IVP on November 19, 2025. The CEO is Parker Gilbert. Numeric is based in San Francisco, CA. Numeric is a developer of a financial platform providing accounting teams with centralized month-end close workflows and collaboration tools. Website: www.numeric.io
Parallel raised $20.0 million at a $117.0 million valuation from Valspring Capital on November 19, 2025. The CEO is Diana Heldfond. Parallel is based in New York, NY. Parallel is a developer of a digital mental health assessment platform providing virtual therapy sessions and personalized treatment plans for schools. Website: www.parallellearning.com
Vyntelligence raised $30.0 million at an unknown valuation from Blume Equity and Morgan Stanley Investment Management on November 19, 2025. The CEO is Kapil Singhal. Vyntelligence is based in London, United Kingdom. Vyntelligence is a developer of an agentic video intelligence platform transforming analog workflows into actionable data using AI-powered insights. Website: www.vyntelligence.com
AGRAGA raised $11.3 million at an unknown valuation from Bajaj Finserv on November 20, 2025. The CEO is Venkatesh Narayanaswamy. AGRAGA is based in Mumbai, India. AGRAGA is a developer of a logistics platform offering trucking, rail freight, shipping, warehousing, customs, insurance, and finance services. Website: www.agraga.com
MainFunc raised $275.0 million at a $1.3 billion valuation from Emergence, LG Technology Ventures, and SBI Investment on November 20, 2025. The CEO is Eric Jing. MainFunc is based in Palo Alto, CA. MainFunc is a developer of a search engine platform combining specialized AI models and tools to handle complex tasks from research to automation. Website: www.mainfunc.ai
Performance Drone Works raised $35.0 million at a $1.2 billion valuation from Ondas Holdings on November 20, 2025. The CEO is Ryan Gury. Performance Drone Works is based in Huntsville, AL. Performance Drone Works is an operator of an AI-based autonomous UAS platform with 3D-vision obstacle avoidance for GPS-denied environments. Website: www.pdw.ai
Physical Intelligence raised $600.0 million at a $5.4 billion valuation from CapitalG on November 20, 2025. The CEO is Karol Hausman. Physical Intelligence is based in San Francisco, CA. Physical Intelligence is an operator of a general-purpose robotics company developing foundation models and learning algorithms to power various robots and physically actuated devices. Website: www.physicalintelligence.company
Sorcero raised $42.5 million at a $134.0 million valuation from NewSpring Capital on November 21, 2025. The CEO is Dipanwita Das. Sorcero is based in Washington, DC. Sorcero is a developer of a medical analytics platform offering omnichannel AI for medical insight management and scientific engagement analytics. Website: www.sorcero.com
Pay.com.au raised $53.0 million at a $633.0 million valuation from Morgans Financial on November 24, 2025. The CEO is Grant Austin. Pay.com.au is based in Elsternwick, Australia. Pay.com.au is a developer of a business-to-business payment platform helping businesses manage payments and maximize credit card rewards. Website: www.pay.com.au
Wealthy raised $14.5 million at an unknown valuation from Bertelsmann India Investments on November 24, 2025. The CEO is Nisarg Ajmera. Wealthy is based in Bengaluru, India. Wealthy is a developer of a wealth management platform providing portfolio allocation, diversification, rebalancing, and automated data entry. Website: www.wealthy.in
Overstory raised $43.0 million at an unknown valuation from Blume Equity on November 25, 2025. The CEO is Indra den Bakker. Overstory is based in Amsterdam, Netherlands. Overstory is a developer of vegetation management software combining AI with satellite and aerial imagery to monitor vegetation and assess wildfire risks. Website: www.overstory.com
EcoG raised $18.5 million at an unknown valuation from Bayern Kapital, Extantia Capital, and GET Fund on November 26, 2025. The CEO is Joerg Heuer. EcoG is based in Munich, Germany. EcoG is a developer of an IoT operating system for electric vehicle charging integrated into local businesses with value-added services. Website: www.ecog.io
Perpetual Next raised $239.4 million at an unknown valuation from Momentum Global Ventures on November 28, 2025. The CEO is Rene Buwalda. Perpetual Next is based in Amsterdam, Netherlands. Perpetual Next is a developer of climate technology converting organic waste streams into renewable bio-based products while reducing CO2 emissions. Website: www.perpetualnext.com
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Disclosures
This material is intended for information purposes only and does not constitute investment advice, a recommendation or an offer or solicitation to purchase or sell any securities to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. Unless otherwise stated, all views or opinions herein are solely those of the author(s), and thus any view, comments, or outlook expressed in this communication may differ substantially from any similar material issued by other persons or entities. The information contained in this communication is based on generally available information and although obtained from sources believed to be reliable, its accuracy and completeness cannot be assured and such information may be incomplete or condensed. The information in this communication does not constitute tax, financial, or legal advice.