01 Advisors just filed a ~$395M fund — new money looking for founders

01 Advisors filed a ~$395M fund with the SEC on September 16. A firm raising a new fund is at its most open to first meetings — it needs fresh deals to show its own investors, so if 01 Advisors fits your round, pitch it this quarter.

17 rounds closed this week for ~$865.1M deployed. Last week read ~$4.1B, but one check was most of it — Mistral's ~$3.3B; set it aside and this week is up 9% on the other 15 rounds' ~$793M. Applied AI took 6 of the 17 checks; when one sector absorbs that share, partners in it answer cold decks faster — deployment pressure is visible. 91 more raises surfaced only in Form D filings, with no press coverage — fresh capital nobody is watching yet. If either is your lane, the window argues for sending your deck this week, not next.

Eight rounds were counted twice in The Radar's running totals — each ran in two issues because its coverage straddled two weeks. From this issue a round counts once, in the week we first reported it. Corrected, Issue #7's Radar would have read 184 rounds and ~$19.6B, not 192 and ~$20.2B, with Insight Partners (5), Khosla Ventures (3) and Andreessen Horowitz (2) as the most active leads; no median moved more than $0.5M. The same rule is why last week reads ~$4.1B above, not the ~$4.4B Issue #7 printed: Gimlet Labs' $300M had already run in Issue #6.

Crusoe confirmed its round at ~$3.9B this week — the round Issue #6 reported at ~$3B. It is not new money, so it is out of this week's totals; the running ledger in The Radar now carries the confirmed figure.

Most active sector: applied AI (6 of 17 rounds). Quietest: consumer (1).

201 rounds tracked, ~$21.4B deployed, plus 750 quiet raises that never got press. Median check by stage across every week we have tracked: Pre-seed ~$3.3M · Seed ~$6.5M · Series A ~$20M · Series B ~$45M · Growth ~$150M. Most active lead investors since Issue #1, by rounds led: Insight Partners (5), Khosla Ventures (3), Andreessen Horowitz (2). 79% of the raises we saw got zero press — a quiet round is the norm, not a red flag. Size your ask against the medians, not the headlines.

The full list, free, as always — 17 rounds with stage, sector, and lead investor:

EQT wrote 1 check in the last two weeks — 1 as lead (~$250M deployed). Led: Fever ($250M Undisclosed stage). The pattern in the checks: consumer. One check proves appetite, not pace — but a lead this size is conviction, not clean-up. Worth a well-aimed approach while the thesis is warm.

Fit notes like this on every active firm — matched against your deck — live in Backable. Pitching any of this week’s check-writers? Get your free verdict first.

1 startup exit crossed the wire this week. Acquirers tell you which categories are consolidating — and who might be your buyer, or your competitor's.

6 raises surfaced in SEC Form D filings this week that no outlet has covered. The 6 below are the largest of 91 venture-relevant Form Ds we tracked with no coverage. Quiet raises tell you two things: who has fresh capital without the spotlight, and which investors are moving without press. Both are outreach gold. One caveat: Form D lags some closings — treat it as a signal, not ground truth.

2 venture funds filed new Form Ds this week, and 3 that began raising earlier updated theirs. Money that has to be put to work means deployment pressure on a clock — a firm raising or investing a fresh fund is answering cold decks, not passing on them. Names and filings below.

Tomasz Tunguz on a Berkeley study of 42 harness comparisons: the same model returning the same answer costs 71% less depending on the scaffolding around it, and on a $250k contract that is a 38% versus 75% gross margin and a 19- versus 10-month payback on the cost of the sale. If you are raising on an AI product, walk into the partner meeting knowing which of those two numbers your architecture produces — that is where the round gets priced. Read it.

Seed is where the volume is: 4 of 17 rounds — 2 last week, 4 this week. Applied AI took 6 of 17 checks overall; if that's your lane, sequence outreach to the firms above this week — momentum begets attention. Consumer saw 1; if that's you, plan for a longer conversation and lead with revenue, not narrative.

About to pitch? Don’t send the deck you have — send the deck that survives a partner meeting.

— Martin

Free forever. If this saved you an hour of funding-news archaeology, forward it to a founder who is raising.

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