Armadin raises ~$265M, Abby Care $82M. Intuit buys Sequence for ~$200M

Armadin raised ~$265M (SEC Form D filed October 15), and Abby Care raised $82M led by Transformation Capital. Intuit bought Sequence for ~$200M.

43 rounds closed this week for ~$806.6M deployed — down 63% from last week's ~$2.2B across 29. Applied AI took 10 of the 43 checks. 43 more raises surfaced only in SEC filings; the largest are in Filing Watch below.

Series B is where the conviction was this week: five rounds took $244M, more than all nine Series A rounds combined, and every one of the five had a lead signed before it closed. Seed is the opposite picture: 17 rounds shared $130.2M and most closed without a lead, so angels are carrying the early band while the funds wait for a signal. Andreessen Horowitz has led five rounds in four issues; nobody else is close. If you are raising, get your lead committed before you open the round, price the ask off the median for your stage in the table above, and send the deck to the firms that wrote a check at your stage this month, not to the logo you want on the slide.

Most active sector: applied AI (10 of 43 rounds). Quietest: climate (1).

320 rounds and ~$26.8B tracked across 12 issues, plus 971 raises that surfaced only in SEC filings. Most active lead investors by rounds led: Insight Partners (8), Andreessen Horowitz (7), Khosla Ventures (4). 75% of the raises we tracked were never announced by the company — a quiet round is the norm. The median column in the table above is the benchmark for your stage; size your ask against it, not against the headlines.

All 43 rounds, grouped by sector and largest first — amount, stage and lead investor.

Applied AI · 10 rounds
Mueon — $65M Series A, no lead named · Unite.AI
North.cloud — $60M Series B, led by PeakSpan Capital · Unite.AI
RapidCanvas — $29M Series B, led by Vertex Ventures SEA & India · citybiz
Fragment — $12M Series A, no lead named · Fortune
Parallel Loop — $6.6M Seed, led by 3one4 Capital
Solvera — €5.62M (~$6.2M) Pre-seed, no lead named
TrustedRouter — $6M Seed, no lead named
Shamrock AI — $5M Seed, led by Endiya Partners
Matters — $5M Pre-seed, no lead named
Kompanion — €800K (~$880K) Seed, no lead named

Healthcare · 4 rounds
Abby Care — $82M round, stage undisclosed, led by Transformation Capital · Fortune
Otter Health — $8M Seed, no lead named
Allswell — $7M Seed, led by Rethink Impact
TechNovaTime — $3.4M Pre-seed, no lead named

Cybersecurity · 2 rounds
Harmonic Security — $50M Series B, led by Crosspoint Capital Partners · citybiz
Opsin — $21M round, stage undisclosed, led by SYN Ventures · Pulse 2.0

Climate · 1 round
Rabot Energy — €50M (~$55M) Series B, led by Endeit · Pulse 2.0

Fintech · 2 rounds
Mogul — $15.5M Series A, led by Draper Associates · FinTech Global
CarbonAI — $12M round, stage undisclosed, led by Cowboy Ventures · Pulse 2.0

Defense & space · 1 round
Jaops — $1.7M Seed, no lead named

Other sectors · 23 rounds
Stand — $70M Growth (Series C+), led by Saga Ventures · Pulse 2.0
Fortem Technologies — $50M Series B, led by Lockheed Martin · Pulse 2.0
Zenzap — $44M Seed, no lead named · FinSMEs
Duvo — $32M Series A, led by Balderton Capital · Pulse 2.0
Scimplify — $25M round, stage undisclosed, led by Hitachi Ventures · BusinessLine
Sharp — $18M Series A, led by Hidden Variable · citybiz
Ubitium — $14M Seed, no lead named · FinSMEs
BloomX — $13M Series A, no lead named · CTech
Spill Games — $10.5M round, stage undisclosed, led by Elevation Capital · Indian Startup News
Fission — $10M Series A, led by Pantera Capital · Fortune
Clueso — $10M Series A, led by Dharana Capital · Pulse 2.0
AlgoX2 — $10M Seed, led by Bessemer Venture Partners · Pulse 2.0
Osavul — $10M Series A, led by 33N Ventures · Pulse 2.0
Multiliquid — $8M Seed, led by Polychain
Molagri — $5.8M round, stage undisclosed, no lead named
Zaria — $5.2M Seed, led by Lightspeed Venture Partners
Homa — $5M Pre-seed, no lead named
Furnace — $3.5M Seed, no lead named
Metabolize — $3.2M Seed, led by Astanor
infiniFi — $3M Seed, no lead named
Monopulse — €2M (~$2.2M) Seed, led by Coinvest Capital
Banaraswala — $2M Seed, no lead named
EMode Photonix — $1M Pre-seed, no lead named

Transformation Capital wrote 1 check in the last two weeks — 1 as lead (~$82M deployed). Led: Abby Care ($82M Undisclosed stage). The pattern in the checks: healthcare. One check does not make a pattern, but a lead this size is conviction. Worth a well-aimed approach while the thesis is warm.

Pitching any of this week’s check-writers? Upload your deck to Backable and read the verdict a partner would give — slide by slide, in minutes, free — before they give it. Get the free verdict.

6 of the 7 startup exits we tracked this week — who bought what, and the price where it was disclosed.

Intuit acquired Sequence for ~$200M  · entARABI

Salesforce acquired Loops  · CTech
Loops operates in Tel Aviv and the United States.

Freshworks acquired Torii  · CTech
Torii is an Israeli software company that developed a platform for the automated management of enterprise software.

Prime Intellect acquired Moondream  · GeekWire

Infotech acquired Zluri  · Inc42
Zluri offers businesses a software that helps them track and manage all the digital tools their employees use.

Nebius acquired Inferize  · SDxCentral

6 raises surfaced in SEC Form D filings this week. The 6 below are the largest of 43 venture-relevant Form Ds we tracked. A Form D is filed once a company has sold securities, so these rounds have closed; most have not been announced by the company. The filing date lags the close, so treat it as a floor.

Armadin, Inc. — ~$265M raised (offering fully sold), Form D filed October 15  · SEC filing
Other Technology · California · formerly Ballistic AI, Inc.

Onebrief, Inc. — ~$150.8M total offering, Form D filed October 14  · SEC filing
Other Technology · Hawaii

Kaigene, Inc. — ~$55M total offering, Form D filed October 14  · SEC filing
Biotechnology · Maryland

Loving Is Inc. — ~$50M total offering, Form D filed October 13  · SEC filing
Illinois

Curadel Surgical Innovations, Inc. — ~$49.8M total offering, Form D filed October 13  · SEC filing
Biotechnology · Florida

Estuary Biotherapeutics, Inc. — ~$40.7M total offering, Form D filed October 16  · SEC filing
Biotechnology · California · formerly Estuary Biotherapuetics, Inc.

2 venture funds filed new Form Ds this week, and 1 fund that began raising earlier updated its filing. This is capital the funds now have to invest over the next few years.

Trace Holdings II LP — ~$1.1B in the filing, amended Form D filed October 13  · SEC filing

Fulcrum Growth Fund VI QP, L.P. — ~$400M in the filing (3 parallel vehicles, one fund), Form D filed October 14  · SEC filing

NewVale Capital Fund II LP — ~$250M in the filing, Form D filed October 13  · SEC filing

Jason Lemkin on the Valar and Day One pro rata fight: big funds write "all existing investors waive pro rata" into nearly every term sheet, and Keith Rabois's read is that your seed investors would have paid about half the price if the right had never been there. If a lead asks for that waiver, apply it to every existing investor and know what you are spending — the single carve-out for one "strategic" is what turned this round into a Delaware filing. Read it.

6 firms led two or more rounds in the last four issues. Their recent checks, largest first:

Andreessen Horowitz — led 5 rounds: TypeSafe AI ($870M Series A), EliseAI ($350M), General Medicine ($120M)

Insight Partners — led 3 rounds: Metaview ($58.4M Growth), Confido ($55M Series B), Stuut ($52.5M Series B)

Radian Capital — led 3 rounds: Niche ($35M Growth), Biller Genie ($22M Series B), GreyNoise ($15M Series A)

Brighton Park Capital — led 2 rounds: Canary Technologies ($80M Growth), LucidLink ($75M Growth)

Sequoia Capital — led 2 rounds: Mecka ($60M Series B), Catalyst ($30M Seed)

PeakSpan Capital — led 2 rounds: North.cloud ($60M Series B), Lula ($28M Series A)

Where the volume is: Seed, 17 of 43 rounds (7 last week). Applied AI took 10 of 43 checks.

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