Funding

Cybersecurity startup Armis, specializing in connected device security, raised $435 million, valuing the company at $6.1 billion. Led by Goldman Sachs Alternatives, the funding will fuel growth and address the increasing demand for IoT, OT, and medical device security. Armis’ platform helps organizations discover, secure, and manage connected devices, providing threat detection and mitigation. CEO Yevgeny Dibrov sees Goldman Sachs as an ideal partner for a future IPO, targeted for late 2026 or early 2027, with a near-term goal of reaching $1 billion in ARR.

The East Wing of the White House is being demolished to make way for a $250 million ballroom, contradicting earlier assurances. A White House official cited unforeseen structural issues for the change. The project, championed by President Trump, will be privately funded, with disclosed contributors including Alphabet ($22 million from a legal settlement) and Lockheed Martin. Other potential donors include R.J. Reynolds, Booz Allen Hamilton, Palantir and NextEra Energy. Architectural design and engineering are led by McCrery Architects, Clark Construction and AECOM.

Upgrade, a fintech startup led by LendingClub’s founder, secured $165 million in funding, raising its valuation to $7.3 billion. Led by Neuberger Berman, this round marks Upgrade’s first capital raise since 2021, driven by its positive cash flow. Initially a personal loan provider, Upgrade has expanded to include diverse financial services like BNPL (through its Uplift acquisition). With annualized revenue exceeding $1 billion, Upgrade is considering an IPO within 12-18 months to bolster its balance sheet and provide employee liquidity. They are focusing on streamlining customer experience and targeting growth in home improvement and auto financing.

Cerebras, an AI chipmaker, secured $1.1 billion in funding, valuing the company at $8.1 billion, as it aims to compete with Nvidia. The funding extends Cerebras’ private status despite confidential IPO filings last year. A previous concern was reliance on a Middle Eastern customer, G42, potentially requiring CFIUS clearance. The new funding almost doubles its 2021 valuation. The capital will be used to expand U.S. manufacturing operations. Revenue jumped significantly in Q2 2024 to $70 million. Cerebras highlights partnerships with Hugging Face, Meta, and others, showcasing its wafer-scale technology’s adoption.

Chinese autonomous driving startup Momenta is reportedly seeking a new funding round at a potential $6 billion valuation. The company specializes in ADAS and autonomous driving software, recently partnering with Mercedes-Benz and BMW to integrate its technology into their electric vehicle models in China. Momenta differentiates itself with a “data-driven” approach and is backed by investors like Tencent and Mercedes-Benz. The company is reportedly considering a Hong Kong IPO amid a competitive market including Nvidia, WeRide and Pony.ai.

Copenhagen-based startup Light, founded in 2022, secured $30 million in Series A funding led by Balderton Capital to expand its AI-driven financial automation software. Light aims to streamline accounting, bookkeeping, and financial reporting for businesses. The company plans to use the funding to grow its team and establish a presence in both the US and Europe. Light differentiates itself by offering an agile, user-friendly AI solution for rapidly scaling companies, targeting larger enterprises seeking to overcome inefficiencies in their financial processes.

BHP has launched applications for its 2026 Xplor cohort, a nine-month accelerator program supporting early-stage ventures focused on critical mineral discovery. The program offers up to $500,000 in equity-free funding, mentorship, and access to BHP’s global network. Aimed at boosting critical mineral supply, Xplor fosters collaboration between major and junior companies. Applications are open from September 8 to October 15, 2025, offering a chance for explorers to accelerate projects and access BHP’s expertise and 21-company alumni network.

Finnish quantum computing firm IQM secured $320 million in funding, achieving unicorn status with a valuation exceeding $1 billion. The investment will support technology development, commercial expansion, and a new software platform to broaden quantum computing accessibility. IQM aims to compete with U.S. giants in the burgeoning quantum landscape and expand sales globally, having already sold 15 quantum computers, including its Radiance and Spark models. While an IPO isn’t immediate, IQM focuses on long-term growth and solidifying its position in the next generation of computing.

Anthropic, an AI company founded by ex-OpenAI researchers, secured $13 billion in Series F funding, boosting its valuation to $183 billion. Led by Iconiq, Fidelity, and Lightspeed, the round signifies strong investor confidence. Fueled by its AI assistant, Claude, Anthropic’s revenue run rate exceeded $5 billion in August with over 300,000 business customers. Capital will support safety research, enterprise demand, and global expansion, intensifying its rivalry with OpenAI, valued potentially at $500 billion.

Intel received a $5.7 billion U.S. government investment as part of a White House initiative taking a 10% equity stake. CFO David Zinsner also suggested exploring outside investment for Intel’s foundry business, a key growth area. While Q2 results beat expectations, shares dropped due to foundry capital intensity concerns. Intel cautioned that the deal could face “adverse reactions” from stakeholders, including investors and foreign governments, and increased scrutiny. The White House acknowledges the deal is still being finalized.