Zhipu AI's IPO Journey, Mainspring's $258M Boost, and OpenAI's $3B Acquisition Talks - AI Funding Brief #10

April 22, 2025 - AI Funding Brief

Hi there,

In this edition of the AI Funding Brief, we're diving into some significant developments in the AI business landscape. Zhipu AI, a Chinese AI startup, has begun the process of going public, potentially marking a milestone as the first AI company in China to do so. Meanwhile, Mainspring Energy Inc has secured a substantial $258 million to further its innovative linear generators aimed at powering data centers, with backing from major investors like Khosla Ventures and Amazon's Climate Pledge Fund.

Additionally, Assort Health has raised $26 million to enhance its AI platform designed to streamline patient phone call management, while Krutrim, the AI arm of Ola, has adjusted its fundraising target amidst shifting investor interest. Other notable funding news includes Goodfire's $50 million Series A round to advance AI interpretability and Exaforce's $75 million to bolster AI-driven cybersecurity automation. These stories highlight the dynamic and rapidly evolving nature of AI investments and innovations.

Mainspring Energy Secures $258 Million for Data Center Power
Mainspring Energy Inc, a Menlo Park-based startup, has raised $258 million to advance its linear generators for data centers. The funding was led by General Catalyst, with Khosla Ventures and Amazon's Climate Pledge Fund participating. Read more
Zhipu AI Begins IPO Process in China
Chinese AI startup Zhipu AI has initiated steps for an IPO, potentially becoming the first AI company in China to go public. The company, a spinoff from Tsinghua University, is known for its GLM language models and has received state-backed funding. Read more
Assort Health Raises $26M for AI Platform
Assort Health has secured $26 million in funding to enhance its AI platform for managing patient phone calls, aiming to improve healthcare access by reducing hold times and scheduling errors. Read more
Ola's AI Unit Krutrim Reduces Fundraising Target
Krutrim, the AI division of Ola, has decreased its fundraising goal from $500 million to $300 million due to low investor interest. The company is in talks with global venture capital firms and is managed by Goldman Sachs, JP Morgan, and SBI Capital Markets. Read more
Goodfire Secures $50M Series A for AI Interpretability
Goodfire has raised $50 million in Series A funding led by Menlo Ventures to enhance its AI interpretability platform, Ember, and advance research in making AI models more understandable. Read more
Exaforce Secures $75 Million for AI Cybersecurity Automation
Silicon Valley startup Exaforce has raised $75 million in Series A funding to advance its AI-driven platform for automating cybersecurity tasks. Read more
hellocare.ai Secures $47 Million for AI Virtual Care
hellocare.ai has raised $47 million to enhance its AI-assisted virtual care platform and develop smart hospital rooms, with funding led by HealthQuest Capital. Read more
Virtue AI Secures $30 Million for AI Security
Virtue AI has raised $30 million in Seed and Series A funding to enhance AI security, with backing from Lightspeed Venture Partners and Walden Catalyst Ventures. The funds will be used to improve security in enterprise AI deployments. Read more
Adobe Invests in Synthesia as Startup Hits $100M Revenue
UK-based AI video startup Synthesia has received investment from Adobe after reaching $100 million in annual revenue, highlighting Adobe's interest in AI video tools. Read more
OpenAI Introduces $1 Million Fund for Codex Projects
OpenAI has launched a $1 million fund to support open source projects using Codex CLI and OpenAI models. Grants will be given in $25,000 increments in API credits, with applications reviewed continuously. Read more

Mergers & Acquisitions

Infosys has acquired The Missing Link, an Australian cybersecurity firm, to enhance its cybersecurity capabilities. RadNet completed the acquisition of iCAD for €91 million to boost AI in breast imaging. Saronic acquired Gulf Craft to advance autonomous shipbuilding. Torq acquired Revrod to improve cybersecurity with RAG technology. Infinite Reality acquired Napster for $207 million to transform it into a social music platform. OpenAI is negotiating a $3 billion acquisition of Windsurf. Futureverse acquired Candy Digital to integrate AI and metaverse technology. Pipe acquired Glean.ai to enhance finance tools. BGM Group acquired Wonder Dragon Global to enhance its healthcare strategy. DateSpot acquired ValleyMatch for AI matchmaking. Tredence acquired Further Advisory to enhance financial services consulting. Spectral Capital acquired a stake in an autonomous driving AI firm. Improving acquired InfraCloud to boost Asian development. Voiant acquired Voxeleron for AI ophthalmic research.

Startup Funding

Hammer Missions has raised €1.6 million to expand its AI-driven drone inspection services into North America. Flock Mobility secured £1M to enhance its AI platform for shared electric vehicles. Dublin-based Assiduous raised €1M for its AI finance tool, while Blue Onion secured $10 million to improve financial data infrastructure. Finch launched an AI platform for personal injury firms, and Deck raised $12M to advance AI-driven data access. Kenzo Security raised $4.5 million for its AI security platform, and ViTai Robotics secured $13.8M from Xiaomi for robot development. Corvic AI raised $12 million for AI infrastructure, and IUNU secured $20 million for AI greenhouse tech. QWERKY AI raised $2 million for its AI platform, and Friday Harbor secured $6 million for its AI lending platform. Collide raised $5 million for AI in the energy sector, and Well secured $30 million for its AI health system. Scout AI Inc. raised $15M and launched a defense model, while Phantom Neuro secured $19M for neural interface tech. Chapter raised $75 million, reaching a $1.5 billion valuation. Mindset AI raised £4.3m for US expansion, and Telli secured $3.6 million for AI voice agents.

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