News Summary

This week in the world of startups, several significant developments have unfolded. Mercury, a fintech banking startup, successfully raised $300 million in a funding round led by Sequoia, more than doubling its valuation to $3.5 billion. Founded in 2017, Mercury focuses on serving small businesses and investors, having launched its corporate card in 2022. Meanwhile, the startup landscape has seen a mix of promising and disappointing events. Terrestrial Energy, a U.S. nuclear startup, went public via SPAC, expecting to net $280 million, while Commonwealth Fusion Systems, backed by Bill Gates, hit a key milestone for its demonstration reactor. Despite this, the vertical farming company Plenty filed for bankruptcy after significant funding rounds. Other notable deals include Rivian’s micromobility startup Also, which raised $105 million, and Berlin’s n8n, which secured $60 million for workflow automation. In the AI sector, Nvidia is reportedly near a deal to acquire Lepton AI, and FuriosaAI rejected an $800 million offer from Meta. Additionally, new funds are emerging, such as Emergence Capital’s $1 billion fund for B2B companies with a strong focus on AI.