The Dealflow by Founders Capital - Edition 25

Key News and Trends

Meta’s Superintelligence Lab Faces Talent Drain. Meta’s flagship Superintelligence Lab has suffered early turbulence, with at least three researchers resigning just weeks after joining. Two quickly returned to OpenAI, while another senior AI leader, Chaya Nayak, is also leaving Meta to join OpenAI. Despite Zuckerberg’s nine-figure recruitment packages, the exits underscore cultural and bureaucratic frictions, raising questions about Meta’s ability to compete at the frontier of AI research. Read more here

OpenAI’s Restructure Likely Slips Into 2026. OpenAI’s planned corporate restructure, key to enabling investor equity and a potential IPO, is now expected to spill into next year amid fraught negotiations with Microsoft. Disputes centre on Azure exclusivity, IP access, and the controversial “AGI clause” that could restrict Microsoft’s rights if human-level AI is achieved. With SoftBank’s $10bn commitment hinging on year-end deadlines, the stakes remain high. Meanwhile, OpenAI is pursuing a secondary sale at a $500bn valuation. Read more here

Apple Quietly Weighs AI Acquisitions. Reportedly, Apple has internally discussed potential acquisitions of French AI startup Mistral and US-based Perplexity, according to The Information. While Apple has historically avoided large deals, CEO Tim Cook has recently signalled openness to bigger AI-related M&A to accelerate its roadmap. Both targets carry strategic weight: Mistral is reportedly raising at a $10bn valuation, while Perplexity is backed by Nvidia and Jeff Bezos. Any move would mark a significant departure from Apple’s conservative playbook. Read more here

Founder’s Take: Apple Under Pressure to Rethink AI Strategy

Apple’s reported talks with Mistral and Perplexity mark a fascinating inflection point for its AI strategy. Historically, Apple has avoided splashy deals, preferring smaller “tuck-in” acquisitions that integrate quietly into its ecosystem. Engaging with leading, high-valuation startups such as Mistral or Perplexity suggests a potential departure from that long-standing M&A playbook. The timing is also telling: Tim Cook is under mounting pressure to demonstrate clear leadership in AI, especially as rivals like Microsoft, Google, and Amazon have made bold multibillion-dollar bets that cement their dominance. Apple, by contrast, has yet to plant a definitive flag in the generative AI landscape, leaving questions around its positioning.

The market should interpret these moves as Apple recognising it cannot rely solely on internal development to keep pace in AI infrastructure and applications. Whether Apple proceeds with a major acquisition or not, the fact these conversations are even happening signals strategic urgency and a willingness to rethink its approach. If Apple does shift gears, it would be a watershed moment, representing not only a tactical pivot in M&A but also a broader acknowledgement that AI leadership is now central to sustaining its ecosystem advantage.

Top Venture Deals

Attio: $52M Series B (Redpoint Ventures, Point Nine)

• Attio, a London-based startup building the first AI-native CRM for go-to-market teams, has raised a $52M Series B led by Redpoint Ventures and Point Nine, with continued support from Balderton and Headline. The company will use the funds to scale its platform and expand internationally. Read more here

Paragraf: $55M Series C (Mubadala)

• Paragraf, a UK-based spin-out from the University of Cambridge developing graphene-based electronic products, secured $55M in Series C funding led by Mubadala. The financing will support production expansion of its semiconductor-compatible graphene devices across the UK and US. Read more here

Vercel: $9B Valuation (Accel)

• Vercel, a San Francisco startup enabling cloud-based web and AI app development, has tripled its valuation to $9B with a new investment led by Accel. Founded in 2015, the company recently surpassed $200M ARR, doubling in just over a year, with major customers including Netflix and Stripe. Read more here

Upcoming Public Offerings

Klarna

• Swedish BNPL giant Klarna is reviving plans to list in the U.S. next month, targeting a $13–14B valuation, well below its $50B peak in 2021. The firm aims to raise close to $1B, supported by strong Q2 growth (+20% revenue YoY). Read more here

Netskope

• Cloud security firm Netskope has confidentially filed for a U.S. IPO, revealing revenue growth to $830M in FY2024, up 25% YoY, with narrowing losses. Backed by Sequoia and Accel, the company could seek a valuation above $15B. Read more here

See you in the next edition,
The Founders Capital Team

Founders Capital is the trading name of FC Group Holding Ltd. FC Group Holding Ltd is an Appointed Representative of 8point8 Capital Ltd which is authorised and regulated by the Financial Conduct Authority (reg. no. 936586). 

This communication is being sent confidentially on a restricted basis for information and discussion purposes only. It does not constitute a financial promotion and should not be relied upon as investment advice. Membership of Founders Capital is restricted to recipients who are eligible to receive exempt financial promotions under the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005.