The Dealflow by Founders Capital - Edition 33

Welcome back to The Dealflow by Founders Capital - your inside track on the private markets. Each week, we cut through the noise to bring you the latest industry trends - along with our take.

Author

Sam Scott
October 24, 2025

Anthropic Eyes Tens of Billions in Google Cloud Deal

Anthropic is reportedly finalising a multi–tens-of-billions cloud deal with Google, giving it access to TPUs for large-scale AI training. The partnership would deepen Anthropic’s reliance on Google infrastructure, just months after its $183B valuation round led by Iconiq Capital and Fidelity. With Amazon already in for $8B, Anthropic is effectively splitting compute sovereignty across the Big Three. Read more here

Quantum Supremacy 2.0: Google’s Computer Runs 13,000x Faster Than a Supercomputer

Google scientists unveiled a breakthrough quantum algorithm running 13,000 times faster than top classical systems. The new “Quantum Echoes” model advances materials discovery and drug design, fields worth trillions in downstream value. With China investing over $15B in quantum R&D and IBM racing to scale superconducting qubits, this milestone reinforces Google’s lead in practical quantum computation. The next decade may see quantum advantage shift from theory to industry. Read more here

Browser Wars Reloaded: OpenAI Launches ChatGPT Atlas

OpenAI officially launched ChatGPT Atlas, its AI-powered browser that integrates agentic task execution directly into search. The product removes the address bar entirely, turning the browser into a live interface where ChatGPT acts rather than just answers. Atlas debuts on macOS, with Windows and mobile to follow, and includes “agent mode” for paid users, capable of completing tasks autonomously in-browser. It’s a direct shot at Chrome’s dominance and an early glimpse at the AI internet layer where chat replaces clicks. Read more here

Anthropic is reportedly finalising a multi–tens-of-billions cloud deal with Google for access to TPUs, coming just weeks after its $183B valuation and Amazon’s $8B investment. But this isn’t about cloud credits; it’s about compute sovereignty, strategically hedging reliance across the Big Three.

The real moat in AI is no longer algorithms, it’s chips, data, and energy. What we’re witnessing is AI labs transforming into infrastructure companies, competing not for users but for power. Whoever controls the most compute capacity becomes the gatekeeper of the next wave of intelligence.

Periodic Labs - $300M Seed Round (a16z, Felicis)

  • Periodic Labs, founded by OpenAI’s Liam Fedus and Google Brain’s Ekin Dogus Cubuk, has ignited a $300M seed frenzy, led by Andreessen Horowitz with early backing from Felicis. The startup aims to automate material science discovery by combining LLMs, robotics, and simulation, effectively bringing scientific experimentation into the AI loop. Periodic’s founders describe this as the next frontier: AI models that can reason, experiment, and invent. The deal underscores how top AI talent is now building infrastructure for intelligence itself, not just new apps. Read more here

Fal.ai - $250M Raise at $4B Valuation (Kleiner Perkins, Sequoia, a16z, Bessemer)

  • Fal.ai founded by ex-Coinbase and Amazon engineers, raised $250M at a $4B valuation to power the next generation of AI-driven multimedia tools. The platform hosts 600+ image, video, and 3D models and now underpins creative infrastructure for Adobe, Canva, Shopify, and Perplexity. Annual recurring revenue has jumped from $10M to $95M, with over 2M developers onboard, positioning Fal.ai as the compute layer for the new creative internet. Read more here

Sesame - $250M Series B (Sequoia, Spark Capital)

  • Sesame, a conversational AI and smart-glasses startup from Oculus co-founder Brendan Iribe and Ankit Kumar, has raised a $250M Series B led by Sequoia and Spark Capital. The company’s early demos, voiced AI agents Maya and Miles, racked up over 5M minutes of dialogue and are now expanding into a beta iOS app and hardware line. With a team drawn from Oculus, Fitbit, and Meta, Sesame’s goal is to create a wearable AI companion that feels “alive.” Read more here

Evernorth

  • Evernorth, a Ripple-backed crypto treasury, is raising over $1B to purchase and hold XRP, effectively creating a liquidity reserve to stabilise the ecosystem. Supported by Ripple’s leadership team, the fund aims to formalise a central bank–style treasury model for digital assets. In a market defined by volatility, Evernorth represents crypto’s latest attempt to build institutional-grade infrastructure, turning speculation into structured monetary design. Read more here

Princes Group

  • Princes Group, the UK food producer behind Napolina sauces and Crisp ’N Dry cooking oil, has set a reduced IPO valuation of £1.16–£1.24 billion, down from earlier hopes of £1.5B. The offering, one of the most closely watched UK floats of 2025, seeks to raise up to £400 million, with parent company NewPrinces subscribing for half. Princes generated £2.1B in revenue and £122M in EBITDA last year, positioning the Liverpool-based brand as a possible bellwether for a long-awaited revival in UK equity listings. Read more here

See you in the next edition,
The Founders Capital Team

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