Goldman’s acquisition of Industry Ventures is a bet on soaring secondaries. 💰 The deal is substantial. $665M in cash and equity, tacking on an additional performance-based $300M through 2030. Read analysis from @EMZheng47 in @AGarfinks' latest edition of @TheTermSheet here ⬇️

Flow Engineering, which provides a collaborative hardware development platform for companies like Rivian, raised a $23M Series A led by Sequoia (@agarfinks / Fortune) https://t.co/FEdC9veqx2 https://t.co/qnpBUr1cQq 📫 Subscribe:

AI has sparked a new wave of competition in the browser market, as agentic AI browsers like Perplexity's Comet and others compete with Gemini-enhanced Chrome (Fortune) https://t.co/EG0HlI4nPa https://t.co/Q6GX9grxuB 📫 Subscribe:

In Q3, AI accounted for 39.5% of the deal count, a record, according to PitchBook. 💰 Learn more from @AGarfinks' latest edition of @TheTermSheet here ⬇️

“Bubbles are kind of a natural part of this," @OpenAI COO @bradlightcap told @agarfinks in the latest episode of Fortune's #TermSheet. https://t.co/JKspCfP1dk

EvenUp, which makes AI tools for personal injury law firms, raised a $150M Series E led by Bessemer at a $2B+ valuation, bringing its total funding to $385M (@agarfinks / Fortune) https://t.co/TCytsj9wPP https://t.co/uJmKNNIFON 📫 Subscribe:

In April, #TermSheet broke the news that @supabase had raised $200 million in an Accel-led Series D, valuing the company at $2 billion. Now, about five months later, Supabase has raised a $100 million Series E at a $5 billion valuation.

Supabase, an open-source rival to Google's Firebase, raised a $100M Series E led by Accel and Peak XV at a $5B valuation, bringing its total funding to $500M+ (@agarfinks / Fortune) https://t.co/WURq5Rl8i8 https://t.co/PBTApXII9f 📫 Subscribe:

“I saw ‘Supabase,’ and it kind of sounded like the Nicki Minaj song.” @supabase CEO Paul Copplestone (@kiwicopple) joined @agarfinks and the Fortune #TermSheet vodcast to share his startup’s origins. Now, the company has raised a $100 million Series E at a $5 billion valuation.

"There are at least two types of investors that I've seen do amazing work in their career." @hanstung joined the Fortune #TermSheet vodcast with @agarfinks to share what makes a good investor. https://t.co/kEz9yQs0TU

Assort Health, which is developing voice AI agents for healthcare, raised a $76M Series B led by Lightspeed, bringing its total funding to $102M (@agarfinks / Fortune) https://t.co/GiFHhxS97u https://t.co/5BuIoq8zsF 📫 Subscribe:

VC to @agarfinks: AI startups are practicing “vibe revenue” 😬

Sad to say this isn’t new. But as they said in Den of Thieves, “your bunny has a good nose.”

VCs say some AI startups, under pressure to show rapid ARR growth, are using questionable accounting practices like counting one-time deals as recurring revenue (@agarfinks / Fortune) https://t.co/YBUBh9HFwL https://t.co/wCsLoSUN02 📫 Subscribe:

We're honored to have Sangeen and @GVteam as investors in Harvey. Excited to see Sangeen featured today in @FortuneMagazine with @agarfinks, discussing his strategy and investments in leading application-layer AI companies and AI labs:

In an interview with Fortune’s Allie Garfinkle (@agarfinks) for the #TermSheet Podcast, @PhiaCo_ cofounder Phoebe Gates (@PhoebeAdellle) said that it's important to have "more female capital allocators" in business. https://t.co/H9Gn7l77yd

Thanks to @agarfinks at @FortuneMagazine for covering the story and for interviewing Annie, Sophia and Phoebe on the Term Sheet podcast ⬇️ https://t.co/AKFt6vx8LU

Modern Animal, a veterinary clinic network that uses proprietary AI-powered software to enhance veterinary workflows, raised a $46M Series D (@agarfinks / Fortune) https://t.co/RuJO2mDdH7 https://t.co/jiBn8aCW5E 📫 Subscribe:

“Your team is everything," @PhiaCo_ cofounder Phoebe Gates (@PhoebeAdellle) told Fortune's Allie Garfinkle (@agarfinks) on the #TermSheet Podcast. https://t.co/s4mSwXvB7C

Back in February, @leomschwartz and @agarfinks looked into the death of Suchir Balaji, the OpenAI whistleblower, and the conspiracy theories, speaking to friends, colleagues, authorities and his parents. Their story on his final weeks: