NEWS
Salesforce buys Rune Technologies
Salesforce is buying Rune Technologies, an American developer of defence supply chain software, for $375M in a combination of shares and cash.
This is something of a Rorschach blot: everyone sees what they’re interested in. For me, it’s validation that (some) defence tech startups will be acquisition targets for companies outside of the sector.
This is a purchase that makes a lot of sense for Salesforce. And at $375M, a relatively cheap one. It gives Salesforce a ready-made defence logistics product with existing military customers.
Rune has raised a total of $30M since being founded in 2024, including a $25M Series A in July 2025, likely at a valuation around $125M-$150M. A ~3x return in just over a year is impressive, but probably not the huge outcome that VCs might have hoped for. An incentive, were it needed, for investors to keep their entry valuations disciplined.
Polish Starlink
Poland is looking to build its own Starlink equivalent.
This is a continuation of the reaction to the Starlink debacle two weeks ago. Europeans naturally want more control (or just some control) over a capability that is defining battlefield outcomes. Of course, that is easier said than done. Starlink works because of 10,000 satellites already in orbit and a launch cadence few can match.
The article headline probably overstates the announcement. There is no budget figure and no named supplier. The plan is to start with the military, extend to state services, and eventually offer the system across Europe.
The greatest risk for Europe, as always, is fragmentation. I wrote last week that Finland, Nokia and ICEYE are building a similar system with Ukraine, with first launches planned for 2028. Europe is now heading for several sovereign networks that would need to talk to each other - a problem NATO has struggled with for many years.
Binance hacked for $6B
To paraphrase Ben Evans, crypto people like to say how important it is that the government can’t take their money. Except it turns out that with crypto, the North Korean government can take your money.
FUNDRAISING
DEFENCE
Foundry Robotics, an American builder of factories for complex assembly, raised a $100M Series A led by Marlinspike Partners.
Firehawk, an American developer of energetics and rocket motors, raised a $150M Series C at a $1.4B valuation co-led by Advent and Rochefort.
Hypersonica, a German developer of hypersonic missiles, raised a €100M Series B co-led by Lightspeedand General Catalyst.
Gallium Defense, a French developer of radar tracking technology, raised a €7.1M seed co-led by Keen Venture Partners and 360 Capital.
Pelagon, a French developer of an acoustic-sensor interdiction dome with an underwater interceptor to protect coastal infrastructure, emerged from stealth. The amount of funding was not disclosed.
SPACE
Northwood Space, an American developer of ground stations, raised a $375M Series C at a $2B valuation co-led by a16z and DFJ Growth.
Argotec, an Italian satellite builder, raised a €50M round led by NUO Space S.p.A.
Rendezvous Robotics, an American developer of self-assembling spacecraft, raised a $20M round co-led by MaC Venture Capital and Toyota Ventures.
QUANTUM, CYBER & AI
Fractile, a British developer of AI chips, raised a £557M Series C.
FORT Robotics, an American developer of physical AI, raised $20M from Tiger Global and Mark Cuban.