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OpenAI just hit $10 billion in annual recurring revenue, almost doubling its revenue from last year. It's targeting $125 billion in revenue by 2029. CNBC has more here. 

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• Metrics aren’t called the same. Net Dollar Retention had 18 different names.

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• Monthly numbers sometimes add up to quarterly numbers. Not very often.

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Major US Grocery Distributor Warns of Disruption After Cyberattack

By Zack Whittaker

United Natural Foods (UNFI), a major distributor of groceries to Whole Foods and other retailers, said on Monday that it was hit by a cyberattack, warning of disruptions to its ability to fulfill and distribute customer orders.

UNFI said in a Monday filing with the U.S. Securities and Exchange Commission that it became aware of unauthorized access to its IT systems last Thursday, and began shutting down portions of its network. The filing added that the company has “implemented workarounds for certain operations in order to continue servicing its customers where possible,” but noted that the intrusion has caused ongoing disruptions to its business operations.

The Providence,Rhode Island-based company is one of the largest grocery distributors inNorth America, selling fresh produce, goods, and food products to more than 30,000 stores and supermarket locations across the U.S. and Canada.

UNFI also serves as the “primary distributor” to Whole Foods, the Amazon-owned grocery chain. Last year, the two companies extended their long-running contract until May 2032.

When reached by TechCrunch, UNFI spokesperson Kristen Jimenez would not describe the nature of the cyberattack or say if the intruder had demanded a ransom from the company.

More here. 

Massive Fundings

Guardz, a two-year-old Miami startup that helps IT service firms defend their clients against cyber threats, raised a $56 million Series B round led by ClearSky, with Phoenix Financial as well as previous investors Glilot Capital Partners, SentinelOne, Hanaco Ventures, iAngels, GKFF Ventures, and Lumir Ventures also taking part. The company has raised a total of $84 million. CTech has more here.

Mosanna Therapeutics, a four-year-old Swiss startup that develops therapies for sleep-related breathing disorders, raised an $80 million Series A round co-led by Pivotal bioVenture Partners and EQT Life Sciences, with Forbion, Broadview Ventures, and Norwest as well as previous investors Forty51 Ventures, Supermoon Capital, and High-Tech Gründerfonds also opting in. More here.

Pactum, a six-year-old Mountain View, Calif., startup that provides AI-powered tools to help large enterprises negotiate and manage supplier contracts, raised a $54 million Series C round led by Insight Partners. The Miami Herald has more here.

Scale AI, a nine-year-old San Francisco startup that sells data labeling and infrastructure tools that help large companies and organizations build, train, and manage artificial intelligence models, is reportedly in the market to raise a $10+ billion round from Meta. Bloomberg has the scoop here.

Big-But-Not-Crazy-Big Fundings

Definely, a five-year-old London startup that develops legal software to help lawyers draft and review documents more efficiently, raised a $30 million Series B round led by Revaia, with Alumni Ventures, Beacon Capital, and Clio as well as previous investors Octopus Ventures, Zrosk Investment Management, The Raine Group, and Cornerstone VC also stepping up. UKTN has more here.

Infisical, a three-year-old San Francisco startup that helps companies securely store and manage sensitive credentials like API keys and passwords, raised a $16 million Series A led by Elad Gil, with Y Combinator, Gradient, and Dynamic Fund also participating. More here.

Octaura, a three-year-old New York startup that provides a digital trading platform that lets banks and institutional investors buy and sell syndicated loans and CLOs, raised a $46.5 million round. Bank of America, Citi, Goldman Sachs, JPMorgan, Morgan Stanley, Wells Fargo, Moody's, Barclays, Deutsche Bank, BNP Paribas, Apollo, Motive Partners, MassMutual Ventures, and OMERS Ventures invested in the deal. More here.

Runwise, a fifteen-year-old New York company that sells software and sensors to building owners that help monitor and control boiler systems in real time to reduce energy costs and emissions, raised a $30 million Series B round led by Menlo Ventures, with MassMutual Ventures, Nuveen Real Estate, Multiplier Capital, and Munich Re Ventures as well as previous investors Soma Capital, Alumni Ventures, Helium-3, Cooley, and Fifth Wall also piling on. More here.

Turnkey, a three-year-old New York startup that provides software tools that let crypto companies embed secure wallets directly into their apps, raised a $30 million Series B round led by Bain Capital Crypto, with Sequoia Capital, Lightspeed Faction, Galaxy Ventures, Wintermute Ventures, and Variant also partaking. CoinDesk has more here.

Smaller Fundings

Altura, a six-year-old Amsterdam startup that helps construction and infrastructure companies improve their contract bids by analyzing past proposals and offering guidance on how to strengthen future submissions, raised a $9.1 million Series A round led by Octopus Ventures, with previous investors Fortino Capital and Curiosity VC also participating. Silicon Canals has more here.

Fisent Technologies, a four-year-old Toronto startup that automates repetitive back-office tasks for large enterprises, raised a $2 million seed round. Investors included Cloudberry Pioneer Investments as well as prior backers Pega and Sand Dollar Capital. More here.

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New Funds

DataTribe, a 10-year-old VC firm based in Fulton, MD, that styles itself as a "reverse In-Q-Tel," just closed a $41 million fund to back ex-government cyber pros who are repurposing classified tools for commercial startups. Fortune has more here. 

Exits

IonQ (NYSE: IONQ) is acquiring Oxford Ionics in a $1.1 billion stock deal that ranks among the largest in quantum hardware, signaling the industry is finally maturing as companies gear up for commercial-scale quantum systems. Oxford Ionics, a six-year-old startup based in Oxford, UK, has raised approximately $53 million from investors like Prosus Ventures, Oxford Science Enterprises, IP Group, 2xN, National Security Strategic Investment Fund. SiliconANGLE has more here.

Going Public

After nearly two decades and almost $2 billion in venture capital, Caris Life Sciences is finally going public in a $400 million Nasdaq IPO that could value the cancer diagnostics firm north of $5.2 billion. Fierce Biotech has more here. 

Tweet of the Day

Hadley Harris of Eniac VC tweeted that “seed math is broken” because only 13% of seed startups make it to Series A, meaning a portfolio’s rare winners would need to have a valuation of at least $114 million just to break even. The problem is, the median valuation for Series A startups is just $56 million.

People

At SXSW London, investor Christian Tooley made the case that venture is leaving money and impact on the table by clinging to vice clauses and avoiding taboo sectors like sex and psychedelics, arguing it’s not risk but social discomfort keeping billions locked out of innovation. TechCrunch has more here.

Essential Reads

Chinese chatbots like Alibaba’s Qwen and Tencent’s Yuanbao have disabled image recognition features during gaokao exam hours, a move designed to prevent cheating on the ultra-competitive college entrance test. Bloomberg has more here. 

YouTube has quietly loosened its content moderation rules, instructing moderators to prioritize "freedom of expression" over potential harm and allowing more rule-breaking videos to stay up if deemed in the public interest. The New York Times has more here. 

Detours

Some license plate nerds are risking their lives to score the perfect tag.  

Taxicab geometry, where circles are diamonds and pi equals 4, is math for surrealists.

Dog ditty.

Retail Therapy

The best sneakers of 2025, according to GQ. 

A meticulously restored midcentury modern overlooking the Riviera Golf Course in Pacific Palisades just hit the market for $25 million, blending Hollywood pedigree, vintage architecture, and a resort-style yard complete with pool, cabana, and koi streams for the design-obsessed golfer with cash to spare.

Corrections

Our Friday newsletter misstated the focus of Amplify Partners and its new $200 million fund. While our item described the firm as investing in companies at the intersection of software, AI, and biology, Amplify's $200 million vehicle is actually its first fund dedicated specifically to bio investments. The firm continues to focus on backing companies led by technical founders.