Howdy folks,

What. A. Year. As we close out 2025, it feels like the right moment to pause and reflect on just how fortunate we are to call Dallas–Fort Worth home. Something genuinely special is happening here and the phrase "God Bless Texas" seemed to resonate this holiday season. The region continues to attract incredible people (talent) who want to build companies, careers, families, communities, and it shows up in real ways. On a daily basis, we are reminded that "human flourishing" is rising, opportunity in our region abounds, and prosperity is being created by many who are choosing to build the future and invest in the future they want to exist.

By the numbers, 2025 marked a meaningful rebound and normalization for the DFW venture ecosystem:

$2.4B invested across 251 DFW-headquartered deals
Deal activity rebounded sharply from 2023–2024 levels, approaching prior cycle highs
Early-stage activity led the market, with:
- 48 accelerator/incubator deals
- 22 angel rounds
- 68 seed financings
Growth-stage activity remained healthy, including:
- 49 Series A–B transactions
- 64 Series C+ rounds, underscoring continued support for scaled companies

The data points to a market defined by strong company formation, steady capital deployment, and a burgeoning early-stage pipeline feeding future growth. The upward trend in the data is almost felt tangibly by those of us in the arena….

Speaking of the arena: Our very own Jonathan Fine was nominated for Capital Access Champion of the Year. Shout out to Jonny and go cast your vote to recognize the impact he has had on our community…. Jonny we're all grateful for all you do for all those you know!

Back to the news. December itself provided a solid close to the year, with a mix of early-stage raises, strategic acquisitions, and new venture platforms. Here's to 2026 building on the incredible year we just lived through and may this year be each of your best years yet.

Below is a look at the companies, investors, and transactions that closed out December.

Venture Deals

DFW-Based Company Fundings

Ariva Apts (Carrollton, TX), a provider of apartment property services, raised $2M in a seed round from undisclosed investors.
Consensys (Fort Worth, TX), a leading global blockchain software company and foundational contributor to the Ethereum ecosystem, received an investment from C1 Fund Inc. (NYSE: CFND) (Palo Alto, CA), a publicly traded closed-end investment company providing public-market investors with exposure to late-stage digital-asset services and technology companies.
Kasmo Digital (Plano, TX) was acquired PROLIM (Detroit, MI) accelerating Its Agentic AI Capabilities
Lightbeam Health Solutions (Dallas, TX), an AI-enabled solutions and services leader in population health management, announced its acquisition of Syntax Health (Atlanta, GA), an enterprise SaaS platform that streamlines contract modeling, incentive design, and payer-provider alignment.
RMFG (Fort Worth, TX), an Advanced Contract MFG for fast moving hardware companies, raised $4.5M in pre-seed funding from Y Combinator, Day One Ventures, Soma Capital, along with angel investors Balaji Srinivasan, Patrick Collison, Charlie Songhurst, and Joshua Browder.

DFW-Based Investor Transactions

Applied Digital (NASDAQ: APLD) (Dallas, TX) led a $25M funding round for Corintis (Lausanne, Switzerland), a developer of advanced chip-cooling solutions designed to significantly improve efficiency and power density in data centers running the most demanding AI workloads.
American Heart Association Ventures (Dallas, TX) invested in Ultromics (Oxford, England), a pioneer in AI-driven cardiology solutions.
AT&T Ventures (Dallas, TX) participated in the $22.5M investment round for RelationalAI (San Francisco, CA), a decision intelligence platform bringing advanced AI reasoning capabilities, such as knowledge graphs, rules-based logic, and predictive analytics, natively to cloud data platforms like Snowflake. Snowflake Ventures also participated in the round.
Bioworld Merchandising (Irving, TX) announced the launch of Bioworld Ventures, a new corporate venture fund designed to support and accelerate high-potential consumer brands around the world.
Brahma Capital (Dallas, TX) co-led the $84M Series B extension for BlossomHill Therapeutics (San Diego, CA), a clinical-stage biopharmaceutical company focused on the design and development of next-generation medicines for cancer. The round was co-led by Janus Henderson Investors and BioTrack Capital, with participation from Cormorant Asset Management, OrbiMed, Plaisance Capital Management LLC and Vivo Capital.
Cubit Capital (Dallas, TX) participated in the $13M Seed round for Vatn Systems (Portsmouth, RI), a leading defense technology company building autonomous underwater vehicles for the US military and allies. The round was led by DYNE Ventures with participation from Lockheed Martin Ventures, RTX Ventures, In-Q-Tel (IQT), Propeller Ventures, SAIC Ventures, Fortitude Ventures and existing investors that include Centre Street Partners, The Veteran Fund, Blue Collective, and Decisive Point.