Dallas Venture Deals

January 2025

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Howdy folks,

Welcome to the 19th edition of the Dallas Venture Deals newsletter. Dallas kicked off 2025 in rocketship fashion (shout out Firehawk Aerospace) with over $300M in capital being invested into DFW-based companies. Colossal Biosciences raised a mammoth of a round, bringing in $200M in fresh capital to their never dying ambition to bring back the dodo from extinction. If you're doing the math at home, you might observe $314M in capital raised doesn't account for the sky-high investment made in DFW-based Access Healthcare by New Mountain Capital. While the investment amount and valuation are yet to be disclosed, public data online suggests it was a mountainous sum of money…When public, we'll revise our annual numbers but the upshot is this - DFW companies raised more in January of 2025 than the region raised in a calendar year just a decade ago… While we may have been a venture desert back then, our region is flourishing today and we're just getting started. We’re betting 2025 is a record year for DFW as a region. If January is any indication, we'd be wise to push our chips "All In". Here's to the builders and the backers helping make DFW a beacon of innovation for our nation to observe. Keep going and keep growing amigos!

Happy Trails (and High Valuations),

J. Aaron Pierce and Jonathan Fine

Venture Deals

DFW-Based Company Fundings

Access Healthcare (Dallas, TX), a leading technology-enabled platform for revenue cycle management (RCM), announced a strategic investment from affiliates of New Mountain Capital, LLC (“New Mountain”), a leading growth-oriented investment firm with approximately $55B in AUM.
Colossal Biosciences (Dallas, TX), the company behind an ambitious, Jurassic Park-style effort to revive extinct bird and mammal species such as the thylacine, dodo and woolly mammoth, raised a $200M Series C led by TWG Global. This investment values Colossal at $10.2B, making it Texas’ first decacorn.
Conifers.ai (Dallas, TX & Tel Aviv, Israel), a cybersecurity startup providing a native AI platform that helps organizations solve critical security operations center (SOC) challenges, raised $25M in funding from SYN Ventures, Picus Capital, and others.
Firehawk Aerospace (Dallas, TX), a defense company specializing in 3D printed solid rocket fuel, raised a $60M Series C led by 1789 Capital with participation from BOKA Capital, Draper Associates, Cubit Capital, Stellar Ventures, Plains Ventures, BackSwing Ventures, Gaingels, Pomifer Capital, Greenwood and Cavalier, and What If Ventures.
Mili (Plano, TX), an AI meeting documentation platform for wealth management firms, emerged from stealth after raising a $2M seed round led by Chiratae and BoldCap, with participation from Sparrow Capital, SFMG Wealth Advisors, Gregg Fisher (Quent Capital), and Better Capital.
Percipio Health (Plano, TX), a population health monitoring and management platform that is scalable across rising and high-risk categories, raised $20M with the closing of its series A from UPMC Enterprises, WAVE Ventures, Labcorp, and First Trust Capital Partners, LLC.
Theatro (Richardson, TX) a maker of AI and voice-controlled communication and digital workflow software for frontline workers, was acquired by Motorola Solutions.

DFW-Based Investor Transactions

CBRE (Dallas, TX) acquired the rest of co-working startup Industrious (New York, NY), in which it already had a sizable investment, at an $800M+ valuation.
Corriente Advisors (Fort Worth, TX) led a $13M Series A round for Omnitron Sensors (Los Angeles, CA), a pioneer in MEMS fabrication IP for a new world of sensors. The round included participation from L’ATTITUDE Ventures.
Cubit Capital (Dallas, TX) participated in the $60M Series C for Firehawk Aerospace (Dallas, TX), a defense company specializing in 3D printed solid rocket fuel. The round was led by 1789 Capital with participation from BOKA Capital, Draper Associates, Stellar Ventures, Plains Ventures, BackSwing Ventures, Gaingels, Pomifer Capital, Greenwood and Cavalier, and What If Ventures.
Dallas Venture Capital (Irving, TX) participated in the $4M Seed round for Rockfish Data (San Francisco, CA), a pioneer in synthetic data generation platform for operational workflows. The round was led by Emergent Ventures with participation from Foster Ventures, TEN13, NewBuild Venture Capital, and others.
Dallas Venture Capital (Irving, TX) participated in the $7M Series B for VuNet Systems (Bangalore, India) a data analytics company. The round was led by Pravega Ventures, with participation from Kotak Securities, Mela Ventures, Athera Venture Partners and TVS Capital.
Grant Park Ventures (Dallas, TX) participated in the $3.57M funding round for InRev (Nashville, TN), which offers AI-driven surety bond underwriting. Additional investors in the round include Accelerant, Greenlight Re (Nasdaq: GLRE), Mastodon Capital Management, Brad Sauer, Scrappy Capital, and 101 Weston Labs
Matt Wetrich (CEO of Dallas-based Stellar) participated in the $2M Seed round for Origami Agents (San Francisco, CA) a company providing 24/7 AI research agents.