Howdy folks,

Welcome to the 27th edition of the Dallas Venture Deals newsletter. The September deal sheet reads like a reminder of what makes this region different. Companies based in Dallas–Fort Worth collectively raised close to half a billion dollars during the month. Colossal Biosciences secured a $120M Series C extension and Spring Valley Acquisition III raised $200M through its initial public offering. These transactions demonstrate that Dallas companies can compete with peers in any coastal market, both in the scale of their ambitions and in their ability to attract national and international capital. Firehawk Aerospace added to the headlines with a $60M round and a $4M contract award from the Air Force, reinforcing that defense and dual use innovation are becoming a defining strength for North Texas.

The diversity of sectors represented this month is equally important. Energy transition and industrial technology continued to build momentum, with Element3 pioneering lithium recovery from oilfield wastewater and MCatalysis advancing sustainable fuels. Both drew meaningful support from local investors. Financial technology also saw strong activity, with Stablecore raising $20M to bring digital currency infrastructure to community banks, while AmplifAI raised $33.7M in a round led by CVS Health to apply artificial intelligence to workforce productivity. Alongside biotechnology, aerospace, and clean energy, these financings show that Dallas is building a broad base of companies that reflect both the region’s industrial heritage and its evolving role in the technologies of the future.

We've said it before…..This pattern is not coincidence. It reflects decades of entrepreneurial resilience paired with investors who understand how to back industries aligned with Texas’ economic foundation in energy, healthcare, defense, and finance. Dallas-based investment firms were active participants across many of these transactions, from HL Energy Ventures leading the seed round for MCatalysis to NGP committing $75M to EV Realty’s national infrastructure buildout. The result is a flywheel in motion: homegrown companies raising significant capital, local investors joining national syndicates, and new industries being seeded in North Texas. The lesson in September’s numbers is that ambition and resilience continue to define this ecosystem and that the capital is increasingly following those qualities.

Venture Dallas is around the corner and we hope to see you there on October 30th!

Venture Deals

DFW-Based Company Fundings

ACT-ion Battery Technologies (Dallas, TX) a pioneer in clean cathode active material (CAM) manufacturing, raised a $4M extension to its Pre-Series A round led by prominent South Korean financial institutions Kyobo Life Insurance Group and KB Investment.
AmplifAI, (Plano, TX), an AI-powered platform for contact center performance analytics, raised a $33.7M Series B led by CVS Health Ventures, with participation from LiveOak Ventures and Dallas Venture Capital.
Colossal Biosciences (Dallas, TX), a biotech company working on de-extinction and species preservation, raised an additional $120M in its Series C led by Thomas Tull and Mark Walter.
Element3 (Fort Worth, TX), the critical materials extraction company pioneering lithium recovery from oil and gas wastewater, raised a Series A round led by TO VC, with a co-lead syndicate including EIC Rose Rock and Cubit Capital.
ENTOUCH (Richardson, TX), a provider of energy management solutions for multisite operators, raised a $50M funding round led by Respida Capital.
Firehawk Aerospace (Dallas, TX), a defense technology leader specializing in advanced energetics and propulsion, secured investment from Presto Tech Horizons (PTH), a unique defense and resilience tech fund created through a partnership between European VC firm Presto Ventures and global industrial and technology firm CSG (Czechoslovak Group), oversubscribing its $60M investment round. Additionally, Firehawk was awarded a $4M TACFI contract by AFWERX to develop extended range optimization of solid rocket motors using 3D printed thermoplastic-based propellant.
MCatalysis, Inc. (Dallas, TX), a pioneering deep tech company poised to disrupt the sustainable fuels and chemicals sector, raised a Seed round led by HL Energy Ventures.
Stablecore (Dallas, TX), a platform enabling community and regional banks and credit unions to offer stablecoins, raised a $20M round led by Norwest with participation from Perot Jain, Cross River Digital Ventures, Coinbase Ventures, Bank of Utah, Peterson Partners and others.
Spring Valley Acquisition III (SVACU) (Dallas), a SPAC, raised $200M in its initial public offering on Nasdaq under the ticker SVACU, selling 20,000,000 units at $10 per unit.
UNION Technologies (Dallas, TX), which aims to “reindustrialize America’s defense manufacturing base with a next-generation software-driven Factories-as-a-Stockpile model”, expanded its Seed round to $51.3M with the addition of Nadrah Trading Co., a leading Saudi Arabian industrial group, to its investor base. Additionally, the company added Board Director Mike Pompeo, the former CIA director and U.S. Secretary of State.

DFW-Based Investor Transactions

Belal Badat Ventures (Dallas, TX) participated in the $3.3M Seed round for RefAssured (San Francisco), a provider of automated reference checking solutions and performance insight for the staffing industry. The round was led by Dogwood Ventures with participation from HighSage Ventures, Bullhorn Ventures, LocumTenens.com, Jeff Bowling, Dan Campbell, and Jeff Harris.
Cubit Capital (Dallas, TX) invested in the Series A for Element3 (Fort Worth, TX), the critical materials extraction company pioneering lithium recovery from oil and gas wastewater. The round was led by TO VC with additional participation from EIC Rose Rock.
Dallas Venture Capital (Irving, TX) participated in the $33.7M Series B for AmplifAI, (Plano, TX), an AI-powered platform for contact center performance analytics. The round was led by CVS Health Ventures, with participation from LiveOak Ventures.
Disruptive (Dallas, TX) participated in the $75M Series C for Shift5 (Arlington, VA), a leading Operational Intelligence platform for America's defense and transportation systems. The round was led by Hedosophia with participation from Insight Partners, Center 15 Capital, 645 Ventures, Moore Strategic Ventures, Booz Allen Ventures, Squadra Ventures, AE Industrial, CSP Equity Partners, and Savano Capital Partners.
HL Energy Ventures (Dallas, TX) led a Seed round for MCatalysis, Inc. (Dallas, TX), a pioneering deep tech company poised to disrupt the sustainable fuels and chemicals sector.
Morrison Seger Venture Capital Partners (Dallas, TX) invested in Cove Soda (Halifax, Nova Scotia), a producer of all-natural, zero sugar sodas infused with probiotics and real organic ingredients, serving health-conscious consumers across Canada and the United States.
Morrison Seger Venture Capital Partners (Dallas, TX) invested in the Seed round for Pistakio (Portland, OR), a company reimagining pistachios through fun, approachable, and authentic nut butter spreads.
Morrison Seger Venture Capital Partners (Dallas, TX) participated in the $23M Series B for Slate Milk (Westwood, CA), a producer of lactose-free, high-protein milk beverages. The round was led by Foundership with participation from Tonic Ventures, Wilder Capital, 4th & 1 Ventures, and other undisclosed investors.
NGP (Dallas, TX) led a $75M growth equity round for EV Realty (San Francisco, CA), an energy infrastructure company focused on developing, deploying, and owning large-scale, grid-ready EV charging hubs for commercial fleets.
Perot Jain (Dallas, TX) participated in the $20M investment round for Stablecore (Dallas, TX), a platform enabling community and regional banks and credit unions to offer stablecoins. The round was led by Norwest with participation from Cross River Digital Ventures, Coinbase Ventures, Bank of Utah, Peterson Partners and others.
Strive, Inc., f.k.a., Asset Entities Inc. (Nasdaq: ASST) (Dallas, TX), a provider of digital marketing and content delivery services, announced the successful completion of the previously announced merger between Asset Entities Inc. and Strive Enterprises, Inc. In conjunction with the merger closing, raised approximately $750M, with an additional $750M potentially available upon the exercise of warrants issued in connection with such financing.
Texas Oncology (Dallas, TX) participated in the $97M Series D for Thyme Care (Nashville, TN), a leading value-based cancer care enabler. The round included participation from CVS Health Ventures, Foresite Capital, a16z Bio + Health, Concord Health Partners, Town Hall Ventures, AlleyCorp, Frist Cressey Ventures, Morgan Health (a division of JPMorganChase focused on employer-sponsored healthcare), Humana, and Memorial Hermann Health System.