The fundraiser included a Series A investment led by Khosla Ventures and strategic investment from BHP Ventures

PALO ALTO, Calif., June 3, 2026 — Terra AI, the artificial intelligence platform helping solve subsurface uncertainty for mineral and energy development, today announced it raised $20 million Series A led by Khosla Ventures and strategic investment from BHP Ventures.

Terra AI’s patented technology integrates nearly every type of exploration data to generate millions of geological models, enabling teams to evaluate a comprehensive range of potential subsurface scenarios. This allows project teams to identify the best drilling and geophysical approaches to reduce key uncertainty and rigorously assess project economics earlier than ever before. By going beyond geological visualization and delivering risk-quantified decision insights, Terra AI helps explorers on virtually every important decision across their portfolio from determining which assets to acquire in a portfolio to accelerating and de-risking resource development efforts. The outcome: resource pipelines are developed faster and more efficiently to help the world meet its resource needs.

“Explorers today face increasing complexities like rising project uncertainty and immense pressure to bring new resources online faster,” said John Mern, CEO Terra AI. “This investment enables us to move to the next phase of Terra AI’s growth by scaling our generative modeling engine, accelerating enterprise-grade deployments, and advancing the subsurface inference technology the industry needs to meet critical mineral demand.”

Typically, new discoveries require an average of 17 years to advance to production. Terra AI’s platform integrates explorers’ full dataset to produce geologically realistic 3D models that map assets and uncertainty in minutes, allowing developers to make more informed decisions faster. Its geology reasoning agent works with operators to create precise and optimized exploration plans, enabling teams to develop critical assets with minimal time, cost, and environmental disruption. The same platform is now being applied to carbon storage sites where understanding subsurface uncertainty is equally critical to selecting safe, permanent storage locations.

“The world’s ability to discover and develop critical resources is fundamentally constrained by outdated, fragmented exploration,” said Rajesh Swaminathan, Partner at Khosla Ventures. “Terra AI is defining a new, AI-native exploration approach with their continuously improving 3D Earth model. We believe their technology will dramatically accelerate the development of the critical minerals the world needs, and we’re excited to help them scale this vision globally.”

Over the past year, Terra AI has demonstrated modeling capabilities on mining and reservoir projects from early exploration through production and has built strong early momentum with a growing roster of commercial customers across copper, gold, REE, and reservoir projects.

Its technology addresses the longest, most capital-intensive, and uncertain phase of subsurface resource development. Terra AI’s modeling will dramatically compress the time and capital required to define deposits and reservoirs, opening ways to assess and develop resources at higher fidelity.

“Successful exploration depends on reducing geological uncertainty and progressing opportunities efficiently,” said Laurel Buckner, VP of Ventures at BHP. “Terra AI’s technology has the potential to improve drill targeting, support faster prospect evaluation, and help explorers focus capital on the highest-value opportunities.”

The capital will accelerate deployment of Terra AI’s generative geological modeling platform across mining, enhanced geothermal, and carbon storage.

To learn more, read Terra AI’s Series A Announcement.

About Terra AI:
Terra AI solves the world’s most critical subsurface problems with cutting-edge artificial intelligence. The company’s patented platform fuses geophysics, geochemistry, and drilling data to generate probabilistic models of the underground—driving faster, more accurate, and lower-cost resource exploration. Backed by Khosla Ventures, BHP Ventures, Rio Tinto, and others, Terra AI is already being adopted in the field and creating value for priority projects with the world’s leading resource companies. Learn more at www.terraai.com.

About Khosla Ventures:
Khosla Ventures is a venture capital firm focused on investments in artificial intelligence, financial services, healthcare, consumer, enterprise, and sustainability sectors. It is known for making early capital investments in startups such as OpenAI, Instacart, Affirm, DoorDash, and Block. https://www.khoslaventures.com/

About BHP Ventures:
BHP Ventures is the in-house venture capital arm of BHP Group Limited. The fund invests in breakthrough technologies, shaping the future of BHP and the global resources industry. BHP Ventures complements the innovation already underway within BHP by enabling new partnerships and creating opportunities to strengthen the company’s portfolio and lower emissions. BHP is a global resources company that produces essential commodities the world needs, including iron ore, copper, steelmaking coal – and soon potash. With operations and projects in over 90 countries around the world, BHP is the world’s largest copper producer.

SOURCE Terra AI, Inc

Focused investment platform partners with founders to scale breakthrough technologies across AI, deep tech, and life sciences

COLUMBUS, Ohio, June 3, 2026 — R1 Capital today announced its launch as a venture firm focused on backing founders across enterprise AI/software, deep tech, and life sciences that are solving complex, real-world problems in large and undercapitalized markets.

Originally part of the investment activities within Rev1 Ventures, R1 Capital is a dedicated venture firm operating with its own brand, funds, and investment strategy to support founders from company creation through growth and scale.

“R1 Capital was built to back founders who are reshaping industries through technical innovation,” said Tom Walker, CEO of R1 Capital. “Our focus has always been helping exceptional teams turn early momentum into enduring, category-defining businesses, and that commitment remains unchanged as R1 Capital begins this next chapter. We continue to support founders with the capital, expertise, and network needed to scale from product-market fit into durable market leadership.”

The launch comes amid continued concentration in venture funding markets. In 2025, 33% of all US VC dollars went to the top 1% of companies, and according to 2026 NVCA Yearbook, that concentration is expected to continue, creating a difficult fundraising environment for emerging founders.

R1 Capital is led by a team that has invested together across multiple fund cycles for more than a decade, and takes a hands-on partnership approach across stages. R1 supports founders with capital, strategic insight, and access to a deep network of operators, customers, and investors.

“When you’re building a healthcare company, you need partners who understand both the mission and the complexity behind the work,” said Joe Bagan, Co-founder and CEO of STAQ Pharma. “The R1 team understands that building a life sciences company is about more than financial models – having advisors who had navigated difficult operational decisions themselves made a real difference for us as we’ve scaled.”

Over the past decade, the R1 Capital team has supported more than 150 startups, helping founders build, validate, and scale companies across multiple technology cycles. R1 will continue collaborating with Rev1 Ventures and a broader ecosystem of operators, advisors, and strategic partners to provide support beyond capital, including venture studio resources, early customer access, and commercialization support.

“This launch reflects continued momentum in the Midwest innovation ecosystem and growing demand for investors who combine a disciplined and capital efficient investment approach to company building with a strong partnership mentality,” added Ryan Helon, Chief Investment Officer at R1 Capital.

R1 Capital operates from Rev1 at The Peninsula, a founder-focused innovation hub designed to help software and advanced technology startups grow faster and more effectively.

For more information, visit r1funds.com.

About R1 Capital
R1 Capital is a venture firm built for visionary founders across enterprise AI/software, deep tech, and life sciences who focus on solving complex, real world problems in undercapitalized markets. Led by a team that has invested together for over a decade across multiple fund cycles, R1 invests across stages, partnering with founders to support creation, validation, and growth by providing the network and resources needed to build enduring businesses. With Midwest roots and national reach, R1 works alongside Rev1 Ventures’ studio and a deep venture partner network to deliver hands-on support and a platform that extends well beyond capital. R1 backs founders at defining moments – where potential becomes progress and momentum drives growth.

SOURCE R1 Capital

Round co-led by Concentric, Passion Capital, and Araya Ventures brings total funding to EUR 7M, accelerating market expansion, new product development, and the company’s EMI license application with the Central Bank of Ireland

SOFIA, Bulgaria, June 3, 2026 — Paypercut, a European fintech payments platform enabling online merchants to accept payments across Central and Eastern Europe through a single integration, today announced a EUR 5M seed round co-led by Concentric, Passion Capital, and Araya Ventures. The round also saw participation from SMOK Ventures, Portfolio Ventures, BrightCap Ventures, BlackWood, SABAH.fund, MFG Invest, Main Set and payments entrepreneur Matt Doka, bringing Paypercut’s total funding to EUR 7M.

The new capital will be used to accelerate expansion across CEE, deepen Paypercut’s presence in existing markets, advance the next phase of product and infrastructure development, and meet the capital requirements for our Irish EMI licence.

Paypercut is not starting from zero. Since its EUR 2M pre-seed round in July 2025, the company has grown from a BNPL aggregator to a full payments platform, with over 200 merchants already active across eight markets in CEE. The round is fuel for what is already working — and for what comes next.

“CEE has always been treated as an afterthought by the payments industry, seen as too fragmented, too many local specifics, too complicated. We built Paypercut to fix that. This round gives us the resources to go further and faster: more markets, more payment options for merchants, and the infrastructure to move money across the way it should have always worked, instantly and at a fraction of the cost,” said Stoil Vasilev, Co-Founder and CEO, Paypercut.

What Paypercut does today

Paypercut gives online merchants across Central and Eastern Europe access to a full payments stack through a single integration — no separate contracts per market, no fragmented providers, no localisation headache. Merchants can accept card payments and local payment methods, offer multiple Buy Now Pay Later options at checkout, send payment links and QR codes without a website, and manage billing, payouts, and settlements across currencies from a single dashboard.

The platform is built around the specific realities of CEE commerce: local payment methods, multi-currency settlement, and onboarding that compresses what is typically weeks of paperwork into a matter of days, fully online. For merchants expanding across the region, it eliminates the single biggest operational barrier — having to start from scratch in every new market.

The latest addition to the platform is Express Checkout, launching this quarter, which moves the payment moment to the product page, before the customer ever reaches a basket. By enabling one-tap payments via Apple Pay and Google Pay with biometric authentication, Express Checkout eliminates the most significant source of mobile checkout abandonment: typing card details on a small screen. Card data never touches the merchant’s servers, chargeback rates drop, and customers complete payment in two taps. For CEE merchants competing for mobile-first consumers, it is a meaningful shift in how checkout works, not an incremental update.

Paypercut operates through licensed and regulated partners across the EEA, ensuring full compliance in every market it serves. The company has also submitted its own EMI application under the Central Bank of Ireland, with authorisation expected in Q4 2026 — a milestone that will enable Paypercut to hold customer balances directly and further expand its product capabilities.

“We backed Paypercut at pre-seed because we believed in the team and the opportunity. A year later, the execution has matched the ambition. CEE is one of the most underserved payments markets in Europe, and Paypercut is building the infrastructure layer the region has been missing. We are proud to continue leading this journey,” said Will Orde, Partner, Passion Capital.

“We have known the Paypercut team for over a year and loved the ambition from the start. When you see a team execute the way they have, building a working product across multiple markets in under a year, the decision to co-lead becomes easy,” said Rupa Popat, Founder & Managing Partner, Araya Ventures.

“Paypercut sits exactly at the intersection of what we love to invest in: deep fintech expertise, a regulated infrastructure play, and a team that knows what world class execution looks like. We backed them at pre-seed and witnessing the developments since, we had the confidence to double down,” said Alex Stroud, Concentric, General Partner.

Cross-border payments for CEE

For decades, moving money across Central and Eastern Europe has meant navigating a fragmented web of legacy rails – slow, expensive, and built for a financial system that no longer reflects how businesses actually operate. According to Paypercut’s analysis, businesses across CEE’s non-euro markets pay an estimated more than EUR 4 billion annually in cross-border transaction fees and FX costs alone, with cross-currency SWIFT transfers between two CEE markets (such as PLN to HUF or CZK to RON) averaging 3–5 business days when intermediary currency conversion is required.

Building on a payments infrastructure already trusted by merchants across multiple European markets, Paypercut is developing rails for stablecoins targeting the region’s highest-volume and most underserved corridors, starting with the likes of EUR-to-PLN and EUR-to-RON, and expanding as its regulatory footprint grows.

What began as a merchant payments platform is now becoming the full financial infrastructure layer designed for CEE: the stablecoin rails are not a new direction, they are the natural next element of the same infrastructure already working for merchants across the region. The same platform that today helps merchants accept payments will tomorrow enable them to move money across borders instantly, without switching providers, without new integrations, and without the friction that has defined cross-border payments in CEE for too long.

“Our merchants don’t care which rails their money travels on — they care that it arrives instantly, cheaply, and securely. Stablecoins are the first technology that lets us deliver all three across CEE’s non-euro corridors, and that’s why we’re building on them,” said Martin Palazov, Head of Expansion, Paypercut.

About Paypercut

Paypercut is a European fintech payments platform enabling online merchants to accept payments across Central and Eastern Europe through a single integration. By bringing together card payments, local payment methods, and Buy Now, Pay Later providers, Paypercut eliminates the need for separate contracts and integrations in every new market, while optimising transaction approvals, conversion, and costs, and simplifying settlement and cross-border operations.

Founded by a team with deep experience scaling payments across the region, including former senior leaders from SumUp and Payhawk, Paypercut has raised a total of EUR 7M to date, backed by Concentric, Passion Capital, Araya Ventures, among others. The company is building toward becoming the default financial infrastructure layer for businesses across CEE, with a roadmap extending into treasury, FX, payouts, and embedded financial services.

Press Contact:
Rick Medeiros
[email protected]
510-556-8517

SOURCE Paypercut

New capital supports growth of platform connecting landowners and hunters nationwide

MINNEAPOLIS, June 3, 2026 — HLRBO, a marketplace connecting landowners with hunters seeking private-land access, has closed a $2.5 million funding round led by Mairs & Power Venture Capital of St. Paul.

The funding, which includes support from individual and angel investors, will accelerate HLRBO’s expansion as a national platform for hunting leases, landowner income, and responsible private-land access.

Founded in 2015 in northern Minnesota, HLRBO has grown from a regional startup into a national platform with leases in all 50 states. The company has 14,000 paying subscribers, 225,000 total users, and 1.7 million acres of land leases on its platform.

“This funding helps us keep building the marketplace for landowners and hunters,” said Heath Schubert, founder and CEO of HLRBO. “Private-land access has always been fragmented. We are building the infrastructure to make it easier to navigate.”

The 2026 round follows earlier funding by Great North Ventures, Gopher Angels, and other investors. HLRBO raised $1 million in February 2024 and $600,000 in August 2024 before closing the latest $2.5 million round.

“We were impressed by HLRBO’s incredibly vibrant marketplace,” said Scott Burns, General Partner at Mairs & Power Venture Capital. “It caters to hundreds-of-thousands of hunters looking to gain access to the best hunting land across America.”

With its latest funding round, HLRBO will grow lease inventory, improve its web- and app-based platforms, and invest in marketing, partnerships, mapping, and AI-driven land intelligence.

HLRBO is investing in new technology, including parcel-level mapping, AI-powered land scoring, and a proprietary HLRBO “cinematic” view, which uses AI to transform a 2D property map into a realistic 3D drone flyover.

The company is also expanding its media and education efforts and publishing content for landowners and hunters, including a news blog, feature stories, and a printed newspaper mailed to landowners and field reps. 

HLRBO is attending trade shows and industry events throughout 2026, building partnerships with outdoor product and hunting media companies, and investing in social media, creators, and video initiatives to drive engagement and grow its user base. 

Together, these efforts position HLRBO to become the leading technology, media, and marketplace platform for private hunting access in North America.

ABOUT HLRBO:
HLRBO (Hunting Land Rentals By Owner) is the premier online marketplace for hunting leases, connecting private landowners with vetted hunters across the U.S. and Canada. Founded in 2015 in Brainerd MN, HLRBO serves a community of more than 225,000 users with tools for listing, discovery, secure payments, legal agreements, and integrated insurance — making it easier than ever to find the right land, or the right hunter, for any season. More at HLRBO’s blog: https://www.hlrbo.com/news.

Media Contact:
Graeme Thickins
For HLRBO
612-867-4055
[email protected]

SOURCE HLRBO

“The cost of groceries is the number-one financial stressor in America,” said Ofek Lavian, co-founder and CEO of Forage. “At Forage, we’re building a network for affordability, making it easy for low-income Americans to save on groceries. At the same time, we’re helping retailers grow by better serving the affordability needs of today’s price-conscious shoppers.”

Forage has made it easy for retailers and platforms to accept government benefits such as the Supplemental Nutrition Assistance Program (SNAP); Women, Infants, and Children (WIC); Health Savings Accounts (HSA); and Flexible Spending Accounts (FSA). Its payments technology is used at over 100,000 stores across all 50 states, including national retailers like Dollar General, Gopuff, and Save A Lot, as well as online platforms such as DoorDash and Uber Eats. To date, Forage has facilitated tens of millions of grocery orders to millions of American families and grown payments volume by 13x over the last year.

Christopher Gottschalk, General Partner at Mouro Capital, said: “SNAP is one of the largest and most underserved payment ecosystems in the country. Forage has built the only modern infrastructure to serve it at scale. We’ve watched this team earn the trust of consumers, retailers, platforms, community groups, and government stakeholders. We believe Forage is defining this category, and we see even greater opportunities ahead.”

The Forage app was built to address an urgent need: for too many low-income families, accessing affordable food is a daily struggle.

In a recent survey, 53% of American adults identified high grocery prices as a major source of financial stress, ahead of housing, healthcare, and childcare. The Forage app helps address this affordability crisis by offering low-income Americans a free, simple way to:

• Securely check their electronic benefits transfer (EBT) balances
• Discover savings and earn rewards on everyday purchases
• Find nearby stores and online retailers that accept SNAP
• Learn which items are SNAP-eligible by state
• Access tools to improve financial health

Since launch in late 2025, the app has been downloaded over 100,000 times. By the end of 2026, Forage aims to reach one million low-income families via the app.

“I started using the Forage app, and so far I am really happy and honestly super impressed,” said one app user in a Google Play review. “Sign up is a breeze, and uploading receipts is simple and straightforward. I truly cannot say enough good things about this app!!”

Nearly one in eight Americans, approximately 40 million people, rely on SNAP to meet their nutritional needs. Yet the infrastructure powering SNAP wasn’t built for the digital era. As a result, millions of SNAP families can’t securely check their balances in real time, shop at many online retailers, or access the same convenience available to other consumers.

Forage’s technology reduces friction and fraud across the SNAP ecosystem. By modernizing SNAP infrastructure, Forage makes it easier for families to access benefits, simpler for retailers and platforms to participate, and more efficient for government agencies to ensure compliance and reduce waste.

“Dollar General’s mission of Serving Others starts with showing up in the communities we call home, including the rural and underserved markets where other retailers either cannot or have chosen not to go,” said Tony Rogers, Senior Vice President and Chief Marketing Officer at Dollar General. “Partnering with Forage to bring SNAP EBT acceptance online through our partnership with DoorDash extends that mission to our customers’ doorsteps, ensuring the families who count on us for affordable essentials can enjoy the same accessibility and convenience, however they choose to shop.”

About Forage

Forage expands financial access for low-income families. A mission-driven financial infrastructure platform, Forage makes it easy for retailers to accept benefits like SNAP, WIC, and HSA/FSA. Forage is the only USDA-approved, third-party payment processor (TPP) that combines modern software with dedicated service to guide retailers through authorization and launch. For more information, visit www.joinforage.com.

SOURCE Forage Technology Corporation

Round led by Pender Ventures, with participation from Climate Investment, Evok Innovations, and Occidental. New capital will accelerate deployment of the AI-enablement platform already running inside five OGCI member companies and regional operators, with expansion into adjacent industrial verticals underway.

CALGARY, AB, June 3, 2026 — SensorUp Inc., the operational intelligence platform powering integrated operations across asset-heavy industries, announced today the close of a growth financing round led by Pender Ventures. The round includes participation from Climate Investment, Evok Innovations, and Occidental, a strategic investor and client.

SensorUp is the operational intelligence layer for asset-heavy industries: turning fragmented field data, engineering records, and sensor streams into auditable, agent-ready workflows. Operators use the platform today to surface underperforming wells before production is lost, to triage flare and vent events against regulatory thresholds, to coordinate turnaround readiness across thousands of components, to detect and resolve methane leaks, and to assemble emissions inventories that withstand regulator and capital-markets scrutiny, all on a single asset model rather than five disconnected tools.

The platform’s hardened components: asset hierarchy, calculations, review and approval, reporting, and workflow orchestration give customers, consultants, and AI agents a shared foundation to build on, with the auditability, security, and scalability that heavy industry requires. Adding a new use case is configuration, not a new product build. That same architecture is what makes the platform extensible beyond oil and gas, into power generation, utilities, mining, and chemicals, wherever distributed assets, multimodal data, and regulated operations meet.

The round was led by Pender Ventures, a venture capital firm focused on companies that drive the innovation economy as legacy systems are replaced with modern tools. As investors, they focus on finding companies with solutions that have proven their ability to increase revenue, reduce costs, and improve outcomes.

“Industrial software has been waiting for a platform with both genuine architectural differentiation and the field credibility to deploy it at scale. SensorUp has both,” said Cheri Corbett, Partner at Pender Ventures. “Their ontology-based data fabric, their position inside the world’s most demanding industrial operators, and the way customers are pulling them into agentic workloads make this exactly the kind of inflection-point company our fund was built to back. Ultimately, we back teams, and this one has earned a level of operator trust that took years to build and would take competitors years to replicate.”

The capital will be deployed across three priorities aligned with SensorUp’s next phase of growth:

Accelerating customer deployment: Expanding SensorUp’s API framework, advancing zero-touch deployment, and scaling expansion through structured prototyping workshops that compress time-to-value from quarters to weeks.

Enhancing the agentic platform: Investing in advanced AI, modeling, and vertical-specific capabilities, including SensorUp’s Operations AI Agents — the production-grade agents that customers are deploying on top of the platform.

Fueling multi-vertical expansion: Building the data infrastructure, go-to-market, and customer success capacity to support a growing base of customers and the expanding scope of workflows running on SensorUp.

“Our customers are eager to deploy AI strategies, but they need a trusted platform and partner to design and build solutions with them,” said Julia Hole, Chief Financial Officer of SensorUp. “SensorUp was forged in the highly complex environment of methane detection, resolution, and measurement at global scale. That foundation naturally positions us to take on our customers’ next most pressing data challenge: operationalizing AI for tangible ROI. This financing allows us to accelerate a roadmap our customers are actively driving.”

About SensorUp

SensorUp is the agentic system of action for heavy industry — the AI-enablement platform that turns operational chaos into orchestrated execution across distributed assets, multimodal data, and complex workflows. Forged in partnership with the world’s largest oil and gas operators and hardened across thousands of distributed assets, SensorUp is in production today with five OGCI member companies and a growing roster of regional operators, with expansion into adjacent industrial verticals underway. The company is headquartered in Calgary, Alberta. Learn more at sensorup.com.

About Pender Ventures

Pender Ventures is a venture capital investor focused on health tech and B2B technology companies at the inflection point between commercialization and scale. As a hands-on, high-conviction investor, Pender Ventures partners closely with founders to accelerate growth and build category-leading businesses.

With deep roots in the Canadian innovation ecosystem and the flexibility to invest across North America, the team operates from offices in Vancouver, Toronto, Montreal, and Calgary. Learn more at penderventures.com.

About Climate Investment

Climate Investment (CI) is an independently managed specialist investor focused on driving industrial decarbonization. It invests in companies aiming to drive high GHG impact in energy-intensive sectors, targeting opportunities that may deliver scaled, quantified carbon reduction alongside attractive risk-adjusted returns. The firm seeks to accelerate impact by investing and collaborating widely. It provides venture to growth capital to companies, and supports them across their business lifecycle, with the objective of delivering both measurable GHG impact and financial success

The firm has made over 40 investments across energy, industry, buildings, and transportation. CI’s portfolio companies offer solutions that avoid, reduce, recycle or store emitted methane or carbon dioxide. The firm reports its portfolio’s quantified GHG impact annually against a methodology it has co-developed with other investors to encourage adoption of common metrics. In the period 2019-2024 its portfolio companies collectively realized 133 million tonnes of CO2e1 of GHG reduction.

Climate Investment was founded by members of the Oil & Gas Climate Initiative. They have invested in Climate Investment funds and deployed many of its portfolio innovations, supporting their early commercial development. Visit www.climateinvestment.com.

About Evok Innovations

Evok Innovations is a leading climate-focused venture capital firm investing in hard tech solutions for heavy industry. We partner with exceptional entrepreneurs to scale transformative technologies in our focus areas of energy, mining & minerals, industrial optimization, and adaptation & resilience. 

Beyond capital, Evok delivers deep technical expertise, real-world operating experience, and unparalleled industry access through our network of global strategic partners. We work closely with our portfolio companies to bridge innovation to market adoption, accelerate commercialization, and create clear pathways to scale and exit.

For more information, please visit: evokinnovations.com.

About Occidental

Occidental is an international energy company that produces, markets and transports oil and natural gas to maximize value and provide resources fundamental to life. The company leverages its global leadership in carbon management to advance lower-carbon technologies and products. Headquartered in Houston, Occidental primarily operates in the United States, the Middle East and North Africa. To learn more, visit oxy.com.

Media Contact: Trevor Cross, Senior Product Marketing Manager, SensorUp Inc., [email protected]

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• Ingenix’s Biological Reasoning Engine fuses biological data through Modality Fusion, a new architecture for AI in drug development.
• In a recent oncology engagement, the Biological Reasoning Engine accomplished in minutes what had taken the partner biotech several years and millions of euros of research.
• The team brings together frontier AI researchers and senior pharma scientists, including the founders of Applica, the AI company acquired by Snowflake in 2022, whose TILT model contributed to the GPT-4 benchmark.

WARSAW, June 3, 2026 — Ingenix, the AI and biology company built around a single question – “What would it take for AI to truly understand biology?” – has today announced a €13m seed-extension funding round led by Sofinnova Partners, with participation from Inovo VC and OTB VC.

The funding will scale development of Ingenix’s Biological Reasoning Engine and broaden its work with pharma and biotech partners through the Qualified Access Program, launching today.

The dominant approach in AI for drug development, which trains larger models on larger datasets assuming biology will yield to scale, faces a structural problem. Biology is profoundly complex, fundamentally non-linguistic, and runs across modalities and biological scales. No single model, however large, can capture that on its own. Moreover, no single company holds all the data, across every modality and biological scale, to train one. Ingenix has built a different architecture, Modality Fusion, which integrates best-in-class models across modalities and biological scales, then reasons across their representations directly. The Biological Reasoning Engine is what Modality Fusion enables.

“This funding lets us extend the Biological Reasoning Engine to the partners and questions where it can do the most useful work,” said Piotr Surma, CEO and co-founder of Ingenix. “We built Ingenix on the conviction that biology needs an AI architecture designed for biology and not a general-purpose model retrofitted to it. The early results have been stronger than we forecast, and we’re excited to extend the Engine to a select number of partners through the Qualified Access Program.”

“It is no longer enough to just build models,” added Simon Turner, Partner at Sofinnova Partners. “Ingenix is building the reasoning layer, the part that actually connects the biology, the chemistry, and the clinical data into something a scientist can interrogate and act on. That’s the hard bit, and that’s where the value compounds. We’re thrilled to back a team that gets that.”

The Engine in Action: ADC Payload Prioritization

In a recent engagement, Ingenix applied its Biological Reasoning Engine to a dual-payload ADC prioritization problem for an oncology biotech which had thousands of possible payload configurations but lacked the experimental capacity to test them.

The Engine produced 15 candidate combinations. Under blind expert review by the biotech’s translational science team, the predictions broke down as follows:

• 5 were publicly known hypotheses.
• 2 were supported in existing literature but not widely cited.
• 3 had been confirmed by the biotech through internal experiments but never published and never disclosed to Ingenix.
• 5 were novel hypotheses not previously considered by the biotech team. Of these, the biotech flagged 3 as actionable candidates.

The double-payload ADC space is too new for any AI system to have seen meaningful training data on it. The engine reached its predictions by reasoning from first principles about the underlying biology, rather than by pattern-matching against prior examples.

In short, insights that had taken the biotech several years of research and millions of euros to develop were accomplished by the Engine in a matter of minutes.

Applications to the Qualified Access Program are now open at ingenix.ai/qap.

For all media enquiries, please contact:

Barnaby Pickering, Director, 59 North Communications [email protected]

Jo Shorthouse, Director, 59 North Communications [email protected]

About Ingenix

Ingenix was founded around a single question: what would it take for AI to truly understand biology? The Ingenix Biological Reasoning Engine is the company’s answer.  Built on Modality Fusion, a novel AI architecture that integrates best-in-class models across modalities and biological scales, then reasons across their representations directly. Ingenix is the first to name this approach and the first to bring it to biology. The engine is built for translational and clinical R&D decisions, and every output arrives with the reasoning trace behind it: mechanism, evidence, and the caveats laid out alongside the conclusions. Founded in 2023 and headquartered in Warsaw, Ingenix is led by AI researchers and engineers from the founding team of Applica, the AI company acquired by Snowflake in 2022, whose TILT model contributed to the GPT-4 benchmark. For more information, visit ingenix.ai.

About Sofinnova Partners

Sofinnova Partners is a leading European venture capital firm in life sciences, specializing in healthcare and sustainability. Based in Paris, London and Milan, the firm brings together a team of professionals from all over the world with strong scientific, medical and business expertise. Sofinnova Partners is a hands-on company builder across the entire value chain of life sciences investments, from seed to later-stage. Founded in 1972, Sofinnova Partners is a deeply established venture capital firm in Europe, with 50 years of experience backing over 500 companies and creating market leaders around the globe. Today, Sofinnova Partners manages over €4 billion in assets. For more information, please visit: sofinnovapartners.com.

About OTB VC

OTB Ventures is a pan-European deep tech VC fund specializing in Series A and late seed rounds. Its focus lies in supporting startups that pioneer unique technologies across three key verticals: AI and Novel Computing, SpaceTech and Robotics and Physical AI. Established in 2017, OTB Ventures currently manages c. EUR350 million and has offices in Warsaw, Luxembourg and Amsterdam.

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SOURCE Ingenix

• General Catalyst führt das 150-Mio.-US-Dollar-Eigenkapitalinvestment an, übernimmt im Rahmen der Series-D-Runde erstmals einen direkten Anteil an Factorial und bewertet das Unternehmen mit über 2,5 Mrd. US-Dollar. Factorial wird damit zu einem der wertvollsten KI-Scale-ups Europas.
• General Catalyst stellt gleichzeitig weitere 540 Mio. US-Dollar über seinen Customer Value Fund bereit, um Factorials Vertriebs- und Marketinginvestitionen ohne zusätzliche Verwässerung zu finanzieren. So kann das Unternehmen nachhaltig wachsen, ohne Cash Burn – wie bereits in den vergangenen Jahren.
• Die Finanzierung beschleunigt Factorials Wandel vom SaaS-Unternehmen zur KI-basierten Workforce-Operations-Plattform, die zur zentralen agentischen Infrastruktur für europäische Unternehmen werden soll. Zudem wird der Ausbau in europäischen Märkten vertieft, mit besonderem Fokus auf Deutschland.

BARCELONA, Spanien, 3. Juni 2026 — Factorial, Europas führende KI-basierte Workforce-Operations-Plattform, gibt heute den Abschluss einer Series-D-Finanzierungsrunde über 150 Mio. US-Dollar bei einer Bewertung von 2,5 Mrd. US-Dollar bekannt. Damit zählt Factorial zu den wertvollsten spanischen und europäischen Scale-ups. Angeführt wird die Runde von General Catalyst, das erstmals direkt in Factorial investiert. Weitere Investoren sind unter anderem Atomico und Four Rivers. Parallel zur Eigenkapitalrunde baut General Catalyst sein bisheriges Engagement aus und stellt über den Customer Value Fund bis zu weitere 540 Mio. US-Dollar bereit. Damit steigt das insgesamt zugesagte Kapital auf über 700 Mio. US-Dollar und sichert Factorials Wachstum in den kommenden Jahren.

Eines der wertvollsten Scale-ups Europas

Mit dieser Runde überschreitet Factorial die Bewertungsmarke von 2,5 Mrd. US-Dollar, überholt viele spanische Scale-ups und zählt nun zu den Top 20 innerhalb der Europäischen Union. Der Meilenstein spiegelt zehn Jahre starkes Wachstum, einen loyalen und wachsenden Kundenstamm von über 16.000 Unternehmen in mehr als 90 Ländern sowie eine Produktstrategie wider, die in wettbewerbsintensiven europäischen Märkten weiter überzeugt. Factorial ist das einzige Unternehmen seiner Kategorie, dem eine erfolgreiche Internationalisierung über diese Märkte hinweg gelungen ist.

Jordi Romero, CEO und Co-Gründer von Factorial, sagt: “Vor zehn Jahren haben wir Factorial als SaaS-Unternehmen aufgebaut. Heute sind wir ein AI-first-Unternehmen, das Agenten für seine Kunden entwickelt – und das für über 16.000 Unternehmen, aus Europa heraus und mit der Disziplin, die unser erstes Jahrzehnt geprägt hat. Wir haben das Produkt, die Architektur und die Art und Weise, wie unsere Kunden ihre Arbeit rund um KI-Agenten organisieren, neu ausgerichtet. Die Partnerschaft mit General Catalyst gibt uns die Überzeugung und das Kapital, diesen Neustart in ein kategoriedefinierendes Unternehmen zu übersetzen. Diese Runde schließt kein Kapitel. Sie eröffnet das Kapitel, auf das es ankommt.”

General Catalyst erwirbt erstmals direkten Anteil an Factorial

Das Eigenkapitalinvestment von General Catalyst markiert den ersten direkten Eigentumsanteil des Investors an Factorial, nachdem die Firma zuvor bereits über ihren Customer Value Fund mit Factorial verbunden war. Die starke Entwicklung der Unit Economics, die sich im CVF-Investment zeigt, hat General Catalyst in seiner langfristigen Überzeugung von Factorial bestärkt – von der Produktinnovation über die finanzielle Disziplin bis zur europäischen Marktführerschaft. Das Eigenkapitalinvestment fällt in eine Phase, in der Factorial sein Geschäftsmodell vom SaaS-Unternehmen zu einer menschenzentrierten KI-basierten Workforce-Operations-Plattform transformiert hat.

Pranav Singhvi, Partner bei General Catalyst, sagt: “Das nächste Jahrzehnt der Unternehmenssoftware wird den Unternehmen gehören, die sich rund um KI neu aufstellen – nicht denen, die KI nur ergänzend anbauen. Genau das tut Factorial. Und zwar mit einer Produktbreite und einem ambitionierten Wachstum auf

Skalierungsebene, die weltweit selten sind. Diese Kombination ist der Grund, warum wir unsere Partnerschaft sowohl über Eigenkapital als auch über unseren Customer Value Fund weiter vertiefen.”

“Bei General Catalyst ist es unser Ziel, für die ambitioniertesten Unternehmen der Welt die erste und letzte Kapitalquelle zu sein. Factorial ist dafür das perfekte Beispiel.” Hemant Taneja, CEO von General Catalyst, ergänzt.

Ein neues Wachstumsmodell: 700 Mio. US-Dollar über General Catalysts Customer Value Fund

Zusätzlich zur Eigenkapitalrunde stellt General Catalyst bis zu weitere 540 Mio. US-Dollar über seinen Customer Value Fund bereit. Damit steigt das insgesamt zugesagte Kapital auf über 700 Mio. US-Dollar und sichert Factorials Wachstum in den kommenden Jahren. In dieser Struktur sind die Renditen von General Catalyst ausschließlich an den durch diesen Mitteleinsatz geschaffenen Kundenwert gebunden und auf einen festen Betrag begrenzt. Dieser Ansatz gibt Factorial die finanzielle Schlagkraft, um in Europa aggressiv zu expandieren und gleichzeitig die eigene Eigenkapitalbasis zu schonen.

Vom SaaS-Unternehmen zur KI-basierten Workforce-Operations-Plattform

Die Investition kommt in einem entscheidenden Moment der Produktentwicklung von Factorial. Nach zehn Jahren, in denen das Unternehmen eines der größten Systems of Record Europas für HR, Finance und IT aufgebaut hat, hat Factorial sein Produkt rund um KI neu ausgerichtet. Statt einer festen Abfolge von Screens und Workflows entsteht eine agentengesteuerte Plattform, die die Richtlinien jedes Kunden lernt, sie ausführt und sich anpasst, wenn sich das Unternehmen verändert.

Im Zentrum dieser Architektur steht Factorial One, der einheitliche Workspace der Plattform, aufgebaut rund um ein bewusst einfaches Zwei-Agenten-Modell. Ein Agent repräsentiert die Organisation: Er hält und wendet die Richtlinien an, die ein Unternehmen über HR, Finance und IT hinweg definiert. Der andere Agent repräsentiert den einzelnen Mitarbeitenden: Er erweitert dessen Handlungsspielraum innerhalb dieser Richtlinien, entwirft Arbeiten, macht relevante Informationen sichtbar und führt Aufgaben im Auftrag der Person aus – mit voller Verantwortlichkeit gegenüber der Person, der er dient.

Während ein Großteil des Marktes versucht, Hunderte oder Tausende spezialisierte Agenten auszurollen, setzt Factorial darauf, dass Unternehmen weniger Agenten, klarere Verantwortlichkeit und eine zentrale Wahrheit darüber wollen, wie ihr Geschäft funktioniert. Dieser Wandel positioniert Factorial dafür, einen deutlich größeren Anteil am Markt für Business-Operations-Software zu erschließen – weit über HR hinaus.

Deutschland im Fokus – neues Münchner Büro und ambitionierter Marktausbau

Ein signifikanter Teil des neuen Kapitals wird in Deutschland eingesetzt, das Factorial als wichtigsten internationalen Wachstumsmarkt bezeichnet. Das Unternehmen eröffnet ein neues Büro in München, um seine Präsenz in Deutschland zu verankern, die bestehenden Aktivitäten zu ergänzen und näher an die Mid-Market-Kunden, Partner und Talente heranzurücken, die das stärkste Wachstum des Unternehmens außerhalb Spaniens treiben.

In den nächsten zwölf Monaten wird Factorial in Deutschland stark einstellen, darunter in Sales, Customer Success, Product, Marketing und Engineering – mit Rollen in München und im gesamten Bundesgebiet. Damit will Factorial Marktanteile in einer Region gewinnen, die historisch von wenigen etablierten Anbietern geprägt war. Deutschland zählt bereits heute zu Factorials am schnellsten wachsenden Kundenbasen. Das neue Kapital soll diesen Schwung verstärken: mehr lokale Produktkompetenz, mehr lokale Sprach- und Compliance-Tiefe und ein deutsches Team, das groß genug ist, um sich gegen jeden Wettbewerber im Markt durchzusetzen.

“Deutschland ist unser wichtigster Markt in Europa – und er wurde zu lange nicht ausreichend bedient. Wir stellen unser Team, unser Kapital und unsere Produkt-Roadmap dahinter. München ist erst der Anfang.” sagt Jordi Romero, CEO und Co-Gründer von Factorial.

Über Deutschland hinaus wird Factorial sein Wachstum in Frankreich, Italien und Portugal weiter beschleunigen. Diese Märkte zählen bereits heute zu den am schnellsten wachsenden Märkten des Unternehmens. Gleichzeitig baut Factorial sein Team weltweit mit bis zu 50 Neueinstellungen pro Woche aus.

Für weitere Informationen oder zur Vereinbarung eines Interviews kontaktieren Sie bitte:
Shane Lennon, Director of Communications – [email protected] 
Jakob Richter, Senior PR Manager – [email protected]

Über Factorial

Factorial wurde 2016 in Barcelona gegründet und bietet eine KI-basierte Workforce-Operations-Plattform, die mehr als 16.000 Unternehmen in über 90 Ländern dabei hilft, ihre Prozesse zu optimieren und bessere Entscheidungen zu treffen. 2022 erreichte das Unternehmen Unicorn-Status und expandiert weiter mit dem Ziel, die umfassendste und am einfachsten zu nutzende Lösung für Unternehmen jeder Größe zu werden.

Weitere Informationen unter www.factorialhr.de

Über General Catalyst

General Catalyst ist ein globales Investment- und Transformationsunternehmen, das mit den ambitioniertesten Unternehmerinnen und Unternehmern der Welt zusammenarbeitet, um Resilienz und angewandte KI voranzutreiben. Das Unternehmen unterstützt Gründerinnen und Gründer mit langfristiger Perspektive, die den Status quo herausfordern, und begleitet sie von der Seed- bis zur Wachstumsphase und darüber hinaus. Mit Büros in San Francisco, New York City, Boston, Berlin, Bangalore und London hat General Catalyst das Wachstum von über 800 Unternehmen unterstützt, darunter Airbnb, Anduril, Applied Intuition, Commure, Glean, Guild, Gusto, Helsing, HubSpot, Kayak, Livongo, Mistral, Ramp, Samsara, Snap, Stripe, Sword und Zepto. Weitere Informationen unter generalcatalyst.com.

Video – https://mma.prnewswire.com/media/2993363/Factorial_One.mp4
Foto – https://mma.prnewswire.com/media/2993362/CEOs_of_Factorial.jpg
Logo – https://mma.prnewswire.com/media/2993361/Factorial_Logo.jpg

• General Catalyst leads $150M equity investment, its first equity stake in Factorial as part of Series D round that values the company at over $2.5 billion, becoming one of the most valuable AI scale-ups in Europe
• General Catalyst simultaneously commits an additional $540M through its Customer Value Fund, funding Factorial’s sales and marketing investment with no additional dilution enabling sustainable growth without cash burn, as the company has been doing for the past years
• Funding accelerates Factorial’s reset from a SaaS company to an AI Workforce Operations Platform positioned to become the single agentic infrastructure for European companies, and deepens penetration in European markets, with a special focus on Germany

BARCELONA, Spain, June 3, 2026 — Factorial, Europe’s leading AI Workforce Operations Platform, today announced the closing of a $150 million Series D funding round at a valuation of $2.5 billion, making it one of the most valuable Spanish and European scale-ups. The round is led by General Catalyst, which is making its first equity investment in Factorial, joined by other investors including Atomico and Four Rivers. Alongside the equity round, General Catalyst is doubling down on its prior investment, committing up to an additional $540 million through its Customer Value Fund, bringing total capital committed to over $700 million, securing Factorial’s growth during the following years.

One of Europe’s Most Valuable Scale-Ups

With this round, Factorial crosses the $2.5 billion valuation mark, surpassing many Spanish scale-ups and entering the top 20 within the European Union. The milestone reflects ten years of accelerated growth, a loyal and expanding customer base of over 16,000 businesses across 90+ countries, and a product strategy that continues to win in competitive European markets being the only company in the sector that has successfully internationalized across these markets.

Jordi Romero, CEO and co-founder of Factorial commented; “Ten years ago we built Factorial as a SaaS company. Today we are an AI-first company, building agents for our customers, and we are doing it for over 16,000 businesses, from Europe, with the discipline that has defined our first decade. We have reset the product, the architecture, and the way our customers run their work around AI agents. General Catalyst’s partnership gives us the conviction and the capital to turn that reset into a category-defining business. This round does not close a chapter. It opens the one that matters.”

General Catalyst’s First Equity Stake in Factorial

General Catalyst’s equity investment marks its first direct ownership stake in Factorial, following the firm’s earlier engagement through its Customer Value Fund. The company’s strong performance on its unit economics as demonstrated by the CVF investment allows General Catalyst to build the conviction in Factorial’s long-term trajectory from its product innovation to its financial discipline and European market leadership. This equity investment comes at the same time that Factorial has transformed its business model from a SaaS company to a human-first AI Workforce Operations Platform.

Pranav Singhvi, Partner at General Catalyst commented; “The next decade of enterprise software will belong to the companies that rebuild themselves around AI, not the ones that bolt it on. Factorial is doing exactly that, and doing it with a level of product horizontality and an ambitious growth at scale that is rare anywhere in the world. That combination is why we are deepening our partnership across both equity and our Customer Value Fund.”

“At General Catalyst, our goal is to be the first and last source of capital for the world’s most ambitious companies. Factorial is the perfect example.” Hemant Taneja, CEO of General Catalyst added.

A New Model for Growth: $700M Through General Catalyst’s Customer Value Fund

In addition to the equity round, General Catalyst is committing up to an additional $540 million through its Customer Value Fund, bringing total capital committed to over $700 million, securing Factorial’s growth during the following years. Under this structure, General Catalyst’s returns are tied exclusively to the customer value created by that spend and capped at a fixed amount. This approach gives Factorial the financial firepower to expand aggressively across Europe while preserving its equity.

From SaaS Company to AI Workforce Operations Platform
The investment comes at a pivotal moment in Factorial’s product evolution. After ten years building one of Europe’s largest systems of record for HR, Finance and IT, the company has reset its product around AI, moving from a fixed set of screens and workflows to an agent-driven platform that learns each customer’s policies, executes against them, and adapts as the business changes.

At the center of that architecture is Factorial One, the platform’s unified workspace, built around a deliberately simple two-agent model. One agent represents the organisation, holding and applying the policies a company defines across HR, finance and IT. The other represents the individual employee, multiplying what each person can do within those policies, drafting work, surfacing what they need, and executing tasks on their behalf with full accountability to the person it serves.

Where much of the market is racing to deploy hundreds or thousands of specialized agents, Factorial’s bet is that companies want fewer agents, clearer accountability, and a single source of truth for how their business runs. That shift positions Factorial to capture a significantly larger share of the business operations software market, well beyond HR.

Doubling Down on Germany – New Munich Office and Aggressive Market Push
A significant share of the new capital will be deployed in Germany, which Factorial is naming as its number one international growth market. The company is opening a new office in Munich to anchor its presence in Germany, complementing its existing operations and bringing Factorial closer to the mid-market customers, partners, and talent that are driving the company’s strongest growth outside Spain.

Hiring will scale aggressively across Germany over the next 12 months, including sales, customer success, product, marketing, and engineering roles based in Munich and across the country, as Factorial moves to take market share in a region that has historically been served by a small number of incumbent providers. Germany already represents one of Factorial’s fastest-growing customer bases, and the new capital is designed to compound that momentum: more local product capability, more local language and compliance depth, and a German team large enough to win against any competitor in the market.

“Germany is our most important market in Europe, and it has been underserved for too long. We are putting our team, our capital, and our product roadmap behind it. Munich is just the start.” said Jordi Romero, CEO and co-founder of Factorial.

Beyond Germany, Factorial will continue to accelerate across France, Italy and Portugal, which are already among the company’s fastest-growing markets, while expanding its team globally at up to 50 new hires per week.

For more information visit – factorialhr.co
For contact – [email protected]

Video – https://mma.prnewswire.com/media/2993363/Factorial_One.mp4
Photo – https://mma.prnewswire.com/media/2993362/CEOs_of_Factorial.jpg
Logo – https://mma.prnewswire.com/media/2993361/Factorial_Logo.jpg

SOURCE Team Lewis Barcelona