welcome to our september newsletter

Welcome to our September newsletter! This month, we cover Klarna’s landmark IPO, Lakera’s acquisition by Nasdaq-listed Check Point, our new investments in DaltonTx and Synthesized, major funding and product launches from Mistral AI, Proxima Fusion, and vivenu, and much more. Read on for all of our news and highlights this month... 

portfolio exits & developments

Klarna joins Wall Street in landmark IPO

Klarna (Summit Fund) successfully completed their stock market debut on September 10, marking one of the most impressive fintech IPOs in recent years.

We invested in Klarna in 2024 through a tactical secondary from our evergreen, multi-stage Summit Fund at a time when market sentiment had diverged from company fundamentals. That conviction paid off: Klarna has evolved from a global BNPL leader into a full-fledged fintech and shopping ecosystem, trusted by retailers including Walmart, IKEA, H&M, DoorDash, and eBay.

The Summit Fund was built for moments like this: evergreen, flexible, and able to act decisively when timing, access, and analysis align. Klarna’s IPO is proof of that strategy in action. Read more on the IPO in Reuters.

Lakera acquired by Check Point - building the future of AI security

Lakera (RAC VI) has entered into an agreement to be acquired by Nasdaq-listed Check Point Software, marking one of the largest AI security transactions to date.

Lakera saw early on that AI adoption would only scale if enterprises could truly trust and secure their systems. When we led Lakera’s seed round in 2023 - right at the dawn of the generative AI wave - the strength of the founding team and their bold vision stood out immediately. In just a few years, founders David Haber, Matthias Kraft, and Mateo Rojas-Carulla built the leading AI-native security platform for LLMs, generative AI, and agents.

The acquisition also highlights Switzerland’s growing role in frontier AI, with Lakera set to form the foundation of Check Point’s new Global Center of Excellence for AI Security.

Huge congratulations to the entire Lakera team! We’re delighted to have been part of the journey from the early days to this milestone. Read more here.

portfolio funding

Synthesized raises $20M series A to remove software’s biggest bottleneck

Testing remains one of the toughest and most overlooked challenges in modern software. In large enterprises, 80% of delays come from waiting for test data and environments, while 40% of QA budgets are lost to manual work. To help change this, we led Synthesized’s $20M Series A, alongside IQ Capital, Mercia Ventures, UBS, and Seedcamp.

Drawing on an impressive background in machine learning and engineering, founder Nicolai Baldin built Synthesized as an AI-native, agentic platform that automates the hardest parts of QA. It generates lifelike, regulation-safe test data and environments in minutes instead of weeks.

Enterprises like UBS and Deutsche Bank are already using Synthesized to release software twice as fast, cut QA spend by 40%, reduce migration timelines by 75%, and halve compliance workloads. Read more in Fortune.

DaltonTx raises £4M seed round to rethink AI in drug discovery

Drug discovery today is fragmented. Today, hundreds of models are used across a multitude of siloed platforms, departments, and individual use cases. In order to unlock the full potential of today's drug discovery AI models, this needs to change.

That’s why we were delighted to lead DaltonTx's £4M seed round together with IQ Capital and joined by Seedcamp. DaltonTx is developing an adaptive, horizontal AI platform integrated deep into the operations of pharma, biotech, and CROs, improving with every interaction in order to accelerate R&D and bring breakthrough medicines to patients faster.

Founders Garry Pairaudeau, Adrian Rossall, Anthony Bradley, and Charlotte Deane combine decades of experience from AstraZeneca, Exscientia, and Oxford with deep expertise in software engineering and machine learning.

As a next step, the founders will expand the team and deepen partnerships with pharma, biotech and CROs. Read more in Tech.eu.

portfolio news

The latest updates from our portfolio, in no particular order:

• Mistral AI (Summit Fund) is now Europe's most valuable AI player! They recently raised €1.3B from ASML, at a valuation of close to €12B. ASML’s investment links two of Europe's most strategic tech players, with an additional aim to boost the continent's AI sovereignty. Read more in Reuters.

  
  

• Proxima Fusion (RAC VII) extended their recent Series A by €15M to reach a record-breaking €200M in total funding, highlighting their momentum as they accelerate into hardware execution. As part of the round, Proxima Fusion welcomed CDP Venture Capital SGR, the EIC, and Brevan Howard Macro Venture Fund on board. Read more in Sifted. 

  
  

• vivenu (RAC IV) launched its Native Resell Platform that brings primary and resale ticketing directly inside organizers’ official shops, tapping into the secondary ticketing market that is projected to grow by more than $9 billion by 2029. The first rollout at FC Schalke 04 saw immediate traction, with over 4,000 resales processed within hours of launch. Read more here.

event highlight

What will the future of personal AI look like?

On August 30, redalpine's Florian was on the ground to organize the first-ever Munich AI Hack, gathering some of Germany’s top builders for a day of prototyping and exploring new frontiers in personalization, memory, and intelligent agents. Co-hosted with a16z crypto, OSM, Schub, and CoBrowser, the hackathon brought together engineers, researchers, and product hackers to push the limits of AI and advanced context management.