2025 Momentum Year in Review

To Our Clients and Friends:

You inspire us every day. Our 2025 Momentum Year in Review highlights some of your remarkable achievements over the past year. It is an honor to support entrepreneurs, companies, and investors who are addressing critical challenges across the technology landscape and making a meaningful impact. We deeply value the confidence you place in us and remain committed to helping you achieve your goals.

Looking ahead, early indicators point to a dynamic environment in 2026, and we are excited for the opportunity to continue working alongside you as you pursue new growth, tackle complex challenges, and shape the future of your industries.

– The Momentum Team

Representative Company Clients

Venture and Growth Financings

• Advance Venture Partners in the US$50 million Series C financing of Midi Health, provider of personalized virtual menopause and perimenopause care
  
  
• Apex Space, a manufacturer of satellite buses, in its US$200 million Series C financing led by Point72 Ventures, 8VC and including Andreessen Horowitz, Washington Harbour Partners, and StepStone Group
  
  
• AutoTech Ventures in the US$11 million Series B extension of Bumper International, provider of a digital payments platform for automobile dealerships
  
  
• AutoTech Ventures in the seed financing of CollectWise, an AI-enabled debt collection service
  
  
• AutoTech Ventures in the US$10 million seed financing of Starbridge, developer of an AI-enabled go-to-market intelligence platform for businesses selling to the public sector
  
  
• Blue Pool Capital in the US$160 million Series E preferred stock financing of Tabby, a provider of buy-now-pay-later services
  
  
• BornAI, a developer of social AI features for gaming, in its US$15 million Series A financing
  
  
• Breakthrough Energy Ventures in multiple investments in clean technology companies
  
  
• Creekstone Energy in its Series B financing
  
  
• D3 Global, a provider of DomainFi infrastructure, in its US$25 million Series A financing led by Paradigm
  
  
• Downstream in its US$8 million Series A financing
  
  
• Eridan Communications, a developer of software-defined radios for 5G, in its Series B-3 preferred stock financing
  
  
• GetReal Security, a cybersecurity leader focused on malicious generative AI content, in its US$17.5 million Series A financing led by Forgepoint Capital and including Ballistic Ventures, Evolution Equity, K2 Access Fund, In-Q-Tel, Cisco Investments, and Capital One Ventures
  
  
• Hippocratic AI, a developer of safety-focused generative AI healthcare agents, in its US$126 million Series C financing led by Avenir Growth and including CapitalG, General Catalyst, Andreessen Horowitz, Kleiner Perkins, Premji Invest, Universal Health Services, Cincinnati Children’s Hospital Medical Center, Wellspan Health, and others
  
  
• Hydrolix, provider of a data lake platform, in its US$80 million Series C financing led by QED Investors and including Blumberg Capital, Frontline Ventures, Pruven Capital, Sozo Ventures, and others
  
  
• Lemurian Labs in its US$28 million Series A financing co-led by Pebblebed Ventures and Hexagon
  
  
• Mayfield Fund in multiple investments in AI and data management companies
  
  
• New Legacy Ventures in the US$30 million Series B financing of Urban Sky, developer of a controllable, long-duration stratospheric Microballoon
  
  
• Norwest Venture Partners in multiple investments in infrastructure technology companies
  
  
• SciNeuro Pharmaceuticals, a developer of novel treatments for neurodegenerative diseases, in its US$53 million equity financing led by LAV and ARCH Venture Partners
  
  
• Securitize, a digital assets securities firm, in its convertible notes financing
  
  
• Semsee, developer of a full-service commercial insurance platform, in its convertible notes financing
  
  
• Senra Systems, an assembly-as-a-service manufacturer of wire harnesses, in its US$25 million Series A financing
  
  
• Standard Fleet, developer of a fleet management platform for the connected vehicle era, in its US$13 million Series A financing led by Nova Threshold and including WEX Venture Capital, SNR, and others
  
  
• Stillmark in the US$15 million Series A financing of Bitstack, developer of a Bitcoin savings and payments app
  
  
• Sui Foundation, an independent organization dedicated to the advancement and adoption of the Sui network, in Mill City Ventures III’s US$450 million PIPE financing
  
  
• Sway Ventures in its Series A investment in NobleAI
  
  
• Two Prime, a digital asset investment firm, in its US$20 million funding led by Marathon Digital and including Susquehanna Crypto
  
  
• Vijil in its US$17 million Series A financing
  
  
• Waverley Capital in the seed financing of Lil Snack Co., a developer of video games based on pop culture trends
  
  
• X Build in its Series A financing led by N47

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M&A Transactions

• Advance Venture Partners in the US$120 million sale of Nativo, an adtech company focused on premium ad experiences across premium publisher sites, to Life360, a family connection and safety company
  
  
• Agilitas Private Equity in its €300 million acquisition of the Tietoevery Tech Services business, an outsourcing business focused on cloud, data, applications, and infrastructure services for enterprise and public sector customers, from Tietoevery, an IT software and services company
  
  
• Alation, a provider of enterprise data intelligence, in its acquisition of Numbers Station AI, a developer of AI agents for data workflows
  
  
• Array, developer of a workforce solutions platform, in its acquisition of Onaroll, an online platform for motivating and retaining employees via goals and rewards
  
  
• Aviva Links, a provider of Automotive SerDes Alliance-compliant in-vehicle connectivity solutions, in its US$243 million acquisition by NXP, a developer of semiconductor solutions for automotive, industrial, IoT, mobile, and communications infrastructure markets
  
  
• Blackstone Products, a maker of outdoor griddle products and cooking accessories, in its combination with Weber, a provider of grill products, to form Weber Blackstone
  
  
• Broadcom, a designer, developer, and supplier of semiconductor and infrastructure software solutions, in the sale of its VeloCloud SD-WAN business to Arista Networks, a provider of cloud and artificial intelligence networking solutions
  
  
• Clear Capital, a provider of real estate analytics, data solutions, and valuation technology, in its strategic investment from GTCR
  
  
• Gaiascope, provider of a trading platform for renewable energy and grid performance forecasting, in its acquisition by ENGIE, provider of electricity, natural gas, and energy-related services
  
  
• Glaukos, an ophthalmic medical technology company, in its acquisition of Mobius Therapeutics, developer of the Mitosol ophthalmic formulation of mitomycin C
  
  
• GrubMarket in the acquisition of Procurant, a leading SaaS platform that streamlines fresh procurement, order management, and regulatory compliance for the fresh food supply chain
  
  
• HID Global, a provider of trusted identity solutions, in its acquisition of 3millID Corporation, a provider of access control readers
  
  
• HID Global, a provider of trusted identity solutions, in its acquisition of IDmelon, a provider of secure sign-in solutions
  
  
• HID Global, a provider of trusted identity solutions, in its acquisition of Intelligent Observation, a platform provider of hand hygiene compliance for hospitals
  
  
• HID Global, a provider of trusted identity solutions, in its acquisition of Third Millennium, a provider of access control solutions and software to enterprise and government customers
  
  
• HID Global, a provider of trusted identity solutions, in the sale of its Citizen Identity Solutions business, which manufacturers and designs physical and mobile identity solutions for government to citizen programs, to TOPPAN, a provider of integrated printing, communications, and security solutions
  
  
• Liberty Broadband Corporation (NASDAQ: LBRDA, LBRDK, LBRDP), owner and operator of communications businesses including a significant interest in Charter Communications and its subsidiary GCI, in its acquisition by Charter Communications (NASDAQ: CHTR) in an all-stock transaction reportedly valued at US$15 billion
  
  
• Liberty Broadband Corporation (NASDAQ: LBRDA, LBRDK, LBRDP), owner and operator of communications businesses, in its US$1 billion spin-off of GCI Liberty, a provider of data, mobile, voice, and managed services to consumer, business, government, and carrier customers throughout Alaska
  
  
• Liberty TripAdvisor, a family of travel media brands and businesses, in its US$435 million merger with Tripadvisor
  
  
• Moveworks, developer of an agentic AI assistant for connecting employees across enterprise systems, in its US$2.85 billion acquisition by ServiceNow, provider of an AI platform for connecting people, processes, data, and devices
  
  
• Piper Sandler & Co. as financial advisor to iCAD, a provider of clinically proven AI-powered breast health solutions, in its US$103 million acquisition by RadNet, a provider of diagnostic imaging services
  
  
• Raine Group as financial advisor to SoftBank Group in its US$6.5 billion acquisition of Ampere Computing Holdings, a semiconductor design company (Eric Zabinski, Silvia Vannini)
  
  
• Sounding Board, a provider of technology-enabled coaching solutions, in its acquisition by BTS Group AB, a global consultancy focused on strategy execution, change, and people development
  
  
• Southwest Strategies Group, a public outreach and communications firm, in its add-on acquisition of Kiterocket, a public relations agency for emerging technologies, semiconductors, renewable energy, and sustainability
  
  
• TELEO Capital Management in the sale of its portfolio company Paxia, a provider of integrated, value enhancing onboard services and catering management software solutions, to Liberty Hall Capital Partners

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Public Offerings

• Barclays Capital, Cantor Fitzgerald and B. Riley Securities as joint lead bookrunning managers for Bit Digital, Inc.’s upsized US$135 million underwritten public offering of aggregate principal amount of 4.00% convertible senior notes due 2030
  
  
• B. Riley Securities as the sole bookrunner in a US$172.5 million follow-on offering for Bit Digital, Inc.
  
  
• B. Riley Securities as the sole placement agent for Bit Digital, Inc.’s US$67.3 million registered direct offering of ordinary shares
  
  
• B. Riley Securities as lead left bookrunner for WhiteFiber, Inc.’s US$159.4 million initial public offering on Nasdaq
  
  
• Belite Bio in a registered direct offering and its US$350 million underwritten public offering of American Depositary Shares
  
  
• CapsoVision, a commercial-stage advanced imaging and gastrointestinal disease diagnosis company, in its Nasdaq initial public offering
  
  
• China International Capital Corporation Hong Kong Securities and Huatai International Financial Holdings, as joint sponsors, CCB International Capital, CLSA Limited and other underwriters in the initial public offering on the Hong Kong Stock Exchange of Shouhui Group, a provider of insurance services solutions through life and health insurance transaction and service platforms
  
  
• CMB International, as sole sponsor and bookrunner and joint lead manager, and Futu Securities International, as a joint leader manager, in the US$115 million initial public offering on the Hong Kong Stock Exchange of Bayzed Health, an oncology medical company
  
  
• Sponsors and underwriters in the public offering on the Hong Kong Stock Exchange of CNGR, a cutting edge new energy materials company for lithium batteries
  
  
• Heartflow in its upsized US$364 million initial public offering on Nasdaq
  
  
• Keymed Biosciences in its US$108 million top-up placement and issuance of new shares
  
  
• Sandisk in its US$821 million upsized secondary offering of common stock
  
  
• Shuangdeng Group, a leading energy storage company for the big data and telecommunications sectors, in its initial public offering on the Hong Kong Stock Exchange
  
  
• TransThera, a biopharmaceutical company focused on developing innovative small molecule therapies for oncology, inflammatory and cardio metabolic diseases, in its initial public offering on the Hong Kong Stock Exchange
  
  
• Vigonvita Life Sciences, a biopharmaceutical company engaged in the discovery and development of small molecule medications, in its initial public offering on the Hong Kong Stock Exchange 

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Welcome: New Momentum Team Members

Over the past year, Momentum has expanded its team with lawyers whose experience enhances our ability to support clients on their most complex and strategic matters. In California, we welcomed Craig Menden, a seasoned advisor to early-stage and established technology and life sciences companies. We added accomplished litigator and artificial intelligence strategist Reema Shah and Andra Troy, a trusted advisor to pre-IPO and public companies on governance, disclosure, and capital markets matters, to our team in New York. Shawnna Yashar, who brings early 20 years of experience—and prior in-house intellectual property litigation leadership at a global technology company—joined us in Washington, DC. In Brussels, we strengthened our European regulatory capabilities with Vanessa Turner, an antitrust and competition leader who advises global companies on evolving EU regulatory and enforcement matters.

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