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• Proximal Ventures raises debut fund to back startups bringing AI to drug development

  Emerging biotechnology and software firms are securing early-stage capital as investors seek to lower the steep costs and lengthy timelines of traditional pharmaceutical research. Solo manager Sahir Raoof is leveraging his operational background from Flatiron Health and Iterative Health to deploy checks between $500,000 and $1.5 million into pre-seed and seed founders. The vehicle targets efficiency bottlenecks across clinical data analysis and molecular compound synthesis.

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• Graphon, which wants to resolve AI agent memory limitations by mapping connections across documents, videos, and images, raised a $35M Series A (Shubhangi Goel/Business Insider)

  Artificial intelligence agents frequently struggle with context retention when navigating disparate file types across complex workflows. Graphon aims to eliminate these operational constraints by establishing meaningful structural relationships across diverse media formats. The newly acquired capital will directly support the development of this cross-modal data mapping technology.

  1 min read
• Lawsuit filing: Point72's quant unit Cubist claims its fired lead research analyst used Claude and Codex to steal source code before leaving for a competitor (Bloomberg)

  The legal battle highlights emerging risks surrounding proprietary software and advanced machine learning models in high-frequency trading environments. Quantitative investment firms increasingly face threats from departing staff leveraging external software tools to siphon internal assets. The complaint reflects intensified scrutiny over how employees handle intellectual property prior to switching rival funds.

  1 min read