VenCap Weekly Update - 18 July 2025
The latest news on VenCap's underlying portfolio companies.
Geek+ IPO on Hong Kong Exchange
Geek+, a global robotics and warehouse automation company, raised HK$2.71 billion (USD $347 million) in its July 2025 Hong Kong IPO at HK$16.80 per share. Its initial market cap was HK$21.8 billion (USD $2.78 billion), rising to approximately HK$24.8 billion (USD $3.16 billion) shortly after. This made Geek+ one of the first publicly listed autonomous mobile robot (AMR) warehouse robotics provider. Geek+ is an underlying asset of VenCap 6, VenCap 10A and VenCap 13A.
Geek+, a global robotics and warehouse automation company, raised HK$2.71 billion (USD $347 million) in its July 2025 Hong Kong IPO at HK$16.80 per share. Its initial market cap was HK$21.8 billion (USD $2.78 billion), rising to approximately HK$24.8 billion (USD $3.16 billion) shortly after. This made Geek+ one of the first publicly listed autonomous mobile robot (AMR) warehouse robotics provider. Geek+ is an underlying asset of VenCap 6, VenCap 10A and VenCap 13A.
Windsurf Signs $2.4 Billion Deal with Google, Remaining Company Acquired by Cognition
Windsurf, the AI coding assistant startup once in talks to be acquired by OpenAI, has split in two after a whirlwind series of deals. Google hired CEO Varun Mohan and part of the team last week for $2.4 billion in licensing fees, while Cognition has acquired the remaining staff and assets—including over $100 million in cash. The remaining Windsurf team will now focus on enterprise coding tools under Cognition, with accelerated equity vesting. Earlier acquisition talks with OpenAI fell through due to IP issues, and Meta had shown interest. Windsurf is an underlying asset of VenCap 16 and VenCap 17.
Windsurf, the AI coding assistant startup once in talks to be acquired by OpenAI, has split in two after a whirlwind series of deals. Google hired CEO Varun Mohan and part of the team last week for $2.4 billion in licensing fees, while Cognition has acquired the remaining staff and assets—including over $100 million in cash. The remaining Windsurf team will now focus on enterprise coding tools under Cognition, with accelerated equity vesting. Earlier acquisition talks with OpenAI fell through due to IP issues, and Meta had shown interest. Windsurf is an underlying asset of VenCap 16 and VenCap 17.
Via Confidentially Files for IPO
Transit software company Via has confidentially filed for an IPO, according to TechCrunch. The startup develops software to optimize public transportation systems with customers in more than 650 cities across 30 countries, including San Francisco, Seattle, New York, Miami, and London. Via raised a $110 million funding round in 2023 at a valuation of $3.5 billion. Via is an underlying asset of VenCap 6 and VenCap 12.
Transit software company Via has confidentially filed for an IPO, according to TechCrunch. The startup develops software to optimize public transportation systems with customers in more than 650 cities across 30 countries, including San Francisco, Seattle, New York, Miami, and London. Via raised a $110 million funding round in 2023 at a valuation of $3.5 billion. Via is an underlying asset of VenCap 6 and VenCap 12.
MiniMax Files for Hong Kong IPO
Chinese AI firm MiniMax has confidentially filed to go public in Hong Kong, per Reuters. Backed by Alibaba and Tencent, the LLM-focused startup seeks one of the region’s first major AI listings. MiniMax has previously raised over $600 million and was last valued at around $2.5 billion. Minimax is an underlying asset of VenCap 6, VenCap 13B and VenCap 15.
Chinese AI firm MiniMax has confidentially filed to go public in Hong Kong, per Reuters. Backed by Alibaba and Tencent, the LLM-focused startup seeks one of the region’s first major AI listings. MiniMax has previously raised over $600 million and was last valued at around $2.5 billion. Minimax is an underlying asset of VenCap 6, VenCap 13B and VenCap 15.
Anthropic in Discussions to Raise at $100 Billion Valuation
Anthropic is in discussions for a potential funding round valuing the company at over $100 billion—nearly double its $58 billion valuation just four months ago—as it continues to report improving financial metrics amid ongoing cash burn. It’s already raised $3.5 billion of a targeted $5.5 billion, and recently rehired two key product leaders from rival Anysphere. Anthropic is an underlying asset of VenCap 6, VenCap 13B, VenCap 15, VenCap 16 and VenCap 17.
Anthropic is in discussions for a potential funding round valuing the company at over $100 billion—nearly double its $58 billion valuation just four months ago—as it continues to report improving financial metrics amid ongoing cash burn. It’s already raised $3.5 billion of a targeted $5.5 billion, and recently rehired two key product leaders from rival Anysphere. Anthropic is an underlying asset of VenCap 6, VenCap 13B, VenCap 15, VenCap 16 and VenCap 17.
Waymo Hits 100 Million Driverless Miles
Waymo has reached a significant milestone: over 100 million driverless miles completed by its robotaxis. Following citywide rollouts in Los Angeles, Phoenix, San Francisco, Atlanta, and Austin, Waymo prepares to expand into Miami and Washington, D.C. The company now completes around 250,000 paid autonomous rides weekly, as Tesla begins testing its own robotaxi service in Austin. Waymo is an underlying asset of VenCap 6, VenCap 13B, VenCap 15, VenCap 16, VenCap 17 and VenCap 18.
Waymo has reached a significant milestone: over 100 million driverless miles completed by its robotaxis. Following citywide rollouts in Los Angeles, Phoenix, San Francisco, Atlanta, and Austin, Waymo prepares to expand into Miami and Washington, D.C. The company now completes around 250,000 paid autonomous rides weekly, as Tesla begins testing its own robotaxi service in Austin. Waymo is an underlying asset of VenCap 6, VenCap 13B, VenCap 15, VenCap 16, VenCap 17 and VenCap 18.
Harmonic AI Raises $100M for Math Superintelligence
Harmonic AI, co-founded by Robinhood CEO Vlad Tenev, has raised $100 million in a Series B round led by Kleiner Perkins, valuing the startup at $875 million. The company is developing Aristotle—an AI model aimed at achieving mathematical superintelligence and eliminating hallucinations through formal verification. Harmonic is an underlying asset of VenCap 16 and VenCap 17.
Harmonic AI, co-founded by Robinhood CEO Vlad Tenev, has raised $100 million in a Series B round led by Kleiner Perkins, valuing the startup at $875 million. The company is developing Aristotle—an AI model aimed at achieving mathematical superintelligence and eliminating hallucinations through formal verification. Harmonic is an underlying asset of VenCap 16 and VenCap 17.
Sources: The Information, TechCrunch, Tech in Asia, Bloomberg, Reuters
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Oxford, United KingdomOur mission at VenCap is to build a concentrated portfolio of venture funds from those VCs that consistently back the top 1% of companies and deliver strong and consistent performance to our investors. VenCap has committed USD 2.9 billion to this small group of top-tier VC’s in the US, Europe, China and India - our Core Managers. We work closely with the venture firms with whom we invest to provide insight and analytics that help inform their own decisions. We believe that this focus gives us a competitive advantage when it comes to identifying and accessing the best firms in the industry. VenCap was founded in 1987, and as such we are one of the longest-established investment management and advisory firms active in the VC industry today. We believe that venture capital is a long-term business that is based on strong personal relationships. We have been trusted to manage capital by many leading institutions and family offices across the world with whom we have developed strong and lasting relationships based on trust, transparency and authenticity.
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