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Ramp raised $1.85 billion in a round co-led by Dragoneer, Thrive Capital, Founders Fund.
Why it matters: Ramp's four-month jump from a $44B to a $60B valuation shows how fast AI-adjacent fintech revenue is compounding, and where its token-spend ambitions may collide with model providers.
Stand, a San Francisco home insurer, raised a $70 million Series C at a $1 billion valuation led by Saga Ventures.
Why it matters: Stand's digital-twin pricing shows how physics simulation and a world model can replace zip-code risk scoring, with its own backtest as the only evidence.
Valon, a mortgage servicing platform that uses AI agents to automate loan servicing workflows.
Why it matters: Valon's $150M Series D shows investors backing AI agents applied to mortgage servicing, a regulated workflow where automation adoption is still early.
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