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For El\u00e9onore Crespo, the French attitude of \u201cjamais content<\/em>,\u201d <\/em>or never happy, is a business strategy, not a stereotype. The Paris-trained fundamental physicist turned co-founder and CEO has built Pigment around a French-flavored \u201cNever Settle\u201d ethos\u2014an aggressive refusal to be satisfied that\u2019s now powering one of Europe\u2019s fastest-growing AI software companies.\u00a0<\/p>\n Fortune<\/em> has exclusively learned Pigment is approaching $100 million in ARR, having doubled ARR for a third consecutive year. The company has grown its customer base 74%, with leaders like Uber, Unilever, Anthropic, Siemens and more using Pigment, and 57% of new revenue coming from enterprise customers. More than half of Pigment\u2019s new customers in 2025 migrated from SaaS giants, Crespo says, a 115% year-over-year increase in replacement.\u00a0<\/p>\n Crespo, a former Index Ventures investor, co-founded Pigment with Romain Niccoli in 2019 to replace the spreadsheets and legacy planning tools that still run the guts of large companies. The pitch: an AI-native enterprise performance management platform that sits across finance, sales, HR, and supply chain, unifying data and decision-making in one system.<\/p>\n \u201cEvery single CEO or CFO on this planet wants to make fast decisions to react to this macroeconomic environment,\u201d Crespo told Fortune<\/em>, pointing to wars, tariffs, inflation, and supply chain shocks. \u201cThey cannot wait months to make decisions.\u201d<\/p>\n Pigment\u2019s core product aggregates business data into a single platform and lets teams run scenario models\u2014different oil price paths, shifting tariff regimes\u2014without blowing up fragile Excel sheets or waiting weeks for a specialist to reconfigure a model.\u00a0<\/p>\n Crespo\u2019s latest bet is what she calls Pigment\u2019s biggest leap yet: a \u201cModeler Agent.\u201d Users describe what they want in natural language, and the agent generates governed, production-ready applications on top of Pigment\u2019s data engine. Early customers say build times have collapsed from weeks to minutes. Figma reported getting to \u201c80% of what they wanted to build from a blank page in minutes,\u201d according to Crespo.<\/p>\n Investors have bought in. Pigment has raised nearly $400 million to date and crossed a $1 billion valuation in 2024, with backers including ICONIQ Growth, Meritech, IVP, Greenoaks, Blossom, and Sheryl Sandberg\u2019s fund. But Crespo insists she\u2019s in no rush to add more capital\u2014or to go public. \u201cIPO for us would be way, way down the line,\u201d she said.<\/p>\n Crespo advises French President Emmanuel Macron on AI, and speaks frequently about \u201cAI sovereignty.\u201d But she resists framing Pigment as a European champion in opposition to the U.S.<\/p>\n \u201cI do not consider ourselves a French company. I consider ourselves a global company,\u201d she said. Most of her executive team is U.S.-based, while engineering remains concentrated in France\u2014a talent base she describes as a \u201csecret weapon.\u201d\u00a0<\/p>\n Crespo runs Pigment with the intensity of a founder who still feels behind. This energy extends to how she thinks about the so-called \u201cSaaSpocalypse.\u201d In her view, AI is a sorting event: some new players, like Pigment, will adopt the technology, while many legacy vendors will struggle to bolt AI onto old architectures. She\u2019s betting she can outrun the incumbents.<\/p>\n \u201cIt\u2019s a total revolution,\u201d she said.<\/p>\n See you tomorrow,<\/p>\n Lily Mae Lazarus Lily Mae Lazarus curated the deals section of today\u2019s newsletter<\/em>.<\/em> Subscribe here.<\/p>\n – <\/span>Ayar Labs<\/b>, a San Jose, Calif.-based startup making AI chips more efficient, raised $500 million in Series E funding. <\/span>NVIDIA<\/b>,<\/span> AMD<\/b>,<\/span> MediaTek<\/b>,<\/span> Alchip<\/b>, and others led the round.<\/span><\/p>\n – <\/span>Grow Therapy<\/b>, a New York-based mental health platform for in-person and online therapy and psychiatric care, raised $150 million in Series D financing. <\/span>TCV<\/b> and <\/span>Growth Equity at Goldman Sachs Alternatives<\/b> led the round and was joined by <\/span>BCI<\/b>,<\/span> Menlo Ventures<\/b>,<\/span> Sequoia, SignalFire<\/b>,<\/span> and Transformation Capital<\/b>.<\/span><\/p>\n – <\/span>Flink<\/b>, a Berlin, Germany-based speedy grocery startup, raised $100 million in funding. <\/span>Prosus Ventures<\/b> and <\/span>Btomorrow Ventures<\/b> led the round.<\/span><\/p>\n – <\/span>Fig Security<\/b>, a New York-based platform that finds and fixes broken security flows across SecOps infrastructure, raised $38 million in seed and Series A rounds. <\/span>Team8<\/b> and <\/span>Ten Eleven Ventures<\/b>, led the round and were joined by Doug Merritt, Rene Bonvanie, and the founders of Demisto and Siemplify.\u00a0<\/span><\/p>\n – <\/span>JetStream<\/b>, a Santa Clara, Calif.-based AI governance company, raised $34 million in seed funding. <\/span>Redpoint Ventures<\/b> led the round and was joined by <\/span>Falcon Fund<\/b>, <\/span>George Kurtz<\/b>, <\/span>Assaf Rappaport<\/b>, and <\/span>Frederic Kerrest<\/b>.<\/span><\/p>\n – <\/span>Guild.ai<\/b>, a San Francisco-based AI-native community workspace for developers, raised $30 million in Series A funding. <\/span>Google Ventures<\/b> led the round and was joined by <\/span>Khosla Ventures<\/b>.\u00a0<\/span><\/p>\n – <\/span>KeyCare<\/b>, a Chicago, Ill.-based virtual care provider built on Epic, raised $27.4 million in financing. HealthX Ventures led the round and was joined by <\/span>8VC<\/b>,<\/span> LRVHealth<\/b>, <\/span>BOLD Capital Partners<\/b>, <\/span>Ikigai Venture Partners<\/b>, <\/span>WellSpan Health<\/b>, <\/span>Allina Health<\/b>, <\/span>University of Chicago Ventures<\/b>, <\/span>Edge Ventures<\/b>, and <\/span>Exact Sciences<\/b>.\u00a0<\/span><\/p>\n – <\/span>RenoFi<\/b>, a Berwyn, Pa.-based AI-enabled renovation financing platform for homeowners, raised $22 million in Series B funding. <\/span>Fifth Wall<\/b> led the round and was joined by <\/span>Progressive Insurance<\/b> and others.<\/span><\/p>\n – <\/span>Multitude Insights<\/b>, a Boston, Mass.-based provider of AI-powered intelligence tools for law enforcement agencies, raised $10 million in Series A funding. <\/span>Primary Venture Partners<\/b> led the round and was joined by <\/span>VSC<\/b>,<\/span> Commonweal<\/b>,<\/span> NEC<\/b>,<\/span> Counterview<\/b>, and others.<\/span><\/p>\n – <\/span>EGI Battery Inc.<\/b>, an Ann Arbor, Mich.-based advanced battery technology and manufacturing company, raised $10 million seed financing. <\/span>TSV Capital<\/b> led the round and was joined by several U.S. family offices.<\/span><\/p>\n – <\/span>NextWork<\/b>, an Austin, Texas-based platform helping people learn practical AI skills through projects and proof-of-work portfolios, raised $4.45 million in seed funding. <\/span>Shakti VC<\/b> led the round and was joined by <\/span>Cake Ventures<\/b>, <\/span>GD1 VC<\/b>, <\/span>Blackbird Ventures<\/b>, <\/span>Icehouse Ventures<\/b>, <\/span>Phase One Ventures<\/b>, and angel investors.<\/span><\/p>\n – <\/span>Vento Games<\/b>, an Istanbul, Turkey-based mobile games company, raised $4 million in seed funding. <\/span>Makers Fund<\/b> and Arcadia <\/span>Gaming Partners<\/b> led the round. <\/span><\/p>\n – <\/span>The Rise Funds<\/b>, an arm of <\/span>TPG<\/b>, invested approximately $250 million in <\/span>Findhelp<\/b>, an Austin, Texas-based social care technology platform. Financial terms were not disclosed.\u00a0<\/span><\/p>\n – <\/span>Espirion<\/b>, backed by <\/span>Athyrium Capital Management<\/b> and <\/span>HealthCare Royalty<\/b>, agreed to acquire <\/span>Corstasis<\/b>, a Henderson, Nev.-based biopharmaceutical company, in a $75 million deal.\u00a0<\/span><\/p>\n – <\/span>Gryphon Investors<\/b> made a majority investment in <\/span>HRSoft<\/b>, a Denver, Colo.-based provider of enterprise compensation management software. Existing investor <\/span>Bow River Capital<\/b> will retain a minority stake.<\/span><\/p>\n – <\/span>LGPS<\/b> and <\/span>Vista Equity Partners<\/b> invested in <\/span>Joblogic<\/b>, a Birmingham, U.K.-based field service management software provider. Financial terms were not disclosed.\u00a0<\/span><\/p>\n – <\/span>Thoma Bravo<\/b> entered into a definitive agreement to acquire <\/span>WWEX Group<\/b>, a Dallas, Texas-based third-party logistics provider of parcel and freight services with brands including Worldwide Express, GlobalTranz, Unishippers, JEAR Logistics and BLX Logistics.<\/span><\/p>\n – <\/span>Accel-KKR<\/b> made a majority investment into <\/span>Whip Around<\/b>, a Charlotte, North Carolina-based fleet maintenance and compliance software provider.<\/span><\/p>\n – <\/span>Virtual Technologies Group<\/b>, backed by <\/span>Jacmel Partners<\/b>, acquired <\/span>Vector Tech Group<\/b>, a Holland, Mich.-based provider of IT solutions to businesses and other organizations. Financial terms were not disclosed.<\/span><\/p>\n – <\/span>US BioTek Laboratories<\/b>, backed by <\/span>Pike Street Capital<\/b>, merged with <\/span>NutriPATH<\/b>, <\/b>a Sydney, Australia-based pathology laboratory serving integrative and functional medicine practitioners. Financial terms were not disclosed.\u00a0<\/span><\/p>\n – <\/span>British Columbia Investment Management<\/b>, <\/span>Norges Bank Investment Management<\/b>, and <\/span>Brookfield Asset Management<\/b> launched <\/span>Northview Energy<\/b>, an acquirer and owner of a portfolio of U.S. and Canadian contracted and operating renewable assets. Northview will be equally funded and owned by the three investors.<\/span><\/p>\n – <\/span>BlackRock<\/b> sold its remaining 11.4% stake in <\/span>Naturgy<\/b>, a Madrid, Spain-based energy company, for $3.25 billion.<\/span><\/p>\n – <\/span>American Securities<\/b> agreed to sell<\/span> CPM Holdings<\/b> and<\/span> MW Components<\/b>, U.S.-based industrial companies, to <\/span>Rosebank Industries<\/b> in a $3.25 billion sale, inclusive of a potential $200 million earnout.<\/span><\/p>\n – <\/span>Ziff Davis<\/b>, a New York-based digital media and internet company, agreed to sell its Connectivity division, which includes its Ookla’s Speedtest ?app and Downdetector outage tracker, to <\/span>Accenture<\/b> for $1.2 billion in cash.<\/span><\/p>\n – <\/span>Allianz<\/b> is acquiring a 50% stake in 11 battery storage projects from <\/span>Total Energies<\/b>
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