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Hello, Term Sheeters. It\u2019s Jessica Mathews, filling in for Allie this morning and giving you a little update on the latest happenings in Las Vegas.<\/p>\n
A few weeks ago, I filled you in on our latest reporting on Elon Musk\u2019s $5.6 billion tunneling startup, the Boring Company. You may recall that Nevada\u2019s state safety regulator had issued three \u201cwillful\u201d citations against Boring Company, after a training drill during which two firefighters suffered burns at a Boring site. The citations prompted Boring Co. President Steve Davis to call up a former Tesla policy guy who now works in Nevada Governor Joe Lombardo\u2019s office. Within 24 hours of that phone call, Boring executives had set up a meeting with senior regulators in the state, and the citations had been withdrawn.\u00a0<\/p>\n
The withdrawal of the citations (which Nevada OSHA maintains was due to the violations not meeting legal requirements) was never documented in OSHA\u2019s case file, and a public record that had referenced the meeting was altered. (State officials and regulators say that no supervisor ever gave direction to delete the record of the meeting.)\u00a0<\/p>\n
A few weeks after all that transpired, Boring Company was caught illegally dumping wastewater into manholes around Las Vegas. One Boring manager was specifically called out in documents, as he apparently \u201cfeigned compliance\u201d with county inspectors, only to start dumping the waste again as soon as he thought inspectors had left the site.<\/p>\n
Both of these stories have caused somewhat of an uproar in Las Vegas. Residents have been asking their representatives about it at town halls and meetings. And Nevada Congresswoman Dina Titus sent a demand letter to Governor Lombardo, urging him to hold Elon Musk\u2019s tunneling company accountable, make the company\u2019s meetings with Nevada OSHA public, and answer a series of questions about how the investigation was handled.\u00a0<\/p>\n
Now, as I reported this week, federal OSHA has opened an investigation into Nevada\u2019s state OSHA plan. Federal OSHA received what\u2019s called a \u201cCASPA\u201d complaint, a Complaint About State Plan Administration, after our story, and the agency decided it warranted a federal review.\u00a0<\/p>\n
These investigations are a big deal and are meant to evaluate whether a state plan is at least as effective as federal OSHA\u2014a requirement under U.S. law. The last time Nevada OSHA received this level of federal (and public) scrutiny was in 2008, when the Las Vegas Sun<\/em> reported on the high death rate among construction workers at the Las Vegas Strip amid lax enforcement of regulations at Nevada OSHA. Federal regulators launched a \u201cspecial study\u201d into Nevada OSHA the following year, which found \u201ca number of serious concerns\u201d in the program and led to corrections in oversight and changes to its program.<\/p>\n We\u2019ll be closely tracking the findings of this investigation once federal OSHA finishes its review.<\/p>\n Until then, thanks for following along.\u00a0<\/p>\n Jessica Mathews Submit a deal for the Term Sheet newsletter here.<\/p>\n Joey Abrams curated the deals section of today\u2019s newsletter<\/em>.<\/em> Subscribe here.<\/p>\n – <\/span>Radiant<\/b>, an El Segundo, Calif.-based developer of a portable nuclear microreactor designed to replace diesel generators, raised $300 million in Series D funding. <\/span>Draper Associates<\/b> and <\/span>Boost<\/b> VC<\/b> led the round and were joined by others.<\/span><\/p>\n – <\/span>Ben<\/b>, a London, U.K.-based employee benefits platform, raised $27.5 million in funding. <\/span>Mercia<\/b> Ventures<\/b> led the round and was joined by existing investors <\/span>Atomico<\/b>, <\/span>Cherry<\/b> Ventures<\/b>, <\/span>DN<\/b> Capital<\/b>, and others.<\/span><\/p>\n – <\/span>Ankar<\/b>, a London, U.K.-based AI-powered operating system for patents, raised $20 million in Series A funding. <\/span>Atomico<\/b> led the round and was joined by <\/span>Index<\/b> Ventures<\/b>, <\/span>Norrsken<\/b> and <\/span>Daphni<\/b>.<\/span><\/p>\n – <\/span>HEN<\/b> Technologies<\/b>, a Hayward, Calif.-based developer of intelligent fire defense technology, raised $20 million in Series A funding. <\/span>O\u2019Neil<\/b> Strategic<\/b> Capital<\/b> led the round and was joined by <\/span>NSFO<\/b>, <\/span>Tanas<\/b> Capital<\/b>, and <\/span>Z21<\/b> Ventures<\/b>.<\/span><\/p>\n – <\/span>Arcads.ai<\/b>, a San Francisco-based AI-powered platform designed for generating marketing videos, raised $16 million in seed funding.<\/span> Eurazeo<\/b> led the round and was joined by <\/span>Alpha Intelligence<\/b> Capital<\/b> and others.<\/span><\/p>\n – <\/span>Clarity<\/b> Pediatrics<\/b>, a San Francisco-based telehealth platform for pediatric chronic care, raised $14.5 million in Series A funding. <\/span>Jackson<\/b> Square<\/b> Ventures<\/b> led the round and was joined by <\/span>City<\/b> Light<\/b> Capital<\/b>, <\/span>MassMutual<\/b> Catalyst<\/b> Fund<\/b> II<\/b>, <\/span>GingerBread<\/b> Capital<\/b>, and others.<\/span><\/p>\n – <\/span>Wearlinq<\/b>, a San Francisco-based developer of a wireless cardiac monitor, raised $14 million in Series A funding. <\/span>AIX<\/b> Ventures<\/b> led the round and was joined by <\/span>SpringTide<\/b>, <\/span>Berkeley<\/b> Catalyst<\/b> Fund<\/b>, <\/span>Lightscape<\/b> Partners<\/b>, <\/span>Amino<\/b> Capital<\/b>, and others.<\/span><\/p>\n – <\/span>Roamless<\/b>, a San Francisco-based global mobile network operator, raised $12 million in Series A funding from <\/span>Shorooq<\/b>, <\/span>Revo<\/b> Capital<\/b>, <\/span>Finberg<\/b>, and <\/span>JIMCO<\/b>.<\/span><\/p>\n – <\/span>AIR<\/b>, a New York City-based AI-powered credit intelligence platform, raised $6.1 million in seed funding. <\/span>Work-Bench<\/b> Ventures<\/b> and <\/span>Lerer<\/b> Hippeau<\/b> led the round. <\/span><\/p>\n – <\/span>GI<\/b> Partners<\/b> agreed to acquire <\/span>Netwatch<\/b>, a Lake Forest, Calif.-based provider of AI-powered security services. Financial terms were not disclosed.\u00a0<\/span><\/p>\n – <\/span>Initial<\/b> Group<\/b>, backed by <\/span>TPG<\/b>, acquired <\/span>Silver<\/b> Tribe<\/b> Media<\/b>, a Los Angeles, Calif. and New York City-based platform for building YouTube and podcast businesses. Financial terms were not disclosed.<\/span><\/p>\n – <\/span>ProSites<\/b>, backed by <\/span>Rockbridge<\/b> Growth<\/b> Equity<\/b>, acquired <\/span>GeniusVets<\/b>, a San Diego, Calif.-based veterinary marketing and engagement company. Financial terms were not disclosed.<\/span><\/p>\n – <\/span>StayTerra<\/b>, backed by <\/span>Garnett<\/b> Station<\/b> Partners<\/b> and <\/span>Bessemer<\/b> Venture<\/b> Partners<\/b>, acquired a majority stake in <\/span>Cape & Coast Premier Properties<\/b>, a Cape San Blas, Fla.-based luxury vacation rental management company. Financial terms were not disclosed.<\/span><\/p>\n – <\/span>TA<\/b> Associates<\/b> acquired a majority stake in <\/span>PairSoft<\/b>, a Miami, Fla.-based provider of procure-to-pay automation and payment solutions. Financial terms were not disclosed.<\/span><\/p>\n – <\/span>Wateralia<\/b>, backed by <\/span>Ambienta<\/b>, acquired <\/span>Aquatec<\/b>, a Victoria, Australia-based water and wastewater management company. Financial terms were not disclosed.<\/span><\/p>\n – <\/span>IFS<\/b> agreed to acquire <\/span>Softeon<\/b>, a Reston, Va.-based warehouse management software company, from <\/span>Warburg<\/b> Pincus<\/b>. Financial terms were not disclosed.<\/span><\/p>\n – <\/span>TJC<\/b> acquired <\/span>Lindsay<\/b> Precast<\/b>, a Gainesville, Fla.-based manufacturer of prefabricated concrete and steel products, from <\/span>MiddleGround<\/b> Capital<\/b>. Financial terms were not disclosed.<\/span><\/p>\n – <\/span>Andersen Group<\/b>, a San Francisco-based tax and financial advisory firm, raised $176 million in an offering of 11 million shares priced at $16 on the New York Stock Exchange.<\/span><\/p>\n – <\/span>Highland<\/b> Rim<\/b> Capital<\/b>, a Nashville, Tenn.-based private equity firm, raised $208 million for its debut fund focused on manufacturing, distribution, and business service companies.\u00a0<\/span><\/p>\n – <\/span>Autotech<\/b> Ventures<\/b>, a Menlo Park, Calif.-based venture capital firm, hired <\/span>Mike<\/b> Abbott<\/b> as a venture partner. Formerly, he was with <\/span>General<\/b> Motors<\/b>. The firm also promoted <\/span>David<\/b> Le<\/b> to operating partner.<\/span><\/p>\n – <\/span>General<\/b> Atlantic<\/b>, a New York City-based private equity firm, promoted <\/span>Cornelia<\/b> Gomez<\/b>, <\/span>Hilary<\/b> Lindemann<\/b>, <\/span>Ryan<\/b> McGrath<\/b>, <\/span>Ben<\/b> Newman<\/b>, <\/span>Sudeep<\/b> Poddar<\/b>
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Email:<\/strong> jessica.mathews@fortune.com<\/p>\nVENTURE DEALS<\/h3>\n
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