Daily Update: DayOne Raises $4.5B; Revolut CTO Steps Down; GIC Backs Ramp; SoftBank Refi Move; Innefu Labs, Rezonate, kAIgentic Raise Fresh Capital; Mesabi Metallics Lands $265M

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DAYONE DATA CENTERS RAISES US$4.5 BILLION SERIES C FUNDING

DayOne Data Centers, a Singapore-headquartered global digital infrastructure platform, Friday announced the final closing of its Series C equity financing with total gross proceeds of US$4.5 billion.

The Series C round was led by existing investors Coatue and Hillhouse, now DayOne’s two largest shareholders, with participation from notable new investors including the Indonesia Investment Authority (INA) and Achi Capital Partners.

Since its inception in 2022, DayOne has secured more than 1.5 gigawatts (GW) of total bookings for capacity in Asia Pacific and Europe, making it one of the largest and fastest-growing international digital infrastructure platforms. 

The Series C equity financing is expected to enable DayOne to accelerate its expansion in key markets including Singapore, Malaysia, Indonesia, Thailand, Japan, Hong Kong SAR, Finland and Spain.

DayOne may continue to consider additional equity and debt financing options in the private and public markets, subject to its funding needs, market conditions and other considerations.

Credit: Vlad Yatsenko
REVOLUT COFOUNDER TO STEP DOWN AS CTO

Revolut, the global fintech major, Friday said that its Co-founder Vlad Yatsenko has decided to transition from Chief Technology Officer (CTO) into a Non-Executive Director capacity on the Board, effective 1st July 2026. In this ongoing role, he will continue to lend his expertise to the company.

Revolut did not disclose the circumstances on the exit of Yatsenko. 

This transition follows over a decade of excellence as one of the core architects of Revolut’s platform. He will be succeeded by Donato Lucia as Vice President of Technology. 

“Donato has been a key member of Revolut’s engineering team for the past eight years, most recently serving as Head of Technology. His technical leadership and knowledge of the core architecture make him uniquely qualified to drive Revolut’s global engineering division forward,” the company added.

SINGAPORE’S GIC JOINS GLOBAL INVESTORS TO FUND $750 MILLION IN RAMP

Ramp, which leverages on tokenisation of payments across the globe, Friday said it has raised a $750 million primary financing round led by ICONIQ, GIC, and Ontario Teachers’ Pension Plan, valuing the company at $44 billion. 

New investors include Goldman Sachs Alternatives, D.E. Shaw & Co., Morgan Stanley Investment Management, Generation Investment Management, Insight Partners, and BroadLight Capital. Previous investors who participated are Founders Fund, Lightspeed Venture Partners, D1 Capital Partners, T. Rowe Price, General Catalyst, Alpha Wave Global, 137 Ventures, Thrive Capital, Coatue, Sands Capital, Khosla Ventures, 1789 Capital, Avenir Growth, BoxGroup, 8VC, Pinegrove Venture Partners, Definition Capital, and Stripes.

Ramp’s growth spans new AI categories like token spend management and, through Stack, accounting firms – a market Ramp is entering for the first time. The round comes as Ramp extends its capabilities into managing the fastest-growing cost in business: tokens.

“For 500 years, business ran on two pillars of spend: people and vendors. In the last 24 months, a third arrived – intelligence, paid by the token and invisible to every system we’ve built to manage cost. Ramp is the infrastructure for the third pillar,” said Eric Glyman, co-founder and CEO of Ramp.

Vinay Yarlagadda, Managing Director of the Technology Investment Group at GIC, added: “Ramp has consistently outperformed our expectations, resulting in GIC investing eight times in the business to date. Since our initial investment, the company has continued to accelerate revenue growth, while scaling volume exponentially. As AI reshapes how work gets done, Ramp is building the necessary infrastructure for how businesses will agentically manage their financial operations.”

Yong Cheen Choo, Chief Investment Officer of Private Equity at GIC, commented: “Ramp is a category-defining company, with a proven track record of building innovative products. Across our portfolio, we are seeing increased spend in areas like AI, compute, and software, driving the need for more modern financial operations infrastructure across industries. Ramp’s AI lab for finance positions the company well for the long-term, delivering practical value to businesses navigating today’s AI economy.”

Ramp released 70+ products and major features, closed two acquisitions — Billhop (UK/EU payments) and Juno (guest travel) — and announced it would start serving companies headquartered in the UK and Europe this summer. 

Ramp also deepened its multi-year partnership with Visa to enable AI agents to execute autonomous corporate payments with real-time controls.

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SOFTBANK TO RAISE $1.8 BILLION DEBT IN YEN TO REFINANCE US DOLLAR DEBT DUE JULY 2027

Softbank, Japan-headquartered global fund manager, Friday said it plans to raise ¥260 billion (US$1.8 billion) debt, in an effort to replace USD-denominated hybrid notes that hit their first call date in July 2027.

The fund manager said it is a 35-year term instrument, maturing in 2061, but it can call/redeem it as early as 2031. Softbank added it will pay 5.12% fixed interest rate for the first 5 years and then floating rate after that. 

Softbank said the subscription will be from June 8, to June 18, 2026 and will be for a public offering in Japan. 

The underwriters for this offer include SMBC Nikko Securities, Mitsubishi UFJ Morgan Stanley Securities, SBI Securities, Nomura Securities, Mizuho Securities, Tokai Tokyo Securities, Mito Securities and IwaiCosmo Securities.

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PANTHERA GROWTH PARTNERS INVESTS US$ 30 MILLION IN INNEFU LABS SERIES B ROUND

Panthera Growth Partners (PGP), a Singapore-based growth equity firm, Friday announced a US$ 30 million investment in Innefu Labs, India-headquartered artificial intelligence company in the space of National Security and creating indigenous platforms & multi-modal fusion systems currently deployed across defense, intelligence, law enforcement, revenue intelligence, and large enterprise clients. 

The capital injection, completed through a combination of primary and secondary transactions from Panthera’s second fund, positions Innefu for an IPO and accelerates its push into international markets after Innefu’s initial successful forays in the Middle East.

The investment comes as India’s sovereign defense initiatives drive sharply increased domestic procurement of critical security technologies. This is evident from Innefu’s momentum in a growing pool of USD 10 million + contracts spanning defense, intelligence, law enforcement, and revenue intelligence operations.

The proceeds will fund Innefu’s next phase of global market expansion, alongside deep-tech research and development anchored in its AI-first, sovereign capabilities. This includes advancing its proprietary Agentic AI platform, establishing a dedicated Physical AI (robotics) wing, and developing sovereign AI infrastructure with secure, domain-specialized language models built for high-trust environments.

Tarun Wig, Co-Founder and CEO of Innefu Labs, stated: “When we started Innefu, our vision was clear: India should never have to depend on external technologies to secure its people, its institutions, or its digital future. Over the last fifteen years, we have transformed that vision into reality, building indigenous AI-powered platforms that protect critical national assets, empower decision-makers, and strengthen the country’s security ecosystem.

We now intend to scale our innovations faster, deepen our investments in advanced AI and further enhance our autonomous decision-support systems. We believe the next wave of technological leadership will belong to nations that own their intelligence capabilities, and Innefu is committed to ensuring that India stands at the forefront of that transformation.

What excites us most is that we are still at the beginning of our story. The foundations have been laid, the talent is in place, and the mission has never been clearer. With this new chapter, we are not just building a company, we are helping build the technological backbone of a secure, self-reliant, and AI-powered India for generations to come.”

Shilpa Kulkarni, Founder and Managing Partner of Panthera Growth Partners, stated:  “Innefu has built native, AI-powered software that solve critical challenges in national defense and enterprise security infrastructure. Our investment decision is based on their proprietary technology, deep domain expertise, and a proven track record in high-stakes, mission-critical environments. We are partnering with Innefu to support their growth ambitions as they prepare for public markets.”

The domestic security technology market involves complex technical requirements historically met by international defense vendors.

Innefu’s deployments include several national scale AI intelligence fusion centres including:

• India’s first National Terrorism Data Fusion Centre,
• Southeast Asia’s largest operational Intelligence Fusion Centre,
• Revenue Intelligence Fusion Platforms,
• Predictive Policing Platforms,
• Indigenous open-source intelligence (OSINT) and Deep Web Fusion Platform for Law Enforcement & Defense Agencies.

Abhishek Sharma, Co-Founder and CTO of Innefu Labs, added: “For over a decade, we’ve solved mission-critical challenges for defense, intelligence, and investigative agencies. As governments worldwide move toward AI-driven decision-making, our mission is to build trusted, AI-first indigenous platforms that strengthen national security and keep critical data & platforms sovereign. This funding accelerates our next chapter: advancing our Agentic AI capabilities, venturing into Physical AI and robotics, and expanding globally, building the full sovereign AI stack that high-trust environments demand”

Panthera‘s second fund, backed by institutional investors from India, the European Union, and the United States, focuses on growth-stage companies with established product-market fit, deploying an average capital allocation of USD 20 million per company across India and Southeast Asia. The firm’s historical portfolio across its fund vehicles includes allocations in FoxTale, OfBusiness, Zivame, Travelstack Tech, EMotorad, Flipspaces etc.

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REZONATE RAISES US$5 MILLION TO ACCELERATE US EXPANSION

Rezonate, the Singapore-founded AI engagement company, Friday said it has raised US$5 million to support its expansion into the United States and accelerate the next phase of its global growth in enterprise AI. The company did not name the investors. 

Founded in Singapore, Rezonate has built and deployed AI solutions across healthcare, insurance, financial services, sports and other enterprise sectors across Asia. The company specializes in AI agents for customer engagement, enabling organizations to move beyond AI experimentation into scalable deployment, helping automate engagement workflows, improve service delivery, automate seamless customer support, drive conversions with personalized outreach, cut operating costs, and scale operational efficiency across regulated and complex environments.

Peiru Teo, CEO of Rezonate said, “We were forged over a decade in healthcare – one of the most human and high‑stakes industries there is – but what we are seeing globally is that enterprises across every industry face the same engagement and operational challenges. Rezonate represents our ambition to help organizations deploy AI agents for customer engagement that are intelligent, scalable, and human-centered globally.”

The US$5 million fundraise will support Rezonate’s expansion into the United States, strengthen commercial partnerships, and accelerate the development of its AI agent platform.

Rezonate’s evolution reflects a broader shift in the market: enterprises are increasingly adopting AI systems that transform conversations and existing data into actionable outcomes, enabling revenue growth, stronger customer retention, and improved service delivery at scale.

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KAIGENTIC RAISES $10 MN FUNDING FROM JAPAN’S SMBC GROUP

kAIgentic, an agentic AI venture, Friday said it has raised $10 million from SMBC Group, one of Japan’s largest financial groups.

Headquartered in Singapore with core engineering operations in India, kAIgentic is building AI deployment infrastructure for large-scale enterprise operations. The company will begin by deploying its platform within SMBC Group, allowing its systems to be developed and tested inside live banking workflows before expanding to other complex global enterprises.

Ahmed Mazhari, founder of kAIgentic was the former President of Microsoft Asia Pacific.

“kAIgentic is focused on one of the core challenges in enterprise AI: moving from experimentation to safe, governed deployment. The platform is designed to capture the unwritten, day-to-day operational logic of how work gets done inside large enterprises and use that context to build domain-specific AI agents. These agents run in production with continuous human supervision, governance, and accountability,” the company said. 

“The bet behind kAIgentic is that enterprise AI will be won not by model access alone, but by the application layer that turns AI into governed operations,” said Ahmed Mazhari, Founder and CEO, kAIgentic. “The bottleneck in enterprise AI is no longer model capability. It is whether large organisations can absorb intelligence into their most critical operations, at speed, with the standards and policies they must maintain.”

kAIgentic’s partnership with SMBC Group gives the company a high-stakes enterprise environment to validate its platform from day one. The structure is designed to create value at three levels: supporting AI transformation within SMBC Group, serving SMBC Group’s customers, and building a platform that can generalise beyond the bank to other regulated and complex enterprises.

SMBC Group recently announced a three-year IT investment of approximately JPY 1 Tn in April 2026 to modernise its IT infrastructure and accelerate AI adoption. This includes strengthening talent, upgrading the operating environment, expanding employee training, and establishing AI-native business processes.

kAIgentic’s model combines the institutional depth of a global financial group with the speed and product focus of an independent platform company. The company has an independent board and is being built to serve enterprises beyond SMBC Group.

kAIgentic is hiring engineering talent in India to build production-grade AI systems for banking and other complex enterprise environments, where reliability, governance, security, and human oversight are critical.

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ESSAR GROUP COMPANY MESABI METALLICS MONETIZES PORTION OF ROYALTY INTEREST FOR $265 MILLION

Mesabi Metallics Company, backed by Essar Group, has agreed to sell 50% of its royalty interest to The Metals Royalty Company (TMCR) for total consideration of $265 million, implying a valuation of more than $500 million for the royalty platform. 

The transaction with TMCR will be completed in two equal tranches of $132.5 million each: the first tranche closed on 1st June 2026, with the second tranche expected to close within 60 days. The majority of the proceeds from this transaction will be deployed toward the future growth of Mesabi Metallics.

“The transaction further validates the quality, scale and strategic importance of Mesabi Metallics’ Direct Reduction (DR) grade iron ore mine, beneficiation plant and pellet plant in Minnesota, which is expected to commence production in the third quarter of 2026,” the company added.

Mesabi Metallics said that this transaction follows more than $670 million of recently announced financing commitments, including $520 million from Breakwall Capital and $150 million from Macquarie Group. “Mesabi Metallics has also received an indication of support from the Export-Import Bank of the United States (EXIM) of up to $10 billion,” it noted.

Scotiabank acted as exclusive financial advisor to Mesabi Metallics and its affiliates in connection with the transaction.

Upon completion, the project will represent approximately $2.5 billion of investment and become the first new iron ore mine and pellet plant developed in Minnesota