Daily Funding Roundup:
Apr 22, 2026
The ceasefire held and markets set records. Chinese AI chip startup EVAS Intelligence raised $211M for a RISC-V alternative to Nvidia. Ray Therapeutics closed $125M for optogenetic sight restoration. Courier Health raised $50M for biopharma patient experience. The S&P hit a new all-time high. Merck and Google announced a $1B decade-long AI partnership. Iran seized two ships in the Strait.
Rounds
Chinese AI chip startup EVAS Intelligence raised 1.5B yuan (~$211M) in a Series B for its RISC-V based AI chips (Epoch series) designed for large-model training and inference. The company is building a domestic alternative to Nvidia's GPU architecture, positioning itself to serve Chinese AI labs that face US chip export restrictions. The round was led by a consortium of Beijing-based government and industrial funds, reflecting China's national strategy to build semiconductor self-sufficiency.
Clinical-stage biotech Ray Therapeutics raised an upsized and oversubscribed $125M Series B for optogenetic therapies that restore sight in retinitis pigmentosa patients. The company received FDA RMAT (Regenerative Medicine Advanced Therapy) designation. This is one of the first credible clinical approaches to reversing genetic blindness. The investor mix (Janus Henderson, Franklin Templeton, Novo Holdings, Merck's fund) signals institutional conviction that optogenetics is moving from research to commercial viability. Total raised: ~$231M.
NYC-based biopharma patient experience platform Courier Health raised $50M Series B led by Oak HC/FT. The platform manages the end-to-end patient journey (education, enrollment, benefits verification, adherence) for biopharma companies launching specialty drugs. Customer base grew 400% in 2025. The healthcare software stack is being rebuilt around the patient journey rather than the provider workflow, and Courier Health is the first well-funded company to own that entire surface area.
News & Signals
S&P hits new all-time high as ceasefire extension restores confidence
Markets rebounded sharply on Tuesday after Trump's last-minute ceasefire extension. The S&P 500 surged ~1% to a new all-time high above 7,150. The Nasdaq gained ~1.6%. The relief rally reflected the market's base case: the conflict is being managed, not escalated. However, Iran seized two ships in the Strait of Hormuz on the same day in retaliation for the US Navy's seizure of an Iranian vessel on Sunday, keeping the practical situation on the water dangerous despite the diplomatic gestures.
Merck and Google Cloud announce up to $1B, decade-long AI partnership
Merck and Google Cloud announced a partnership worth up to $1B over a decade, deploying Gemini Enterprise agentic AI across Merck's R&D, clinical development, manufacturing, and commercial operations. This is one of the largest pharma-AI deals ever announced and validates the thesis that agentic AI is moving from pilot projects to enterprise-wide deployment in regulated industries. The deal is also a win for Google Cloud in its competition with Azure (Microsoft/OpenAI) and AWS (Amazon/Anthropic) for pharma customers.
Tesla and Boeing Q1 diverge: defense thrives, EV margins squeezed
Boeing reported revenue of $22.22B (beat), 143 planes delivered (+10% YoY), and a record $695B backlog. Tesla reported revenue of $22.39B (missed) but beat on EPS ($0.41 vs $0.37 est.) with gross margins up 478bps YoY. Tesla raised capex guidance to $25B from $20B, signaling accelerated investment in AI and manufacturing. The divergence captures the market moment: defense/aerospace (Boeing) is riding the Iran war tailwind while consumer EV faces margin pressure. Both companies are converging on autonomy as the next frontier.
Google-Marvell talks to build inference-optimized TPUs and memory processing units
Google is in talks with Marvell Technology to develop memory processing units and inference-optimized TPUs, adding a third chip design partner beyond Broadcom and MediaTek. The move reflects Google's strategy to diversify its custom silicon supply chain and reduce dependence on any single chipmaker. For the broader AI chip market, this signals that inference (running models in production) is becoming as strategically important as training, and the inference chip architecture race is just beginning.
VC Mood on X
Tuesday's mood was cautiously bullish. The ceasefire extension restored enough confidence for the S&P to hit a new record, but Iran seizing two ships on the same day kept the cautious qualifier firmly in place. "The market wants to believe this is over. The Strait says otherwise," one macro investor posted. The bifurcation is sharpening: AI companies command massive valuations (Anthropic at $350B, Cursor at $50B), while non-AI companies struggle to get meetings.
The EVAS Intelligence round sparked geopolitical discussion. "China raising $211M for a RISC-V AI chip alternative to Nvidia while the US restricts chip exports. The semiconductor cold war is producing its own startups on both sides," one deep-tech investor posted. The Merck-Google $1B deal was read as a milestone: the first pharma company to commit $1B to a single cloud AI partnership, validating that agentic AI in regulated industries is moving from experiments to enterprise-wide deployment.
Rounds and signals sourced from SEC filings, press releases, and verified news reports. All amounts in USD unless noted. Reporting reflects information available at time of publication.