ProphetX has successfully secured a funding round of $35 million USD. These funds are intended to strengthen its sports betting and prediction markets platform, which operates under federal regulation.
ProphetX has successfully secured a funding round of $35 million USD. These funds are intended to strengthen its sports betting and prediction markets platform, which operates under federal regulation.
With the new financing, ProphetX plans to enhance its product value, increase market liquidity, and solidify business relationships supporting the company's growing B2B model. The company intends to use the funds to scale its proprietary technology platform, boost liquidity across various markets, and create new product categories for both retail consumers and corporate clients. Additionally, a portion of the funds will support overall business growth.
Instead of relying solely on end-user activity, ProphetX plans to provide its exchange infrastructure to business partners. This will allow these partners to integrate regulated prediction markets into their own services and products. The company also aims to strengthen its patented Parlay Mechanism Request for Quote (RFQ) system. This mechanism enables users to directly enter into and price multi-event contracts with counterparties, ensuring greater pricing transparency, flexibility, and efficiency.
Unlike traditional online bookmakers, which take a position on every bet placed, ProphetX functions as a peer-to-peer exchange. Users bet against each other. ProphetX earns a commission in the form of a low, fixed, transparent fee for every accepted bet, rather than compensating one side's losses with the winnings of other customers. This exchange model allows participants to collectively determine market prices, improving price discovery and liquidity, and bringing the platform closer to financial exchanges than to traditional betting operators.
After transitioning from a sweepstakes platform to a federally regulated prediction market, the company has demonstrated encouraging early growth. In its first month operating under the new regulatory framework, ProphetX recorded a 50% increase in active users and assets on the platform. Investors believe that ProphetX is well-positioned to capitalize on the growing convergence of financial markets and event-based trading. The presence of venture capital firms alongside proprietary trading firms reflects increasing institutional interest in regulated prediction markets as a new asset class.
CEO Dean Sison stated that the latest funding provided the necessary resources to meet growing demand from consumers and institutions. He noted that prediction markets are becoming a permanent part of the American financial landscape, and ProphetX aims to become a leading platform in this sector. Representatives from Parlay Capital described ProphetX as a company building infrastructure that can influence how both retail users and institutional investors participate in sports prediction markets. Data Point Capital also emphasized the importance of the company's regulatory standing and technological platform in the evolving market.
Ominimo has successfully completed its Series B funding round, raising $22.5 million. This round allowed the company to reach a valuation of $1.6 billion just two years after launch, making it one of the fastest-growing unicorns in the European insurtech sector.
Unlike several other fast-funded tech startups in Europe that focus on market size at the expense of profit margins, Ominimo has managed to achieve profitability while continuing to grow its customer base and expand across Europe.
Ominimo is based in Budapest and was founded in 2024 by Dusan Komar, Dennis Weinberger, Laslo Horvat, and Kristina Kozina. The company's main focus is modernizing vehicle insurance through the use of advanced data, process automation, and artificial intelligence technologies.
Ominimo is preparing to enter the US market while accelerating long-term international growth and regulatory compliance initiatives. Currently, the company provides insurance services in Hungary, Poland, the Netherlands, and Sweden, and plans further expansion. Operations will soon begin in Belgium and Romania, followed by plans to enter the Spanish, Italian, and French markets. Management aims for a successful launch of Ominimo's insurance services in the US market by 2027.
Obtaining its own insurance license is a key strategic goal. Currently, Ominimo operates as an managing general agent, handling pricing, customer acquisition, and claims management, while underwriting risk is borne by partner insurers. Transitioning to a licensed model will allow the company to retain a larger share of underwriting profit and gain greater control over product development, although this will also require significantly more regulatory capital.
Ominimo has distinguished itself by using hundreds of data points to assess insurance risk instead of relying on the limited variables traditionally used by insurance companies. This allows the company to price policies more accurately and increase operational efficiency. Its proprietary technology automates a significant part of the insurance process, including pricing and underwriting support, customer service, and claims management. The platform continuously learns from customer data, helping to improve pricing accuracy and reduce operating costs over time.
The company's financial results reflect this approach: Ominimo's annual gross premium revenue growth rate increased from 26.3 million euros in 2024 to approximately 307 million euros to date. The company serves nearly a million customers across various European markets while remaining profitable. Staff numbers have also grown rapidly: from about 40 people in the early stages to approximately 130 today, with plans to reach 150 employees by the end of the year.
Unlike many insurtech companies, Ominimo prioritized sustainable growth over aggressive expansion and weak financial operations. Its strategy involved partnering with existing insurers while simultaneously improving technology and operational capabilities for long-term success. This approach ensured steady growth, fostering strong partnerships with insurers such as Signal Iduna and DA Direkt. These partnerships have enhanced the customer experience, pricing models, and operational performance of the company across numerous global insurance markets. Investors remained confident as Ominimo consistently demonstrated strong business execution throughout its growth and expansion history. After being valued at $200 million during its Series A round in 2025, Ominimo successfully achieved unicorn status.
Fireworks AI successfully raised $1.5 billion in a Series D funding round, boosting its valuation to $17.5 billion. This growth is driven by high demand for platforms that allow companies to build and run their own artificial intelligence models independently.
With the new capital, Fireworks plans to strengthen its computing power, hire more engineers, and solidify partnerships with leading cloud service providers. Furthermore, the company announced annual revenue exceeding $1 billion, representing a fivefold increase compared to the previous year.
The round was led by Atreides Management, Index Ventures, and TCV, with support from major players such as NVIDIA, Lightspeed, Evantic Capital, Bessemer, Menlo Ventures, Insight Partners, Ontario Teachers’ Pension Plan, and Lone Pine Capital. Fireworks was founded in 2022 by Lin Xiao and six former Meta engineers. The company helps organizations fine-tune open AI models, aiming to become a platform for creating custom intelligence that meets specific needs rather than relying entirely on closed models.
Fireworks AI forecasts that the next generation of enterprise artificial intelligence will focus on models developed for specific companies. Since every business has a unique set of data, workflows, and knowledge, these can become specialized AI skills. The company found that about 95% of processed tokens in its system come from user models, not standard base models. Fireworks offers a portfolio of over 200 text, image, and multimodal models.
The company's services are used by major clients such as Uber, Shopify, Doximity, Elastic, GitLab, and MongoDB. Fast-growing AI firms like Harvey and Cursor also rely on Fireworks' infrastructure. In addition to clients, the figures are impressive: earlier this year, Fireworks strengthened its collaboration with Microsoft, giving Microsoft customers access to AI models on the Fireworks platform running on the compute resources of over 20 different infrastructure providers. Gavin Baker from Atreides Management notes a trend where more and more businesses will begin combining advanced AI models with customizable open-source options tailored to their needs. The daily volume of tokens passing through the platform has increased from 15 trillion to over 40 trillion.
The new funds will be directed towards developing global computing infrastructure, increasing the engineering staff, and strengthening ties with cloud providers. The company currently employs 200 people and expects its staff to triple by the end of the year amid sustained demand. Fireworks asserts that its specialized models match or exceed closed models on a range of business-specific tasks at a significantly lower cost. Fireworks is betting on the growing interest of enterprises in gaining more control over AI performance, costs, and data security.
