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The Daily Deal

Tuesday 3 November 2026

Marvell agrees to buy Lumentum for $115B in stock

Chart of the day

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VC investment in Los Angeles. Venture capital raised by Los Angeles-headquartered companies by quarter, stacked by stage (startup, breakout, scaleup).

Los Angeles companies raised $10.3B of venture capital in Q3 2026, four times as much as a year earlier and the most in any quarter since at least 2020. Half of it came in four rounds of $1B or more: Atoms ($1.7B), Hadrian ($1.4B), Castelion ($1.1B) and Valar Atomics ($1B), in robotics, defence and energy.

Just raised

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  • Northwood SpaceTorrance$375M Series C

    Vertically integrated ground infrastructure designed to speed deployment and resilience of satellite mission communications. Led by Andreessen Horowitz and DFJ Growth.

  • AmityBangkok$100M Series D

    Vertical generative AI infrastructure for global enterprise automation. Led by EDBI and SMDV.

  • EreborColumbus$100M Late VC

    Digital banking infrastructure for startups and crypto firms. Backed by SBI Group.

By country

  • US$105B
  • China$19B
  • UK$3.1B
  • South Korea$2.8B
  • India$1.5B
  • France$831M

By sector

  • Enterprise$103B
  • Health$8.2B
  • Fintech$6.8B
  • Energy$6B
  • Transportation$4.5B
  • Semiconductors$4.4B

$138B across 1,483 rounds in October, by headquarters and by sector.

Just acquired

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  • Brokerage for complex, short-notice North American freight.

    DWDaniel Webber founded it after working at Nolan Transportation Group and MoLo Solutions.

  • Vertically integrated custom and wholesale apparel solutions.

    CGCarson Gan founded it after working at Epic Games.

  • Physical AI and robotics lab for prototyping.

    PGPriyanka Gupta founded it after working at JPMorgan Chase & Co and Wipro Technologies.

Talent moves

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  • Marvell agrees to buy Lumentum for $115B in stock

    Marvell is buying Lumentum, which makes the lasers and optical parts that connect chips in AI data centres, for $115B in Marvell shares. Lumentum holders get a 23.9% premium to the share price before the deal and will own about a third of the combined company. The deal is not expected to close until 2028.

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