In November, technology dealmaking remained robust with activity spanning more than $20B across AI infrastructure, cloud-native software, semiconductors, and cybersecurity. The month reflected sustained investor conviction in scaled platforms powering AI workloads, data-intensive applications, and enterprise modernization.
The November 2025 Dakota Software & Technology Transactions Report highlights the month’s largest deals and emerging themes reshaping the digital economy—from next-generation processors to advanced observability, security, and deep-tech innovation.
Key Insights:
AI, Software & Data Platforms Scale Up:
Cursor’s $2.3B Series D—backed by Nvidia, Google, and Coatue—demonstrated continued momentum behind integrated data platforms powering enterprise AI adoption. Adobe’s $1.9B acquisition of Semrush expanded its AI-driven marketing and analytics capabilities.
Cloud & Semiconductor Infrastructure Surges:
SoftBank’s $6.5B acquisition of Ampere Computing reinforced demand for energy-efficient processors optimized for AI and cloud workloads. Lambda’s $1.5B Series E and Amphenol’s $1B acquisition of Trexon underscored the critical role of compute, connectivity, and components in next-generation data centers.
Cybersecurity Growth & Consolidation:
Palo Alto Networks’ $3.35B acquisition of Chronosphere strengthened its observability and cloud-security stack, while major financings for HyperVault, Armis, Guardio, and Sweet Security highlighted broad investment across identity, asset visibility, and runtime protection.
Fintech Infrastructure Expands:
With FNZ’s $650M growth round, Ripple’s $500M financing, and Clio’s $850M equity and lending raise, November saw continued digitization across wealth, payments, and legal-tech workflows.
Deep Tech & Robotics Advance:
Physical Intelligence’s $600M Series B, along with financings for D-Matrix, Sakana AI, Nanoramic Laboratories, and Ferroelectric Memory Company, illustrated accelerating investment in robotics, semiconductors, memory, and materials enabling AI at scale.
Download the full November 2025 Software & Technology Transactions Report here!
