Private Funds → Krane S&P Private Leaders Access Fund September 29, 2026

Private Markets Wrap: Can A Web Browser Be The Front Line For Data Security?

Welcome to the KraneShares Private Markets Weekly Wrap! This is a free newsletter intended to identify and analyze the most important developments within the worldwide private markets every week. The newsletter will focus on companies, investors, and broader trends. We will also publish a weekly refresh of our index of the top 10 largest private companies in the United States.

Island turns the browser into a $6.4 billion security bet

Island's product puts company rules directly inside the browser, where much of office work now happens. Employers can decide who may open an application, what data may leave the company and what an AI agent is allowed to do.

Island's ambition is to turn the browser into a control center for workplace security. Island has expanded beyond its original enterprise browser to govern activity across endpoints, networks, applications and company data through a common policy engine and audit trail. This could allow businesses to replace parts of their security systems while giving employees and AI agents access to the tools they need.

The Dallas-based company raised $400 million in a Series F round at a $6.4 billion valuation.¹ This is up from $4.8 billion in March 2025 and more than double its 2024 valuation. Island says it employs about 1,000 people and has doubled annual recurring revenue in every fiscal year since its 2022 launch. It counts Amazon, PayPal, and Pfizer among its customers

Island is betting that control over AI access and company data will become basic workplace infrastructure. Island must now prove that rapid growth can become durable profits and defend against legacy cyber security and browser companies.

Accelevation's stock-market debut is mostly an exit for existing owners

Accelevation, an Ohio maker of power equipment and other data-center infrastructure, began pitching its planned stock-market debut to investors. It expects to sell 30 million shares priced between $20 and $24.² Reuters said the top of the range would value the business at about $5.37 billion.³

Existing owners hope to capitalize on momentum being seen in AI infrastructure. Investors may seek to move their money further up the supply chain as the large language model and chip market has become saturated.

Accelevation’s IPO will test public market demand for AI infrastructure plays. Strong demand would give private-equity owners a path to cash out through the data-center boom. Meanwhile, weak demand would suggest buyers prefer money going into the company, not to existing owners.

Rightway raises $155 million to challenge the drug-benefits giants

Rightway, a New York pharmacy benefits and care-navigation company, raised $155 million in a late-stage funding round led by Francisco Partners. Existing investors Thrive Capital and Khosla Ventures also participated.⁴

A pharmacy benefit manager is the middleman that helps employers buy prescription-drug coverage. Rightway says its model caps what clients spend, passes drug rebates back to employers and now serves 45 Fortune 500 companies. The company did not disclose a new valuation.

This round is a reminder that investors will still fund healthcare businesses when the value proposition is easy to measure. Rightway is selling lower drug costs to employers, a value proposition beyond just better software.

Rainmaker raises $100 million to make more rain.

The El Segundo company will expand cloud seeding, which adds tiny particles to suitable clouds to encourage rain or snow. Rainmaker says it produced 145 million gallons of precipitation over four months. They hope to use this technology to provide precipitation to government agencies, ski resorts, agriculture, and other high water use industries. However, the science and permitting risks remain significant.⁵

A private water company finds a $700 million exit.

Select Water Solutions, a publicly traded water and chemical provider who services oil and gas producers, agreed to buy Pilot Water Solutions, a company focused on permanent water and waste infrastructure for oil and gas producers, for $600 million in cash and $100 million in stock, plus a possible $15 million payment. The deal shows strategic buyers remain active for infrastructure businesses with long-term contracts.⁶

Flock Safety reaches the Senate hot seat.

Lawmakers from both parties raised privacy and security concerns about the Atlanta technology company's nationwide license-plate camera network.⁷ For private companies that sell to government, political trust can be as important as revenue growth.

Baselayer raises $35 million for AI identity checks.

The New York startup says more than 2,300 financial institutions use its risk network. The company is know for its "credit check" that helps companies determine the legitimacy of a business. Its new product is designed to verify which AI agent is acting, who it represents and what it may do - another sign that investors are backing the guardrails around AI.⁸

Ramona Optics raises $25 million for faster microscopes.

The Durham company builds systems that let laboratories examine more biological samples at once. ARCH Venture Partners led its first large venture round. The deal shows venture money is still reaching hard science, not only software.⁹

Top 10 US Private Companies
Company	Current Implied Valuation ($B)	Latest Company News
Anduril Industries Inc	$138	Sept. 23: Anduril said its Barracuda missiles passed an Air Force open-architecture verification.
Anthropic	$1,750	Sept. 28: Anthropic launched Claude Sonnet 5.5, which it says runs over 30% faster than Sonnet 5.
Anysphere*	$60	Sept. 23: Cursor launched bots to monitor software deployments and review code for security flaws.
Databricks Inc	$194	Sept. 24: Databricks acquired Row Zero to add governed spreadsheets to its Genie AI coworker.
Fanatics Holdings Inc	$40	Sept. 22: Fanatics named Afterpay its preferred installment-payment partner for online shopping.
Figure AI Inc	$34	Sept. 17: Figure unveiled Helix 2.5 and reported robot performance across 30 previously unseen homes.
Neuralink Corp	$63	Sept. 18: Neuralink shared a VOICE-trial video of a participant with ALS using its investigational speech interface.
OpenAI Inc	$1,030	Sept. 28: OpenAI committed $5 million to expand an AI fellowship for local newsrooms.
Ramp Business Corp	$57	Sept. 22: Ramp launched accounts receivable software to automate invoicing and payment matching.
Stripe Inc	$180	Sept. 8: Stripe said Meta integrated Link into Muse so users can approve purchases made by the AI agent.

Constituents from PM Insights as of 09/29/2026. Current implied valuations supplied for this update ($B). *Cursor confirmed its acquisition by SpaceX in August. News as of September 29, 2026.

Citations:

Island. "Island Announces $400 Million Series F, Bringing Valuation to $6.4 Billion." September 24, 2026.
Accelevation. "Accelevation Launches Roadshow for Proposed Initial Public Offering." September 22, 2026.
Reuters. "Accelevation Targets Up to $5.4 Billion Valuation in U.S. IPO." September 22, 2026.
Rightway. "Rightway Raises $155 Million as It Leads the Next Generation of Pharmacy Benefits." September 24, 2026.
Rainmaker. "Rainmaker Raises $100 Million Series B to Scale Low-Cost Water Production and Weather Modification." September 21, 2026.
Select Water Solutions. "Agreement to Acquire Pilot Water Solutions." September 24, 2026.
Roll Call. "Flock Cameras Draw Bipartisan Concerns at Senate Hearing." September 23, 2026.
Baselayer. "Baselayer Raises $35 Million Series A and Launches Identity Infrastructure for AI Agents." September 22, 2026.
Axios. "A Durham Startup Making Advanced Microscopes Raises $25 Million." September 22, 2026.