When I took over Term Sheet at the end of 2021, it was nearly impossible to keep up with all the IPO filings. As I step away, here I am documenting a trail of unicorn companies that have shut down.

It’s been quite a ride. I went to SBF’s childhood home, interviewed the producer of “The Dropout”, flew drones on Choctaw land, talked with Tim Draper about writing that first check to Elizabeth Holmes, documented the collapse of Silicon Valley Bank, and read a bunch of SEC filings about side letters. I uncovered Sam Altman’s endowment investment, took a ride through Elon Musk’s boring tunnels, ate sushi and soup dumplings, and asked Microsoft’s Chief Scientific Officer what it is that makes us human. I somehow convinced you to read a whole essay about me getting my scuba certification. It’s been an honor to use this platform to let other people share their stories, too, like Trisha Bantigue and Andrew Gibbs-Dabney and ChatGPT. I’ve enjoyed each call with readers, each tip you sent my way, and, naturally, all your restaurant recommendations. 

Writing about this industry, it’s easy to become enchanted by the promise and excitement of innovation. After all, it’s thanks to venture capital that life-changing products, from the microprocessor to internet search engines, exist. As a journalist, I’ve always taken my obligation to be critical very seriously, as well. It didn’t take long to come across the glaring egos, absurd greed, and outright fraud that have thrived in a world that largely operates behind closed doors.

Private companies may stay private for longer than ever before—and get bigger in the process—but size doesn’t compensate for fragility. With private companies excused from disclosure requirements, and founders often bound by few checks and balances from their own boards, startups can still be delicate businesses, even if they are a dozen times more powerful. I’m excited to continue to write about this opaque industry, and have the time to dig in a little deeper.

As Allie steps in and takes Term Sheet to the next level, I would just like to say thank you. I am eternally grateful for the warm introductions and thank-you notes, for the harsh criticism, for all the things that writing every day has taught me. Many people ask what it’s like to write every day. But I am often in awe of how many subscribers want to open this newsletter every single morning (seriously, our numbers are pretty good). Term Sheet has been the cornerstone of my life these past two years, and your willingness to let me into yours has been an honor.

I’m not going off into the sunset entirely. You’ll be seeing more of me at Fortune as I shift to writing longer feature stories about startups and venture, and I’ll probably pop back in here every once in a while to say hi.

In the meantime, you can get an email every time I publish a story by checking the box next to my name at this link. You can give me a call or send me a text at 479-715-9553. And if you don’t already have my email by now, here you go: jessica.mathews@fortune.com. If you’ve got a tip, I’m all ears.

By the way…Fortune is always trying to make Term Sheet a more valuable newsletter for our readers. If you could take a couple of minutes to give your honest feedback and answer a few questions about your experience, I’d appreciate it. It shouldn’t take you more than five minutes. You can find the link below. Thanks!

Another AI deal…DataSnipper, an AI accounting assistant provider, has raised an additional $100 million, officially hitting unicorn status, Fortune AI editor Jeremy Kahn has exclusively reported. Index Ventures led the round, and Insight Partners previously invested in the company in 2022. CEO Vidya Peters says that the round will be used to expand geographically to new markets. 

And now for February’s cartoon from Ian Foley…

Until next time. Signing off,

Jessica Mathews
Twitter: @jessicakmathews
Email: jessica.mathews@fortune.com
Submit a deal for the Term Sheet newsletter here.

Joe Abrams curated the deals section of today’s newsletter.

VENTURE DEALS

- Oasis Security, a Tel Aviv, Israel-based developer of security software for non-human identities like service accounts, raised $40 million in funding. Sequoia Capital led the round and was joined by Accel, Cyberstarts, and others.

- LoanStar Technologies, a Swarthmore, Pa.-based embedded lending platform for credit unions and banks, raised $28 million in funding. Sageview Capital led the round and was joined by Launch Credit Union, TruMark Financial Credit Union, and others. 

- Benepass, a New York City-based platform for implementing and tracking employee benefits, raised $20 million in funding. Portage and Clocktower Technology Ventures led the round and were joined by Workday Ventures, Threshold Ventures, and Gradient Ventures.

- Splash, a Denver, Colo.-based developer of sports strategy games, raised $14.1 million in a Series A extension from Boston Seed, Velvet Sea Ventures, K5, Elysian Park, Acies Investments, Accomplice, Counterview, and others. 

- Reken, a San Francisco, Calif.-based cybersecurity platform designed to defend against AI threats, raised $10 million in seed funding. Greycroft and FPV Ventures led the round and were joined by Firebolt Ventures, Fika Ventures, Omega Venture Partners, Homebrew, and JAZZ Venture Partners.

- CARPL, a San Francisco-based platform designed to make health care more accessible and affordable by connecting health care providers with AI applications, raised $6 million in seed funding. Stellaris Venture Partners led the round and was joined by angel investors. 

- Aquaconnect, a Tamil Nadu, India-based company that uses satellites and AI to monitor and analyze aquaculture farms, raised $4 million in pre-Series B funding from S2G Ventures.

- Fora, a New York City-based AI bot designed specifically for executives, raised $3.8 million in pre-seed funding. Converge led the round and was joined by GTM Fund, Zelkova Venture Partners, Acadian Ventures, 14Peaks, and others.

- StreamAlive, a Basking Ridge, N.J.-based audience engagement monitor for video calls, live streams, and other applications, raised $1.6 million in pre-seed funding from Speciale Invest and others. 

- Roro, a Stockholm, Sweden-based mobile games studio developing a 3D digital dollhouse, raised €1.5 million ($1.6 million) in funding. node.vc led the round and was joined by FOV Ventures, Robin Flodin, and angel investors. 

- BlokID, a Ho Chi Minh City, Vietnam-based provider of blockchain-powered solutions for digital advertising, raised $1.3 million in seed funding from Ascend Vietnam Ventures and Appworks.

PRIVATE EQUITY

- Blackford Capital acquired Data Science Automation, a McMurray, Pa.-based automation engineering services and training firm. Financial terms were not disclosed. 

- Blackhawk Network, backed by Silver Lake, agreed to acquire Tango Card, a Seattle, Wash.-based digital rewards, e-gifting, and payments platform. Financial terms were not disclosed.

- Salem One, a portfolio company of Granite Creek Capital Partners, acquired iTek Graphics, a Concord, N.C.-based printing and graphics company. Financial terms were not disclosed. 

- Scanmed, backed by Abris Capital Partners, acquired Centrum Rehabilitacji, a Chorzów, Poland-based rehabilitation provider. Financial terms were not disclosed. 

- Thompson Street Capital Partners and Cequel III acquired a majority stake in DDC Cabinet Technology, a San Diego, Calif.-based manufacturer of cabinet and cooling solutions for data centers. Financial terms were not disclosed. 

EXITS

- Clayton, Dubilier & Rice acquired a minority stake in Foundation Building Materials, a Santa Ana, Calif.-based distributor of specialty building products and construction supplies, from American Securities. Financial terms were not disclosed. 

- Core & Main (NYSE: CNM) agreed to acquire Dana Kepner Company, a Denver, Colo.-based water and wastewater distributor, from Littlejohn & Co. Financial terms were not disclosed.

- Netwrix acquired CoSoSys, a Raleigh, N.C.-based data loss prevention platform, from Turn/River Capital. Financial terms were not disclosed. 

OTHER

- Health Care Service Corporation agreed to acquire the Medicare business of Cigna (NYS: CI), a Bloomfield, Conn.-based health care and insurance company, for $3.3 billion in cash.

PEOPLE

- Air Tree Ventures, a New South Wales, Australia-based venture capital firm, hired Kell Reilly as a partner. Formerly, he was with General Atlantic.

- Gradient Ventures, a San Francisco-based venture capital firm, hired Siri Srinivas as a partner. Formerly, she was with Draper Associates.

- ICONIQ Growth, a San Francisco, Calif.-based venture capital firm, hired Kamran Zaki as a partner. Formerly, he was with Adyen.

- Liberty Hall Capital Partners, a Charleston, S.C.-based private equity firm, promoted James C. Black to partner and Matt G. Seely to vice president.