In the case of Zach Dell, who turns 30 this month, at least he’s built a home battery and tech business successfully fundraising on a $13 billion valuation. It certainly doesn’t hurt though that he carries the same surname as his father, Michael, the fifth-wealthiest person in the world—just behind the Google cofounders but ahead of Mark Zuckerberg.

But Zach Dell’s business is so based—as in Base Power (sorry, as an elder Millennial, I can’t even pull off using long-outdated slang).

And it is a unique offering that started in his home state of Texas and recently expanded to Illinois with much grander, long-term ambitions. “We want to bring Base to every neighborhood in America over time,” Zach Dell told Fortune, noting that the residential retail electricity market in the U.S. is about $200 billion. “The scale of the opportunity is just massive, and of course, we do have global ambitions. We think markets like the U.K., Germany, Australia, and potentially others are attractive as well.”

Base’s business model is a one-stop shop for the home: electricity and backup power courtesy of a battery storage system, not a standard gas generator. Instead of paying for a backup power system that can easily cost $15,000 or much more, Base offers electricity services and charges an installation fee—no more than $695—and a flat monthly membership fee of $19—call it the Costco model, as well as the cost of electricity. Dell argues its electric charges are typically cheaper on average because of the money saved by the batteries giving power back to the grid when demand is lower.

And, when there’s a power outage, the battery (or the upcharge for a dual-battery system) keeps the lights on—so long as it isn’t a prolonged outage beyond two or three days.

Base, which Dell cofounded in 2023, just raised another $1 billion in a Series D funding round, bringing its total to over $2.5 billion. The new round revealed Base’s valuation spiked from $4 billion to $13 billion in less than a year—outsized for a garden-variety electricity business, but not necessarily for an innovative tech startup. Base is in the eye of the beholder.

The Series D round featured four co-leads in fundraising: Ribbit Capital, Addition, Valor Equity Partners, and JPMorgan Chase’s Strategic Investment Group. Dell said Base’s other major existing investors have re-invested, including Thrive Capital, a16z, Lightspeed, Trust Ventures, CapitalG, and more.

Earlier this year, Base opened its own battery manufacturing plant, Base Factory 1, in the former building of the Austin-American Statesman newspaper. As a journalist, a tech startup replacing a daily newspaper may seem symbolic and depressing, so I’ll try not to overthink it. Anyway, a much larger second factory is under construction and slated for completion in 2027.

The questions to follow mostly revolve around how quickly Base can scale and achieve market penetration nationwide. At the same time, on a monthly fee model without a lot of upfront costs, how long might it take Base to turn the page to profitability. It’ll be interesting to watch. You can read my whole story here.

See you tomorrow,

Jordan Blum
X: @JDBlum23
Email: jordan.blum@fortune.com

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VENTURE CAPITAL

- Bios Life, a Boston, Mass.-based AI-powered cancer surveillance company, raised $25 million in seed funding. Redmile, Vsquared Ventures, and Kindred Capital led the round. 

- Edgify, a London, U.K.-based developer of AI infrastructure designed to help physical retailers reduce in-store losses, raised $9 million in Series A+ funding from Rank Ventures and Mangrove Capital Partners.

- Alloy Robotics, a Sydney, Australia-based developer of AI tools that help robotics teams find and fix failures, raised $8 million in funding. Square Peg led the round and was joined by existing investors Blackbird, Airtree, Skip Capital, and others.

- Fisent Technologies, a Toronto, Canada-based developer of generative AI software designed to automate business processes, raised $4.3 million in funding. FINTOP led the round and was joined by Pegasystems.

PRIVATE EQUITY

- Bernhard Capital Partners agreed to acquire Bowman Consulting Group, a Reston, Va.-based engineering services and program management firm, for approximately $1 billion. 

- Amberjack Capital Partners acquired PMV Automation, a Houston, Texas and Solna, Sweden-based maker of valve-control and automation equipment for industrial customers. Financial terms were not disclosed.

EXITS

- Second Nature Brands, a portfolio company of CapVest Partners, acquired Tillamook Country Smoker, a Bay City, Ore.-based meat snacks company, from Insignia Capital Group. Financial terms were not disclosed.

IPOs

- Lyntris, a Falls Church, Va.-based defense technology company that makes sensors, hardware, and software for military customers, plans to raise up to $528 million in an offering of 24 million shares priced between $19 and $22 on the New York Stock Exchange. The company posted $451 million in sales for the year ended June 30. Trive Capital Fund backs the company.