Startup Trends: Strategic acquisitions in AI, crypto, and data management in Q1 2025

The start of 2025’s first quarter witnessed some prominent M&A activity in the private sector and particularly within the technology and artificial intelligence (AI) industries. And while this activity appears to be trending down in the first quarter of 2025 by approximately 17% compared to the same period last year, some notable companies listed on Forge Global were involved in an acquisition strategy.

Below is an overview of some of the private startups involved in acquisition/merger activity in the first quarter:

MoonPay acquires Helio

In January 2025, Miami, Florida-based MoonPay, a crypto payments infrastructure provider, completed its $175 million acquisition of Helio, Solana’s premier crypto payment processor. The deal strengthens MoonPay’s ability to offer seamless on-chain payment solutions by integrating Helio’s technology and customer base. Helio, which serves over 6,000 merchants and has processed more than $1.5 billion in transactions, brings experience in decentralized finance, creator commerce and trading infrastructure.

The acquisition aligns with MoonPay’s long-term strategy to enhance payment solutions across Web3 and drive broader adoption of cryptocurrency transactions according to the startup.

As of its April 2022 funding round, MoonPay's last price per share was $247.51, with a post-money valuation of $3.52 billion. Investors in the company include Tiger Global Management, Coatue Management and Blossom Capital.

Chainalysis acquires Alterya

Blockchain analytics firm Chainalysis, headquartered in New York City, made a significant move in February 2025 by acquiring Alterya, an AI-driven fraud detection company specializing in digital asset transactions. The deal represents a shift from reactive investigations to proactive fraud prevention, including the increasing use of artificial intelligence in scams and illicit activities. Alterya’s tools, already used by major platforms such as Binance and Coinbase, monitor over $8 billion in monthly transactions and have helped reduce fraudulent activity by 60%.

By integrating Alterya’s technology, Chainalysis is reinforcing its leadership position in blockchain security and compliance, offering more comprehensive fraud prevention capabilities to its customers, according to Chainalysis’s website.

As of February 19, 2025, Chainalysis's Forge Price™ stands at $11.04 per share, implying a valuation of $8.54 billion. Investors include Accel, Benchmark and Ribbit Capital.

Applied Intuition acquires EpiSci

In February 2025, Mountain View, California-based Applied Intuition, a developer of autonomous vehicle simulation and software, announced its acquisition of EpiSci, a defense technology firm specializing in AI-driven autonomous systems. The acquisition enhances Applied Intuition’s capabilities in the defense sector by integrating EpiSci’s advanced AI and machine-learning expertise. As defense agencies increasingly turn to automation, the combination of Applied Intuition’s existing platforms and EpiSci’s defense technology positions the company as a critical player in the national security AI space.

This acquisition comes at a time of increased investment in AI-powered defense applications, signaling Applied Intuition’s commitment to expanding its footprint beyond the commercial autonomous vehicle sector.

As of a March 2024 funding round, Applied Intuition's last price per share was $49.73, with a post-money valuation of $6 billion. The company’s notable investors include Andreessen Horowitz, General Catalyst and Lux Capital.

Rokt acquires mParticle

In January 2025, New York City-based Rokt, an ecommerce marketing company specializing in real-time relevancy, announced its merger with mParticle, a customer data platform (CDP), for $300 million. This strategic move aims to integrate mParticle's real-time data capabilities into Rokt's ecommerce transactions, advertising and customer engagement services. The partnership is expected to enhance Rokt's offerings beyond advertising, focusing on leveraging mParticle's real-time data to improve customer retention, loyalty programs and upselling opportunities.

Michael Katz, mParticle's Co-Founder and CEO, will continue in his role, emphasizing the importance of seamless integration of customer data to drive meaningful business outcomes.

The combination of the two startups comes at a time of accelerated revenue growth for Rokt, which achieved $600 million in revenue last year, a 40% overall increase according to its website.

Rokt’s last-known valuation was $1.95 billion as of February 13, 2025. The private company’s investors include Tiger Global Management, Square Peg and SecondQuarter Ventures.

As of February 19, 2025, mParticle's Forge Price™ was $1.23 per share implying a valuation of $130 million.

HP acquires Humane

In February 2025, HP Inc. (NYSE: HPQ), the multinational information technology company, announced its acquisition of San Francisco-based Humane, an AI hardware startup known for its wearable device, the Ai Pin.

The deal, valued at $116 million, includes over 300 patents, the Cosmos AI platform and key personnel, including founders Imran Chaudhri and Bethany Bongiorno. This strategic move aims to integrate Humane's AI capabilities into HP's product ecosystem, enhancing functionality across devices such as PCs and printers. The acquired team will form a new AI innovation lab within HP, named HP IQ, focused on developing intelligent solutions for the future of work.

Humane, founded in 2018, had previously raised over $230 million from prominent investors, including Sam Altman and Marc Benioff. Despite initial hype, the company's flagship product, the Ai Pin, faced significant challenges, including overheating issues and limited functionality, leading to its discontinuation.

As of a funding round in March of 2023, Humane’s price per share was $23.41 with a post-money valuation of $826.33 million.