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MoFo Advises Valon on $150 Million in Series D

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Morrison Foerster advised Valon, the AI-native operating system for regulated finance, on its $150 million in Series D funding at a $2.3 billion valuation, doubling its last valuation. New investor Ribbit Capital joined the round, alongside continued participation from existing investors including Andreessen Horowitz.With this funding, Valon will accelerate product development and expand its teams to move the industry's largest servicers from legacy systems onto ValonOS and its AI agents. The company is hiring across engineering, product, deployment, and go-to-market in its New York and San Francisco offices and remotely.The MoFo team was led by emerging companies + venture capital partner Jim Ryan with associates Jason Kitchen and Hanna Balcha.Read <a href="https://www.businesswire.com/news/home/20261005181820/en/Valon-Raises-%24150-Million-Series-D-at-a-%242.3-Billion-Valuation-to-Deploy-ValonOS-and-AI-Agents-into-Mortgage" target="_blank">Valon’s press release</a>.

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Jim Ryan is a partner in Morrison Foerster’s Emerging Company + Venture Capital Group based in Palo Alto. He advises high-growth technology and life sciences companies, venture capital and growth funds, and corporate venture capital and other strategic investors.Jim’s work includes navigating domestic and cross-border venture capital and growth financings, secondaries and tender offers, recapitalizations, joint ventures, carve-outs and spinoffs, and mergers and acquisitions. He has particular experience in large complex financings and has advised companies and investors on dozens of venture capital and growth financings in which $100 million to over $1 billion were raised along with dozens more in the $25 million to $100 million range.His clients span a variety of technologies and industries including artificial intelligence, robotics, autonomous and other software-defined vehicles, industrial tech, cloud computing and data center hardware and software, fintech and digital assets, SaaS, biotech, and medical devices.Beyond transactions, Jim writes and speaks on practical issues that shape venture capital-backed companies and boardrooms. He serves as the startup columnist for The Journal of Robotics, Artificial Intelligence & Law and is the lead editor of MoFo’s “<a href="https://scaleup.mofo.com/guidance">Ask a MoFo</a>” series, where he translates board governance, deal mechanics, and venture structures into actionable guidance for founders and investors.Jim was recognized as a 2026 Rising Star by Venture Capital Journal.He earned his J.D. from Santa Clara University School of Law, where he served on the Santa Clara Law Review and published articles on cloud computing regulation. He received a B.A. in economics from the University of California, Santa Cruz.

Jim Ryan

Partner

Jason Kitchen is an associate in the New York office and is a member of the firm’s Emerging Companies + Venture Capital practice group.Jason represents venture capital funds and venture-backed companies in all stages of the corporate lifecycle, including formations, financings, equity considerations, mergers and acquisitions, and a variety of other activities.Jason served as an intern to Judge Jane Boyle of the US District Court for the Northern District of Texas.

Jason Kitchen

Associate

Hanna is a corporate associate in Morrison Foerster’s Palo Alto office.Prior to joining the firm, Hanna was a Summer Associate in the Palo Alto office during the summers of 2021 and 2022, and an SEO Law Fellow in the Palo Alto office during the summer of 2020. She also spent time as a U.S. Squash Ambassador with the International Olympic Committee.Hanna earned her J.D. at New York University School of Law, where she was a Senior Editor of the Journal of Intellectual Property & Entertainment Law. She also holds a B.A. from Dartmouth College.She is also a native speaker of Amharic.

Hanna Balcha

Fintech

Technology

Emerging Companies + Venture Capital