Happy Thursday, and I hope you all enjoyed the World Cup as much as I did (can we talk about how WILD the England/France bronze match was?!).

Moving on - I have big news: The Diligent Observer Exclusive goes live IN ONE WEEK.

For over a year now, subscribers have asked me questions like “Are any of these companies still raising?” and “What else are you seeing?” and “How do I access all your deal flow?”

Well, now there’s a way. Every Tuesday, on top of the Thursday deals you already get, Exclusive members will see:

I’m launching The Exclusive at a founding member rate for just the first 25 participants - reserve your seat below. (If you’ve already joined the waiting list, I’ve got your spot saved!)

Now, on to today’s issue:

Angel funding rounds announced in recent weeks, compiled from public sources or via direct announcement. These deals represent the elite few that survived an angel network’s vetting process. Note: I have not personally analyzed these companies and am sharing for informational purposes only.

📊 Angel Network Investment Tracker: 212 Deals, 110 Networks.

Participating Group: Band of Angels

Exum Instruments is developing the Massbox, a desktop mass spectrometer (an instrument that identifies the chemical composition of solid materials) targeting the analytical instrumentation market. The device, which the company says can scan the full periodic table in four minutes, consolidates capabilities typically requiring multiple instruments into a single unit. Exum, founded in 2017, has delivered commercial units to customers in batteries, aerospace, defense, and advanced manufacturing sectors. Band of Angels recently announced an investment in the company.

Jeffrey Williams | Denver, CO | June 2026 | Source

Participating Groups: Gopher Angels and Central Texas Angel Network

Molten Dynamics is developing liquid metal cooling systems for high-density AI processors, data center infrastructure, and high-performance computing nodes. The company says its platform removes more than 2,000 watts of heat per chip with no moving parts, no evaporation, and no facility overhaul required, claiming 4.5 times greater heat removal capacity than water-based systems. Gopher Angels and Central Texas Angel Network recently invested in the company's pre-seed round.

Mick Wilcox | Austin, TX | June 2026 | Source

Participating Group: Angelumni

DyeRecycle is developing a non-toxic solvent process that separates dyes and colorants from textile waste, returning clean, de-colored polyester (rPET) ready for respinning and recovering the extracted dyes for reuse. The company, a spinout of Imperial College London, says its closed-loop process recovers more than 99% of its solvent. Angelumni recently announced a $100,000 investment in the company. Proceeds will fund team expansion, pilot production scale-up, and a licensing package for industrial partners.

Dr. Aida Rafat | $100K Investment | London, UK | June 2026 | Exclusive & Source

“Focus good. Distraction bad.” That seems to be a familiar trope in startup investing. One product. One market. One go-to-market. And selling a commercial-first product into a government environment is for sure a totally new ballgame. Different buyers, different sales cycle, different diligence processes.

But Paul points out that for dual-use products (ones with both private and government applications), that investment often pays off by landing a second market for the same product, anchored by a reliable, multi-year customer.

Takeaway: Split focus isn’t necessarily a bad thing, particularly when the payoff is a predictable government contract funding the commercial roadmap.

Want more? Check out my full conversation with Paul 👇

Listen now on Apple Podcasts, Spotify, YouTube, and more.

Thanks for reading - have a great week.

-Andrew

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