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Deals & Cases
24 Sep 2026

BonelliErede, Orrick, Portolano Cavallo and White & Case advise on Exein's $270 million financing round

"BonelliErede advised Exein, its founders and historic shareholders; Orrick advised lead investor Headline; Portolano Cavallo advised Deutsche Telekom; White & Case advised J.P. Morgan and KfW on Exein’s $270m financing led by Headline. The round values Exein at $1.7bn and will fund US and Asia‑Pacific expansion, Physical AI cybersecurity and a proprietary foundation model."

BonelliErede, Orrick, Portolano Cavallo and White & Case acted as legal counsel in connection with Exein’s $270 million financing round. BonelliErede advised Exein, its founders and historic shareholders; Orrick advised lead investor Headline; Portolano Cavallo advised Deutsche Telekom; and White & Case advised J.P. Morgan and KfW. The transaction consists of a $270 million financing round led by Headline, with participation from Sofina, Goldman Sachs, the European Investment Bank through the European Tech Champions Initiative (ETCI), KfW Capital and T.Capital (Deutsche Telekom’s corporate venture capital arm). The round closed above target and follows two financings completed last year for €70 million (June 2025) and €100 million (December 2025). Existing investors that also participated include Balderton, HV Capital, Intrepid Growth Partners, 33N Ventures, Lakestar, Supernova Invest, Blue Cloud Venture and Geodesic Capital. Concurrently, Exein’s existing revolving credit facility provided by J.P. Morgan was increased, with KfW joining as a new lender. After the transaction Exein reached a valuation of $1.7 billion, becoming an Italian unicorn. The proceeds will be used to expand in the United States and the Asia‑Pacific region, to develop cybersecurity solutions for Physical AI to protect robots, drones, autonomous vehicles and other physical systems, and to build a proprietary foundation model trained on telemetry from over 2 billion devices to create autonomous security agents. The company is also evaluating potential strategic acquisitions in Europe and the United States. BonelliErede represented Exein, its founders and historic shareholders with a team composed by: partner Giulia Bianchi Frangipane (corporate), managing associate Enrico Goitre, associates Elena Cozzupoli, Benedetta Duca and Francesca Gea Rusconi, and Davide Cardinali. BonelliErede also advised on financing matters with a team composed by: partner Ilaria Parrilla (financing), senior associate Claudia Cavalli and associate Alessia Martorella. Orrick represented lead investor Headline with a team composed by: partners Attilio Mazzilli, Livia Maria Pedroni and Sven Greulich, associates Claudia Francesca Micol Ciriná and Waldemar Huber, and lawyer Simone Iaione. Portolano Cavallo represented Deutsche Telekom with a team led by partner Antonia Verna, together with counsel Daniel Joseph Giuliano and associate Alice Aloia. White & Case represented J.P. Morgan and KfW with a team led by partners Stefano Bellani (Milan) and Andreas Lischka (Frankfurt), together with associates Marco Cattani (Milan) and Amedeo Bardelli (Milan). Notarial formalities were handled by notary Federico Mottola Lucano and Dr. Camilla Tolasi of Studio ZNR Notai.
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