{"id":5177,"date":"2026-08-12T11:43:40","date_gmt":"2026-08-12T11:43:40","guid":{"rendered":"https:\/\/crosscountrymovingteams.com\/?p=5177"},"modified":"2026-08-12T11:43:40","modified_gmt":"2026-08-12T11:43:40","slug":"87-5-of-venture-dollars-went-to-ai-the-rest-fought-over-scraps","status":"publish","type":"post","link":"https:\/\/crosscountrymovingteams.com\/?p=5177","title":{"rendered":"87.5% of venture dollars went to AI. The rest fought over scraps"},"content":{"rendered":"
\n

PitchBook released its Q2 2026 U.S. VC Valuations data this week, and the report aligns with the skewed venture market we\u2019ve come to know: Investors are willing to pay up for a few anointed AI companies, and (almost) everything else is a pass or rounding error. For the first half of this year, AI megadeals were where 87.5% of all U.S. venture dollars went.<\/p>\n

Read more Top CD rates from major banks on August 12, 2026: Chase CDs, Bank of America CDs, Citibank CDs, and more<\/a><\/p>\n

There are valuation step-ups outside AI\u2014it\u2019s just that the AI premium is undeniable. PitchBook says that non-AI companies at the median saw valuation step-ups of 1.6x, whereas for AI that was 2.2x. It\u2019s Series D and later where the gulf gets vast, where for AI that number has become 6.6x.<\/p>\n

\n
\n
<\/div>\n<\/div>\n<\/div>\n

\u201cThe Series D+ step-up is clear evidence of how much AI is driving venture valuations,\u201d said Emily Zheng, PitchBook senior research analyst, via email. \u201cMedian velocity of value creation at that stage jumped from $108.9 million in 2025 to over $1 billion in 2026, nearly a 10x increase. Top AI companies like Anthropic are driving this growth, as its valuation grew 5.3x in just eight months. Venture returns already follow a power law, and AI has raised the bar for what an outsized valuation looks like.\u201d<\/p>\n

In this market, liquidity remains hard to find. Though there\u2019s an IPO window of sorts, it\u2019s hardly persuasive, with only SpaceX and Cerebras offering much evidence going public could be worth the trouble.<\/p>\n

Acquisitions, on the face of it, have some promise: 2026 acquisition value so far has reached $375.4 billion, a decade high with valuations up to 1.9x from last year\u2019s 1.2x, according to PitchBook. But breaking it down by deal, it\u2019s clear that results are varied: ServiceNow\u2019s Armis buyout was $7.8 billion, a jump from the cybersecurity company\u2019s prior $6.1 billion valuation. Elsewhere, Capital One\u2019s $5.2 billion Brex deal marked a serious haircut from the fintech unicorn\u2019s peak $12.3 billion valuation.<\/p>\n

The secondaries market is a useful mirror here: If the company is new and AI, you\u2019re in demand. If the company is neither of those things, you have a problem. PitchBook notes that, on secondary trading platform Forge, startups that have raised this year or last were trading at a median discount of zero to 5%. Now, for startups that last raised in 2021 or 2022, that number transforms into a median of 54% and 59%.<\/p>\n

\n
<\/div>\n<\/div>\n

\u201cThe winners are bigger than ever, overshadowing the rest of the venture market,\u201d said PitchBook\u2019s Zheng over email. \u201cCompanies that cannot raise on strong terms right now generally are not raising at all.\u201d<\/p>\n

To be clear, I\u2019m not saying that those startups last backed in 2021 are uniformly great companies getting left behind\u2014that era certainly had its share of irrational exuberance (remember NFTs?). I do think there are some solid companies dusted for being off-trend. Though what\u2019s perhaps most interesting is the rate of change it reflects: Yes, data for the AI-addled venture market has looked roughly the same for a while.<\/p>\n

\n
\n
<\/div>\n<\/div>\n<\/div>\n

But the world has very much turned over.<\/p>\n

\n
<\/div>\n<\/div>\n

See you tomorrow,<\/p>\n

\n
<\/div>\n<\/div>\n
\n
<\/div>\n<\/div>\n

@agarfinks
alexandra.garfinkle@fortune.com<\/p>\n

Submit a deal for the Term Sheet newsletter here.<\/p>\n

Joey Abrams curated the deals section of today\u2019s newsletter<\/em>.<\/em> Subscribe here.<\/p>\n

VENTURE CAPITAL<\/h3>\n

– <\/span>MarginEdge<\/b>, an Arlington, Va.-based restaurant back-office management and bill-pay platform, raised $80 million in Series D funding. <\/span>Schooner<\/b> Capital<\/b> and <\/span>Ten<\/b> Coves<\/b> Capital<\/b> led the round and were joined by existing investors <\/span>Osage<\/b> Venture<\/b> Partners<\/b>, <\/span>Derive<\/b> Ventures<\/b>, and <\/span>Western<\/b> Alliance<\/b> Bank<\/b>.<\/span><\/p>\n

\n
\n
<\/div>\n<\/div>\n<\/div>\n
\n
<\/div>\n<\/div>\n

– <\/span>Skan<\/b> AI<\/b>, a Menlo Park, Calif.-based process-intelligence platform, raised $63 million in funding. <\/span>Cathay<\/b> Innovation<\/b> and <\/span>Dell<\/b> Technologies<\/b> led the round and were joined by <\/span>Citi<\/b> Ventures<\/b>, <\/span>Bloomberg<\/b> Beta<\/b>, <\/span>State<\/b> Farm<\/b> Ventures<\/b>, and <\/span>Wipro<\/b> Ventures<\/b>.<\/span><\/p>\n

– <\/span>Trajectory<\/b>, a San Francisco-based AI infrastructure startup that helps companies continuously improve AI products using real-world user feedback, raised $40 million in funding, <\/span>The<\/span> Information<\/span> reported. <\/span>Sequoia<\/b> led the round.<\/span><\/p>\n

Read more Current price of oil as of August 12, 2026<\/a><\/p>\n

– <\/span>Axle<\/b>, a New York City-based AI-native insurance-data clearinghouse, raised $17.5 million in Series A funding. <\/span>Base10<\/b> Partners<\/b> led the round and was joined by <\/span>Y Combinator<\/b>, <\/span>Gradient<\/b>, and others.<\/span><\/p>\n

– <\/span>Legio<\/b>, a Toronto-based AI-native campus public-safety operations platform, raised $5 million in seed funding. <\/span>Klass<\/b> Capital<\/b> led the round.<\/span><\/p>\n

\n
<\/div>\n<\/div>\n

PRIVATE EQUITY<\/h3>\n

– <\/span>Thoma<\/b> Bravo<\/b> acquired <\/span>Kneat<\/b>, a Limerick, Ireland-based validation and quality-management software provider for life-sciences companies, for approximately C$650 million ($466.8 million USD) in cash.\u00a0<\/span><\/p>\n

– <\/span>Susquehanna Growth Equity<\/b> invested $25 million in <\/span>ApartmentIQ<\/b>, a Madison, Wis.-based market-intelligence and revenue-management platform for multifamily owners and operators.\u00a0<\/span><\/p>\n

\n
\n
<\/div>\n<\/div>\n<\/div>\n

– <\/span>Air<\/b> Transport<\/b> Components<\/b>, a portfolio company of <\/span>AE Industrial Partners<\/b>, acquired <\/span>Aero<\/b> Controls<\/b>, a Seattle-based aviation services provider. Financial terms were not disclosed.<\/span><\/p>\n

– <\/span>Baymark<\/b> acquired <\/span>Meal<\/b> Prep<\/b> Sunday<\/b>, a Vista, Calif.-based meal prep service. Financial terms were not disclosed.\u00a0<\/span><\/p>\n

\n
<\/div>\n<\/div>\n

– <\/span>Big<\/b> Top<\/b> Manufacturing<\/b>, a portfolio company of <\/span>Altamont<\/b> Capital<\/b> Partners<\/b>, acquired <\/span>Coast<\/b> to<\/b> Coast<\/b> Contracting<\/b>, a Fruitland Park, Fla.-based installation services and general contractor. Financial terms were not disclosed.\u00a0<\/span><\/p>\n

– <\/span>Currier<\/b> Plastics<\/b>, a portfolio company of<\/span> Sheridan<\/b> Capital<\/b> Partners<\/b>, acquired <\/span>Sage<\/b> Product<\/b> Development<\/b>,<\/span> a Foxborough, Mass.-based engineering, design, and development provider for the medical device industry. Financial terms were not disclosed.<\/span><\/p>\n

– <\/span>Lindsay<\/b> Goldberg<\/b> acquired a majority stake in <\/span>Alro<\/b> Steel<\/b>, a Jackson, Mich.-based metals and performance plastics company. Financial terms were not disclosed.<\/span><\/p>\n

– <\/span>Shurco<\/b>, backed by <\/span>Behrman<\/b> Capital<\/b>, acquired <\/span>Heavy<\/b> Motions<\/b>, an Ontario, Calif.-based hydraulic parts supplier. Financial terms were not disclosed. <\/span><\/p>\n

Read more The Gulf wants to break free from the world\u2019s data chokepoints<\/a><\/p>\n

\n
\n
<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

PitchBook’s Q2 valuations data shows a market split in two.<\/p>\n","protected":false},"author":1,"featured_media":5176,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[31],"tags":[],"class_list":["post-5177","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-term-sheet"],"yoast_head":"\n87.5% of venture dollars went to AI. The rest fought over scraps - Cross Country Moving Team<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/crosscountrymovingteams.com\/?p=5177\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"87.5% of venture dollars went to AI. The rest fought over scraps - Cross Country Moving Team\" \/>\n<meta property=\"og:description\" content=\"PitchBook's Q2 valuations data shows a market split in two.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/crosscountrymovingteams.com\/?p=5177\" \/>\n<meta property=\"og:site_name\" content=\"Cross Country Moving Team\" \/>\n<meta property=\"article:published_time\" content=\"2026-08-12T11:43:40+00:00\" \/>\n<meta name=\"author\" content=\"admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/?p=5177#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/?p=5177\"},\"author\":{\"name\":\"admin\",\"@id\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/#\\\/schema\\\/person\\\/1b8121bfb9a1c55d1fff3fca675fceaa\"},\"headline\":\"87.5% of venture dollars went to AI. The rest fought over scraps\",\"datePublished\":\"2026-08-12T11:43:40+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/?p=5177\"},\"wordCount\":939,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/?p=5177#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/wp-content\\\/uploads\\\/2026\\\/08\\\/56614c0ee4e76eddfef9b0d710bce86e.webp\",\"articleSection\":[\"Term Sheet\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/crosscountrymovingteams.com\\\/?p=5177#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/?p=5177\",\"url\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/?p=5177\",\"name\":\"87.5% of venture dollars went to AI. The rest fought over scraps - Cross Country Moving Team\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/?p=5177#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/?p=5177#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/wp-content\\\/uploads\\\/2026\\\/08\\\/56614c0ee4e76eddfef9b0d710bce86e.webp\",\"datePublished\":\"2026-08-12T11:43:40+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/#\\\/schema\\\/person\\\/1b8121bfb9a1c55d1fff3fca675fceaa\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/?p=5177#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/crosscountrymovingteams.com\\\/?p=5177\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/?p=5177#primaryimage\",\"url\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/wp-content\\\/uploads\\\/2026\\\/08\\\/56614c0ee4e76eddfef9b0d710bce86e.webp\",\"contentUrl\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/wp-content\\\/uploads\\\/2026\\\/08\\\/56614c0ee4e76eddfef9b0d710bce86e.webp\",\"width\":1200,\"height\":600},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/?p=5177#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"87.5% of venture dollars went to AI. The rest fought over scraps\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/#website\",\"url\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/\",\"name\":\"Cross Country Moving Team\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/#\\\/schema\\\/person\\\/1b8121bfb9a1c55d1fff3fca675fceaa\",\"name\":\"admin\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/50b1ad2e498f523425ee0a8cc5180a210646db1622662a3d56cc405d3e0c346a?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/50b1ad2e498f523425ee0a8cc5180a210646db1622662a3d56cc405d3e0c346a?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/50b1ad2e498f523425ee0a8cc5180a210646db1622662a3d56cc405d3e0c346a?s=96&d=mm&r=g\",\"caption\":\"admin\"},\"sameAs\":[\"http:\\\/\\\/crosscountrymovingteams.com\"],\"url\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"87.5% of venture dollars went to AI. The rest fought over scraps - Cross Country Moving Team","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/crosscountrymovingteams.com\/?p=5177","og_locale":"en_US","og_type":"article","og_title":"87.5% of venture dollars went to AI. The rest fought over scraps - Cross Country Moving Team","og_description":"PitchBook's Q2 valuations data shows a market split in two.","og_url":"https:\/\/crosscountrymovingteams.com\/?p=5177","og_site_name":"Cross Country Moving Team","article_published_time":"2026-08-12T11:43:40+00:00","author":"admin","twitter_card":"summary_large_image","twitter_misc":{"Written by":"admin","Est. reading time":"5 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/crosscountrymovingteams.com\/?p=5177#article","isPartOf":{"@id":"https:\/\/crosscountrymovingteams.com\/?p=5177"},"author":{"name":"admin","@id":"https:\/\/crosscountrymovingteams.com\/#\/schema\/person\/1b8121bfb9a1c55d1fff3fca675fceaa"},"headline":"87.5% of venture dollars went to AI. The rest fought over scraps","datePublished":"2026-08-12T11:43:40+00:00","mainEntityOfPage":{"@id":"https:\/\/crosscountrymovingteams.com\/?p=5177"},"wordCount":939,"commentCount":0,"image":{"@id":"https:\/\/crosscountrymovingteams.com\/?p=5177#primaryimage"},"thumbnailUrl":"https:\/\/crosscountrymovingteams.com\/wp-content\/uploads\/2026\/08\/56614c0ee4e76eddfef9b0d710bce86e.webp","articleSection":["Term Sheet"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/crosscountrymovingteams.com\/?p=5177#respond"]}]},{"@type":"WebPage","@id":"https:\/\/crosscountrymovingteams.com\/?p=5177","url":"https:\/\/crosscountrymovingteams.com\/?p=5177","name":"87.5% of venture dollars went to AI. The rest fought over scraps - Cross Country Moving Team","isPartOf":{"@id":"https:\/\/crosscountrymovingteams.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/crosscountrymovingteams.com\/?p=5177#primaryimage"},"image":{"@id":"https:\/\/crosscountrymovingteams.com\/?p=5177#primaryimage"},"thumbnailUrl":"https:\/\/crosscountrymovingteams.com\/wp-content\/uploads\/2026\/08\/56614c0ee4e76eddfef9b0d710bce86e.webp","datePublished":"2026-08-12T11:43:40+00:00","author":{"@id":"https:\/\/crosscountrymovingteams.com\/#\/schema\/person\/1b8121bfb9a1c55d1fff3fca675fceaa"},"breadcrumb":{"@id":"https:\/\/crosscountrymovingteams.com\/?p=5177#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/crosscountrymovingteams.com\/?p=5177"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/crosscountrymovingteams.com\/?p=5177#primaryimage","url":"https:\/\/crosscountrymovingteams.com\/wp-content\/uploads\/2026\/08\/56614c0ee4e76eddfef9b0d710bce86e.webp","contentUrl":"https:\/\/crosscountrymovingteams.com\/wp-content\/uploads\/2026\/08\/56614c0ee4e76eddfef9b0d710bce86e.webp","width":1200,"height":600},{"@type":"BreadcrumbList","@id":"https:\/\/crosscountrymovingteams.com\/?p=5177#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/crosscountrymovingteams.com\/"},{"@type":"ListItem","position":2,"name":"87.5% of venture dollars went to AI. The rest fought over scraps"}]},{"@type":"WebSite","@id":"https:\/\/crosscountrymovingteams.com\/#website","url":"https:\/\/crosscountrymovingteams.com\/","name":"Cross Country Moving Team","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/crosscountrymovingteams.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/crosscountrymovingteams.com\/#\/schema\/person\/1b8121bfb9a1c55d1fff3fca675fceaa","name":"admin","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/50b1ad2e498f523425ee0a8cc5180a210646db1622662a3d56cc405d3e0c346a?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/50b1ad2e498f523425ee0a8cc5180a210646db1622662a3d56cc405d3e0c346a?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/50b1ad2e498f523425ee0a8cc5180a210646db1622662a3d56cc405d3e0c346a?s=96&d=mm&r=g","caption":"admin"},"sameAs":["http:\/\/crosscountrymovingteams.com"],"url":"https:\/\/crosscountrymovingteams.com\/?author=1"}]}},"_links":{"self":[{"href":"https:\/\/crosscountrymovingteams.com\/index.php?rest_route=\/wp\/v2\/posts\/5177","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/crosscountrymovingteams.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crosscountrymovingteams.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crosscountrymovingteams.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/crosscountrymovingteams.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5177"}],"version-history":[{"count":0,"href":"https:\/\/crosscountrymovingteams.com\/index.php?rest_route=\/wp\/v2\/posts\/5177\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crosscountrymovingteams.com\/index.php?rest_route=\/wp\/v2\/media\/5176"}],"wp:attachment":[{"href":"https:\/\/crosscountrymovingteams.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5177"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crosscountrymovingteams.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5177"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crosscountrymovingteams.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5177"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}