Overall, investors put $27.4 billion to work across seed- through growth-stage financings for Asian companies in Q1, per 附近上门 data. That鈥檚 up about 20% from the prior quarter and nearly double year-ago levels.

Total funding also hit its highest level in more than three years, as charted below.

Funding went to bigger rounds, not more of them. Per 附近上门 data, deal counts were flat with the prior quarter and up incrementally from prior year levels. In general, deal counts haven鈥檛 fluctuated widely from quarter to quarter over the past few years, as seen in the chart below.

Table of contents

• Most gains go to China
• Funding rose across stages, with most going to later stage
• Early stage was strong too
• Seed also showed an upswing
• A record quarter for AI
• Looking up
• Methodology
• Glossary of funding terms

Most gains go to China

An estimated $16.5 billion 鈥� or 60% of all Asian startup funding 鈥� went to China-based startups in Q1. It was also the third consecutive quarter for increased Chinese venture funding, which hit a multiyear low in the first half of 2025.

AI funding drove the gains in China. The quarter鈥檚 largest rounds all went to AI-focused companies, including foundational model startup , agentic AI company , and AI-enabled robot developer .

After China, the next-largest venture funding recipient in Asia was India, with $3.8 billion in reported Q1 investment, the highest number in the past four quarters. A big chunk of the funding went to the quarter鈥檚 largest equity round, a $600 million financing for AI systems developer .

Below, we chart out venture funding by country to seven leading investment hubs in Asia, showing how regional funding has trended since 2023.

Funding rose across stages, with most going to later stage

Later-stage, early-stage and seed funding all rose sequentially in the first quarter.

Of these, later-stage and technology-growth deals captured the highest share of funding, estimated at $11.7 billion in Q1. The quarter鈥檚 largest late-stage round by a long shot was a $2 billion Series C for Singapore-based data center company .

Overall, it was the largest later-stage tally in five quarters, as charted below.

Early stage was strong too

Early-stage investment also rose in Q1, hitting its highest point in two years.

Per 附近上门 data, an estimated $11.2 billion went to Asian companies around Series A and Series B stages. That鈥檚 nearly double year-ago levels and up about 17% from the prior quarter, as charted below.

Seed also showed an upswing

Investors also poured more money into seed-stage companies, with AI as a core driver.

Around $3.6 billion went to reported seed and angel rounds in Q1, up 85% year over year and 45% quarter over quarter. Reported deal counts dipped a bit, indicating concentration of capital among a smaller subset of hot startups. However, we expect this number to rise over time, as seed deals are often added to the dataset weeks after they close.

A record quarter for AI

It would be remiss to close out a quarterly report these days without some mention of how much investment went to artificial intelligence.

For Q1, Asian startups in AI-related categories pulled in about $11.2 billion, per 附近上门 data, the highest sum we鈥檝e tracked to date.

Looking up

Overall, the quarterly numbers show increasing momentum in China鈥檚 startup ecosystem, fueling much of the rising funding totals in Asia. Investment to startups in India, Singapore and South Korea also rose sequentially in Q1, while funding to Israel declined some.

In sum, it was a solid quarter, peppered with signs of optimism about the regional startup pipeline going forward.

Methodology

The data contained in this report comes directly from 附近上门, and is based on reported data. Data is as of March 31, 2026.

Note that data lags are most pronounced at the earliest stages of venture activity, with seed funding amounts increasing significantly after the end of a quarter/year.

Please note that all funding values are given in U.S. dollars unless otherwise noted. 附近上门 converts foreign currencies to U.S. dollars at the prevailing spot rate from the date funding rounds, acquisitions, IPOs and other financial events are reported. Even if those events were added to 附近上门 long after the event was announced, foreign currency transactions are converted at the historic spot price.

Glossary of funding terms

Seed and angel consists of seed, pre-seed and angel rounds. 附近上门 also includes venture rounds of unknown series, equity crowdfunding and convertible notes at $3 million (USD or as-converted USD equivalent) or less.

Early-stage consists of Series A and Series B rounds, as well as other round types. 附近上门 includes venture rounds of unknown series, corporate venture and other rounds above $3 million, and those less than or equal to $15 million.

Late-stage consists of Series C, Series D, Series E and later-lettered venture rounds following the 鈥淪eries [Letter]鈥� naming convention. Also included are venture rounds of unknown series, corporate venture and other rounds above $15 million. Corporate rounds are only included if a company has raised an equity funding at seed through a venture series funding round.

Technology growth is a private-equity round raised by a company that has previously raised a 鈥渧enture鈥� round. (So basically, any round from the previously defined stages.)

Illustration:

That, in broad strokes, was the state of startup funding in Q1 of this year, a period characterized by record-setting rounds and investment tallies. The most famous names in AI captured a lion鈥檚 share of funding, drawing in some deep-pocketed backers who are traditionally less active in venture.

This includes the quarter鈥檚 two lead investors in the priciest rounds 鈥� 听 and . The two co-led mega-financings for both and collectively valued at over $150 billion.

By deal count, meanwhile, the most active post-seed investor was familiar front-runner , while the busiest lead investor was .

To see who else ranked high for deal counts and totals, below we charted out active investors across multiple metrics, including venture, seed and lead investment.

Most active and highest-spending lead investors

We鈥檒l start with lead investors, as these are typically the ones putting the most capital to work.

For Q1, the most active lead investors in post-seed rounds were Accel, Andreessen Horowitz, and . Overall, 19 investors led six or more rounds this past quarter, as charted below.

Of course, the most active lead investors aren鈥檛 always the ones writing the biggest checks. We don鈥檛 have an exact measure for the latter, but we can get a sense by looking at lead investors in rounds with the highest aggregate value.

By this metric, lead investors in the quarter鈥檚 two biggest rounds 鈥� OpenAI鈥檚 record-setting $122 billion financing and Anthropic鈥檚 enormous $30 billion Series G 鈥� rank highest on our list. This includes tech giants and , which took part as strategic investors in the OpenAI round.

Below, we rank the top 26 by total value of Q1 lead investments.

Busiest post-seed investors

As for sheer deal count at post-seed, familiar names once again topped the list. This included investors participating in rounds as both lead- and nonlead backers.

For this category, participated in the highest number of rounds 鈥� 47 in total for Q1. While the storied accelerator is best known as a seed backer, it also racks up deal count at later stages by partaking in follow-on rounds for startups it helped incubate.

The next-busiest post-seed investors for the quarter were Andreessen Horowitz, Lightspeed, and . For a bigger-picture view, below we rank the 18 most active by this metric.

Prolific seed dealmakers

At seed, Y Combinator once again captured the top slot for most active. Next on the list were the regularly featured , and .

Below, we ranked the top 21 busiest seed investors.

Familiar names, unfamiliar sums

Overall, the standout takeaway from the Q1 most active investor rankings isn鈥檛 the names on the list. Most are familiar players in the space, balanced out by a few more sporadic investors lured by the promise of AI.

No, what stands out for Q1 is the size of the deals getting done and the overwhelming concentration of capital around AI. We鈥檒l stay tuned to see if either of these trends lets up or further intensifies in coming months.

Related reading:

• Q1 2026 Shatters Venture Funding Records As AI Boom Pushes Startup Investment To $300B听

Illustration:

U.S. and Canadian companies secured a staggering $252.6 billion in seed- through growth-stage funding rounds per 附近上门 data. That鈥檚 more than 3x the total raised in the prior quarter, and the largest quarterly total of all time.

Predictably, artificial intelligence was the driver. More than 87% of Q1 investment went to companies in 附近上门 AI-related categories.

To say these are record funding tallies is somewhat of an understatement. It鈥檚 more like Q1 smashed the prior quarterly record 鈥� $95.7 billion 鈥� set in Q3 2021.

Just a single financing for was bigger than the prior quarterly record for all startup funding rounds put together. And the four next-largest financings totaled almost as much as the prior quarter, which at the time we considered a very strong period for startup funding.

So, in summary, it was a lot of money. For a more detailed picture, we drill down more deeply into how that largesse was distributed across stages and sectors. We also take a look at exits for the quarter, including both IPOs and acquisitions.

Table of contents

• AI
• Later stage and technology growth
• Early stage
• Seed
• Exits
• Big picture: A paradigm shift
• Methodology
• Glossary of funding terms

AI

We鈥檒l start with AI, since that鈥檚 where the overwhelming majority of the money went.

A staggering $221 billion went to North American companies in 附近上门 AI-related categories in the first quarter. That鈥檚 about 6x the AI investment total from the prior quarter, which was itself no slacker on this front.

For perspective, we charted out AI-related funding over the past 13 quarters to compare.

A few megarounds for high-profile companies accounted for most of the quarter鈥檚 AI funding, led by OpenAI, , and .

Later stage and technology growth

These same names factor heavily in tallies for late-stage and technology-growth funding, which comprised the vast majority of total startup investment.

Per 附近上门 data, $222.4 billion 鈥� or 88% of all North America startup investment 鈥� went to rounds at these stages. That鈥檚 more than 5x the prior quarter鈥檚 tally, and more than triple year-ago levels.

The gains were driven by bigger deals, not more of them. Later- and growth-stage round counts were actually down a smidge sequentially in Q1. For perspective, below we chart round counts and investment totals at this stage for the past five quarters.

Enormous rounds for AI companies accounted for a majority of the late- and growth-stage totals. The biggest of these was OpenAI鈥檚 record-setting $110 billion February financing led by , and . The generative AI giant topped it off with a raise in March.

Anthropic secured the quarter鈥檚 next-biggest late-stage financing 鈥� a $30 billion February Series G 鈥� followed by xAI, which announced a $20 billion Series E in January. landed another of the quarter鈥檚 very big deals, with a $16 billion February Series D.

Early stage

Early-stage investment was also running high in Q1, albeit not setting records.

Overall, investors put $25.1 billion into deals around Series A and Series B stage in the first quarter. That鈥檚 up 17% from the prior quarter and 56% from year-ago levels. It鈥檚 also the highest quarterly total in over three years, though still below peaks scaled in 2021.

Early-stage round counts, meanwhile, were down a bit, indicating investors鈥� increasingly concentrating their bets among perceived star performers.

As usual, a few jumbo-sized deals significantly boosted the early-stage totals. For Q1, this included four rounds of $500 million or more.

Of these, Austin-based humanoid robotics startup was the biggest fundraiser, pulling in $520 million in a February Series A. Three other companies secured $500 million financings: AI infrastructure developer , semiconductor startup , and industrial robotics-focused .

Seed

Seed-stage investment, meanwhile, did not show an upswing but remained at historically robust levels.

Per 附近上门 data, an estimated $5.1 billion went to seed and pre-seed investments in Q1. That鈥檚 roughly flat with the prior quarter and up a bit from year-ago levels.

Seed round counts declined in Q1, both sequentially and year over year. However, we expect these tallies to rise some over time, along with investment totals, as seed deals commonly get added to the data set weeks after they close.

Exits

Exit activity was fairly staid in comparison to the high-rolling startup fundraising environment.

That said, the IPO market did boast a few sizable startup debuts. Of these, the largest was the January IPO of construction equipment rental marketplace , followed by space tech company , and crypto platform .

Below, we aggregated a list of 12 private, venture-backed companies that carried out IPOs on U.S. exchanges.

Acquirers also announced several large deals to purchase venture-backed private companies.

The priciest planned M&A deal was 鈥檚 agreement to purchase business credit card provider for $5.15 billion. Biotech also delivered some large outcomes, including 鈥檚 planned acquisition of RNA therapeutics startup , and 鈥� purchase of allergy treatment startup .

Below, we put together a list of five of the quarter鈥檚 biggest M&A deals.1

Big picture: A paradigm shift

Having written many of these funding reports over the years, it鈥檚 common for one quarter to quietly blur into another. Not so for Q1 of 2026.

The just-ended quarter cemented a notion that startup insiders have been circling for some time: Private markets now have the capital stores and appetite for ultra-high valuations to rival public markets. For evidence, look no further than OpenAI鈥檚 $122 billion raise at a valuation higher than all but a handful of the largest large-cap technology companies.

IPO enthusiasts may pine for a future period when these most sought-after foundational AI names finally do make it to public markets. But for now, they鈥檝e demonstrated there are plenty of investors willing to shell out billions in private offerings as well.

Related 附近上门 queries:

Methodology

The data contained in this report comes directly from 附近上门, and is based on reported data. Data is as of March 31, 2026.

Note that data lags are most pronounced at the earliest stages of venture activity, with seed funding amounts increasing significantly after the end of a quarter/year.

Please note that all funding values are given in U.S. dollars unless otherwise noted. 附近上门 converts foreign currencies to U.S. dollars at the prevailing spot rate from the date funding rounds, acquisitions, IPOs and other financial events are reported. Even if those events were added to 附近上门 long after the event was announced, foreign currency transactions are converted at the historic spot price.

Glossary of funding terms

Seed and angel consists of seed, pre-seed and angel rounds. 附近上门 also includes venture rounds of unknown series, equity crowdfunding and convertible notes at $3 million (USD or as-converted USD equivalent) or less.

Early-stage consists of Series A and Series B rounds, as well as other round types. 附近上门 includes venture rounds of unknown series, corporate venture and other rounds above $3 million, and those less than or equal to $15 million.

Late-stage consists of Series C, Series D, Series E and later-lettered venture rounds following the 鈥淪eries [Letter]鈥� naming convention. Also included are venture rounds of unknown series, corporate venture and other rounds above $15 million. Corporate rounds are only included if a company has raised an equity funding at seed through a venture series funding round.

Technology growth is a private-equity round raised by a company that has previously raised a 鈥渧enture鈥� round. (So basically, any round from the previously defined stages.)

Illustration:

This is a weekly feature that runs down the week鈥檚 top 10 announced funding rounds in the U.S. Check out last week鈥檚 biggest funding deal roundup here.

Startup investors kept up the busy dealmaking pace this week with a number of big rounds. Top among them was a $1.75 billion Series D for , developer of autonomous vessels. Other big funding recipients hailed from sectors including fitness wearables, energy tech, cybersecurity and AI infrastructure, among others.

1. , $1.75B, autonomous ships: Austin-based Saronic, a defense tech startup focused on autonomous sea vessels, raised $1.75 billion in Series D funding, bringing total funding to around $2.6 billion. led the round, which set a $9.25 billion valuation for the听 company, more than double its Series C level in 2025.

2. , $575M, fitness wearables: Whoop, a provider of wearable fitness technology and a subscription platform that tracks physiological data, secured $575 million in Series G funding. led the financing,which set a $10.1 billion valuation for the Boston-based company.

3. , $450M, nuclear energy: El Segundo, California-based nuclear energy startup Valar Atomics, raised fresh capital at a valuation of $2 billion, according to a citing unnamed sources. The financing reportedly included $340 million in equity funding and $110 million in debt.

4. , $300M, battery technology: EnerVenue, a developer of grid-scale energy storage technology, says it closed on a $300 million extension of its Series B preferred round led by . The Fremont, California-based company also appointed a new chief executive officer, Henning Rath.

5. , $250M, cybersecurity: Sarasota, Florida-based AI-enabled cybersecurity startup Tenex picked up $250 million in Series B funding led by . The company said it plans to use the funds to hire more than 250 people and supplying them with AI technology that makes them 鈥渢en times more efficient.鈥�

6. , $200M, micromobility: Also, an electric mobility company spun out of , raised $200 million in a Series C round 鈥媌acked by , , and . The Palo Alto, California-based startup鈥檚 product lineup includes bikes, small autonomous EVs for deliveries, and associated gear.

7. , $170M, space tech: Starcloud, a space infrastructure startup focused on building orbital data centers, secured $170 million in Series A funding led by and . The financing sets a $1.1 billion valuation for the Redmond, Washington-based company, making it the fastest alum to achieve unicorn status after demo day, which was 17 months ago.

8. , $130M, cloud infrastructure: New York-based cloud and AI infrastructure startup ScaleOps landed $130 million in Series C funding. led the financing, which set听 a valuation of over $800 million for the 4-year-old company.

9. , $100M, biotech: Boulder, Colorado-based Ambrosia Biosciences, a developer of next-generation oral therapeutics for obesity and related cardiometabolic diseases, picked up $100 million in Series B funding led by , and .

10. , $94M, money transfer: OpenFX, provider of a platform to move money across borders, secured $94 million in Series A funding from backers including , , , and .

Methodology

We tracked the largest announced rounds in the 附近上门 database that were raised by U.S.-based companies for the period of March 28-April 3. Although most announced rounds are represented in the database, there could be a small time lag as some rounds are reported late in the week.

Illustration:

A total of 47 seed- and early-stage companies joined the unicorn ranks in the first quarter of this year, per 附近上门 data. Barring a major slowdown, that puts 2026 on track to deliver the听 largest cohort of young unicorns to date.

This year鈥檚 newcomers follow a good-sized 2025 cohort of early-stage companies that secured valuations of $1 billion or more as well. Per 附近上门 data, 59 hit this valuation milestone last year, up about 50% from 2024.

Over the past 10-plus years, meanwhile, the number of new early-stage unicorns has fluctuated widely, from a couple dozen to more than 100, as charted below.

Recent early unicorns are all about AI

Virtually all of the early-stage unicorns minted in the past couple quarters are AI-focused.

This includes several of the most heavily funded newcomers. Examples include , the physical AI startup launched by , , the foundational AI company co-founded by former CTO , and , a London-based AI infrastructure unicorn that has raised over $5 billion.

All this represents the opposite of a surprising development, given that 80% of global venture funding this past quarter went to AI. Additionally, later-stage AI companies are famously securing unheard-of private market valuations, with and recently valued at $852 billion and $380 billion, respectively.

While we鈥檙e not seeing those kinds of numbers for more recently minted early-stage unicorns, several are hitting post-money valuations previously unheard of for such young companies. Thinking Machines Lab, valued at $12 billion for its first funding, is reportedly looking to secure a $50 billion valuation for its next round. And 2-year-old , which secured an $8 billion valuation late last year, is reportedly fresh funding at a $25 billion value.

Fastest climbers

In addition to their high valuations, many newcomers to the early-stage unicorn club are also noteworthy for the speed of their ascents.

Quite a few unicorns minted in the last 15 months were founded in 2025. And one 鈥� 鈥� was apparently founded just this year. For a broader view, we used 附近上门 data to aggregate some prominent examples of recently founded early-stage unicorns.

By now, some of our early-stage unicorns have also already moved on to later stage. Nscale, for instance, closed a Series C this month. And residential backup power provider closed on $1 billion in Series C funding in October, just eight months after its Series B. Others are already close to securing new funding at Series C and beyond.

Was this the peak?

Given the new funding records set last quarter, and the blistering pace of early-stage unicorn creation, it鈥檚 worth considering whether this could be the peak for the ultra-high AI newcomer funding rounds and valuations. After all, public markets haven鈥檛 done well in recent weeks, and private markets have a history of following suit.

For those of us who鈥檝e followed startup funding ebbs and peaks for some time, it鈥檚 clear the current environment shares characteristics of a market top. By the same token, top performing tech startups have long demonstrated that doubters are often wrong.

Related reading:

• Investors Are Once Again Rapidly Minting Early-Stage Startups As Unicorns
• More Early-Stage Startups Are Getting Minted As Unicorns
• The 附近上门 附近上门

Illustration:

Instead, recent months have served as a busy period for big commitments to seed-stage companies that are short on operating history and long on ambition.

To illustrate, we used 附近上门 to cull a list of the largest seed rounds of the past six months 1. Globally, at least 12 companies within these parameters pulled in rounds of $100 million or more.

Physical AI is leading theme

A majority of top seed funding recipients operate at the intersection of AI and the physical world.

This includes the largest recent fundraiser, Paris-based , which raised $1.03 billion in a March seed round backed by a long list of prominent venture firms, individual investors and strategic backers. The startup is developing AI models that learn abstract representations of real-world sensor data and make predictions.

, meanwhile, is operating at the intersection of AI and energy. The San Francisco company secured a $475 million seed round in December to develop energy-efficient silicon circuits that demonstrate similar non-linear dynamics to biological neurons.

Also up there is , which is applying AI to science and experimentation, with goals including automating materials design in areas like semiconductor manufacturing, transportation and power grid engineering. The San Francisco company raised $300 million six months ago.

China-based startups have also recently landed large seed rounds tied to physical AI. This includes , developer of an AI platform for robotic device development that simulates physical world environments, and , a developer of AI robotic technology.

Humans and AI

AI startups haven鈥檛 forgotten about humans either.

One example is , a startup co-founded by that raised $252 million in an -led financing earlier this year. The San Francisco company is focused on applying AI advancements to brain-computer interfaces,

, the second-largest seed recipient, is a bit harder to categorize. The Silicon Valley startup, which raised $480 million in January, is focused on foundational models 鈥渃entering around people and their relationships with each other.鈥�

A new era for seed

In addition to spotlighting investors鈥� growing enthusiasm for AI, the latest batch of jumbo seed round recipients also demonstrate changing dynamics around how capital is allocated at the earliest stage of company formation.

The general trend points to fewer deals and larger average seed round sizes. While the majority of seed-stage deal counts still occur for rounds $5 million and under, that percentage has trended down over time.

Meanwhile, larger and outlier seed rounds of $10 million and above have climbed from 2% of deals in 2018 to 9% over that time. Seed rounds of over $100 million 鈥� once exceedingly rare 鈥� are also more commonplace, with 27 such deals announced globally since the beginning of 2025, per 附近上门 data.

Of course, it鈥檚 too soon to say if such large checks written at such a nascent startup stage will prove worth it in hindsight. For now, it鈥檚 certainly at least a boon to the seed-stage companies at the receiving end, which have the rare opportunity to iterate highly ambitious missions without the added burden of having to do it all on a shoestring budget.

Related 附近上门 query:

Related reading:

• Seed Funding Hasn鈥檛 Stalled, But It鈥檚 Skewing Larger And Is More Competitive Than Ever, 附近上门 Data Shows
• Turing Winner LeCun鈥檚 New 鈥榃orld Model鈥� AI Lab Raises $1B In Europe鈥檚 Largest Seed Round Ever
• Humans& Raises Huge $480M Seed Round At $4.48B Valuation For 鈥楬uman-Centric AI Lab鈥�

Illustration:

This is a weekly feature that runs down the week鈥檚 top 10 announced funding rounds in the U.S. Check out last week鈥檚 biggest funding deal roundup here.

The pace of large-scale dealmaking picked up some this week, led by 鈥檚 disclosure that it raised another $10 billion to add to its record-setting megaround announced last month. Other big financings went to startups and growth-stage companies in sectors including defense tech, enterprise AI, autonomy and even laundry.

1. , $10B, foundational AI: OpenAI $10 billion in additional funding for its record-setting megaround announced in late February, reportedly bringing the total fundraise to the San Francisco-based company to over $120 billion. Backers in this latest financing include , , , and .

2. , $2B, defense tech: San Diego-based defense tech unicorn Shield AI said it secured $2 billion at a $12.7 billion valuation. The round consists of $1.5 billion in Series G funding led by and along with $500 million in preferred equity financing backed by . Part of the proceeds will help pay for the planned acquisition of , a defense software company whose technology is used to train pilots and test advanced aircraft and autonomous systems.

3. , $350M, transportation safety: Cambridge Mobile Telematics, a telematics and AI company focused on enabling safer mobility, picked up $350 million in a new financing听 led by and . Founded in 2010, the Cambridge, Massachusetts-based company has raised over $850 million to date, per 附近上门 .

4. (tied) , $200M, legal tech: Harvey, the fast-growing provider of AI-enabled tools for law firms and in-house legal teams, closed on $200 million in fresh financing at an $11 billion valuation. and led the round, which brings total funding to 4-year-old San Francisco-based Harvey to around $1.2 billion.

4. (tied) , $200M, healthcare: eMed, a provider of GLP-1 programs for employers that counts as chief wellness officer and backer, said it raised $200 million in new funding. led the round, which set a $2 billion plus valuation for the Miami-based company.

6. , $170M, satellite tech: Xona secured a $170 million Series C round led by . The funds will go to scaling satellite production for a planned constellation of next-generation navigation satellites. Founded in 2019, Burlingame, California-based Xona has raised over $320 million to date.

7. , $140M, laundry tech: Cents, a provider of software and payments technology for the laundry industry, secured $140 million in Series C funding led by . The New York-based company said the round represents 鈥渢he largest single software investment in the laundry vertical to date.鈥�

8. , $125M, AI health tools: Palo Alto, California-based Qualified Health, developer of an enterprise AI platform for health systems, locked up $125 million in Series B financing led by .

9. (tied) , $110M, data observability: Dash0, an agentic observability platform, announced it closed on $110 million in Series B funding led by . Founded in 2023, the New York-based company has raised over $154 million to date.

9 (tied) , $110M, drones: Huntsville, Alabama-based Performance Drone Works, a startup that designs, engineers and manufactures drones for defense and law enforcement, secured over $110 million in Series B funding led by .

Methodology

We tracked the largest announced rounds in the 附近上门 database that were raised by U.S.-based companies for the period of March 21-27. Although most announced rounds are represented in the database, there could be a small time lag as some rounds are reported late in the week.

Illustration:

The fundraise includes $1 billion for KP22, a fund to back early-stage companies, and $2.5 billion targeted for growth-stage investments.

It鈥檚 a considerable increase in capital commitments compared to the last time the Silicon Valley-based firm raised a flagship fund, back in 2024. In that raise, Kleiner just over $2 billion for funds to back early- and later-stage startups.

This time around, Kleiner believes market fundamentals look particularly attractive for scaling up.

鈥淭he AI super-cycle is one of the most important company-building moments in our lifetimes, and we are still in the early innings,鈥� its fundraising announcement states. Kleiner also notes that AI is enabling today鈥檚 startups to iterate and grow faster than in past cycles.

Founded in 1972, Kleiner has long been known as a cross-industry investor, active in virtually every popular sector for venture dealmaking. For its latest fund, the firm also identified a broad array of focus areas, including professional services, healthcare, autonomy, security, financial services and the physical economy.

Recent investments

Most recently, Kleiner, like most venture heavyweights, has been focused on AI startups. Beyond that, however, its portfolio companies are a highly varied lot.

To illustrate, we used 附近上门 data to put together a list of the latest reported rounds in which it served as a lead or co-lead investor. It spans healthcare, accounting and cybersecurity, among other areas.

Large lead investments

While it鈥檚 active in seed- and early-stage dealmaking, Kleiner also leads quite a few larger rounds. Over the past year, it鈥檚 been lead investor in at least five valued at $150 million or more, which we list below.

Of these, the largest was a $600 million Series F for , a developer of autonomous vehicle technology. The next-largest include a $356 million Series D for , focused on secure open-source software for AI systems, and a $300 million Series E for , the AI legal tech unicorn.

Exits too

Kleiner has also seen a few sizable recent exits for portfolio companies that it backed as lead investor. This includes last year鈥檚 largest software IPO 鈥� 鈥� which counted Kleiner as Series B lead investor.

The firm was also an early lead investor in business credit card provider , which agreed to acquire this year for $5.15 billion.

Of course, Kleiner also has much more famous portfolio investments in its more distant past, including , and , to name a few. You don鈥檛 last 50 years in the venture business without at least some of those too.

Related 附近上门 queries:

Related reading:

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American companies raised just around $13 billion in seed- through later- and growth-stage funding so far this month, per 附近上门 . Unless momentum suddenly picks up, that puts March on track to deliver just a fraction of investment tallies from either of the prior two months, as charted below.

Slowdown more pronounced at late stage

The slowdown is almost entirely due to fewer giant AI megarounds closing this month.听

Given that, there鈥檚 a case to be made against reading too much into the topline numbers. After all, most of February鈥檚 huge tally came from a single round 鈥� 鈥檚 record-setting $110 billion fundraise 鈥� that happened to be announced on the second-to-last day of the month.听

A couple weeks before that, secured a $30 billion financing. Also in early February, robotaxi pioneer picked up $16 billion in fresh late-stage funding.

Early- and seed-stage dealmaking in March, by comparison, is on track to come in close to the prior two months鈥� levels, as charted below.

Iran War and US investor jitters听

The March startup funding slowdown also coincides with the Iran War, which commenced on Feb. 28. Broad stock indexes have fallen in tandem in subsequent weeks, although Monday did bring a much-awaited partial rebound.

Notably, this month鈥檚 funding deceleration is mostly a U.S. phenomenon. European startup funding, by contrast, actually hit its highest point of the year in March, boosted by megarounds for AI infrastructure unicorn and artificial intelligence startup .

February may be one for the record books

While there are plenty of potential catalysts that could drive funding higher in coming weeks, both economic and geopolitical, it鈥檚 likely February鈥檚 U.S. funding tally will remain one for the record books.听

Clearly, a $110 billion funding round 鈥� something without close precedent in startup history 鈥� will be听 tough to top. If it does happen, it鈥檒l likely take years, not weeks or months.

For now, we鈥檒l be keeping a close eye on the health of later-stage funding by more typical comps. By those measures, the March slowdown looks considerably less dire.

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This is a weekly feature that runs down the week鈥檚 top 10 announced funding rounds in the U.S. Check out last week鈥檚 biggest funding deal roundup here.

In insecure times, security looks like an appealing sector for investment. That鈥檚 one interpretation of this week鈥檚 tally of the largest startup funding rounds.

The size of the largest U.S. deals was smaller than in recent weeks, and heavily featured cybersecurity- and privacy-focused startups. This includes the week鈥檚 biggest round 鈥� a $375 million Series B for consumer privacy and security platform . Other areas that attracted good-sized financings included AI infrastructure, biotech, healthcare, and robotics.

1. , $375M, privacy: Cloaked, a provider of consumer privacy and security tools, raised $375 million in Series B funding led by and . Founded in 2020, the Massachusetts-based company sells monthly subscriptions for individuals and families.

2. , $143M, AI infrastructure: Frore Systems, a developer of integrated cooling architecture for AI computing and networking hardware, announced that it closed on $143 million in Series D funding. led the financing, which set a $1.64 billion valuation for the 8-year-old, San Jose-based company.

3. (tied) , $120M, cybersecurity: Seattle-based XBow, a provider of autonomous security testing technology, picked up $120 million in Series C funding. and led the round, which values the 2-year-old company at over $1 billion.

3. (tied) , $120M, cybersecurity: Oasis Security, a developer of identify security tools with a focus on AI agents, secured $120 million in a funding round backed by , , and . The 4-year-old company, which is headquartered in听 New York and has a presence in Israel, has raised $195 million to date, per 附近上门 data.

5. (tied) , $100M, medical devices: Imperative Care, a medical device company focused on treatment for stroke and vascular diseases caused by blood clot formation, secured $100 million in convertible note financing. and led the investment for the Campbell, California-based company.

5. (tied) , $100M, social media: Seattle-based social network Bluesky this week that it raised a previously unannounced $100 million Series B round that closed last spring, led by .

5. (tied) , $100M, privacy and security: Cape, a recently launched privacy-focused mobile network, landed $100 million in Series C funding. and led the financing, which set a $900 million valuation for the Arlington, Virginia-based company.

8. , $80M, healthcare AI: Latent, an AI platform aimed at helping move patients from clinical decision to therapy, picked up $80 million in a Series A round. and led the financing for the San Francisco-based company.

9. , $77M, biotech: Cambridge, Massachusetts-based Crossbow Therapeutics, a biotech startup focused on developing new antibody therapies to treat a broad range of cancers, raised $77 million in Series B funding. and led the round, which will support a Phase 1 clinical trial of the company鈥檚 lead program.

10. , $52M, robotics: RoboForce, a startup focused on developing AI-enabled robot labor for industrial environments, said it $52 million in fresh funding, bringing its total raise to $67 million. led the financing for the Milpitas, California-based company.

Methodology

We tracked the largest announced rounds in the 附近上门 database that were raised by U.S.-based companies for the period of March 14-20. Although most announced rounds are represented in the database, there could be a small time lag as some rounds are reported late in the week.

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