The Volume vs. Value Paradox
AI captured the most attention with 24 rounds—the highest volume in the window—yet it failed to dominate the capital share. While AI companies raised $793M, Robotics secured nearly half that amount ($329M) with only 3 rounds. This suggests a sharp divide between the proliferation of AI startups and the massive capital requirements of hardware and health systems.
Health followed a similar pattern of high-conviction betting, raising $461M across 6 rounds. The disparity is most evident when comparing AI agents (3 rounds, $12M) to Robotics (3 rounds, $329M), proving that physical tech is currently commanding a far higher premium per deal.
Capital Concentration
Investment activity was fragmented, with Seedcamp the only investor recording multiple deals (2). The window was defined by a handful of massive Series C and D rounds that skewed the total $2.8B disclosed amount, while sectors like Fintech and AI Infrastructure remained marginal.
Biggest rounds
- Infinigence AI: $344M
- OMass Therapeutics: €275 million
- Voltus: $225M
- Mujin: $224M
- Soufflé: $135M
What to watch: Whether the capital efficiency of Robotics continues to dwarf the volume-heavy AI agent sector.