The funding landscape has fractured. Two standout deals—one in Semiconductors and one in AI—have effectively squeezed the remaining 58 logged rounds, claiming over 59% of the window's total disclosed capital.
While the volume of deals remains high at 60, the distribution is dangerously top-heavy. The disparity puts immense pressure on non-AI sectors, where total funding for Health, Security, and Fintech combined barely registers against a single seed round for a top AI lab.
The Capital Concentration
Data shows a massive divergence in sector priorities. Semiconductors and AI alone accounted for $3B of the $4.2B total. In contrast, Fintech managed only a single round of $6M, and Defense followed with $10M.
Even within the AI umbrella, the gap is wide. While Flapping Airplanes secured $1B at the Seed stage, the broader 'Other' category of 23 rounds shared only $602M, signaling a market that favors moonshots over incremental growth.
Biggest Rounds
- Tenstorrent: $1.5 billion
- Year-old AI lab Flapping Airplanes: $1B
- Pigment: $250m
- Pathos AI: $237M
- Tractian: $130M
What founders can do
- Pivot toward infrastructure: With AI infrastructure and semiconductors seeing the largest checks, founders in stagnant sectors should highlight how their product enables these high-growth layers.
- Target niche AI agents: While the 'big labs' take the billions, AI agents secured $145M across only 3 rounds, suggesting a healthier capital-to-company ratio for specialized tools.