The capital gap is widening. While 60 rounds were logged this window, the distribution of the $2.9B total is heavily skewed toward the physical layer of the stack.

Software-centric founders are feeling the pressure. Despite AI and AI agents combined taking 23 rounds, their collective haul is dwarfed by a single semiconductor player, signaling a high-stakes pivot toward hard infrastructure.

The Hardware Divide

The data reveals a stark contrast in conviction. Tenstorrent alone secured $1.5B, which is nearly triple the combined funding of the 20 AI rounds ($552M) and 3 AI agent rounds ($145M).

While sectors like Health ($106M) and Security ($33M) continue to see activity, they are being out-raised by an order of magnitude. The 'Other' category, despite having the second-highest volume of deals (21 rounds), only managed $352M, highlighting a significant liquidity squeeze for non-AI-centric ventures.

Capital Concentration

Concentration is the theme of the week. The top three rounds alone account for roughly 64% of all disclosed capital.

Biggest rounds:

What founders can do

  • Align with Infrastructure: For software founders, demonstrating deep integration with the hardware layer may be key to capturing the attention of high-conviction investors.
  • Optimize Burn: With capital heavily concentrated in mega-rounds, seed and Series A founders should focus on capital efficiency to bridge the gap to the next funding tier.