Daily edition

Thursday 20 November 2025

28 rounds and $1.4B raised. The biggest: Physical Intelligence, $600M.

vs Thu 13 Nov

The day in charts

AI took 79% of the capital on this day, up from 69% on Thu 13 Nov. Physical Intelligence alone raised $600M, 41% of it.

The 5 biggest rounds raised $1.2B, 80% of the total.

4 of 28 rounds made 76% of the capital.

Rounds of $100M or more, Thursday 20 November 2025
	Rounds	Capital
$100M or more	4	$1.1B
The rest	24	$341M

AI raised $1.1B, 79% of the capital. Choose a sector to filter the rounds below.

Capital by sector, Thursday 20 November 2025
Sector	Capital	Share	Rounds
AI	$1.1B	79%	12
Health	$123M	9%	3
Robotics & Hardware	$93.8M	6%	3
Cybersecurity	$40.5M	3%	2
Enterprise software	$13.2M	<1%	3
Other	$9.9M	<1%	1
Fintech	$8M	<1%	1
Web3	$4.6M	<1%	1
Climate & Energy	$4.3M	<1%	1
Consumer	$1.9M	<1%	1

United States raised $1.2B, 82% of the capital. Rounds in 9 countries.

Seed was the most common stage: 9 rounds, median $4.6M. The median round size is under each column.

San Francisco raised $600M, more than all of Europe ($237M). Rounds from 13 cities.

This day against the 13 days before it. The biggest: Thu 13 Nov, $3.9B.

Capital raised per day, Thursday 20 November 2025
Day	Rounds	Capital	Biggest round
Fri 7 Nov	6	$89.7M	Upway, $60M
Sat 8 Nov	0	$0K
Sun 9 Nov	0	$0K
Mon 10 Nov	13	$1B	Clio, $500M
Tue 11 Nov	22	$427M	Wonderful, $100M
Wed 12 Nov	38	$1.3B	d-Matrix, $275M
Thu 13 Nov	34	$3.9B	Anysphere (Cursor), $2.3B
Fri 14 Nov	12	$443M	Firmus Technologies, $326M
Sat 15 Nov	0	$0K
Sun 16 Nov	0	$0K
Mon 17 Nov	31	$1.2B	Ramp, $300M
Tue 18 Nov	37	$3.3B	Lambda, $1.5B
Wed 19 Nov	34	$2.2B	Luma AI, $900M
Thu 20 Nov	28	$1.4B	Physical Intelligence, $600M