Weekly edition
Week 49, 2025 (1 Dec to 7 Dec)
92 rounds and $4.3B raised. The biggest: Kalshi, $1B.
No rounds on week 48 to compare with
- Rounds
- 92 new
- Capital raised
- $4.3B new
- Median round
- $11.8M new
The week in charts
AI took 38% of the capital this week.
Mega-rounds against the rest
12 of 92 rounds made 70% of the capital.
| Rounds | Capital | |
|---|---|---|
| $100M or more | 12 | $3B |
| The rest | 80 | $1.3B |
Capital raised per day
The busiest day: Tue 2 Dec, $1.9B across 21 rounds.
| Day | Rounds | Capital | Biggest round |
|---|---|---|---|
| Mon 1 Dec | 15 | $730M | Black Forest Labs, $300M |
| Tue 2 Dec | 21 | $1.9B | Kalshi, $1B |
| Wed 3 Dec | 30 | $532M | Antithesis, $105M |
| Thu 4 Dec | 19 | $470M | Curative, $150M |
| Fri 5 Dec | 7 | $590M | Castelion, $350M |
| Sat 6 Dec | 0 | $0K | |
| Sun 7 Dec | 0 | $0K |
Where the capital went
AI raised $1.6B, 38% of the capital. Choose a sector to filter the rounds below.
| Sector | Capital | Share | Rounds |
|---|---|---|---|
| AI | $1.6B | 38% | 52 |
| Other | $1.1B | 25% | 4 |
| Robotics & Hardware | $670M | 16% | 5 |
| Health | $335M | 8% | 7 |
| Climate & Energy | $227M | 5% | 5 |
| Enterprise software | $159M | 4% | 8 |
| Fintech | $105M | 2% | 6 |
| Web3 | $37M | <1% | 2 |
| Consumer | $19.5M | <1% | 2 |
| Cybersecurity | $8.1M | <1% | 1 |
The 10 biggest rounds
The 10 biggest rounds raised $2.8B, 65% of the total.
Everyone who raised
92 companies raised $4.3B. A bigger tile is a bigger round.
The 69 biggest of 92. Open on a wider screen for all of them, or see every round below.
Most active investors
General Catalyst joined 4 rounds, leading 2, more than any other investor.
Where the rounds were
United States raised $3.2B, 74% of the capital. Rounds in 18 countries.
The cities that raised
New York raised $1.5B, more than all of Europe ($873M). Rounds from 28 cities.
Rounds by stage
Series A was the most common stage: 23 rounds, median $19.8M. The median round size is under each column.
| Stage | Rounds | Median round |
|---|---|---|
| Pre-Seed | 13 | $2M |
| Seed | 22 | $5.9M |
| Series A | 23 | $19.8M |
| Series B | 14 | $57M |
| Series C | 1 | $100M |
| Series D | 2 | $217M |
| Series E+ | 3 | $175M |
| Growth | 1 | $65M |
| Other or undisclosed | 13 | $8.5M |
All rounds
- KalshiCFTC-regulated exchange for trading on the outcome of real-world eventsLed by Paradigm, with Sequoia Capital, Andreessen Horowitz +1 $1BSeries E · United States
- CastelionDevelops lower-cost hypersonic weapons for the US, starting with BlackbeardLed by Altimeter Capital, with Lightspeed Venture Partners, Lavrock Ventures +9 $350MSeries B · United States
- EonCloud backup platform that turns backups into a queryable data lake for AILed by Gil Capital, with Sequoia Capital, Lightspeed Venture Partners +2 $300MSeries D · United States
- Black Forest LabsBuilds FLUX visual generative AI image models for creators and developersLed by Salesforce Ventures, with AMP (Anjney Midha), a16z +2 $300MSeries B · Germany
- ICEYEOperates radar (SAR) imaging satellites and sells earth observation dataLed by General Catalyst, with A.P. Moller Holding, Bpifrance +8 $175MSeries E · Finland
- CurativeHealth insurer for employers where members who get an annual checkup pay no out-of-pocket costsLed by Upside Vision Fund, with JAM Fund, Galaxy Digital (Mike Novogratz) +2 $150MSeries B · United States
- MujinIntelligent automation and robotics for logistics and factoriesLed by NTT Group, with Qatar Investment Authority, Salesforce Ventures +1 $133MSeries D · Japan
- 7AIAgentic AI platform that automates security operations workLed by Index Ventures $130MSeries A · United States
- Protego BiopharmaDevelops a therapy for AL amyloidosis, a rare protein misfolding diseaseLed by Novartis Venture Fund, with Forbion, Omega Funds +3 $130MSeries B · United States
- AntithesisDeterministic simulation testing platform that finds and reproduces software bugsLed by Jane Street $105MSeries A · United States
- AxiadoHardware-anchored platform security and management chips for AI data centersLed by Maverick Silicon, with Prosperity7 Ventures, Orbit Venture Partners +2 $100MSeries C · United States
- Heven AeroTechBuilds hydrogen fuel cell powered long-endurance drones for defense and commercial useLed by IonQ, with Texas Venture Partners $100MSeries B · United States
- AntaresDevelops compact nuclear microreactors for land, sea and space powerLed by Shine Capital, with Alt Capital, Caffeinated Capital +2 $71MSeries B · United States
- Excelsior SciencesMachine-executable chemistry and AI for small molecule discovery and manufacturingLed by Deerfield Management, with Khosla Ventures, Sofinnova Partners +4 $70MSeries A · United States
- GradiumAudio and voice AI models for real-time conversational applications, spun out of KyutaiLed by FirstMark Capital, with Eurazeo, DST Global Partners +2 $70MSeed · France
- ArteraAgentic AI patient communication platform used by over 1,000 healthcare providersLed by Lead Edge Capital, with Jackson Square Ventures, Health Velocity Capital +2 $65MGrowth · United States
- FlexAI-native financial platform for middle-market business ownersLed by Portage Ventures $60MSeries B · United States
- Titan OSIndependent connected-TV operating system licensed to TV brands, with advertisingLed by Highland Europe, with Mangrove Capital Partners $58.1MSeries A · Spain
- PermitFlowAI software that automates construction permittingLed by Accel, with Kleiner Perkins, Felicis +2 $54MSeries B · United States
- SciNeuro PharmaceuticalsTherapies for neurodegenerative diseases such as Alzheimer's and Parkinson'sLed by LAV, with ARCH Venture Partners $53MUnited States
- SokinCross-border business payments and treasury platformLed by Prysm Capital, with Watershed Ventures, Morgan Stanley Expansion Capital $50MSeries B · United Kingdom
- YoodliAI roleplay and coaching platform for sales and communication skills trainingLed by WestBridge Capital, with Neotribe Ventures, Madrona $40MSeries B · United States
- GradialAI agents that automate enterprise content and marketing operations workflowsLed by VMG Partners, with Madrona, PruVen Capital $35MSeries B · United States
- NevisAI platform that automates workflows for wealth management advisory firmsLed by Sequoia Capital, with ICONIQ, Ribbit Capital $35MSeries A · United Kingdom
- Tutor IntelligenceAI-powered robot workers for warehouses, sold as a subscription serviceLed by Union Square Ventures $34MSeries A · United States
- Mixx TechnologiesSilicon-integrated optical interconnect engines for AI data center systemsLed by ICM HPQC Fund, with TDK Ventures $33MSeries A · United States
- ZincFiveNickel-zinc battery power systems for data centers and industrial usesLed by Clear Creek Investments, with Climate Investment, Helios Climate Ventures +1 $30MSeries F · United States
- PineAI agent that handles consumer chores like bill negotiation and customer service callsLed by Fortwest Capital $25MSeries A · United States
- SimularAutonomous AI agents that operate Mac and Windows computers for usersLed by Felicis, with NVentures, South Park Commons +1 $21.5MSeries A · United States
- Axoltis PharmaDevelops NX210c, a drug candidate for ALS and other neurological diseasesLed by FIDAT Ventures, with Cenitz, Norfoalk +3 $20.9MSeries A · France
- OstiumOnchain perpetual futures for stocks, commodities and FX on ArbitrumLed by General Catalyst, with Jump Crypto, Coinbase Ventures +2 $20MSeries A · United States
- Spark CleantechPlasma modules that split natural gas into hydrogen and solid carbon for industrial heatLed by 360 Capital, with Taranis, Reindustrialisation Fund Ile-de-France (Innovacom) +1 $19.8MSeries A · France
- LumiaPlatform giving enterprises visibility and policy control over staff and agent use of AILed by Team8, with New Era Capital Partners $18MSeed · United States
- FinStablecoin payment platform for high-value transactionsLed by Pantera Capital $17MSeries A · United States
- Ripple FoodsHigh-protein, allergen-free plant-based milksLed by Material Impact, with Rich Products Ventures, S2G Ventures +4 $17MUnited States
- StockGroSocial investing and trading learning platform for retail investorsLed by Param Capital (Mukul Agrawal) $16.7MSeries B · India
- Aether BiomachinesUses AI and robotics to design proteins for industrial materials and manufacturingLed by Tribe Capital, with Natural Capital, Henkel +5 $15MUnited States
- InnerskinOperates 19 medical aesthetics centres and its own clean skincare lineLed by IRIS Ventures, with Label Capital $15MSeries B · France
- FinfactorAccount aggregator and financial data platform (Finvu) for lenders and wealth firmsLed by WestBridge Capital, with Varanium Capital, DMI Sparkle Fund +1 $15MSeries A · India
- RaindropMonitoring platform that detects silent failures in AI agents in productionLed by Lightspeed Venture Partners, with Figma Ventures, Vercel Ventures +1 $15MSeed · United States
- Rail-FlowTransport management platform for rail freight and intermodal logisticsLed by Trill Impact, with Bonsai Partners, Climentum Capital +2 $14.6MSeries A · Germany
- VambeConversational AI agents that automate sales and support for B2C companiesLed by Monashees, with Cathay Latam, Atlantico +5 $14MSeries A · Chile
- FurlencoSubscription furniture and appliance rental platform across 28 Indian citiesLed by Sheela Foam, with WhiteOak Capital, MK Ventures (Madhu Kela) $13.9MStrategic · India
- Laigo BioTherapies that degrade cell-surface proteins for oncology and autoimmune diseaseLed by Kurma Partners, with Curie Capital, Argobio Studio +5 $13.4MSeed · Netherlands
- IMTCPortfolio and order management platform for fixed income assetsLed by Nyca Partners $12MSeries A · United States
- Unlimited IndustriesAI-native construction company handling engineering design through deliveryLed by Andreessen Horowitz, with CIV $12MSeed · United States
- Ray StudiosNetwork of medical laser tattoo removal studios across EuropeLed by Factory Capital, with Nickleby Capital, Gaingels $11.7MFrance
- Planys TechnologiesUnderwater robotics and inspection for industrial and defence assetsLed by Ashish Kacholia, with Lashit Sanghvi (Alchemy Capital), Pratithi Investment +3 $11.1MVenture · India
- SupperAgentic data platform that lets non-technical staff query business data in plain languageLed by Union Square Ventures, with BoxGroup, Inspired Capital +2 $11MSeed · United States
- NadaHome equity agreements letting homeowners unlock equity without monthly payments or debtLed by Interlock Partners, with LiveOak Venture Partners, Riverwalk Capital Partners $10MSeries A · United States
- Curi BioHuman stem cell based preclinical platforms and data analysis for drug discoveryLed by DreamCIS $10MSeries B · United States
- 2501.AIAutonomous AI agents that handle IT and cloud incident response and maintenanceLed by Cusp Capital, with Axeleo Capital, Galion.exe +2 $9.3MSeed · France
- Guide LabsBuilds interpretable LLMs that trace each output token to training dataLed by Initialized Capital, with Richard Aberman, E14 Fund +5 $9MSeed · United States
- PlyMaterials management platform for contractorsLed by Ferguson Ventures, with Primary, SignalFire $8.5MStrategic · United States
- SaporoGraph-based platform that maps and fixes identity attack paths in Active Directory and cloudLed by TIN Capital, with G+D Ventures, CDP Venture Capital +3 $8.1MSeries A · Switzerland
- RayluAI research platform automating deal sourcing and due diligence for private market investorsLed by HighlandX $8MSeries A · United States
- Modulus HousingBuilds low-rise buildings with modular construction in about 30 daysLed by Kalaari Capital, with Hero Enterprise, Samarthya Investments +2 $7.8MSeries A · India
- Alinia AIGuardrails API and AI compliance platform for safe enterprise generative AILed by Mouro Capital, with Raise Ventures, Speedinvest +1 $7.5MSeed · Spain
- PackAI-native HR platform for hiring and workforce managementLed by Acadian Ventures, with Aticco, Rialto VC $6.7MSeries A · Italy
- RidleyAI platform letting homeowners sell their homes without agent commissionsLed by Fifth Wall, with 1984 Ventures, 1Sharpe Ventures +3 $6.4MSeed · United States
- Built AIAI platform for financial modelling and underwriting in commercial real estateLed by Work-Bench, with Lerer Hippeau, Timber Grove Ventures +1 $6MSeed · United Kingdom
- MoonriderElectric vehicle makerLed by pi Ventures, with Singularity AMC, Micelio Fund $6MSeries A · India
- Orq.aiPlatform for enterprises to build, deploy and govern AI agentsLed by Seed + Speed Ventures, with Galion.exe, Curiosity VC +5 $5.8MSeed · Netherlands
- Track TitanAI coaching and tracking app for amateur and pro sim and motorsport racers, a Strava for motorsportLed by Partech, with Game Changers Ventures, APX +1 $5MSeed · United Kingdom
- LizzyAIAI platform that runs structured interviews for recruiting teamsLed by NEA, with Speedinvest, Zero Prime Ventures $5MSeed · United States
- Metri BioDevelops therapies for endometriosis and other endometrial diseases using a 3D endometrial model from YaleLed by Pillar VC, with Pace Ventures, Slocum Management +1 $5MPre-Seed · United States
- MinitapOpen-source framework and cloud for AI agents that operate mobile appsLed by Moxxie Ventures, with Mercuri, EWOR +2 $4.1MSeed · France
- AzomaPlatform helping brands get recommended by AI shopping assistants (generative engine optimisation)Led by Ignite Ventures, with Rank Ventures, eBay Ventures x Techstars +2 $4MVenture · United Kingdom
- SearchableHelps brands see and improve how AI models recommend themLed by Freestyle VC $4MPre-Seed · United Kingdom
- Govstream.aiAI-native permitting software for local governmentsLed by 47th Street Partners, with Nellore Capital, Ascend +2 $3.6MSeed · United States
- Fonio.aiAI voice assistant that answers phone calls for businessesLed by Daniel Gutenberg, with business angels $3.5MAustria
- CoreOps.AIHelps enterprises modernise legacy systems, unify data and deploy AI agentsLed by Siana Capital Management, with Kettleborough VC, Aroa Venture Partners $3.5MVenture · India
- AdcitiesDigital, data-driven platform for planning and measuring out-of-home advertisingLed by Adara Ventures, with PlusPartners, Bynd $3.5MSeed · Spain
- ClipbookAI platform that monitors and analyzes media coverage for PR and public affairs teamsLed by Mark Cuban, with Commonweal Ventures, Carpenter Capital $3.3MSeed · United States
- eNOughAI-powered wearable personal safety badge (eNO badge)Led by A*Ventures, with Comma Capital, Karman Ventures +1 $2.7MSeed · United Kingdom
- HypercriticalMachine learning models that generate control software for safety-critical systemsLed by Join Capital, with Octopus Ventures, tiny.vc +1 $2.7MPre-Seed · United Kingdom
- Intelligent CoreReal-time autonomous AI for energy, water, manufacturing and transportLed by Fuel Ventures, with Plug and Play Tech Center, Helion Partners $2.6MSeed · United Kingdom
- OceanSaverPlant-based, plastic-free dishwasher tablets, laundry detergent and cleaning refillsLed by NPIF II - Mercia Equity Finance $2.5MVenture · United Kingdom
- Mirror SecuritySecurity and encryption tooling for AI models and dataLed by Sure Valley Ventures, with Atlantic Bridge $2.5MPre-Seed · India
- SereneDBDatabase engine combining search, analytics and Postgres in one systemLed by Entourage, with High-Tech Gründerfonds $2.1MGermany
- HoneyjarAI co-pilot and operating system for communications and PR teamsLed by Human Ventures (Heather Hartnett), with SNR Ventures (Kevin Mahaffey) $2MPre-Seed · United States
- Mater-AIAI platform to discover thermoelectric materials that turn waste heat into powerLed by Twin Path Ventures, with One Planet Capital, XTX Ventures +1 $2MPre-Seed · United Kingdom
- ComplirAI software that manages product compliance across markets for retailersLed by Vendep Capital, with Likeminded, Plug and Play +1 $2MPre-Seed · Denmark
- Sky SpyCompact drone-mounted SIGINT payload that detects and locates radio emittersLed by Expeditions Fund, with Superangel, Freedom Fund +3 $1.6MPre-Seed · Ukraine
- LiablixAI that reconstructs vehicle accidents from photos to assess liability in claimsLed by DFF Ventures, with FJ Labs, Plug and Play $1.4MPre-Seed · Italy
- FrontedAI platform for cross-border hiring, contracts, onboarding and payrollLed by Antler, with Sondo Capital $1MPre-Seed · Norway
- GetRepliesAgentic AI platform for B2B lifecycle marketing and engagementLed by Patni Family Office $1MSeed · India
- ZazuDigital business banking and accounting platform for African SMEsLed by Plug and Play Ventures $1MPre-Seed · South Africa
- Bestie BiteApp of authentic customer video reviews for restaurants, bars and hotelsLed by Techstars, with Zooga VC, Mamba Ventures $700KItaly
- LumooAI platform for virtual try-on and product visualization for fashion brandsLed by Anton Osika (Lovable CEO), with angel investors $638KPre-Seed · Sweden
- RedaptoGoverned AI systems for physical operations and AI customer engagementLed by Y Combinator $500KPre-Seed · United States
- TIDA SportsMulti-sport training and coaching platform running school programs and tournamentsLed by Inflection Point Ventures $334KSeed · India
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