Artificial Intelligence
The latest data and global trends in AI startups, venture capital, exits and innovation.
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Quarterly venture capital
The three layers of AI investing
Foundation model labs
Companies training frontier large language models, Anthropic, OpenAI, xAI, Mistral, Cohere, AI21. This layer dominates the dollar-weighted share of AI funding by a wide margin. Q1 2026 alone saw OpenAI's $122B raise, Anthropic's $30B Series G, and xAI's $20B Series E, three deals accounting for the bulk of every quarterly headline since 2024. Training a frontier model now costs roughly $100M to $1B in compute per generation, so capital concentration here is extreme. Almost all of the world's $10B+ AI rounds sit in this layer.
AI infrastructure
The picks-and-shovels layer, purpose-built AI datacenters (CoreWeave, Lambda Labs, Nscale, Crusoe), proprietary AI silicon (Cerebras, Groq, Tenstorrent, Rivos), and the broader GPU and interconnect supply chain. Capital intensity is comparable to model labs but the winner set is more fragmented. Many of the largest non-VC funding events in AI, debt raises against compute backlogs, datacenter project finance, also sit here.
AI-native applications
Companies building software products on top of foundation models, Perplexity, Cursor, Harvey, Glean, Hebbia, Sierra, Decagon. Round sizes are typically smaller ($10M–$500M) than at the lab or infra layers, but deal volume is much higher and this is where most new AI unicorns are minted. Vertical applications (legal, sales, code, customer support, healthcare) account for a growing share of new rounds, alongside horizontal agent frameworks and consumer chat products.
AI venture capital raised by stage
AI venture capital raised by stage, quarterly
Startup
Breakout
Scaleup
Top investors
Most active AI investors
| # | Investor | Type | Investments | Portfolio | HQ |
|---|---|---|---|---|---|
| 1 | Accelerator | 2,478 | 6,920 | Mountain View, United States | |
| 2 | Venture capital | 657 | 1,906 | Menlo Park, United States | |
| 3 | Accelerator | 606 | 2,274 | New York City, United States | |
| 4 | Accelerator | 566 | 1,918 | Singapore, Singapore | |
| 5 | Venture capital | 539 | 1,532 | Sunnyvale, United States | |
| 6 | Venture capital | 528 | 1,172 | Menlo Park, United States | |
| 7 | Venture capital | 447 | 836 | Menlo Park, United States | |
| 8 | Venture capital | 427 | 1,147 | Palo Alto, United States | |
| 9 | Venture capital | 411 | 946 | Menlo Park, United States | |
| 10 | Venture capital | 399 | 915 | San Francisco, United States |
Source: Dealroom.co
Top companies
Top funded
All-time total funding (includes non-VC sources)
- 1
OpenAISan Francisco, United States$191.9B - 2
AnthropicSan Francisco, United States$139.3B - 3
xAIPalo Alto, United States$37.1B - 4
WaymoMountain View, United States$27.1B - 5
DatabricksSan Francisco, United States$20.0B - 6
Project PrometheusSan Francisco, United States$18.2B - 7
AndurilCosta Mesa, United States$11.5B - 8
CruiseSan Francisco, United States$9.1B - 9
DeepSeekChina$7.4B - 10
DayOneSingapore, Singapore$6.4B
Hottest (Dealroom Signal)
Ranked by Dealroom's growth indicator
- 1
DuolingoPittsburgh, United States99 - 2
PreplyBrookline, United States98 - 3
AbridgePittsburgh, United States98 - 4
MotiveSan Francisco, United States98 - 5
FluidStackNew York City, United States98 - 6
NotionSan Francisco, United States98 - 7
HelsingMunich, Germany97 - 8
CrusoeDenver, United States97 - 9
OpenAISan Francisco, United States97 - 10
AndurilCosta Mesa, United States97
Source: Dealroom.co
How AI funding is distributed geographically
The Bay Area
The single largest AI ecosystem by funding, deal count, and unicorn density. Most of the world's frontier model labs (OpenAI, Anthropic, xAI), foundational AI infrastructure (Nvidia, OpenAI's compute partners), and the densest AI talent network sit within a thirty-mile radius. The Bay Area routinely captures 35-40% of all global AI venture capital in a given year, a share that has tightened rather than loosened as the sector has scaled.
The rest of the United States
New York, Boston, Seattle, Los Angeles, Austin, and a long tail of smaller metros. NYC dominates AI applications in finance and enterprise SaaS; Boston is the centre for biotech-adjacent AI; Seattle and the Pacific Northwest hold the Amazon and Microsoft AI stack. Together the non-Bay Area US captures another ~25-30% of global AI funding, making the US share alone roughly two-thirds of the world total.
Europe
London, Paris, Berlin, and a small cluster of Nordic and Israeli startups. Europe's AI funding has grown faster than the US in percentage terms but from a smaller base. Mistral (Paris), Wayve (London), Nscale (London), and DeepL (Cologne) anchor the European AI landscape. London is consistently Europe's largest AI hub by funding, typically capturing more than the next two European metros combined.
China and the rest of Asia
Beijing, Shanghai, and Shenzhen dominate the Chinese AI ecosystem, alongside model labs (Moonshot, Zhipu, MiniMax, 01.AI) that have raised at unicorn or near-unicorn valuations. Coverage in this guide is partial, disclosed Chinese rounds are often smaller relative to actual investment activity, and capital flowing through state-backed investment vehicles is not always classified as venture. Tokyo, Singapore, and Seoul each contribute meaningfully but at a smaller scale than the four hubs above.
Top hubs
Top metro regions
AI startups venture capital by metro · Last 12 months to end of Q1 2026
- 1🇺🇸Bay AreaUnited States$284.6B
- 2🇺🇸New York CityUnited States$12.3B
- 3🇬🇧LondonUnited Kingdom$11.1B
- 4🇺🇸Los AngelesUnited States$6.7B
- 5🇯🇵TokyoJapan$6.4B
- 6🇨🇳BeijingChina$4.8B
- 7🇫🇷ParisFrance$4.7B
- 8🇺🇸BostonUnited States$4.6B
- 9🇺🇸AustinUnited States$4.4B
- 10🇨🇦Toronto-WaterlooCanada$2.7B
Top metro regions
AI startups venture capital by metro · Full year 2025
- 1🇺🇸Bay AreaUnited States$129.6B
- 2🇺🇸New York CityUnited States$12.7B
- 3🇬🇧LondonUnited Kingdom$7.0B
- 4🇯🇵TokyoJapan$6.2B
- 5🇺🇸Los AngelesUnited States$6.0B
- 6🇺🇸BostonUnited States$3.6B
- 7🇫🇷ParisFrance$3.3B
- 8🇨🇳BeijingChina$3.0B
- 9🇮🇱Tel AvivIsrael$2.4B
- 10🇺🇸AustinUnited States$2.4B
Top metro regions
AI startups venture capital by metro · Q1 2026
- 1🇺🇸Bay AreaUnited States$206.0B
- 2🇬🇧LondonUnited Kingdom$5.7B
- 3🇺🇸New York CityUnited States$4.1B
- 4🇺🇸AustinUnited States$3.0B
- 5🇨🇳BeijingChina$2.3B
- 6🇺🇸San DiegoUnited States$2.0B
- 7🇺🇸BostonUnited States$1.9B
- 8🇫🇷ParisFrance$1.7B
- 9🇺🇸PittsburghUnited States$1.5B
- 10🇨🇳ShanghaiChina$1.5B
Top metro regions
AI startups enterprise value by metro
- 1🇺🇸Bay AreaUnited States$15.1T
- 2🇺🇸AustinUnited States$1.8T
- 3🇨🇳BeijingChina$891.5B
- 4🇬🇧Cambridge (UK)United Kingdom$427.4B
- 5🇺🇸New York CityUnited States$402.9B
- 6🇺🇸MiamiUnited States$359.4B
- 7🇺🇸BostonUnited States$185.2B
- 8🇨🇳ShanghaiChina$166.0B
- 9🇬🇧LondonUnited Kingdom$146.2B
- 10🇺🇸Los AngelesUnited States$115.9B
Top metro regions
AI startups unicorns by metro
- 1🇺🇸Bay AreaUnited States237
- 2🇺🇸New York CityUnited States65
- 3🇺🇸BostonUnited States42
- 4🇨🇳BeijingChina36
- 5🇬🇧LondonUnited Kingdom29
- 6🇨🇳ShanghaiChina27
- 7🇺🇸Los AngelesUnited States14
- 8🇺🇸AustinUnited States14
- 9🇮🇱Tel AvivIsrael13
- 10🇺🇸SeattleUnited States12
Top metro regions
AI VC growth by metro · Last 12 months to end of Q1 2026 vs 2025
- 1🇮🇳MumbaiIndia+434%
- 2🇳🇿AucklandNew Zealand+190%
- 3🇺🇸San DiegoUnited States+139%
- 4🇨🇭LausanneSwitzerland+136%
- 5🇦🇪Abu DhabiUnited Arab Emirates+125%
- 6🇺🇸Bay AreaUnited States+120%
- 7🇨🇳ShanghaiChina+95%
- 8🇪🇸MadridSpain+86%
- 9🇨🇳HangzhouChina+84%
- 10🇺🇸AustinUnited States+83%
Top metro regions
AI VC concentration by metro · Last 12 months to end of Q1 2026
- 1🇺🇸Bay AreaUnited States2.20×
- 2🇺🇸Grand RapidsUnited States1.35×
- 3🇺🇸PittsburghUnited States1.34×
- 4🇺🇸ColumbusUnited States1.14×
- 5🇨🇦Toronto-WaterlooCanada0.99×
- 6🇩🇪StuttgartGermany0.98×
- 7🇬🇧OxfordUnited Kingdom0.88×
- 8🇫🇷ParisFrance0.83×
- 9🇨🇳BeijingChina0.79×
- 10🇺🇸San DiegoUnited States0.79×
Top metro regions
AI unicorn concentration by metro · by HQ
- 1🇺🇸PittsburghUnited States3.54×
- 2🇮🇱HaifaIsrael2.71×
- 3🇦🇪Abu DhabiUnited Arab Emirates2.71×
- 4🇹🇼TaipeiTaiwan2.26×
- 5🇩🇪StuttgartGermany1.81×
- 6🇺🇸Bay AreaUnited States1.57×
- 7🇮🇱Tel AvivIsrael1.48×
- 8🇯🇵TokyoJapan1.43×
- 9🇺🇸PhiladelphiaUnited States1.29×
- 10🇬🇧OxfordUnited Kingdom1.29×
AI on the map
Notable rounds
Biggest AI rounds · Last 12 months to end of Q1 2026 (Top 15 rounds)
| Date | Company | Amount | Round | Lead investors |
|---|---|---|---|---|
| Mar 2026 | OpenAI | $122.0B | LATE VC | SoftBank, Andreessen Horowitz |
| Feb 2026 | Anthropic | $30.0B | SERIES G | Coatue Management, GIC |
| Jan 2026 | xAI | $20.0B | SERIES E | HUMAIN, Valor Equity Partners |
| Feb 2026 | Waymo | $16.0B | LATE VC | Alphabet | Google |
| Sep 2025 | Anthropic | $13.0B | SERIES F | Lightspeed Venture Partners, Fidelity Investments |
| Sep 2025 | OpenAI | $10.0B | LATE VC | Nvidia |
| Nov 2025 | Project Prometheus | $6.2B | GROWTH EQUITY VC | Bezos Expeditions |
| Dec 2025 | Databricks | $5.0B | LATE VC | J.P. Morgan Asset Management, Fidelity Investments |
| Jul 2025 | xAI | $5.0B | GROWTH EQUITY VC | Morgan Stanley |
| Jan 2026 | DayOne | $4.5B | SERIES C | Hillhouse Capital, Coatue Management |
| Jun 2025 | Anduril | $2.5B | SERIES G | Founders Fund |
| Nov 2025 | Anysphere | Cursor | $2.3B | LATE VC | Accel, Coatue Management |
| May 2025 | Acrisure | $2.1B | CONVERTIBLE | Bain Capital |
| Mar 2026 | Nscale | $2.0B | SERIES C | 8090 Industries, Aker ASA |
| Sep 2025 | Reflection AI | $2.0B | SERIES B | NVentures, Sequoia |
Biggest AI rounds · Full year 2025 (Top 15 rounds)
| Date | Company | Amount | Round | Lead investors |
|---|---|---|---|---|
| Mar 2025 | OpenAI | $40.0B | LATE VC | SoftBank |
| Sep 2025 | Anthropic | $13.0B | SERIES F | Fidelity Investments, ICONIQ Capital |
| Sep 2025 | OpenAI | $10.0B | LATE VC | Nvidia |
| Nov 2025 | Project Prometheus | $6.2B | GROWTH EQUITY VC | Bezos Expeditions |
| Dec 2025 | Databricks | $5.0B | LATE VC | J.P. Morgan Asset Management, Fidelity Investments |
| Jul 2025 | xAI | $5.0B | GROWTH EQUITY VC | Morgan Stanley |
| Mar 2025 | Anthropic | $3.5B | SERIES E | Lightspeed Venture Partners |
| Jan 2025 | Napster | Infinite Reality | $3.0B | LATE VC | Sterling Select |
| Jun 2025 | Anduril | $2.5B | SERIES G | Founders Fund |
| Nov 2025 | Anysphere | Cursor | $2.3B | LATE VC | Coatue Management, Accel |
| May 2025 | Acrisure | $2.1B | CONVERTIBLE | Bain Capital |
| Sep 2025 | Reflection AI | $2.0B | SERIES B | NVentures, Sequoia |
| Jun 2025 | Thinking Machines Lab | $2.0B | SEED | Andreessen Horowitz |
| Apr 2025 | Safe Superintelligence | $2.0B | SERIES A | Greenoaks Capital Partners |
| Sep 2025 | Mistral AI | $1.9B | SERIES C | ASML |
Biggest AI rounds · Q1 2026 (Top 15 rounds)
| Date | Company | Amount | Round | Lead investors |
|---|---|---|---|---|
| Mar 2026 | OpenAI | $122.0B | LATE VC | Andreessen Horowitz, SoftBank |
| Feb 2026 | Anthropic | $30.0B | SERIES G | Coatue Management, GIC |
| Jan 2026 | xAI | $20.0B | SERIES E | Valor Equity Partners, Tesla |
| Feb 2026 | Waymo | $16.0B | LATE VC | Alphabet | Google |
| Jan 2026 | DayOne | $4.5B | SERIES C | Coatue Management, Hillhouse Capital |
| Mar 2026 | Nscale | $2.0B | SERIES C | Aker ASA, 8090 Industries |
| Mar 2026 | Saronic Technologies | $1.8B | SERIES D | Kleiner Perkins |
| Mar 2026 | Shield AI | $1.5B | SERIES G | JPMorgan Chase & Co, Advent International |
| Jan 2026 | Skild | $1.4B | SERIES C | SoftBank, Nvidia |
| Feb 2026 | Wayve | $1.2B | SERIES D | Eclipse Ventures, SoftBank Vision Fund |
| Jan 2026 | Retro Biosciences | $1.0B | SERIES A | Sandro Salsano, Sam Altman |
| Feb 2026 | World Labs | $1.0B | LATE VC | AMD, Emerson Collective |
| Feb 2026 | Cerebras Systems | $1.0B | SERIES H | Tiger Global |
| Feb 2026 | AMI - Advanced Machine Intelligence | $1.0B | SEED | Greycroft Partners |
| Mar 2026 | FluidStack | $750M | LATE VC | Situational Awareness |
Source: Dealroom.co · Updated 17 Jun 2026
What's heating up inside AI
Source: Dealroom.co · Updated 17 Jun 2026
Unicorns & exits
The academic flywheel
AI startup IP & patents
Explore the AI landscape
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