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I\u2019ve grown completely numb to AI funding numbers.<\/p>\n
Ten years ago, even five, an epically large seed round of hundreds of millions was unthinkable. Now, it\u2019s started to feel oddly pedestrian to me and\u2014the data actually bears out my ennui: Crunchbase recently calculated that, so far in 2026, over 40% of seed and Series A investment has been funneled into rounds of $100 million or more.\u00a0<\/p>\n
Examples of the last few weeks include Humans& (a frontier AI lab that raised a $480 million seed round), Ricursive Intelligence (which raised a $300 million Series A), and Merge Labs, Sam Altman\u2019s brain-computer interface company that raised a casual $252 million seed round.<\/p>\n
This feeling, of course, doesn\u2019t just fixate on earlier-stage companies. I actually don\u2019t know if there\u2019s any funding round number at this point that would genuinely shock me. It\u2019s an endless slog of big-number headlines with no sense of where this is all going, especially as pertains to, say, the largest companies in the space.\u00a0<\/p>\n
This week alone, reports dropped that SoftBank is in talks to invest another $30 billion in OpenAI (after previously investing $40 billion), and then there was the xAI news\u2014that Elon Musk\u2019s Tesla also invested in Musk\u2019s $20 billion Series E, to the tune of $2 billion.<\/p>\n
Musk\u2019s companies have always been financially linked to one another in a clannish sort of way, but the reality is: All these AI startups and companies are investing in and selling to one another. This is something my colleague Jeremy Kahn has written about quite a bit, particularly in the context of Nvidia\u2019s massive cycling cash machine.\u00a0<\/p>\n
So, there\u2019s no number that surprises me anymore. And that worries me. Because that maybe means the only thing that could feel shocking is a crash.<\/p>\n
ICYMI\u2026<\/strong> It\u2019s been a big earnings week for Big Tech. Some standouts include Meta, which clocked a revenue beat as shares climbed. Meanwhile, Microsoft\u2019s slowing revenue growth spooked the markets.<\/p>\n See you Monday,<\/p>\n Allie Garfinkle Joey Abrams curated the deals section of today\u2019s newsletter<\/em>.<\/em> Subscribe here.<\/p>\n – <\/span>Decagon<\/b>, a San Francisco, Calif.-based platform designed for creating AI concierges for customer service, raised $250 million in funding. <\/span>Coatue<\/b> Management<\/b> and <\/span>Index<\/b> Ventures<\/b> led the round.<\/span><\/p>\n – <\/span>Oviva<\/b>, a Z\u00fcrich, Switzerland-based digital care platform for weight-related and chronic conditions, raised \u20ac200 million ($239 million) in Series D funding. <\/span>Kinnevik<\/b> led the round and was joined by <\/span>Planet<\/b> First<\/b> Partners<\/b>, <\/span>A.P.<\/b>, <\/span>Moller<\/b> Holding<\/b>, and others.<\/span><\/p>\n – <\/span>Flapping<\/b> Airplanes<\/b>, a San Francisco-based data efficiency lab, raised $180 million in funding from <\/span>Google<\/b> Ventures<\/b>, <\/span>Sequoia<\/b> Capital<\/b>, <\/span>Index<\/b> Ventures<\/b>, and others.<\/span><\/p>\n – <\/span>RobCo<\/b>, a San Francisco-based developer of autonomous industrial robots, raised $100 million in Series C funding. <\/span>Lightspeed<\/b> Venture<\/b> Partners<\/b> and <\/span>Lingotto<\/b> Innovation<\/b> led the round and were joined by <\/span>Sequoia<\/b> Capital<\/b>, <\/span>Greenfield<\/b> Partners<\/b>, <\/span>Kindred<\/b> Capital<\/b>, <\/span>Leitmotif<\/b>, and <\/span>The<\/b> Friedkin<\/b> Group<\/b>.<\/span><\/p>\n – <\/span>Talos<\/b>, a New York City-based digital asset infrastructure platform, raised $45 million in a Series B extension from <\/span>Robinhood<\/b> Markets<\/b>, <\/span>Sony<\/b> Innovation<\/b> Fund<\/b>, <\/span>IMC<\/b>, and others.<\/span><\/p>\n – <\/span>Recare<\/b>, a Berlin, Germany-based discharge management platform, raised \u20ac37 million ($44 million) in funding. <\/span>DNV<\/b> led the round and was joined by <\/span>CIBC<\/b> Innovation<\/b> Banking<\/b>.\u00a0<\/span><\/p>\n – <\/span>Revena<\/b>, a S\u00e3o Paulo, Brazil-based AI platform designed to automate hospital revenue workflows, raised $8 million in seed funding from <\/span>Canary<\/b>, <\/span>Flourish<\/b> Ventures<\/b>, and <\/span>Caravela<\/b> Capital<\/b>.<\/span><\/p>\n – <\/span>Datalinx<\/b> AI<\/b>, a New York City and Austin, Texas-based platform designed to make messy data usable for marketing, advertising, and commerce, raised $4.2 million in seed funding. <\/span>High<\/b> Alpha<\/b> led the round and was joined by <\/span>Databricks<\/b> Ventures<\/b>, <\/span>Aperiam<\/b>, and others.<\/span><\/p>\n – <\/span>Capstreet<\/b> acquired <\/span>TOPS<\/b> Field Services<\/b>, a Huffman, Texas-based turbine maintenance and outage services company. Financial terms were not disclosed.<\/span><\/p>\n – <\/span>Conquest<\/b> Research<\/b>, a portfolio company of <\/span>Reynolda<\/b> Equity<\/b> Partners<\/b>, acquired <\/span>NeuroTrials<\/b> Research<\/b>, a Winter Park, Fla.-based clinical trial site network. Financial terms were not disclosed.<\/span><\/p>\n – <\/span>HF<\/b> Companies<\/b> acquired a majority stake in <\/span>Smith<\/b> Gardens<\/b>, a Bellingham, Wash.-based greenhouse growing company. Financial terms were not disclosed.<\/span><\/p>\n – <\/span>Inspirit<\/b> Equity<\/b> acquired a majority stake in <\/span>Sizemore<\/b>, a Tallahassee, Fla.-based provider of outsourced facility management services. Financial terms were not disclosed.<\/span><\/p>\n – <\/span>TCG<\/b> acquired a minority stake in <\/span>Goalhanger<\/b>, a London, U.K.-based podcast franchise. Financial terms were not disclosed.<\/span><\/p>\n – <\/span>Liftoff<\/b> Mobile<\/b>, a Redwood City, Calif.-based marketing and monetization platform for mobile businesses, plans to raise up to $762 million in an offering of 25.4 million shares priced between $26 and $30. <\/span>Blackstone<\/b>, <\/span>General<\/b> Atlantic<\/b>, and others back the company.<\/span><\/p>\n – <\/span>AgomAb<\/b> Therapeutics<\/b>, an Antwerp, Belgium-based developer of therapies for immunology and inflammatory diseases, plans to raise up to $212.5 million in an offering of 12.5 million shares priced between $15 and $17. <\/span>EQT<\/b> Life<\/b> Sciences<\/b>, <\/span>Fidelity<\/b> Management & Research Company<\/b>, <\/span>Pontifax<\/b>, <\/span>Sanofi<\/b>, <\/span>Redmile Biopharma Investments<\/b>, <\/span>Cormorant Asset Management<\/b>, <\/span>Pfizer<\/b>, and <\/span>Canaan<\/b> back the company.<\/span><\/p>\n – <\/span>Ethos<\/b> Technologies<\/b>, a San Francisco-based online life insurance provider, raised $200 million in an offering of 10.5 million shares priced at $19 on the Nasdaq.<\/span><\/p>\n – <\/span>SpyGlass Pharma<\/b>, an Aliso Viejo, Calif.-based developer of treatments for chronic eye conditions, plans to raise up to $159.8 million in an offering of 9.4 million shares priced between $15 and $17. <\/span>Glide<\/b> Healthcare<\/b>, <\/span>Samsara<\/b> BioCapital<\/b>, <\/span>Vensana<\/b> Capital<\/b>, <\/span>New Enterprise Associates<\/b>, <\/span>RA<\/b> Capital Management<\/b>, and <\/span>Sands<\/b> Capital<\/b> Alternatives<\/b> back the company.<\/span><\/p>\n – <\/span>2048<\/b> Ventures<\/b>, an N.Y.C. and Boston, Mass.-based venture capital firm, raised $82 million for its third fund focused on AI, deep tech, health care, and biotech startups in New York City and Boston.<\/span><\/p>\n – <\/span>2048<\/b> Ventures<\/b>, an N.Y.C. and Boston, Mass.-based venture capital firm, promoted <\/span>Daniella<\/b> Cohen<\/b> to principal.<\/span><\/p>\n – <\/span>Bessemer<\/b> Venture<\/b> Partners<\/b>, a San Francisco-based venture capital firm, promoted <\/span>Sam<\/b> Bondy<\/b> to Vice President.<\/span><\/p>\n – <\/span>Summit<\/b> Partners<\/b>, a Boston, Mass.-based private equity firm, promoted <\/span>Chris Bon<\/b>, <\/span>Meg<\/b> Devine<\/b>
X:<\/strong> @agarfinks
Email:<\/strong> alexandra.garfinkle@fortune.com
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