Operating as an 鈥渁ll-in-one鈥� software ecosystem, Scotch provides liquor retailers with point-of-sale hardware, custom software, payment processing and a back-office suite to manage state-by-state regulatory complexities. Customers range from boutique single-register shops to enterprise stores running over a dozen lanes.

led Scotch鈥檚 Series A raise, which included participation from , and . The injection of capital comes on the heels of a growth spurt, with the Denver-based startup reporting greater than 500% year-over-year growth and surpassing $1 billion in processed payment volume.

While the company declined to reveal its valuation, co-founder and CEO said the funding marks 鈥渁 significant step-up鈥� from its $10 million seed round, raised in September 2024 and led by First Round Capital.

Old-school market

Formally incorporated in January 2024, Scotch was born out of a unique industry challenge encountered by Bolling and CRO during their previous venture, . A convenience-store software company that supported 15,000 stores across the U.S., Skupos attracted attention from major consumer packaged goods giants such as , and Budweiser owner .

鈥淏udweiser, in some way, shape, or form, tried to get us not only to continue to grow our C-store business, but to also expand into the liquor store industry,” Bolling told 小蓝视频色情网页版 News in an interview.

Market research conducted in 2022 revealed a striking contrast between the two sectors. While the $650 billion convenience store market is highly fragmented, its point-of-sale technology is heavily consolidated around four major players.

Conversely, the liquor-store industry proved to be an entirely different beast: highly fragmented, intensely regulated and flooded with more than 200 regional, legacy POS systems.

Recognizing that the Skupos business model didn’t align with that level of fragmentation, the founders held off. Following the acquisition of Skupos by in August 2023, the team revisited the concept.

Drawing inspiration from the business model of restaurant tech giant 鈥� with whom the founders frequently shared strategy notes in the mid-2010s 鈥� they recognized the potential to replicate that success in a highly specialized, nuanced retail market.

, former chief architect of (acquired by for more than $1 billion), serves as Scotch鈥檚 CTO.

鈥楤usiness in a box鈥� strategy

The platform鈥檚 business model scales directly with the merchant, driving revenue through a hybrid mix of SaaS fees, charged on a per-device, per-month basis; fintech monetization, or collecting standard interchange fees on its payment volume and hardware sales, providing the modern storefront terminals necessary to run the infrastructure.

While general retail giants like Lightspeed and exist, Scotch markets itself as the only player capable of handling the severe operational and compliance hurdles distinct to alcohol retail.

Customers include The Liquor Store of Jackson Hole, Big Bear Wine & Liquor, Corkdorks and Everest Spirits Superstore.

Eradicating the 鈥榯oil鈥� via AI

With inventory sizes ranging from 2,000 to 12,000 distinct products per store, manual inventory and vendor management can lead to miscalculated ordering and tied-up working capital, noted Bolling.

Scotch says it differentiates itself by building artificial intelligence directly into these back-office workflows. The platform uses AI to eliminate administrative friction, with the company claiming its offering can save business owners over a full day of work per week. It also saves them money by giving them, for example, a more accurate picture of their inventory, according to Bolling.

鈥淲e’ve really focused our AI workflows on the ‘toily’ aspects of running one of these businesses,鈥� Bolling said. “Some of our customers are sommeliers who opened a store because they are passionate about serving their community with the right wine curation. That鈥檚 their creative outlet. We try to take up the parts of the day that suck for these business owners.鈥�

By optimizing supply chains and automating store management, Bolling believes that Scotch鈥檚 AI native architecture is driving 鈥渕easurable鈥� gross margin expansion for its merchants.

Grassroots growth and word of mouth

Because it is targeting an industry historically dominated by 鈥渙ld-school,鈥� family-owned, mom-and-pop operations, Scotch has employed an unconventional go-to-market approach. The company relies on a dual strategy of targeted geographic inside and outside sales reps as well as localized trade association partnerships. The reasoning behind that approach, according to Bolling, is because liquor store owners rarely search for new POS hardware on a whim.

However, the startup’s fastest growth vector over the last six months has been organic word of mouth. Because many state laws cap the number of liquor licenses an individual can own, competitive hostility is low, creating tight-knit networks of friendly competitors.

“They go to the same industry events, they talk to each other, they are in study groups together,” Bolling noted. “When one of them adopts a system like Scotch, they refer a lot of other customers our way.”

Scotch currently has about 45 employees working out of its Denver headquarters. It plans to use its new capital in part to scale its engineering and sales operations across the United States in addition to accelerating product development.

Going after 鈥榯he hard part of the market first鈥�

, general partner at VMG Partners, believes that Scotch is modernizing 鈥渙ne of the last major categories of retail.鈥�

鈥淭he beverage alcohol market is nearly $250 billion and, despite that, is still operating on systems built in the 1970s with on-prem servers,鈥� he wrote via email. 鈥淚t isn鈥檛 an exaggeration to say Scotch is the only player that has solved enterprise-level complexity.鈥�

Most industry startups never moved beyond basic solutions for small businesses, believes Stenmark.

鈥淪cotch went after the hard part of the market first, solving for some of the largest and most complex retailers in the country,鈥� he wrote via email. 鈥淭his approach allowed them to harden their product early, and has translated to them having the only product that can actually solve every business operations and payments problem a retailer might have, whether they be a national brand or a beloved regional storefront.鈥�

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This is a weekly feature that runs down the week鈥檚 top 10 announced funding rounds in the U.S. Check out last week鈥檚 biggest funding deal roundup here.

Defense tech unicorn led the fundraising lineup in a week heavy with rounds for companies focused on applications in the physical world. Anduril鈥檚 $5 billion financing was by far the biggest. Other large rounds went to companies focused on supplying data power, robotics, space tech, biotech, and even strawberries.

1.听, $5B, defense tech: Defense tech unicorn Anduril Industries raised another $5 billion in funding at a $61 billion valuation 鈥� double the valuation of $30.5 billion it received less than a year ago. The Series H round, led by and , brings the Costa Mesa, California-based company鈥檚 total raised to date to $11.4 billion, .听听

2.听, $775M, energy: Houston-based VoltaGrid, a provider of mobile natural gas generators for data centers, microgrids and industrial applications, secured $1 billion in strategic investment from and . The investment includes $775 million in capital funding and a $225 million secondary purchase from existing investors.

3.听, $400M, robotics: Palo Alto, California-based Mind Robotics, developer of an AI-enabled industrial robotics platform, picked up $400 million in new financing led by . The round brings total funding to date to more than $1 billion for the startup, which launched in 2025 as a spinout of .

4.听, $275M, space tech: Cowboy Space, a developer of rockets and satellite infrastructure to power and run AI compute in space, closed on $275 million in Series B funding at a $2 billion valuation. led the financing for the San Carlos, California-based startup, which was founded by co-founder .听

5.听, $150M, indoor farming: Oishii, operator of highly automated indoor farms for growing strawberries, raised $150 million in Series C funding led by . Founded in 2016, the Jersey City, New Jersey-headquartered startup has raised $370 million in total funding to date.

6.听, $125M, cybersecurity: San Jose-based Exaforce, developer of an AI-native security operations platform, secured $125 million in Series B funding from backers including , , , 听补苍诲听 .

7.听, $122M, biotech: Create Medicines, a Cambridge, Massachusetts-based startup focused on in vivo immunotherapies for autoimmune diseases and cancer, closed on $122 million in Series B funding. , , and led the financing.

8.听, $100M, autonomy: Providence, Rhode Island-based HavocAI, a provider of tools for developing military and commercial-grade autonomous systems across sea, air and land, secured $100 million in Series A funding. The round brings total funding to date for the 2-year-old company to $200 million.

9.听, $65M, space tech: Star Catcher, a startup that says it is building the first power grid in space by beaming concentrated solar energy on demand to satellites, picked up $65 million in Series A funding. , and led the financing for the Jacksonville, Florida-based company, which was founded less than two years ago.

10.听, $64M, data center power: GridCare, developer of technology to more efficiently provide power to AI data centers, raised $64 million in Series A funding. led the financing for the Redwood City, California-based startup.听

Related reading:

• Anduril Raises Another $5B As Defense Tech Startups Shatter Funding Records听

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AI and software continue to draw the biggest share of startup investment, but most of the interesting companies that caught our eye in the past month were working on problems in the physical world, often far from the glow of a laptop screen.听

They include a defense-tech startup that aims to bring manufacturing closer to the frontlines, a company working to recycle valuable raw materials from defunct solar panels at industrial scale, and a startup that wants to produce cell-based milk for the dairy supply chain. Let鈥檚 take a look.

$82M to build near the battlefield

A decade ago, defense tech was considered a niche and sometimes controversial corner of venture capital, with few startup investors daring to place bets on companies working with the military.听

How times have changed. Already this year, $13.6 billion in venture investment has gone into companies in 小蓝视频色情网页版鈥檚 military, national security and law enforcement categories 鈥� more than 1.5x last year鈥檚 annual total.听

is one of the latest defense startups to get some of that funding, with an approach that aims to bring manufacturing closer to the battlefield. The San Diego-based startup last month announced an $82 million Series B led by .听

Firestorm builds expeditionary manufacturing systems and modular drones for military use. Its containerized 鈥渪Cell鈥� manufacturing platforms are designed to produce drones, replacement parts and other systems closer to the battlefield, a concept gaining traction as militaries rethink supply chains and logistics in contested regions such as the Indo-Pacific.

Existing and new investors including, , , , and others also joined its latest funding round, which brings Firestorm鈥檚 total funding to nearly $150 million, .

“The ability to produce, adapt, and sustain systems at speed and scale will define outcomes in future conflict,鈥� , founder and chief investment officer at Washington Harbour Partners, said in a statement. 鈥淲e’re excited to lead Firestorm’s Series B and back a company building a new model for manufacturing that replaces centralized supply chains with deployable, containerized units that can operate at the edge.”

The raise lands amid a broader surge in investor appetite for military tech, not just from defense-industry investors but also some of Silicon Valley鈥檚 biggest venture names. Sector heavyweight recently raised another $5 billion at a staggering $61 billion valuation in an – and -led round, underscoring just how mainstream venture-backed defense startups have become.

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$60M for a legal tech operating system

Legal tech has been one of the fastest-growing startup sectors in recent years, at least when measured by funding to the area, with venture investors pouring a record $4 billion-plus into the industry last year. That growth, of course, has been driven by AI鈥檚 rapid automation of many aspects of the notoriously paperwork-heavy industry.

Adding to this year’s tally is , a startup that says it鈥檚 building the operating system and brand for AI-native law firms. The startup said last month that it raised $60 million in Series A funding at a $750 million valuation from big-name investors. led the round and , and participated.

Manifest OS says it takes a different tack than most legal tech startups. Rather than sell software to traditional law firms that operate under a billable hour model, the company only caters to AI-native firms that charge clients based on outcomes.

鈥淐ompanies want fee transparency, predictability, and speed,鈥� , a Manifest investor and former general counsel for 听1, and , said in a statement. 鈥淟awyers want to focus on delivering results, not justifying billable hours. Manifest OS鈥檚 model and use of advanced technology align those interests in a way the traditional system simply doesn鈥檛.鈥�

Along with AI software that helps attorneys with tasks like client communications, legal research, document drafting and billing, Manifest OS also offers a centralized back office to handle client intake, business development, paralegal work and other administrative tasks. That, according to the firm, frees attorneys up to focus on more complex legal work.

One important caveat: All firms that use its platform operate under the Manifest Law name. According to the startup, that results in a consistent brand presence, pricing, response time and service quality to clients. Its is a business immigration law firm.

The startup says it has already served 150-plus corporate clients, including large tech companies, since launching 18 months earlier. It has hired more than 100 attorneys to date, it said, less than 1% of those that applied.

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$23M for industrial solar panel recycling

French cleantech startup said last month that it has secured 鈧�20 million (about $23 million) in Series B and grant funding to tackle a growing problem: industrial-scale solar panel recycling.听

By 2050, tens of millions of tons of solar panels are expected to become defunct, according to ROSI. The company鈥檚 technology recovers high-purity raw materials including silver, silicon, copper, aluminum and glass from those panels so that they can be recycled into new products.听

ROSI said the new funding will be used to build its first large-scale recycling plant in Spain. The site will be able to process 10,000 tonnes per year.听

The funding was led by , , and Spanish family office . Zurich-based corporate advisory firm , which specializes in deep tech, acted as strategic financial adviser and investor. Other investors included unnamed Swiss and Polish family offices.

鈥淥ur ambition is to build a European-scale industrial platform for circular management and the production of strategic raw materials, transforming end-of-life solar panels into a reliable source of high-purity materials for the European industries of tomorrow,鈥� ROSI President and co-founder said in a statement.

The investment comes as cleantech funding has seen tepid investor enthusiasm in recent years. Overall funding to startups in 小蓝视频色情网页版鈥檚 cleantech-, electric vehicle- and sustainability-related categories fell to a five-year low in 2025. Still, some areas 鈥� including solar and recycling 鈥� have continued to see larger rounds.

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$2.3M for a cell-based milk supplier听

Venture investment in food and beverage startups has fallen precipitously in recent years, from more than $22 billion in the peak year of 2021 to . Companies working on cell-based alternatives to traditional sources of protein such as meat and dairy products, in particular, have largely fallen out of favor with startup investors, 小蓝视频色情网页版 data shows.

That makes Montreal-based 鈥檚 recent $3.2 million CAD (roughly $2.3 million) seed round all the more interesting. The company, previously named BetterMilk, says it produces 鈥渃omplete milk鈥� 鈥� with proteins, fats and sugars 鈥� from mammary cells in a bioreactor, without employing any cows.

Its recent round was led by , with participation from , , and existing investors including , and .

Rather than make a direct-to-consumer play, as many food and beverage startups have done, Opalia is positioning itself as a supplier in the food industry. The company recently inked a two-year deal with dairy supplier and a paid pilot with an unnamed 鈥淐anadian division of a leading global dairy group.鈥�

鈥淲e see Opalia as a foundational player in the next era of dairy,鈥� , managing partner at Nadarra Venture, said in a statement. 鈥淲hat sets them apart is a combination of highly credible, differentiated science and a clear, executable path to scale within existing dairy infrastructure, addressing the economics required to compete globally. Today, global demand for dairy is outpacing supply, and the traditional system is under increasing pressure from climate and resource constraints, making innovation no longer optional.鈥�

Opalia plans to make its commercial debut in 2028 and said it鈥檚 currently working through the regulatory process in North America.

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$16M to automate the factory playbook

Mountain View, California-based last month announced a $16 million seed funding round听to speed up what it calls one of manufacturing鈥檚 most stubborn bottlenecks: turning digital product designs into actual production plans.

The startup鈥檚 platform, dubbed AutoAssembler, plugs into existing CAD and PLM systems and uses AI to automate process planning, the painstaking engineering work required to determine how parts fit together, in what order they should be assembled, and how products can realistically be built at scale. C-Infinity says workflows that once took weeks can now be completed in minutes.

Its seed round was led by with participation from and

C-Infinity’s pitch taps into a broader trend gaining traction across industrial tech: software that doesn鈥檛 just analyze operations, but actively participates in physical production decisions. That kind of investment in physical AI 鈥� real-world applications of artificial intelligence, including in factories and on construction sites 鈥� has taken off this year.听All told, startups working on physical AI have already hauled in more than $37 billion in venture funding globally in 2026, , shattering the full-year records of $21 billion set in both 2025 and 2021.

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But while the fundamental need for food security remains high, startup investors have become increasingly risk-averse, driven by structural and economic pressures, 小蓝视频色情网页版 data shows.

And that aversion is reflected in the number of venture deals being conducted in the sectors so far in 2026.

The broad trend: Venture funding in agriculture and farming is still undergoing a market correction following the hyper-funding era of 2021, when startups in the space raised $10.5 billion across 1,419 deals, a review of 小蓝视频色情网页版 data shows. Many agtech startups that raised massive rounds during that 2021 peak have struggled to show real-world traction.

At the same time, as with most other industries, AI is having an impact. AI in agriculture has moved from predictive to agentic. The focus is no longer strictly on collecting data, but on autonomous orchestration 鈥� closing the loop between digital insight and physical action on the farm.

The numbers: So far this year through May 7, agtech startups have raised $1.4 billion, on track to be down slightly or on par with the $4.4 billion raised last year and the $4.6 billion raised in 2024. It鈥檚 also well below the peak $10.5 billion raised by agriculture-related startups in 2021 and the $10.3 billion that went to such companies in 2022.听

Deal count looks to be pacing down more significantly, with the 187 deals done year to date tracking much slower than the 784 rounds in 2025 and the 1,038 in 2024.That signals not only less overall funding but also larger round sizes for fewer companies.

Standout deals

The largest round in 2026 so far was raised by , a New Zealand startup that develops a smart collar for cattle, which enables virtual fencing and real-time monitoring. In late March, Halter raised funding led by at a valuation of just over $2 billion.

Boston-based , a weather technology company offering real-time forecasting services to predict and respond to climate-related threats, closed on at a $1 billion valuation in February. Private equity firm and co-led that financing.

贵谤补苍肠别鈥檚 , which has built an amphibious water bomber aircraft for aerial wildfire suppression, raised a $135.2 million Series A round led by in March.

And , a UK-based producer of gene-edited crops, raised $105 million in a Series C round of funding co-led by and in March.

Interestingly, Indian startups have raised three of the 11 largest deals in the sector so far in 2026: , and .

Exits

The agtech exit landscape over the past year has been characterized by strategic consolidation rather than high-profile IPOs. As venture capital interest remains disciplined, established players 鈥� both within the agricultural sector and from broader tech 鈥� are acquiring startups to bolster their AI and automation capabilities.

The third quarter of 2025 saw three notable acquisitions in the space:

• picked up (founded in 1982, the company is manufacturer of driverless orchard sprayer for agriculture applications).
• announced it would buy , which aims to offer high-volume crop production units made from upcycled shipping containers to support farming in any climate, 听and
• said it would acquire (formerly Agritask), a crop supply intelligence company.

In the first half of 2026, the trend continued.听

In January, announced it would acquire biological insect control group . Interestingly, the company said it plans to.

Also in January, cannabis industry enterprise resource planning (ERP) platform announced it had acquired competitor , an 8-year-old cultivation management software startup.

(FBN), , and have long been viewed as IPO candidates but it remains to be seen when (or if) they鈥檒l take the plunge.

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• Automation Is A Bright Spot Amid Ho-Hum Agtech Funding

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led the raise, which included participation from , , , and St. Elmo Venture Capital, the investment arm of customer . It brings the Raleigh, North Carolina-based startup鈥檚 total raised to $5.35 million since its 2023 inception.

The idea for Cloneable traces back to a bottleneck its founders encountered years earlier while working in the field.

In 2019, as wildfires ravaged California, co-founders , and 鈥� founding employees at drone company 鈥� were deployed to help inspect critical infrastructure. Their team sent out 150 drone pilots to survey thousands of miles of transmission lines.

But reviewing that data proved far less scalable.

When Reich visited a utility command center weeks later, she saw hundreds of workers manually scrubbing through video footage, while only a handful of experts knew what to look for.

“It was an ‘aha’ moment,” she recalled. 鈥淲e realized this cannot be the way. If we know what the expert is looking for, why can’t we just clone that expertise?鈥�

The startup鈥檚 founders realized that heavy industries 鈥� energy, oil and gas and agriculture 鈥� face a 鈥渒nowledge crisis鈥� as experienced workers retire faster than they can be replaced.

鈥淔or every young worker entering the energy workforce, 2.4 experienced ones are walking out the door toward retirement. And it’s happening right as energy demand is set to double by 2050,鈥� Reich, the company鈥檚 CEO, told 小蓝视频色情网页版 News.

Cloneable aims to capture and preserve that kind of institutional knowledge.

In February 2025, it launched Cloneable Field for automated infrastructure inspection targeting the energy sector.听 Alongside the fundraise, the company is now launching an agentic product that codifies expert knowledge and deploys it as scalable AI agents.

The funding will also support expansion into infrastructure-heavy industries such as public utilities, vegetation management, construction, rail, mining, agriculture and manufacturing.

鈥淭hese are markets chronically underserved by point solutions,鈥� Reich said. 鈥淣o one has combined in-field data collection with agentic automation at the scale these industries require.鈥�

That includes workers鈥� judgment and institutional knowledge not captured in documentation or general AI models, according to Reich. 鈥淐loneable automates workflows that have traditionally been considered too complex for automation,鈥� she said.

The company claims that a process that typically takes a human engineer eight hours, such as structural calculations for a project where a firm is going to replace, upgrade or install 25 utility poles can be completed by a Cloneable agent in under two minutes.

鈥淎 single engineer can process roughly 4,500 to 5,500 poles a year before they hit a capacity ceiling,鈥� Reich said. 鈥淥ur agent runs at 2 million to 3 million poles a year. For a mid-size engineering firm with five to 10 people spending half their time on this work, that’s $115,000 to $312,000 a year in labor that’s not being redirected to higher-value work.

She added: 鈥淭his could be the difference in entire towns being connected to fiber or not over the next 12 months.鈥�

From the field to the back office

The startup says it grew ARR 100x between February and the end of 2025. It has dozens of customers, including , , , and , as well as , which is expanding the 鈥渆xpert cloning鈥� model to livestock and food supply.

Unlike generic AI that requires coding or clean data, Cloneable鈥檚 platform 鈥渟hadows鈥� experts. AI watches an expert perform a workflow, such as a complex utility-pole design. It then captures audio and documentation from the expert in real time. Next, it turns that contextual experience into an AI agent capable of executing the same task.

鈥淥ur differentiation is a decade of lived experience in how these industries actually operate, and the proprietary data and workflows we’ve captured from being inside these companies,鈥� Reich said, adding that everything is highly specific 鈥� from tools to how they鈥檙e configured per customer.

Large foundation model companies focus on the model itself, she said.

鈥淲e’re focusing on a framework that leverages different model types, including small, specific ones,鈥� she said. 鈥淲e clone our customers鈥� knowledge and experience into a small model, which makes it extremely cost-effective to do their work. We’ve built it so all the agent needs to know is: my company, my rules, my industry, my tools.鈥�

Cloneable makes money from its field offering through seat-based licenses per field collection device. With its new agent, charges are per-token and usage-based.

Solving for both data and the agents to act on it

, a partner at Congruent Ventures, said her firm鈥檚 investment in Cloneable was the culmination of many conversations with founders about AI adoption in legacy industries.

鈥淲e’ve seen companies focus either on data capture with complex, expensive, purpose-built hardware 鈥� or on agentic AI for the back office where they struggle to get the high-fidelity data needed to power those agents,鈥� she wrote. 鈥淐loneable has solved both.鈥�

She said the firm is betting on Cloneable鈥檚 team to bring AI to industries where horizontal solutions 鈥渁ren鈥檛 deep enough.鈥�

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In a quarter when nearly two-thirds of global venture capital went to just four companies, it鈥檚 easy to lose track of the many other companies getting funding to tackle interesting problems. Nonetheless, we spotted five companies in just the past month working on issues from cleaner ferries and trains to foundational AI for plants. Let鈥檚 take a closer look.

$55M for a mineral rights-backed credit card

Natural resources can be incredibly valuable financial assets, but you can鈥檛 exactly buy your weekly groceries with oil or water rights.

That鈥檚 an issue that a Dallas-based fintech startup aims to solve. recently raised $50 million in a debt round from to provide a credit card to U.S. households holding mineral rights to natural resources such as oil, natural gas, solar, wind or water.

鈥淔or the millions of mineral rights owners in the United States, these rights are one of the most valuable assets the family owns. But these families are just like the rest of Americans and often are carrying revolving credit card balances at more than 25% [interest],鈥� Frontlands CEO said in a statement. 鈥淗istorically, owners have had few options to access the value trapped inside their mineral rights without selling.鈥�

Its AI system combines machine learning, production data, royalty payment histories, lease terms, commodity price forecasts, geologic data and traditional to automate the underwriting process, the company says. While it鈥檚 historically been difficult for traditional lenders to assess natural resources as collateral, Frontlands says its process typically delivers a same-day credit decision.

The company鈥檚 recent credit facility is in addition to a announced in December from venture investors including , , and .

Frontlands said its average credit line in early markets 鈥� Texas, Pennsylvania, New Mexico, North Dakota, Wyoming and Oklahoma 鈥� is more than $30,000. It plans to launch its credit card product this summer in partnership with Texas-based sponsor bank .

Frontlands said it also expects to raise a Series A round later this year.

鈥淥ur goal isn鈥檛 to pile on more debt,鈥� Cotter said in a statement. 鈥淏ut the opportunity to help our customers move away from high-interest credit card debt 鈥� and provide a path toward greater financial stability 鈥� is compelling.鈥�

Investment in fintech startups hit a multiyear high in 2025, 小蓝视频色情网页版 data shows, though remains well below the peak. Many of the best-funded companies in recent quarters have brought AI to bear on traditionally more manual or cumbersome processes in the financial services industry.

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$32M for 鈥榝lying鈥� electric commuter ferries

As of this writing, oil prices are hovering around $100 a barrel 鈥� down from an even greater peak a few weeks earlier, but still among the highest levels seen in years, as the U.S.-Iran war disrupts global energy markets.

So Swedish electric vessel maker 鈥檚 recent funding of 鈧�30 million (about $32 million) seems timely. The Stockholm-based company makes electric 鈥渇lying鈥� boats that are used as commuter ferries. They differ from traditional vessels by using computer-controlled hydrofoils to lift the hull above the water, an approach the company says dramatically reduces drag and cuts energy use by up to 80% 鈥� enabling faster, smoother, zero-emission travel compared to conventional diesel ferries that push through the water.

鈥淔rom a physics perspective, ships have been essentially the same for hundreds of years,鈥� Candela founder and CEO said in a statement. 鈥淲e’re redefining waterborne transport by effectively creating a new category of vessel. This allows cities and municipalities to finally take full advantage of waterways 鈥� while escaping the fossil-fuel cost trap that has long prevented them from being used efficiently.鈥�

Its P-12 vessels have already been deployed as commuter ferries in Stockholm, Gothenburg, Oslo and Trondheim.

The new funding was led by 鈥檚 arm and included previous investors , , and .

The capital will primarily be used to fund a second factory in Poland. Candela says it has more than 65 vessels on order and planned deployments across markets including India 鈥� where a fleet of 10 of its P-12s will reportedly cut travel times from Navi Mumbai Airport to the city center from around two hours to 35 minutes 鈥斕齮he Middle East and Southeast Asia.

The startup鈥檚 funding defies an overall downturn in clean-tech funding. Funding for clean-tech related startups totaled $26.9 billion in 2025, down 23% year over year and the lowest annual amount since 2020, 小蓝视频色情网页版 data shows.

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$30M to electrify trains with batteries and microgrids

Let鈥檚 now turn from waterways to train tracks, with another company that recently raised significant funding aimed at giving centuries-old transportation systems a green overhaul.

, a Philadelphia-based startup, said last month that it raised $30 million in seed funding led by Australian mining company and Israeli venture firm to develop a new way of powering freight rail that avoids the high costs of traditional electrification.

The startup positions its technology as a way to decarbonize one of the world鈥檚 most efficient but still fossil-fuel-dependent transport systems. It鈥檚 targeting a major pain point for the rail industry: its heavy reliance on diesel. In North America alone, the six largest freight rail operators spend roughly $11 billion annually on diesel fuel, while full electrification of rail networks could cost more than $1 trillion, according to Voltify.

Instead of relying on overhead wires, Voltify says it鈥檚 building a system that combines battery-equipped railcars with technology that allows trains to recharge while moving. The goal is to help rail operators cut emissions and fuel costs without requiring massive infrastructure overhauls.

Its approach 鈥� using mobile batteries and distributed charging via microgrids 鈥� aims to sidestep those costs by retrofitting existing trains and building localized energy systems rather than rebuilding entire rail networks.

CEO and co-founder that the company has signed a paid pilot agreement with a Class 1 railroad, though she declined to name the customer, citing a confidentiality agreement.

She noted in a that raising funding for a transportation company in the current market was difficult. 鈥淪ecuring capital in the hardware space and traditional industries is challenging,鈥� she wrote. 鈥淚t is not the 鈥榠n鈥� space; there is no FOMO at play, so we need to focus on metrics and execute quickly. With some of the top 5 largest rail companies globally and a large order pipeline, we are determined to keep moving at lightning speed.鈥�

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$7M for foundation AI for biology

Funding to foundational model AI startups surged last quarter, reaching $178 billion, per 小蓝视频色情网页版 data. But the vast majority of that funding went to AI giants like and that are building general-purpose GenAI models.

Such models are fundamentally lacking for hard sciences, argues , a startup based in Paris and Berkeley, California, that last month raised $7 million in seed funding to develop foundation AI for biology trained on DNA, RNA and data from other 鈥溾�� fields, rather than human text.

The company鈥檚 first family of transformer models is called Botanic and is trained on data from 43 plant species. Living Models noted that it鈥檚 starting with the commercial crop industry, a massive global market that has abundant data, well-established research infrastructure, and fewer regulatory concerns and faster commercialization timelines than the pharmaceutical industry.

鈥淧lant biology combines three properties that make it an ideal first domain for biological foundation models: genomic data is abundant and largely unrestricted, the commercial need is acute and quantifiable, and the feedback loop between computational prediction and real-world validation is well established through existing breeding infrastructure,鈥� the company said in a statement.

The global seed industry is also dominated by a handful of incumbents, it noted: , , , and 鈥斕齝ompanies that already spend billions of dollars a year on breeding research.

鈥淏iology is an information problem at every scale, from a single cell to an entire ecosystem. The genomic data exists across many domains; what’s been missing is a model architecture capable of learning from it at scale,鈥� , Living Models鈥� CTO and co-founder, said in a statement. 鈥淲e start with plants because the data is rich and the breeding cycle is a clear bottleneck, but the same approach applies wherever sequence data meets slow, empirical discovery.鈥�

The company鈥檚 recent funding was led by , , and . Other included and

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$2.1M for a brain-stimulating consumer wearable

Billions of dollars a year are spent on therapy and other mental-health treatments, yet measuring progress can be elusive.

That鈥檚 one of the issues that San Francisco-based aims to take on with a neuromodulation wearable headset that it says can reduce stress, improve attention span and mood, and more quantitatively measure mental health scores.

Mave鈥檚 device uses transcranial direct current stimulation, or tDCS, a noninvasive technique that delivers a low electrical current to the brain through electrodes placed on the scalp, with the aim of modulating neural activity. The technology is when used by adults as directed in controlled settings.

The company last month raised $2.1 million in seed funding led by , with participation from individual investors including Autopilot AI lead .

Crucially, Mave says it does not plan to pursue medical-device approval for its product, which sells for $495. Instead, it is positioning the gadget as a wellness tool that consumers can use on a daily basis to improve their mental well-being and better measure the outcomes of talk therapy or other treatments.

鈥淚f you ask a psychologist how do you know if a person is making progress, their response to it is very standard, which is that it鈥檚 not about progress. It鈥檚 about process [鈥 But for somebody with depression who is spending a lot of time in therapy, progress is important. So how do you know whether they鈥檙e making progress or not? And even these basic questions were not being answered,鈥� co-founder .

Mave鈥檚 funding comes amid an overall downturn in investment for wellness and fitness-related companies, although select wearables makers including and have raised significant funding in recent years.

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U.S. and Canadian companies secured a staggering $252.6 billion in seed- through growth-stage funding rounds per 小蓝视频色情网页版 data. That鈥檚 more than 3x the total raised in the prior quarter, and the largest quarterly total of all time.

Predictably, artificial intelligence was the driver. More than 87% of Q1 investment went to companies in 小蓝视频色情网页版 AI-related categories.

To say these are record funding tallies is somewhat of an understatement. It鈥檚 more like Q1 smashed the prior quarterly record 鈥� $95.7 billion 鈥� set in Q3 2021.

Just a single financing for was bigger than the prior quarterly record for all startup funding rounds put together. And the four next-largest financings totaled almost as much as the prior quarter, which at the time we considered a very strong period for startup funding.

So, in summary, it was a lot of money. For a more detailed picture, we drill down more deeply into how that largesse was distributed across stages and sectors. We also take a look at exits for the quarter, including both IPOs and acquisitions.

Table of contents

• AI
• Later stage and technology growth
• Early stage
• Seed
• Exits
• Big picture: A paradigm shift
• Methodology
• Glossary of funding terms

AI

We鈥檒l start with AI, since that鈥檚 where the overwhelming majority of the money went.

A staggering $221 billion went to North American companies in 小蓝视频色情网页版 AI-related categories in the first quarter. That鈥檚 about 6x the AI investment total from the prior quarter, which was itself no slacker on this front.

For perspective, we charted out AI-related funding over the past 13 quarters to compare.

A few megarounds for high-profile companies accounted for most of the quarter鈥檚 AI funding, led by OpenAI, , and .

Later stage and technology growth

These same names factor heavily in tallies for late-stage and technology-growth funding, which comprised the vast majority of total startup investment.

Per 小蓝视频色情网页版 data, $222.4 billion 鈥� or 88% of all North America startup investment 鈥� went to rounds at these stages. That鈥檚 more than 5x the prior quarter鈥檚 tally, and more than triple year-ago levels.

The gains were driven by bigger deals, not more of them. Later- and growth-stage round counts were actually down a smidge sequentially in Q1. For perspective, below we chart round counts and investment totals at this stage for the past five quarters.

Enormous rounds for AI companies accounted for a majority of the late- and growth-stage totals. The biggest of these was OpenAI鈥檚 record-setting $110 billion February financing led by , and . The generative AI giant topped it off with a raise in March.

Anthropic secured the quarter鈥檚 next-biggest late-stage financing 鈥� a $30 billion February Series G 鈥� followed by xAI, which announced a $20 billion Series E in January. landed another of the quarter鈥檚 very big deals, with a $16 billion February Series D.

Early stage

Early-stage investment was also running high in Q1, albeit not setting records.

Overall, investors put $25.1 billion into deals around Series A and Series B stage in the first quarter. That鈥檚 up 17% from the prior quarter and 56% from year-ago levels. It鈥檚 also the highest quarterly total in over three years, though still below peaks scaled in 2021.

Early-stage round counts, meanwhile, were down a bit, indicating investors鈥� increasingly concentrating their bets among perceived star performers.

As usual, a few jumbo-sized deals significantly boosted the early-stage totals. For Q1, this included four rounds of $500 million or more.

Of these, Austin-based humanoid robotics startup was the biggest fundraiser, pulling in $520 million in a February Series A. Three other companies secured $500 million financings: AI infrastructure developer , semiconductor startup , and industrial robotics-focused .

Seed

Seed-stage investment, meanwhile, did not show an upswing but remained at historically robust levels.

Per 小蓝视频色情网页版 data, an estimated $5.1 billion went to seed and pre-seed investments in Q1. That鈥檚 roughly flat with the prior quarter and up a bit from year-ago levels.

Seed round counts declined in Q1, both sequentially and year over year. However, we expect these tallies to rise some over time, along with investment totals, as seed deals commonly get added to the data set weeks after they close.

Exits

Exit activity was fairly staid in comparison to the high-rolling startup fundraising environment.

That said, the IPO market did boast a few sizable startup debuts. Of these, the largest was the January IPO of construction equipment rental marketplace , followed by space tech company , and crypto platform .

Below, we aggregated a list of 12 private, venture-backed companies that carried out IPOs on U.S. exchanges.

Acquirers also announced several large deals to purchase venture-backed private companies.

The priciest planned M&A deal was 鈥檚 agreement to purchase business credit card provider for $5.15 billion. Biotech also delivered some large outcomes, including 鈥檚 planned acquisition of RNA therapeutics startup , and 鈥� purchase of allergy treatment startup .

Below, we put together a list of five of the quarter鈥檚 biggest M&A deals.1

Big picture: A paradigm shift

Having written many of these funding reports over the years, it鈥檚 common for one quarter to quietly blur into another. Not so for Q1 of 2026.

The just-ended quarter cemented a notion that startup insiders have been circling for some time: Private markets now have the capital stores and appetite for ultra-high valuations to rival public markets. For evidence, look no further than OpenAI鈥檚 $122 billion raise at a valuation higher than all but a handful of the largest large-cap technology companies.

IPO enthusiasts may pine for a future period when these most sought-after foundational AI names finally do make it to public markets. But for now, they鈥檝e demonstrated there are plenty of investors willing to shell out billions in private offerings as well.

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Methodology

The data contained in this report comes directly from 小蓝视频色情网页版, and is based on reported data. Data is as of March 31, 2026.

Note that data lags are most pronounced at the earliest stages of venture activity, with seed funding amounts increasing significantly after the end of a quarter/year.

Please note that all funding values are given in U.S. dollars unless otherwise noted. 小蓝视频色情网页版 converts foreign currencies to U.S. dollars at the prevailing spot rate from the date funding rounds, acquisitions, IPOs and other financial events are reported. Even if those events were added to 小蓝视频色情网页版 long after the event was announced, foreign currency transactions are converted at the historic spot price.

Glossary of funding terms

Seed and angel consists of seed, pre-seed and angel rounds. 小蓝视频色情网页版 also includes venture rounds of unknown series, equity crowdfunding and convertible notes at $3 million (USD or as-converted USD equivalent) or less.

Early-stage consists of Series A and Series B rounds, as well as other round types. 小蓝视频色情网页版 includes venture rounds of unknown series, corporate venture and other rounds above $3 million, and those less than or equal to $15 million.

Late-stage consists of Series C, Series D, Series E and later-lettered venture rounds following the 鈥淪eries [Letter]鈥� naming convention. Also included are venture rounds of unknown series, corporate venture and other rounds above $15 million. Corporate rounds are only included if a company has raised an equity funding at seed through a venture series funding round.

Technology growth is a private-equity round raised by a company that has previously raised a 鈥渧enture鈥� round. (So basically, any round from the previously defined stages.)

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These in-between exits don鈥檛 generate a lot of buzz, but collectively they add up to a tidy sum. Last year, for instance, U.S. startup purchases under $300 million听1 brought in about $8.7 billion altogether, 小蓝视频色情网页版 data shows.

These small and mid-sized deals are not a long-term growth area for M&A, by many measures. The total deal value of purchases between $100 million and $300 million last year was still below levels routinely reached nearly a decade ago, as charted below.

Moreover, the total value can add up to just a fraction of a single, larger exit. 鈥檚 $32 billion purchase of , for instance, is worth more than 4x all these sub-$300 million deals put together.

Even so, we鈥檙e up from prior lows. Startup purchases in this range hit a low point a couple years ago and have rebounded since, with this year off to a brisk start as well.

Smaller deals shrink more

Smaller disclosed-price acquisitions of under $100 million are also well below peak. The volume and value of these deals hit a low in 2024 and has made somewhat of a comeback since, as charted below.

These sub-$100 million purchases are a mixed bag for returns. Investors might recoup solid profits from companies that raised a few million in seed funding and sold for prices in the tens of millions.

In other cases, startups sold for considerably less than the sums they raised in venture investment. Using 小蓝视频色情网页版 data, we aggregated a few examples of such deals from the past year. It includes companies with known struggles, such as , which filed for bankruptcy before selling to an acquirer this month.

No power buyers

Notably, there is no 鈥減ower acquirer鈥� for small and mid-sized startup purchases. Out of 181 sub-$300 million startup acquisitions since 2024 there was no buyer with more than two such deals, per 小蓝视频色情网页版 data.

That said, there are companies with a larger number of funded startup purchases, just without reported prices for all or most. Examples include , , , , , and , among others.

When price isn鈥檛 disclosed, it鈥檚 hard to gauge how founders and investors fared on the deal. That said, most of the more active buyers can certainly afford to pay well. Whether they choose to do so is another matter.

*This is only disclosed-price purchases. Most startup acquisitions do not have a disclosed price.

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February was the biggest month on record for venture funding. And while the vast majority of that capital went to just three companies 鈥� , and 鈥� a whole host of under-the-radar startups also drew investor checks.

Among those that most piqued our interest: A phlebotomy robot, a company that aims to revive precision manufacturing in the U.S. and Europe with a small-business franchise model, and a health beverage made from seaweed. Let鈥檚 dive in.

$70M for robotic blood draws

If you鈥檙e squeamish about needles or blood, you might want to stop reading now.

This week, Dutch startup raised $70 million in Series B funding for its phlebotomy robots, which are designed to autonomously perform diagnostic blood draws.

Vitestro was founded in 2017 and has raised more than $104 million to date, . Its Series B investors include , and , among others.

The new funding will be used to advance its Autonomous Robotic Phlebotomy Device, to seek regulatory approvals in the U.S. and to scale commercialization.

Blood draws are one of the most routine and important processes in healthcare, investors noted, but have undergone little to no technical innovation, despite chronic industry staffing shortages.

Vitestro鈥檚 device is designed to be installed in phlebotomy departments and combines imaging technology, AI and advanced robotics to identify suitable veins for a blood draw, guide needle insertion and collect blood samples, according to the company.

鈥淰itestro is redefining one of the largest and most under innovated clinical workflows with a first-of-its-kind autonomous robotic platform for diagnostic blood collection addressing an enormous unmet global market need,鈥� Dr. , co-founder and partner at Sonder Capital and former co-founder and CEO of and , said in a statement. “I believe this technology has the potential to establish a new standard of care, much as robotic surgery did in its early days.”

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$50M for a franchise model for precision manufacturing

Two of the hottest startup industries right now are defense and space tech. At the same time, domestic manufacturing in the U.S. and Europe, particularly for military and defense applications, has come under renewed focus amid global trade tensions and intensifying wars.

Against that backdrop, manufacturing startup said earlier this week that it raised a $50 million Series A, less than a year after its seed round. The London-based company says it plans to open 25 factories by the end of 2026 and launch into Germany, France and Ukraine.

Isembard makes technology to manufacture precision components that are used in the defense, aerospace, energy and robotics sectors. Interestingly, it operates as a franchise model that lets existing machine shops and new businesses use its proprietary software and AI system.

It noted that component manufacturing is a $1.8 trillion a year industry. Yet, 95% of production is done by small businesses. The typical owner of one of those small machine shops is more than 65 years old and 40% plan to retire within five years, according to the company.

led Isembard鈥檚 Series A investment, which included participation from听, , , , and individual investors , and .

鈥淚sembard is redefining the process of owning and running a factory,鈥� , managing partner at Union Square, said in a statement. 鈥淏y embedding deep operational expertise into an agentic OS, MasonOS lowers the barrier to operating high-performance manufacturing businesses and enables a networked, capital-efficient path to scale. At a moment when demand for advanced manufacturing is accelerating and interest in SMB ownership is rising, Isembard brings both forces together.鈥�

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$13M for seaweed beverages

While overall funding to food and beverage startups has plummeted since their pandemic-era heights, products that offer unique health benefits do still attract investor attention.

One recently funded company in that space is , a Torrance, California-based startup that makes wellness-oriented drinks from seaweed. The company secured $13 million in seed funding led by with participation from and .

Founded in 2019 by , Aqua Theon鈥檚 first product is OoMee, a seaweed-based beverage marketed as supporting gut health and satiety. Its star ingredient, agar-agar, has reportedly seen a surge in social media interest.

Beverages marketed as healthful or beneficial are to be a more than $192 billion market by the end of this year.听 Among funded startups, that has included a heavy emphasis on products that orient themselves around offering protein, fiber or an energy boost, a review of 小蓝视频色情网页版 data shows.

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$6M for an email provider for AI agents

They grow up so fast, don鈥檛 they? Less than four years into the AI boom, AI agents are already asking for their own email addresses.

That鈥檚 the premise behind , a San Francisco-based startup that this week said it has raised $6 million in seed funding from a long list of investors to build the tech stack for software agents, starting with their inboxes.

鈥淎I agents are already starting to function as virtual employees across industries,鈥� , partner at , said in a statement. 鈥淭hese agents need their own identity and email is the heart of identity on the internet. Traditional identity services were not built with agentic use cases in mind, and AgentMail is building that part of the stack, starting with email.鈥�

To that end, AgentMail said it鈥檚 launching its onboarding API to let AI agents get email addresses without human assistance.

“The next billion users of the internet will be AI agents,” AgentMail co-founder said in a statement. “We’re building infrastructure that treats agents as first-class citizens, starting with email. The demand is so intense that the agents themselves are finding us and signing up.鈥�

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$1.3M for AI for wastewater treatment

, an AI software company that helps the wastewater industry manage complex systems and make critical decisions, raised $1.3 million in pre-seed funding. The deal exemplifies a common theme among funded AI startups: Many operate in very niche industries and promise to automate process-heavy workflows.

Nyad said its tool is designed to help plant operators in the wastewater industry, which faces a looming labor shortage as nearly half of the sector鈥檚 U.S. workforce is expected in the next decade.

The round for the Birmingham, Alabama-based startup was led by and included participation from , , , , and angel investor .

Nyad was founded in 2024 by British entrepreneurs (CEO) and after the two reportedly experienced poor water quality during triathlon training in the U.K. They later moved the company to the U.S. after seeing early customer demand through pilot programs in the Birmingham area.

Nyad鈥檚 technology helps plant operators maintain compliance and troubleshoot issues. 鈥淥perators are the final line of defense for public health and the environment,鈥� Szepietowski said in a statement. 鈥淎s experience retires out of the industry, we need tools that support operators in the moment when decisions matter most.鈥�

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Seed-stage investors have a different view. Over the past few months, two startups focused on the intersection of AI and biosecurity have raised good-sized initial rounds with among their investors.

, a developer of AI systems that identify biological threats and design countermeasures, last fall in its first known funding round. The New York-headquartered company counts and as backers, along with OpenAI.

Weeks later, , a self-described AI biosecurity company, secured $15 million in a seed round led by OpenAI and joined by investors including , and . The company鈥檚 operating thesis is that as AI capabilities advance, biological risks grow exponentially, so defenses must scale at the same rate.

On the nonprofit front, meanwhile, Cambridge, Massachusetts-based secured grant funding from multiple sources last year, $1.4 million from in December. The organization鈥檚 stated mission is to secure the future from catastrophic pandemics.

A drop in the AI bucket

Given all the capital that has poured into artificial intelligence of late, these are not comparatively large sums going to biosecurity. To put it in perspective, the two biggest seed rounds are less than one-tenth of a percent of the record-setting $110 billion financing OpenAI secured last week.

What鈥檚 more noteworthy than sums invested is these are relatively new areas for startups to scale.

Per 小蓝视频色情网页版 data, the term 鈥渂iosecurity鈥� and similar terminology has cropped up in funded startup descriptions but not so much in the context of AI. Funded startups around this theme have also commonly focused on livestock.

The Australian startup , for instance, raised a few million two years ago, , with a focus on tracking biosecurity risks for cattle, pigs, eggs and poultry. And Nebraska-based last year for a business focused on swine disease surveillance.

Running in place

In addition to their AI focus, the latest crop of biosecurity seed-funded startups stand out for the dire scenarios they鈥檙e hoping to contain.

, it’s now faster to weaponize biology than to advance new cures, an ominous development that AI leaders have identified as one of the largest threats of our time. The company envisions a future where any threat to human health can be immediately identified and neutralized.

Red Queen Bio evokes a similarly alarming specter of threats, reflected in its nomenclature. The , a notion that evolution requires constant adaptation to ever-evolving threats, stems from a 鈥淭hrough the Looking Glass鈥� passage. In it, the tyrannical Red Queen explains that in her kingdom, 鈥渋t takes all the running you can do, to keep in the same place.鈥�

Running to keep in the same place seems a more broadly apt metaphor for the modern era in myriad domains, not just biosecurity. However, this is one of the spaces where not keeping up carries the potentially deadliest penalties.

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