About the Report: This monthly brief equips founders and investors with actionable benchmarks of global equity VC market and top-tier VCs (e.g., a16z, YC, Founders Fund). We decode "Smart Money" investment patterns, sectors, and deal structures to translate market dynamics into strategic advantages for your growth initiatives.
What makes our intelligence unique:
Pure-play equity: Strictly tracking angel/pre-seed through late equity stages (excluding venture debt).
"Smart Money" tracking: We place an extra focus on benchmarking VC leaders who have collectively backed 800+ unicorns.
Institutional-grade insights: High-quality, verified data paired with deep industry context.
1. Capital Concentration & Mega Outliers
While standard deal flow reached 2,279 transactions, total standard capital deployed reached $32.9 billion. The ecosystem remains heavily influenced by mega-rounds, with an massive additional $14.1 billion entering via six major megadeals, pushing the grand total volume to $47.0 billion.
2. Hard Tech & AI Infrastructure Leadership
Capital strongly favored broad physical industries and AI infrastructure. The Industries sector led standard deal flow with 698 transactions deploying $18.0 billion (anchored by Engineering & Technical & Robots). Concurrently, AI Infrastructure logged 311 deals accounting for 16.3 billion.
Standard Deal Volume:$32.90 Bn
Megadeals Volume:+$14.10 Bn
Grand Total Deployed:$47.00 Bn
Total Standard Deals:2,279 Deals
Seed / Pre-Seed Deals:1,401 Deals
Megadeals ($1B+):6 Deals
Newly Minted Unicorns:26
| Funding Type | 2025-09 | 2025-10 | 2025-11 | 2025-12 | 2026-01 | 2026-02 | 2026-03 | 2026-04 | 2026-05 | 2026-06 | 2026-07 | 2026-08 | 2026-09 |
|---|
| Seed / Pre-Seed | 3.8 | 3.3 | 2.9 | 3.2 | 4.1 | 2.4 | 3.3 | 3.8 | 2.9 | 4.1 | 3.3 | 2.8 | 4.1 |
| Early Series | 10.5 | 10.8 | 9.7 | 10.7 | 12.1 | 11.4 | 12.8 | 9.6 | 9.8 | 13.8 | 8.8 | 9.7 | 11.3 |
| Later Series | 8.3 | 11.4 | 7.3 | 7.5 | 10.2 | 6.0 | 6.9 | 7.0 | 6.0 | 12.4 | 7.3 | 9.1 | 13.6 |
| Series Unknown | 5.3 | 4.0 | 4.6 | 3.6 | 3.3 | 2.2 | 4.9 | 3.6 | 6.1 | 7.6 | 4.6 | 2.7 | 3.8 |
| Total (excluding megarounds) | 27.9 | 29.4 | 24.5 | 25.1 | 29.7 | 21.9 | 27.8 | 24.0 | 24.7 | 37.9 | 24.0 | 24.4 | 32.8 |
| Megarounds (>= $1B) | 20.0 | 4.4 | 4.8 | 0 | 21.4 | 49.3 | 2.8 | 22.1 | 62.6 | 16.4 | 15.8 | 3.4 | 14.1 |
| Grand Total (including megarounds) | 47.9 | 33.8 | 29.3 | 25.1 | 51.1 | 71.2 | 30.6 | 46.1 | 87.3 | 54.3 | 39.8 | 27.8 | 47.0 |
September 2026 Industry-Level Market Dynamics
Overall Market Performance and Industry Leaders
Most Active Industries (September 2026)
Based on transaction volume and capital raised, the following industries led the market:
1. Industries (General / Hard Tech)
Total Performance: 698 deals accounting for $18.00 billion in standard funding.
Key Sub-sectors: "Engineering & Technical & Robots" led with 407 deals totaling $10.70 billion. "Energy" followed with 109 deals across $3.10 billion.
2. AI Infrastructure
Total Performance: 311 deals capturing $16.30 billion in standard rounds.
Key Sub-sectors: "Compute & Systems Optimization" took the lead in capital with $6.80 billion across 56 deals. "AI Development & Agent Frameworks" secured 102 deals totaling $4.60 billion.
3. Health & Bio Tech
Total Performance: 418 transactions bringing in $6.50 billion.
Key Sub-sectors: The clear driver was "Pharma, Biotech & Life Sciences R&D," accounting for 179 deals and $2.10 billion. "Healthcare Operations & Workflow" and "Preventive & Personalized Health" each secured $1.20 billion across 64 and 167 deals, respectively.
| Industry | Deals | Raised ($) | Structure (%deals, by ##) |
|---|
AI Infrastructure
+ Mistral AI (3.24 bn$) |
311 |
16.3 bn$ |
|
App & Software Development
+ Cognition (2.00 bn$) |
6 |
0.4 bn$ |
|
| Defence & Military |
101 |
5.9 bn$ |
|
| EdTech |
26 |
0.1 bn$ |
|
| Enterprise |
338 |
15.8 bn$ |
|
| Fintech |
134 |
2.8 bn$ |
|
| Health / Bio Tech |
418 |
6.5 bn$ |
|
Industries
+ Crusoe (3.90 bn$), Stoke Space (1.00 bn$), The Boring Company (3.00 bn$) |
698 |
18.0 bn$ |
|
| Legal |
16 |
3.5 bn$ |
|
| Media & Advertisement |
81 |
3.9 bn$ |
|
Services & Retail
+ Instinct (1.00 bn$) |
4 |
0.0 bn$ |
|
Structure by Stage
Seed / Pre-Seed
Early Series
Later Series
Series Unknown
September 2026 New Unicorn Cohort Insights
Detailed Market Overview (Fresh $1B+ Valuations)
Here is a comprehensive breakdown of the 26 highly-valued startups that achieved unicorn status in September 2026.
1. General Overview
Total Companies: 26 newly minted unicorns.
Total Funding Raised: An impressive $5.55 billion in September alone.
Company Age: The median founding year is 2021 (~5 years to $1B+).
Newest: Founded in 2026.
Oldest: Founded in 2015.
2. Top Industries
Industries: 10
AI Infrastructure: 5
Enterprise: 4
Health / Bio Tech: 3
Fintech: 2
Media & Advertisement: 1
Services & Retail: 1
3. Biggest Funding Rounds &Highest Valuations
Top Funding Rounds: Ortet: $500M
Fab2: $500M
The Exploration Co.: $400M
Open Cosmos: $348M
Gimlet Labs: $300M
Exein: $270M
Covenant: $250M
Medici Brands: $250M
Top Valuations:
Micro1: $4.0B
Fab2: $3.7B
Angle Health: $2.7B
Gimlet Labs: $2.7B
Medici Brands: $2.3B
The Exploration Co.: $2.0B
Exein: $1.7B
Hubble Network: $1.6B
4. Top 1st Backers
Multi-Unicorn Backers
Andreessen Horowitz: 4 companies
Emergence Capital: 2 companies
Riot Ventures: 2 companies
Atreides Management: 2 companies
Unicorn Summary
INDUSTRY DISTRIBUTION
| Industry | Count |
|---|
| Industries |
|
| AI Infrastructure |
|
| Enterprise |
|
| Health / Bio Tech |
|
| Fintech |
|
| Legal |
|
| Media & Advertisement |
|
| Services & Retail |
|
| Industry | Count |
|---|
| Industries | |
| AI Infrastructure | |
| Enterprise | |
| Health / Bio Tech | |
| Fintech | |
| Legal | |
| Media & Advertisement | |
| Services & Retail | |
| Company |
Inv / Val |
Industry / Subindustry |
Description |
Links |
| Angle Health | Inv: $0M
Val: $2.7B | Fintech | AI-powered health insurance and benefits platform for SMBs | |
| Arcee AI | Inv: $0M
Val: $1.2B | AI Infrastructure | Development of open-weight foundation models and fine-tuning products | |
| Biossil | Inv: $0M
Val: $1.0B | Health / Bio Tech | AI for finding new applications for rejected drug candidates | |
| CADDi | Inv: $0M
Val: $1.2B | Industries | AI solutions for the manufacturing industry (design and procurement management) | |
| Celero Communications | Inv: $0M
Val: $1.0B | AI Infrastructure | DSP chip development for high-speed optical communications in AI infrastructure | |
Cognition
U: Apr.2024 | Inv: $0M
Val: $48.0B | AI Infrastructure | AI for software engineering | |
| Covenant | Inv: $0M
Val: $1.0B | Industries | Defense technologies (development of long-range cruise missiles) | |
Crusoe
U: Apr.2022 | Inv: $0M
Val: $27.0B | Industries | Data center provider | |
| EnduroSat | Inv: $0M
Val: $1.0B | Industries | Standardized manufacturing of spacecraft/nano-satellites | |
| Exein | Inv: $0M
Val: $1.7B | Enterprise | Cybersecurity for connected devices and autonomous machines | |
| Fab2 | Inv: $0M
Val: $3.7B | Industries | Semiconductor manufacturing, creation of compact chip fabrication plants | |
| Felix | Inv: $0M
Val: $1.4B | Fintech | WhatsApp-based remittance platform for immigrants | |
| Gimlet Labs | Inv: $0M
Val: $2.7B | AI Infrastructure | Cloud AI infrastructure (workload distribution) | |
| Guardio | Inv: $0M
Val: $1.1B | Enterprise | Consumer cybersecurity (protection against phishing, scams, and AI fraud) | |
| Hubble Network | Inv: $0M
Val: $1.6B | Industries | Direct connection of standard Bluetooth devices to satellites | |
| Lyte AI | Inv: $0M
Val: $1.6B | Industries | Perception systems for robotics (custom chips, sensors, software) | |
| Medici Brands | Inv: $0M
Val: $2.3B | Services & Retail | Consumer food brands (David Protein, HallPass) | |
| Micro1 | Inv: $0M
Val: $4.0B | AI Infrastructure | Data preparation and evaluation for AI training by vetted specialists | |
Mistral
U: Dec.2023 | Inv: $0M
Val: $21.0B | AI Infrastructure | Development of cutting-edge AI models | |
| Open Cosmos | Inv: $0M
Val: $1.0B | Industries | Satellite manufacturing, Earth observation, and space infrastructure | |
| Precision Neuroscience | Inv: $0M
Val: $1.0B | Health / Bio Tech | Minimally invasive brain-computer interfaces | |
| Sequen | Inv: $0M
Val: $1.4B | Media & Advertisement | AI-powered software for real-time ranking and personalization | |
| SiMa.ai | Inv: $0M
Val: $1.4B | AI Infrastructure | Purpose-built AI chips and software for robots, vehicles, and drones | |
| TAR | Inv: $0M
Val: $1.0B | Industries | Autonomous modular power systems for AI data centers | |
| Thatch | Inv: $0M
Val: $1.0B | Enterprise | Health benefits platform with individualized budgets for employees | |
| The Exploration Co. | Inv: $0M
Val: $2.0B | Industries | Spacecraft (Nyx) and rocket engine development | |
| Verda | Inv: $0M
Val: $1.0B | Industries | Cloud AI platform and physical data center management | |
The Boring Company
U: Apr.2022 | Inv: $0M
Val: $20.0B | Industries | Construction of underground transportation tunnels and infrastructure | |
Stoke Space
U: Feb.2022 | Inv: $0M
Val: $10.0B | Industries | Development of fully reusable space rockets | |
| Ortet | Inv: $0M
Val: N/A | Health / Bio Tech | AI lab building foundation models for the healthcare sector | |
Wonderful
U: Mar.2026 | Inv: $0M
Val: $5.0B | Enterprise | Multilingual AI agents for customer support | |
Harvey
U: Jul.2024 | Inv: $0M
Val: $15.5B | Legal | AI platform (Copilot) for lawyers and law firms | |
Positron
U: Feb.2026 | Inv: $0M
Val: $5.0B | AI Infrastructure | Development of specialized chips and systems for AI acceleration | |
Island
U: Mar.2022 | Inv: $0M
Val: $6.4B | Enterprise | Cybersecurity developer: secure enterprise web browser | |
| Cornelis Networks | Inv: $0M
Val: $1.2B | Enterprise | Networking solutions for high-performance computing (HPC) | |
General Intuition
U: Jun.2025 | Inv: $0M
Val: $6.2B | AI Infrastructure | AI lab developing action models for virtual and physical environments | |
OpenEvidence
U: Feb.2025 | Inv: $0M
Val: $15.0B | Health / Bio Tech | Evidence-based medical AI assistant for doctors | |
Factory
U: Apr.2026 | Inv: $0M
Val: $5.0B | AI Infrastructure | AI platform for autonomous software engineering | |
Clay
U: Jan.2025 | Inv: $0M
Val: $7.1B | Enterprise | Data enrichment and personalization platform for CRM and sales | |
Rightway
U: Mar.2021 | Inv: $0M
Val: $1.6B | Health / Bio Tech | Healthcare navigation and pharmacy benefits management | |
Thyme Care
U: Sep.2025 | Inv: $0M
Val: $2.0B | Health / Bio Tech | Navigation and care management platform for oncology patients | |
Snorkel AI
U: Aug.2021 | Inv: $0M
Val: $3.5B | AI Infrastructure | Platform for programmatic data labeling and AI model development | |
Cyera
U: Aug.2024 | Inv: $0M
Val: $12.0B | Enterprise | AI-powered data security posture management (DSPM) platform | |
Tabby
U: Nov.2023 | Inv: $0M
Val: $6.5B | Fintech | Buy Now, Pay Later (BNPL) shopping service in the Middle East | |
Upwind Security
U: Jan.2026 | Inv: $0M
Val: $3.8B | Enterprise | Cloud infrastructure security platform | |
EliseAI
U: Aug.2024 | Inv: $0M
Val: $4.0B | Enterprise | Conversational AI for the real estate and healthcare industries | |
Hot Companies – September 2026(Min. 3 Rounds in 12 months)
Market Overview
This section highlights an elite tier of high-growth companies that have closed three or more distinct venture rounds within a rolling 12-month window.
Trend Note: As captured in recent transaction data, capital is aggressively backing a diverse mix of personal AI assistants, enterprise automation, and physical industries (like energy), resulting in rapid valuation step-ups over ultra-short horizons.
Instinct ($1,250.0M / 3 deals): Services & Retail | Personal assistants
Instinct has seen massive momentum in the services sector, raising $1.25 billion in under three months. The company recently closed a landmark $1B Series C to develop its personal assistants, rapidly following a $250M Series B.
Blacksmith ($58.5M / 3 deals): Enterprise | Business Process & Workflow Automation Tools
Showing rapid and steady growth in enterprise automation, Blacksmith progressed from a $3.5M Seed to a $45M Series B within a year, accumulating $58.5M in capital to aggressively scale its workflow tools.
Base Power ($2,200.0M / 3 deals): Industries | Energy
A powerhouse in the energy sector proving massive capital availability for physical industries. Base Power successfully closed consecutive mega-rounds, including two $1B raises (Series C and D) in less than twelve months.
Etched ($1,500.0M / 3 deals): AI Infrastructure | AI Development & Agent Frameworks
Dominating the AI infrastructure sector, Etched secured $1.5 billion through rapid funding cycles. It recently closed a massive $700M Series D to further advance its specialized agent frameworks.
Hot Companies – September 2026 (Min 3 Rounds in 12 months)
| Company |
Industry / Subindustry |
Round Counts |
Rounds History |
| OLIX |
AI Infrastructure
Applied, Interactive & Research AI |
Total rounds: 3
|
Apr 15, 2025 | Seed |
$30M
Feb 11, 2026 | Series A |
$220M
Aug 3, 2026 | Series B |
$312M
|
| Etched |
AI Infrastructure
AI Development & Agent Frameworks |
Total rounds: 3
|
Jan 14, 2026 | Series B |
$500M
Jul 23, 2026 | Series C |
$300M
Aug 18, 2026 | Series D |
$700M
|
| Oxide Computer Company |
Enterprise
Business Process & Workflow Automation Tools |
Total rounds: 3
|
Jul 30, 2025 | Series B |
$100M
Feb 5, 2026 | Series C |
$200M
Aug 4, 2026 | Series D |
$500M
|
| Lovable |
Enterprise
Business Process & Workflow Automation Tools |
Total rounds: 3
|
Jul 17, 2025 | Series A |
$200M
Dec 18, 2025 | Series B |
$330M
Aug 12, 2026 | Series C |
$400M
|
| Blacksmith |
Enterprise
Business Process & Workflow Automation Tools |
Total rounds: 3
|
May 1, 2025 | Seed |
$3.5M
Sep 17, 2025 | Series A |
$10M
Aug 12, 2026 | Series B |
$45M
|
| Rillet |
Fintech
Corporate Finance & Accounting |
Total rounds: 3
|
May 28, 2025 | Series A |
$25M
Aug 6, 2025 | Series B |
$70M
Aug 17, 2026 | Series C |
$100M
|
| Arintra |
Health / Bio Tech
Healthcare Operations & Workflow |
Total rounds: 3
|
Jul 25, 2025 | Seed |
$197,988
Aug 14, 2025 | Series A |
$21M
Aug 21, 2026 | Series B |
$25M
|
| Base Power |
Industries
Energy |
Total rounds: 3
|
Apr 9, 2025 | Series B |
$200M
Oct 8, 2025 | Series C |
$1B
Aug 3, 2026 | Series D |
$1B
|
| Also |
Industries
Engineering & Technical & Robots |
Total rounds: 3
|
Mar 31, 2025 | Series B |
$150M
Jul 8, 2025 | Series C |
$200M
Aug 19, 2026 | Series D |
$150M
|
| Instinct |
Services & Retail
Personal assistants |
Total rounds: 3
|
Aug 1, 2026 | Series A |
$0
Aug 26, 2026 | Series B |
$250M
Sep 28, 2026 | Series C |
$1B
|
Annex
The detailed data on the global equity VC industry - subindustry performance is presented in the full report.
Each report covers trends in 14 categories (AI Infrastructure, App & Software Development, Crypto, Data analytics, EdTech, Enterprise, ESG, Fintech, Health / Bio Tech, Industries, Legal, Media & Advertisement, Science & Research, Services & Retail).
DISCLAIMER: This report analyzes market trends and is not a source of definitive or complete data. Due to the dynamic nature of the market, it's impossible to provide 100% accurate, allencompassing data. Our research is based on the information we have gathered through different public sources, and it may be corrected as new data becomes available. Investing in startups is inherently challenging and carries significant risks. This report should not be construed as investment, tax, or legal advice. We are not making any recommendations. If you are considering starting a business or making venture investments, you should consult with qualified professionals, who can provide personalized and competent advice.
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