This analytical report is designed to help companies, investors, and founders track the trends and benchmarks established by venture capital leaders. Updated monthly, our database provides verified data and expert insights. To ensure ease of use, we provide our subscribers with the report in both database and presentation formats.

We examine the activities of the largest and most experienced firms — the technologies and sectors they support, and the types of investments they make. We believe that a deeper understanding of the priorities held by venture capital market leaders can help our subscribers more effectively build their investment and growth strategies.

In our united November and December monthly report, we analyzed the investment rounds of 13 of the most prominent and influential venture investors, who together have backed more than 60% of all unicorns. In November-December 2025, these firms supported 28 new unicorns.

The report based on 256 deals concluded or announced with the participation of these companies in November-December 2025 — approximately 6% of the total number of venture investments for the month. 179 deals from 256 were leaded by this 13 venture firms, in other 77 deals, the firms participated in syndicates.

List of the venture firms: a16z, Sequoia Capital, YCombinator (YC), Index Ventures, Founders Fund, Bessemer Venture Partners, Insight Partners, Accel, Lightspeed Venture Partners, General Catalyst, New Enterprise Associates (NEA), Tiger Global Management, SV Angel.

The data on the number of deals (Rounds) continues to show a level below last year (-12% compared to November 2024 with 4,046 deals versus 4,595 and -7% compared to December 2024 with 4,234 deals vs 4,574). Highly likely that the decline in the number of transactions in November was primarily due to uncertainty for due to the U.S. government shutdown. A second factor was the continued high federal interest rate, which makes investments in other financial instruments attractive.

The share of new Pre-Seed / Seed rounds has declined to 27-28%, one of the lowest levels in recent years.

AI integration has become virtually mandatory for startups. As of November–December 2025, 97% of Pre-Seed startups, 83.7% of Seed-stage startups, and 80.8% of Early-stage companies either use or have announced the use of AI in their products.

Investments by Rounds Stage

In November & December 2025, the top venture funds backed 31% of Pre-Seed / Incubator stage rounds and 18% of Seed stage rounds.

The total share of Pre-Seed, Incubator, and Seed rounds backed by major VC firms is 49%, which is the lowest level in recent months (compared to 51% in September, 56% in October 2025).

The largest proportions of Pre-Seed and Seed rounds were observed in Services & Retail (71%), Media & Advertising (70%), AI Infrastructure (66%), and Industries solutions (60%).

Rounds Backed by Major VC Companies by Sphere (Oct & Dec2025)

Categories profile

AI INFRASTRUCTURE

In November and December, 35 funding rounds were directed toward projects supporting the development and practical application of artificial intelligence technologies.

Among the internet-enablers, we would like to highlight Channel3, which empowers AI to search and facilitate commission-based e-sales, and Parallel Web, which works on improving how AI interacts with the internet via a live search API.

We also like Thesis, which aims to build models capable of autonomous research.

During this period, five companies reached unicorn status—two of which are working with new AI models (Physical Intelligence and Harmonic). Additionally, Unconventional aims to build energy-efficient infrastructure specifically designed for AI.

APP & SOFTWARE DEVELOPMENT

In November and December, 19 startup projects were backed, with almost all positioning themselves as AI-based. Most of these startups claim to integrate AI into the development or debugging of applications. Sanctum and Inspector are developing models focusing on UX (User Experience) processes.

Among the unicorns, we would like to highlight Lovable, which enables developers to generate full websites and apps from a simple prompt.

Among "non-AI" startups, we would like to highlight BuildForever, a specialized team dedicated to developing unique and deeply human products.

ENTERPRISE

This sector is the most focused on applied solutions for corporate clients. In November & December 2025, 37 projects (16% of the total) received support.

Among Business Process Automation and AI-copilots, new funding rounds were received by GammaAI, which develops agents to convert ideas into presentations. Scribe also received a new round for its tool that automatically creates step-by-step guides by capturing screen activity.

Additionally, Eon reached unicorn status by offering a solution for organizing backup cloud storages.

Among Industrial & Operational Automation Beacon Software reached unicorn status, presenting a library of software solutions for small and medium enterprises.

We would also like to note several investments in AI Cybersecurity projects related to autonomous digital security systems.

7AI offers a cybersecurity platform that deploys autonomous agents to investigate and resolve security alerts. Investment was also received by Zafran, which developed a platform for vulnerability detection and autonomous remediation.

FINTECH

This sector is traditionally a key area for venture capital (November & December – 25 startups). Among fintech solutions, we found the digital bank Erebor particularly interesting; it is focused on technical innovations and supported by Lux Capital and Founders Fund. The bank is expected to focus on tech and digital assets.

A new funding round was also received by the startup Sphere, which offers a global tax compliance service with a focus on sales tax, VAT, and GST.

LEGAL

Among legal startups, we found LegalOS (YC) particularly interesting; they are developing solutions that automate the drafting and filing of complex O-1 and H-1B work visas. We also noted the startup MarkIT (YC), which is automating global shipping compliance and tariff calculations.

MEDIA AND ADVERTISING

This sector accounted for 17 investments, 4 of which reached unicorn status.

We particularly liked the startup Suno Studio, which specializes in audio and music generation.

Another notable project is Pax Historia (YC), which experiments with using AI in games, simulating complex geopolitical and historical strategy scenarios.

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The detailed data on the company rounds is presented in the full report.

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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.‍