Less Money, Bigger Slice. AI Took 67 Cents Of Every Venture Dollar.

AI funding this week

$6.21B

Share of all venture $

67.4%

AI companies funded

92

Biggest AI round

$1.5BTenstorrent

Tracked so far

$492.4Bacross 47 weeks

The week in brief

Of 209 funded companies this week, 92 (44.0%) were AI, taking $6.21B of the $9.21B total (67.4%). Against Week 46 ($7.02B, 91 companies), AI funding fell 11.5% while total venture fell 26.8%, from $12.59B, so AI’s share rose from 55.7% to 67.4%. The top five took 60.8% of AI dollars, down from 63.4%, and twelve rounds of $100M or more took 77.2%. The typical round was $12.0M, up from $10.0M.

Where the money went

• United States$4.34B69.9% of AI dollars · 56 companies

  Down from $5.47B and 78.0% last week. Tenstorrent ($1.5B) and Flapping Airplanes ($1B) are 57.6% of US AI dollars.

• China$946.5M15.2% · 10 companies

  Up from $525.5M and five companies. Neolix ($400M) is 42.3% of it, then MHX Technology ($242.9M) and FAIRINO ($149.5M). Four humanoid robot makers raised about $15M each.

• Europe$743.7M12.0% · 14 companies

  Up from $266.1M. Legora ($550M, Stockholm) is 74.0% of it; BlackWall ($100M, Estonia) is next.

• Asia-Pacific (ex-China)$158.4M2.6% · 9 companies

  Down from $654.9M, when Manus raised $500M. Vegafin Capital ($106.0M, India) is 66.9% of it.

• Rest of world$13.1M0.2% · 2 companies

  Dataline ($10.6M), whose location could not be found, and Aerium ($2.5M, Toronto). Last week was $1.2M.

• Latin America$6.5M0.1% · 1 company

  Matria, a hospital AI platform in Belo Horizonte, Brazil. Last week was $0.

• Middle East & Africa$00.0% · 0 companies

  No AI round in Crunchbase this week; the region’s two rounds were not AI companies. Last week was $97.5M. Crunchbase adds late announcements, so this can change.

The top five AI rounds

1. Tenstorrent $1.5B

   Series E · Santa Clara · Innovation X Advisors, Trace Capital

   Tenstorrent designs processors and computing systems for AI and machine learning. It is the week’s biggest round, 24.2% of all AI dollars.

2. Flapping Airplanes $1B

   Series A · San Francisco · Index Ventures, Lux Capital · reported

   Flapping Airplanes is an AI research lab working on new foundational AI techniques. A billion-dollar Series A is rare at any stage.

   Reported, not confirmed by the company.

3. Legora $550M

   Series E · Stockholm, Sweden · Atreides Management

   Legora builds an AI platform that helps lawyers review documents, draft and research. It is three quarters of Europe’s AI money this week.

4. Neolix $400M

   Series E · Beijing, China · Boyu Capital · reported

   Neolix makes self-driving vans for commercial delivery and logistics.

   Reported, not confirmed by the company. Counted as AI on Crunchbase’s tag alone.

5. Air Space Intelligence $325M

   Series C · Boston · Spark Capital

   Air Space Intelligence builds AI software for airline operations and air traffic management.

Also notable: MHX Technology $242.9M (AI chips, Shanghai) · Arda $232M across a seed and a Series A (AI manufacturing software) · Eka Robotics $150M (robotics, Cambridge) · FAIRINO $149.5M (robots, Suzhou) · Town $108M (personal AI assistant).

Trends

• Chips took 30%. Tenstorrent, MHX Technology, Mueon, MemSilicon and Photon Bridge raised $1.88B, 30.3% of AI dollars.
• Robots took 15.8%. Eleven robotics and autonomy rounds raised $977.8M, led by Neolix, Eka Robotics and FAIRINO. Six were Chinese, $609.3M.
• China nearly doubled. Ten companies and $946.5M, up from five and $525.5M. Robots and chips are most of it.
• One round made Europe. Legora’s $550M is 74.0% of Europe’s $743.7M, which almost tripled from $266.1M.
• Big checks at both ends. Three Series E rounds took $2.45B, 39.5% of AI dollars. Seed and Series A were 63 of 93 rounds and 38.4% of dollars, lifted by Flapping Airplanes’ $1B Series A.