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

AI once again dominated venture funding this week, claiming five of the 10 largest announced rounds, including a pair of billion-dollar financings for AI infrastructure and cybersecurity that led the pack. Investors also continued to back quantum computing, geothermal energy, crypto infrastructure and aerospace startups with large checks. Let’s take a look.

1. (tied) , $1B, cybersecurity: Keyfactor raised a $1 billion private equity round led by. Other investors in the private equity round for the Independence, Ohio-based company included and . Keyfactor provides digital identity and machine identity management software that helps enterprises secure certificates, encryption keys and connected devices. It has now raised $1.21 billion to date, .

1. (tied) , $1B, AI infrastructure: Palo Alto, California-based SambaNova officially announced a long-awaited $1 billion Series F deal at an $11 billion post-money valuation led by. A of other investors joined the round, including ,,,,, and. SambaNova develops AI chips and enterprise AI infrastructure for training and inference workloads. The company has raised nearly $2.5 billion to date, .

3. , $300M, quantum computing: , and co-led a sizable $300 million Series A for South Pasadena, California-based quantum startup Oratomic. A of 16�� investors participated in the round, including , , , co-founder , and computer scientist . Oratomic is developing neutral-atom quantum hardware and fault-tolerant architectures designed to accelerate the commercialization of quantum computing, an area that has seen robust venture investment in recent years.

4. , $134M, clean energy: Houston-based Quaise Energy raised a $134 million Series B led by . Additional investors included , and. Quaise is developing millimeter-wave drilling technology to unlock deep geothermal energy, an emerging source of carbon-free power. To date, the company has raised $225 million.

5. , $130M, artificial intelligence: San Francisco-based Prime Intellect raised a $130 million Series A led by . A of investors — many of them prominent Silicon Valley figures —��joined, including CEO , �䷡���� , co-founder , CEO and co-CEO . Corporate investors , and also backed the round. Prime is building an open platform for training and deploying AI models across distributed compute networks. It has now raised $200.4 million total, .

6. , $125M, crypto infrastructure: New York-based Gauntlet raised a $125 million Series B, with Japan’s as the sole investor. The company develops simulation, risk management and optimization software for decentralized finance protocols.

7. , $120M, artificial intelligence: New York-based Norm AI secured a $120 million Series C led by at a reported $1.2 billion valuation to expand its AI-powered regulatory compliance platform. The company develops AI systems that translate complex laws and regulations into software to help enterprises automate their compliance workflows. The latest funding included a long list of other venture, corporate and individual backers including , , , and , the chairman of and former president of , which also participated in Norm AI’s deal. The startup has now raised just over $256 million, .

8. , $91M, aerospace and defense: Aerospace continues to draw substantial investor attention, as was the case this week with Houston-based Venus Aerospace’s $91 million Series B. backed the round, which will be used to advance development of Venus’ hypersonic propulsion technology. The company is building engines and aircraft designed to dramatically reduce long-distance flight times while supporting future defense applications. It has now raised $197 million total. An of investors joined in its Series B, including , , , and .

9. , $76M, fintech: Digital asset exchange EDX Markets raised $76 million as institutional interest in crypto trading infrastructure continues to grow. The deal was backed by sole investor , marking the second large crypto funding deal for the Japanese firm this week, along with Gauntlet’s aforementioned round. EDX operates a marketplace designed specifically for institutional investors. It’s not clear how much it raised in previous rounds.

10. , $67.4M, biotechnology: Philadelphia-based Fore Biotherapeutics (previously known as NovellusDx) raised $67.4 million in Series D funding to advance its precision oncology therapies targeting rare cancer mutations. The company is developing targeted treatments for patients whose tumors are driven by specific genetic alterations. led the latest round, which brings its total to date to just over $274 million. , , , and other investors also joined.

Large non-US deals:

Several startups based outside the U.S. also raised notable fundings this week. They include:

• , €411M, fusion energy: Munich-based Proxima Fusion raised a €411 million (about $468 million) Series B funding round to develop what’s poised to become Europe’s first commercial fusion energy power plant. Lead investors in the round include , , and .
• , €200M, workplace tech: led the €200 million ($229 million) private-equity round for Paris-based Skello, which makes HR software for employers to handle tasks such as payroll, scheduling, compliance and employee communications.

Methodology

We tracked the largest announced rounds in the ������Ƶ database that were raised by U.S.-based companies for the period of July 4-10. Although most announced rounds are represented in the database, there could be a small time lag as some rounds are reported late in the week.

Illustration:

Our inboxes overflowed with interesting deals in the past month, but we managed to sift through them all to find the five most intriguing ones.

They include a startup that’s simultaneously developing AI models for biology and trying to prevent the threats that stem from those types of advances, a company that says it wants to prevent modern day private markets from the kind of paperwork crisis that shut down Wall Street in the ’60s, and AI agents that can dispatch plumbers and electricians to your door.

$50M for ‘general biological intelligence’

AI has conquered text, images and code. Now one startup wants to do the same for DNA.

San Francisco-based last month emerged from stealth with a hefty $50 million seed round led by , with participation from , , and . The startup said it also received pre-seed backing from co-founder .

Radical Numerics was founded by the team behind , one of the first AI models capable of reading and generating DNA sequences at scale. The startup’s mission is even more ambitious: building what it calls “general biological intelligence,” or multimodal AI models that can reason across DNA, RNA, proteins and other biological data to accelerate drug discovery, cancer diagnostics and biosecurity.

Alongside the funding, the company previewed Omnii, its next-generation genome language model.

The company’s dual focus on human health and biodefense reflects a growing theme in frontier AI investing. ������Ƶ data shows that as models become increasingly capable of designing biological systems, investors have poured tens of millions of dollars into startups that promise not only to accelerate scientific discovery, but also help detect and defend against AI-generated biological threats.

“Evo showed that AI can generate DNA and whole genomes, the next generation of models will go further with the ability to control function, and eventually, create entirely new forms of life,” Radical Numerics CEO said in a statement. “Our multimodal models are already far more capable, and we understand the responsibility that comes with that. The same models that can help cure disease may also lower the barrier to designing harmful biology. These forces are inseparable. Biology will be the most consequential application of AI.”

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$40M for AI that dispatches the plumber

The AI gold rush has reached an unlikely destination: your local plumber and HVAC company. New York-based said last month that it has raised $40 million in new funding: a $34 million Series A led by and a $6 million seed round led by , with Sequoia also participating in the Series A.

The startup is building what it calls an AI operating system for home service businesses, from plumbers and electricians to HVAC contractors. Rather than adding yet another AI chatbot or voice agent, Probook says it aims to replace the patchwork of software many contractors use with a single platform centered on dispatch, arguably the most critical function in the business.

Its software ties together customer intake, scheduling, messaging and outbound communications so technicians spend less time waiting for jobs and office staff spend less time coordinating them.

“I started Probook to solve a problem in my own business,” Probook CEO and co-founder said in a statement. “I grew up pressure washing in upstate New York with my dad. Six summers in the truck. I spent two to three hours of my day driving between jobs. I’d be up on a ladder washing a house and miss calls because I couldn’t hear my phone ringing.”

The company is tapping into a growing trend of vertical AI startups targeting industries that have historically lagged in software adoption, and they’re seeing keen enthusiasm from investors betting that trades such as plumbing, electrical and HVAC represent a massive opportunity to automate workflows and potentially boost profit margins for businesses that still run much of their operations by phone, clipboard and spreadsheet.

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$25M for subterranean warfare

Defense investors have poured billions into startups developing drones and missiles for the sky, tanks and other vehicles for land warfare, and autonomous military vessels for the water.

But a newly funded startup, , is betting the next battlefield is below the ground. The Austin-based startup emerged from stealth last month with a $25 million seed round led by , with participation from a long list of other investors including , , , and , and strategic angels including and founders from and .

Traysar calls itself the world’s first “subterra” defense tech company. Rather than building systems for the skies or seas, it’s developing autonomous platforms that can tunnel underground, map subterranean networks, breach hardened infrastructure and deliver payloads beneath the Earth’s surface. It’s there that it says modern warfare is increasingly being conducted in places like Iran, with its underground nuclear bunkers; Gaza, which has a vast Hamas-built subterranean tunnel network; and Ukraine, which has moved more of its military infrastructure beneath the surface to protect it from aerial drone threats.

The startup, whose founding team includes former engineers from and , is developing two autonomous underground systems. The first is an excavator-type robot designed to navigate, map and breach tunnels from within, giving military operators a way to explore or disable underground networks without sending in troops.

The second is a high-speed burrowing platform that drills new underground access points and can carry payloads — from explosives to sensing equipment — beneath the surface, bringing tunnel-boring technology to the battlefield.

Through the first half of 2026, defense-tech startups globally raised nearly $15.8 billion, by far the largest funding half-year for the sector on record, per ������Ƶ data. Of course, the vast majority of that has gone toward above-ground or marine technologies.

“The global defense industry has a vertical bias: hundreds of billions flow skyward into missiles, missile defense, drones, and counter-drone systems, while adversaries dig in building deeply buried facilities the U.S. cannot reliably strike, and cannot affordably keep disabled,” Traysar in its funding announcement.

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$23.7M for AI growth tools for small businesses

Most AI startups chase large enterprise customers. is betting the neighborhood coffee shop and corner restaurant are the bigger opportunity.

The New York-based startup last month emerged from stealth with $23.7 million in funding, including a $19.5 million Series A led by . , ‘s , , , , and also participated.

Pie says it’s creating an AI-powered growth platform that helps local merchants get discovered�� across AI search platforms like ChatGPT and Claude where customers increasingly begin their searches, as well as more traditional marketing channels like Maps, and .

The company also unveiled Front Desk, an AI agent that it says can answer calls around the clock, book appointments and handle customer inquiries when business owners can’t get to the phone.

Founded by former and executives, Pie says it has already reached thousands of businesses through partnerships with industry software providers while operating in stealth.

“Pie is bringing AI to Main Street by starting with one of the biggest pain points for small business owners: finding new customers,” , partner at Lightspeed, said in a statement. “Customer acquisition is a powerful entry point, but the broader vision is to build an AI platform that can support small businesses across more of their daily operations over time.”

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$2M to tackle the private market paperwork crisis

Wall Street once got so buried in paperwork that the shut down every Wednesday . Six decades later, Berlin-based thinks private markets are headed toward a similar reckoning and just raised $2 million to stop it.

The company’s pre-seed round was led by , with participation from and individuals from firms including and .

Founded by two early employees of fund administration startup , Nomerra is building AI agents for the operational work that keeps private capital markets running behind the scenes.

While public markets rely on standardized infrastructure, private markets still depend heavily on emails, PDFs, spreadsheets and disconnected software, the company said. Its software plugs into existing ERP systems, banking platforms and document repositories, then uses AI agents to read documents, reconcile information across systems and complete workflows such as fund accounting, treasury operations and transfer agency work.

At the same time, private markets are expected to swell from roughly $13 trillion today to more than $30 trillion over the coming years, according to Nomerra, even as the industry faces a shortage of qualified accounting and operations professionals.

Rather than replacing existing software, the company says it aims to automate the manual tasks that have traditionally required growing back-office teams.

“Think of how telephone operators used to connect one caller to another by plugging cables into a switchboard,” , Nomerra co-founder and CEO, said in a statement. “Today, the idea that humans once routed every phone call manually seems absurd. Private market operations are at the same turning point. In a few years, people will look back and wonder how any of this was ever done by hand.”

Related ������Ƶ query:

Related reading:

• 5 Interesting Startup Deals You May Have Missed: On-Demand Custom Manufacturing, Underwater Geothermal Energy, And Adventure Group Travel
• 5 Interesting Startup Deals You May Have Missed: A Law Firm Operating System, Building Defense Tech Near The Battlefield, And Cell-Based Milk
• 5 Interesting Startup Deals You May Have Missed: Blood-Drawing Robots, Inboxes For AI Agents, Franchised Defense Manufacturing, And More

Illustration:

Within the region, U.K. startups gained significant share in Q2, raising more than $10 billion. That marked the third-largest funding quarter for the U.K. on record, and came in at less than $500 million below its peak quarter in 2021.

������Ƶ startup M&A activity also picked up in Q1 and continued that momentum in Q2, even as public-market exits stayed subdued.

Table of contents

• Large rounds drive gains
• H1 2026 up 50%
• UK momentum builds
• By stage
• Looking ahead
• Methodology
• Glossary of funding terms

Large rounds drive gains

Four companies raised venture fundings of a billion dollars or more last quarter, accounting for 25% of all startup investment in the region in Q2, ������Ƶ data shows.

Those billion-dollar-plus rounds were raised by an AI-centric group: -owned AI drug developer , which was spun out of ; green steel production manufacturer ; , which is developing robots for home and industrial applications; and , an AI lab founded by former DeepMind researchers.

However, most of the growth in funding year over year and quarter over quarter was driven by rounds of $100 million and over. The majority of funding — 65% —��went to a group of 42 companies that raised rounds of $100 million-plus. Sectors that stood out for these companies include�� biotech, quantum, financial services, AI labs, aerospace, semiconductor, robotics and energy.

H1 2026 up 50%

Funding to Europe-based startups in H1 was up 50% year over year to total $42 billion, ������Ƶ data shows. Still, the region’s startup investment for the first half of the year remained well below the 2021 H1 peak, when VC funding in Europe totaled $60 billion.

It’s also drastically lower than the $392 billion raised in North America’s record-setting H1, with that region’s funding up 158% year over year.

Europe’s funding deal count subsided last quarter, but mostly at the seed stage. Late-stage rounds were up a bit, while early-stage deals dipped slightly year over year. (It’s worth noting, seed stage rounds are often added to the ������Ƶ data set after the close of the quarter, so those numbers will increase over time.)

UK momentum builds

The United Kingdom widened its venture-funding lead last quarter, as startups based in the country raised $10.4 billion — not far from the peak in 2021 at $10.8 billion.

The region’s No. 2 startup market, Germany, trailed with $3.2 billion raised by its startups in Q2, and France followed in third place with $2.4 billion. Sweden was Europe’s fourth-largest startup market last quarter, with its companies raising $2 billion.

������Ƶ data shows funding to Europe’s AI-focused companies reached more than $10 billion in Q2 — the largest quarterly amount so far — but slightly below the Q1 percentage, when those companies raised more than half of the region’s startup investment.

By stage

Europe’s late-stage funding totaled $12.1 billion in Q2, up 90% year over year. Large Series C and D rounds were raised by Germany-based robotics developer Neura Robotics; Netherlands-based , which makes inspection tools for semiconductor manufacturing; U.K.-based quantum computing startup ; and Germany-based satellite launcher .

Early-stage funding reached $8.6 billion across 250-plus Europe-based startups last quarter, ������Ƶ data shows. Large Series A and Series B rounds were raised by London-based Isomorphic Labs, London-based AI self-learning lab , Germany-based fusion energy company , London-based semiconductor developer , and London-based quantum processor provider .

������Ƶ seed funding totaled $3.2 billion last quarter, with a billion dollars of that raised by just one company: Ineffable Intelligence.

Other large seed rounds were raised by , a London-based AI lab for science; Italy-based autonomous driving technology producer ; and Stockholm-based defense tech company .

M&A increase

While IPO activity for ������Ƶ startups was muted, M&A showed strong momentum following increased activity in Q1. A total of 154 Europe-based, venture-backed companies were acquired for a cumulative $11.5 billion or more in Q2, ������Ƶ data shows. That includes three companies acquired for more than $1 billion each in biotech, industrial AI and micromobility.

Looking ahead

������Ƶ startup investment has now steadily increased since the fourth quarter of 2024, with increased momentum in the just-ended quarter, driven by larger rounds of $100 million and over. The region’s startup ecosystem shows particular strength in deep tech and financial services as well as the formation of new AI labs, and M&A activity has fueled liquidity for the next batch of startups.

Now the question remains: Will it be enough to keep Europe competitive with the frontrunners, the U.S. and China?

Related ������Ƶ queries:

Related reading:

• ������Ƶ Data: Global Startup Investment Hit Record $510B In H1 2026 As AI Boom Accelerates Funding And Exits
• North American Startup Funding Shattered Records In First Half Of 2026, Driven By AI

Methodology

The data contained in this report comes directly from ������Ƶ, and is based on reported data. Data is as of July 6, 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. ������Ƶ 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 ������Ƶ 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. ������Ƶ 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. ������Ƶ 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 “Series [Letter]” 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 “venture” round. (So basically, any round from the previously defined stages.)

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

This week was not an exceptionally busy one for large funding deals, though we saw sizable rounds in a lively mix of sectors ranging from AI to fintech to quantum computing and cybersecurity. The biggest raise was for AI world-model developer, which secured a $310 million Series B. Venture investors also put money into AI infrastructure and AI models for biotech.

1. , $310M, artificial intelligence: Menlo Park, California-based Odyssey raised $310 million at a $1.45 billion valuation in a Series B round led by . Other investors included ,,,, and . Odyssey develops AI world models that create multimodal simulations of real-world environments. The startup has now raised $337 million in funding to date, .

2. , $140M, fintech: New York-based Chronograph secured a $140 million private equity round led by . The company provides portfolio monitoring, reporting and diligence software for private capital investors, an increasingly important market as private assets continue to grow. The new raise, which it describes as growth capital, brings its total funding to date to $160 million, according to .

3. (tied) , $100M, AI infrastructure: Boulder, Colorado-based Hydra Host raised a massive $100 million Series A led by . A of other investors joined, including ,, , and . The company operates a bare-metal GPU platform that connects customers to distributed AI computing infrastructure. With the latest investment, it has raised just under $119 million to date.

3. (tied) , $100M, cybersecurity: Startups that promise to protect companies in the AI era are also raising massive sums right out of the gate. This week, Santa Clara, California-based Ent.AI emerged from stealth and said it has raised $100 million in seed funding led by. Other investors included,, 1,, and. The company, founded by former executives and members of the Security Copilot team, offers an AI-powered workspace security platform that it says can analyze user and AI-agent behavior in real time to proactively prevent cyber threats.

3. (tied) , $100M, cybersecurity, defense: Arlington, Virginia-based Twenty Technologies secured a $100 million Series B at a $1 billion valuation. The round was led by, with participation from, and. The company develops AI-enabled cyber warfare systems for the U.S. military and intelligence community, helping automate and accelerate offensive cyber operations at scale. Founded by former cyber operators and defense technologists, Twenty Technologies has now raised $138 million to date,. It’s part of a growing wave of venture-backed startups building software for military and national security purposes.

3. (tied) , $100M, quantum computing: Berkeley, California-based Atom Computing raised a $100 million Series C led by that brings its total private investment to date to just over $191 million, . and also backed its latest round. Along with the venture money, Atom also received a $100 million Letter of Intent from the under the CHIPS and Science Act that gives the startup additional public backing in exchange for a minority government stake. The company develops neutral-atom quantum computers, one of several competing architectures seeking to commercialize quantum computing. It is one of several quantum startups to receive sizable funding deals this year, following a record-breaking venture investment year for the sector in 2025.

7. , $65M, biotechnology: Watertown, Massachusetts-based Triveni Bio raised a $65 million Series C co-led by and. Additional participation came from. The company develops antibody-based therapeutics for immunological and inflammatory diseases. It has now raised $272 million total from investors, .

8. (tied) , $52M, semiconductor infrastructure: Menlo Park, California-based AttoTude secured a $52 million Series C led by. Other investors included ,,,, 2, and. The startup develops high-speed interconnect technology for AI and hyperscale data centers and has raised $142 million to date, according to . It comes amid robust funding for semiconductor startups this year.

8. (tied) , $52M, digital media: Beverly Hills, California-based Richard Roths Media raised a $52 million venture round led by . The company says it delivered AI-driven marketing and advertising services for “high trust” industries such as banking, law and healthcare. The investment appears to be its first outside capital, per ������Ƶ.

10. (tied) , $50M, artificial intelligence: San Francisco-based Bland AI raised a $50 million Series C led by . The of other investors includes , , founder , and others. The company develops AI-powered voice agents that automate inbound and outbound phone conversations for enterprises, a category that has seen growing adoption as businesses look to replace traditional call-center workflows. It has raised $106 million to date, according to .

10. (tied) , $50M, fintech: Brooklyn-based Interchecks secured a $50 million Series C led by,, and. The company operates a payments platform that allows businesses to manage deposits and payouts through a single API, reflecting continued investor interest in infrastructure that simplifies financial operations. It has now raised just under $79 million to date.

10. (tied) , $50M, artificial intelligence, biotechnology: Menlo Park, California-based Radical Numerics emerged from stealth and said it has raised a $50 million seed round led by, with participation from , and . The startup is developing AI models designed to simulate and predict biological systems, with the goal of accelerating drug discovery and advancing precision medicine.

Large non-US deals:

• The largest startup deal outside of the U.S. this week was very large indeed, and also very unusual. , the Chinese AI chatbot startup that briefly roiled public AI-related stocks in early 2025, reportedly took its first outside financing, worth roughly $7.4 billion. The Series A deal, however, comes with a lot of atypical caveats, notably that investors in the deal didn’t actually receive a stake in DeepSeek, but rather in an LLC controlled by founder , per . Those investors also reportedly face a five-year lockup and receive no voting rights.

Methodology

We tracked the largest announced rounds in the ������Ƶ database that were raised by U.S.-based companies for the period of June 13-18. Although most announced rounds are represented in the database, there could be a small time lag as some rounds are reported late in the week.

Illustration:

and each launched multibillion-dollar deployment ventures staffed with forward-deployed engineers, while a long list of startups building AI infrastructure, autonomous software and robotics also reached unicorn status. Together, the new entrants point to where investors increasingly see value creation: turning AI advances into real-world applications and pairing software intelligence with physical automation.

Beyond AI, new unicorns were minted across many sectors including healthcare, quantum, aerospace, financial services, manufacturing, e-commerce and energy.��

China dominated in the robotics sector, while Canada did so in quantum. The single new legaltech unicorn last month was from Brazil. also joined the board this past month, as the adult creator content company raised its first external financing.��

Of the new unicorns, 17 are U.S-based, while four each are based in China and the UK. Two new unicorns joined the board from Canada, as one each from India and Brazil.��

Unicorn IPOs

The board’s total value is undergoing rapid fluctuations amid lofty new valuations for some of the largest new unicorns, as well as high-profile exits to the public markets.

The ������Ƶ reached $9.9 trillion in value in May, as Anthropic moved ahead of OpenAI to become the second most valued private company after . On the heels of the funding, Anthropic privately filed for an IPO, followed shortly thereafter by OpenAI’s .��

SpaceX is expected to list this Friday, in what would be the largest-ever IPO. Its listing will erase more than one-tenth of value from the board as the the -led company exits the private markets.��

Chip company went public in May in a blockbuster IPO that valued the company at $56.4 billion,��well above its last private valuation of $23 billion just three months earlier in February.��

New unicorns in May

Here are May’s new unicorn companies, including 10 companies that are less than 3-years old:��

AI deployment

• San Francisco-based raised a $4 billion private equity round led by with co-leads , and . The new company is majority owned by with partnerships with 19 investment firms and consultancies. OpenAI acquired , with its 150 forward-deployed engineers to support enterprises in this effort. The less than 1-year-old-based company was valued at $14 billion in the new funding, which it said will be used to scale operations and acquire companies.��
• raised a $1.5 billion private equity funding to build an AI services company to work with companies to bring Claude into their operations. Each of the co-leads — , private equity investor and legal firm —��invested $300 million into the round. and also invested in the joint venture. The less than 1-year-old-based, San Francisco-based company’s valuation was not disclosed.
• , a company building search for AI agents, raised a $250 million Series C led by . The 5-year-old San Francisco-based company was valued at $2.2 billion and is used by coding agents, go-to-market agents and chat agents.��
• Boston-based autonomous AI software developer raised a $200 million Series A led by . Blitzy’s platform reverse engineers existing code bases to build a knowledge graph and thereby enable autonomous development of software projects over days or weeks that can re-engineer and test complicated systems and deal with technical debt. The 2-year-old company was valued at $1.4 billion and is said to be used by dozens of global 2,000 companies.��
• , a routing technology for applications to select from 400-plus models, raised a $113 million Series B led by Alphabet’s . Investors in the round included a host of corporate venture firms including , , , and . The 3-year-old New York-based company was valued at $1.3 billion.

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• raised a $700 million Series A led by . The company plans to build personalized robotics developing its own models, training and hardware. The 1-year-old San Jose, California-based company was valued at $6 billion. It was founded by CEO , founder of humanoid robotics unicorn .
• Guangdong, China-based , a dual arm robotics developer, raised a $147 million Series B led by and . It said its new funding will be used for R&D, production and a global sales network. The 10-year-old company was valued at $1.5 billion.��

• Shanghai-based has raised four funding rounds since it was spun out of in January, and reached a valuation of $1 billion. Agilink is focused on dexterous hand technology. The funding will be used for model development, data and hardware with the spinout able to license to the broader robotics market.��
• , a robot leasing and rental platform, raised a Series A funding. The less than 1-year-old Pudong, China-based company was valued at $1 billion. It is looking to expand from event rentals to warehousing, logistics and park operations.��

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• , a treatment provider for cardiovascular and orthopedic disease, raised a $1.5 billion corporate round led by . Boston Scientific has an option to acquire its heart valve technology. The 10-year-old Georgia, U.S.-based company was valued at $4.4 billion.��
• , a longevity biotech company, seeking to extend human life by a decade, with therapeutics targeting age related disease raised the initial close of funding round led by . The 5-year-old Redwood City, California-based company was valued at a pre-money valuation of $1.8 billion.��
• , launched a suite of AI agents for healthcare built from its clinical data, raised $146 million in equity and secondary funding led by . The 15-year-old New York-based company was valued at $1.6 billion.

Quantum computing

• Vancouver-based , a quantum computing company that combines silicon-based qubits with native photonic interconnects, raised a $70 million extension funding led by Luxembourg-based . Photonic raised $130 million in January. The 9-year-old company was valued at $2 billion.
• Quebec-based , which says it addresses quantum error correction in each qubit, raised a $30 million funding. The company has raised a mix of government grants and venture capital. The 6-year-old company was valued at $1.4 billion.

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• , a builder of rockets to deploy data centers in space, raised a $305 million Series B led by . The 2-year-old San Carlos, California-based company, formerly called Aetherflux, was valued at $2 billion. The company plans to launch its first satellite later this year. Its technology entails using the upper stage of the rocket as a low-earth orbit satellite that uses solar energy to create 1-megawatt data centers in space.��
• Hyderabad, India-based , a rocket company that delivers satellites into space, raised a $60 million funding led by Singapore-based and Menlo Park, California-based . Skyroot is planning the maiden voyage of Vikram-1 in June. The 7-year-old company was valued at $1.2 billion.

Financial services��

• , an AI insurance provider for startups, raised a $160 million Series B led by . The 2-year-old San Francisco-based company was valued at $1.3 billion and plans to go after the trucking industry next.��
• Intelligent wealth management platform raised a $150 million Series D led by . With in recruited assets, it is built to create an all in one system for advisors. The 7-year-old San Francisco-based company was valued at $1 billion.

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• , a manufacturer of aerospace and defense components, raised a $300 million Series B led by . The 1-year-old El Segundo, California-based company, which aims to strengthen America’s industrial base, operates six factories across the U.S. and was valued at $1 billion.
• , likewise says it is building out American manufacturing with a rapid custom manufacturing software to production platform. It raised its first institutional funding of $110 million led by , and founders and . The 7-year-old Reno, Nevada-based company supports small-scale inventors to large-scale enterprises and has shipped 30 million parts to 300,000 customers. The company was valued at $1 billion.

E-commerce

• , a real-time inventory management platform, raised a $170 million Series B led by and . Its sensor technology tracks items and its precise location and movement in the store. Retail customers include and . The 13-year-old New York-based company was valued at $1 billion.

• London-based , a booking service for hair salons, beauty experts and wellness salons raised a $80 million Series C led by . The 11-year-old London-based company was valued at $1 billion.

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• , a nuclear fusion startup spun out of Tsinghua University, raised a $74 million Series A funding. The 4-year-old China-based company was valued at $1 billion.
• , a provider of fast charging batteries, raised a $60 million Series C led by strategic investor . The batteries are used in data centers, robotics, electric vehicles and grid infrastructure. The 7-year-old Cambridge, UK-based company was valued at $1 billion.

Social media��

• Creator platform raised its first external funding, a $535 million private equity round led by , which now owns around 16% of the company. The 10-year-old London-based adult content platform was valued at $3.2 billion. Its CEO noted the company has paid out since 2016.

Data center��

• Modular data center builder raised a $230 million Series B led by , and. In partnership with the company plans to build capacity for secure data centers useful for military and remote manufacturing environments. The 3-year-old San Francisco-based company was valued at $2.2 billion. Customer booking for fiscal year 2026 was up 540% from 2025.��

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• São Paulo-based , a Brazilian AI legal platform to manage company litigation, raised a $100 million Series B led by that valued the 2-year-old company at $1.2 billion. Enter counts , and among its customers, who use its technology along with law firms to handle litigation paperwork and settlements. Around have been managed through the platform. led the Series A.

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• , a digital asset trader, raised a $150 million funding led by , UK bank Standard Charter’s fintech arm. The deal brings digital assets into banking and represents GSRs first strategic external investor. The 12-year-old London-based company was valued at $1 billion.��

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• , a security platform built for an open-source automated coding environment, raised a $60 million Series C led by . The platform is adopted by companies including Anthropic, , , , and and supports 27,000 organizations. Its socket firewall product is free to block malicious packages. The 6-year-old Stanford, California-based company was valued at $1 billion.

Related ������Ƶ unicorn lists:��

• (1,785)
• (619)
• (160)
• (189)
• (118)
• (102)
• (921)
• (525)
• (241)
• (39)
• (486)

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• Anthropic Files Confidentially For IPO��
• Active Startup Investors Didn’t Hold Back In May
• Anthropic Funding Pushed Startup Investment To Near-Record Levels In May As Exit Market Reopened����

Methodology

The ������Ƶ ������Ƶ is a curated list that includes private unicorn companies with post-money valuations of $1 billion or more and is based on ������Ƶ data. New companies are as they reach the $1 billion valuation mark as part of a funding round.��

The unicorn board does not reflect internal company valuations — such as those set via a 409a process for employee stock options — as these differ from, and are more likely to be lower than, a priced funding round. We also do not adjust valuations based on investor writedowns, which change quarterly, as different investors will not value the same company consistently within the same quarter.��

Funding to unicorn companies includes all private financings to companies that are tagged as unicorns, as well as those that have since graduated to .��

Exits analyzed here only include the first time a company exits.��

Please note that all funding values are given in U.S. dollars unless otherwise noted. ������Ƶ 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 ������Ƶ long after the event was announced, foreign currency transactions are converted at the historic spot price.

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

Startup investors were in a spendy mood this week, backing more than a dozen rounds in the multiple hundreds of millions. Of those, the biggest one went to spend-management platform , which closed on $750 million, followed by three $500 million rounds for companies in the AI and space tech sectors.

1.��, $750M, finance software: Spend-management software provider Ramp secured $750 million in a financing led by , ��and . The round set a $44 billion valuation for the 7-year-old, New York-based company.

2. (tied) , $500M, space tech: Redondo Beach, California-based Impulse Space, a developer of spacecraft and propulsion systems for transport, moving and orbital repositioning in space, raised $500 million in Series D funding. and led the financing which brings total investment to date to more than $1 billion.��

2. (tied) , $500M, AI developer tools: Supabase, provider of an open source platform for developers and AI app builders, closed on $500 million in fresh funding. led the financing, which set a $10.5 billion valuation for the 6-year-old, San Francisco-based company.

2. (tied) , $500M, foundational AI: New York-based Flourish, a startup working on artificial intelligence models inspired by the human brain, raised $500 million in initial funding. Backers include , ��and .

5. , $465M, fusion energy: Helion, a startup with a mission to build the world’s first fusion power plant, picked up $465 million in Series G funding led by at a $15.5 billion post-money valuation. The round brings total reported funding for the Everett, Washington-based company to at least $1.5 billion, per .��

6. , $435M, longevity medicines: NewLimit, a developer of medicines designed to restore youthful function in old cells through epigenetic reprogramming, closed on $435 million in Series C funding. led the financing for the South San Francisco, California-based company, which was co-founded by CEO .

7. (tied) , $400M, AI for music: Suno, a provider of AI tools for making music, raised $400 million in Series D funding led by . The round set a $5.4 billion valuation for the company, which is currently facing lawsuits from multiple music labels for training its AI on copyrighted materials.

7. (tied) , $400M, robotics: Generalist AI, a startup focused on using AI to enable robots to do complex tasks, picked up $400 million in new funding led by . The financing reportedly set a $2 billion valuation for the 2-year-old, San Mateo, California-based company.

9. , $350M, AI enterprise software: AlphaSense, an AI-enabled market intelligence and workflow orchestration platform, closed on $350 million in a new funding round led by , , , ��and . The round set a $7.5 billion valuation for the New York-based company.

10. , $300M, defense tech: Defense tech startup Mach Industries raised $300 million in Series C funding at a $1.8 billion valuation. and led the financing for the 3-year-old, Huntington Beach, California-based company.

Methodology

We tracked the largest announced rounds in the ������Ƶ database that were raised by U.S.-based companies for the period of May 30-June 5. Although most announced rounds are represented in the database, there could be a small time lag as some rounds are reported late in the week.

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led the round, which included participation from , , , , and others.

Founded in 2020, New York-based Capchase initially made a name for itself by providing revenue-based financing for SaaS companies. However, by late 2022, the company began to evolve into its current iteration: a vendor-financing technology platform. Capchase embeds itself directly into the sales workflows of companies such as original equipment manufacturers, software vendors and cybersecurity providers.

It has entirely discontinued its revenue-based financing, and instead now focuses on B2B buy now, pay later tools that help software and hardware vendors offer flexible payment terms while getting paid upfront.

The concept addresses a longstanding friction point in enterprise sales: vendors want cash immediately, while buyers want to preserve capital. Rather than forcing a buyer to pay $1 million upfront in 30 days, Capchase allows a sales rep to offer more flexible terms — say, $15,000 per month for up to five years. When the deal is signed, Capchase pays the vendor the full amount upfront, net of a financing fee.

“We started to see that there was a very big pull in the market,” , co-founder and CEO of Capchase, said in an interview. “We saw that sales cycles were expanding, CAC was going up, and all of this was driven by the high interest rates. Buyers wanted to pay as late as possible and pay installments.”

He added: “We shipped a product quickly to solve that need, and we started to get very strong market pull to the point that that ended up eclipsing the other product lines, and we decided to focus everything there.”

Displacing a legacy market with AI

The pivot has unlocked impressive growth. Capchase says it has a 400% growth rate over the past 12 months and forecasts another 200% growth in the upcoming year. Its workforce has scaled alongside this momentum, expanding to 75 employees, up from 50 a year ago.

While legacy banks, independent financing firms and captive financing arms have dominated the $1.3 trillion equipment financing market for decades, Capchase says it differentiates itself by replacing 1980s-era workflows with real-time automation.

Traditional financing approvals often require an email-driven back-and-forth that can take four to 17 days, according to Fernandez. Capchase claims to compress that timeline into seconds.

Capchase uses artificial intelligence and machine learning agents across its platform. For example, an “order generation agent” parses uploaded quotes or purchase orders to create flexible payment links in under 60 seconds — down from a manual process that typically took eight hours — according to Fernandez. As another example, an AI email agent automatically handles multiparty coordination between vendors, resellers and buyers, all without human intervention.

“What makes us different is that we are both the lender and the technology. And AI is what makes the combination work at the speed enterprise tech sales demands,” Fernandez told ������Ƶ News in an interview. “We built the credit decisioning engines that allow us to look at all the data these other players look at as well, but we were able to do it and infer it in just seconds.”

Moving upmarket and expanding globally

The new capital will primarily support Capchase’s rapid transition into the enterprise space.

“In the past 24 months, we went from serving vendors in the tens of millions of revenue to in the last 12 months in the hundreds of millions in revenue, and now in the multiple billions of revenue,” Fernandez said.

The startup’s platform now underwrites more stable, established borrowers. The average buyer utilizing Capchase has roughly $80 million in annual revenue, has been operating for over 20 years, and is profitable, he added. This profile has allowed Capchase to maintain a highly controlled risk environment and what he described as a “spectacular” default rate.

Capchase currently supports hundreds of tech vendors and tens of thousands of buyers. Its customer roster features enterprise tech giants, public cybersecurity firms and massive distributors, including , , , and .

Though Capchase keeps its specific financials, valuation and cumulative funding figures confidential, Fernandez confirmed that the latest capital injection represents a valuation step up from its 2021 $80 million Series B round. At the time of that raise, the company had raised more than $400 million in equity and debt.

Looking ahead, Capchase will use its fresh capital to scale beyond its core markets in North America — the U.S. and Canada — and Europe, including the U.K., Ireland, Belgium, Netherlands, the Nordics and Spain. Driven by direct demand from its enterprise partners, the company is officially entering the Australian market this year.

Reducing friction with flexible terms

, co-founder and managing partner of 01 Advisors, said he was drawn to Capchase primarily because of how AI has helped it disrupt traditional vendor financing.

Incumbents possessed plenty of capital but “have never been forced to build real technology because their customers had nowhere else to go,” he wrote via email.

AI fundamentally shifts this dynamic, allowing Capchase to “underwrite a buyer and create accurate docs in 30 seconds,” he said.

This solution hits close to home for Bain, who previously ran the sales team at and says he intimately understands the friction Capchase aims to eliminate. In traditional enterprise sales, momentum frequently stalls when a ready-to-buy customer hits a roadblock over payment terms, forcing sales leaders to either “discount to close, wait for the next budget cycle, or spend weeks negotiating.”

Those outcomes drain margin or time. Capchase completely removes that friction, Bain said, by offering instant approvals and flexible terms.

Fintech startups, particularly those that apply AI to traditionally manual or burdensome processes, have benefited from increased investment in recent quarters. Global funding to VC-backed financial technology startups totaled $53.8 billion in 2025, per ������Ƶ . That’s a more than 29% increase from 2024’s total of $41.6 billion raised.

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• Fintech Startups Globally Raise More Money In Far Fewer Deals In Q1 2026
• Exclusive: Capchase Raises $80M Series B To Give Startups Alternatives To Venture

Illustration:

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

Physical tech is back, at least judging by this week’s largest U.S. funding deals. The biggest of all was a $1.5 billion corporate round for a medical device company that develops implants and treatment systems for musculoskeletal disorders. It was followed by an enormous Series A round, backed by a bevy of big-name investors, for , a 1-year-old artificial intelligence startup that says it’s developing personalized AI devices. Along with the usual heavy dose of AI, this week’s list also includes large deals for aerospace and defense, fintech, and retail technology. Let’s dive in.

1. $1.5B, healthcare: MiRus raised a massive $1.5 billion corporate round led by as strategic investors continue betting on next-generation orthopedic and spinal technologies. The Marietta, Georgia-based company has now raised $1.6 billion to date, . The deal comes with a 34% equity stake for Boston Scientific.

2. , $700M, artificial intelligence: AI startup Hark landed a huge $700 million Series A led by, with participation from a of investors including chip giants , , and , as well as ,, , 1��and . The San Jose, California-based company it’s building “advanced personalized intelligence and next-generation hardware” and plans to release some kind of product later this summer.

3. , $355M, AI infrastructure and developer tools: New York-based Modal Labs raised $355 million in a Series C round led by and , with participation from and . The company provides serverless cloud computing tools and GPU access for running AI models and testing AI-generated code. Its latest round is at a $4.65 billion valuation. CEO ​told Reuters that Modal’s ARR has soared to $300 million, up from about $60 million in September, as enterprise AI coding becomes widespread.

4. (tied) , $300M, artificial intelligence: Frontier lab Decart raised $300 million in a round led by that reportedly values it at nearly $4 billion. The deal also received backing from including venture firms and, AI researcher and corporate investors Nvidia, and . The startup, based in San Francisco and Tel Aviv, develops generative AI models and infrastructure, and has now raised roughly $456 million to date as investors continue pouring capital into foundational AI technologies.

4. (tied) , $300M, aerospace and defense: El Segundo, California-based Amca raised $300 million in a Series B led by, alongside investors including and. The company focuses on aerospace manufacturing and supply-chain technologies, an area drawing increased venture interest amid renewed defense-tech spending. Amca has raised $376.5 million overall, . Its latest round reportedly comes at a $1 billion-plus valuation.

6. , $250M, search and generative AI: AI search startup Exa secured $250 million at a $2.2 billion valuation in a Series C round led by Andreessen Horowitz. Based in San Francisco, the company develops AI-native search infrastructure designed for agents and large language model applications. The latest raise brings Exa’s total funding to $357 million and comes as competition intensifies around AI retrieval and search tools.

7. , $230M, edge computing and AI infrastructure: Armada raised $230 million in fresh funding at a $2.2 billion valuation. The Series B deal was led by , and, with participation from other investors including and . The San Francisco-based company develops edge computing and AI infrastructure systems designed for remote and industrial environments. The round brings its total funding to $469 million, .

8. , $200M, fintech: Mercury raised $200 million at a $5.2 billion valuation in a Series D round led by . Returning backers Andreessen Horowitz, , , , and also participated. The San Francisco-based company provides banking and financial workflow software for companies and has now raised about $657 million to date. Its latest round comes amid a broader uptick in fintech funding, including strong investor interest in digital banking platforms serving startups and businesses.

9. , $170M, retail technology: New York-based Radar secured $170 million in funding at a $1 billion valuation. The Series B round was led by and, with participating. The company develops AI technology for brick-and-mortar stores that uses overhead RFID sensors, software and analytics to give retailers real-time inventory visibility with item-level tracking accuracy. The company said its platform is deployed in more than 1,400 stores for customers including and . It has raised nearly $310 million to date, .

10. , $150M, wealth management: Farther raised a $150 million Series D led by as investors continue backing platforms modernizing financial advisory services. The San Francisco-based company provides technology-enabled wealth management tools and has raised approximately $268 million to date. Farther didn’t reveal its valuation with the latest raise, only that it is “now a unicorn.”

Methodology

We tracked the largest announced rounds in the ������Ƶ database that were raised by U.S.-based companies for the period of May 18-22. Although most announced rounds are represented in the database, there could be a small time lag as some rounds are reported late in the week.

Illustration:

That’s up 49% from the $3.5 billion valuation it achieved when announcing its $300 million Series C — which included primary and secondary funding — in March of 2025. The latest capital infusion brings San Francisco-based Mercury’s total primary and secondary funding to approximately $700 million since its 2017 inception.

led the latest financing, which included participation from returning backers , , , , and .

Mercury counts more than 300,000 companies as customers, including startups and larger entities such as , , , , and .

Interestingly, Mercury recently received from the banking regulator, the OCC, to establish its own bank. This is in contrast to many fintechs, which typically work with a sponsor bank but are not banks themselves.

The company hit $650 million in annualized revenue as of the 2025 third quarter, and claims to have achieved four consecutive years of profitability on both a GAAP net income and EBITDA basis.

AI’s effects

“AI is collapsing the friction between an idea and a company faster than anything I have seen in my career,” , co-founder and CEO of Mercury, said in a press release. “We are going to see more founders in the next five years than in the last twenty. But legacy banking in 2026 still works the way it did when I started my first company in 2006. I started Mercury because banking should do more than be a vault, it should help customers run the best business possible.”

Fintech startups, particularly those that apply AI to traditionally manual or burdensome processes, have benefited from increased investment in recent quarters. Global funding to VC-backed financial technology startups totaled $53.8 billion in 2025, per ������Ƶ . That’s a more than 29% increase from 2024’s total of $41.6 billion raised.

Disclosure: The author of this article is a freelance writer who also writes for Mercury’s independent magazine, Meridian.

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When and his wife were navigating the complex world of fertility treatment, the process was marked by stress and financial strain. But after finally achieving a successful outcome, AlSalim recognized how different his experience was from many others in his position.

Despite the ordeal, he noted, having a child afterward “is much better than a load of people who don’t have anything to show for it.”

The experience sparked a business idea to help others in the same situation his wife and he were in. “My son was 1 week old,” he said, recalling the exact moment the concept took hold.

AlSalim officially registered the company name, , in 2019, but the business’ true inception came later, as the founder refined the idea and sought investors.

Gaia is working on building what AlSalim believes is a fundamentally new category in the . The company uses artificial intelligence and machine learning — trained on millions of anonymized historical data points and fertility outcomes — to better understand risk and probability for fertility treatment.

The platform analyzes variables such as age, hormone levels, ovarian response, treatment protocols, embryo development and clinical outcomes to direct patients to “optimal” clinics based on their data profiles, and to generate personalized forecasts around fertility success. It also uses AI and machine learning to underwrite personalized outcome-based “flexible” financing plans for IVF, egg freezing and embryo transfer procedures.

“We tell you where to go, we protect your path, we finance your treatment, we support you,” AlSalim said in an interview with ������Ƶ News. “No one else today bundles care, capital and financial protection into a single product.”

And today, the New York-based startup — led by AlSalim as its sole founder — tells ������Ƶ News exclusively that it has secured a $100 million debt facility from to scale its operations across the United States.

The credit facility follows a $14 million Series A round raised in January 2025, led by , that brought Gaia’s total equity funding to $37 million across three rounds. Other backers include and .

Fertility remains a relatively niche area for healthcare startup investment. Last year, venture investors put $194.8 million toward startups in ������Ƶ’s fertility categories. Since the peak year of 2021, when $229.6 million went to fertility-related startups globally, annual investment in the sector has ranged between about $100 million and roughly $200 million, .

Treatment with ‘outcome protections built in’

Today, the fertility industry operates almost entirely on a “fee-for-service” model. Patients pay thousands of dollars per individual procedure, regardless of whether that procedure actually results in a baby. If a cycle fails, the patient is left with heartbreak and a depleted bank account.

Gaia flips this dynamic on its head by pricing the probability of success rather than the number of procedures, its founder said.

“We are not just a financing company,” AlSalim told ������Ƶ News. “We use data in order to create unique plans that are individualized with outcome protections built in.”

For an IVF cycle, which has a nationwide median cost of $22,000, Gaia says it offers complete predictability. If a member’s first IVF cycle fails, Gaia covers the next cycle at no extra cost. For embryo transfers, the plan includes unlimited transfers until a live birth is achieved.

The model works across other endpoints, too. For example, if a 30-year-old woman wants to freeze her eggs, Gaia uses its predictive engine to guarantee a target number of retrieved eggs based on her specific biomarkers. If she does not hit that number in the first round, Gaia funds a second cycle at no extra cost. Patients can choose to pay the fixed cost upfront or use Gaia’s financing to spread the cost over five years with monthly payments.

Closed-loop model

By owning the data and the risk from initial consultation to live birth, Gaia aims to build a closed-loop data asset that it believes will serve as a massive competitive moat.

Its model is resonating. Over the past 15 to 16 months, Gaia has experienced a significant growth inflection, according to AlSalim. The company has surpassed 1,100 memberships, with over 1,000 active members in the U.S., and has partnered with 200 clinic locations across 40 states.

The founder declined to provide hard revenue figures when asked about growth, saying that the company is “now developing a baby every 18 hours” while maintaining a of 85, which is considered “exceptional” in the healthcare industry by , creator of the customer loyalty benchmark.

Building a village

To sustain this velocity, Gaia has expanded its distribution channels beyond direct-to-consumer marketing to include local partnerships with acupuncturists and pharmaceutical companies, as well as direct clinic integrations.

Last year, the company launched an enterprise benefit product, marketing and selling directly to employers who want to offer comprehensive, risk-insulated fertility coverage to their workforce.

The corporate product has scaled rapidly, said AlSalim. Gaia’s enterprise client roster spans diverse sectors — from tech professionals in Silicon Valley to blue-collar manufacturing workers in Denver.

, managing director and head of U.S. Investments at Viola Credit, said his firm was drawn to Gaia because it believes the startup is addressing “a deeply important and underserved problem” with a model that is “both commercially compelling and mission-driven.”

Chen believes that Gaia stands out also because it is not “simply a financing product.”

Its approach, he said, “aligns incentives across patients, clinics, and financing in a way that feels genuinely differentiated,” he wrote via e-mail, “and we believe it can meaningfully improve access to fertility care.”

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