Startup investors may not be hitting the pause button entirely on venture capital deployments, but the ecosystem saw a noticeable contraction in the size of mega-rounds this past week. With just two startup financings crossing the multiple-hundred-million-dollar threshold, the latest weekly tally reflects a more measured approach from institutional backers navigating the macroeconomic climate.
While the velocity of deal-making remains active across diverse sectors, the sheer magnitude of individual checks has softened compared to previous weeks. Even so, capital continues to flow heavily into critical technology layers, life sciences, next-generation healthcare, and specialized infrastructure. The biggest check of the week went to artificial intelligence infrastructure provider Modal Labs, which commanded an eye-watering $750 million financing, followed by construction automation unicorn Icon with a $200 million injection. Beyond these two massive rounds, sectors such as biotech, healthcare AI, insurance, and semiconductor systems also successfully attracted substantial investor interest.
The Top Startup Funding Rounds in the U.S.
Topping the weekly list is Modal Labs, a New York-headquartered provider of cloud infrastructure designed specifically for AI inference and other intensive workloads. Modal Labs secured a massive $750 million Series D funding round led by prominent venture capital firm Accel. The transaction values the high-growth infrastructure provider at an impressive $15.75 billion. Demonstrating robust commercial traction that justifies such a soaring valuation, Modal Labs reported that it recently surpassed an annual revenue run rate of $1 billion, positioning itself as an essential backbone for companies scaling up their generative AI and machine learning operations.
Securing the second-largest spot on the weekly leaderboard is Icon, an Austin, Texas-based developer of robotic construction systems best known for pioneering 3D-printed homes. Icon closed on a $200 million Series D funding round, which was co-led by institutional heavyweights Baillie Gifford and BlackRock. The construction technology unicorn is experiencing rapid commercial adoption and reports that it is currently on a strong trajectory to achieve fourfold revenue growth through the year.
The life sciences sector also claimed significant capital commitments this past week, led by Boston-based Soufflé Therapeutics. The developer of advanced RNA therapies successfully raised $135 million in a Series B funding round. The financing was led by the Juvia Group as part of a broad and diverse syndicate of life science investors betting on the clinical pipeline of the emerging biotech firm.
Another notable life sciences newcomer making waves in Northern California is Estuary Biotherapeutics. Headquartered in Menlo Park, the developer of specialized genetic medicines aimed at treating patients suffering from serious and chronic kidney diseases officially launched with a total of $103 million in financing. This capital injection is comprised of $93 million in a Series A funding round led by RA Capital Management, alongside $10 million in previously undisclosed seed capital that helped lay the foundation for the company’s research and development programs.
Returning to the enterprise artificial intelligence software space, San Francisco-based Labelbox secured $100 million in Series E funding. The 8-year-old company specializes in developing technology designed to train and evaluate AI models, as well as helping organizations deploy autonomous agents that improve their performance continuously through experience. The latest financing round for Labelbox was led by Infinitum Partners.
Healthcare artificial intelligence continues to draw substantial venture backing, as evidenced by Suki. Headquartered in Redwood City, California, Suki provides specialized AI tools that seamlessly convert clinical conversations into structured intelligence for medical documentation, billing codes, and various other time-consuming healthcare workflows. The company announced a $90 million Series E financing round backed by a consortium of strategic investors that includes Healthier Capital and Crosslink Capital.
In the digital health and caregiver space, San Francisco-based Abby Care closed on an $82 million Series C funding round. The five-year-old startup operates an innovative platform designed to help family members become certified and paid caregivers, enabling them to deliver professional-grade care directly to loved ones at home. The financing was led by Transformation Capital.
Addressing the growing challenges of climate change and property protection, San Francisco-based Stand secured $70 million in Series C funding at a milestone $1 billion valuation. Stand provides specialized insurance coverage tailored for homes located in geographical areas facing elevated risks of natural disasters. The financing for the three-year-old insurance provider was led by Saga Ventures Management.
Hardware and semiconductor innovation also made the list with Mueon Corp. The Portland, Oregon-based semiconductor systems company is currently building a modular platform explicitly designed to support AI workloads and hyperscale computing demands. Mueon completed a $65 million Series A funding round led by Maverick Silicon.
Rounding out the top ten list is New York-based North.cloud, which provides an infrastructure spend intelligence and automation platform. The enterprise software provider raised $60 million in a Series B funding round led by PeakSpan Capital, highlighting ongoing enterprise demand for cloud cost management and optimization tools.
Methodology
The weekly roundup tracks the largest announced venture capital rounds captured within the Crunchbase database raised by U.S.-based companies. The data reflects transactions announced during the specified weekly reporting window. While the vast majority of major funding announcements are cataloged promptly, minor time lags can occasionally occur due to late-week reporting disclosures and confirmation processes.
