What’s funding like in the agentic AI market right now?

All funding deals in the agentic AI market over the last 24 months

Below is the table listing all the deals. You can find our methodology at the end of this page.

If you want a deeper understanding of the market and its current dynamics, get our report covering the Agentic AI Market.

Is Agentic AI funding actually healthier now?

Yes. Agentic AI funding looks clearly healthier today: more companies are raising, rounds are larger, and the improvement still holds once we remove the biggest deals.

We counted 365 financings in the latest 12-month period, up from 243 in the preceding one. The number of funded companies moved almost in lockstep, from 227 to 341. That tells us the extra activity reached a much wider group of startups rather than circulating mainly among repeat fundraisers.

The typical check also got bigger. The median round increased from $7 million to $10 million, while capital excluding every financing above $50 million still rose from $2.58 billion to $4.22 billion. In other words, the healthier picture survives well below the megadeal layer.

There is a catch, though: the new money has tilted heavily toward companies that are already funded and scaling. First financings are still growing, while follow-ons are growing much faster. So the Agentic AI market currently combines a healthy startup pipeline with a much more developed growth-stage layer than it had a year earlier.

Metric	Latest 12M	Previous 12M	Change
Deals	365	243	+50.2%
Unique companies	341	227	+50.2%
Total capital	$12.30B	$4.20B	+192.5%
Capital excluding >$50M rounds	$4.22B	$2.58B	+63.6%
Capital excluding >$100M rounds	$5.97B	$2.92B	+104.2%
Median round	$10.0M	$7.0M	+42.9%
First-financing share	44.7%	51.9%	-7.2 pp
Follow-on share	54.8%	46.9%	+7.9 pp
Later-stage deal share	11.8%	9.1%	+2.7 pp

Is the Agentic AI funding boom mostly Cognition and a few giant rounds?

No. Cognition and the other giant Agentic AI rounds make the boom look much bigger, but the underlying market has still grown substantially without them.

Cognition's latest financing was disclosed at more than $2 billion and represents at least 16.3% of all capital raised during the period. Sierra added a $950 million round, while Wonderful announced a $550 million Series C whose primary-capital component in our financing calculations is approximately $380 million. A handful of deals clearly have an outsized effect on the headline total.

Strip out every financing above $50 million, however, and funding is still 63.6% higher than a year earlier. Removing deals above $100 million leaves growth of 104.2%. The top three rounds account for 27.1% of capital, up from 23.4%, so concentration rose, but nowhere near enough to explain the whole increase.

The upper end has also become much thicker. Instead of one or two freak transactions sitting above an otherwise ordinary market, we found dozens of large rounds spread across the year.

So $12.3 billion is a somewhat flattering headline. The direction underneath it is still unmistakable: considerably more money is flowing into Agentic AI even after the spectacular rounds are taken out.

Are more Agentic AI startups actually getting funded now?

Yes. Agentic AI funding is reaching far more startups today, and the expansion goes well beyond repeat rounds for the same famous names.

Unique funded companies increased from 227 to 341. We also found companies headquartered across 31 countries, compared with 24 in the previous period, and 291 disclosed lead investors versus 219.

New entrants are part of that expansion. First financings increased from 126 to 163, meaning 37 additional companies entered our funded-company dataset through an initial financing. Their share fell because repeat fundraising grew even faster, not because first-time funding dried up.

This is an important distinction when people look at a year full of Cognition, Sierra, Parloa and other huge financings. Those companies dominate the dollar discussion, while underneath them the pool of companies attracting capital has continued to widen.

Geographic breadth tells a similar story. North America remains dominant, but more countries are now represented, with especially visible expansion across Europe and the Middle East.

As of now, the Agentic AI boom has breadth as well as depth. The money is becoming more concentrated at the top, while the number of companies getting some funding is also rising quickly.

Are investors still backing new Agentic AI startups, or mostly doubling down on winners?

Investors are still backing new Agentic AI startups, but the really big money now goes to companies returning for another round.

First financings reached 163, up from 126, and the median first financing increased from $4.65 million to $5.6 million. There is little evidence here of investors closing the door on new entrants.

The bigger change sits further along the funding curve. Follow-ons jumped from 114 to 200, while follow-on capital reached approximately $10.78 billion. They now account for close to 88% of all money raised during the latest period.

The company examples make the change tangible. Parloa followed its $120 million Series C with a $350 million Series D. Wonderful moved through a $34 million seed, a $100 million Series A, a $150 million Series B and then a $550 million Series C announcement in a little over a year. Cognition has gone from a $21 million Series A in 2024 to rounds measured in hundreds of millions and, most recently, more than $2 billion.

That is where investor behavior has changed most. New Agentic AI companies can still get funded, while investors are increasingly willing to put extraordinary amounts behind the companies that appear to be breaking away from the pack.

Metric	Latest 12M	Previous 12M
First financings	163	126
First-financing share	44.7%	51.9%
First-financing capital	$1.49B	$915M
Median first financing	$5.6M	$4.65M
Follow-ons	200	114
Follow-on share	54.8%	46.9%
Follow-on capital	$10.78B	$3.28B
Median follow-on	$20M	$16M

Are $50 million and $100 million Agentic AI rounds becoming normal?

Not normal in the literal sense, but no longer rare. Large Agentic AI rounds now form a visible part of the market rather than sitting at its edge.

We counted 44 financings above $50 million, versus only ten in the preceding period. Twenty deals were strictly above $100 million, compared with five before. Looking at the broader $100 million-plus bucket, including rounds exactly at $100 million, the count reaches 24.

The bottom end barely moved. There were 87 rounds below $5 million in both periods. Meanwhile, the market added 122 deals overall. Sub-$5 million financings therefore dropped from 35.8% of transactions to 23.8% without actually disappearing.

Most of the expansion happened above that floor. The $20 million-to-$50 million bracket grew from 47 deals to 75, and the $50 million-to-$100 million bracket jumped from six to 28.

So when we say the Agentic AI funding bar has moved upward, we mean something fairly concrete: investors are still writing small checks, but practically all of the net growth in deal activity has happened at larger ticket sizes.

Deal size	Latest deals	Latest share	Previous deals	Previous share
<$5M	87	23.8%	87	35.8%
$5M–<$20M	151	41.4%	98	40.3%
$20M–<$50M	75	20.5%	47	19.3%
$50M–<$100M	28	7.7%	6	2.5%
$100M+	24	6.6%	5	2.1%
Strictly >$50M	44	12.1%	10	4.1%
Strictly >$100M	20	5.5%	5	2.1%

Has Agentic AI funding moved away from seed rounds?

Seed funding is still huge in Agentic AI, but the market has clearly moved further toward Series A and later stages.

Seed represents 57.8% of current deals, so anyone describing Agentic AI as a late-stage market would be getting ahead of the data. Early-stage financings actually increased in absolute terms, from 214 to 314.

What changed is their weight inside a much larger market. Seed's share fell eight percentage points, from 65.8% to 57.8%, while Series A climbed from 22.2% to 28.2%. Later-stage deal count roughly doubled.

The shift becomes much stronger once we look at dollars. Series D+ rounds represent only 1.6% of current transactions and absorb 30.9% of capital. Seed accounts for almost six deals out of ten and only 14.3% of the money.

That gap shows how the Agentic AI market is evolving these days. Startup creation remains active, while a small group of companies has reached a stage where investors are comfortable committing hundreds of millions at once.

Stage	Latest deal share	Previous deal share	Latest capital share	Previous capital share
Seed	57.8%	65.8%	14.3%	23.4%
Series A	28.2%	22.2%	26.2%	33.8%
Series B	7.1%	6.2%	16.8%	13.2%
Series C	2.2%	2.1%	9.0%	18.6%
Series D+	1.6%	0.8%	30.9%	8.9%
Growth Equity	0.8%	0%	2.3%	0%
Unknown	2.2%	2.9%	0.6%	2.2%

Which part of Agentic AI is actually gaining the most momentum?

Agent Execution Infrastructure has the cleanest momentum in Agentic AI right now because more deals, more capital and larger rounds are all moving in the same direction.

We counted 48 financings in Agent Execution Infrastructure. Its share of deals gained 2.5 percentage points, capital share gained 2.6 points, and the median round increased from $5.65 million to $10 million. None of those moves depends on one giant financing.

Vertical AI Agents are still the center of gravity. They represent roughly 64% of deals and 73% of capital, with the median round moving from $7 million to $11 million. Companies such as Cognition, Sierra and Parloa are a big part of why the category attracts so much money. Its deal share, however, slipped slightly, which makes the story more about deeper funding of an already dominant category than a sudden land grab.

Agent Development Platforms look stronger in dollars, although Wonderful's large Series C has a meaningful effect on that result. Agentic AI Applications went the other way: the category raised more absolute money while losing around six percentage points of capital share because other parts of Agentic AI grew much faster.

Agent Memory Systems are still tiny, but ten financings versus four previously give us an early indication that investors are starting to carve out persistent context and memory as a separate infrastructure layer.

For now, execution infrastructure is the category where the underlying momentum looks hardest to dismiss as deal noise.

Is Agentic AI funding getting too concentrated?

Agentic AI funding has become more concentrated around large rounds, although the money is spread across a broader upper tier than the biggest headlines suggest.

The largest deal accounts for at least 16.3% of current funding, versus 9.5% for the largest deal in the previous period. The top three rose from 23.4% to 27.1% of capital.

Look further down the ranking and the change becomes much smaller. The top ten deals account for 40.6% of funding versus 38.6% before, an increase of only two percentage points.

That is a useful clue. We have many more companies raising large sums rather than one company taking over the entire market. Sierra's $950 million, Parloa's $350 million, Wonderful's rapid sequence of growth rounds and a wider set of $50 million-plus financings have created a much fatter upper tail.

As seen above, those large checks now show up throughout the deal-size distribution. More than half of current capital comes from rounds above $100 million, but capital below the megadeal thresholds also grew strongly.

Concentration deserves attention because a few delayed or missing growth rounds could make next year's headline total swing sharply. It does not overturn the broader picture of a market that has become larger across several layers.

Was the Agentic AI funding boom consistent through the year?

Yes. Agentic AI deal activity stayed at a much higher level across the year, even though the timing of giant rounds made monthly capital jump around.

To compare the two rolling periods cleanly, we split them into 12 aligned windows running from the 20th of one month to the 19th of the next. The latest period averaged 30.4 deals per window, compared with 20.3 before. The median rose from 21 to 28.5.

That median is especially useful here. A single fundraising frenzy cannot lift it very far; at least half of the monthly windows need to be operating above the old level.

Capital was much more uneven. The median monthly amount increased from $252 million to $810 million, while the biggest current window reached roughly $3.04 billion. Cognition's enormous financing explains much of that peak.

There were no zero-deal windows in either period. The change therefore looks persistent on deal activity and far more lumpy on dollars, which is what we would expect once $100 million-plus financings become common.

Are more investors actually entering Agentic AI?

Yes. More investors are showing up in Agentic AI, and the major venture firms are also coming back for repeated deals.

We identified 291 unique disclosed lead investors in the latest period, up from 219. At the same time, the number appearing in more than one financing jumped from 27 to 59.

Sequoia Capital appeared in 11 current deals, Andreessen Horowitz in ten, Index Ventures and Lightspeed Venture Partners in eight each, and General Catalyst in seven. Khosla Ventures appeared six times, while Accel, Battery Ventures and Insight Partners appeared five times each.

The mix is useful because it shows two things happening together. New names are entering the funding pool, while experienced AI investors are putting money into the category repeatedly.

This also helps explain why the market can support far more large rounds without the investor base looking obviously thinner. There are more funded companies, more active lead investors and far more repeat investors than a year earlier.

We would be careful with claims that investors have broadly become "less selective," because our dataset does not show rejected deals or failed fundraising attempts. What we can see is that once an Agentic AI company gets traction, there is now a deeper pool of investors willing to fund its next stage.

Are corporate investors becoming a bigger force in Agentic AI?

A little. Corporate and strategic investors are showing up more often in Agentic AI, while the rounds they join have become much bigger.

Strategic-backed financings increased from 32 to 54. Their share of total deals only moved from 13.2% to 14.8%, so this is still a gradual shift rather than a takeover by corporate venture arms.

The check sizes tell a more interesting story. Median strategic-backed financing rose from $17.5 million to $30 million, an increase of about 71%.

Recent deals give us a sense of where that money is appearing. NVIDIA participated in Cognition's latest multibillion-dollar financing, while Salesforce joined Wonderful's Series C. These are companies that already have major enterprise ambitions rather than experimental seed projects.

Strategic investors currently look more important at the scaling end of Agentic AI than at company formation. Their participation rate has moved only slightly; their financial weight when they do participate has moved much more.

Is Agentic AI funding finally spreading beyond North America?

Yes, Agentic AI funding is becoming more international, although North America still dominates the money by a huge margin.

North America accounts for 61.9% of deals and 80.2% of capital today. Those shares are remarkably close to the previous period, even as the total number of countries represented increased from 24 to 31.

Europe's deal share stayed around 25%, while its capital share rose from 12.6% to 14.6%. Larger European rounds explain more of that change than a sudden wave of new company formation. Parloa's $350 million Series D is one obvious example, while Wonderful's Amsterdam-linked rounds make the Netherlands look unusually capital-intensive.

Asia-Pacific shows almost the mirror image. Deal share stayed close to 7%, but capital share fell from 5.3% to 1.6%. The previous period included larger transactions such as Manus AI's $75 million round, so the drop in dollars should not be read as startups disappearing from the region.

The Middle East has the clearest increase in breadth, with deal share moving from 3.7% to 5.2%.

Agentic AI is more geographically distributed these days, but global diversification has barely dented North America's control of the largest checks.

Are Agentic AI startups raising their next rounds faster now?

Some high-profile Agentic AI startups are raising again extremely quickly, but we cannot honestly turn those examples into a market-wide funding-velocity number.

Our financing research does not establish a reliable previous-round date for every follow-on company. Using only earlier deals that happen to appear elsewhere in the dataset would bias the result: a missing historical round could easily look like a long fundraising gap.

Still, several individual trajectories are striking. Parloa's $350 million Series D closed only seven months after its Series C, according to the company's announcement. Wonderful went from its first disclosed $34 million seed to multiple nine-figure rounds in little more than a year. Cognition has also compressed enormous amounts of fundraising into a very young company.

Those cases show how quickly capital can now follow companies that are growing into major enterprise platforms. They do not tell us whether the median Agentic AI startup is raising faster than it did a year ago.

This is one area where keeping the uncertainty visible gives us a better answer than manufacturing a market statistic from incomplete histories.

Are Agentic AI companies still raising to build products, or are they raising to scale?

More of the biggest Agentic AI financings today are about scaling products that already have real enterprise adoption.

The funding mix gives us the first clue: follow-ons absorb most of the capital, later-stage rounds have taken a much larger share of dollars, and nine-figure financings are far more common.

Recent company announcements make that shift easier to see. Parloa said its $350 million Series D would fund global expansion, further development of its AI Agent Management Platform and growth across the U.S. and Europe. Sierra announced $950 million after expanding across several international markets and acquiring AI companies in France and Japan. Wonderful said its latest Series C would accelerate global deployment and product development after expanding across more than 30 markets.

Cognition's latest round is an even more extreme example. The company disclosed more than $2 billion of new capital while reporting that Devin was already being used across major enterprises and while expanding its own international footprint.

The demand side has also moved. OpenAI's Enterprise Signals, updated in August 2026, found that agent-oriented Codex represented 64% of combined Codex and ChatGPT output tokens among enterprise customers in June. Weekly enterprise Codex users had also grown especially fast outside engineering, including legal, sales, recruiting and marketing.

Deloitte's 2026 State of AI survey found that 85% of companies expected to customize AI agents for their businesses. Salesforce's Agentic Enterprise Index showed the average number of activated agents among the businesses it tracked rising from five in February 2025 to 13 by April 2026. McKinsey's 2026 survey found that 40% of respondents at companies above $1 billion in revenue said their organizations were scaling AI agents, up from 27% the previous year.

None of those surveys proves that enterprise adoption caused the funding jump. Together with the financing data, they help explain why investors may now be more comfortable funding global deployment, integrations, reliability, sales and infrastructure at a much larger scale.

There is one limit to how far we can take this. We did not find standardized milestone and use-of-funds disclosure across every financing, so we cannot credibly say that startups now need a specific revenue number or customer count before investors will fund them. The clearest change is simpler: once companies show enough traction to reach the scaling phase, far more capital is available to them than a year ago.

What really changed over the last 12 months?

Agentic AI funding became healthier across the parts of the market that are hardest for one giant transaction to fake. More companies raised money, more first financings happened, median checks got bigger, more countries appeared in the dataset and capital below the largest-deal thresholds rose substantially.

The biggest structural change is the emergence of a much heavier scale-up layer. New companies are still entering the market, while existing winners are attracting money at a completely different order of magnitude. As we saw previously, follow-ons are where most of the incremental capital has gone.

Large financings have also become routine enough to change the shape of the market. The interesting development is no longer one extraordinary $100 million-plus round. There are now enough of them to form a meaningful part of the financing stack.

Agent Execution Infrastructure has the cleanest category momentum because its deal share, capital share and median round all improved together. Vertical AI Agents remain the dominant category and continue to absorb most of the money, especially through a handful of increasingly large enterprise platforms.

Investor participation has broadened rather than narrowed. More lead investors are active, and repeat participation among major funds has increased sharply. Strategic investors have grown more slowly in frequency, although the rounds they join are much larger than before.

Finally, Agentic AI is increasingly being financed like a market moving into commercialization and large-scale deployment. Enterprise adoption data from OpenAI, Deloitte, Salesforce and McKinsey points in the same direction, even if it cannot establish causality.

The most misleading way to describe the last year would be to stop at "Agentic AI funding nearly tripled." That figure is technically impressive and analytically incomplete. The more useful takeaway is that the market broadened at the bottom and middle while becoming dramatically deeper at the top.