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

All funding deals in the AI TRiSM 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 AI TRiSM market report.

Is AI TRiSM funding healthier than it was?

Yes. AI TRiSM funding is healthier now: more companies are raising, and the typical round is larger.

The last 12 months produced 104 deals across 93 companies, compared with 78 deals across 74 companies in the preceding period. Deal count rose 33%, funded companies rose 26%, and total disclosed capital rose 168%.

One oversized round can make a market look hot, but that is not what happened here. Both the number of funded companies and the typical financing moved upward.

Is the AI TRiSM funding surge just a few giant rounds?

No. AI TRiSM funding still looks much stronger after removing the largest rounds.

Capital excluding rounds above $50M rose 127%, from at least $552M to at least $1.3B. Capital excluding rounds above $100M rose 88%, from at least $902M to at least $1.7B.

The table below compares the main measures with and without the biggest rounds.

Metric	Last 12 months	12 months before	Change
Deals	104	78	+33%
Companies	93	74	+26%
Capital	$2.4B+	$902M+	+168%
Excluding >$50M	$1.3B+	$552M+	+127%
Excluding >$100M	$1.7B+	$902M+	+88%
Median round	$10M	$5.5M	+82%
Deals above $50M	11	4
Deals above $100M	5	no deal

"+" means at least: some round amounts were not disclosed. Medians are rounded; exact values are given in the text.

Are more AI TRiSM companies getting funded, or are the same ones taking more money?

More AI TRiSM companies are getting funded, while repeat winners are also taking a bigger share of the money.

The number of funded companies rose from 74 to 93, a 26% increase. At the same time, repeat companies increased from 4 to 11, and the repeat rate moved from 5% to 12%.

More companies are getting checks, and the biggest winners are raising more at the same time. The current period has a larger pool of funded companies and a much stronger group at the top.

Is the typical AI TRiSM round actually getting bigger?

Yes. The typical AI TRiSM financing became much larger in the last 12 months.

The exact median rose 82%, to $10.0M from $5.5M. The share of funded companies with less than $5M also fell from 46% to 25%, while the share above $50M rose from 5% to 11%.

The median tells us this is happening beyond the biggest deals too.

Are $50M AI TRiSM rounds becoming normal?

Not yet. Large AI TRiSM rounds are much more common, but they are still a minority of financings.

The last 12 months contained 11 deals above $50M, representing 11% of all deals, versus 4 deals and 5% in the prior period. Those current large rounds supplied $1.2B of capital.

Arena's $200M Series B, Zenity's $125M Series C, HiddenLayer's $100M Series B and several other large financings show how much bigger the top rounds have become. Still, nine-figure rounds are far from routine.

Is AI TRiSM moving beyond seed funding?

Yes. AI TRiSM is still early-stage, but Series A and Series B now take a bigger share of deals.

Seed fell from 77% to 63% of deals. Series A rose from 13% to 22%, and Series B rose from 4% to 7%.

AI TRiSM is moving further beyond seed even though it still has no Series D+-plus or growth rounds in either period.

Are AI TRiSM Series A and Series B rounds getting much bigger?

By a lot. AI TRiSM Series A and Series B checks are much larger than in the preceding period.

The Series A median was $30M in the last 12 months versus $16M before, while the Series B median was $80M versus $19M. Series A supplied at least $843M and Series B supplied $651M in the current period.

Companies are reaching very large institutional rounds quickly. Arcade.dev's $60M Series A, Straiker's $64M Series A and Arena's $200M Series B all sit well above what would once have looked like a normal early-stage software financing.

Are first-time AI TRiSM financings drying up?

No. First-time AI TRiSM financings increased in count, even as follow-ons grew faster.

We counted 47 first financings in the last 12 months versus 40 in the prior period. Their share of deals fell from 51% to 45% because follow-ons grew faster.

New entrants are still getting funded, while companies that already found traction are returning for more money.

Is most AI TRiSM money now going into follow-on rounds?

Yes. Follow-on rounds now take most of the AI TRiSM money.

Follow-ons accounted for 52 deals and at least $1.9B in the last 12 months, representing 78% of disclosed capital. In the preceding period they accounted for 35 deals and $488M, representing 54%.

Investors are still financing new companies, but the largest checks increasingly go to startups they already know and have funded before.

Are the same AI TRiSM startups raising repeatedly?

More often than before. Repeat fundraising is common enough to notice in AI TRiSM, but it still involves a minority of funded companies.

Repeat companies are still a small group: 82 of the 93 funded companies in the current period raised only 1 round.

Arena raised 2 rounds in the current period, Onyx Security raised 2, and Arcade.dev also raised 2. A few startups can now come back quickly for much larger rounds, while most still appear only once.

Are AI TRiSM startups raising again faster?

No. AI TRiSM companies come back for new rounds more often, but the wait between rounds hasn't got any shorter.

For measured gaps between rounds, the median was 16 months in the last 12 months versus 15 months before. The share of measured gaps under 12 months fell from 44% to 36%, while the share under 24 months rose from 68% to 80%.

Coverage was 43% of relevant gaps in the current period and 32% before, so this measure is incomplete. Repeat financing became more common, while the measured time between rounds did not get shorter.

What part of AI TRiSM are investors funding much more now?

Runtime guardrails and policy enforcement are taking a much bigger share of AI TRiSM funding now.

The category moved from 15 deals to 47, and from 19% to 45% of all deals. Its share of disclosed capital moved from 18% to 46%, while its capital total rose from $164M to at least $1.1B.

AI agents help explain the jump. OWASP guidance on securing agentic applications, published in November 2026, focuses on identity, access control, runtime protection, supply-chain risk and assurance. Arcade.dev, announcing its Series A in June 2026, described a control layer that checks each agent action against policy and user permissions, while Zenity said in August 2026 that its platform can block an agent's action before it happens by reading the agent's intent.

Recent funding announcements match that change. HiddenLayer tied its $100M Series B in September 2026 to agentic runtime security, WitnessAI raised $58M in January 2026 while expanding agent governance, Straiker raised $64M in June 2026 for agentic security, and Bay came out of stealth in November 2026 with a product that checks agent actions in real time. These tools sit right where companies put their AI agents to work.

The table below shows how category deal share and disclosed-capital share changed between the two periods.

Category	Deal share now	Deal share before	Capital share now	Capital share before
Runtime Guardrails & Policy Enforcement	45%	19%	46%	18%
Model Risk & Evaluation	12%	23%	25%	30%
AI Security & Red Teaming	13%	21%	15%	24%
AI Monitoring & Observability	12%	8%	5%	11%
AI Governance & Inventory	8%	18%	4%	10%
Data & Privacy Controls	6%	9%	3%	5%
Compliance & Audit Management	5%	3%	1%	1%

Are AI TRiSM investors losing interest in model evaluation?

Only partly. Model risk and evaluation has fewer AI TRiSM deals, but investors are putting much more money into the companies that do raise.

The category fell from 18 deals to 12 and from 23% to 12% of deals, while its share of disclosed capital slipped from 30% to 25%. Yet capital rose from $273M to $612M.

Arena explains much of that tension. Its $200M Series B followed a $150M Series A in the same current period, and the company said in October 2026 that it had exceeded $100M in annualized revenue. Fewer evaluation deals are happening, but the leaders can now raise at a scale that was not available before.

Is AI security losing ground in AI TRiSM?

Not in capital terms. AI security and red teaming had fewer AI TRiSM deals, but the category still attracted much more money.

The category moved from 16 deals to 14 and from 21% to 13% of all deals. Its disclosed capital nevertheless increased from at least $217M to $368M.

Fewer deals can still produce more money when the leading companies raise much larger rounds. AI security still pulls in a lot of money, even as runtime guardrails take more of the new deals.

Is AI TRiSM funding becoming less US-centric?

Yes. The United States still leads AI TRiSM funding, but its share is smaller now.

The United States moved from 69% to 58% of deals and from 76% to 62% of disclosed capital. Israel moved from 9% to 20% of deals and from 17% to 31% of disclosed capital.

The United States remains the clear number one, but Israel is now a major hub for agent security and AI control.

Is Europe getting more AI TRiSM funding too?

Yes, but Europe's AI TRiSM growth comes mostly from more deals; giant checks are still rare.

Europe increased from 13 deals and $55M to 19 deals and $161M. Its share of deals moved only from 17% to 18%, while its share of disclosed capital moved from 6% to 7%.

Europe is getting more activity, but its rounds are still much smaller than the ones coming out of Israel. The region looks healthier without becoming the main driver of the current surge.

Are the same AI TRiSM investors coming back to lead more rounds?

Yes. More AI TRiSM investors are now leading multiple rounds.

The number of unique disclosed leads rose from 79 to 102, while repeat lead investors increased from 5 to 14. Repeat leads accounted for 35% of led rounds in the last 12 months versus 16% before.

SYN Ventures led 4 rounds in the current period, TLV Partners led 4, while Khosla Ventures led 3, Bessemer Venture Partners 3 and Felicis 3. More funds are entering the market, and a smaller group is also coming back to lead repeatedly.

Are AI TRiSM companies getting older before they can raise?

No. AI TRiSM companies are raising larger checks without waiting much longer to raise.

The median company age remained 1 year in both periods, and the median age for rounds above $50M remained 2 years. The share of funded companies founded since 2022 actually rose from 88% to 94%.

Investors are writing these larger Series A and Series B checks to very young companies instead of waiting years for a long software track record.

So, what does AI TRiSM funding look like right now?

AI TRiSM funding is accelerating across the market, and the jump survives even after the biggest rounds are removed.

The last 12 months brought more deals, more funded companies, a much larger median round and much more capital even after removing the biggest checks. Series A and Series B gained share, while runtime guardrails became the dominant category.

More of the money now goes to companies investors already know. Follow-ons take most capital, repeat fundraising is more common, and large checks cluster around companies securing or controlling AI agents. First financings are still rising in absolute number, so new entrants are still getting through.

The table below shows what we found.

Question	Answer
Is the market actually accelerating?	Yes, deal count rose 33% across the two periods. Funded companies rose 26% at the same time. The jump reaches far beyond the biggest checks.
Did capital growth depend on megarounds?	No, capital excluding rounds above $50M rose 127%. Excluding rounds above $100M still produced an 88% increase. Smaller rounds also grew strongly across the market.
Is the typical round bigger now?	Yes, the exact median rose to $10.0M from $5.5M. That represents an 82% increase across the two periods. The typical AI TRiSM deal is clearly larger now.
Are large rounds becoming common?	Large rounds are more common, but they remain rare. The current period had 11 deals above $50M. They still represented only 11% of all current-period deals.
Is seed still dominating AI TRiSM deals?	Seed remains the largest stage at 63% of deals. Its share fell by 14 percentage points from before. Series A and Series B both gained share.
Are new startups still getting funded?	Yes, first financings increased to 47 deals in the period. Their share still fell because follow-on rounds grew faster. New entrants remain active alongside startups raising again.
Where is most capital going?	Follow-ons captured 78% of disclosed capital in the period. They raised at least $1.9B in the current period. Proven companies now take the biggest AI TRiSM checks.
What category changed the most?	Runtime guardrails reached 45% of all AI TRiSM deals. They captured 46% of disclosed capital in the period. Agent control is where the biggest shift happened.
Is model evaluation funding actually disappearing?	No, model risk and evaluation raised $612M in the period. Its deal share still fell to 12% overall. Fewer deals are supporting much larger category leaders now.
Is the US losing control?	No, the United States still led with 60 deals. Its deal share fell to 58% in the period. Israel picked up most of the share the US lost.
Are investors becoming repeat backers?	Yes, 14 lead investors led more than once. Repeat leads represented 35% of all led rounds. A recognizable group of repeat backers is forming now.