AI TRiSM funding tracker (200+ deals)

Our funding tracker covering the AI TRiSM market

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.

How much money has gone into AI TRiSM startups?

AI TRiSM startups have raised at least $3.9B across 233 deals, so this is now a real venture market, with funding spread across far more than governance software.

Those 233 financings went to 182 startups. There is now enough activity to see a real progression from seed to larger rounds, repeat institutional investors and several distinct product categories, even though conventional late-stage funding is still thin.

What companies are selling also looks more concrete now. Arena said in its Series B announcement that its evaluation platform had reached $100M in annualized run-rate revenue in June 2026, while Zenity, HiddenLayer, WitnessAI and Straiker have all framed recent raises around securing enterprise AI agents in production. Funding is increasingly following products that sit inside live enterprise workflows rather than policy documents alone.

Is AI TRiSM funding broad, or concentrated in a few companies?

AI TRiSM funding reaches many companies, but a small group still takes a big share of the money.

There were 182 funded companies in the window, and 136 of them raised only 1 round, representing 75% of funded companies. Another 42 companies raised 2 rounds, while only 4 companies raised 3 or more.

At the same time, Arena raised $450M, while Zenity raised $163M, Onyx Security $153M and Alice $140M. A small group can now raise checks far above the market median.

What does a normal AI TRiSM funding round look like?

A normal AI TRiSM round is still much smaller than a $50M headline deal.

The median financing was $8M. The largest disclosed bucket by number of deals was $5M to under $20M, with 101 deals, while 74 deals were under $5M. Only 8 disclosed rounds reached $100M or more.

The table below shows the distribution of disclosed AI TRiSM rounds by deal size.

Deal size	Deals	Companies	Capital
under $5M	74	72	$204M
$5M to under $20M	101	95	$974M
$20M to under $50M	37	37	$1.1B
$50M to under $100M	10	10	$647M
$100M or more	8	6	$1.0B

Are giant AI TRiSM rounds becoming normal?

No. Giant AI TRiSM rounds matter a lot to the total, but they are still rare.

Only 16 financings were above $50M, representing 7% of all deals, but they brought in $1.6B of capital. The 5 deals above $100M represented just 2% of deals and brought in $728M, and 3 more rounds came in at exactly $100M.

Arena's $200M Series B is the clearest example of the new ceiling. HiddenLayer announced a $100M Series B for agentic runtime security, while Zenity raised $125M to expand AI agent security. These are large enough to change market totals, but they remain a small minority of financings.

Is AI TRiSM still mostly a seed market?

Yes. Most AI TRiSM deals are still seed rounds, even though later rounds take much bigger checks.

Seed accounted for 158 deals, or 68% of all deals, with a $5.2M median. Series A accounted for 44 deals, or 19%, with a $25M median, while Series B had only 16 deals but a $50M median.

The market is young, but a small group can raise much bigger rounds as soon as investors see real enterprise demand. Among rounds with a known stage, seed and Series A make up 91% of deals but only 67% of the money.

Does AI TRiSM funding disappear after Series B?

Almost. Conventional later-stage AI TRiSM funding is still rare after Series B.

We tracked 16 Series B deals worth $986M and only 3 Series C deals worth $225M. There were no Series D+-plus or growth rounds in the window.

That scarcity shows how young AI TRiSM still is. Companies such as Zenity have reached Series C, but most category leaders are still proving that customers will keep paying before a deeper late-stage market develops.

Can new AI TRiSM startups still raise a first round?

Yes. New AI TRiSM startups are still getting their first institutional checks.

We classified 106 deals as first financings, representing 45% of all deals and at least $876M. Follow-ons were slightly more frequent at 114 deals, but they absorbed at least $2.8B.

Bay is a current example of how quickly a new entrant can move: reporting on its launch described a $13M seed followed by a $37M Series A within its first year. New companies can still get funded even as the biggest checks increasingly go to startups investors already know.

Do most AI TRiSM startups raise repeatedly?

No. Most funded AI TRiSM startups have raised only one round so far.

Only 46 of the 182 funded companies came back for a second round or more, a repeat rate of 25%.

Repeat fundraising includes several market leaders. Arena raised 3 rounds, Onyx Security raised 3, and Noma Security raised 4, but most funded startups still appear only once.

How quickly do AI TRiSM startups come back for more money?

AI TRiSM startups that raise again usually come back for another round in just over a year.

For the round gaps we can measure, the median was 15 months. Among those measured gaps, 35% were under 12 months, 58% were under 18 months and 77% were under 24 months.

Companies in agent security, runtime controls and model evaluation can move from a first institutional round to a much larger one quickly.

Which parts of AI TRiSM get the most funding?

Runtime guardrails and policy enforcement get the most AI TRiSM funding today.

That category recorded 77 deals across 56 companies and at least $1.5B, representing 37% of disclosed capital. Model risk and evaluation followed with $1.0B, while AI security and red teaming attracted at least $715M.

AI agents help explain why runtime controls are pulling ahead. OWASP's agentic security guidance, including its Top 10 for agentic applications for 2026, emphasizes identity, access controls, runtime protection, supply-chain risk and assurance testing, while Arcade.dev describes its product around enforcing, executing and governing every agent action. Zenity similarly argues that visibility alone is insufficient once agents can act autonomously.

Recent financings follow the same pattern. Straiker raised $64M around agentic security, WitnessAI raised $58M while expanding agent governance, and HiddenLayer's $100M round explicitly included agentic runtime security. Investors are backing products that sit directly around production AI agents.

The table below shows every AI TRiSM category.

Category	Deals	Companies	Capital	Median
Runtime Guardrails & Policy Enforcement	77	56	$1.5B+	$10M
Model Risk & Evaluation	41	34	$1.0B	$8M
AI Security & Red Teaming	40	28	$715M+	$10M
AI Governance & Inventory	28	25	$266M	$6.9M
AI Monitoring & Observability	18	16	$222M+	$5.8M
Data & Privacy Controls	18	14	$190M	$4.6M
Compliance & Audit Management	11	9	$39M+	$3.2M

"+" means at least: some round amounts were not disclosed.

Is model evaluation still a major AI TRiSM market?

Yes. Model risk and evaluation still gets a lot of AI TRiSM money, even as agent security grows faster.

The category recorded 41 deals across 34 companies and $1.0B of capital, equal to 26% of disclosed market capital. Arena alone raised $450M, and its October 2026 Series B made it the market's largest individual financing at $200M.

The business case is also getting easier to see. Arena says frontier labs and enterprises use its platform to evaluate real-world model behavior, and NIST's Generative AI Profile, published in July 2024, treats evaluation and risk measurement as core elements of generative-AI risk management. Companies still pay for evaluation as a separate trust layer rather than treating it as generic model tooling.

Is AI security bigger than AI governance?

By a wide margin, AI-specific security has attracted much more money than governance-only tools in the AI TRiSM market.

AI security and red teaming recorded 40 deals and at least $715M, compared with 28 deals and $266M for AI governance and inventory. The security category also had a $10M median round versus $6.9M for governance.

Governance still matters, but investors are currently putting more money into products tied to active threat prevention, adversarial testing and runtime protection. Those products can plug into security budgets and urgent deployment problems more directly.

Is AI TRiSM basically a US funding market?

Yes. The United States dominates AI TRiSM funding, although Israel is unusually large for its size.

The United States represented 67% of disclosed capital and led the country ranking by a wide margin. Israel followed in second place.

The table below shows countries with at least 3 AI TRiSM deals.

Country	Deals	Companies	Capital	Median
United States	145	114	$2.6B+	$8.1M
Israel	37	23	$1.0B+	$16M
United Kingdom	17	13	$141M	$5.2M
Switzerland	3	3	$34M	$10M
France	4	4	$18M	$4.9M
Canada	4	4	$14M+	$4.5M
South Korea	4	3	$13M	$2.3M
Denmark	3	2	$11M	$4.1M

"+" means at least: some round amounts were not disclosed.

Why is Israel so prominent in AI TRiSM?

Israel is the clear number-two AI TRiSM hub because its agent and AI security startups build on a deep cyber-security base.

Israeli startups accounted for 16% of deals but 26% of disclosed capital, with a $16M median round. That is much higher than the market-wide $8M median.

Zenity, Onyx Security and Bay illustrate the pattern. Their products focus on AI-agent control, governance and runtime security, and Bay's launch coverage in November 2026 noted that its CEO previously led a department in Unit 8200, a recurring talent source for Israel's cyber-security sector. That helps explain why Israel is strongest in the security-heavy parts of AI TRiSM that are attracting the largest checks.

Why does Europe get plenty of AI TRiSM deals but so little of the money?

Europe gets plenty of AI TRiSM deals but little of the money because its startups mostly raise small early checks, while the big security rounds go to the United States and Israel.

Europe recorded 39 deals across 34 companies, representing 17% of market deals, but only $248M and 6% of disclosed capital. Its median financing was $3.3M.

Israel looks very different: its 37 deals produced at least $1.0B and a $16M median. Europe has plenty of funded companies, but far fewer large rounds than Israel's security cluster.

Is AI TRiSM funding steady, or does it come in bursts?

AI TRiSM gets deals every month, but the amount of money can jump sharply from one month to the next.

Every one of the 34 completed months had at least one deal, and the median month had 7 financings. Yet the median monthly capital total was $84M, while August 2026 reached $377M.

The months with the most deals were September 2026 and June 2026, each with 13. So the deal flow is steady, while a few large rounds can make one month look much bigger than another.

How young are AI TRiSM startups when investors fund them?

Investors are funding AI TRiSM startups very early in their lives.

The median company age at financing was 1 year, and 86% of funded companies were founded since 2022. Even for rounds above $50M, the median company age was only 2 years.

That helps explain why the market still looks young despite some large checks. Investors will put serious money into a startup that builds AI controls long before it has the usual years of software growth behind it.

Are AI TRiSM investors mostly one-off backers?

Mostly yes. AI TRiSM has lots of investors, but only a smaller group keeps leading rounds.

We counted 316 unique investors, of which 58 appeared more than once. Among disclosed leads, there were 206 unique lead investors and 32 repeat lead investors, with repeat leads accounting for 40% of led rounds.

Andreessen Horowitz led the most financings in the full window with 6, Lightspeed Venture Partners led 5, Felicis 5, SYN Ventures 5 and TLV Partners 5. There are plenty of one-off investors, but a recognizable group of repeat backers is already forming.

So, where is AI TRiSM money really going?

AI TRiSM money is going into a broad but still young market, with agent control and security pulling in the biggest checks.

What matters more is where the money lands. Most deals are still seed or Series A rounds, yet several companies can already raise nine-figure rounds because enterprise AI deployment has created urgent new control problems.

The money also clusters in clear places. Runtime guardrails lead by both deals and capital, the United States dominates overall funding, and Israel has built an unusually large security cluster. Europe produces plenty of deals but still gets much less money per deal.

The table below shows what we found.

Question	Answer
Is this still a niche market?	No, we tracked 233 deals across 182 companies. Capital reached at least $3.9B in the full window. The market now supports several separate product categories.
Are headline AI TRiSM rounds actually typical?	No, the median financing was still only $8M across the window. Only 16 deals in total were above the $50M threshold. Large checks shape totals without defining what a normal round looks like.
Does one company dominate everything?	No, Arena led with $450M across 3 rounds. Several other companies raised nine figures as well. The money is concentrated across a small group instead.
Is the market still early-stage?	Yes, seed represented 68% of all AI TRiSM deals. Series A added another 19% of deals across the window. Conventional late-stage financing remains scarce across the market today.
Where is most of the money going?	Runtime guardrails led the market with at least $1.5B. They also produced 77 deals across 56 companies. Agent control now gets the biggest share of funding.
Is model evaluation still getting serious funding?	Yes, model risk and evaluation raised $1.0B across the window. Arena's $200M Series B set the deal-size record. Evaluation remains a separate trust layer that companies still fund.
Are new companies still entering?	Yes, first financings accounted for 106 deals in total. First financings attracted at least $876M. New entrants still matter alongside the market's repeat fundraising winners.
Do startups raise again quickly?	Often, measured round gaps had a 15-month median. 58% of measured gaps were under 18 months. Successful companies can move to another round quickly.
Is the US still the clear leader?	Yes, the United States recorded 145 AI TRiSM deals. Those financings represented at least $2.6B across the full window. No other country comes close on deal volume today.
Why does Israel stand out?	Israel recorded 37 deals and at least $1.0B. Its median round reached $16M across the full window. AI security makes Israel unusually heavy in disclosed capital.
Is investor support becoming repeatable?	Yes, 32 lead investors led more than once. Repeat leads represented 40% of all led rounds. A recognizable group of repeat backers is already forming.