What are the latest funding trends in digital twins?

All funding deals in the digital twin market over the last years

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 Digital Twin Market.

Is digital twin funding actually growing right now?

Digital twin funding is up in dollars today, but fewer companies are getting funded.

We tracked $497.2 million of equity funding in the current comparable period, 18.2% more than a year earlier. At first glance, that looks like a fairly solid funding rebound. The deal count tells a very different story: only 18 companies raised money, down from 29 over the same period last year and 27 two years ago.

Round sizes explain the gap. The median financing has jumped from $5 million last year to $25.5 million today, while the average disclosed round increased from $15.6 million to $27.6 million.

So the current digital twin market is giving a lot more money to each successful fundraiser while financing a much smaller group of companies. That split runs through almost everything happening in the market right now.

Market measure	2026 YTD	2025 YTD	2024 YTD	2026 vs 2025
Deals	18	29	27	-37.9%
Unique companies funded	18	29	27	-37.9%
Total capital	$497.2M	$420.8M	$191.4M	+18.2%
Capital excluding >$50M rounds	$219.2M	$223.6M	$191.4M	-2.0%
Capital excluding >$100M rounds	$367.2M	$420.8M	$191.4M	-12.7%
Median round	$25.5M	$5.0M	$3.35M	+410%
Average disclosed round	$27.6M	$15.6M	$7.1M	+77.2%
Largest round	$130M	$74M	$28M	+75.7%

Is the digital twin funding increase mostly coming from a few giant rounds?

Yes. The biggest digital twin rounds explain essentially all of the year-over-year increase in total funding.

Remove financings above $50 million and current funding drops from $497.2 million to $219.2 million. Last year's comparable figure was $223.6 million. Under that test, funding is actually down 2%.

Buildots raised $130 million, NavVis raised $85 million and Neara raised roughly $63 million. Those three financings alone account for 55.9% of all the capital we tracked this year.

Concentration has been creeping up for several years. The three largest deals represented 38.7% of comparable funding two years ago and 46.9% last year before reaching 55.9% today.

Still, the current shift goes further than three unusually large transactions. A $25.5 million median round means companies around the middle of the distribution are also raising much more money. The headline increase depends on the largest deals, but the broader move toward bigger checks is real.

Are fewer digital twin startups getting funded today?

Yes. Digital twin funding has become much harder to access broadly, with only 18 companies raising in the current period versus 29 last year.

Each of those 18 companies raised once, so repeat rounds do not explain the fall in activity. We simply found 11 fewer funded companies even though the market deployed $76.4 million more capital.

The lower end of the round distribution has also thinned. Two years ago, 92.6% of financings were below $20 million. Today, only 44.4% are. Smaller rounds disappearing from the mix is the kind of market signal we track every quarter in our report on digital twins.

Meanwhile, ten current deals are worth at least $20 million. Two years ago, there were only two.

That is a pretty dramatic change in what a funded digital twin company looks like. Small and midsize financings used to dominate the market numerically. Today, more than half of successful fundraisers are closing institutional-scale rounds.

Have normal digital twin funding rounds really become that much bigger?

Yes. Bigger digital twin rounds are now visible throughout the market, not just at Buildots, NavVis and Neara.

Seven current financings sit between $20 million and $50 million. Only one falls between $5 million and $20 million, a range that contained six deals last year and ten two years ago.

The company examples make the change easier to grasp. Antioch raised $32 million for a platform that turns robots and autonomous systems into telemetry-calibrated digital twins for simulation and testing. SPREAD AI raised $30 million around its Product Twin technology for complex industrial products. Antaris announced a $28 million Series A around full-mission virtualization for satellites, while ThinkLabs raised the same amount for physics-informed electric-grid modelling.

None of those is a $100 million megaround. Together, they show how far the financing center of gravity has moved.

One caution applies to Antaris: the company announced a $28 million first close, while its same-day regulatory filing showed about $12.7 million sold at that point. We retain the announced round amount, but the difference is worth keeping visible rather than pretending the two figures are identical.

Round size	2026 deals	2026 share	2025 deals	2024 deals
Below $5M	7	38.9%	13	15
$5M to <$20M	1	5.6%	6	10
$20M to <$50M	7	38.9%	5	2
$50M to <$100M	2	11.1%	3	0
$100M+	1	5.6%	0	0
Below $20M combined	8	44.4%	19	25
$20M+ combined	10	55.6%	8	2
Amount undisclosed	0	0%	2	0

Are investors backing new digital twin startups or doubling down on companies they already know?

Digital twin investors are overwhelmingly putting money back into companies that have raised before.

Follow-on financings account for 15 of the 18 current deals. Only three are classified as first financings, compared with eight last year and seven two years ago.

The dollar split is even more extreme. Previously financed companies attracted $469.6 million, roughly 94.5% of current capital.

Bios Life also makes the first-financing total look stronger than the underlying breadth really is. Its $25 million raise accounts for almost all of the $27.5 million attached to first financings this year.

The follow-on median has moved from about $6.2 million two years ago to $10.1 million last year and $26 million currently. Investors are spending far more on companies that have already made it through at least one earlier financing cycle.

We treat the first-financing classification directionally because public funding histories are never perfect, especially around old undisclosed rounds and spin-outs. The gap is large enough, though, that this limitation does not change the overall picture.

Is digital twin funding moving toward more mature companies?

Yes. Digital twin capital is increasingly going to older companies and later financing stages.

Among deals with a usable stage, later-stage transactions now represent 33.3%, compared with 25.9% last year and 14.3% two years ago. The direction has been consistent across all three comparable periods.

Company age tells a similar story. The median funded company was four years old two years ago, five years old last year and six years old today.

The Series D+ layer is especially capital-heavy, with three deals accounting for $278 million. Yet the move toward bigger checks starts much earlier. Current Series A rounds have a $28 million median, versus $11.5 million last year and about $6.6 million two years ago.

Investors are not waiting until Series D to deploy serious money. Companies that clear the Series A bar are already being financed at levels that would have looked unusually large in this market only a couple of years ago.

Which part of the digital twin market is attracting the most investors right now?

Infrastructure Twin Systems currently have the broadest funding momentum, with eight deals representing 44.4% of all current financings.

That share has climbed from 18.5% two years ago to 24.1% last year and 44.4% today. The category now contains almost half the market's transactions. How the market divides into categories, and what counts in each one, is defined in our market report about digital twins.

Neara is the largest current example, raising roughly $63 million to scale physics-enabled modelling for critical infrastructure. ThinkLabs raised $28 million around electric-grid simulation and planning. Sensat secured roughly $4 million for geospatial AI used across civil infrastructure, while AVES Reality raised about $3.15 million to build simulation-ready 3D environments from satellite and aerial data.

Because several companies contribute to the increase, infrastructure looks much stronger than a category whose funding jump comes from one exceptional deal.

Asset Twin Platforms are the other part of the market worth watching closely. They account for six deals and $185.7 million, helped by NavVis at $85 million, Antioch at $32 million, SPREAD AI at $30 million and Antaris at $28 million.

Together, infrastructure and asset-oriented platforms now account for 14 of the 18 current financings.

Category	2026 deals	Deal share	2026 capital	Capital share
Infrastructure Twin Systems	8	44.4%	$129.3M	26.0%
Asset Twin Platforms	6	33.3%	$185.7M	37.3%
Process Twin Applications	3	16.7%	$52.1M	10.5%
Building Twin Software	1	5.6%	$130.0M	26.1%
Infrastructure + Asset	14	77.8%	$315.0M	63.4%
Process + Building	4	22.2%	$182.1M	36.6%
Total market	18	100%	$497.2M	100%

Is Building Twin Software really having a huge funding year?

Building Twin Software looks huge in dollar terms today because Buildots alone raised $130 million.

The category has only one current financing. There were five in the comparable period last year and seven two years ago.

Buildots therefore deserves attention as a company, but its 26.1% share of total market capital should not be read as evidence that construction-twin startups broadly entered a funding boom.

The company itself gives us a useful clue about why its round became so large. In announcing the financing, Buildots said it was already deployed by more than 100 large-scale firms and highlighted demand tied to data centers, manufacturing and energy construction. CEO Roy Danon also described customers moving toward broader portfolio-level use rather than treating the product as a tool for an isolated project.

That commercial context makes a $130 million financing easier to understand. It says much more about Buildots' current scale than about the number of Building Twin Software companies investors are willing to fund.

Are Process Twin Applications falling behind?

Process Twin Applications have lost funding breadth, even though the few companies that do raise can still close sizeable rounds.

Only three companies in the category raised during the current period, versus seven last year and six two years ago. Its share of total capital has fallen to 10.5%.

Bios Life shows why the category should not be dismissed completely. The company raised $25 million around continuously updated patient digital twins used for cancer screening and survivorship monitoring.

The current category median is also $25 million, so investors have not stopped writing meaningful checks here.

What has disappeared is breadth. Fewer Process Twin companies are getting through the funding process, and the category currently looks much thinner than infrastructure or asset-oriented twins.

Why are infrastructure and physical-world digital twins getting so much money?

Digital twin funding is increasingly following applications where better modelling can affect expensive physical assets, engineering decisions or critical infrastructure.

Neara is a good example. The company describes its platform as physics-enabled digital-twin modelling for electricity and other infrastructure networks, with its latest financing intended to support expansion as grids face higher loads and more complicated planning problems.

ThinkLabs is attacking a related bottleneck with physics-informed AI for electricity networks. Its Series A brought in NVentures and Edison International alongside Energy Impact Partners, putting a computing investor and a major utility group around the same grid-modelling technology.

SPREAD AI sits elsewhere in the industrial stack. Its platform connects engineering, manufacturing, operations and service data around a Product Twin, and its latest financing is being used to expand further into aerospace, defense and heavy machinery.

NavVis provides another recent example. After processing more than one billion square meters during 2025, the company raised $85 million to expand its spatial-data engine and AI roadmap. NavVis now talks explicitly about providing a data foundation for physical AI.

The common thread is fairly clear: investors are putting substantial capital behind digital twins that help companies run, simulate, inspect or build real physical systems where mistakes and delays are expensive.

Is physical AI starting to change the digital twin market?

Yes. Physical AI is starting to pull digital twins closer to the core technology stack used to train, test and operate machines in the real world.

Antioch is one of the freshest examples. The company recently raised $32 million after building a platform that creates telemetry-calibrated digital twins of robots and autonomous systems. Its pitch is straightforward: physical systems can be tested and improved much faster when engineers can run large numbers of realistic simulations instead of relying entirely on slow real-world experimentation.

NavVis is moving in a related direction from spatial data. Its current positioning treats accurate digitization of factories, buildings and infrastructure as input data for physical AI systems. How far twins have moved from visualization to feeding physical AI is a technology question we follow in our report covering the digital twin market.

AVES Reality is doing something similar at geographic scale, automatically reconstructing simulation-ready 3D worlds from satellite and aerial imagery.

SPREAD AI approaches the problem through engineering data rather than spatial capture, but the end point is comparable: AI becomes more useful when it has a structured, continuously connected representation of the underlying physical product.

This does not mean every company using the phrase physical AI belongs in the digital twin market. It does help explain why some twin platforms can now support much larger financing rounds than the visualization software of a few years ago.

Are corporate investors becoming much more important in digital twin funding?

Yes. Strategic investors now participate in half of the digital twin deals we tracked, up from roughly 30% in the previous two comparable periods.

The absolute number has barely changed: nine strategically backed deals today, nine last year and eight two years ago. Their importance has increased because the overall market became smaller around them.

The investors themselves make the trend more interesting. Lockheed Martin Ventures backed Antaris, whose technology virtualizes satellite systems and missions. Salesforce participated in SPREAD AI as the company deepened links between engineering data and Salesforce workflows. National Grid Partners invested in Sensat, while ThinkLabs attracted NVentures, Edison International and GE Vernova.

Buildots provides another long-running example. Intel Capital invested in the company after Intel had already been using Buildots technology on semiconductor construction projects, and Intel Capital also participated in the latest $130 million financing.

These companies are often close to the assets, customers or infrastructure the startup is modelling. That gives strategic participation more weight than a simple corporate-VC count would suggest.

Are the same venture funds taking over digital twin funding?

No. Digital twin funding has become concentrated in fewer companies, while lead investors remain surprisingly dispersed.

We identified 17 unique disclosed lead or co-lead investors across 15 current deals with a known lead. None appears on more than one current financing.

The same absence of repeat dominance shows up in the two earlier comparable periods.

Concentration is happening mainly through round size and company selection. A handful of businesses are absorbing very large amounts of capital without one venture firm repeatedly leading the whole market.

The investor pool is smaller in absolute terms because there are fewer deals. That's different from a market where two or three funds have suddenly taken control of most financings.

Is Europe still the center of digital twin funding?

Europe remains a major digital twin funding hub, but its deal count has fallen sharply while North America has caught up.

Europe and North America each produced seven current financings. Europe had 15 over the comparable period last year, so its current activity is less than half that level.

The European cohort still includes substantial financings. Germany's NavVis raised $85 million and SPREAD AI raised $30 million, while Sensat and AVES Reality add smaller infrastructure-oriented rounds.

North America's deal share has increased, helped by companies such as Antioch, Antaris, ThinkLabs and Bios Life.

Asia-Pacific has only three current transactions but $90.4 million of capital, making the region much heavier in dollars than in deal count.

The Middle East figure requires the most caution. Its $130 million of current funding comes entirely from Buildots, so a regional funding chart would make the geography look much broader than it really is.

Are digital twin investors becoming more selective?

Yes. Digital twin investors are currently putting much more money behind fewer, older and previously financed companies.

The pattern appears across several independent measures. Deal activity is much lower, first financings have fallen, follow-ons dominate the capital pool, company age has risen and later-stage deals make up a larger share of known-stage transactions. What investors now back in digital twins, and what they have begun to avoid, is something we examine in our digital twin market report.

At the same time, successful fundraisers are getting serious amounts of money. Seven current rounds landed between $20 million and $50 million, while Buildots, NavVis and Neara moved well above that range.

The strongest current categories also sit close to expensive physical infrastructure, industrial systems or engineering workflows. Investors appear willing to finance those companies aggressively once there is a credible path into high-value operational environments.

For a new entrant, today's market is tougher than the total funding figure makes it look. For an established company with deployments, strategic relevance and a strong use case, considerably larger checks are available.

Could this become the strongest digital twin funding year yet?

It could, although the current digital twin data is too lumpy to turn that possibility into a sensible forecast.

Current funding has already reached $497.2 million. Full-year 2025 ended at $627.6 million, while all of 2024 produced $313.4 million.

So the current period has already reached 79.2% of last year's full-year capital and comfortably exceeded the entire 2024 total.

Deal activity gives the comparison a very different feel. Both 2024 and 2025 contained 42 financings over the full calendar year. The current period has produced only 18.

Annualizing that pace would not be very useful because venture rounds do not arrive evenly through the year. What we can already say is that capital per funded company sits far above the levels seen in either of the previous two years.

What is actually changing in digital twin funding?

The biggest change is the size of the companies and rounds receiving capital. Digital twin funding has increased in dollars while the funded-company population has shrunk substantially.

The headline growth is highly concentrated. Once financings above $50 million are removed, current capital is slightly below last year's comparable level. Buildots, NavVis and Neara therefore have an outsized effect on any market-wide funding total.

Bigger rounds still extend far beyond those three companies. Antioch, SPREAD AI, Antaris, ThinkLabs and Bios Life all sit around the $25 million to $32 million range, which helps explain why the median has moved so sharply.

Capital is also flowing toward companies with more history behind them. Follow-ons dominate current funding, the median company age has increased and later-stage financing has gained share for three comparable periods in a row.

The clearest category strength currently sits in infrastructure and asset-oriented twins. Those categories combine 14 of the 18 financings we found, while Building Twin Software's huge dollar share comes from Buildots alone.

Strategic investors have become harder to ignore. Their deal count stayed roughly stable while the wider market contracted, leaving corporate and industrial investors involved in half of current financings.

Finally, AI is changing the type of digital twin that attracts serious capital. The recent rounds around Antioch, NavVis, SPREAD AI, ThinkLabs, Neara and AVES Reality increasingly connect twins with simulation, physical AI, engineering intelligence or critical infrastructure. Today, that looks like the most important product-level change underneath the funding numbers.