What are the fundraising trends in the generative AI market?
In our generative AI market deck, you will find everything you need to understand the market
SUMMARY
We analyzed publicly disclosed equity rounds raised by pure-play generative AI companies between January 2024 and May 2026, using a $300K minimum disclosed deal-size filter and excluding debt, grants, acquisitions, hardware-first companies, broad AI companies, and non-generative AI software. The resulting sample covers 39 disclosed deals in 2024, 38 disclosed deals in 2025, and 38 year-to-date disclosed deals through May 2026.
The generative AI market has become dramatically more capital-intensive. Disclosed funding rose from about $26.8B in 2024 to about $75.6B in 2025, then reached about $178.4B in the first part of 2026 alone.
Deal count is not the main explanation for the funding surge. Full-year disclosed deal count was almost flat between 2024 and 2025, but capital nearly tripled, which means round sizes expanded much faster than company count.
The strongest capital signal in the generative AI market is concentration. Foundation Model APIs captured about 84.8% of disclosed capital in 2024, 89.5% in 2025, and 98.1% of capital from January through May 2026.
The 2026 market is especially top-heavy. The three largest rounds captured about 96.4% of all year-to-date disclosed capital, while the bottom half of deals captured less than 0.5%.
The median round size remains unusually high. It was $125M in 2024, $200M in 2025, and $150M through May 2026, showing that even the typical source-verifiable generative AI round is large by venture standards.
Early-stage formation is active, but it is not where the money is concentrated. Seed and Series A rounds represent more than half of disclosed deals in 2026 so far, yet only about 2.0% of disclosed capital.
Enterprise GenAI Applications and GenAI Developer Platforms are the busiest categories by deal count in 2026, with 10 disclosed deals each. But together they account for only a small fraction of capital because frontier-model rounds dominate the dollar totals.
North America remains the financial center of the generative AI market. It captured about 97.3% of capital in 2024, 96.6% in 2025, and 98.6% through May 2026.
The practical interpretation is that generative AI is no longer a normal software funding market. It is a split market: massive balance-sheet-scale financing for frontier models and infrastructure, alongside a broad but much smaller set of application, tooling, creative, agent, and governance startups.
This chart, featured in our generative AI market deck, illustrates how revenue is distributed across customer segments in the generative AI market
Is more or less capital going into the generative AI market?
More capital is going into the generative AI market, and the increase is dramatic. Disclosed generative AI funding rose from about $26.8B in 2024 to about $75.6B in 2025, then reached about $178.4B from January through May 2026.
The cleanest full-year comparison is already striking. The generative AI market recorded 39 disclosed deals in 2024 and 38 in 2025, so deal count was almost unchanged, while total disclosed capital grew by roughly 2.8x.
The fresher year-to-date comparison is even stronger. From January through May 2026, disclosed capital reached about $178.4B, compared with about $46.7B over the same early-year window in 2025. That is almost 3.8x more capital in the comparable period.
The important caveat is that this is not a uniform capital expansion across every generative AI startup. The 2026 total is massively shaped by frontier-model financings, especially OpenAI, Anthropic, and xAI. The real signal is that vastly more capital is going into the generative AI market, but most incremental dollars are flowing into a tiny number of companies that investors treat as strategic infrastructure.
For deeper benchmarks on total funding, year-to-date comparisons, and concentration effects, see the full generative AI market report.
Is generative AI funding activity driven by more deals or larger rounds?
Generative AI funding activity is being driven much more by larger rounds than by more deals. The strongest evidence is that full-year disclosed deal count fell slightly from 39 deals in 2024 to 38 deals in 2025, while capital rose from about $26.8B to about $75.6B.
That means the market did not expand because many more generative AI companies raised money. It expanded because the rounds became much larger.
The round-size metrics make this very clear. Average round size rose from about $688M in 2024 to nearly $2.0B in 2025. Median round size also rose, from $125M to $200M, which suggests the increase was not only one extreme outlier.
The 2026 year-to-date data adds nuance. Deal count rose sharply, with 38 disclosed deals by May 2026 versus 11 over the same early-year period in 2025. But capital rose much faster, and the average round size reached about $4.7B. So the fresher signal includes both more deals and larger rounds, but the capital story is still overwhelmingly about giant rounds.
The practical takeaway is that the generative AI market is not just busier. It is becoming financially heavier at the top, with frontier-model companies and infrastructure-scale companies absorbing the biggest checks.
Is generative AI capital moving toward later-stage or earlier-stage companies?
Generative AI capital is moving decisively toward later-stage companies, even though early-stage company formation is visibly active. In 2025, Seed and Series A rounds represented only about 3.2% of disclosed capital, while Series B and later plus growth-stage rounds represented about 96.8%.
The same pattern appears in 2026. Seed and Series A rounds account for 20 of the 38 disclosed deals through May, but only about 2.0% of capital. Series B and later, growth, and unknown-stage rounds account for nearly all disclosed dollars.
This split matters because it prevents a misleading conclusion. The generative AI market is not shutting out new companies. First financings represent about 42% of disclosed deals so far in 2026, up sharply from about 8% in 2025 and about 15% in 2024.
But first financings account for only about 1.8% of 2026 year-to-date capital. That means the generative AI market is open to new entrants by count, while the financial center of gravity remains late-stage, follow-on, and model-layer heavy.
The honest interpretation is that generative AI is bifurcating. New companies are still forming around agents, coding, workflow automation, creative tooling, and governance, but the largest capital pools are reserved for companies that already look strategically scarce.
This chart, featured in our generative AI market deck, compares the main business model options for generative AI SaaS platforms
Is the generative AI market maturing or still experimental?
The generative AI market is maturing at the top while remaining experimental underneath. The clearest maturity signal is follow-on dominance: in 2025, follow-on rounds represented more than 92% of disclosed deals and about 97% of disclosed capital.
In 2026, follow-ons represent a smaller share of deal count because first financings have returned. But follow-ons still capture almost all capital, which means the largest investors are reinforcing existing winners rather than spreading money evenly across unproven companies.
The market also looks mature because median round sizes are extraordinarily high. The median disclosed round was $125M in 2024, $200M in 2025, and $150M from January through May 2026. Those are not normal exploratory software-market numbers.
At the same time, the generative AI market remains experimental by company count. Seed rounds make up 42% of disclosed 2026 deals so far. New companies are appearing in agents, model evaluation, coding, inference, enterprise workflows, creative media, and frontier research.
The best reading is that the generative AI market has matured financially before it has matured product-wise. Capital behaves as if frontier models and a few infrastructure layers are already strategic assets, while application and tooling categories are still being tested.
Are new startups still entering the generative AI market?
Yes, new startups are still entering the generative AI market, and the 2026 year-to-date signal is much stronger than the 2025 full-year signal. First financings represent about 42% of disclosed deals through May 2026, compared with only about 8% in 2025 and about 15% in 2024.
That is a clear company-formation signal. New entrants are showing up in agent infrastructure, workflow automation, developer tools, creative tools, model evaluation, and frontier research labs.
The caution is that new entrants are not absorbing much of the capital. First financings account for only about 1.8% of disclosed capital in 2026 so far. In 2025, they represented about 2.8% of capital, and in 2024 only about 1.6%.
The composition of first financings also matters. Some are ordinary early-stage startups raising single-digit or low-double-digit millions. Others are elite research labs raising unusually large seed rounds because investors are underwriting scarce AI talent, not conventional startup traction.
So the answer is yes, new startups are still entering the generative AI market. But the bar has changed: ordinary new entrants need a sharp wedge, while elite AI researchers can raise very large first financings because founder credibility itself has become a scarce asset.
For more context on first financings and new company formation across generative AI categories, see the generative AI market deck.
Are more investors entering the generative AI market?
More investors entered the generative AI market in 2025, and the 2026 year-to-date investor base remains broad. Full-year disclosed investor breadth expanded from roughly 95 to 110 unique disclosed investors in 2024 to about 122 in 2025.
The number of unique tier-1 investors also increased, from about 40 in 2024 to about 53 in 2025. That suggests the generative AI market broadened meaningfully across the investor base during the full-year comparison.
Through May 2026, the disclosed investor base already includes roughly 85 to 95 unique investors and about 31 tier-1 investors. Because 2026 is incomplete, this does not prove the year will exceed 2025, but it does show that investor participation remains very active.
The more important interpretation is that investor entry is not democratizing the market. The most influential capital is still concentrated among repeat elite venture firms, strategic technology companies, and growth investors.
In the generative AI market, investor identity increasingly signals more than money. It can signal access to compute, distribution, model partnerships, enterprise buyers, and credibility in a fast-moving ecosystem.
This chart, featured in our generative AI market deck, shows annual funding in generative AI startups
Are top investors getting more or less active in generative AI?
Top investors are getting more active in the generative AI market, especially when activity is measured by repeat participation across categories. In 2024, a16z, Sequoia, Nvidia, Kleiner Perkins, Lightspeed, OpenAI, General Catalyst, and Thrive all appeared repeatedly in the disclosed dataset.
The repeat-player pattern stayed strong in 2025. a16z appeared in 10 disclosed deals, Kleiner Perkins in 8, Coatue in 7, Sequoia and Lightspeed in 6 each, and General Catalyst, IVP, Nvidia, and Conviction in 5 each.
The 2026 year-to-date picture continues the pattern. Through May, Nvidia appears in 6 disclosed deals, Lightspeed and Sequoia in 5 each, a16z in 4, and GV, Coatue, Index, and Fidelity in 3 each.
The deeper signal is that top-investor activity is becoming more strategic. Nvidia, Salesforce Ventures, Adobe Ventures, Accenture Ventures, Google-related investors, Microsoft, SoftBank, and other strategics are positioning around compute, distribution, enterprise adoption, model access, and ecosystem control.
The generative AI market is therefore not becoming a broad casual-investor market. It is becoming a repeat-player market, where the same investors cluster around the layers that can shape the future stack.
Which generative AI subcategories are gaining momentum?
Foundation Model APIs are gaining the most capital momentum in the generative AI market. The category raised about $22.7B in 2024, about $67.6B in 2025, and about $175.1B from January through May 2026 alone.
That explains nearly the entire market expansion. Foundation models have become balance-sheet-scale assets, because capability requires compute, talent, data, distribution, and strategic partnerships at extraordinary scale.
GenAI Developer Platforms are also gaining momentum, but the signal is more about strategic relevance than capital share. Developer-platform capital rose from about $1.4B in 2024 to about $4.4B in 2025, and the category is tied for the highest deal count in 2026 so far.
GenAI Governance Tools are gaining momentum from a very small base. The category had no disclosed pure-play rounds in 2024, then $135M across 2 deals in 2025, then $315M across 3 deals through May 2026. That suggests evaluation, interpretability, and observability are becoming more investable as enterprise adoption becomes more serious.
Creative GenAI Tools are gaining momentum in a barbell pattern. Mature platforms such as ElevenLabs, Runway, and Synthesia are attracting large rounds, while smaller creative or social entrants remain much smaller.
We cover the category-level split in more detail in the market report covering generative AI subcategories.
Which generative AI subcategories are losing momentum?
Enterprise GenAI Applications are losing relative momentum in the generative AI market, even though they are not losing absolute relevance. In 2024, enterprise applications represented about 44% of disclosed deals and 8.7% of capital. In 2025, they still led deal count but fell to only 3.8% of capital.
Through May 2026, enterprise applications are tied for the top deal count with 10 disclosed deals, but they represent only about 0.6% of capital. That is a sharp decline in capital share.
The reason is not that enterprise applications are failing. The reason is that foundation-model financing has exploded so quickly that application-layer capital looks smaller in relative terms.
Creative GenAI Tools show a similar relative-share problem. Creative funding has grown in absolute dollars, but its capital share remains tiny because frontier-model rounds are so large.
GenAI Services are the clearest weak category. The category had no disclosed rounds in 2024, one $40M round in 2025, and no disclosed rounds through May 2026. That likely means services demand is being captured by consulting firms, implementation partners, agencies, or hybrid software companies rather than pure-play venture-backed GenAI services startups.
This chart, featured in our generative AI market deck, looks at OpenAI’s strategy in generative AI
Which regions are gaining momentum in generative AI funding?
North America is gaining the most capital momentum in generative AI funding, while Europe is gaining selective credibility and the Middle East is gaining early activity. North America captured about $26.1B in 2024, about $73.0B in 2025, and about $175.9B through May 2026.
That makes North America the financial center of the generative AI market. Its capital share reached about 98.6% in 2026 year-to-date, even though its deal share was lower at about 84%.
Europe is gaining momentum in quality, not breadth. Europe had 2 disclosed deals in 2024, 5 in 2025, and 3 through May 2026. Its notable companies include Mistral, Synthesia, ElevenLabs, Lovable, AMI Labs, and Ineffable Intelligence.
The Middle East is also becoming visible. It had one small disclosed deal in 2024, no disclosed capital in 2025, and two disclosed deals totaling about $197M through May 2026. That is not enough to call the region a major GenAI funding center, but it is enough to call it an emerging presence.
The clearest regional answer is that North America is gaining capital momentum, Europe is gaining technical credibility, and the Middle East is gaining early participation.
Which regions are losing momentum in generative AI funding?
Regions outside North America are losing relative momentum in the generative AI market when capital share is the measure. Europe is the clearest example: its capital share was about 2.7% in 2024, rose to about 3.4% in 2025, then fell to about 1.3% through May 2026.
That does not mean European companies are weak. It means North American frontier-model rounds have become so enormous that Europe’s share is compressed.
Europe’s deal share is more nuanced. It represented about 5% of 2024 deals, about 13% of 2025 deals, and about 8% of 2026 year-to-date deals. The year is incomplete, so the 2026 dip should not be overread, but the capital gap remains large.
Asia-Pacific, Latin America, and Africa are not visibly gaining scale in the disclosed funding record. Asia-Pacific had no disclosed qualifying deals in 2024 or 2025 and one very small disclosed deal through May 2026, while Latin America and Africa show no disclosed activity in the assembled dataset.
The better conclusion is that North America is pulling away in capital share, Europe is selectively credible but not closing the funding gap, and most other regions remain underrepresented in visible venture financing.
Is generative AI becoming more global or regionally concentrated?
The generative AI market is becoming more global by deal visibility, but more regionally concentrated by capital. That tension is the right way to read the evidence.
North America’s deal share declined from about 92% in 2024 to about 87% in 2025 and about 84% through May 2026. That means more non-North American companies are appearing in the disclosed funding record.
Capital tells the opposite story. North America captured about 97.3% of capital in 2024, 96.6% in 2025, and 98.6% through May 2026. So the market is not becoming meaningfully more global in financial power.
Europe is the main counterweight, but Europe’s role is concentrated in a small number of standout companies. Mistral, ElevenLabs, Synthesia, Lovable, AMI Labs, and Ineffable Intelligence show that European founders and researchers can produce world-class GenAI companies. But Europe does not yet have many OpenAI-, Anthropic-, or xAI-scale disclosed financings.
The practical takeaway is simple. The generative AI market is becoming more global in company formation, but more regionally concentrated in capital power.
For a fuller geographic breakdown, see the full market view on generative AI regions.
This chart, featured in our generative AI market deck, shows how enterprise copilots have driven growth in the generative AI market over time
Is generative AI capital moving toward proven winners or new opportunities?
Generative AI capital is moving overwhelmingly toward proven winners, even though new opportunities are appearing more frequently in 2026. The best indicator is follow-on financing: in 2025, follow-on rounds represented more than 92% of disclosed deals and about 97% of capital.
In 2024, follow-ons also dominated, representing about 85% of disclosed deals and more than 98% of capital. That is a decisive vote for companies that had already raised before.
The 2026 year-to-date picture looks more balanced by count but not by capital. First financings represent about 42% of disclosed deals through May, but only about 1.8% of disclosed capital.
That means investors are willing to fund new opportunities, but they are reserving the largest checks for companies that already have strategic proof, elite research credibility, or frontier-model positioning.
The key nuance is that “proof” means different things in different layers. For foundation-model companies, proof can mean elite AI talent and compute access. For enterprise applications, it means workflow adoption. For developer platforms, it means usage and infrastructure leverage. For governance tools, it means trust and evaluation relevance.
Is the generative AI market becoming winner-takes-most?
Yes, the generative AI market is becoming winner-takes-most, especially at the foundation-model layer. The top 1 deal captured about 25% of capital in 2024, about 53% in 2025, and about 68% through May 2026.
The top 3 deals captured about 69% of capital in 2024, about 77% in 2025, and about 96% through May 2026. That is a clear progression toward greater capital concentration.
The bottom half of deals tells the same story from the other side. In 2024, the bottom 50% of deals captured only about 3.6% of capital. In 2025, the bottom half captured about 2.7%. Through May 2026, the bottom half captured less than 0.5%.
The generative AI market is not winner-takes-all across every subcategory. Enterprise applications, developer tools, creative tools, governance, and agents still show many credible entrants. But the capital market is winner-takes-most because the largest pools of money are flowing to companies that can plausibly own foundational infrastructure or scarce platform layers.
For more on top-round concentration and the long-tail funding split, see the deeper analysis of the generative AI market.
Is the next wave of generative AI winners becoming visible?
The next wave of generative AI winners is becoming visible, but it is easier to see by layer than by company logo. The strongest emerging areas are coding, inference and deployment, model evaluation, agent infrastructure, creative production platforms, and deeply embedded professional workflows.
AI coding has become the clearest developer-platform wedge. Cursor, Cognition, Replit, Factory, Qodo, and related companies show that software generation is one of the few non-model categories capable of attracting repeated large rounds.
Healthcare is the most consistently validated vertical application cluster. Abridge, OpenEvidence, Ambience Healthcare, Hippocratic AI, and similar companies suggest that generative AI is especially investable where documentation, expert decision support, and workflow integration create measurable value.
Governance and evaluation are also becoming more visible. LMArena, Goodfire, Profound, and InsightFinder show that as GenAI moves from experimentation to production, customers need benchmarking, interpretability, observability, and trust infrastructure.
The filter for future winners is not whether a company says it uses generative AI. The filter is whether it controls a scarce capability, a scarce workflow, a scarce distribution channel, or a scarce trust layer.
As this chart shows, and as featured in our generative AI market deck, search interest in LLMs has surged
Is the generative AI funding landscape fragmenting or consolidating?
The generative AI funding landscape is financially consolidating and product-wise fragmenting. Dollars are consolidating into a small number of model-layer and infrastructure-scale companies, while startups are fragmenting across many application, agent, creative, governance, and developer-tool wedges.
The financial consolidation is obvious in the 2026 data. The top 3 rounds captured about 96.4% of disclosed capital through May, and Foundation Model APIs captured about 98.1% of all disclosed capital.
At the same time, deal count shows fragmentation. Through May 2026, there are 38 unique companies across 38 disclosed deals, spread across foundation models, developer platforms, enterprise applications, creative tools, and governance tools.
Seed rounds represent 42% of deal count, and first financings also represent 42% of deal count. That means new entrants are proliferating even while financial power concentrates at the top.
The best analogy is a platform shift. The base layer consolidates first because it is expensive, strategic, and compute-dependent. Above it, the application layer experiments broadly because there are many possible workflows, user interfaces, and distribution models.
Where is investor attention shifting in generative AI?
Investor attention in the generative AI market is shifting toward scarce control points. The strongest areas are frontier models, coding environments, inference and deployment infrastructure, agent orchestration, model evaluation, and deeply embedded enterprise workflows.
The shift away from generic application stories is important. Enterprise applications still produce many deals, but their declining capital share suggests investors no longer see generic AI productivity tools as the main balance-sheet battleground.
Agent infrastructure is a recurring 2026 theme, but most agent rounds are still small to mid-sized compared with model labs. This suggests investors believe agents are an important interface layer, while still waiting to see which agent primitives become durable platforms.
Strategic investors are also becoming more important. Nvidia, Microsoft, Google-related investors, Salesforce, Adobe, Accenture, SoftBank, ASML, and other strategics appear because generative AI investing is also an ecosystem-control race.
The practical read is that investor attention is moving away from “AI inside” and toward control of scarce assets. In this market, scarce capability, scarce distribution, scarce workflow integration, and scarce trust matter more than broad category participation.
For ongoing tracking of where investor attention is moving across models, agents, coding, governance, creative tools, and enterprise workflows, see the generative AI market report.
INSIGHTS
The insights below come from reviewing disclosed equity rounds in the generative AI market across 2024, 2025, and year-to-date 2026 through May.
- The generative AI market cannot be interpreted using total funding alone. When three companies can account for more than 96% of year-to-date capital, headline funding mostly measures frontier-model financing rather than broad startup health.
- Deal count and capital volume now tell different stories. Deal count shows a broad market with many new entrants, while capital volume shows a highly concentrated market where a small number of companies absorb nearly all financial power.
- The most useful market split is not simply application versus infrastructure. The sharper split is scarce control point versus replaceable feature: models, inference, coding workflows, evaluation, agent orchestration, and embedded professional workflows receive stronger funding signals.
- Median round size is more informative than average round size in generative AI. The average is so distorted by OpenAI, Anthropic, xAI, and similar rounds that it mostly measures the scale of the largest frontier labs.
- First financings are back in 2026, but they are not where the money is. A high first-financing deal share combined with a low first-financing capital share means startup formation is healthy, while investor conviction remains concentrated in proven or scarce assets.
- The generative AI market is maturing financially faster than it is maturing product-wise. Large follow-on rounds and late-stage concentration indicate maturity, but seed activity and category proliferation show that the product architecture remains unsettled.
- Foundation models have become industrial assets rather than normal software startups. Their funding patterns look like infrastructure buildouts because model capability requires compute, talent, data, distribution, and strategic partnerships at extraordinary scale.
- The application layer is real but financially subordinate. Enterprise applications produce many deals, but their declining capital share shows that investors see them as important adoption channels rather than the primary balance-sheet battleground.
- Healthcare is the most consistently validated vertical application cluster. Repeated rounds for Abridge, OpenEvidence, Ambience Healthcare, Hippocratic AI, and related clinical tools suggest that GenAI is especially investable where documentation, expert decision support, and workflow integration create measurable value.
- AI coding has become the strongest developer-platform wedge. Cursor, Cognition, Replit, Factory, Qodo, and similar companies show that software generation is one of the few non-model categories capable of attracting repeated large rounds.
- Governance and evaluation are undercapitalized relative to their strategic importance. LMArena, Goodfire, Profound, and InsightFinder show rising demand, but governance capital remains tiny compared with model capital.
- Creative GenAI is separating into winners and experiments. Mature platforms such as ElevenLabs, Runway, Synthesia, and fal attract meaningful capital, while smaller creative and social entrants raise much smaller rounds.
- North America’s capital dominance is mostly a frontier-model effect. Because the largest model companies are North American, regional capital concentration becomes extreme even when credible companies appear elsewhere.
- Europe’s strongest signal is elite technical credibility rather than broad funding volume. Mistral, ElevenLabs, Synthesia, Lovable, AMI Labs, and Ineffable Intelligence show that Europe can produce category leaders, but not yet at North American mega-round scale.
- Strategic investors are becoming as important as traditional VCs. Nvidia, Microsoft, Google-related investors, Salesforce, Adobe, Accenture, SoftBank, ASML, and other strategics appear because GenAI investing is also a race for compute, distribution, and ecosystem control.
- Stage labels are becoming less comparable across the generative AI market. A $2B seed round and a $15M seed round do not describe the same financing reality, even if they share the same label.
- The decline in bottom-half capital share means market breadth should be measured by company count, not dollars. Dollars increasingly measure dominance at the top, while deal count better captures experimentation.
- The absence of pure-play GenAI services funding does not mean implementation demand is weak. It more likely means services revenue is being captured by consulting firms, agencies, systems integrators, or software companies with service-heavy delivery models.
- The strongest forecasting rule is that future winners will likely control either scarce capability, scarce distribution, scarce workflow integration, or scarce trust. Startups without one of those scarce assets should be discounted, even if they participate in a fashionable generative AI category.
This chart, featured in our generative AI market deck, shows how AI video generation technology has evolved over time
OUR METHODOLOGY TO BUILD THIS TRACKER
We built this generative AI funding tracker by reviewing publicly disclosed equity rounds raised by pure-play generative AI companies between January 2024 and May 2026. A company counts as pure-play when more than 80% of its activity is dedicated to creating, transforming, evaluating, governing, deploying, or operationalizing generated text, code, image, audio, video, model outputs, or agentic content.
We applied four core filters to build the dataset. First, we only included equity rounds, so grants, debt, structured financings, SPAC transactions, acquisitions, and business combinations are excluded unless the source explicitly treated the transaction as an equity financing. Second, we only counted rounds of $300K or more. Third, we only kept pure-play generative AI companies, which means we excluded broad AI, general cloud or IT infrastructure, hardware-first, semiconductor-first, and non-generative software companies unless generative AI was clearly the company’s core business. Fourth, every entry had to be confirmed by a direct company announcement, press release, tier-1 media report, specialized industry source, or relevant regional publication.
We also excluded undisclosed-amount rounds because including them would distort dollar-based metrics such as totals, averages, medians, category shares, and concentration ratios. The final dataset contains 39 disclosed deals in 2024, 38 disclosed deals in 2025, and 38 disclosed deals from January through May 2026. Privately raised rounds that were never publicly announced are necessarily missing, which is a known limitation of any public-only generative AI funding tracker.
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