Lovable

Databricks raised $5 billion at a $190 billion valuation, River AI raised $1.1 billion in seed and Series A financing, and other large rounds went to Form Energy ($750 million), Neros Technologies ($250 million), CodeRabbit ($143 million), and Point2 Technology ($136 million). The mix shows investor appetite is still concentrated in AI infrastructure and applications, but also in defense, grid storage, and other hard tech, with notable backing from Coatue, Nvidia, AMD Ventures, Sequoia, and Arm Holdings.

Menlo Ventures announced $3 billion in new capital across Menlo Ventures XVII and Menlo Inflection IV, its biggest raise in 50 years, to back AI startups from seed and Series A through later-stage growth rounds. Partner Matt Murphy said AI companies need more capital and stay private longer, and Menlo is now using large, concentrated bets on names like Anthropic, Lovable, Suno, OpenRouter and Wispr as a standard part of its strategy.

VCs are increasingly backing AI-native startups in defense, energy, robotics and government, areas long seen as “uninvestable” because of slow procurement, regulation and customer switching friction. The shift is being driven by geopolitical and infrastructure spending, faster agentic AI that can slash migration from weeks to days, and the view that incumbents like IBM, SAP, ServiceNow and Schneider Electric are more vulnerable than investors once assumed.

Mercury raised $200 million in a Series D led by TCV at a $5.2 billion valuation, up from $3.5 billion in its March 2025 Series C, bringing its total primary and secondary funding to about $700 million. The digital banking startup says it serves more than 300,000 companies, hit $650 million in annualized revenue in Q3 2025, and has four straight years of profitability while also getting conditional OCC approval to form its own bank.

Blitzy, an autonomous software development startup, raised $200 million in a round led by Northzone at a $1.4 billion valuation, bringing its total funding to more than $204.4 million. The Cambridge, Mass.-based company says its platform autonomously completes months of enterprise software development and has been adopted by dozens of Global 2000 companies across 10 industries, with claims of 5x engineering velocity.