Startup and Venture Investment News — Monday, 29 September 2025: Mega-rounds in AI, IPOs and New Funds

Current Startup and Venture Investment News for Monday, 29th September 2025. Major Rounds in AI, Revival of IPOs, New Venture Funds, M&A Deals and Growing Interest in Fintech, Biotech and the Crypto Industry.

By the end of September 2025, the global venture capital market is confidently emerging from a prolonged downturn and demonstrating new growth. Investors around the world are once again actively pouring capital into technology startups at all stages of development—from early seed rounds to large-scale initial public offerings (IPOs). In the first half of 2025, the total volume of venture investments reached its highest level since 2021: for instance, in North America, startups raised approximately $145 billion, which is about 43% higher than the previous year. The improving macroeconomic situation and increased interest in innovations are bolstering confidence in the market: deals are becoming larger and encompass a wide range of sectors—from artificial intelligence and fintech to biotechnology and defence projects. Meanwhile, investors continue to exercise caution, directing capital primarily to the most promising companies to avoid overheating in specific niches.

The venture boom is being observed across all regions of the world. The USA remains the leader, providing about two-thirds of the global investment volume (particularly dominating in the AI sector). In the Middle East, funding for startups nearly doubled over the year thanks to multi-billion-dollar tech projects in the Gulf states. Europe is undergoing structural changes: for the first time in a decade, Germany has surpassed the UK in total venture deal volume, although Europe's overall share of global VC has slightly decreased. India and Southeast Asia continue to experience an investment boom, fuelled by foreign funds, while in China, activity remains relatively subdued due to internal restrictions. The startup ecosystems in Africa and Latin America are also coming to life, attracting increasing capital and forming new growth points beyond traditional tech hubs. At the same time, startups in Russia and the CIS are striving to keep pace with global trends—new funds and support programmes for technology businesses are emerging in the region, despite external limitations.

Below are the key trends and events in the venture market as of 29th September 2025:

The Return of Mega Funds and Large Investors. Major market players are once again forming record funds and increasing investments, injecting capital into the industry and raising risk appetites.
Record Funding Rounds and a New Wave of "Unicorns". Unprecedentedly large deals are pushing startup valuations to unprecedented heights, especially in the segments of artificial intelligence and robotics.
Revival of the IPO Market. A series of successful public offerings of high-tech companies indicates the opening of a "window of opportunity" for exits and the return of liquidity to the venture market.
A Wave of Consolidation and M&A Deals. Large mergers, acquisitions, and strategic investments are reshaping the industry's landscape, creating new opportunities for exits and accelerated growth for startups.
Diversification of Sector Focus. Venture investments are being directed not only into AI but also into fintech, "green" technologies, biotech, defence projects, and even crypto startups, broadening the market horizons.
The Resurgence of the Crypto Industry. A rally in the digital asset market has revived investor interest in blockchain projects, leading to new large funding rounds and the first public offerings in the crypto sector.
A Boom in Defence and Space Investments. Geopolitical factors are stimulating capital inflows into defence-tech and aerospace projects, making these areas a new priority for venture funds.
Local Initiatives in Russia and the CIS. New funds and measures to support startups are being launched in the region, while local projects are attracting foreign capital, gradually integrating into global trends.

The Return of Mega Funds: Big Capital is Back on the Market

The largest investment structures are returning to the venture arena, indicating a new surge in risk appetite. The Japanese conglomerate SoftBank has announced the launch of the Vision Fund III, with a volume of approximately $40 billion, focused on cutting-edge technologies (primarily in artificial intelligence and robotics). Sovereign funds from the Gulf states have also become more active: petrodollars are being redirected into technological initiatives and national megaprojects, forming their own tech hubs in the Middle East. Simultaneously, dozens of new venture funds are being established worldwide, attracting significant institutional capital for investments in high-tech sectors.

Veritas Capital Fund IX—$14.4 billion. The American fund focusing on technology and defence companies closed a new fund at a record amount, demonstrating a high level of confidence from major institutional investors.
Great Hill Partners IX—$7 billion. One of the largest growth funds, focusing on technology companies, attracted significantly more funds than initially planned, greatly exceeding its target capital volume.

It is noteworthy that the prestigious firm Andreessen Horowitz is aiming to create its own "megafund" of around $20 billion, fully focused on investments in AI companies. If successful, this would become the largest fund in the company's history. The massive inflow of funds from such megafunds leads to an increase in the volume of uninvested capital ("dry powder") in the market. In the USA alone, venture funds have accumulated more than $300 billion, ready to be deployed as confidence returns. The surplus of capital enhances competition for the best startups, sustaining high valuations for promising companies. The presence of large institutional players also reinforces the belief that the influx of investments into the industry will continue.

Mega Rounds in AI: A New Wave of "Unicorns"

The field of artificial intelligence remains the main driver of the venture boom in 2025, demonstrating record funding volumes. Investors are eager to establish a foothold among the leaders of the new technological cycle, directing colossal sums into the most promising AI projects. In recent weeks, several unprecedented deals have confirmed this trend:

OpenAI (USA)—$8.3 billion. The developer of advanced AI technologies secured one of the largest funding rounds in history, raising its valuation to approximately $300 billion. In collaboration with Microsoft, the company is establishing a separate division for its future IPO to expedite the commercialisation of its products.
Mistral AI (France)—€1.7 billion. The generative AI startup received record funding for Europe, raising its valuation to €11.7 billion. The leading investor was the Dutch corporation ASML, emphasising Europe's desire to develop its own AI infrastructure.
PsiQuantum (USA)—$1 billion. The quantum startup secured the largest investment in its segment with a valuation of approximately $7 billion, confirming investors' willingness to fund high-tech projects beyond classical applied AI.
Figure AI (USA)—over $1 billion. The humanoid robot developer received more than $1 billion in round C funding at a valuation of approximately $39 billion, representing an unprecedented level for a robotics startup.

Such mega rounds are creating a generation of new "unicorns" and bringing forth tomorrow's technological leaders. Despite warnings of potential market overheating, investor appetite for advanced projects remains high. Funding is being directed not only towards applied AI products but also to critically important infrastructure—specialised chips, cloud platforms, and data storage systems necessary for scaling the AI ecosystem.

The IPO Market Comes to Life: The Exit Window Opens

Following the downturn of 2022-2023, the IPO market is once again showing signs of life. The successful public offerings of a number of high-tech companies indicate that investors are ready to purchase shares of rapidly growing startups at high valuations. This new wave of stock market debuts strengthens venture funds' confidence in profitable exits. Since the beginning of the year, more than 220 IPOs have taken place on American exchanges—approximately 85% more than during the same period in 2024. Among the most notable recent listings:

Chime. The large American fintech unicorn (online bank) went public on Nasdaq in June; its share price soared by 30% on the first day of trading, confirming high investor demand for promising fintech companies.
Klarna. The Swedish fintech giant successfully debuted on the New York Stock Exchange, becoming one of the first European "unicorns" to list in the USA after a prolonged hiatus. Klarna’s shares were sold above the initial price range.

The success of these IPOs is indicative of the return of liquidity to the venture market. Following these early "harbingers," other large startups are preparing for an IPO—ranging from the American payment service Stripe (reportedly having already submitted a confidential IPO application) to highly valued AI companies such as Databricks. The revival of IPO activity is extremely important for the entire ecosystem: successful exits allow investors to realise profits and direct freed-up resources towards financing new projects, fuelling the next cycle of growth.

A Wave of Mergers and Acquisitions (M&A)

High startup valuations and fierce competition for new markets are provoking another wave of consolidation. Large technology corporations are willing to spend billions on strategic acquisitions to strengthen their positions and gain access to cutting-edge developments. A number of high-profile M&A deals in recent months confirm this trend:

Google → Wiz—~$32 billion. Alphabet (Google) acquires the Israeli cloud cybersecurity startup, seeking to strengthen its position in data protection and cloud services. This record amount for the Israeli technology industry demonstrates the willingness of tech giants to pay enormous sums for key cybersecurity advancements.
SoftBank → Ampere—~$6.5 billion. The Japanese investment holding acquires the American developer of ARM processors, Ampere Computing, in order to position itself among the leaders in chips for cloud and corporate data centres. This deal may become one of the largest of the year in the semiconductor industry.
Nvidia → OpenAI—up to $100 billion. The chip manufacturer plans to invest up to $100 billion in OpenAI as part of a strategic partnership. Nvidia is expected to purchase a non-controlling stake in OpenAI while simultaneously providing the startup with advanced graphics processors to scale new AI models.

The increased M&A activity is changing the balance of power in the industry. Mature startups are either merging with one another or becoming targets for corporations. For venture investors, this opens up opportunities for long-awaited exits through the sale of portfolio companies to strategic players. At the same time, consolidation eliminates excess competitors from the market and allows resources to be focused on the most promising areas. It is anticipated that the trend towards consolidation will continue in the coming quarters, especially in segments experiencing overheated competition or requiring significant resources for scaling.

Diversification: Fintech, Biotech and "Green" Projects

Venture investments in 2025 are no longer concentrated exclusively on AI—capital is actively being directed into other sectors. After a slump last year, fintech is regaining momentum: large financial technology startups are attracting significant sums and renewing partnerships with banks. Concurrently, there is a growing interest in ecological and climate technologies—ranging from renewable energy and energy storage systems to electric vehicles and carbon reduction technologies. Appetite for biotechnology is gradually returning as well: the emergence of new drugs and digital medical services is once again attracting capital as company valuations in this sector begin to recover. Recent examples of large deals outside the AI sphere confirm the breadth of the venture market:

Kriya Therapeutics—$320 million. The American biotech startup specialising in gene therapy attracted $320 million in round D funding.
Odyssey Therapeutics—$213 million. The biopharmaceutical company developing new medicines for severe diseases secured $213 million in round D.
Nitricity—$50 million. The California-based eco-startup raised $50 million to develop technology for zero-emission fertiliser production.

The expansion of sectoral focus is making the startup ecosystem more resilient, reducing the risk of overheating in specific niches. Investors are consciously seeking new growth points beyond the immensely popular AI, fostering the emergence of promising companies across various fields.

The Resurgence of the Crypto Industry

In the second half of 2025, the digital asset market is experiencing a new boom, reviving venture capital interest in crypto startups. Bitcoin has already surpassed the historic threshold of $120,000, setting a new absolute peak, with the leading altcoins following suit. Just a year ago, the blockchain sector was experiencing a crisis of trust and severe regulatory pressure, but the current rally has radically changed investor sentiment. Major funds that had previously halted investments in crypto projects are re-entering the market. Significant funding rounds are being recorded, and some players are even going public. For instance:

Circle. The fintech company behind one of the leading stablecoins (USDC) successfully conducted an IPO, becoming one of the first major companies in the crypto industry to list on the stock exchange.
Gemini. The cryptocurrency exchange is preparing for a public stock offering and has recently secured $50 million from Nasdaq Ventures ahead of a potential IPO.
BlackRock. The investment giant has launched an exchange-traded fund (ETF) linked to Bitcoin, marking an important signal of institutional recognition for crypto assets.

All these events illustrate that the blockchain industry is once again viewed by investors as a promising avenue for growth.

Defence Technologies and Space at the Forefront

Geopolitical tensions in recent years have led to an unprecedented increase in investments in the defence and aerospace sectors. Investments in defence-tech startups have surged, with large rounds (for example, ~$2.5 billion raised by the American autonomous systems developer Anduril Industries) demonstrating venture capital's readiness to finance security projects. Investors (and sometimes governmental structures) are actively supporting the development of drones, cybersecurity, military AI systems, as well as new space programmes and satellite platforms.

The defence and space industries are rapidly becoming a new priority for venture funds. In the USA, several "unicorns" in aerospace technologies have emerged, while European defence startups have received significant capital inflows against the backdrop of shifting geopolitics. For instance:

Apex—$200 million. The California-based manufacturer of standardised satellite platforms raised $200 million in round D to accelerate the mass production of spacecraft in response to growing demand.

Overall, investments in these strategic sectors promise not only commercial benefits but also the enhancement of security, making them appealing even to relatively conservative investors.

Russia and the CIS: Local Trends Amidst the Global Market

The Russian venture market, having gone through several challenging years, is gradually adapting to new conditions and striving to develop parallel to global trends. In 2025, new sources of capital and initiatives to support technology businesses have emerged in the region:

New Funds. A private fund, Nova VC (with a volume of around 10 billion rubles), has started operations in Russia to invest in technology companies, while a sectoral venture fund “New Chemical Industry” (~5 billion rubles) has been established in Tatarstan to finance regional innovative projects.
Government Support. Authorities are considering a separate law on venture investments. Among the declared goals is to stimulate innovation and increase R&D expenditures to 2% of GDP by 2030 (almost a twofold increase from the current level).
International Success. Despite sanctions, teams from CIS countries continue to attract funding from abroad. For example, the machine learning service Vocal Image, founded by Belarusian expatriates and operating in Estonia, secured ~$3.6 million from a French venture fund. This case confirms that promising projects from the region can find support on the global stage.

Although the overall volume of venture investments in Russia and the CIS currently lags behind those of global leaders, the region is developing all the necessary elements of its ecosystem: local funds, accelerators, governmental programmes, and international partnerships. These efforts are laying the groundwork for the emergence of its own "unicorns" and deeper integration of regional startups into the global technology narrative.