The sector rotation has begun. Defense AI and agentic workflow are replacing raw foundation model bets.
Mid-May 2026 deal flow tells a clear story: institutional capital is moving up the stack. Investors who spent 2024–2025 backing compute infrastructure and frontier labs are now writing checks into companies with real government contracts, enterprise deployments, and clinical validations. Here are the notable rounds from this week.
Notable Rounds: May 13, 2026
| Company | Amount | Stage | Sector | Lead Investor |
|---|---|---|---|---|
| Anduril Industries | $1.5B | Series F | Defense AI | Andreessen Horowitz / Founders Fund |
| Harvey AI | $500M | Series D | Legal AI | Sequoia Capital |
| Glean | $350M | Series E | Enterprise AI Search | General Catalyst |
| Abridge | $275M | Series C | Healthcare AI | Lightspeed Venture Partners |
| Cognition (Devin) | $250M | Series B | Agentic AI / Dev Tools | Founders Fund |
| Perplexity AI | $500M | Series D | AI Search | SoftBank Vision Fund |
| Cohere | $450M | Series D+ | Enterprise LLMs | PSP Investments / Nvidia |
| Navan (extension) | $200M | Series G | AI-Powered T&E | Goldman Sachs Growth |
Deal Flow Patterns
Anduril's $1.5B round is the largest defense-native venture round since Palantir's late-stage raises — the signal is that DoD contract velocity is outpacing earlier projections
Harvey AI and Cognition together represent a $750M bet on autonomous professional workflows — legal, code, and knowledge work are converging into a single agentic stack
Abridge's $275M raise reflects hospital system demand for AI-assisted clinical documentation — ambient AI notes are being piloted in 300+ health systems nationwide
Cohere's round is notable for the Nvidia strategic co-investment — chipmakers are now routinely co-investing to lock in preferred infrastructure customers at scale
What to Watch
Anduril's TITAN contract expansion
The Army's TITAN ground station program is Anduril's largest government contract to date. Watch for follow-on awards in Q3 2026 — they will set the revenue trajectory ahead of a potential public offering in 2027.
Harvey vs. contract-first legal AI
Harvey raised at a $3B+ valuation on the back of Am Law 100 firm adoption. The question is whether it can penetrate mid-market and in-house legal teams before Microsoft Copilot for Legal erodes the margin opportunity.
Perplexity monetization inflection
Perplexity's enterprise tier has grown to 200+ paying customers but individual subscription conversion remains below 8%. Ad revenue introduced in late 2025 is now being closely watched as the primary path to profitability at scale.
Abridge clinical expansion
Abridge competes with Nuance DAX and Suki in ambient clinical documentation. The next 12 months will test whether its Epic EHR integration depth gives it a sustainable distribution moat or just a first-mover window.
Track startup funding benchmarks on the Funding 2025 dashboard. For VC fundraise data, see VC Fundraises 2026 at Value Add VC.