Analysis
Asian startups raised $38.5 billion in Q3 2026, with AI-focused companies pulling in an estimated $21 billion, or about 55% of the total, according to Crunchbase News, whose own funding data Pulse has cited before in prior coverage.
The quarter fell short of Q2's total, which was boosted by a $7.4 billion round for China's DeepSeek, but still ranked as the second-highest quarter on record. By country, China accounted for about $27 billion of the regional total, roughly 70%:
- China -- ~$27 billion, about 70% of the regional total.
- India -- $2.9 billion, down meaningfully from the prior quarter.
- Singapore -- $2.5 billion, also down from Q2.
“The quarter fell short of Q2's total, which was boosted by a $7.4 billion round for China's DeepSeek, but still ranked as the second-highest quarter on record.”
By stage, late and growth-stage funding came in around $20 billion, nearly double year-ago levels. Early-stage (Series A/B) funding totaled $13.6 billion, down 28% from Q2 but still up 65% year over year. Seed and angel funding reached $4.9 billion, up roughly 22% quarter over quarter and more than double year-ago levels.
The quarter's biggest deals were almost entirely Chinese AI companies:
- Moonshot AI -- $3.5 billion Series F in July at a reported $35 billion valuation, the largest deal of the quarter.
- Kling AI -- roughly $3 billion raised in July, with participation from Baidu and Tencent.
- D-Robotics -- $400 million Series C in September, based in Shenzhen.
- Qupital -- $300 million Series C for the Hong Kong fintech, with an IPO reportedly in view.