Analysis
Crunchbase's weekly tally of the biggest U.S. funding rounds, covering October 10-16, found a noticeably thinner crop of mega-deals than recent weeks, with investors sticking closer to the middle of the pack than the very top. The full ranking put AI infrastructure and healthtech back atop the list:
- Modal Labs -- $750M Series D (led by Accel, at a $15.75B valuation): AI cloud infrastructure for running GPU workloads.
- Icon -- $200M Series D (co-led by Baillie Gifford and BlackRock): robotic 3D-printed construction technology.
- Souffle Therapeutics -- $135M Series B (led by Juvia Group, part of a larger syndicate): RNA-based therapies.
- Estuary Biotherapeutics -- $103M total ($93M Series A led by RA Capital Management plus an earlier $10M seed): gene therapies for ADPKD, a common inherited kidney disease.
- Labelbox -- $100M+ Series E (led by Infinitum Partners): data-labeling and reinforcement-learning infrastructure for frontier AI models.
- Suki -- $90M Series E (backers include Healthier Capital and Crosslink Capital, no single lead named): AI voice assistant for clinicians.
- Abby Care -- $82M Series C (led by Transformation Capital): platform paying family members as caregivers.
- Stand -- $70M Series C (led by Saga Ventures, at a $1B valuation): insurance technology for homes exposed to natural disasters.
“- Modal Labs -- $750M Series D (led by Accel, at a $15.75B valuation): AI cloud infrastructure for running GPU workloads.”
Crunchbase's framing is that investors 'scaled back on giant rounds' this week, with only two financings in the hundreds of millions compared to a steadier run of $200M-plus deals in prior weeks. However, the outlet is careful to note this isn't a broad pullback -- deal volume held roughly flat, and most of this week's checks still landed in healthy nine-figure territory. What thinned out was specifically the very top of the distribution, the handful of $300M-plus rounds that had become almost routine earlier in the AI funding cycle.