Insights

·Updated Sep 23, 2026

CAPITAL RAISED · 12 MO: $28.88B; Index coverage begins Jan 2025
FILINGS: 1,469; from 1,177 companies
MEDIAN ROUND: $2.5M; Half of disclosed rounds were smaller
FIRST-TIME FILERS: 1,003; Companies with no earlier filing on record
DEBT SHARE: 15.0%; 221 of 1,469 filings carried debt

Capital flow

Monthly Form D capital · Sep 2025 – Aug 2026

TOTAL$28.88B

med $1.70B

SEP

OCT

NOV

DEC

JAN 26

FEB

MAR

APR

MAY

JUN

JUL

AUG

AI$5.94B

Biotech$4.21B

Fintech$3.98B

All other$14.75B

Largest filing ·Baseten Labs$1.10B· Jun 2026

Sector momentum

Trailing 6 mo · Index coverage begins Jan 2025

SECTORCAPITALMEDIAN

AI163

$5.80B

$3.8M

Biotech200

$3.81B

$3.8M

Defense32

$2.93B

$18.4M

Fintech108

$2.51B

$3.2M

Hardware72

$2.02B

$3.8M

Healthcare170

$1.55B

$1.5M

Sectors ranked by capital raised in the last 6 months

Raise window

Companies whose filing cadence puts them in a raise window

6of32matches

COMPANYLAST ROUNDSINCECADENCEWINDOW30D VIEWS

Viken DetectionDefense

Cognitive Network SolutionsCybersecurity

Municipal Parking ServicesGovtech

Claris BiotherapeuticsBiotech

Window opens at 0.8× a company's own median gap between filings · median gaps under 6 months excluded

Raises that grew

Form D/A amendments that raised the reported total

COMPANYORIGINAL → AMENDEDCHANGE

NamsoftSep 14, 2026

$200K→$3.8M

+1,800%

SmartStory TechnologiesAug 31, 2026

Rigora ClinicalAug 4, 2026

$50K→$305K

+510%

140 amendments on file · 100 increased the reported total

First-time filers

First filing on record · 1,003 companies since Sep 2025

COMPANYSECTORAMOUNTFILED

Largest first filing in the window · Baseten Labs at $1.10B

Where capital is moving

Top metros by trailing 12 mo capital

METROCAPITALSHARE

New YorkNY86 filings

$4.31B

15.1%

San FranciscoCA57 filings

$3.27B

11.5%

AustinTX37 filings

$1.66B

5.8%

BostonMA29 filings

$1.64B

5.7%

CambridgeMA25 filings

$1.04B

3.7%

San JoseCA11 filings

$1.01B

3.5%

Shares are of the $28.51B filed from a US address · Index coverage begins Jan 2025

Trending on tinytech

Most-viewed profiles · last 30 days

COMPANYLATEST ROUNDVIEWS

fal - Features & LabelsAI

Clinware SolutionsHealthcare

$2.0M· May 2026

Reprogram BiosciencesBiotech

$5.0M· May 2026

8,664 profile views across 1,679 companies in the last 30 days

Benchmark a raise

Put a round against the last 12 months of comparable filings

1,314comparable filings ·Sep 2025 – Aug 2026

AMOUNT

SECTOR

STATE

PERCENTILE49th

$2.5Mthis round

MINMAXP25$445KMEDIAN$2.5MP75$10.9M

A $2.5M round sits in the 49th percentile of the last 12 months · 1,314 filings from $15 to $1.10B

Grant → raise pipelinePLANNED

SBIR and NIH awards matched to the company's later Form D

Hiring velocityPLANNED

Headcount change in the 90 days after a round closes

S-1 graduationsPLANNED

Private filers that go on to register a public offering

Insights

Sep 23, 2026

CAPITAL RAISED · 12 MO

$28.88B

Index coverage begins Jan 2025

FILINGS

1,469

MEDIAN ROUND

$2.5M

FIRST-TIME FILERS

1,003

DEBT SHARE

15.0%

Sector momentum

Trailing 6 mo · Index coverage begins Jan 2025

SECTORCAPITALMEDIAN

AI163

$5.80B

$3.8M

Biotech200

$3.81B

$3.8M

Defense32

$2.93B

$18.4M

Fintech108

$2.51B

$3.2M

Hardware72

$2.02B

$3.8M

Healthcare170

$1.55B

$1.5M

Sectors ranked by capital raised in the last 6 months

Capital flow

Monthly Form D capital

PEAK

$5.71B

Sep 2025 – Aug 2026$28.88B

Median month$1.70B

Largest filing · Baseten Labs$1.10B

Raise window

Companies whose filing cadence puts them in a raise window

6 of 32

GliknikIn window

$11.0M· Aug 21, 2025 · ~7 mo cadence9 views

Viken DetectionIn window

$5.0M· Oct 10, 2025 · ~6 mo cadence5 views

Cognitive Network SolutionsIn window

—· Sep 22, 2025 · ~6 mo cadence3 views

Municipal Parking ServicesIn window

$500K· Sep 9, 2025 · ~7 mo cadence3 views

OrationIn window

$48K· Oct 10, 2025 · ~6 mo cadence3 views

Claris BiotherapeuticsIn window

$2.3M· Sep 22, 2025 · ~7 mo cadence10 views

Window opens at 0.8× a company's own median gap between filings · median gaps under 6 months excluded

Trending on tinytech

Most-viewed profiles · last 30 days

fal - Features & LabelsAI · $125.0M · Aug 2025

Pavo AIAI · $3.0M · Mar 2025

AionicsAI · $502K · Apr 2026

GT OpticsHardware · $300K · Feb 2025

Clinware SolutionsHealthcare · $2.0M · May 2026

Reprogram BiosciencesBiotech · $5.0M · May 2026

Where capital is moving

Top metros by trailing 12 mo capital

New YorkNY · 86 filings

$4.31B15.1%

San FranciscoCA · 57 filings

$3.27B11.5%

AustinTX · 37 filings

$1.66B5.8%

BostonMA · 29 filings

$1.64B5.7%

CambridgeMA · 25 filings

$1.04B3.7%

San JoseCA · 11 filings

$1.01B3.5%

Shares are of the $28.51B filed from a US address · Index coverage begins Jan 2025

Raises that grew

Form D/A amendments that raised the reported total

NamsoftFintech · Sep 14, 2026

$200K→$3.8M+1,800%

SmartStory TechnologiesHealthcare · Aug 31, 2026

$1.5M→$3.8M+150%

NucleinHealthcare · Aug 14, 2026

$1.3M→$9.3M+615%

Rigora ClinicalHealthcare · Aug 4, 2026

$50K→$305K+510%

First-time filers

First filing on record · 1,003 companies since Sep 2025

Intelligent MappingHardware

$3.0MAug 31, 2026

GlassHouseSaaS

$2.2MAug 31, 2026

Benchmark a raise

Put a round against the last 12 months of comparable filings

AMOUNT

SECTOR

STATE

PERCENTILE49th

1,314 comparable filings$15 – $1.10B

$2.5M

$445K$2.5M$10.9M

A $2.5M round sits in the 49th percentile of the last 12 months

Grant → raise pipelinePLANNED

SBIR and NIH awards matched to the company's later Form D

Hiring velocityPLANNED

Headcount change in the 90 days after a round closes

S-1 graduationsPLANNED

Private filers that go on to register a public offering