Founders Fund’s $4.6B Is Live, Advanced Artificial Intelligence Got $2B—and That’s Just the Surface | Capital Movements Vol. 13
💰The state of deep tech capital: who’s raising, who’s betting, and why.
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Dear Friends,
This week was dense. Not loud, not frantic—just dense with signals. Signals of a market that’s learning to prioritize again. Signals of investors asking deeper questions. Signals that something more structural may be taking root beneath the noise.
Yes, there were the usual supernovas—$2B whispers around Thinking Machines, another $2B confirmed for Safe Superintelligence. You can’t ignore that kind of gravity. But those weren’t the stories that mattered most.
Not this time.
What stood out was what happened underneath the headline layer: a quiet consolidation of effort around foundational systems. Energy infrastructure, industrial robotics, surgical tooling, cybersecurity automation, and carbon-material circularity all saw meaningful movement—not in rhetoric, but in capital.
Across the board, we tracked more than 45 deep tech deals this week—ranging from edge hardware and electrochemical systems to manufacturing replatforming and autonomous infrastructure.
The majority of activity sat squarely in the Series A tier, suggesting that venture capital is finding renewed appetite for companies that are past the proof-of-concept stage but not yet ready for the capital intensity of hyperscaling. Seed rounds followed closely, particularly in