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Startups & Venture·October 29, 2026·1 min read

Series B Funding Is Up, But Fewer Deals Are Getting Done

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$48B flowing into Series B with deal counts on track for a multiyear low means capital is concentrating into fewer, larger bets—especially around AI. Seed and A-stage teams need to assume a higher bar for traction and a longer path to B, even if headline dollars make the market look “open.”

Startups & Venture

Circuit Mind, which uses AI to automate electronics and circuit design, raised $25M, including an $18.5M Series A led by Norwest, and plans a US relocation

$25M into Circuit Mind to automate electronics design—and a planned US relocation—shows investors expect AI to compress hardware iteration cycles, not just software. If you ship electronics, assume your competitors will soon be exploring AI‑assisted PCB and system design; your moat shifts toward requirements, supply chain, and certification speed.

Startups & Venture

Kalshi raised $1B led by Sequoia and Wellington Management at a $40B valuation, up from a $22B valuation after raising $1B in May, its last raise before an IPO

A prediction market doubling valuation from $22B to $40B on another $1B raise in five months says more about investor appetite for new financial primitives than about current revenue. If you’re building in adjacent markets—data, risk, infra—assume capital is now willing to underwrite “market-structure” bets at public-market scale pre-IPO.