Five tracked deals, $728M disclosed — concentrated in late-stage and AI. Instinct's $250M Series B at $2.5B (Index/Benchmark co-lead) is the standout: a $2.5B AI valuation at Series B signals real appetite for differentiated model-layer plays. Owner's $240M Series D at $2.3B (Goldman Growth) confirms vertical SaaS still commands growth pricing. Gatik's $200M Series D (QIA/Koch) keeps autonomous middle-mile funded despite broader AV caution. Seeds were modest: Legato $12M (Neotribe, healthcare), Keenable $26M (Accel, AI). Notably sparse — only 5 deals against 2,190 tracked companies, suggesting late-August slowdown rather than a rally. The mega-round board (OpenAI $122B, Waymo $16B, Scale $14B) frames the ceiling; this week's tape doesn't challenge it.
Disclosed round capital in the window. Undisclosed amounts count as zero.
Disclosed rounds in the window · every bar opens the company's live page.
Five tracked deals, $728M disclosed — concentrated in late-stage and AI. Instinct's $250M Series B at $2.5B (Index/Benchmark co-lead) is the standout: a $2.5B AI valuation at Series B signals real appetite for differentiated model-layer plays. Owner's $240M Series D at $2.3B (Goldman Growth) confirms vertical SaaS still commands growth pricing. Gatik's $200M Series D (QIA/Koch) keeps autonomous middle-mile funded despite broader AV caution. Seeds were modest: Legato $12M (Neotribe, healthcare), Keenable $26M (Accel, AI). Notably sparse — only 5 deals against 2,190 tracked companies, suggesting late-August slowdown rather than a rally. The mega-round board (OpenAI $122B, Waymo $16B, Scale $14B) frames the ceiling; this week's tape doesn't challenge it.
| Date | Company | Round | Amount | Valuation | Lead | Sector |
|---|---|---|---|---|---|---|
| 2026-08-28 | Owner | Series D | $240M | $2.3B | Growth Equity at Goldman Sachs Alternatives | Vertical SaaS |
| 2026-08-26 | Instinct | Series B | $250M | $2.5B | Index Ventures / Benchmark (co-led) | AI |
| 2026-08-26 | Legato | Seed | $12M | — | Neotribe Ventures | Healthcare |
| 2026-08-25 | Gatik | Series D | $200M | — | Qatar Investment Authority / Koch Disruptive Technologies | Automotive |
| 2026-08-25 | Keenable | Seed | $26M | — | Accel | AI |
Where the window's activity sits on the funding ladder: deal count (solid) against disclosed capital (faded) per stage, with the companies behind each cluster. Stages come from the reported round labels; undisclosed amounts count as zero capital.
The week's signal is a16z's $1.1B hardware fund targeting AI chips, memory, and robotics — a deliberate bet on the supply crunch as AI racks approach 1 megawatt. That pairs with Anthropic's reported $7B pursuit of MatX (chip startup), marking a shift: model labs are vertically integrating silicon. FinTech raised just $389M across 12 deals — tepid. Ventures Platform closed an oversubscribed $84M Pan-African Fund II. Most-active leads this week each did one deal (Index/Benchmark, Goldman, QIA/Koch, Accel, Neotribe) — no firm stacked multiple rounds, consistent with seasonal thinness. Investor posture: capital is real but narrowly allocated to AI infra and select vertical winners.
| Lead Investor | Deals | Disclosed Capital |
|---|---|---|
| Index Ventures / Benchmark (co-led) | 1 | $250M |
| Growth Equity at Goldman Sachs Alternatives | 1 | $240M |
| Qatar Investment Authority / Koch Disruptive Technologies | 1 | $200M |
| Accel | 1 | $26M |
| Neotribe Ventures | 1 | $12M |
Two notable AI-economy moves: Anthropic's reported $7B MatX acquisition attempt (if true, a watershed for lab-backed silicon consolidation) and OpenAI terminating its Cursor deal citing Musk-affiliated contract conflicts. Archer Aviation acquired Boeing's drone and air-taxi units, consolidating AAM hardware. Austin saw at least a dozen deals including a freight majority stake sale. The Hugging Face $13B sale exploration (after rejecting Nvidia) could reset private AI-platform comps. Vesting-cliff-vs-acqui-hire dynamics surfaced as a governance theme. No tracked private-company M&A closings in the funding window, but the Anthropic-MatX rumor alone reframes strategic risk for chip startups.
Funding headlines from outside the tracked book — sourced links, not QL data.
The largest recent private rounds ($100M+) across the tracked book — 1931 ranked. Full board: quantlogix.ai/mega-rounds.
The Silicon Valley Private Market Daily — the 8pm PT desk close: qualified raises, roster re-rates and sector velocity from the QL private-market pipeline.
The private market displays high concentration in AI-centric valuations, evidenced by a $2.5 billion valuation for a four-month-old startup, contrasted with ongoing uncertainty as public-market volatility (e.g., PayPal's decline) and regulatory pressure (e.g., Anthropic blacklisting concerns) ripple through the broader tech ecosystem. Corporate restructuring remains a theme, with debt redemptions and delayed reporting among incumbents.
🗂️ Dataset updated: no new closed rounds to add; list holds at 2,190.
100 tracked names flagged for markdown risk — 120 scored nightly, 2070 left unscored (no comp bridge). Down rounds are recorded in the open ledger — receipts only work in public. Live boards: markdown-watch · down-round-ledger.
| # | Company | Sector | Risk Score | Band | Vs Comps | Last Mark | Last Round |
|---|---|---|---|---|---|---|---|
| 1 | Linktree | SaaS | 86 | High | +386% | $1.3B | 53 mo ago |
| 2 | Replit | Data / Infra | 86 | High | +215% | $9.0B | 40 mo ago |
| 3 | Xendit | Financial Services | 80 | High | +1843% | $2.7B | 52 mo ago |
| 4 | Forter | Fintech | 80 | High | +949% | $3.0B | 64 mo ago |
| 5 | Greenlight | Fintech | 80 | High | +602% | $2.3B | 65 mo ago |
| 6 | Betterment | Fintech | 80 | High | +426% | $1.1B | 41 mo ago |
| 7 | Cross River Bank | fintech | 80 | High | +211% | $3.0B | 53 mo ago |
| 8 | BetterUp | SaaS | 80 | High | +206% | $4.7B | 59 mo ago |
Nightly score: comp-bridge premium (45%) · round staleness (30%) · IPO-readiness drag (15%) · funding deceleration (10%). Companies without a computable public-comp bridge stay unscored — never guessed.
23 markdowns detected all-time · 4 flagged beforehand · 19 missed · hit rate 17.4%
| Company | Detected | Event | Mark | Called? |
|---|---|---|---|---|
| Splashtop | 2026-08-24 | Mark cut −9.1% | $1.1B → $1.0B | ✗ Missed |
| Amperity | 2026-08-24 | Mark cut −9.1% | $1.1B → $1.0B | ✗ Missed |
| Maven Clinic | 2026-08-24 | Mark cut −20.6% | $1.7B → $1.4B | ✗ Missed |
| Form Energy | 2026-08-24 | Mark cut −30.0% | $2.5B → $1.8B | ✗ Missed |
| Enovate Motors | 2026-08-24 | Mark cut −42.6% | $3.7B → $2.1B | ✗ Missed |
| Fever | 2026-08-24 | Mark cut −79.1% | $18B → $3.6B | ✗ Missed |
| Enter | 2026-08-24 | Mark cut −99.4% | $190B → $1.2B | ✗ Missed |
| Wonder | 2026-08-17 | Mark cut −16.2% | $9.0B → $7.5B | ✗ Missed |
Down-round & valuation headlines scraped at publication from Google News, Hacker News, CNBC, Yahoo Finance and the wider tech press.
Between a16z's $1.1B hardware fund and Anthropic's reported $7B MatX move, AI chip startups now face both funding and acquisition paths. If you're in AI infra, position around the rack-power bottleneck — that's where the capital thesis lives.
Instinct at $2.5B Series B vs. FinTech at $389M/12 deals — the gap is widening. If you're raising outside AI infra, expect scrutiny on path-to-profitability; the growth-at-all-costs window has narrowed.
Splashtop and Amperity saw -9.1% cuts; Maven Clinic -20.6%. Linktree, Replit, Xendit score high on markdown watch. Founders should pressure-test valuations against public comps before raising — aggressive marks from 2024-25 are getting repriced.
Expect AI-silicon consolidation to accelerate through Q4 — a16z's hardware fund and Anthropic's MatX pursuit signal that the chip layer is now strategic territory for both capital and acquirers. Outside AI infra, the markdown ledger will keep expanding; founders should plan raises around durability, not headline valuations. Early-September deal flow should clarify whether late-August thinness was