Startup Funding Trends – July 2025: AI, Defense & Deep Tech Dominate

Globally, in July 2025, most of the venture capital funding went to AI startups, reinforcing AI-led momentum in defense, biotech, fintech, and software sectors. Intellizence publishes monthly trends about key Startup Funding and Venture Capital/Private Equity Investment Deals. The following is the analysis of the Intellizence Startup Funding, VC & PE Deals Dataset for July 2025. 

Global Top 10 Funding Deals – July 2025

A quick snapshot of some of the biggest recent funding announcements in July 2025.  

xAI secures $10 billion in debt and equity to fuel AI expansion.

Funding Round:  Debt & Equity

Industry:  Technology

xAI has closed a landmark $10 billion funding round, with capital infusion comprising $5 billion in debt and another $5 billion in equity from strategic partners, as confirmed by Morgan Stanley in July 2025. This is one of the largest financing deals in the AI to date. The funding positions xAI as a major contender in the race to develop advanced AI infrastructure and solutions. xAI will use the funds to build its AI infrastructure, with a particular focus on its Grok chatbot platform and the expansion of massive data centers. One of the flagship projects of xAI is the Colossus supercomputer housed in Memphis, Tennessee—currently home to more than 200,000 GPUs, with ambitions to scale that number to 1 million. 

iCapital, a fintech platform, has raised $820 million in a funding round

Funding Round: Venture – Series Unknown

Industry: Fintech

Fintech firm iCapital has raised some $820 million in its latest financing round at a valuation of over $7.5 billion. The round was co-led and funded by accounts advised by T. Rowe Price and SurgoCap Partners. The funds will be used for acquisitions that improve the advisor and client experience, empower asset managers to expand their reach and attract a broader range of investors, and create opportunities to reduce friction in the ecosystem for all participants.

Ramp Raises $500 Million at $22.5 Billion Valuation  

Funding Round: E-2

Industry: Financial Services

Ramp, the leading financial operations platform, announced its Series E-2, raising $500 million at a $22.5 billion valuation. The round was led by ICONIQ, with support from existing investors including all participants from the June 2025 Series E: Founders Fund, D1 Capital Partners, GIC, Coatue, Avenir Growth, Thrive Capital, Khosla Ventures, Sands Capital, 8VC, Lux Capital, Altimeter, Definition Capital, 137 Ventures, General Catalyst, and Stripes. New investors for this round include: Sutter Hill Ventures, Lightspeed Ventures, T. Rowe Price Associates, Inc., GV (Google Ventures), Emerson Collective, Operator Collective, and Pinegrove Capital Partners.

TCG Labs Soleil secures $400 million to expand global R&D

Funding Round: Venture – Series Unknown

Industry: Biotechnology

TCG Labs Soleil, a venture firm integrating dedicated capital with an in-house biotech R&D hub, has raised an additional $400 million. This new funding builds on the company’s earlier raise of $400 million in 2024. The funds will help expand TCG’s ability to advance single-asset portfolio companies through clinical proof of concept efficiently and position them for strategic partnerships.

MapLight Therapeutics announces $372.5 million Series D financing

Funding Round: Series D

Industry: Biotechnology

MapLight Therapeutics, a clinical-stage biopharmaceutical company focused on central nervous system (CNS) disorders, has closed an oversubscribed $372.5 million Series D financing round. The round was co-led by Forbion and Life Sciences at Goldman Sachs Alternatives. Other significant new investors include Sanofi, accounts advised by T. Rowe Price Investment Management, and Avego BioScience Capital, with participation from existing investors such as Novo Holdings, 5AM Ventures, and Blue Owl Healthcare Opportunities. The newly raised funds will mainly be used to advance MapLight’s lead program, ML-007C-MA, an oral fixed-dose combination of a novel M1/M4 muscarinic agonist and a peripherally acting anticholinergic.

PS Minerhas closed $350 million in Series B financing  

Funding Round: Series B

Industry: Mining

PS Miner, a UK-based cloud mining platform, has closed a $350 million Series B financing round. The funds will be used to enhance its network of renewable energy-powered data centers and to develop artificial intelligence mining systems.  The company currently operates over 50 data centers in many countries, most of which use renewable energy sources like wind and solar.  By integrating AI, PS Miner strives for more environmentally sustainable and cost-effective cloud mining services.

Quavo has secured $300 million in a growth equity investment 

Funding Round: Private Equity

Industry: Technology

Quavo, a leading dispute management software provider for financial institutions, has secured a $300 million growth equity investment from Spectrum Equity. This investment is intended to accelerate Quavo’s AI-driven product innovation and to expand its go-to-market and client success teams, supporting greater adoption and value delivery for its clients.

Hadrian raises $260 million in a Series C round

Funding Round: Series C

Industry: Manufacturing

Hadrian, an advanced manufacturing startup specializing in AI-powered, automated factories for defense and aerospace, has raised $260 million in a Series C funding round. Existing investors Founders Fund and Lux Capital led the round with an additional loan facility arranged by Morgan Stanley. The funds will be used to accelerate the company’s expansion—including building a major new 270,000-square-foot factory and software hub in Mesa, Arizona, and expanding its R&D and manufacturing footprint in California.

XPANCEO closed $250 million Series A funding round at a $1.35 billion valuation

Funding Round: Series A

Industry: Technology

XPANCEO, a deep tech company developing the next generation of computing via smart contact lenses, closed $250 million Series A funding round at a $1.35 billion valuation, becoming a unicorn.  The round was led by Opportunity Venture (Asia). The new capital will help XPANCEO accelerate both product development and team expansion, fast-tracking plans to bring its multifunctional, AI-powered XR contact lens to market.

Bilt Rewards raised $250 million at a $10.75 billion valuation

Funding Round: Series E

Industry: Technology

Abridge has successfully closed $300 million Series E funding round led by Andreessen Horowitz and Khosla Ventures. It is now partnering with more than 150 enterprise health systems across the U.S. This new capital will accelerate our efforts to transform the way care is delivered, documented, and reimbursed, starting at the point of care.

Harvey AI secures $300 million in funding at a $5 billion valuation

Funding Round: Series E

Industry: Technology

Harvey AI has raised a $300 million Series E round at a $5 billion valuation. The round is co-led by Kleiner Perkins and Coatue. It includes Sequoia, GV, DST Global, Conviction, Elad Gil, Open AI Startup Fund, Elemental, SV Angel, Kris Fredrickson, and REV (the venture capital arm of RELX Group, which owns LexisNexis).

Megaround Deals – $100 Million Plus

Want to track the largest startup funding deals? Check Intellizence’s Largest Startup/VC Funding Deals Data.  

Check out the ten biggest Startup Funding deals for April 2025.

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