The Past Year in 1057 Deal Records: Who Invested, and Who Kept Investing
Drawing on the 526 records in Capy's deal timeline dated from 2025-11 to 2026-10: a16z leads with 11, followed by Lightspeed and Coatue with 7 each; AI, robotics and chips together account for 64.3%. Only 3 institutions in the whole sample spread their deals across at least 6 different months.
The sample, stated plainly
This article counts the 526 records in Capy's deal timeline inside the last-12-months window (2025-11 – 2026-10) — 49.8% of the full 1057-record database — covering 374 institutions (counted by institution-name string) and 259 projects, of which 477 records (90.7%) disclose an amount. It is a sample of public, traceable records on this site, not a census of all market deals — the conclusions hold only for these publicly reported deals that we have collected.
Most active: a16z on top, veteran USD funds sweep the front ranks
| Institution | Records, last 12 months | Projects involved | Of which with amount |
|---|---|---|---|
| Andreessen Horowitz (a16z) | 11 | 11 | 11 |
| Lightspeed Venture Partners | 7 | 7 | 7 |
| Coatue Management | 7 | 7 | 7 |
| NVIDIA | 6 | 6 | 6 |
| Sequoia Capital | 5 | 5 | 5 |
| Benchmark | 4 | 4 | 4 |
| 红杉中国 | 4 | 4 | 3 |
| 腾讯投资 | 4 | 4 | 4 |
| Accel | 4 | 4 | 4 |
| Elad Gil | 4 | 4 | 4 |
Also at 3 records each: IDG 资本、阿里巴巴创业者基金、中国移动链长基金、凯辉基金、General Catalyst. Two observations: first, the front ranks are almost entirely USD funds and US industrial capital (NVIDIA), with 红杉中国、腾讯投资、IDG 资本 the Chinese institutions in the first tier; second, the head does not monopolise — the 526 records are spread across 374 institutions, the long tail is very long, and the answer to who is investing is a dispersed one.
A harder metric than volume: persistence
A one-off deal and investing month after month are different things. Count the distinct months in which each institution appears: only 3 institutions in the whole sample have records in at least 6 different months — a16z, Lightspeed and Coatue, each covering 6 months. For a founder judging whether this firm is still active right now, this measure is more reliable than the raw total: it strips out the inflation of announcing a batch of portfolio deals in a single month.
Where the money went: AI + robotics + chips at 64.3%
| Sector | Records | Share |
|---|---|---|
| AI | 221 | 42.0% |
| Robotics | 81 | 15.4% |
| Chips | 36 | 6.8% |
| Web3 / crypto | 35 | 6.7% |
| Healthcare | 28 | 5.3% |
| Fintech | 23 | 4.4% |
| New energy / climate | 17 | 3.2% |
| Automotive | 14 | 2.7% |
| Consumer | 12 | 2.3% |
| Space | 8 | 1.5% |
(Plus 45 records in other categories and 6 in software / SaaS.) AI in the narrow sense already takes about forty percent; if robotics and chips are counted into the broader AI hardware-isation, nearly two-thirds of the deal records are AI-related — the least disputable structural feature of this sample.
Round structure: mid-to-late stages weigh more than expected
The most recorded round is Series D (83 records), followed by Series F with 46, Series C with 45, Series A with 41, Seed with 35 and Series E with 34, plus 45 records with no round disclosed. In other words, mid-to-late rounds (Series C and beyond) clearly outnumber early ones in these public records — partly because large late rounds are more likely to issue press releases, so the sample naturally leans toward loud deals; the true volume of early deals should be higher than the records show, and we do not hide that.
Regional distribution: USD records at 58%
By the region a record is filed under: USD 305 records (58.0%), China 106 (20.2%), Europe 45, Japan 38, Cooperation Zone 22, HK/Taiwan 10. Against the previous window (453 records in 2024-11 – 2025-10), this window has 16.1% more records — part of which reflects this site's expanded collection coverage, so it cannot be read directly as a rise in market heat.
A caveat that must be labelled: monthly distribution is not a market thermometer
Within this window, 2026-09 alone accounts for 135 records, while 2026-04 has only 6 — this is not the market riding a roller coaster; it is this site doing a concentrated backfill in 2026-09. Anyone citing the monthly data in this article should cite this sentence along with it.
Sources and methodology
- Data comes from Capy's deal timeline (1057 records in total, with dates, investors, projects, sectors, rounds, amounts and source links), snapshot as of 2026-10-22.
- Last 12 months = records dated between 2025-11 and 2026-10, 526 in total; 4 records carrying only a year or an earlier scope fall outside the window.
- Institutions are counted by the institution-name string in the timeline, with no group consolidation (different entities of the same group are counted separately); projects are de-duplicated by project name.
- Sector is the timeline's classification field; rounds are counted as written in the records, with Chinese and English round names coexisting (for example A轮 and Series A are counted separately).
- This sample consists of public, traceable records and carries a systematic bias toward deals that are large, late-stage and heavily press-released being over-collected; undisclosed deals are not included.
Back to the directory
In the timeline view of the Capy directory (https://ai.capy-ai.workers.dev/space), you can open the source link of each of these 526 records one by one; in the relationship graph and the hot list, you can see the co-investment relationships these deals form between projects; the public emails of the institutions mentioned are listed in their directory entries (entries without one are explicitly marked as undisclosed).