AI & Biotech Deals Dominate June Series A—$3.5B Invested

What Founders Need to Know: June 2025 Series A+ Fundraising in Focus

June’s funding landscape tells a story of acceleration—and concentration. Founders from AI startups to health tech scale-ups are feeling both the new heat and the high bar. Whether you're mapping out your next raise or eyeing where your sector stands, understanding where capital is flowing, who’s snapping up the mega-rounds, and how geography plays into valuations can sharpen your edge.

Let’s break down the trends.

Funds Flowing Up the Stack, Mega-Rounds Rule

Last month, 367 Series A+ rounds got done, with the bulk of activity at the Series A stage—168 rounds, making it the hottest ticket for founders ready to graduate from seed. The median Series A raise sat at $15M, but keep in mind, the spread’s wide: biotech and AI early-stage rounds skew much higher.

Late-stage rounds stole headlines by sheer size. Just 10% of all deals—mostly Series C and beyond—absorbed a disproportionate chunk of total capital. Anduril Industries closed a jaw-dropping $2.5B Series G, while Anysphere ($900M, Series C), Helsing ($694M, Series D), and Applied Intuition ($600M, Series F) delivered the kind of blockbuster raises that move the averages for everyone. Mega-rounds are concentrated in AI, cloud, cybersecurity, fintech, and health care, but a few Series A deals—think Proxima Fusion ($148M) and Draig Therapeutics ($140M)—bucked the late-stage monopoly.

If you’re not in the $100M+ club? Don’t fret. The mass of deals is still happening at the more “normal” $15–$30M range, especially in markets like software, fintech, and health.

The AI (and Friends) Funding Tsunami

AI is not just a hot sector, it’s the sector. More than $3.5B flowed into AI-driven startups, nearly double the next best category. The most frequent high-performing combos? AI paired with software, information technology, and machine learning. Multi-industry startups weaving these technologies together saw both higher deal volumes and larger average raises across all stages.

High capital intensity wasn’t limited to AI, though. Biotechnology companies led Series A and B average round sizes, reflecting the expensive nature of deep tech research. If you’re innovating at the intersection—say, AI + Health or AI + Fintech—you’re lining up where investors are most eager to deploy capital.

Geography Matters—But the Game Is Global

The U.S. still dominates by both deal count and capital, with San Francisco and New York remaining the epicenters. But the field is leveling: Europe turned in the highest average Series A round size ($16.2M), with the UK, Germany, London, Berlin, and Paris standing tall. Singapore led Asia with a hefty Series A average (~$20.6M), while India and China clocked more moderate deals despite high volume.

Translation: You don’t need to be in Silicon Valley to shoot for a big first institutional check, but “where” you pitch will influence “how much” you can raise.

Capital Efficiency—A Telltale Metric

Series A rounds, as usual, mean new capital makes up most of a startup’s reported funding (median efficiency ratio = 1.00). For later rounds, the ratio drops—each new round adds a smaller chunk to a swelling total, unless you’re landing those rare unicorn checks.

Founders should watch these benchmarks to understand what’s “normal” for their stage, and gauge investor expectations around burn, growth, and future fundraising cycles.

TL;DR

• Series A most active: 168 deals; median size $15M, but biotech/AI typically raised higher.
• Mega-rounds ($100M+): Dominated by AI, defense, fintech; Anduril ($2.5B), Anysphere ($900M).
• AI rules: $3.5B invested; “AI + Software/IT/ML” multi-industry companies landed the largest, most frequent rounds.
• Biotech and health care: Highest average Series A/B; capital-intensive, but lots of investor appetite.
• Regions: US led for count, but Europe (London, Berlin, Paris) and Singapore matched or beat US averages for Series A round sizes, signaling strong non-US ecosystems.
• Capital efficiency: Early-stage rounds typically account for most total raised; this ratio drops as companies mature.
• Key sectors: Top attention on AI, software, fintech, health, biotech, cybersecurity.

Takeaway: Investors continue to double down on AI (especially when paired with software and IT), but deep-tech, health, and multi-industry playbooks are on the rise. Strategically choose your stage, sector, and location—capital is following conviction and scale, not just geography.