Current Startup and Venture Capital News as of March 5, 2026: Mega Round AI, Defense Technologies, Deeptech in Europe, Fintech, and Exits
The main signal in recent days is that capital is once again concentrating where technological advantages can be quickly monetized in scalable channels: defense contracts, corporate AI infrastructure, autonomous mobility, and deep supply chains (chips, energy efficiency, logistics). Meanwhile, Europe Inc. continues to build its own "sovereign" frameworks—from dual-use funds to state-supported fundamental AI science.
- Defense tech and autonomous systems are emerging as leaders in growth rate assessments: a new major round for Anduril is under discussion.
- AI remains the focal point for venture investments: the mega round for OpenAI and significant rounds for Anthropic and Waymo solidify the trend of capital concentration.
- "Picks and shovels" for AI (optics, interconnects, inference chips, edge) are again receiving a premium in valuation.
- European deeptech is accelerating: space, energy storage, and biomaterials are obtaining notable Series A-C funding.
- Fintech exits are reopening the "window of opportunity": discussions around a major IPO in India are taking place in the market.
- M&A and PE transactions in logistics and enterprise software strengthen the "build-to-buy" argument for B2B startups.
Today's Main Topic: Defense Tech, Dual-Use, and Autonomous Platforms—Anduril Aiming for a New Round
The defense segment is changing the fastest: demand for autonomous systems, sensors, drone swarms, and control software amid electronic warfare is repackaging the venture thesis. According to business media, Anduril is discussing raising around $4 billion, indicating a near doubling of its valuation from the previous round, which was noted at $30.5 billion. This is not just "another mega round" for the market but a marker that defense budgets and long-term contracts are turning defense tech into a distinct asset class bridging VC and growth/private equity.
Europe is responding with its own capital instrument. The European Investment Fund has announced a €50 million commitment to Join Capital’s third fund (target size €235 million) with a mandate for early deeptech in defense, security, and space. Strategically, this means fewer "concepts" and more engineering industrialization and supply chains within the region.
- Europe (UK): Mutable Tactics raised approximately $2.1 million (pre-seed/seed) for a software "decision layer" to coordinate drones when connectivity is lost.
- Central and Eastern Europe: the region is witnessing deals where defense and dual-use projects compete in round sizes with classic SaaS.
Mega Rounds in AI and Capital Concentration: OpenAI, Anthropic, and Waymo Set the Scale
The paradox of the 2026 venture market is that while risk appetite has increased, it is distributed extremely unevenly. The focus is on OpenAI, which has announced $110 billion in new funding, with a $730 billion pre-money valuation (and approximately $840 billion post-money). Major strategic investors participate in the deal, and the capital is increasingly tied to access to computing resources and distribution channels for corporate products and "AI agents."
At the market level, this reinforces the "gravity effect." Industry reports indicate that in February, global venture investments reached a record volume, with three companies—OpenAI, Anthropic, and Waymo—possibly amassing a dominant share of all funds raised. For funds, this changes benchmarks: a "mega round" is no longer an exception at the top of the pyramid but remains inaccessible to the overwhelming majority of startups lacking infrastructure advantages.
- For growth funds: competition for stakes in several "compounders" of the category is increasing, where capital is becoming a leverage for access to compute and contracts.
- For early-stage: the value of projects unbound from expensive compute infrastructure that quickly achieve margin-based B2B revenue is increasing.
- For corporates: the "build + partner" logic is returning: it is easier to invest in an ecosystem than to try to replicate the best models internally.
"Picks and Shovels" for AI: Optics, Interconnects, and Inference Chips Receive Premium
Amidst the mega rounds for model developers, the underlying layer of hardware and infrastructure "intermediate" is sharply revitalizing. Ayar Labs, which develops optical interconnects between computing and memory chips to speed up data transfer, has announced a $500 million Series E at a valuation of about $3.75 billion. The logic is clear: the bottlenecks are not only GPUs but also "data transport" within data centers, as well as power consumption and cooling.
Europe is also pushing forward its chip map for inference. Dutch company Axelera AI reported raising $250+ million with the participation of a major institutional player and European funds, promoting the thesis of energy-efficient inference at edge devices. This is vital for markets where latency, privacy, and cloud costs become limiting factors for AI implementation in manufacturing, robotics, and defense scenarios.
- Thesis 2026: training remains the showcase, but funds are directed toward infrastructure for mass inference.
- Operational KPI: the cost of a single "useful solution" (inference/agent) is more important than model size.
Autonomy and Industrial AI: Oxa, Waymo, and Transition from Prototypes to Operation
The shift in autonomous mobility is becoming more pragmatic: less "robotaxi dreams," more industrial autonomy in controlled environments—ports, airports, warehouses. British company Oxa raised $103 million in Series D, including $50 million from the UK National Wealth Fund, and the participation of NVentures and bp ventures. The company emphasizes a focus on "industrial mobile autonomy," where implementation cycles are shorter and the economic impact is easier to assess.
On the other side—scaling robotaxis as an infrastructure service. Waymo closed a round of $16 billion at a valuation of approximately $126 billion, confirming that autonomous mobility (given regulated access and an accumulated safety stack) is becoming a new vertical for large growth capital rounds. For venture investors, the takeaway is straightforward: it is not the one showcasing the most beautiful pilot who wins but the one who reduces operational costs and expands the geography of deployment.
European Deeptech and Climate: Space, Seasonal Energy Storage, and Materials
The European agenda this week is notably industrial. Spanish company PLD Space closed a €180 million Series C backed by Mitsubishi Electric with the participation of Spanish public support mechanisms and private investors. The key focus is on transitioning to commercial launches and infrastructure deployment, making spacetech closer to the model of "infrastructure asset" rather than a venture experiment.
In climate, the focus is shifting from "green promises" to energy-intensive realities. Norwegian company Photoncycle raised €15 million in Series A for seasonal storage: the idea of storing excess solar energy in summer for consumption in winter is a rare example of clear consumer value in Europe with its energy prices. At the materials level, London-based Shellworks closed $15 million in Series A for scaling Vivomer—an alternative to plastic, betting on cost competitiveness and production in regions (USA/EU/UK).
- Spacetech: capital is flowing into launch infrastructure and manufacturing capabilities, not just payloads.
- Climate tech: investors demand measurable effects in cost and supply chains.
B2B-SaaS and Vertical AI Products: LegalTech, Compliance, and "Agentic" Automation
In applied B2B AI, "verticalization" continues—winners are products that can integrate into existing processes and save hours of expensive specialist time. In France/Europe, the DeepIP platform raised $25 million in Series B, positioning itself as a workflow-native solution for the complete patent lifecycle—from early development to portfolio support and enforcement. In the USA, the "agentic" thesis is supported in the professional services market: Basis raised $100 million in Series B at a valuation of $1.15 billion, focusing on autonomous agents for accounting.
In financial compliance, London-based Diligent AI closed $2.5 million in seed funding for AI agents in KYC/AML, aiming to alleviate the burden due to the rise in sanction regimes and the speed of digital payments. This is crucial for global banks and fintechs in the USA, Europe, the Middle East, and Asia: compliance becomes the point where AI provides quick ROI without the risk of "hallucinations," as quality metrics (false positives/false negatives, processing time) are relatively formalizable.
Exits, IPOs, and M&A: PhonePe on the IPO Market and Consolidation in Logistics
On the exit side, a key storyline is emerging from India. According to Reuters, Walmart-backed PhonePe is targeting an IPO with an estimated valuation of around $9-10.5 billion and deal volume of about $900 million – $1.05 billion, with plans for existing shareholders to sell stakes. The mere fact of actively preparing a major fintech listing in Mumbai/India is significant globally: it is bringing the public market back as a pricing mechanism for late-stage fundraising and alleviating some pressure on secondary transactions.
Simultaneously, M&A and private equity are creating "comparables" for B2B. Thoma Bravo announced an agreement to acquire WWEX Group, followed by a merger with Auctane to create a major logistics and delivery technology platform. For venture funds, this confirms that buyers are willing to pay for data, automation, and end-to-end visibility "from checkout to doorstep," especially when the solution is both software and operationally scalable.
