For VCs, Everything is AI. All Is AI
19 AI startups raised $100M+ in Q1 2025, with OpenAI’s staggering $40B round leading the pack. The money keeps flowing, but this time it’s not just models – infrastructure, healthcare, and specialized verticals are getting their share.
- Infrastructure companies dominate the mid-tier raises ($200M-500M).
- Vertical-specific AI (healthcare, legal) is attracting significant capital.
- Valuations generally follow a 10x+ multiple on raise amounts.
- Strategic investors (Nvidia, Google) appear in multiple rounds.
Investors are building out a complete AI stack, from hardware to specialized applications, rather than just betting on model development. But what cannot be understated: it is easier to speculate with mega dollars as a herd.
| Company | Round Size | Focus Area | Valuation |
|---|---|---|---|
| OpenAI | $40B | General AI/LLMs | $300B |
| Anthropic | $3.5B | LLMs/AI Research | $61.5B |
| Lambda | $480M | AI Infrastructure | $2.5B |
| SandboxAQ | $450M | AI Models | $5.7B |
| Together AI | $305M | Open Source AI/Infrastructure | $3.3B |
| Runway | $308M | Media Production AI | $3B |
| Harvey | $300M | Legal Tech | $3B |
| Abridge | $250M | Healthcare/Transcription | $2.75B |
| Celestial AI | $250M | AI Infrastructure | $2.5B |
| Shield AI | $240M | Defense Tech | $5.3B |
| Lila Sciences | $200M | Science Superintelligence | Not Disclosed |
| ElevenLabs | $180M | Synthetic Voice | $3B |
| Hippocratic AI | $141M | Healthcare LLMs | $1.6B |
| Reflection.AI | $130M | Autonomous Systems | $580M |
| Turing | $111M | AI Coding | $2.2B |
| Nexthop AI | $110M | AI Infrastructure | Not Disclosed |
| Insilico Medicine | $110M | Drug Discovery | $1B |
| Eudia | $105M | Legal Tech | Not Disclosed |
| EnCharge AI | $100M | AI Hardware | Not Disclosed |
Source: TechCrunch